Market Overview - The personal care products sector increased by 1.28% on January 12, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index closed at 14366.91, up by 1.75% [1] Stock Performance - Beijia (603059) closed at 34.88, with a rise of 10.00% and a trading volume of 21,500 lots, resulting in a transaction value of 74.26 million yuan [1] - Haoyue Care (605009) closed at 32.52, up by 2.59%, with a trading volume of 38,600 lots and a transaction value of 124 million yuan [1] - Reliable Co. (301009) closed at 13.11, increasing by 1.55%, with a trading volume of 47,100 lots and a transaction value of 61.36 million yuan [1] - Other notable stocks include: - Wenjian Medical (300888) at 39.73, up by 1.43% [1] - Runben Co. (603193) at 25.33, up by 1.40% [1] - Liangmian Needle (600249) at 5.96, up by 1.36% [1] Capital Flow - The personal care products sector experienced a net outflow of 1.1334 million yuan from institutional investors, while retail investors saw a net inflow of 5.4803 million yuan [2] - The overall capital flow indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2] Detailed Capital Flow Analysis - Beijia (603059) had a net inflow of 23.84 million yuan from institutional investors, but a net outflow of 9.50 million yuan from speculative funds [3] - Haoyue Care (605009) saw a net inflow of 18.45 million yuan from institutional investors, with a net outflow of 12.29 million yuan from speculative funds [3] - Reliable Co. (301009) experienced a net outflow of 5.92 million yuan from institutional investors, while retail investors contributed a net inflow of 6.46 million yuan [3]

Core Viewpoint - The company YiYi Co., Ltd. (依依股份) has announced a profit distribution plan and is set to hold a temporary shareholders' meeting to discuss various financial strategies, including foreign exchange hedging and credit limits [2][3]. Group 1: Trading Information - On January 9, 2026, YiYi Co., Ltd. closed at 29.06 yuan, up 0.8%, with a turnover rate of 2.92% and a trading volume of 31,000 hands, amounting to a transaction value of 89.6095 million yuan [1]. - On the same day, the main funds experienced a slight net outflow of 51,000 yuan, while retail investors saw a net inflow of 619,270 yuan, indicating a trend of retail investors stepping in [2][5]. Group 2: Company Announcements - The board of directors approved a profit distribution plan for the third quarter of 2025, proposing a cash dividend of 2.20 yuan (including tax) for every 10 shares, which is expected to total approximately 40.48 million yuan, representing 25.84% of the net profit attributable to shareholders for the first three quarters of 2025 [2][5]. - The company plans to conduct foreign exchange derivative hedging activities with a maximum contract value of 250 million USD (approximately 1.754675 billion yuan), using its own funds or bank credit as margin [3]. - YiYi Co., Ltd. intends to apply for a comprehensive credit limit of up to 420 million yuan and provide guarantees of up to 180 million yuan for its subsidiary, Hebei YiYi, which has a debt-to-asset ratio of 79.47% [3]. - The company will hold its first temporary shareholders' meeting on January 26, 2026, to review the profit distribution plan and other financial strategies [3]. Group 3: Financial Management - The board approved the use of up to 550 million yuan of idle funds for cash management, with a focus on low-risk financial products issued by banks, trusts, and securities firms [4]. - A new compensation management system for directors and senior management has been established, linking performance pay to company performance and individual achievements, with performance pay making up at least 50% of total compensation [4].

Market Overview - The personal care products sector increased by 0.64% on January 9, with Dengkang Oral leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Dengkang Oral closing at 39.19, up 1.79% on a trading volume of 15,000 shares and a transaction value of 58.84 million yuan [1] - Other notable performers included: - Zhongshun Jierou at 8.38, up 1.09%, with a trading volume of 164,500 shares and a transaction value of 137 million yuan [1] - Wanjian Medical at 39.17, up 1.03%, with a transaction value of 166 million yuan [1] - Liangmian Needle at 5.88, up 1.03%, with a trading volume of 119,500 shares and a transaction value of 69.76 million yuan [1] Capital Flow - The personal care products sector experienced a net outflow of 9.1265 million yuan from institutional investors and 14.5833 million yuan from speculative funds, while retail investors saw a net inflow of 23.7098 million yuan [2] - Detailed capital flow for specific stocks included: - Runben Co. with a net inflow of 4.5229 million yuan from institutional investors, but a net outflow of 6.0816 million yuan from speculative funds [3] - Yiyi Co. had a net outflow of 51,000 yuan from institutional investors, but a net inflow of 619.27 million yuan from retail investors [3] - Dengkang Oral saw a net outflow of 1.5334 million yuan from institutional investors [3]

Core Viewpoint - The report from Southwest Securities indicates that the performance of the light industry sector in 2025 is expected to be flat, with cyclical and traditional manufacturing valuations under pressure, while packaging, exports, and personal care sectors show differentiated performance [1] 2025 Sector Review - In 2025, the light industry sector experienced relatively flat performance, with traditional cyclical and manufacturing companies facing valuation pressure. However, the packaging and printing sectors benefited from price increases and cross-industry transformations, leading to better stock performance [1] - The export sector showed some differentiation due to tariff policy disruptions, with companies that have balanced production capacity, strong demand resilience, and low tariff impact performing better [1] - The personal care sector achieved excess returns in the first half of the year but entered a valuation digestion phase in the second half due to intensified competition in e-commerce channels. However, domestic brands are expected to continue their growth trajectory due to product structure optimization and channel expansion [1] 2026 Stock Selection Strategy - The focus will be on undervalued cyclical assets as valuation recovery is anticipated amid changes in the bulk commodity cycle, gradually realizing allocation value [2] - There is a need to balance the valuation and growth potential of new consumption and export sectors, favoring high-growth or low-valuation, high-safety stocks [2] - Four main lines of focus for stock selection include: 1. Gradually emphasizing undervalued cyclical stocks, particularly in the paper sector, which is expected to see price increases driven by "anti-involution" and traditional peak season factors, with net profit per ton likely to recover [2] 2. Export stocks with strong demand resilience and manufacturing capabilities are still considered valuable for allocation, especially those with good growth potential in niche categories and minimal tariff impact [2] 3. Domestic personal care brands are expected to see upward trends in market share and growth potential due to rapid product iteration and competitive pricing [2] 4. New consumption trends in AI glasses, new tobacco products, pet supplies, and trendy toys are expected to continue their upward trajectory, contributing to the growth of the consumption sector [2] Recommended Stocks - Recommended stocks include Sun Paper, Bohui Paper, Weigao Medical, Baiya Co., Nobon Co., Yiyi Co., Mengbaihe, and Gujia Home [3]

Group 1 - The company held its fourth board meeting on January 8, 2026, with all 14 directors present, and the meeting was deemed legal and effective [2][3]. - The board approved a proposal for the company and its wholly-owned subsidiary to engage in foreign exchange derivative hedging, with a maximum contract value of $250 million (approximately RMB 175.47 million) [3][33]. - The board also approved a proposal for the company to apply for a comprehensive credit limit of up to RMB 420 million, providing a guarantee of up to RMB 180 million for its subsidiary [7][43]. Group 2 - The company plans to use idle self-owned funds for cash management, with a limit of RMB 550 million, to enhance fund utilization efficiency [12][51]. - A profit distribution plan was proposed, where the company intends to distribute a cash dividend of RMB 2.20 per 10 shares, totaling approximately RMB 40.48 million [17][59]. - The company will hold its first temporary shareholders' meeting on January 26, 2026, to discuss the approved proposals [25][67].

Core Viewpoint - Tianjin Yiyi Hygiene Products Co., Ltd. is set to hold its first extraordinary shareholders' meeting of 2026 on January 26, 2026, to discuss several key proposals, including foreign exchange derivative hedging, credit limit applications, and profit distribution plans [1]. Group 1: Stock Performance - As of January 8, 2026, Yiyi shares closed at 28.83 yuan, down 0.59% from the previous trading day, with a total market capitalization of 5.33 billion yuan [1]. - The stock opened at 28.8 yuan, reached a high of 29.04 yuan, and a low of 28.7 yuan, with a trading volume of 1.09 million yuan and a turnover rate of 3.57% [1]. Group 2: Shareholders' Meeting Agenda - The extraordinary shareholders' meeting will review four main proposals: 1. Conducting foreign exchange derivative hedging business by the company and its wholly-owned subsidiaries 2. Applying for additional comprehensive credit limits and providing guarantees 3. Profit distribution plan for the third quarter of 2025 4. Establishing a salary management system for directors and senior management [1]. - The record date for shareholders to participate in the meeting is January 20, 2026, and the voting will be conducted through both on-site and online methods [1].

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