Investment Rating - The industry investment rating is "Positive" (维持) [7] Core Viewpoints - The humanoid robot sector is on the verge of mass production, with both domestic and international demand expected to resonate positively, creating investment opportunities in component manufacturing [10] - Major companies like Tesla are set to begin mass production, with ambitious targets to produce 100,000 units per month within five years, indicating a significant increase in investment and production capacity [10] - Domestic companies are also ramping up their technological capabilities, with several securing large orders, suggesting a robust growth trajectory for the humanoid robot market [10] Summary by Sections Investment Suggestions and Targets - The report suggests that leading companies in humanoid robots will drive the industry into mass production next year, benefiting component manufacturers with strong manufacturing and management capabilities. Recommended stocks include: - Top Group (拓普集团, 601689, Buy) - Sanhua Intelligent Control (三花智控, 002050, Buy) - Wuzhou New Spring (五洲新春, 603667, Buy) - Hengli Hydraulic (恒立液压, 601100, Not Rated) - Zhenyu Technology (震裕科技, 300953, Buy) [4] Industry Overview - The report highlights the increasing production capabilities of leading companies in the humanoid robot sector, with significant orders being placed, indicating a strong market outlook. For instance, Tesla plans to start production in early 2026, aiming for a monthly output of 100,000 units within five years [11] - Domestic companies like UBTECH and ZhiYuan are also making strides, with substantial orders and expectations for significant shipment volumes in the coming years [10][11]

Core Insights - The global beauty industry is projected to exceed $677 billion by 2025, indicating strong growth, while the Chinese cosmetics market is undergoing significant structural changes, moving away from reliance on single blockbuster products or marketing gimmicks to a focus on genuine brand strength [1][2]. Market Performance - The Chinese cosmetics retail market is expected to maintain moderate growth in the first half of 2025, with retail sales reaching 2.291 billion yuan, a year-on-year increase of 2.9%, although this is below the overall retail growth rate of 5.0% [2][4]. - International beauty giants are facing pressure in the Chinese market, with L'Oréal leading with sales of 186.19 billion yuan, a 3% increase year-on-year, while Estée Lauder reported a 10.88% decline in net sales, marking its lowest sales in five years [4][6]. Domestic Brand Performance - Domestic brands are showing resilience, with the retail scale of the Chinese cosmetics market reaching 1.0738 trillion yuan in 2024, and domestic brands capturing 55.2% of the market share [6][8]. - The top ten domestic beauty companies reported a total revenue growth of 11.72% in the first half of 2025, with Proya, Shiseido, and Shanghai Jahwa leading the rankings [7][8]. Consumer Trends - The beauty market is witnessing a shift towards rational consumption, with consumers increasingly sensitive to price and favoring cost-effective products. The sales of beauty and skincare products reached 235.23 billion yuan in the first half of 2025, a 10.1% increase year-on-year [12][13]. - The anti-aging market is experiencing significant growth, with total sales reaching 65.49 billion yuan, a 30.3% increase year-on-year, and the demand for anti-aging products is expanding to younger demographics [13][14]. Brand Strategies - Brands are increasingly adopting multi-brand strategies to address diverse consumer needs, moving from a single product focus to a more comprehensive brand matrix [14][19]. - Investment in research and development is on the rise among leading domestic brands, with a focus on building technological barriers and enhancing product efficacy [15][16]. Marketing and Distribution - Douyin (TikTok) has solidified its position as a growth engine for the beauty industry, with daily views of beauty videos exceeding 2.5 billion, reflecting a shift towards more refined and systematic marketing strategies [17][18]. - The competition is evolving from a focus on single-channel strategies to an integrated approach that balances online and offline resources, emphasizing the importance of brand experience and customer loyalty [18][19].

Investment Rating - The report does not explicitly provide an investment rating for the beauty industry Core Insights - The beauty industry is experiencing a significant transformation driven by consumer preferences for high-quality, effective products and the integration of technology in skincare and cosmetics [4][6][10] Industry Trends - The high-end fragrance segment is witnessing robust growth, with the Chinese perfume market projected to reach 24.9 billion yuan by 2025 and exceed 33.9 billion yuan by 2028, reflecting a compound annual growth rate of 8% [4] - Domestic beauty brands are focusing on scientific innovation, market segmentation, and globalization to enhance competitiveness [6][7] - The integration of medical aesthetics and beauty is becoming a trend, with a projected annual growth rate of 10%-15% for the medical aesthetics market from 2024 to 2027 [10] - The beauty market is seeing a shift towards multi-brand strategies, with companies like Proya and Shiseido leading the way [6][11] Market Environment - Douyin e-commerce is revitalizing the perception of "Chinese good ingredients," enhancing consumer trust in domestic skincare products through educational campaigns [4] - The domestic beauty market grew by 3.1% in the first half of 2025, with significant performance disparities among companies [6] - The trend of "reverse export" to South Korea is emerging, as domestic brands seek to penetrate the Korean market through differentiated product offerings [6] Top Brand Dynamics - Proya leads the domestic beauty market with a revenue of 5.36 billion yuan, followed closely by other major players [11] - The report highlights the rise of makeup artist brands, with Unilever investing in Hung Vanngo Beauty, indicating a growing interest in professional makeup lines [13] - L'Oréal is accelerating its presence in the fragrance market with the launch of high-end perfumes, reflecting a strategic shift towards premium products [14] - The beauty industry is witnessing a surge in e-commerce, with platforms like JD.com reporting double-digit growth in beauty sales [18]

Core Points - The company held its fifth board meeting on September 25, 2025, with all seven directors present, chaired by Chairman Zhang Feng [1] - Three resolutions were passed during the meeting, including a special report on the use of previously raised funds, the temporary use of idle raised funds to supplement working capital, and a proposal to convene the fifth extraordinary shareholders' meeting in 2025 [1] Summary by Categories Meeting Details - The board meeting was conducted in a hybrid format, combining in-person and communication methods, complying with relevant regulations [1] Resolutions Passed - Resolution 1: A special report on the use of previously raised funds was approved with unanimous support (7 votes in favor, 0 against, 0 abstentions) and will be submitted for shareholder approval [1] - Resolution 2: The proposal to temporarily use idle raised funds to supplement working capital also received unanimous approval (7 votes in favor, 0 against, 0 abstentions), with verification from the company's sponsor, CITIC Securities [1] - Resolution 3: The proposal to convene the fifth extraordinary shareholders' meeting in 2025 was approved unanimously (7 votes in favor, 0 against, 0 abstentions) [1]

Core Viewpoint - Wuzhou Xinchun (603667.SH) aims to improve the efficiency of raised funds by temporarily using part of the idle raised funds to supplement working capital, thereby reducing short-term bank loans and lowering financial costs [1] Fund Utilization - The company plans to use no more than RMB 60 million of idle raised funds to temporarily supplement working capital [1] - The usage period will not exceed 12 months from the date of approval by the company's fifth board of directors' seventh meeting [1] - Upon expiration, the funds will be returned to the special account for raised funds [1]

中信证券股份有限公司 关于浙江五洲新春集团股份有限公司 使用闲置募集资金暂时补充流动资金的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为浙江五 洲新春集团股份有限公司（以下简称"五洲新春"、"公司"或"发行人"）2022 年度非公开发行 A 股股票的保荐人，根据《中华人民共和国公司法》《中华人 民共和国证券法》《证券发行上市保荐业务管理办法》《上海证券交易所股票上 市规则》《上市公司募集资金监管规则》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等相关规定，对公司使用闲置募集资金暂时补充流动资 金的事项进行了审慎核查，并出具核查意见如下： 一、募集资金基本情况 （一）募集资金到账及存储情况 中国证券监督管理委员会《关于核准浙江五洲新春集团股份有限公司非公开 发行 A 股股票的批复》（证监许可〔2022〕2136 号）核准公司非公开发行不超 过 90,368,678 股。公司本次实际非公开发行 A 股股票 40,298,507 股，每股发行 价为人民币 13.40 元，募集资金总额为人民币 539,999,993.80 元，减除发行费用 （不含增值税）人民币 8,776, ...

证券代码：603667 证券简称：五洲新春 公告编号：2025-080 浙江五洲新春集团股份有限公司 关于前次募集资金使用情况的专项报告 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。 浙江五洲新春集团股份有限公司（以下简称"公司"或"本公司"）根据中 国证券监督管理委员会《监管规则适用指引——发行类第 7 号》的规定，将本公 司截至 2025 年 6 月 30 日的前次募集资金使用情况报告如下。 一、前次募集资金的募集及存放情况 （一）前次募集资金的数额、资金到账时间 1、2020 年公开发行人民币可转换债券的数额、资金到账时间 根据中国证券监督管理委员会证监许可〔2019〕2568 号文核准，并经上海 证券交易所同意，本公司由主承销商兴业证券股份有限公司（以下简称兴业证券） 采用向公司原股东优先配售，原股东优先配售后余额部分（含原股东放弃优先配 售部分）通过向社会公众投资者发行，发行认购金额不足部分由主承销商包销方 式，公开发行可转换债券 3,300,000 张，每张面值为人民币 100 元，按面值发行， 共计募集资金 3 ...

目 录 | 一、前次募集资金使用情况鉴证报告………………………………第 | 1—2 | 页 | | --- | --- | --- | | 二、前次募集资金使用情况报告………………………………… 第 | 3—16 | 页 | | 三、附件……………………………………………………………第 | 17—21 | 页 | 前次募集资金使用情况鉴证报告 天健审〔2025〕16499 号 浙江五洲新春集团股份有限公司全体股东： 我们鉴证了后附的浙江五洲新春集团股份有限公司（以下简称五洲新春公司） 管理层编制的截至 2025 年 6 月 30 日的《前次募集资金使用情况报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供五洲新春公司向特定对象发行股票时使用，不得用作任何其 他目的。我们同意本鉴证报告作为五洲新春公司向特定对象发行股票的必备文件， 随同其他申报材料一起上报。 二、管理层的责任 五洲新春公司管理层的责任是提供真实、合法、完整的相关资料，按照中国 证券监督管理委员会《监管规则适用指引——发行类第 7 号》的规定编制《前次 募集资金使用情况报告》，并保证其内容真实、准确、完整，不存在虚假记载、 误导性陈述或重 ...

证券代码：603667 证券简称：五洲新春 公告编号：2025-081 浙江五洲新春集团股份有限公司 关于使用闲置募集资金暂时补充流动资金的公告 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法律责任。 重要内容提示： 关于募集资金暂时补充流动资金的金额和期限：不超过人民币6,000万元， 期限不超过12个月 根据《上海证券交易所股票上市规则》等相关规定，浙江五洲新春集团股份 有限公司（以下简称"公司"）在确保不影响募集资金投资项目正常进行的前提 下，使用不超过人民币 6,000 万元的闲置募集资金暂时补充流动资金，具体情况 如下： 一、募集资金基本情况 （一）募集资金到账及存储情况 中国证券监督管理委员会《关于核准浙江五洲新春集团股份有限公司非公开 发行 A 股股票的批复》（证监许可〔2022〕2136 号）核准公司非公开发行不超过 90,368,678 股。公司本次实际非公开发行 A 股股票 40,298,507 股，每股发行价 为人民币 13.40 元，募集资金总额为人民币 539,999,993.80 元，减除发行费用 （不含增 ...

浙江五洲新春集团股份有限公司 关于召开2025年第五次临时股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第五次临时股东会 (二)股东会召集人：董事会 证券代码：603667 证券简称：五洲新春 公告编号：2025-082 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 13 日 13 点 30 分 召开地点：浙江省绍兴市新昌县泰坦大道 199 号公司会议室 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年10月13日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 10 月 13 日 至2025 年 10 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段， ...