Market Overview - The personal care products sector experienced a decline of 0.66% on September 15, with Runben Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jieya Co. rising by 3.95% to a closing price of 35.01 [1] - Other notable performers included Yiyi Co. with a 1.58% increase and Stable Medical with a 0.92% increase [1] - Conversely, Runben Co. fell by 2.62% to a closing price of 28.25, marking the largest decline in the sector [2] Trading Volume and Capital Flow - The personal care products sector saw a net outflow of 64.90 million yuan from institutional investors, while retail investors contributed a net inflow of 75.99 million yuan [2][3] - The trading volume for Jieya Co. reached 39,500 shares, with a transaction value of approximately 134 million yuan [1] Individual Stock Analysis - Jieya Co. had a net inflow of 6.89 million yuan from institutional investors, while retail investors showed a net outflow of 1.39 million yuan [3] - Stable Medical also experienced a net inflow of 22.62 million yuan from institutional investors, despite a net outflow from retail investors [3] - Runben Co. faced a significant net outflow of 9.70 million yuan from institutional investors, indicating weaker institutional interest [3]

Market Overview - The personal care products sector experienced a decline of 1.1% on September 12, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jeya Co., Ltd. increasing by 5.01% to a closing price of 34.18 [1] - Other notable movements include: - Yiyi Co., Ltd. up 0.53% to 28.40 - Runben Co., Ltd. down 0.41% to 28.82 - Reliable Co., Ltd. down 0.64% to 13.87 [1][2] Trading Volume and Value - The trading volume and value for selected stocks are as follows: - Jeya Co., Ltd.: 36,300 shares, 123 million yuan - Yiyi Co., Ltd.: 60,500 shares, 175 million yuan - Runben Co., Ltd.: 15,900 shares, 46.01 million yuan [1] Capital Flow Analysis - The personal care products sector saw a net outflow of 24.69 million yuan from institutional investors and 8.31 million yuan from speculative funds, while retail investors had a net inflow of 33 million yuan [2] - Detailed capital flow for selected stocks indicates: - Zhongshun Jierou: 12.26 million yuan net inflow from institutions - Yiyi Co., Ltd.: 6.18 million yuan net inflow from institutions [3] Summary of Individual Stocks - Zhongshun Jierou had a net institutional inflow of 12.26 million yuan, but a net outflow from speculative and retail investors [3] - Reliable Co., Ltd. showed mixed results with a small net inflow from speculative funds but a net outflow from retail investors [3] - Overall, the sector's performance reflects a cautious sentiment among institutional and speculative investors, while retail investors appear to be more active [2][3]

Market Overview - The personal care products sector increased by 0.76% on September 11, with Yanjiang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Yanjiang Co., Ltd. (300658) closed at 8.61, with a rise of 6.82% and a trading volume of 412,000 shares, amounting to a transaction value of 353 million yuan [1] - Yiyi Co., Ltd. (001206) closed at 28.25, up 4.28%, with a trading volume of 77,700 shares and a transaction value of 215 million yuan [1] - Beijia Co., Ltd. (603059) closed at 32.58, up 2.45%, with a trading volume of 62,400 shares and a transaction value of 203 million yuan [1] - Other notable performances include Reliable Co., Ltd. (301009) at 13.96 (+1.82%), and Zhongshun Jiesang (002511) at 8.58 (+1.06%) [1] Capital Flow Analysis - The personal care products sector experienced a net outflow of 43.97 million yuan from institutional investors and 22.16 million yuan from speculative funds, while retail investors saw a net inflow of 66.14 million yuan [2] - The detailed capital flow for individual stocks shows that Yiyi Co., Ltd. had a net inflow of 11.10 million yuan from institutional investors, while Reliable Co., Ltd. had a net inflow of 4.75 million yuan [3] - Conversely, companies like Two-Sided Needle (600249) and Dengkang Oral Care (001328) experienced significant net outflows from institutional and speculative funds [3]

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]