Investment Rating - The report maintains a positive outlook on the light industry and paper-making sector for the mid-2025 earnings forecast, indicating a favorable investment rating for these industries [1]. Core Insights - The report highlights a divergence in performance within the export sector for Q2 2025, with companies that have a global supply chain showing resilience against external tariff disruptions. Notable performers include Jiangxin Home, Jiayi Co., and Tianzhen Co. [4][5]. - The two-wheeler segment is expected to benefit from government subsidies and new standards, with companies like Yadi Holdings and Aima Technology showing strong growth potential [4]. - The light consumer goods sector is characterized by a robust domestic demand, particularly in personal care products, with companies like Baiya Co. and Dengkang Oral Care expected to perform well [4]. - The packaging industry is undergoing consolidation, with leading companies experiencing a slowdown in capital expenditure, indicating a shift towards a harvest phase [4]. - The home furnishing sector is facing short-term order impacts due to the pause in government subsidies, but long-term growth is anticipated through market integration and new product categories [4]. - The paper-making sector is expected to see stable profitability due to low raw material costs and improved supply-demand dynamics [4]. Summary by Sections Export Sector - Q2 2025 shows performance divergence due to increased external disruptions, with companies like Jiangxin Home expected to see a 40%+ growth in net profit [5][6]. - Jiayi Co. anticipates a 30%+ revenue increase, while Tianzhen Co. is expected to recover orders significantly [4][5]. Two-Wheeler Sector - Companies like Aima Technology and Ninebot are projected to grow by 20% and 50% respectively in Q2 2025, driven by new product launches and market demand [8][9]. Light Consumer Goods - The sector is expected to show resilience, with companies like Chaohongji and Baiya Co. projected to grow by 20% and 2% respectively in revenue [10][11]. Packaging Industry - The report notes a continued consolidation trend, with companies like Yutong Technology and Baosteel Packaging expected to maintain stable revenue growth [12][14]. Home Furnishing Sector - The sector is facing challenges due to subsidy pauses, but companies like Mousse and Zhizhong Home are expected to adapt and show growth in the long term [13][15]. Paper-Making Sector - The report indicates stable profitability for the paper-making sector, with companies like Sun Paper and Huawang Technology expected to benefit from improved market conditions [17].

Investment Rating - The report emphasizes a focus on companies with high earnings growth certainty and relatively high dividend support in the domestic market [4][9]. Core Insights - The home furnishing sector shows a year-on-year increase of 28.7% in furniture retail sales in June, but demand has weakened since July due to the lack of new government subsidies [4][9]. - The new tobacco sector is witnessing a recovery, with Smoore's H1 2025 revenue expected to grow by 18% year-on-year, indicating stabilization in the vaping business [15][16]. - The paper and packaging industry is experiencing price stabilization, with expectations for a recovery in demand for white cardboard and cultural paper [17][18]. - The light industry and personal care sector is facing a downturn, but there are investment opportunities in leading brands [19][20]. - The toy sector, particularly Bubble Mart, is highlighted for its strong performance, with a 94% year-on-year increase in online sales of blind boxes in Q2 [21][22]. - The two-wheeler market is expected to see a rebound in Q3, driven by new policies in Vietnam promoting electric vehicle replacements [22][31]. Summary by Sections Home Furnishing Sector - Retail sales of furniture increased by 28.7% year-on-year in June, but demand has weakened since July due to subsidy issues [4][9]. - The overall real estate investment decreased by 10.3% year-on-year in June, with residential construction area down by 4.3% [4][9]. New Tobacco Sector - Smoore's H1 2025 revenue is projected to grow by 18% year-on-year, indicating a recovery in the vaping market [15][16]. - The FDA's recent approvals for JUUL products suggest a positive trend in the U.S. compliance market [15][16]. Paper and Packaging Sector - Paper prices are stabilizing, with expectations for recovery in demand for specific paper types [17][18]. - The packaging sector is seeing improvements in profitability for metal packaging companies due to industry consolidation [17][18]. Light Industry and Personal Care - The sector is experiencing a downturn, but leading brands are still seen as investment opportunities [19][20]. - Online sales for personal care products have shown mixed results, with some categories facing increased competition [20][23]. Toy Sector - Bubble Mart is highlighted for its strong performance, with a 209% year-on-year increase in GMV [21][22]. - The overall toy market is benefiting from new operational models and IP advantages [21][22]. Two-Wheeler Market - The market is expected to rebound in Q3, with new policies in Vietnam promoting electric vehicle replacements [22][31]. - Leading companies in the sector are expected to show good growth in their mid-year reports [22][31].

Core Viewpoint - The article highlights the contrasting performance of listed securities firms in the first half of the year, with some reporting significant profit increases while others, like Zhongshan Securities, faced substantial losses due to poor operational performance in key business areas [1][7]. Group 1: Zhongshan Securities Performance - Zhongshan Securities reported a net profit loss of nearly 30 million yuan in the first half of the year, becoming the first securities firm to announce a loss [2][6]. - The firm's revenue dropped by 52.17% year-on-year to 231 million yuan, with self-operated business income plummeting over 90% [6][8]. - Investment banking and asset management revenues also saw significant declines, with respective drops of 62.57% and 84.35% [10]. Group 2: Comparison with Other Firms - In contrast, over 20 listed securities firms projected profit increases, with at least 9 firms expecting net profit to double, and some large firms reporting over 50% growth [7]. - Zhongshan Securities' self-operated business, which had previously been a key growth driver, faced challenges, leading to a drastic reduction in income [9]. Group 3: Parent Company Performance - Despite Zhongshan Securities' losses, its parent company, Jinlong Co., reported a turnaround, expecting a net profit of 105 to 153 million yuan due to the sale of part of its stake in Dongguan Securities [4][14]. - The sale of 300 million shares of Dongguan Securities generated over 2 billion yuan, significantly boosting Jinlong's financial performance [16]. Group 4: Dongguan Securities Performance - Dongguan Securities showed strong performance with a revenue increase of 38% year-on-year to 1.413 billion yuan and a net profit growth of 60.07% to 477 million yuan [17]. - The brokerage business was the main revenue contributor for Dongguan Securities, with a 65% increase in commission income [18].

Core Viewpoint - The performance of listed securities firms is mixed, with some reporting significant profit increases while others, like Zhongshan Securities, face substantial losses due to poor operational performance in key business segments [2][6]. Group 1: Zhongshan Securities Performance - Zhongshan Securities reported a net loss of nearly 30 million yuan in the first half of the year, marking it as the first securities firm to announce a loss [3][6]. - The firm's operating income was 231 million yuan, a significant decrease of 52.17% year-on-year, while net profit shifted from profit to a loss of 28.12 million yuan [6]. - The decline in performance is attributed mainly to a 94.23% drop in self-operated business income, which only generated 1.77 million yuan [7]. - Investment banking and asset management revenues also saw substantial declines, with net income from these segments falling by 62.57% and 84.35%, respectively [9]. Group 2: Comparison with Other Firms - In contrast to Zhongshan Securities, many other listed securities firms are expected to report net profit increases, with at least nine firms anticipating a doubling of net profits [6]. - Some large securities firms have indicated a net profit growth exceeding 50% [6]. Group 3: Parent Company Performance - Despite Zhongshan Securities' losses, its parent company, Jinlong Co., reported a turnaround, expecting a net profit of 105 to 153 million yuan in the first half of the year [11]. - This improvement is largely due to the sale of part of its stake in Dongguan Securities, which generated over 2 billion yuan in transaction proceeds [5][12]. - Dongguan Securities itself reported a 38% increase in operating income to 1.41 billion yuan and a 60.07% increase in net profit to 477 million yuan [12]. Group 4: Business Segment Analysis - Dongguan Securities' brokerage business was the primary revenue contributor, generating 746 million yuan, a 65% increase year-on-year [13]. - The self-operated business of Dongguan Securities also performed well, with income rising by 72% to 170 million yuan [13].

Group 1 - The report highlights the emergence of new consumer demands driven by generational changes, with the Z generation becoming the main consumer force, leading to a restructuring of the competitive landscape in the consumer goods sector [3][5][11] - The growth of domestic brands is emphasized, particularly in categories such as personal care, pet products, and home goods, where companies like Baiya Co., Ltd. and Dengkang Oral Care are gaining market share through innovative products and effective marketing strategies [5][19][24] - The report identifies significant opportunities in the AI-driven product categories, such as AI mattresses and AI glasses, which are expected to see high growth in the medium to long term [5][19][29] Group 2 - The housing market is projected to stabilize, with policies encouraging home upgrades and replacements, which will drive demand for home goods, particularly in the AI mattress segment [6][9] - The packaging industry is undergoing a global supply chain restructuring, leading to accelerated consolidation and improved profitability for leading companies [7][10] - The report notes that the export sector is expected to see a reduction in the impact of tariff policies, allowing for better growth prospects in overseas markets [10][19] Group 3 - The report discusses the rise of IP-derived products, particularly in the emotional consumption space, where younger consumers are increasingly drawn to products that fulfill social and emotional needs [34][37][43] - Companies like Bluku and Chengyuan Co., Ltd. are highlighted for their innovative approaches in the IP toy market, leveraging strong brand partnerships and diverse product offerings to capture market share [44][49][56] - The report emphasizes the importance of digital marketing and e-commerce strategies in driving sales for companies in the consumer goods sector, particularly in the context of changing consumer behaviors [50][52][61]

Core Points - The company held its 22nd meeting of the 7th Board of Directors on July 11, 2025, with all 9 directors present [1] - The meeting approved several resolutions, including amendments to the company's articles of association and internal control systems [2][3][4][5] Group 1: Board Meeting Proceedings - The meeting was convened in accordance with relevant laws and regulations, with all directors participating either in person or via telecommunication [1] - The board approved the proposal to amend the articles of association, eliminating the supervisory board and transferring its powers to the audit committee [2] - The board also approved the revision of the "Three Major One Big" collective decision-making implementation measures [3] Group 2: Internal Control and Governance - The board approved amendments to various internal control systems, including the rules for shareholder meetings and board meetings [4][5] - The board agreed to revise the dividend return plan for shareholders following the initial public offering [5] - The board approved the performance evaluation results for the management team for the year 2024 [5] Group 3: Board Member Nominations - The board nominated candidates for the 8th Board of Directors, including both non-independent and independent directors, with terms lasting three years [6][7] - The independent director candidates must pass the Shenzhen Stock Exchange's review before being submitted for shareholder approval [7] Group 4: Upcoming Shareholder Meeting - The board scheduled the first extraordinary general meeting of 2025 for July 28, 2025 [10]

第四条 本公司与子公司之间是平等的法人关系。本公司以持有的股权份额享有对 子公司的资产收益权、重大事项的决策权、董事和监事的选举权、高级管理人员的聘任 权、股份处置和财务审计监督权等，并根据上市公司规范运作的要求对子公司进行指导、 监督。 第五条 本公司依据对子公司的资产控制和上市公司规范运作的要求对子公司重大 事项进行管理。子公司需遵守证券监管部门对上市公司的各项管理规定，遵守本公司关 于公司治理、关联交易、信息披露、对外投资、对外担保、财务管理等方面的各项管理 制度，做到诚信、公开、透明。子公司应自觉接受本公司的检查与监督，对本公司董事 会等提出的质疑，应当如实反映情况和说明原因。 重庆登康口腔护理用品股份有限公司 子公司管理制度 第一章 总则 第一条 为加强重庆登康口腔护理用品股份有限公司（以下简称"本公司"）子公 司的管理，规范子公司的经营管理行为，维护公司利益和投资者利益，根据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》等法律、法 规、规范性文件以及《重庆登康口腔护理用品股份有限公司章程》（以下简称"《公司 章程》"）的有关规定，制定本制度。 第二条 本制度适用于本 ...

重庆登康口腔护理用品股份有限公司 审计委员会成员应当为不在公司担任高级管理人员的董事。 独立董事工作细则 第一章 总则 第一条 为了促进重庆登康口腔护理用品股份有限公司（以下简称"公 司"）的规范运作，维护公司整体利益，更好地维护全体股东特别是中小股东的 合法权益，根据《中华人民共和国公司法》（以下简称"《公司法》"）《深圳 证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》等有关法律、行政法规、规范性文件及《重庆登康口腔 护理用品股份有限公司章程》（以下简称"《公司章程》"）的有关规定，并参 照中国证券监督管理委员会（以下简称"中国证监会"）《上市公司独立董事管 理办法》，制定本细则。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与其所受聘的 公司及其主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影 响其进行独立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或 者个人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当按 照相关法律、行政法规、中国证监会规定、证券交易所业务规 ...

重庆登康口腔护理用品股份有限公司 第二条 本制度所称投资者关系管理，是指公司通过便利股东权利行使、信息披露、 互动交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对公 司的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、回报投资者、 保护投资者目的的相关活动。 第三条 投资者关系管理工作应严格遵守《公司法》《证券法》等有关法律、法规及 证券监管部门、深圳证券交易所有关业务规则的规定。 第四条 公司应当重视和加强投资者关系管理工作，为投资者关系管理工作设置必 要的信息交流渠道，建立与投资者之间良好的沟通机制和平台，增进投资者对公司的了 解。 第五条 公司投资者关系管理工作应遵循合规性原则、平等性原则、主动性原则和 诚实守信原则，客观、真实、准确、完整地介绍和反映公司的实际状况，保障所有投资 者享有知情权及其他合法权益。 投资者关系管理制度 第一章 总则 第一条 为了规范重庆登康口腔护理用品股份有限公司（以下简称"公司"）的治 理结构，加强公司与投资者和潜在投资者（以下统称"投资者"）之间的沟通，加深投 资者对公司的了解和认同，促进公司诚信自律、规范运作，提升公司的投资价值，切实 ...

重庆登康口腔护理用品股份有限公司 对外提供财务资助管理制度 第一章 总则 第一条 为规范重庆登康口腔护理用品股份有限公司（以下简称"公司"）对外提 供财务资助行为及相关信息披露工作，防范经营风险，确保经营稳健，根据《中华人民 共和国证券法》《上市公司信息披露管理办法》《深圳证券交易所股票上市规则》（以 下简称"《股票上市规则》"）《深圳证券交易所上市公司自律监管指引第1号——主板 上市公司规范运作》（以下简称"《规范运作》"）及《重庆登康口腔护理用品股份有 限公司章程》（以下简称"《公司章程》"）等的相关规定，特制定本制度。 （五）深圳证券交易所认定的其他构成实质性财务资助的行为。 第四条 公司应当充分保护股东的合法权益，对外提供财务资助应当遵循平等、自 愿的原则，公司为控股子公司、参股公司提供资金等财务资助的，该控股子公司、参股 公司的其他股东原则上应当按出资比例提供同等条件的财务资助。如其他股东未能以同 等条件或者出资比例向该公司提供财务资助的，应当说明原因以及公司利益未受到损害 的理由，公司是否已要求上述其他股东提供相应担保。 第二条 本制度所称对外提供财务资助，是指公司及公司子公司（含全资子公司及 控 ...