Core Viewpoint - The Chinese fragrance market is transitioning from material consumption to emotional consumption, with domestic brands like Mao Geping gaining traction by aligning with national trends and offering differentiated products [1][2]. Industry Overview - The Chinese fragrance market is projected to reach 26.1 billion yuan in 2023, with a CAGR of 12.82% from 2023 to 2028. The market size has grown at a CAGR of 12.32% from 2018 to 2023 [1]. - China's share of the global fragrance market is increasing, reaching 3.68% in 2023 and expected to rise to 5.67% by 2028, indicating strong growth potential [1]. Market Trends - The low penetration rate of fragrances in China is a temporary phenomenon linked to economic development stages. In 2023, the per capita fragrance expenditure in China is only 16 yuan, significantly lower than in the US (423 yuan), UK (406 yuan), South Korea (170 yuan), and Japan (47 yuan) [1][2]. Competitive Landscape - The market is currently dominated by international brands like Chanel and Dior, which have established a strong presence in China. However, domestic brands such as "Guanxia" and "Wenxian" are breaking through by incorporating local cultural elements and modern design, appealing to consumers [3]. Company Focus: Mao Geping - Mao Geping plans to launch a regular fragrance line by May 8, 2025, targeting the 300-500 yuan price range for 30ml, positioning itself above traditional domestic brands while offering better value than international ones [4]. - The brand will introduce 13 types of eau de parfum to create a comprehensive fragrance matrix, catering to various consumer needs [4]. - Mao Geping leverages its strong brand recognition as an "Oriental Makeup Master," aligning with national trends and offering a higher cultural resonance compared to international brands [4]. - The company has a broad online and offline sales network, facilitating a seamless experience for consumers to test and purchase fragrances [4].

股票简称：东北证券 股票代码：000686.SZ 债券简称：22 东北 C2 债券代码：148094.SZ 债券简称：23 东北 C1 债券代码：148246.SZ 债券简称：23 东北 01 债券代码：148512.SZ 债券简称：24 东北 C1 债券代码：148572.SZ 债券简称：24 东北 C2 债券代码：148658.SZ 债券简称：24 东北 01 债券代码：148704.SZ 债券简称：24 东北 02 债券代码：148808.SZ 债券简称：24 东北 03 债券代码：148846.SZ 债券简称：24 东北 04 债券代码：148966.SZ 债券简称：24 东北 05 债券代码：524007.SZ 债券简称：25 东北 01 债券代码：524132.SZ 发行人 东北证券股份有限公司 （住所：吉林省长春市生态大街6666号） 债券受托管理人 （住所：苏州工业园区星阳街5号） 东北证券股份有限公司 公开发行公司债券 受托管理事务临时报告 2025 年 6 月 声明 东吴证券股份有限公司（以下简称"东吴证券"、"受托管理人"）作为东 北证券股份有限公司（以下简称"东北证券"、"公司"、"发 ...

| 证券简称：东北证券 | | | 证券代码：000686.SZ | | --- | --- | --- | --- | | 债券简称：25 | 东北 | D1 | 债券代码：524096.SZ | | 债券简称：25 | 东北 | D2 | 债券代码：524133.SZ | | 债券简称：25 | 东北 | D3 | 债券代码：524216.SZ | | 债券简称：25 | 东北 | C1 | 债券代码：524185.SZ | | 债券简称：25 | 东北 | C2 | 债券代码：524230.SZ | | 债券简称：25 | 东北 | KC01 | 债券代码：524299.SZ | 长城证券股份有限公司 关于东北证券股份有限公司公开发行公司 债券临时受托管理事务报告 债券受托管理人 （深圳市福田区福田街道金田路 2026 号能源大厦南塔楼 10-19 层） 签署时间：2025 年 6 月 1 声 明 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业 行为准则》、《东北证券股份有限公司 2025 年面向专业投资者公开发行短期公 司债券（第一期）募集说明书》、《东北证券股份有限公司 2025 ...

Group 1 - The company, Wanjia Fund Management Co., Ltd., has signed a sales agreement with Northeast Securities Co., Ltd. to start selling the Wanjia Stable Bond Fund from July 7, 2025 [1] - The Wanjia Stable Bond Fund will be publicly offered from July 7, 2025, to July 25, 2025, through designated sales institutions [1] - Investors can open accounts and subscribe to the Wanjia Stable Bond Fund through Northeast Securities, and can also perform other operations such as purchase, redemption, and regular investment after the fund is established [1] Group 2 - Specific fee rates for the fund will be announced by Northeast Securities, and investors are advised to follow the relevant procedures as per Northeast Securities' regulations [1] - Contact information for inquiries includes a customer service hotline for Northeast Securities at 95360 and for Wanjia Fund at 400-888-0800 [1]

Group 1 - The company has issued multiple bonds, including "21 Yi Chuang 01", "21 Yi Chuang 02", "22 Yi Chuang 01", "22 Yi Chuang 02", "22 Yi Chuang 03", "22 Yi Chuang 04", "23 Yi Chuang 01", and "24 Yi Chuang 01" [4][5][7] - The total issuance amount for the bonds is up to RMB 60 billion, with specific amounts allocated for debt repayment and working capital [14][16] - The company has maintained a strong credit rating, with the issuer's long-term credit rating at AAA and stable outlook [7][8][26] Group 2 - The company reported a significant increase in net profit, achieving RMB 903.63 million, a year-on-year growth of 173.28% [10][12] - The total operating revenue for the company reached RMB 3.53 billion, reflecting a year-on-year increase of 41.91% [12] - The company’s financial indicators show a stable liquidity position, with a current ratio of 163.46% and a debt-to-asset ratio of 59.75% [13][12] Group 3 - The company has successfully paid interest on its bonds, including "22 Yi Chuang 01" and "22 Yi Chuang 02" on January 8, 2024, and "21 Yi Chuang 01" on August 26, 2024 [21][24] - The funds raised from the bond issuances have been used in accordance with the stated purposes, with no violations reported [19][17] - The company has implemented effective measures to protect investor rights, ensuring timely payment of principal and interest [22][23]

股票代码：000686 股票简称：东北证券 公告编号：2025-036 东北证券股份有限公司 关于控股子公司股票在全国中小企业股份转让系统 终止挂牌的公告 东北证券股份有限公司（以下简称"公司"）控股子公司渤海期货股份有限 公司（以下简称"渤海期货"）于 2025 年 6 月 4 日召开 2025 年第三次临时股东 会议，审议通过了《关于申请公司股票在全国中小企业股份转让系统终止挂牌的 议案》，渤海期货基于自身发展规划需要，拟主动申请其股票在全国中小企业股 份转让系统终止挂牌，具体情况详见公司于 2025 年 6 月 6 日在深圳证券交易所 网站（www.szse.cn）和巨潮资讯网（www.cninfo.com.cn）披露的《关于控股子 公司拟申请在全国中小企业股份转让系统终止挂牌的公告》（2025-034）。 2025 年 6 月 24 日，公司收到渤海期货通知，根据《全国中小企业股份转让 系统挂牌公司股票终止挂牌实施细则》的规定，全国股转公司向渤海期货出具了 《关于同意渤海期货股份有限公司股票终止在全国中小企业股份转让系统挂牌 的函》，同意渤海期货股票（证券代码：870662，证券简称：渤海期货）自 2 ...

Core Viewpoint - Northeast Securities announced that its subsidiary Bohai Futures Co., Ltd. will voluntarily terminate its listing on the National Equities Exchange and Quotations (NEEQ) starting June 24, 2025, based on its development plans [1] Group 1 - Bohai Futures will apply for the termination of its listing and will handle the stock exit registration procedures [1] - The termination of the listing is aligned with the future development plans of both Northeast Securities and Bohai Futures [1] - This decision is not expected to have a significant impact on the normal operations of either Northeast Securities or Bohai Futures [1]

Group 1 - The core viewpoint is that the polyester bottle chip industry is expected to recover due to recent production cuts and an end to industry expansion, leading to an improved supply-demand balance [1][2] - Polyester bottle chip companies have announced a total production cut of 3.36 million tons, accounting for approximately 16.3% of total capacity [1] - Major companies involved in production cuts include China Resources Chemical, which plans to reduce production by 20% (660,000 tons), and Chongqing Wankai, which will cut 600,000 tons per year starting July 1 [1] Group 2 - Global demand for polyester bottle chips is projected to grow by about 8.2% year-on-year in 2024, with new production capacity primarily concentrated in mainland China [2] - By the end of 2024, global polyester bottle chip production capacity is expected to reach 4.262 million tons per year, with 4.17 million tons coming from new capacity in China [2] - The concentrated production expansion phase is nearing its end, which is anticipated to lead to a gradual recovery in bottle chip prices and restoration of industry chain profits [2]

Core Viewpoint - Northeast Securities has successfully resolved a long-standing legal dispute with Dunhua Rural Commercial Bank, with the Supreme People's Court rejecting the bank's request for a retrial, resulting in no financial impact on the company's current or future profits [1]. Group 1: Legal Proceedings - The lawsuit involved a principal amount of approximately 294 million yuan and corresponding interest, initiated by Dunhua Rural Commercial Bank against Northeast Securities for alleged failure to fulfill management obligations related to the "Northeast Securities Changying No. 4 Directional Asset Management Plan" [2]. - The case dates back to May 19, 2021, when Dunhua Rural Commercial Bank claimed significant losses of 472 million yuan due to Northeast Securities' mismanagement of the asset management plan, which was established in 2013 [2]. - Following a series of court rulings, including a judgment from the Jilin Provincial High Court in November 2018, Northeast Securities was initially ordered to bear supplementary compensation responsibilities limited to the value of 800,000 shares of a delisted stock [2][3]. Group 2: Outcome of the Dispute - After the initial ruling, Dunhua Rural Commercial Bank filed another lawsuit in May 2021, seeking compensation of 294 million yuan plus interest, which resulted in a first-instance judgment against Northeast Securities [3]. - Northeast Securities appealed the first-instance judgment, and on April 16, 2024, the Jilin Provincial High Court overturned the ruling and dismissed Dunhua Rural Commercial Bank's claims [3]. - The Supreme People's Court ultimately rejected Dunhua Rural Commercial Bank's request for a retrial, concluding an eight-year legal battle without any financial liability for Northeast Securities [3].

Group 1 - The company is issuing a subordinated bond (Phase 1) aimed at professional investors, with a maturity date of June 24, 2025 [1] - The bond has a credit rating of AA+ and a stable outlook, with a coupon rate of 3.88% for the period from June 24, 2024, to June 23, 2025 [1] - The total amount of interest and principal for every 10 bonds with a face value of RMB 1,000 is RMB 1,038.80, including tax [1] Group 2 - The bond's interest income tax for individual bondholders is set at a rate of 20% on the interest amount, which will be withheld at the time of payment [2] - Foreign institutional investors are exempt from corporate income tax and value-added tax on bond interest income until December 31, 2025 [2] - The company will be responsible for the payment of interest and principal if it fails to transfer the funds to the designated bank account on time [2] Group 3 - Contact information for inquiries includes addresses and phone numbers for representatives in Changchun and Suzhou [3]