Group 1 - The core point of the article is that Lafang Jiahua (603630) has reported a total of 18,382 shareholders as of September 30, 2025 [1]

Market Overview - On December 1, the cosmetics sector rose by 0.26% compared to the previous trading day, with BAWI leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - BAWI shares closed at 15.93, up 2.38% with a trading volume of 16,900 lots and a transaction value of 26.70 million yuan [1] - Shanghai Jahwa closed at 23.61, up 1.77% with a trading volume of 49,400 lots and a transaction value of 116 million yuan [1] - Huachun Color closed at 28.22, up 1.00% with a trading volume of 16,000 lots and a transaction value of 45.40 million yuan [1] - Betaini closed at 41.52, up 0.56% with a trading volume of 27,900 lots and a transaction value of 116 million yuan [1] - Kohn shares closed at 16.44, up 0.55% with a trading volume of 161,900 lots and a transaction value of 263 million yuan [1] - Proya closed at 70.61, up 0.37% with a trading volume of 23,200 lots and a transaction value of 163 million yuan [1] - Qingdao King closed at 7.38, up 0.27% with a trading volume of 85,100 lots and a transaction value of 6.28 million yuan [1] - Marubi closed at 35.47, up 0.11% with a trading volume of 29,300 lots and a transaction value of 103 million yuan [1] - Lafang closed at 20.95, unchanged with a trading volume of 23,000 lots and a transaction value of 4.81 million yuan [1] - Qingsong shares closed at 7.53, down 0.13% with a trading volume of 129,100 lots and a transaction value of 96.89 million yuan [1] Fund Flow Analysis - The cosmetics sector experienced a net outflow of 49.52 million yuan from institutional funds, while retail investors saw a net inflow of 51.08 million yuan [2] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are increasing their positions [2] Detailed Fund Flow by Stock - Jiahen Home's main funds saw a net inflow of 7.25 million yuan, while retail funds had a net outflow of 19.70 million yuan [3] - Shanghai Jahwa experienced a net inflow of 3.64 million yuan from main funds, with retail investors contributing a net inflow of 348.90 million yuan [3] - Kohn shares had a net inflow of 3.35 million yuan from main funds, but retail investors saw a net outflow [3] - BAWI experienced a net outflow of 0.50 million yuan from main funds, while retail investors had a net inflow of 164.42 million yuan [3] - Qingdao King saw a net outflow of 0.83 million yuan from main funds, but retail investors contributed a net inflow of 238.25 million yuan [3]

证券代码：603630 证券简称：拉芳家化 公告编号：2025-048 拉芳家化股份有限公司 关于变更签字注册会计师的公告 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个别及连带责任。 拉芳家化股份有限公司（以下简称"公司"）于2025年4月28日召开第五届董事会第二次会议和2025年6月 9日召开2024年年度股东大会，审议通过了《关于续聘公司2025年度财务审计机构的议案》，同意续聘 华兴会计师事务所(特殊普通合伙)（以下简称"华兴"）为公司2025年度财务审计机构。具体内容详见公 司分别于2025年4月29日、2025年6月10日在上海证券交易所网站（www.sse.com.cn）披露的《关于续聘 公司2025年度财务审计机构的公告》（公告编号：2025-018）和《2024年年度股东大会决议公告》（公 告编号：2025-029）。 2025年11月28日，公司收到华兴出具的《关于变更签字注册会计师的函》，现将相关变更情况公告如 下： 一、签字注册会计师变更情况 华兴作为公司2025年度财务报表和2025年12月31日内部控制审 ...

证券代码：603630 证券简称：拉芳家化 公告编号：2025-048 拉芳家化股份有限公司 关于变更签字注册会计师的公告 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个别及连带责任。 拉芳家化股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开第五届董 事会第二次会议和 2025 年 6 月 9 日召开 2024 年年度股东大会，审议通过了《关于续 聘公司 2025 年度财务审计机构的议案》，同意续聘华兴会计师事务所(特殊普通合伙) （以下简称"华兴"）为公司 2025 年度财务审计机构。具体内容详见公司分别于 2025 年 4 月 29 日、2025 年 6 月 10 日在上海证券交易所网站（www.sse.com.cn）披露的《关 于续聘公司 2025 年度财务审计机构的公告》（公告编号：2025-018）和《2024 年年度 股东大会决议公告》（公告编号：2025-029）。 2025 年 11 月 28 日，公司收到华兴出具的《关于变更签字注册会计师的函》，现 将相关变更情况公告如下： 一、签字注册会计师变 ...

Group 1 - The cosmetics sector increased by 0.29% on November 28, with Jiaheng Jiahua leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] - Jiaheng Jiahua's stock price rose by 6.45% to 40.28, with a trading volume of 67,100 shares and a transaction value of 266 million yuan [1] Group 2 - The cosmetics sector experienced a net outflow of 61.04 million yuan from institutional investors, while retail investors saw a net inflow of 76.64 million yuan [2] - Among individual stocks, Marubi Biological had a net outflow of 9.46 million yuan from institutional investors, while Shanghai Jahwa saw a net inflow of 5.63 million yuan [3] - The overall trading activity in the cosmetics sector indicates a mixed sentiment, with some stocks experiencing significant outflows while others attracted retail interest [2][3]

Core Viewpoint - The cosmetics sector experienced a 1.6% increase on November 27, with Keshare leading the gains, while the overall market showed mixed results with the Shanghai Composite Index rising by 0.29% and the Shenzhen Component Index declining by 0.25% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3875.26, up 0.29% [1] - The Shenzhen Component Index closed at 12875.19, down 0.25% [1] - The cosmetics sector's individual stock performance is detailed in a table, highlighting significant gainers such as Keshare with a 9.12% increase [1] Group 2: Individual Stock Performance - Keshare (300856) closed at 16.15 with a 9.12% increase and a trading volume of 310,700 shares, amounting to a transaction value of 489 million yuan [1] - Marubi Biological (603983) closed at 35.19, up 4.89%, with a trading volume of 87,200 shares and a transaction value of 304 million yuan [1] - Other notable performers include Water Sheep (300740) with a 2.72% increase and a transaction value of 580 million yuan [1] Group 3: Capital Flow Analysis - The cosmetics sector saw a net outflow of 25.34 million yuan from institutional investors and 82.57 million yuan from retail investors, while individual investors contributed a net inflow of 108 million yuan [2] - A detailed table shows the capital flow for individual stocks, indicating that LaFang (603630) had a net inflow of 5.96 million yuan from institutional investors [3] - Other stocks like Shanghai Jahwa (600315) and Huaye Fragrance (300886) also experienced varying degrees of net inflow and outflow from different investor categories [3]

Market Overview - The cosmetics sector experienced a decline of 1.1% on November 26, with Kesheng Co. leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Individual Stock Performance - Notable gainers included: - Shuiyang Co. (300740) with a closing price of 19.85, up 2.58% [1] - Fulejia (301371) also rose by 2.58% to 27.88 [1] - Major decliners included: - Kesheng Co. (300856) fell by 4.88% to 14.80 [2] - Marubi Bio (603983) decreased by 2.95% to 33.55 [2] - Jiahen Home (300955) dropped by 2.85% to 37.84 [2] Trading Volume and Capital Flow - The cosmetics sector saw a net inflow of 7.95 million yuan from institutional investors, while retail investors contributed a net inflow of 7.35 million yuan [2] - However, there was a net outflow of 15.30 million yuan from speculative funds [2] Detailed Capital Flow Analysis - Key stocks with significant capital flow: - Jiahen Home (300955) had a net inflow of 18.65 million yuan from institutional investors, but a net outflow of 19.54 million yuan from retail investors [3] - Fulejia (301371) saw a net inflow of 12.12 million yuan from speculative funds, despite a net outflow from retail investors [3] - Other stocks like Qingdao King (002094) and Shanghai Jahwa (600315) also experienced mixed capital flows, indicating varied investor sentiment [3]

Core Insights - The article discusses the declining performance of traditional Chinese hair care brands, specifically Lafang, Mingchen Health, and Bawang Group, which have seen significant drops in revenue and profit despite a growing market for hair care products [1][2][3]. Group 1: Market Overview - The hair care market is projected to reach 899.95 billion yuan in 2024, with a year-on-year growth of 59.32%, indicating a positive outlook for the industry overall [1]. - Despite the optimistic market growth, traditional brands are struggling to maintain their market share and profitability [2]. Group 2: Revenue Performance - Lafang's revenue peaked at 1.101 billion yuan in 2021 but has since declined, reaching 860 million yuan in 2023, with a slight projected increase to 889 million yuan in 2024 [6]. - Mingchen Health has shown a more favorable trend, with revenue increasing from 681 million yuan in 2020 to 1.638 billion yuan in 2023, although it is expected to drop by 15.71% in 2024 [6]. - Bawang Group has consistently lagged behind, with revenue hovering around 250 million yuan, experiencing a decline from 2021 to 2023, but showing a potential recovery with a 9.33% increase in the first half of 2025 [6]. Group 3: Profitability Challenges - Lafang's net profit fluctuated significantly, peaking at 117 million yuan in 2020 but dropping to 41 million yuan in 2024, with a 77.01% decrease in the first three quarters of 2025 [10][11]. - Mingchen Health's net profit has been volatile, with a peak of 102 million yuan in 2020, followed by a drop to 25 million yuan in 2022, and a rebound to 70 million yuan in 2023, but again declining to 47 million yuan in 2024 [10][11]. - Bawang Group has faced continuous losses, with net profit of 14 million yuan in 2023, but falling to 7 million yuan in 2024, and a loss of 3 million yuan in the first half of 2025 [12]. Group 4: Gross Margin Trends - Lafang's gross margin has shown volatility, decreasing from 48.37% in 2020 to 47.18% in 2022, then recovering to 48.49% in the first three quarters of 2025 [15]. - Mingchen Health's gross margin peaked at 60.27% in 2023 but fell to 52.50% in 2024 due to rising raw material costs [16]. - Bawang Group's gross margin has been low, ranging from 36.20% to 39.17% from 2020 to 2022, but increased to 50.38% in 2023 before dropping to 43.95% in the first half of 2025 [16]. Group 5: R&D Investment - Mingchen Health has led in R&D investment, peaking at 99 million yuan in 2021 but dropping to 40 million yuan in the first three quarters of 2025 [20][21]. - Lafang's R&D investment has remained stable around 30-40 million yuan, but decreased to 23 million yuan in 2025 due to revenue decline [20][21]. - Bawang Group's R&D investment has been the lowest, consistently below 15 million yuan, indicating a lack of innovation [20][21]. Group 6: Brand Strategy and Market Position - Lafang's main brand continues to dominate, accounting for 80.41% of total revenue in the first half of 2025, but other brands have not made significant contributions [26]. - Mingchen Health's focus on gaming has led to a delay in updating its hair care brands, resulting in marginalization of its traditional products [26]. - Bawang Group's reliance on traditional products has left it vulnerable to competition from both established and emerging brands [26]. Group 7: Industry Challenges - The article identifies four main challenges for these traditional brands: product iteration lag, lack of user engagement, pressure from domestic and international brands, and quality compliance issues [27][31][35]. - The emergence of new brands and changing consumer preferences have intensified competition, particularly on platforms like Douyin [28][31].

Group 1 - Lafang Jiahua experienced a decline of 5.09% on November 21, with a stock price of 22.21 yuan per share, a trading volume of 47.34 million yuan, a turnover rate of 0.93%, and a total market capitalization of 5.002 billion yuan [1] - Lafang Jiahua, established on December 14, 2001, and listed on March 13, 2017, is located in Shantou, Guangdong Province. The company specializes in the research, production, and sales of personal care products, including hair care, skin care, and cosmetics [1] - The revenue composition of Lafang Jiahua includes hair care products at 87.57%, other products at 9.52%, soap at 2.84%, and miscellaneous at 0.08% [1] Group 2 - Huaxia Fund's Huaxia Domestic Demand Driven Mixed A (011278) fund entered the top ten circulating shareholders of Lafang Jiahua in the third quarter, holding 985,800 shares, which accounts for 0.44% of the circulating shares. The estimated floating loss today is approximately 1.1731 million yuan [2] - Huaxia Domestic Demand Driven Mixed A was established on February 9, 2021, with a current scale of 1.365 billion yuan. The fund has experienced a loss of 0.57% this year, ranking 7967 out of 8136 in its category, and a loss of 1.66% over the past year, ranking 7851 out of 8056. Since its inception, the fund has lost 47.85% [2] Group 3 - The fund manager of Huaxia Domestic Demand Driven Mixed A is Qi Xinxing, who has been in the position for 8 years and 315 days, with a total asset scale of 2.369 billion yuan. The best fund return during his tenure is 163.78%, while the worst return is -49.1% [3] - Xu Man, the co-manager, has been in the role for 2 years and 275 days, managing assets totaling 3.288 billion yuan. The best return during his tenure is 16.5%, and the worst return is -6.95% [3]

Market Overview - The cosmetics sector experienced a decline of 2.85% on November 20, with Bavi Co. leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Jiahen Home Cosmetics (300955) closed at 38.29, up 1.48% with a trading volume of 27,300 shares and a turnover of 103 million yuan [1] - Bavi Co. (920123) saw a significant drop of 9.28%, closing at 17.89 with a trading volume of 88,500 shares and a turnover of 163 million yuan [2] - Qingdao Kingway (002094) closed at 7.69, down 2.16%, with a trading volume of 214,700 shares and a turnover of 166 million yuan [1][2] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 377 million yuan from institutional investors, while retail investors saw a net inflow of 323 million yuan [2] - The main capital inflow and outflow for various stocks indicate a mixed sentiment, with some stocks like Jiahen Home Cosmetics seeing a net inflow of 9.93 million yuan from institutional investors [3] Notable Stock Movements - Fuleida (600223) had a net outflow of 25.36 million yuan from institutional investors, but a net inflow of 9.99 million yuan from retail investors [3] - Kesheng Co. (300856) experienced a net outflow of 29.14 million yuan from institutional investors, while retail investors contributed a net inflow of 12.29 million yuan [3]