Market Overview - The personal care products sector experienced a decline of 0.39% on September 10, with Dengkang Oral Care leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable stock performances include: - Yanjing Co. (300658) rose by 7.47% to a closing price of 8.06, with a trading volume of 506,100 shares and a turnover of 412 million [1] - Jieya Co. (301108) increased by 2.01% to 32.98, with a trading volume of 25,700 shares and a turnover of 83.7 million [1] - Liangmian Needle (600249) saw a rise of 1.21% to 6.69, with a trading volume of 1,118,000 shares and a turnover of 745 million [1] - Dengkang Oral Care (001328) fell by 2.24% to 40.62, with a trading volume of 17,500 shares and a turnover of 71.3 million [2] Capital Flow - The personal care products sector saw a net outflow of 18.51 million from institutional investors, while retail investors contributed a net inflow of 33.14 million [2] - The capital flow for key stocks includes: - Liangmian Needle had a net inflow of 22.12 million from institutional investors, but a net outflow of 16.05 million from retail investors [3] - Yanjing Co. experienced a net inflow of 3.64 million from institutional investors and a net outflow of 14.09 million from retail investors [3] - Dengkang Oral Care had a net outflow of 1.05 million from institutional investors and a net outflow of 2.16 million from retail investors [3]

西南证券股份有限公司 关于 重庆登康口腔护理用品股份有限公司 收购报告书 之 2025 年半年度持续督导意见 通过日常沟通并结合上市公司《2025 年半年度报告》，本财务顾问出具本持 续督导期的持续督导意见如下： （一）本意见所依据的文件、资料及其他相关材料基于的假设前提是上述资 料和意见真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏；本财务 顾问未对上述资料和意见作出任何承诺或保证。 （二）本意见不构成对登康口腔的任何投资建议，投资者根据本意见所做出 的任何投资决策而产生的相应风险，本财务顾问不承担任何责任。 （机电集团受托管理轻纺集团） 财务顾问：西南证券股份有限公司 二〇二五年九月 财务顾问声明 本财务顾问接受机电集团委托，担任机电集团本次收购的财务顾问。根据《上 市公司收购管理办法》等法律法规的规定，西南证券本着诚实信用、勤勉尽责的 精神，自登康口腔公告收购报告书至本次收购完成后的 12 个月止，对上述事项 履行持续督导职责。 （三）本财务顾问基于诚实信用、勤勉尽责的原则，已按照执业规则规定的 工作程序，旨在就本持续督导期发表意见，发表意见的内容仅限本意见正文所列 内容，除非中国证监会另有要求 ...

西南证券股份有限公司 关于 重庆登康口腔护理用品股份有限公司 收购报告书 之 2025 年半年度持续督导意见 （渝富控股取得机电集团 80%股权） 财务顾问：西南证券股份有限公司 二〇二五年九月 财务顾问声明 本财务顾问接受渝富控股委托，担任渝富控股本次收购的财务顾问。根据《上 市公司收购管理办法》等法律法规的规定，西南证券本着诚实信用、勤勉尽责的 精神，自登康口腔公告收购报告书至本次收购完成后的 12 个月止，对上述事项 履行持续督导职责。 通过日常沟通并结合上市公司《2025 年半年度报告》，本财务顾问出具本持 续督导期的持续督导意见如下： （一）本意见所依据的文件、资料及其他相关材料基于的假设前提是上述资 料和意见真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏；本财务 顾问未对上述资料和意见作出任何承诺或保证。 1 （二）本意见不构成对登康口腔的任何投资建议，投资者根据本意见所做出 的任何投资决策而产生的相应风险，本财务顾问不承担任何责任。 （三）本财务顾问基于诚实信用、勤勉尽责的原则，已按照执业规则规定的 工作程序，旨在就本持续督导期发表意见，发表意见的内容仅限本意见正文所列 内容，除非中国证 ...

登康口腔 20250908 摘要 登康口腔 2025 年上半年线上占比显著提升至近四成，Q1 线上增长超 200%，虽 Q2 增速放缓，但整体营收仍保持增长，线下市场保持稳健， 收入占比约 60%，并有个位数增长。 登康口腔通过"推高卖新"策略调整产品结构，线上先行推广高价值产 品，带动线下渠道升级，提升经销商净利水平，长期来看具有较大潜力， 高端系列毛利率可达 60%以上。 公司与经销商签订三方合同，确保价格体系稳定，有效避免窜货和价格 混乱，经销商净利水平提高，动销量周期维持在一个月左右，构成难以 模仿的竞争壁垒。 登康口腔市场份额位列前三，线下渠道稳健，压货周期低于行业平均水 平，公司围绕抗敏感核心进行产品更新，推出角蛋白牙膏等高端产品， 并升级迭代抗敏感技术。 公司不断迭代升级抗敏技术，如丝研、双重抗敏及生物矿化抗敏技术， 并有华西医院背书，功效强劲，冷酸灵牙膏在价格上较舒适达劲速抗敏 牙膏具有显著优势。 Q&A 登康口腔在个护行业的线上化趋势中表现如何？ 登康口腔在个护行业的线上化趋势中表现非常亮眼。近年来，随着渠道变革和 兴趣电商的兴起，整个个护赛道的线上化水平显著提升。登康口腔通过扩展渠 道，特 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 411 million in Q2 2025, representing a year-on-year increase of 20.11%, and a net profit attributable to the parent company of 42 million, up 19.66% year-on-year [1] - The company is focusing on brand development, channel expansion, technological innovation, supply chain optimization, and digital transformation to enhance operational quality and efficiency, resulting in strong revenue and profit growth [1] - The adult toothpaste segment achieved revenue of 677 million in H1 2025, a 23% increase year-on-year, with a gross margin of 53.59%, reflecting a 5.45 percentage point increase [2] - The e-commerce channel generated 300 million in revenue in H1 2025, a significant increase of 87% year-on-year, while the distribution channel saw a slight decline of 0.5% to 510 million [4] Financial Performance Summary - For H1 2025, the company reported total revenue of 842 million, a 19.72% increase year-on-year, and a net profit of 85 million, up 17.59% year-on-year [1] - The gross profit margin for H1 2025 was 49.57%, an increase of 4.2 percentage points year-on-year, while the net profit margin remained stable at 10.2% [1] - The company has adjusted its profit forecast, expecting net profits of 200 million, 250 million, and 320 million for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 36X, 29X, and 23X [5]

Market Overview - The personal care products sector rose by 2.89% on September 4, with Jieya Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Jieya Co., Ltd. (301108) closed at 34.40, up 13.16% with a trading volume of 72,700 shares and a turnover of 243 million yuan [1] - Yiyi Co., Ltd. (001206) closed at 26.72, up 10.00% with a trading volume of 131,800 shares and a turnover of 342 million yuan [1] - Dengkang Oral Care (001328) closed at 43.55, up 7.40% with a trading volume of 53,000 shares and a turnover of 226 million yuan [1] - Other notable performers include Ziya Co., Ltd. (003006) up 5.13%, and Liangmian Needle (600249) up 3.29% [1] Capital Flow - The personal care products sector saw a net inflow of 56.24 million yuan from institutional investors, while retail investors experienced a net outflow of 6.89 million yuan [2] - The main capital inflow was observed in Yiyi Co., Ltd. with 64.76 million yuan, while the largest outflow was from Jieya Co., Ltd. with 22.08 million yuan [3] Individual Stock Analysis - Jieya Co., Ltd. had a main capital inflow of 3.69 million yuan, but retail investors showed a net outflow of 22.07 million yuan [3] - Dengkang Oral Care experienced a net outflow of 4.13 million yuan from main capital, while retail investors had a net inflow of 14.52 million yuan [3] - Ziya Co., Ltd. had a net inflow of 3.36 million yuan from main capital, with a slight outflow from retail investors [3]

Company Overview - Chongqing Dengkang Oral Care Products Co., Ltd. is located at 389 Haier Road, Jiangbei District, Chongqing, established on December 14, 2001, and listed on April 10, 2023 [1] - The company specializes in the research, production, and sales of oral care products [1] Revenue Composition - The main revenue sources are: Adult toothpaste 80.43%, Adult toothbrush 9.90%, Children's toothpaste 4.54%, Oral medical and beauty care products 2.44%, Children's toothbrush 1.76%, Electric toothbrush 0.81%, Other (supplement) 0.11% [1] Stock Performance - On September 4, Dengkang Oral Care's stock rose by 5.18%, trading at 42.65 yuan per share, with a transaction volume of 1.08 billion yuan and a turnover rate of 6.05%, resulting in a total market capitalization of 7.343 billion yuan [1] Fund Holdings - Dengkang Oral Care is a significant holding in the Zhonghai Consumption Mixed A Fund (398061), which increased its holdings by 15,400 shares in the second quarter, totaling 212,000 shares, representing 4.64% of the fund's net value [2] - The fund has achieved a floating profit of approximately 445,200 yuan as of the latest report [2] Fund Manager Performance - The fund manager, He Wenyin, has been in position for 3 years and 203 days, with the fund's total asset size at 303 million yuan [3] - During his tenure, the best fund return was 28.32%, while the worst was -32.34% [3]

Group 1 - The core viewpoint of the news is the performance and market position of Chongqing Dengkang Oral Care Products Co., Ltd, which saw a stock price increase of 5.18% to 42.65 CNY per share, with a total market capitalization of 7.343 billion CNY [1] - The company was established on December 14, 2001, and went public on April 10, 2023, focusing on the research, production, and sales of oral care products [1] - The revenue composition of the company includes adult toothpaste (80.43%), adult toothbrushes (9.90%), children's toothpaste (4.54%), oral medical and beauty care products (2.44%), children's toothbrushes (1.76%), electric toothbrushes (0.81%), and other products (0.11%) [1] Group 2 - From the perspective of fund holdings, Dengkang Oral Care is a significant investment for Nanhua Fund, with its Nanhua Ruiying Mixed Fund A holding 24,200 shares, accounting for 3.32% of the fund's net value, ranking as the sixth-largest holding [2] - The Nanhua Ruiying Mixed Fund A was established on August 16, 2017, with a current scale of 24.0118 million CNY, and has achieved a year-to-date return of 1.01% [2] - The fund's one-year return is 28.8%, ranking 4635 out of 7978 in its category, and since inception, it has returned 35.6% [2] Group 3 - The fund manager of Nanhua Ruiying Mixed Fund A is Xu Chao, who has been in the position for 9 years and 308 days, with a total asset scale of 650 million CNY [3] - Xu Chao's best fund return during his tenure is 129.63%, while the worst return is -18.74% [3] - The co-manager, Lu Yue, has been in the role for 1 year and 50 days, managing assets of 35.5714 million CNY, with a best return of 30.62% and a worst return of 29.78% during his tenure [3]

Core Viewpoint - The article discusses the contrasting performance of gold jewelry brands amid rising gold prices, highlighting the success of Lao Pu Gold and the struggles of other brands like Chow Tai Fook and Chow Hong Ki [3][8]. Group 1: Gold Price Trends - On September 2, spot gold prices surpassed $3,500 per ounce, reaching a record high of $3,508 per ounce [1]. - The high gold prices have led to a decline in consumer demand, with gold jewelry consumption in China dropping by 26% year-on-year [8]. Group 2: Performance of Lao Pu Gold - Lao Pu Gold has seen significant growth, with a revenue of 12.354 billion yuan in the first half of the year, a 251% increase year-on-year [5]. - The company's gross profit reached 4.705 billion yuan, up 223.4% year-on-year, with a gross margin of approximately 38.1% [5][6]. - Lao Pu Gold's consumer overlap with luxury brands like Louis Vuitton and Hermes is 77.3%, indicating its positioning as a high-end brand [6]. Group 3: Challenges Faced by Other Brands - Chow Tai Fook closed 896 stores in mainland China, while Chow Hong Ki closed 272 stores due to high gold prices and market competition [8][9]. - Chow Hong Ki's online sales grew by 34% year-on-year, accounting for 52% of total revenue, indicating a shift towards e-commerce [9]. - Other brands are adopting strategies like IP collaborations and unique craftsmanship to enhance product pricing and margins [9][10]. Group 4: Market Dynamics - The article notes that the high gold prices and competitive pressures are forcing many gold jewelry brands to adapt or face closure [8][9]. - The trend of "one-price" sales and the incorporation of cultural craftsmanship are becoming more prevalent in the industry, driven by Lao Pu Gold's success [10].

Market Overview - On September 2, the Chongqing state-owned enterprise reform sector fell by 1.11% compared to the previous trading day, with *ST Huicheng leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Shanghai Sanmao (600689) saw a closing price of 13.79, with an increase of 2.99% and a trading volume of 100,200 shares, totaling 136 million yuan [1] - Chongqing Water (601158) closed at 4.74, up 0.64%, with a trading volume of 156,300 shares, amounting to 7.36878 million yuan [1] - Other notable stocks include Yuzhong Development (000514) at 5.35, down 0.74%, and Jieling Pickles (002507) at 13.25, down 0.97% [1][2] Capital Flow - The Chongqing state-owned enterprise reform sector experienced a net outflow of 178 million yuan from main funds, while retail investors saw a net inflow of 116 million yuan [2] - The table of capital flow indicates that Yuzhong Development (000514) had a net outflow of 6.6107 million yuan from main funds, but a net inflow of 6.9797 million yuan from retail investors [3] Individual Stock Analysis - *ST Huicheng (002168) closed at 4.80, down 4.95%, with a trading volume of 327,300 shares, totaling 159 million yuan [2] - Qianli Technology (601777) closed at 11.77, down 2.73%, with a trading volume of 708,600 shares [2] - Chongqing Port (600279) had a closing price of 5.51, down 0.54%, with a trading volume of 68,500 shares, totaling 3.7841 million yuan [2][3]