Investment Rating - The investment rating for the company is "Buy" and is maintained [12]. Core Views - The company's growth logic of increasing volume and price to gain market share is evident. It is leveraging e-commerce channels for greater brand exposure and restructuring its product offerings to focus on high-end products like the "7-Day Repair" series, which is expected to drive performance beyond expectations in the medium term [2][10][16]. Summary by Sections E-commerce Growth - The company is capitalizing on the e-commerce boom, particularly through platforms like Douyin and Tmall, which have shown significant growth. In March, Douyin ranked the company 4th in the toothpaste category with a GMV growth of over 200% year-on-year, while Tmall's oral care category saw a 43% increase [8][17]. Product Pricing and Structure - The introduction of high-end products has led to an improvement in product structure and average price. The "7-Day Repair" series accounted for 70%-80% of GMV on Douyin by the end of 2024, with an average price of 26.6 yuan per 100 grams, surpassing the mainstream price levels of 10-13 yuan [9][21]. Financial Performance - The company is projected to achieve net profits of approximately 160 million yuan, 195 million yuan, and 243 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 46, 38, and 31 times [10][34].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 证券代码：001328 证券简称：登康口腔 公告编号：2025-007 重庆登康口腔护理用品股份有限公司 关于重庆渝富控股集团有限公司收到国家市场监督管理总局 《经营者集中反垄断审查不实施进一步审查决定书》 暨控股股东上层股权结构变动的进展公告 公司将持续关注本事项进展，严格按照信息披露要求及时履行信息披露义务。敬 请广大投资者理性投资，注意投资风险。 2025年1月2日，轻纺集团与重庆市国有资产监督管理委员会（以下简称"重庆市 国资委"）、重庆渝富控股集团有限公司（以下简称"渝富控股"）和重庆机电控股 （集团）公司（以下简称"机电集团"）签署《托管协议》，约定重庆市国资委、渝 富控股将轻纺集团委托给机电集团管理。渝富控股因托管轻纺集团不能支配登康口腔 的表决权；机电集团因受托管理轻纺集团，能够通过轻纺集团间接支配本公司59.83% 的表决权。 2025年2月26日，渝富控股通过增资及国有股权无偿划转的方式合计取得公司间接 控股股东机电集团80%的股权。渝富控股由此能够通过机电集团间接支配登康口腔 59.83%的 ...

登康口腔 20250415 摘要 • 登康口腔凭借抗敏优势和产品升级，在牙膏市场中实现快速增长，尤其是 在消费者对细分化、精益求精的需求日益增长的背景下，通过电商渠道转 型抓住市场机遇。 • 牙膏市场竞争激烈，外资品牌面临渠道和产品老化问题，登康口腔通过线 上渠道扩张，特别是抖音平台的品牌推广，显著提升了线上收入占比，从 2019 年的 6%增长到 2024 年上半年的 23%。 • 登康口腔盈利水平持续提升，毛利率和净利率均有所增长，主要得益于产 品升级和线上渠道占比提升带来的费用率下降，增强了公司的盈利能力。 • 牙膏市场整体持平，但销售单价不断提升，反映了消费者对功效性产品的 需求增加，登康口腔通过不断叠加抗敏感、护龈、美白等功能，拓宽产品 矩阵，满足多元化需求。 • 登康口腔通过严格管控经销商网络，采取县域级一线一策开发政策，线下 市场份额从 2021 年的第七至八名上升至 2024 年上半年的第三名，实现 逆势增长。 • 登康口腔在成人牙膏基础上，积极拓展儿童口腔护理和口腔大健康业务， 虽目前收入占比不高，但增速显著，未来不排除通过外延并购强化该领域。 • 预计登康口腔 2024-2026 年净利润 ...

Investment Rating - The report indicates a positive outlook for the textile and apparel industry, highlighting potential recovery opportunities due to evolving tariff policies and domestic demand [5][9]. Core Insights - The manufacturing sector is expected to see a valuation recovery as the peak of risk aversion related to tariff policies has passed, with major brands maintaining order volumes and shipment schedules [5][9]. - The brand sector is poised for a valuation recovery driven by improved consumer sentiment and policy support, particularly in discretionary spending categories like apparel [5][9]. Industry Data Tracking - The Cotlook A index and China cotton price index decreased by 1.3% and 4.2% respectively, while wool prices fell by 4.3% [27]. - In March 2025, Vietnam's textile and apparel exports increased by 14.77% year-on-year, with footwear exports rising by 15.77% [31][33]. - Retail sales in China showed a year-on-year growth of 4% in the first two months of 2025, with notable increases in categories such as clothing and home appliances [24][25]. Company Dynamics - Anta Sports reported a double-digit revenue growth in Q1 2025, with a significant increase in sales from its various brands [3]. - Huali Group's revenue for 2024 reached 24 billion yuan, reflecting a 19.35% year-on-year increase, driven by both returning and new customers [3]. - Taiping Bird's Q1 2025 revenue declined by 7% year-on-year, but the company is expected to benefit from strategic adjustments and improved gross margins [3]. Market Performance - The textile and apparel sector experienced a decline of 5.72% this week, underperforming compared to the Shanghai Composite Index [6][14]. - The report highlights the performance of individual stocks, with notable gains from companies like Wan Shili and Tai Mu Shi, while companies like Kai Run and Mu Gao Di faced significant declines [21][22].

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a target price range of 47.40 to 51.90 CNY per share [4][6]. Core Insights - The company is a leader in the sensitive oral care segment, with a market share of approximately 60% in the sensitive toothpaste category. It has achieved a revenue of 1.376 billion CNY in 2023, with a four-year compound annual growth rate (CAGR) of 9.9% and a net profit of 141 million CNY, reflecting a CAGR of 22.3% over the same period [1][4][19]. - The oral care industry is expected to grow at a CAGR of around 3% from 2023 to 2028, with significant room for product category upgrades. The average price of toothpaste in China is 8.8 CNY, which is lower than the global average of 15.4 CNY and the U.S. average of 32.3 CNY [2][35]. - The company has diversified its product offerings and is expanding into new segments such as children's oral care and electric toothbrushes, while also enhancing its online sales channels [3][12]. Summary by Sections Company Overview - The company has over 30 years of experience in the oral care industry, primarily known for its "Cold Acid Spirit" brand, which dominates the sensitive toothpaste market [12][19]. - The company has established a comprehensive product matrix, with adult toothpaste accounting for about 80% of its revenue [1][12]. Financial Performance - The company's revenue has grown from 944 million CNY in 2019 to 1.376 billion CNY in 2023, with a CAGR of 9.9%. The net profit has also increased significantly, with a CAGR of 22.3% during the same period [19][21]. - The company expects to achieve net profits of 165 million CNY, 224 million CNY, and 286 million CNY for the years 2024, 2025, and 2026, respectively [4][5]. Industry Analysis - The oral care industry is currently experiencing a stable growth phase, with a market size of 49.15 billion CNY in 2023, projected to grow to 56.94 billion CNY by 2028 [35][36]. - The industry is characterized by a high concentration of market share among top players, with the top five companies holding a combined market share of 47.8% in 2023 [2][47]. Product and Channel Strategy - The company is focusing on product upgrades and innovations, particularly in the sensitive toothpaste segment, which is seeing increased consumer demand [3][45]. - The company has been expanding its online sales channels, with e-commerce revenue growing at a CAGR of 53.1% from 2019 to 2023, and online sales accounting for 22.9% of total revenue in the first half of 2024 [1][25].

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a target price range of 47.40 to 51.90 CNY per share [4][6]. Core Insights - The company is a leader in the sensitive teeth oral care segment, holding approximately 60% market share in the sensitive toothpaste category. It has achieved a revenue of 1.376 billion CNY in 2023, with a four-year compound annual growth rate (CAGR) of 9.9% and a net profit of 141 million CNY, with a CAGR of 22.3% over the same period [1][4]. - The oral care industry is expected to grow at a CAGR of around 3% from 2023 to 2028, with significant room for product category upgrades. The average price of toothpaste in China is 8.8 CNY, compared to 15.4 CNY globally and 32.3 CNY in the U.S., indicating potential for price increases [2][40]. - The company has diversified its product offerings and is leveraging new channels for rapid growth, including a focus on e-commerce, which has seen a CAGR of 53.1% from 2019 to 2023, with e-commerce sales accounting for 22.9% of revenue in the first half of 2024 [3][28]. Summary by Sections Company Overview - The company has over 30 years of experience in the oral care industry, primarily known for its "Cold Acid Spirit" brand, which is a leading product in the sensitive toothpaste market [12][21]. - The company has established a diverse product matrix, including adult toothpaste, children's oral care products, and electric toothbrushes, with adult toothpaste accounting for about 80% of revenue [12][21]. Industry Analysis - The oral care industry is currently experiencing stable growth, with a market size of 49.15 billion CNY in 2023, projected to grow to 56.94 billion CNY by 2028 [40]. - The industry is characterized by a high concentration of market share among top players, with the top five brands holding 47.8% of the market [60]. Financial Performance - The company's revenue has increased from 944 million CNY in 2019 to 1.376 billion CNY in 2023, with a CAGR of 9.9%. The net profit has also shown a strong growth trajectory, with a CAGR of 22.3% during the same period [21][24]. - The company is expected to achieve net profits of 165 million CNY, 224 million CNY, and 286 million CNY in 2024, 2025, and 2026, respectively [4][5]. Product and Channel Strategy - The company is focusing on product upgrades and innovations, particularly in the sensitive teeth segment, which is seeing increased consumer demand [3][12]. - The company is enhancing its online presence through e-commerce platforms, which have become a significant growth driver, while maintaining a strong offline distribution network [3][28].

Summary of the Conference Call on Dengkang Oral Care Company Overview - Dengkang Oral Care is a well-established company in the oral care sector, focusing on sensitive toothpaste with its core brand, Cold Acid Spirit, holding approximately 60% market share in the sensitive toothpaste segment [6][10]. Industry Insights - The oral care market has shown resilience compared to the sluggish demand in the medical beauty and cosmetics sectors, with stable revenue and performance since 2024 [3]. - The online penetration rate in the oral care segment is around 30%-40%, lower than the 50%+ rates in color cosmetics and skincare, indicating potential for growth [3]. - The competitive landscape in the toothpaste industry has shifted, with foreign brands losing market share while established brands like Yunnan Baiyao maintain their positions [5]. Key Points and Arguments - Dengkang's Cold Acid Spirit brand is a leader in the sensitive toothpaste market, with a steady revenue growth driven by product structure adjustments that have significantly improved gross margins [3][6]. - The company has positioned Cold Acid Spirit as a cost-effective product, with price adjustments bringing it to the 25-35 RMB range, comparable to Yunnan Baiyao's basic products while maintaining a price advantage [6]. - Dengkang's online sales channels have increased to 30%, still below the industry average, with significant growth on platforms like Douyin, which now accounts for 50% of online sales [7]. - The company has a strong offline market presence, benefiting from deep distribution capabilities and providing substantial profit margins to distributors, which has supported offline growth [8][9]. - Dengkang is continuously upgrading its products in the sensitive care segment, moving from strontium salt technology to bio-mineralization technology, enhancing its competitive edge in terms of both efficacy and pricing [10]. - The introduction of high-end product lines has improved overall gross margin levels, with high-end products achieving margins of over 50%, compared to 30%-50% for basic lines [11]. Financial Projections - Dengkang is projected to achieve a profit of 220 million RMB in 2025, representing a 33% year-on-year increase, with revenue growth expected around 20% and profit growth at 30% [12]. - The online growth rate is conservatively estimated at 30%, with potential to reach 40%-50%, while offline growth is expected to stabilize at around 5% [12]. Additional Insights - The rise of content e-commerce has provided new exposure opportunities for emerging brands, disrupting traditional competition in the oral care market [3][4]. - The company’s strategy includes leveraging its research capabilities to expand product categories and enhance profitability through product upgrades [6][12].

证券代码：001328 证券简称：登康口腔 公告编号：2025-006 重庆登康口腔护理用品股份有限公司 特此公告 重庆登康口腔护理用品股份有限公司 董事会 2025年3月13日 - 1 - 关于董事会、监事会延期换届的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重庆登康口腔护理用品股份有限公司（以下简称"公司"）第七届董事会、监事 会将于2025年3月15日任期届满，鉴于公司新一届董事会、监事会换届选举工作尚未完 成，为保证公司董事会、监事会相关工作的连续性和稳定性，公司董事会、监事会换 届工作将适当延期，董事会各专门委员会、高级管理人员的任期亦相应顺延。 在公司换届工作完成前，公司第七届董事会、监事会全体成员、董事会各专门委 员会成员及高级管理人员将依照相关法律法规和《公司章程》等有关规定，继续履行 董事、监事及高级管理人员的职责和义务。公司董事会、监事会延期换届不会影响公 司的正常运营。公司将积极推进换届相关工作，尽快完成董事会与监事会的换届选举 工作并及时履行信息披露义务。 ...

Summary of the Conference Call for Dengkang Oral Care Industry and Company Overview - The conference call focuses on Dengkang Oral Care, a company in the oral care industry, particularly in the toothpaste and toothbrush segments, with a notable emphasis on the sensitive toothpaste market [1][6]. Key Points and Arguments - **E-commerce and Product Adjustments**: Dengkang has made significant adjustments in e-commerce and product offerings, leading to improved gross margins and operational efficiency. The company has implemented a differentiated product strategy and structural improvements to enhance gross margins, allowing for higher e-commerce operational sales expenses [3][4]. - **Sales Growth on E-commerce Platforms**: The company has increased its investment in the Douyin platform, resulting in the "Seven-Day Repair" series becoming a best-seller. In January 2025, Douyin's GMV growth reached 127%, and in February, it surged to 718%. The company expects continued double-digit growth throughout the year [3][8]. - **Product Upgrade Strategy**: Dengkang has executed a product upgrade strategy by launching high-end product lines, such as the specialized and medical research series, raising the average price to 20.3 to 30 yuan. This strategy has improved product efficacy, packaging, and marketing, significantly enhancing the company's competitiveness [3][7]. - **Gross Margin Improvement**: The structural changes in product offerings have led to a significant increase in gross margins. The gross margin for high-end products exceeds 60%, while the overall gross margin reached 53.9% in Q3 2024, an increase of approximately seven percentage points year-on-year [3][10]. - **Market Share and Brand Performance**: The Cold Acid Spirit brand has captured over 60% market share in the sensitive toothpaste segment. In the first half of 2024, its offline market share rose from fourth to third place, accounting for approximately 8.6% [3][6]. - **Future Revenue Growth**: Dengkang's online sales account for about 30%, while offline sales make up 70%. The company anticipates revenue growth of 20% to 30% in 2025, with profits expected to rise in tandem. The gross margin is projected to improve from over 50% to potentially close to 60% [3][11]. - **Comparison with Baiya Shares**: Dengkang shares similarities with Baiya Shares, particularly in their expansion from regional to national markets and their success in e-commerce platforms, which has positively impacted their offline market presence [5][13]. - **Long-term Growth Potential**: The oral care industry is dominated by brands like Yunnan Baiyao, which generates around 6 billion yuan in revenue. Dengkang has significant growth potential, with expectations for its gross margin to rise from 50% to nearly 60% in the coming years [12]. Other Important Insights - **Employee Incentives and Internal Adjustments**: Dengkang has implemented employee stock ownership plans and adjusted marketing team incentives to boost sales performance. These internal changes have contributed to the company's success in the competitive landscape [11][12]. - **Market Dynamics**: The conference highlighted the shift in market dynamics, with domestic brands gaining market share at the expense of foreign brands. This trend reflects the rise of local brands and the growing importance of e-commerce channels [11][12]. - **Future Development Stage**: Dengkang is currently in a development stage similar to Baiya's early phase in 2023, focusing on differentiated product strategies and rapid market share growth across multiple platforms [13].

重庆登康口腔护理用品股份有限公司 收购报告书 上市公司名称：重庆登康口腔护理用品股份有限公司 股票上市地：深圳证券交易所 股票简称：登康口腔 股票代码：001328.SZ 收购人名称：重庆渝富控股集团有限公司 住所/通讯地址：重庆市两江新区黄山大道东段 198 号 一致行动人名称：重庆百货大楼股份有限公司 住所/通讯地址：重庆市渝中区青年路 18 号 10、11、14 楼 签署日期：二〇二五年三月 收购人声明 本声明所述的词语或简称与本收购报告书"释义"部分所定义的词语或简称 具有相同的含义。 一、本报告书系收购人及其一致行动人依据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披 露内容与格式准则第 16 号——上市公司收购报告书》等法律、法规和规范性文 件编制。 二、依据上述法律、法规和规范性文件的规定，本报告书已全面披露收购人 及其一致行动人在登康口腔拥有权益的股份。截至本报告书签署日，除本报告书 披露的持股信息外，收购人及其一致行动人没有通过任何其他方式在登康口腔拥 有权益。 三、收购人及其一致行动人签署本报告书已获得必要的授权和批准，其履行 亦不违反 ...