Investment Rating - The report maintains a "Buy" rating for the cosmetics and medical beauty sector, highlighting strong growth potential and investment opportunities in the industry [14][19]. Core Insights - The cosmetics and medical beauty sector has shown resilience, outperforming the market during the week of August 29 to September 5, 2025, with the Shenwan Beauty Care Index declining only 0.8% [3][4]. - The transition to autumn skincare marks the beginning of a consumption peak for the sector, with significant sales events such as the Autumn Beauty Consumption Festival and Double 11 approaching, creating new investment opportunities [9][10]. - Major companies in the sector are optimistic about their performance in the second half of 2025, as indicated by a recent conference involving over ten beauty care companies [9]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index remained stable, outperforming the Shenwan A Index by 1.4 percentage points, while the Shenwan Personal Care Index fell by 1.8%, underperforming the Shenwan A Index by 0.3 percentage points [3][4]. Key Company Reviews - **Mao Geping (1318HK)**: Reported a revenue of 2.59 billion yuan for H1 2025, a year-on-year increase of 31%, with a net profit of 670 million yuan, up 36%. The color cosmetics segment saw a revenue of 1.42 billion yuan, while skincare generated 1.09 billion yuan, reflecting strong brand momentum [10][11]. - **Shangmei Co. (02145HK)**: Achieved a revenue of 4.108 billion yuan in H1 2025, a 17.3% increase, with a net profit of 556 million yuan, up 34.7%. The main brand, Han Shu, contributed significantly to growth, with a revenue of 3.344 billion yuan [16][17]. Investment Recommendations - Recommended companies include Shangmei Co., Porlaia, and Shanghai Jahwa, which have strong brand matrices and relatively low PE multiples. Other notable mentions are Marubi Biological and Mao Geping, which are positioned well to benefit from the rise of domestic beauty brands [10][19]. - The report suggests focusing on companies with strong R&D capabilities and product pipelines, particularly in the upstream medical beauty segment, with a recommendation for Aimeike [10][19]. Market Trends - The report notes a significant increase in online sales, with H1 2025 online revenue for Mao Geping reaching 1.297 billion yuan, a 39% year-on-year increase, marking a shift in consumer purchasing behavior towards online platforms [12][18]. - The overall cosmetics retail market showed a 4.5% growth in July 2025, indicating a robust recovery in consumer spending [23][26]. Strategic Developments - Porlaia's investment in Huazhi Xiao reflects a strategic move to enhance its multi-brand strategy and capitalize on the influence of Gen Z consumers [28]. - The report highlights the competitive landscape, noting that domestic brands are increasingly capturing market share, with a notable shift in consumer perception from "value for money" to "quality choice" [32].

Market Overview - The personal care products sector rose by 2.89% on September 4, with Jieya Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Jieya Co., Ltd. (301108) closed at 34.40, up 13.16% with a trading volume of 72,700 shares and a turnover of 243 million yuan [1] - Yiyi Co., Ltd. (001206) closed at 26.72, up 10.00% with a trading volume of 131,800 shares and a turnover of 342 million yuan [1] - Dengkang Oral Care (001328) closed at 43.55, up 7.40% with a trading volume of 53,000 shares and a turnover of 226 million yuan [1] - Other notable performers include Ziya Co., Ltd. (003006) up 5.13%, and Liangmian Needle (600249) up 3.29% [1] Capital Flow - The personal care products sector saw a net inflow of 56.24 million yuan from institutional investors, while retail investors experienced a net outflow of 6.89 million yuan [2] - The main capital inflow was observed in Yiyi Co., Ltd. with 64.76 million yuan, while the largest outflow was from Jieya Co., Ltd. with 22.08 million yuan [3] Individual Stock Analysis - Jieya Co., Ltd. had a main capital inflow of 3.69 million yuan, but retail investors showed a net outflow of 22.07 million yuan [3] - Dengkang Oral Care experienced a net outflow of 4.13 million yuan from main capital, while retail investors had a net inflow of 14.52 million yuan [3] - Ziya Co., Ltd. had a net inflow of 3.36 million yuan from main capital, with a slight outflow from retail investors [3]

Meeting Overview - The second extraordinary general meeting of shareholders was held on September 3, 2025, at the company's conference room in Guangzhou, Guangdong Province [2][3] - The meeting was chaired by the company's chairman, Zhao Guiqin, and utilized a combination of on-site and online voting methods, complying with the Company Law and the company's articles of association [2][3] Attendance - All 5 current directors attended the meeting, including 2 independent directors [3] - All 3 current supervisors and the board secretary, Wu Weibin, were also present [3] Resolutions Passed - The following proposals were approved during the meeting: 1. Proposal on the 2025 semi-annual profit distribution plan [3] 2. Proposal to cancel the supervisory board and amend the articles of association [3] 3. Proposal to amend the rules of procedure for shareholder meetings [4] 4. Proposal to amend the rules of procedure for board meetings [4] 5. Proposal to amend the independent director work system [4] 6. Proposal to amend the external guarantee management system [4] 7. Proposal to amend the external investment management system [4] 8. Proposal to amend the related party transaction management system [4] 9. Proposal to amend the selection system for accounting firms [4] 10. Proposal to amend the behavior norms for controlling shareholders and actual controllers [5] 11. Proposal to amend the implementation details of the cumulative voting system [5] 12. Proposal to amend the management system for raised funds [5] Legal Verification - The meeting was witnessed by Guangdong Guangxin Junda Law Firm, with lawyers Zhang Wei and Ma Xiaoxi confirming that the meeting's procedures, attendance qualifications, and voting results were in compliance with legal regulations and the company's articles of association [5]

Group 1 - The company Runben Co., Ltd. announced the convening of its second extraordinary general meeting of shareholders for 2025 on September 3, 2025 [2] - The meeting approved multiple proposals, including the "Proposal on" [2]

Meeting Overview - The shareholders' meeting of Runben Biotechnology Co., Ltd. was held on September 3, 2025, in Guangzhou, Guangdong Province [1] - The meeting was attended by shareholders representing 78.2848% of the total shares [1] - The meeting was conducted in accordance with the Company Law and the Articles of Association, combining on-site and online voting methods [1] Voting Results - All non-cumulative voting proposals were approved with high support from shareholders, with the following voting results: - Proposal 1: 316,208,366 votes in favor (99.8336%), 422,696 votes against (0.1334%), 104,100 abstentions (0.0330%) [1] - Proposal 2: 316,179,666 votes in favor (99.8246%), 444,296 votes against (0.1402%), 111,200 abstentions (0.0352%) [1] - Proposal 3: 316,185,666 votes in favor (99.8265%), 442,596 votes against (0.1397%), 106,900 abstentions (0.0338%) [1] - Proposal 4: 316,195,062 votes in favor (99.8294%), 436,800 votes against (0.1379%), 103,300 abstentions (0.0327%) [3] Legal Confirmation - The meeting and its proceedings were confirmed to be legal and valid by the attending lawyers, ensuring compliance with legal regulations and the company's articles [4]

Group 1 - The core opinion of the article is that the legal opinion regarding the convening and holding of the shareholders' meeting of Runben Biotechnology Co., Ltd. is valid and complies with relevant laws and regulations [1][9] - The shareholders' meeting was convened by the company's second board of directors based on the resolution of the ninth meeting held on August 18, 2025, and was presided over by the chairman Zhao Guiqin [2][3] - The meeting was held on September 3, 2025, at the company's conference room in Guangzhou, with provisions for both on-site and online voting [2][4] Group 2 - A total of 396 participants, including shareholders and their proxies, attended the meeting, representing shares that were verified to be held by eligible shareholders as of the registration date [3][5] - The network voting system was made available for all shareholders, allowing them to choose between on-site and online voting, with the first vote counted in case of duplicates [4][5] - The voting results from both on-site and network votes were combined, and the meeting's resolutions were passed in accordance with the company's articles of association [9] Group 3 - The legal opinion confirms that the procedures for convening and holding the shareholders' meeting, the qualifications of attendees, and the voting procedures are all in compliance with legal requirements and the company's articles of association [9] - The resolutions passed during the meeting were deemed legally valid and effective, with specific attention given to the voting results of minority investors [9]

(一)股东大会召开的时间：2025 年 9 月 3 日 (二)股东大会召开的地点：广东省广州市天河区珠江新城华夏路 28 号富力盈信 大厦 40 楼润本生物技术股份有限公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：603193 证券简称：润本股份 公告编号：2025-037 润本生物技术股份有限公司 2025年第二次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)非累积投票议案 1、 议案名称：《关于<2025 年半年度利润分配方案>的议案》 审议结果：通过 表决情况： | 1、出席会议的股东和代理人人数 | 396 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 316,735,162 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 78.2848 | (四)表决方式是否符合《公司法》及《公司章 ...

广东广信君达律师事务所 关于润本生物技术股份有限公司 本律师同意将本法律意见书作为公司本次股东大会的必备文件按有关规定予以公告，并依 法对本律师出具的法律意见承担相应的法律责任。非经本律师书面同意，本法律意见书不得用 于其他任何目的或用途。 1. 公司章程； 2. 第二届董事会第九次会议决议公告； 3. 公司于 2025 年 8 月 19 日在《证券时报》、《中国证券报》、《上海证券报》、巨潮 资讯网（http://www.cninfo.com.cn）刊登的《第二届董事会第九次会议决议公告》、《第二 届监事会第六次会议决议公告》和《关于召开 2025 年第二次临时股东大会的通知》； 4. 公司 2025 年第二次临时股东大会股东到会登记记录及凭证资料； 5. 公司 2025 年第二次临时股东大会会议文件。 本律师仅根据本法律意见书出具日以前发生的事实，及对该事实的了解和对法律法规的理 解，就本次股东大会所涉及的相关法律问题发表法律意见。 2025 年第二次临时股东大会的法律意见书 致：润本生物技术股份有限公司 广东广信君达律师事务所（以下简称"本所"）接受润本生物技术股份有限公司（以下简 称"公司"）的委托， ...

Market Overview - The personal care products sector experienced a decline of 1.87% on September 1, with Haoyue Care leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance - Notable stock performances include: - Yiyi Co., Ltd. (001206) closed at 25.98, up 2.81% with a trading volume of 91,800 shares and a turnover of 238 million yuan [1] - Haoyue Care (605009) closed at 36.35, down 10.00% with a trading volume of 111,800 shares and a turnover of 408 million yuan [2] - Zhongshun Jierou (002511) closed at 8.64, down 1.48% with a trading volume of 186,900 shares and a turnover of 162 million yuan [2] Capital Flow - The personal care products sector saw a net outflow of 147 million yuan from institutional investors, while retail investors experienced a net inflow of 98.24 million yuan [2] - The capital flow for individual stocks shows: - Ziya Co., Ltd. (003006) had a net inflow of 6.03 million yuan from institutional investors [3] - Haoyue Care (605009) had a significant net outflow of 622.31 million yuan from institutional investors [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 895 million yuan in the first half of 2025, representing a year-on-year increase of 20.31%, with a net profit attributable to shareholders of 188 million yuan, up 4.16% year-on-year [1][4] - The strong performance in the infant and child care segment is driving growth, with significant contributions from the egg yolk oil special care series and children's sunscreen products [1] - The company is strategically expanding its product matrix to include youth-oriented products, which is expected to enhance user lifetime value and open a second growth curve [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 655 million yuan, a year-on-year increase of 13.46%, while the net profit was 143 million yuan, down 0.85% year-on-year [1][4] - The infant care revenue reached 405 million yuan, up 38.73% year-on-year, while the mosquito repellent product growth slowed to 13.43%, totaling 375 million yuan [1][2] - The overall gross margin for H1 2025 was 58.01%, a slight decrease of 0.63 percentage points year-on-year, with a net profit margin of 20.95%, down 3.25 percentage points year-on-year [2] Product and Market Strategy - The company is launching over 40 new products, including a youth acne treatment series and children's sunscreen gel, which are expected to drive revenue growth in the second half of the year [3] - The company is deepening its channel layout, with significant online and offline sales growth, including new partnerships with major retailers [1][2] Future Projections - The company forecasts revenue growth rates of 20.7% for 2023, 27.6% for 2024, and 23.6% for 2025, with net profit growth rates of 41.2%, 32.8%, and 10.2% respectively [3][8] - Expected EPS for 2025 is projected at 0.82 yuan, with a P/E ratio of 37.0 [3][8]