11月26日，由《经济观察报》主办的"2024—2025年度受尊敬企业年会"在北京隆重举行，登康口腔凭借 在运营管理、创新驱动、社会责任等维度的卓越表现，荣获"2024—2025年度最受尊敬企业——消费领 航企业"称号。这一荣誉不仅是对公司综合实力的高度认可，更彰显了公司在口腔大健康消费领域的标 杆地位。 此次荣誉的获得，是对登康口腔在口腔大健康消费领域影响力的充分肯定。未来，公司将继续坚持"合 规经营为基、创新变革为先、精益管理为要、高质量发展为本"的经营理念，致力于为消费者提供更优 质的口腔健康护理产品和整体解决方案，助力全民口腔健康水平进一步提升，为机电集团高质量发展贡 献登康力量。 作为中国抗敏感牙膏市场的领军企业，登康口腔近年来延续高质量发展态势，经营业绩持续保持快速增 长。2025年三季度财报显示，公司营收同比增长16.66%，净利润同比增长15.21%，展现出强劲的市场 竞争力和盈利能力。 校对 穆祥桐 公司始终坚持创新驱动，打造了行业领先的抗敏感技术优势，核心品牌"冷酸灵"在抗敏感牙膏线下市场 占据60%以上份额，稳居行业领导地位。近年来，登康口腔加快高端高质产品布局，推出医研抗敏专效 修护牙 ...

Market Overview - The A-share market experienced a day of adjustment with all major indices declining, including the Shanghai Composite Index down by 0.42% to 3897.71 points, the Shenzhen Component Index down by 0.68% to 13056.70 points, and the ChiNext Index down by 0.69% to 3071.15 points [2][4]. Sector Performance - The top-performing sectors included Oil & Petrochemicals with a gain of 0.71%, Light Industry Manufacturing at 0.55%, and Household Appliances at 0.43%. Conversely, the worst-performing sectors were Media down by 1.75%, Nonferrous Metals down by 1.36%, and Computers down by 1.34% [3][4]. - Concept indices showed strong performance in the Fujian Free Trade Zone, which rose by 1.87%, and the Terahertz sector, which increased by 1.79%. In contrast, the BC Battery sector fell by 1.87% [3][4]. Future Outlook - The report indicates that the A-share market is currently in a high-level adjustment phase, with a total trading volume of 1.59 trillion yuan, a decrease of 280.5 billion yuan from the previous trading day. The market is expected to maintain a slow bull trend, supported by domestic policy measures and economic recovery [4][7]. - It is suggested to maintain a balanced allocation across sectors, with a focus on Nonferrous Metals, New Energy, Technology Growth, and Dividend sectors [7]. Notable Developments - The Fujian sector showed resilience due to the release of measures aimed at optimizing computing power infrastructure and enhancing transportation logistics, which are expected to support economic growth in the region [6].

Group 1: New Consumption - The report emphasizes the continuous exploration of new products, channels, and brand changes within the new consumption sector, highlighting the resilience of leading companies despite market concerns about revenue growth and profit realization in 2026 [8][15][9] - Key sectors include eyewear, with a focus on AI and AR technologies, recommending companies like 康耐特光学 for their innovative approaches [18][30] - The潮玩 (trendy toys) sector is noted for its high growth potential, particularly with brands like 泡泡玛特 and their successful IP strategies [34][38] - The personal care and household cleaning segment is undergoing a transformation, driven by the rise of platforms like 抖音, which enhances brand visibility and sales conversion [54][55] Group 2: Export Chain - The report identifies the light industry export chain as a key area, emphasizing the importance of high pricing power, market diversification, and mature overseas production capabilities [10] - Recommendations include关注匠心家居, 共创草坪, and other companies that demonstrate strong performance in international markets [10] Group 3: Cyclical Opportunities - The report suggests a focus on quality leaders in the cyclical sector, particularly in home textiles and furniture, where companies like 水星家纺 and 欧派家居 are highlighted for their strong market positions [11][11] - The report notes the increasing differentiation within the home goods market, recommending companies that offer value and competitive pricing [11]

Market Overview - The personal care products sector increased by 0.95% on December 1, with Yiyi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - Yiyi Co., Ltd. (001206) closed at 31.95, up 4.45% with a trading volume of 86,900 shares and a turnover of 273 million yuan [1] - Other notable performers include: - Dengkang Oral (001328) at 36.39, up 1.93% [1] - Zhongshun Jierou (002511) at 8.29, up 1.34% [1] - Ziya Co., Ltd. (003006) at 21.49, up 1.27% [1] - Runben Co., Ltd. (603193) at 25.62, up 1.10% [1] Capital Flow - The personal care products sector experienced a net outflow of 8.8463 million yuan from institutional investors, while retail investors saw a net inflow of 4.1072 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are entering the market [2] Detailed Capital Flow Analysis - Yiyi Co., Ltd. had a net inflow of 9.9188 million yuan from institutional investors, but a net outflow of 20.8258 million yuan from retail investors [3] - Other companies with significant capital movements include: - Dengkang Oral with a net inflow of 556,900 yuan from institutional investors [3] - Ziya Co., Ltd. with a net inflow of 128,860 yuan from institutional investors [3] - However, companies like Beijia Clean (603059) and Haoyue Nursing (605009) faced substantial net outflows from both institutional and retail investors [3]

Core Insights - The report maintains an "outperform" rating for the retail sector, highlighting the potential for recovery in consumer demand and the importance of adapting to new market conditions [1][4][10] 2025 Industry Review - In the first three quarters of 2025, China's retail sales reached 365,877 billion yuan, growing by 4.5% year-on-year, with non-automotive retail sales increasing by 4.9% [2][10] - The cosmetics sector saw a stable growth of 3.9%, while gold and jewelry sales surged by 11.5% due to low base effects and rising gold prices [2][26] - Cross-border e-commerce imports and exports amounted to approximately 2.06 trillion yuan, reflecting a growth of 6.4% despite external pressures [2][33] 2026 Outlook - New markets will be explored, including offline channel adjustments and innovations in instant retail, alongside continued overseas expansion opportunities [3][61] - New consumer demands will focus on emotional and practical value, leveraging AI and IP for product innovation [3][66] - A platform-based approach is necessary to ensure sustainable growth amid intensifying competition and shorter product life cycles [3][66] Investment Recommendations - The report suggests focusing on leading companies in beauty care, gold and jewelry, cross-border e-commerce, and offline retail, with specific recommendations for companies like Up Beauty, Chow Tai Fook, and Yonghui Superstores [4][34] - The beauty care sector is expected to benefit from product innovation and platform capabilities, while gold and jewelry companies are advised to capitalize on differentiated designs [4][45] - Cross-border e-commerce firms are projected to thrive as external tariff impacts diminish, with recommendations for companies like Anker Innovations and Focus Technology [4][54] Consumer Behavior Trends - The report notes a structural shift in consumer preferences, with a growing emphasis on emotional value and product differentiation, particularly among younger demographics [3][78] - Instant retail is identified as a significant growth area, with the market expected to exceed 2 trillion yuan by 2030 [3][80] Cross-Border E-commerce Insights - Cross-border e-commerce continues to show resilience, with exports to the EU growing by 8.4% while exports to the US declined by 17% due to tariff impacts [33][87] - Successful brands in overseas markets are those that effectively combine global branding with localized operational strategies [87]

Market Overview - The personal care products sector increased by 0.24% on November 27, with Yanjiang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Stock Performance - Yanjiang Co., Ltd. (300658) closed at 11.25, up 6.33% with a trading volume of 273,400 shares and a transaction value of 300 million yuan [1] - Other notable stocks include: - Jieya Co., Ltd. (301108) at 31.15, up 1.20% [1] - Reliable Co., Ltd. (301009) at 13.67, up 1.18% [1] - Dengkang Oral Care (001328) at 35.53, up 0.82% [1] - Two-Sided Needle (600249) at 6.27, up 0.64% [1] Capital Flow - The personal care products sector experienced a net outflow of 14.69 million yuan from institutional investors and 10.53 million yuan from retail investors, while individual investors saw a net inflow of 25.23 million yuan [2] - Detailed capital flow for selected stocks shows: - Yanjiang Co., Ltd. had a net inflow of 19.15 million yuan from institutional investors [3] - Reliable Co., Ltd. had a net inflow of 0.64 million yuan from individual investors [3] - Other stocks like Baijia Clean (603059) and Runben Co., Ltd. (603193) faced significant net outflows from institutional and retail investors [3]

Core Viewpoint - The stock of Dengkang Oral Care has shown a year-to-date increase of 15.93%, with recent fluctuations indicating a slight decline in the short term, while the company continues to report growth in revenue and net profit [1][2]. Company Overview - Dengkang Oral Care, established on December 14, 2001, and listed on April 10, 2023, is based in Chongqing and specializes in the research, production, and sales of oral care products [1]. - The company's main revenue sources include adult toothpaste (80.43%), adult toothbrushes (9.90%), children's toothpaste (4.54%), and other oral care products [1]. Financial Performance - For the period from January to September 2025, Dengkang Oral Care achieved a revenue of 1.228 billion yuan, representing a year-on-year growth of 16.66%, and a net profit attributable to shareholders of 136 million yuan, up 15.21% year-on-year [1][2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 8.38% to 10,600, with an average of 4,069 circulating shares per person, a decrease of 7.73% [1]. - The company has distributed a total of 344 million yuan in dividends since its A-share listing [2]. Institutional Holdings - The top circulating shareholder is Tianhong Yongli Bond A, holding 1.4526 million shares, followed by Xin'ao Quality Return Mixed Fund, which reduced its holdings by 67,400 shares [2]. - Other notable shareholders include Fuguo Consumption Theme Mixed A and Huabao Kang Consumer Products Mixed Fund, with varying changes in their holdings [2].

Core Insights - The personal care products sector experienced a rise of 0.58% on November 25, with Zhongshun Jierou leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Stock Performance Summary - Zhongshun Jierou (002511) closed at 8.23, with an increase of 2.62% and a trading volume of 117,000 shares, totaling a transaction value of 96.25 million yuan [1] - Baiya Co., Ltd. (003006) closed at 21.33, up 1.86%, with a trading volume of 38,700 shares and a transaction value of 82.06 million yuan [1] - Runben Co., Ltd. (603193) closed at 25.84, increasing by 1.57%, with a trading volume of 45,100 shares and a transaction value of 117 million yuan [1] - Kelaike Co., Ltd. (301009) closed at 13.61, up 1.49%, with a trading volume of 37,400 shares and a transaction value of 50.68 million yuan [1] - Jeya Co., Ltd. (301108) closed at 31.10, increasing by 1.37%, with a trading volume of 9,152 shares and a transaction value of 28.38 million yuan [1] - Dengkang Oral (001328) closed at 35.95, up 1.30%, with a trading volume of 9,566 shares and a transaction value of 34.18 million yuan [1] - Liangmian Needle (600249) closed at 6.18, increasing by 0.98%, with a trading volume of 110,800 shares and a transaction value of 68.16 million yuan [1] - Haoyue Nursing (605009) closed at 33.77, up 0.63%, with a trading volume of 28,600 shares and a transaction value of 96.30 million yuan [1] - Yanjian Co., Ltd. (300658) closed at 10.27, down 0.19%, with a trading volume of 124,500 shares and a transaction value of 128 million yuan [1] - Beijia Co., Ltd. (603059) closed at 29.80, down 0.37%, with a trading volume of 51,800 shares and a transaction value of 155 million yuan [1] Capital Flow Analysis - The personal care products sector saw a net outflow of 51.41 million yuan from institutional investors, while retail investors had a net inflow of 60.64 million yuan [2] - The detailed capital flow for selected stocks indicates varying levels of net inflow and outflow among institutional, retail, and speculative investors [3] - For instance, Kelaike Co., Ltd. (301009) had a net outflow of 4.49 million yuan from institutional investors, while it attracted 1.13 million yuan from speculative investors [3]

Market Overview - On November 21, the Chongqing state-owned enterprise reform sector fell by 2.76% compared to the previous trading day, with Yuzhong Sanxia A leading the decline [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable stock performances include: - Shanghai Sanmao (600689) closed at 14.35, up 0.49% with a trading volume of 65,500 shares and a turnover of 93.68 million yuan [1] - Yuzhong Sanxia A (000565) closed at 7.15, down 6.04% with a trading volume of 214,100 shares [2] - Chongqing Port (600279) closed at 5.01, down 5.29% with a trading volume of 188,900 shares [2] Capital Flow - The Chongqing state-owned enterprise reform sector experienced a net outflow of 191 million yuan from main funds, while retail funds saw a net inflow of 119 million yuan [2] - The capital flow for individual stocks shows: - Chuan Yi Co. (603100) had a main fund net inflow of 15.78 million yuan [3] - Shanghai Sanmao (600689) had a main fund net inflow of 6.36 million yuan [3] - Chongqing Water (601158) had a main fund net inflow of 1.68 million yuan [3]

Core Insights - The personal care products sector experienced a rise of 0.83% on November 19, with HaoYue Care leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Sector Performance - The personal care products sector saw significant individual stock movements, with notable gainers including: - JiaNi Care (605009) at 34.85, up 6.41% with a trading volume of 90,600 shares and a turnover of 311 million yuan - YiYi Co. (001206) at 34.01, up 6.12% with a trading volume of 113,200 shares and a turnover of 380 million yuan - Reliable Co. (301009) at 14.94, up 4.48% with a trading volume of 167,800 shares and a turnover of 247 million yuan [1] Capital Flow - The personal care products sector saw a net inflow of 45.14 million yuan from institutional investors, while retail investors experienced a net outflow of 115 million yuan [2][3] - Notable capital flows included: - Yanjiang Co. (300658) with a net outflow of 57.28 million yuan from retail investors, despite a net inflow of 41.57 million yuan from institutional investors [3] - BeiJiaJie (603059) with a net inflow of 24.08 million yuan from institutional investors, but a net outflow of 23.27 million yuan from retail investors [3]