Summary of the Conference Call for Dengkang Oral Care Company Overview - **Company**: Dengkang Oral Care - **Industry**: Oral Care Products Key Points and Arguments Financial Performance - In August 2023, Dengkang Oral Care achieved double-digit growth, significantly improving from July, driven by strong online performance and increased investment in e-commerce channels [2][3] - The company reported a revenue of 1.56 billion yuan and a profit of 160 million yuan for 2024, with a compound annual growth rate (CAGR) of 21% in profit from 2020 to 2024 [2][10] - The gross profit margin has significantly improved, with a 5 percentage point increase in 2024 compared to the previous year [10] Product Development and Innovation - The company plans to launch a new restructured protein toothpaste and a cutting-edge anti-sensitivity product before the Double 11 shopping festival, which is expected to enhance sales structure and profitability [2][3][15] - Dengkang Oral Care is focusing on optimizing its product structure by increasing the proportion of mid-to-high-end products and expanding into toothbrushes and mouthwash categories [2][6][12] Market Position and Competitive Advantage - Dengkang Oral Care has become the third-largest player in the offline toothpaste market, following Yunnan Baiyao and Colgate, and is actively expanding into emerging channels like Fat Donglai and instant retail [2][12] - The company is leveraging its advantages over foreign brands in terms of operational strategy, investment enthusiasm, and product iteration responsiveness [5][12] Future Growth Strategy - The company aims to expand into oral healthcare and beauty services, as well as international markets, particularly in the sales of oral care products [9][13] - Dengkang Oral Care is expected to continue its growth trajectory by enhancing its product offerings in the anti-sensitivity segment and launching new products that cater to consumer needs [13][14] E-commerce and Marketing Strategy - E-commerce channels, particularly on platforms like Douyin and Tmall, have become crucial for Dengkang's profitability, with gross margins increasing from 32% in 2021 to 54% in 2024 [16][17] - The company is implementing diverse marketing strategies to attract younger consumers, including collaborations with popular figures and increasing advertising expenditures [19] Industry Trends - The oral care industry in China is experiencing steady growth, with a market size nearing 50 billion yuan and a compound annual growth rate of 5% in toothpaste prices from 2019 to 2023 [11] - There is significant potential for growth in per capita consumption of oral care products compared to developed countries [11] Challenges and Opportunities - Dengkang Oral Care faces challenges in maintaining growth amidst increasing competition but has opportunities to capitalize on the rising trend of domestic brands and consumer upgrading [8][21] Conclusion - The outlook for Dengkang Oral Care remains positive, with expectations for continued growth in both online and offline channels, supported by new product launches and strategic market positioning [21]

Market Overview - The personal care products sector experienced a decline of 0.25% on August 14, with Jieya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] Stock Performance - Notable gainers included: - Ziya Co., Ltd. (003006) with a closing price of 29.55, up 1.90% [1] - Haoyue Nursing (605009) at 41.00, up 1.89% [1] - Runben Co., Ltd. (603193) at 31.99, up 1.56% [1] - Significant decliners included: - Jieya Co., Ltd. (301108) at 25.99, down 2.91% [2] - Yiyi Co., Ltd. (001206) at 25.60, down 2.66% [2] - Dengkang Oral (001328) at 42.96, down 2.63% [2] Capital Flow - The personal care products sector saw a net outflow of 33.13 million yuan from institutional investors, while retail investors contributed a net inflow of 5.13 million yuan [2] - The capital flow details indicate: - Runben Co., Ltd. had a net inflow of 25.75 million yuan from institutional investors [3] - Jieya Co., Ltd. experienced a net outflow of 2.27 million yuan from institutional investors [3] - Retail investors showed a net inflow of 1.75 million yuan into Baijia Co., Ltd. [3]

Market Overview - The personal care products sector increased by 1.08% on August 13, with Baiya Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Stock Performance - Baiya Co., Ltd. (stock code: 003006) closed at 29.00, with a rise of 6.42% and a trading volume of 106,100 shares, amounting to a transaction value of 305 million yuan [1] - Other notable stocks include: - Runben Co., Ltd. (603193) closed at 31.50, up 0.57% [1] - Stable Medical (300888) closed at 41.08, up 0.37% [1] - Haoyue Nursing (605009) closed at 40.24, up 0.25% [1] - Reliable Co., Ltd. (301009) remained unchanged at 14.88 [1] - Zhongshun Jierou (002511) closed at 8.17, down 0.37% [1] Capital Flow - The personal care products sector experienced a net outflow of 136 million yuan from institutional investors, while retail investors saw a net inflow of 176 million yuan [2][3] - The capital flow for key stocks includes: - Stable Medical: net outflow of 34.40 million yuan from institutional investors [3] - Reliable Co., Ltd.: net outflow of 20.07 million yuan from institutional investors [3] - Runben Co., Ltd.: net outflow of 6.64 million yuan from institutional investors [3]

本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、担保情况概述 宁波一彬电子科技股份有限公司（以下简称"公司"）于2025年4月11日召开公司第三届董事会第二十三 次会议，于2025年5月13日召开2024年年度股东大会，审议通过了《关于担保额度预计的议案》，做出 如下决议：公司及下属公司为银行授信额度内的融资提供不超过12.00亿元的担保，包括新增担保及原 有担保展期或续保，在上述额度内可以滚动使用，其中公司为下属公司提供不超过9.20亿元的担保（预 计为资产负债率70%以上的被担保对象提供累计不超过3.50亿元的担保），下属公司为公司提供不超过 2.80亿元的担保。上述担保范围包括但不限于申请融资业务发生的融资类担保以及日常经营发生的履约 类担保。担保种类包括一般保证、连带责任保证、抵押、质押等。上述担保额度不等于实际担保金额， 实际担保金额应在担保额度内以金融机构与公司、下属公司最终签订的担保合同为准，担保期限以具体 签署的担保合同约定的保证责任期间为准。在上述额度范围内，公司及下属公司因业务需要办理上述担 保范围内业务，不需要另行召开董事会或股东大会 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - Suzano announced a price increase of $20 per ton for commodity pulp in the Asian market for August, indicating a potential recovery in pulp and paper prices from current cyclical lows [2][4] - The report highlights the ongoing price adjustments in the paper industry, with various paper types experiencing different price movements, suggesting a recovery trend driven by supply-demand dynamics [4][50] - The report emphasizes the importance of policy catalysts in the home furnishing sector, particularly in light of recent housing policy optimizations in Beijing [4][31] Summary by Sections Home Furnishing - Recent policy changes in Beijing allow families to purchase multiple properties outside the city center, which is expected to stimulate the housing market [4][31] - Major home furnishing companies are currently valued at historical lows, presenting potential investment opportunities as market sentiment improves [4][31] Paper Industry - As of August 8, 2025, various paper prices are reported: double glue paper at 4993.75 CNY/ton (unchanged), copper plate paper at 5320 CNY/ton (unchanged), white card paper at 3955 CNY/ton (down 35 CNY/ton), box board paper at 3463.4 CNY/ton (up 12.8 CNY/ton), and corrugated paper at 2582.5 CNY/ton (up 46.25 CNY/ton) [4][50] - The report notes that the current pulp and paper prices are at cyclical lows, with expectations for a rebound due to supply-demand imbalances [4][50] Consumer Goods - The report discusses the launch of new health-focused products in the personal care sector, indicating a shift towards higher quality and compliance with health standards [4][6] - The collaboration between Morning Glory stationery and popular anime IPs is expected to enhance brand visibility and sales [4][6] Export Chain - In July, China's total exports increased by 7.2% year-on-year, with significant growth in exports to ASEAN countries [4][6] - The report suggests that the ongoing shift of production capacity to Southeast Asia may enhance the long-term competitiveness of companies with overseas supply chain layouts [4][6] Packaging - New regulations in Shanghai aimed at reducing single-use plastics are expected to drive demand for recyclable and biodegradable packaging solutions [4][6] - The report recommends companies involved in eco-friendly packaging solutions as potential investment opportunities [4][6] New Tobacco Products - The introduction of new electronic cigarette products in the UK is anticipated to boost market share for refillable devices [4][6] - The report highlights the potential for growth in the new tobacco sector, particularly for companies with strong partnerships and product offerings [4][6] Textile and Apparel - The textile and apparel sector has shown resilience, with notable increases in revenue for key players despite some challenges [4][6] - The report identifies leading companies in the apparel sector as potential investment opportunities based on their performance [4][6]

Core Insights - The total salary scale for CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the personal care products industry was 2.05 million yuan, paid to Zhang Li of Baiya Co., while the lowest was 361,800 yuan, paid to Zhang Changchun of Nuobang Co. [1] - Three companies paid their CFOs over 1 million yuan annually: Dengkang Dental, Baiya Co., and Wanjian Medical [1] Company Performance - Beijia Co. achieved total operating revenue of 1.299 billion yuan in 2024, representing a year-on-year growth of 21.78% [1] - Beijia Co. reported a net loss attributable to shareholders of 77.32 million yuan, compared to a profit of 92.51 million yuan in the same period last year [1] - The company's non-recurring net profit also showed a loss of 95.91 million yuan, contrasting with a profit of 35.97 million yuan in the previous year [1] CFO Salary Trends - The CFO of Beijia Co., Ji Yufang, received a salary increase to 460,000 yuan despite the company's financial losses [1] - The report highlights the significant role and importance of CFOs in listed companies, particularly in the context of financial performance and compensation [1]

Real Estate - The real estate sector has seen a decline of 3.4% this week, with the Shanghai Composite Index down by 0.9% and the Shenzhen Component down by 1.6% [2][7] - In terms of new housing, 42 key cities recorded a total transaction of 205 million square meters this week, a 19.9% increase compared to the previous week [8] - The central government emphasized the importance of high-quality urban renewal and has implemented tax refund policies for residents purchasing new homes, amounting to 11.1 billion yuan [9] North Exchange - The North Exchange has become a key platform for observing industrial upgrades and capital flows, with a focus on mergers and acquisitions [13][14] - The introduction of new merger regulations in 2025 is expected to enhance the activity of mergers and acquisitions, particularly in the technology and manufacturing sectors [14][15] - Significant external acquisitions have been noted, with a total of 38.6 billion yuan in disclosed equity sales in Q2 2025, indicating a surge in activity [15] Food and Beverage - The company reported a revenue of 3.24 billion yuan for H1 2025, representing a year-on-year increase of 21.6%, and a net profit of 183 million yuan, up 113% [17][20] - The expansion of franchise stores has been a key driver, with the number of franchise outlets reaching 10,386, an increase of approximately 8% [19] - The company plans to distribute a mid-term dividend of 0.0716 yuan per share, totaling around 190 million yuan, marking a record high in shareholder returns [20] Public Utilities and Environmental Protection - The company announced plans to acquire assets from the National Energy Group, which includes coal, power, and chemical assets, to resolve industry competition issues [21][22] - This acquisition is expected to enhance the company's integrated operational capabilities and optimize resource allocation across the coal industry [22][23] - The company reported strong resilience in its performance for H1 2025, with a projected dividend yield of 5.4% based on current stock prices [25][26] New Consumption - The company is a leading domestic brand in the oral care industry, with a strong market presence and a focus on innovative product development [28][29] - The company has established a multi-channel marketing strategy, including e-commerce, to enhance its market reach and consumer engagement [29][30] - Future revenue growth is anticipated, with projected revenues of 1.86 billion yuan in 2025, reflecting a year-on-year growth of 19.3% [31]

Core Insights - The report maintains an "outperform" rating for the retail sector, driven by easing external conditions and increased domestic policy support, which is expected to boost overall market performance [2][43] - The report highlights a focus on leading companies with strong mid-year performance, indicating a potential for long-term investment opportunities despite recent market corrections [2][43] Policy Guidance and Market Environment - Domestic policies are aimed at stimulating consumer demand and countering excessive competition, creating a healthier environment for consumption recovery [12][16] - The implementation of the childcare subsidy policy is expected to enhance family consumption capacity and provide greater autonomy in spending [13][14][16] - The central government continues to emphasize the importance of releasing domestic demand potential and implementing consumption-boosting actions [16] Industry Data Tracking - In June 2025, the total retail sales of consumer goods reached 4.23 trillion yuan, with a year-on-year growth of 4.8%, indicating a sustained recovery momentum in consumer spending [18] - Online retail sales for the first half of 2025 amounted to 7.43 trillion yuan, growing by 8.5%, with physical goods online retail accounting for 24.9% of total retail sales [19] - The report notes that essential goods categories performed well, while discretionary categories showed mixed results, with jewelry sales increasing by 6.1% due to high gold prices [24] Investment Recommendations - The report suggests focusing on cross-border e-commerce companies that are well-positioned to benefit from improving external trade conditions, recommending companies like Xiaoshangpin City and Focus Technology [2][43] - In the gold and jewelry sector, companies that can differentiate their brands and products are expected to achieve accelerated growth, with recommendations including Chaohongji and Chow Tai Fook [2][43] - The beauty and personal care sector is anticipated to benefit from the acceleration of domestic brand replacements, with recommended companies such as Shiseido and Shanghai Jahwa [2][43][44] - Traditional retail companies with positive internal adjustments and low valuations are also highlighted, with recommendations for Chongqing Department Store and Miniso [44]

Market Performance - On August 5, the Chongqing state-owned enterprise reform sector rose by 1.15% compared to the previous trading day, with Shanghai Sanmao leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] Stock Performance - Shanghai Sanmao (600689) closed at 13.04, up 6.02% with a trading volume of 114,200 shares and a turnover of 147 million yuan [1] - Qianli Technology (601777) closed at 8.65, up 3.10% with a trading volume of 826,100 shares and a turnover of 719 million yuan [1] - Other notable stocks include: - Dengkang Dental (001328) at 44.44, up 2.56% [1] - Yushansha A (000565) at 8.63, up 1.77% [1] - ST Huicheng (002168) at 3.87, up 1.04% [1] Capital Flow - The Chongqing state-owned enterprise reform sector saw a net inflow of 15.70 million yuan from main funds, while retail funds had a net inflow of 50.19 million yuan [2] - However, speculative funds experienced a net outflow of 65.90 million yuan [2] Individual Stock Capital Flow - Qianli Technology (601777) had a main fund net inflow of 29.63 million yuan, while speculative funds saw a net outflow of 42.24 million yuan [3] - Other stocks with significant capital flow include: - Jieling Pickled Vegetables (002507) with a main fund net inflow of 10.84 million yuan [3] - Sanfeng Environment (601827) with a main fund net inflow of 7.61 million yuan [3] - Notably, Chongqing Water (601158) had a main fund net inflow of 1.09 million yuan, while retail funds saw a net outflow of 3.13 million yuan [3]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage in the market [5][41]. Core Views - The company is recognized as a leading domestic brand in the oral care industry, with strong brand momentum and a focus on high-quality products [5][14]. - The report highlights the company's robust growth potential driven by its innovative product lines and expanding e-commerce channels, which are expected to enhance profitability [10][16]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of oral care products, including well-known brands like "Cold Acid Spirit" and "Beilele" [7][14]. - It aims to provide effective oral health solutions through a diversified product strategy that includes adult toothpaste, toothbrushes, electric toothbrushes, and children's oral care products [7][14]. Financial Performance - The company is projected to achieve revenues of RMB 18.6 billion, RMB 21.9 billion, and RMB 25.5 billion from 2025 to 2027, with year-on-year growth rates of 19.3%, 17.5%, and 16.5% respectively [6][41]. - The net profit attributable to shareholders is expected to reach RMB 2.0 billion, RMB 2.5 billion, and RMB 3.0 billion during the same period, with growth rates of 25.5%, 22.0%, and 20.9% respectively [8][41]. Market Position and Competitive Advantage - The company has established a multi-channel marketing system that includes distribution, direct supply, and e-commerce, enhancing its market reach and operational efficiency [25][28]. - It has built a strong brand matrix, particularly with its core brand "Cold Acid Spirit," which holds over 60% market share in the sensitive toothpaste segment [30][34]. Product Development and Innovation - The company is committed to increasing its R&D investment, focusing on both independent and collaborative innovation to maintain its industry-leading position [34][40]. - It has a robust pipeline of new products aimed at addressing various consumer needs, including sensitivity, whitening, and orthodontic care [38][40]. Valuation and Comparables - The current price-to-earnings (P/E) ratios for the company are projected to be 39, 32, and 26 for the years 2025, 2026, and 2027 respectively, compared to an average of 45 for comparable companies in the personal care sector [41][43].