润本生物技术股份有限公司 2025 年第三次临时股东会会议资料 润本生物技术股份有限公司 2025 年第三次临时股东会 会议资料 2025 年 10 月 31 日 1 润本生物技术股份有限公司 2025 年第三次临时股东会会议资料 二、为保证本次会议的严肃性和正常秩序，请出席会议的股东或股东代理人 （以下统称"股东"）及相关人员准时到达会场签到确认参会资格。 1、个人股东亲自出席会议的，应出示本人身份证或其他能够表明其身份 的 有效证件或证明、股票账户卡；委托代理他人出席会议的，代理人应出示本 人有效身份证、股东授权委托书。 2、机构股东应由法定代表人、执行事务合伙人或者委托的代理人出席会议。 法定代表人、执行事务合伙人出席会议的，应出示本人身份证、能证明其具有 资格的有效证明；委托代理人出席会议的，代理人应出示本人身份证、机构股 东加盖公章或法定代表人、执行事务合伙人签字的书面授权委托书。 目 录 | 2025 | 年第三次临时股东会须知…………………………………………………3 | | --- | --- | | 2025 | 年第三次临时股东会议程…………………………………………………5 | | | 议案 ...

Investment Rating - The report adjusts the investment rating to "Accumulate" based on the company's performance and market conditions [4]. Core Views - The company, Runben Co., Ltd. (603193), achieved a revenue of 1.238 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 19.28%, while the net profit attributable to the parent company was 266 million yuan, up 1.98% year-on-year [2][3]. - In Q3 2025, the company experienced a revenue growth of 16.67% year-on-year, but the net profit decreased by 2.89% year-on-year, indicating pressure on profitability [3]. - The gross margin declined slightly to 58.27%, and the net profit margin decreased to 21.50%, primarily due to increased sales and financial expense ratios [3]. - The mosquito repellent product line saw significant revenue growth in Q3 2025, driven by the chikungunya virus outbreak and changes in product structure, with revenues reaching 132 million yuan, a year-on-year increase of 48.54% [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 1.238 billion yuan and a net profit of 266 million yuan, with a slight decline in the net profit margin [2][3]. - The average selling price of mosquito repellent products increased by 12.04% in Q3 2025, contributing to the revenue growth [4]. Profitability Analysis - The company's gross margin decreased by 0.06 percentage points to 58.27%, and the net profit margin fell by 3.65 percentage points to 21.50% due to rising sales and financial expenses [3]. Future Outlook - The report revises the earnings per share (EPS) forecast for 2025-2027 to 0.80, 0.94, and 1.08 yuan per share, respectively, reflecting adjustments in profit expectations [4]. - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 33, 28, and 24 times, respectively, based on the adjusted EPS [4].

Group 1 - The core viewpoint of the articles highlights the recent trends in stock recommendations and target price adjustments by brokerages from October 20 to October 26, indicating significant movements in the market [1][2]. Group 2 - During the period, brokerages issued a total of 326 target price adjustments, with notable increases for Zhongrun Optical and Guibao Pet, showing target price increases of 74.39% and 66.37% respectively, belonging to the computer equipment and feed industries [1]. - A total of 381 listed companies received brokerage recommendations, with Yanjing Beer receiving the highest number at 21 recommendations, followed by Ningde Times with 20 and Runben Co. with 18 [1]. - Five companies had their ratings upgraded, including Huatai Securities raising Shuangliang Energy's rating from "Hold" to "Buy," and Huayuan Securities upgrading Huayou Cobalt from "Hold" to "Buy" [1]. - Conversely, five companies experienced rating downgrades, such as Zhongyou Securities lowering Shenma Power's rating from "Buy" to "Hold," and Tianfeng Securities downgrading Dirui Medical from "Buy" to "Hold" [1]. Group 3 - In terms of initial coverage, brokerages provided 65 first-time ratings, with Yanjiang Co. receiving a "Buy" rating from Tianfeng Securities, and Qianfang Technology and Zhongyao Holdings both receiving "Buy" ratings from Dongwu Securities [2]. - Other companies like Yingluohua and Yipuli also received ratings, with Yingluohua getting an "Increase" rating from Hualong Securities and Yipuli a "Buy" rating from Global Fortune Management [2].

Core Viewpoint - Runben Co., Ltd. (603193.SH), known as the "first stock in mosquito repellent," reported a year-on-year increase in revenue and net profit for the first three quarters of 2025, but the capital market reacted negatively, with a stock price drop of over 4% the day after the earnings release. The main concerns are insufficient growth momentum and weakening profitability indicators [1][5]. Financial Performance - The company achieved a total revenue of 1.238 billion yuan for the first three quarters, representing a year-on-year growth of 19.28% [5]. - The net profit attributable to shareholders was 266 million yuan, up 1.98% year-on-year, while the net profit excluding non-recurring gains and losses decreased by 1.79% [5][6]. - In Q3 alone, revenue was 342 million yuan, a 16.67% increase year-on-year, but net profit fell by 2.89% to 78.52 million yuan [6][8]. Product Performance - The company's product structure is shifting, with the baby care series becoming the most significant revenue source, contributing 52.4% to total revenue, surpassing the mosquito repellent series at 33.3% [6][7]. - In Q3, the mosquito repellent category saw a revenue increase of 48.54% due to heightened demand from the outbreak of the Chikungunya virus, while the baby care products faced a 9.81% decline in sales volume [7][8]. Marketing and R&D Investment - The company's sales expenses reached 370 million yuan, a 30.92% increase, leading to a sales expense ratio rise from 27.25% to 29.92% [9][10]. - R&D expenses were 25.14 million yuan, a slight increase of 2.12%, but the R&D expense ratio decreased from 2.4% to 2.0%, indicating a growing imbalance between marketing and R&D investments [10].

Core Viewpoint - Runben Co., Ltd. (603193.SH), known as the "first stock in mosquito repellent," reported a year-on-year increase in revenue and net profit for the first three quarters of 2025, but the capital market reacted negatively, with a stock price drop of over 4% the day after the earnings release. The main concerns are insufficient growth momentum and weakening profit indicators [1]. Group 1: Financial Performance - For the first three quarters, Runben achieved a revenue of 1.237 billion yuan, a year-on-year increase of 19.28%, while net profit attributable to shareholders was 266 million yuan, up 1.98%. However, the net profit excluding non-recurring gains and losses decreased by 1.79% to 251 million yuan [5]. - In Q3 alone, the company reported a revenue of 342 million yuan, a 16.67% increase year-on-year, but net profit fell by 2.89% to 78.5 million yuan, with a decline of 7.58% in net profit excluding non-recurring items [6]. Group 2: Product Performance - The company's product structure has shifted, with the baby care series becoming the most significant revenue source, contributing 52.4% to total revenue, surpassing the mosquito repellent series at 33.3% and the essential oil series at 12.0% [7]. - The mosquito repellent category generated 508 million yuan in revenue, a 20.88% increase, while the baby care category saw a revenue of 551 million yuan, up 24.64%. However, the essential oil category experienced a decline of 7.02% [7]. Group 3: Marketing and R&D Investment - The company's sales expenses reached 370 million yuan, a 30.92% increase, with the sales expense ratio rising from 27.25% to 29.92% [10]. - The R&D expenses for the first three quarters were 25.14 million yuan, a slight increase of 2.12%, but the R&D expense ratio decreased from 2.4% to 2.0%. The ratio of sales expenses to R&D expenses has expanded to 14 times, up from 11.5 times the previous year, indicating a "light R&D, heavy marketing" approach [11].

Market Overview - The personal care products sector experienced a decline of 0.34% on October 24, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with the following notable changes: - Baiya Co., Ltd. (003006) closed at 22.77, down 1.94% with a trading volume of 63,800 shares and a turnover of 146 million [1] - Yanjing Co., Ltd. (300658) closed at 8.46, down 1.40% with a trading volume of 168,400 shares and a turnover of 145 million [1] - Jeya Co., Ltd. (301108) closed at 35.76, down 0.91% with a trading volume of 49,800 shares and a turnover of 185 million [1] - Other stocks like Beijia Co. (603059) and Zhongshun Jierou (002511) also saw minor declines [1] Capital Flow - The personal care products sector saw a net inflow of 2.96 million from institutional investors and a net inflow of 4.80 million from retail investors, while retail investors experienced a net outflow of 7.76 million [3] - Notable capital flows for specific stocks include: - Wanjian Medical (300888) had a net inflow of over 9.34 million from institutional investors, but a net outflow of 11.91 million from retail investors [3] - Liangmian Needle (600249) saw a net inflow of 7.46 million from institutional investors, while retail investors had a net inflow of 1.39 million [3] - Baiya Co., Ltd. (003006) had a net inflow of 5.32 million from institutional investors but a significant net outflow of 4.30 million from retail investors [3]

Market Overview - The personal care products sector increased by 0.82% on October 23, with Baiya Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Baiya Co., Ltd. (003006) closed at 23.22, up 2.74% with a trading volume of 73,700 shares and a turnover of 171 million yuan [1] - Beijia Co. (603059) closed at 34.56, up 1.98% with a trading volume of 38,800 shares and a turnover of 134 million yuan [1] - Dengkang Oral (001328) closed at 39.14, up 1.90% with a trading volume of 28,400 shares and a turnover of 112 million yuan [1] - Zhongshun Jiesang (002511) closed at 8.48, up 1.68% with a trading volume of 83,800 shares and a turnover of 70.46 million yuan [1] - Yanjing Co. (300658) closed at 8.58, up 1.30% with a trading volume of 175,500 shares and a turnover of 146 million yuan [1] - Other notable performances include Haoyue Nursing (605009) at 33.36, up 0.97%, and Runben Co. (603193) at 26.54, up 0.38% [1] Capital Flow - The personal care products sector saw a net inflow of 17.6 million yuan from institutional investors, while retail investors contributed a net inflow of 19.3 million yuan [2] - However, speculative funds experienced a net outflow of 36.9 million yuan [2] Detailed Capital Flow Analysis - Baiya Co., Ltd. had a net inflow of 19.28 million yuan from institutional investors, while it faced a net outflow of 11.41 million yuan from speculative funds [3] - Beijia Co. experienced a net inflow of 16.18 million yuan from institutional investors but a net outflow of 22.75 million yuan from speculative funds [3] - Dengkang Oral saw a net inflow of 4.54 million yuan from institutional investors, with minor outflows from other categories [3] - Zhongshun Jiesang had a net inflow of 1.60 million yuan from institutional investors, while speculative funds showed a net outflow [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company reported a revenue of 1.238 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 19.28%. The net profit attributable to the parent company was 266 million yuan, up 1.98% year-on-year [1]. - The company is expected to benefit from increased marketing investments in preparation for the Q4 peak season, particularly in the children's care segment [2][3]. - The company has a robust product system and refined operational capabilities, which are expected to enhance its market share as it continues to expand its product and channel offerings [4]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 342 million yuan, a 16.67% increase year-on-year. The net profit attributable to the parent company was 78 million yuan, down 2.89% year-on-year [1][2]. - The revenue breakdown for Q3 2025 shows that mosquito repellent products generated 132 million yuan (+48.54%), while children's care products brought in 146 million yuan (-2.76%) [2]. - The overall expense ratio for the first three quarters of 2025 was 33.41%, an increase of 4.67 percentage points year-on-year, primarily due to increased marketing expenditures [3]. - The gross margin for the first three quarters of 2025 was 58.27%, a slight decrease of 0.06 percentage points year-on-year, while the net profit margin was 21.50%, down 3.65 percentage points [3]. Future Projections - The company expects revenues of 1.598 billion yuan, 1.939 billion yuan, and 2.359 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 318 million yuan, 392 million yuan, and 483 million yuan for the same years [4][6].

Core Viewpoint - Runben Co., Ltd. reported a net profit attributable to the parent company of 266 million yuan for Q1-Q3 2025, representing a year-on-year growth of 1.98%. However, the net profit for Q3 was 79 million yuan, showing a decline of 2.89% year-on-year [1] Financial Performance - The company achieved steady revenue growth in Q3, but increased sales expenses put pressure on profitability [1] - The rapid growth in the mosquito repellent category was influenced by the outbreak of Chikungunya fever, while the average price in the baby care category saw a significant increase [1] Product Strategy - The company continues to upgrade and launch multiple new SKUs, gradually expanding its target audience from infants to teenagers, which is expected to contribute to incremental growth [1] - The company adheres to an integrated strategy of "big brand, small category," driving growth through two main tracks: mosquito repellent and personal care [1] Investment Rating - The company maintains an "overweight" rating [1]

Core Viewpoint - In Q3 2025, the company achieved revenue of 342 million yuan, representing a growth of 16.67%, with stable overall growth. The revenue from mosquito repellent, baby care, and essential oil series was 132 million yuan (+48.5%), 146 million yuan (-2.8%), and 43 million yuan (-7.0%) respectively. The increase in mosquito repellent sales was mainly driven by the outbreak of Chikungunya fever, while the decline in baby care product sales was due to higher autumn and winter temperatures affecting the sales of baby cream [1][3][4]. Revenue and Profit Summary - For the first three quarters of 2025, the company reported a total revenue of 1.238 billion yuan, an increase of 19.28%, and a net profit attributable to the parent company of 266 million yuan, up by 1.98%. The basic EPS was 0.66 yuan (+3.13%), and the weighted ROE was 12.25%, down by 0.66 percentage points [2]. Product Performance - The Q3 revenue growth was primarily driven by mosquito repellent products, with online channels showing steady improvement. The GMV for the company's products on Tmall, JD, and Douyin platforms in Q3 was 130 million yuan (+19.5%), 74 million yuan (+23.8%), and 65 million yuan (+8.6%) respectively. Monthly GMV on Tmall showed fluctuations, with a year-on-year change of -9.7%, +48.8%, and +53.9% from July to September [3][4]. Marketing and Cost Analysis - The company's net profit in Q3 was 79 million yuan, down by 2.89%, with a non-recurring net profit of 74 million yuan, down by 7.58%. The decline in net profit was attributed to increased marketing expenditures due to intensified competition in the baby care market. The gross margin for Q3 was 58.96%, up by 1.39 percentage points, while the net margin was 22.93%, down by 4.62 percentage points. The sales, management, R&D, and financial expense ratios were 29.09% (+5.54 percentage points), 2.40% (-0.12 percentage points), 2.55% (-0.80 percentage points), and -0.80% (+2.40 percentage points) respectively [4]. Future Outlook - Looking ahead to Q4 2025, the company plans to focus on the youth care series and accelerate the launch of autumn and winter new products, while steadily expanding its multi-channel sales network. The company has introduced a new series of products targeting youth, including oil control and acne treatment products, and continues to focus on the baby care segment with key products like egg yolk oil cream [4]. Profit Forecast - Based on increased competition in the baby care market, the company has adjusted its profit forecast, expecting revenues of 1.58 billion, 1.90 billion, and 2.26 billion yuan for 2025-2027, with year-on-year growth rates of 19.7%, 20.3%, and 18.8% respectively. The net profits are projected to be 309 million, 374 million, and 449 million yuan, with corresponding P/E ratios of 37x, 30x, and 25x, maintaining a "buy" rating [5].