证券代码：001328 证券简称：登康口腔 公告编号：2025-032 重庆登康口腔护理用品股份有限公司 关于召开2025年第一次临时股东会的通知公告 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"）第七届董事会第二十 二次会议决定于2025年7月28日（星期一）下午14:30在公司办公楼一楼报告厅（重庆市 江北区海尔路389号）召开公司2025年第一次临时股东会（以下简称"本次股东 会"）。现就召开本次会议相关事项通知如下： 一、召开会议的基本情况 （一）会议届次：2025年第一次临时股东会 （二）召集人：公司董事会 （三）会议召开的合法合规性说明：公司第七届董事会第二十二次会议审议通过 了《关于提请召开2025年第一次临时股东会的议案》，本次股东会召开符合有关法律 法规、部门规章、规范性文件和《重庆登康口腔护理用品股份有限公司章程》《股东 会议事规则》等的规定。 （四）会议召开的日期、时间 1. 现场会议时间：2025年7月28日（星期一）14:30。 2. 网络投票时间：通过深圳证券交易所交易系统进行网 ...

证券代码：001328 证券简称：登康口腔 公告编号：2025-029 重庆登康口腔护理用品股份有限公司 第七届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 （一）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 第二十二次会议（以下简称"本次会议"）通知以电子邮件及电话方式于2025年7月8 日向全体董事发出。 （二）本次会议于2025年7月11日上午9:30在公司办公楼三楼二会议室以现场和通 讯表决结合的方式召开。 （三）本次会议应到董事9名，实际出席并表决的董事9名。其中：董事邓嵘、赵 丰硕、王青杰、许杰及独立董事廖成林、靳景玉、王海兵参加现场会议表决，董事方 果、孙德寿以通讯表决方式出席会议。 （四）公司董事长邓嵘先生主持会议，公司全体监事和高级管理人员列席会议。 （五）本次会议的通知、召集和召开符合《中华人民共和国公司法》等法律、行 政法规、部门规章、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。 二、董事会会议审议程序 （一）审议 ...

Core Insights - Dongguan's state-owned enterprises (SOEs) reported total assets of 1,085.316 billion yuan, an increase of 8.23% year-on-year, and total liabilities of 891.423 billion yuan, up 8.91% from the previous year [1] - In 2024, Dongguan's SOEs achieved operating income of 59.560 billion yuan, a year-on-year growth of 8.11%, and a total profit of 8.347 billion yuan, increasing by 9.18% [1] - The financial sector, including Dongguan Bank and Dongguan Securities, has intensified support for the real economy, with Dongguan Bank providing financial services to 3,283 advanced manufacturing enterprises, resulting in a credit balance of 97.943 billion yuan, a net increase of 10.038 billion yuan [4] Investment Projects - A total of 45 major projects completed investments of 20.607 billion yuan, exceeding the annual plan by 3.98%, with 17 projects completed and operational [2] - The "Hundred Million Thousand Project" involved 10 state-owned enterprises and 13 characteristic projects, with 2 recognized as typical at the municipal level [2] Transportation and Logistics - Dongguan Port Group achieved a container throughput of 3.66 million TEUs, a year-on-year increase of 5.7%, while the air cargo center's import and export value surged to 16.8 billion yuan, nearly a tenfold increase compared to 2023 [3] - The city's highway traffic volume reached 498 million vehicle trips, up 1.56% year-on-year, and metro passenger volume was 49.4174 million, growing by 8.27% [4] Water and Waste Management - The Water Group developed an integrated water management platform, supplying 1.433 billion cubic meters of water, accounting for approximately 91.08% of the city's needs, and treated 2.363 billion cubic meters of wastewater [4] Financial Sector Developments - Dongguan Securities completed three IPO projects and one refinancing project, raising a total of 1.515 billion yuan for local enterprises [4] - Dongguan Bank established a branch in the Guangdong-Hong Kong-Macao Greater Bay Area and received approval for a banking license in Hong Kong [4] Strategic Initiatives - The Dongguan State-owned Assets Supervision and Administration Commission plans to enhance the role of state-owned capital in key sectors and promote the "Hundred Million Thousand Project" further in 2025 [6] - The commission aims to revitalize existing assets and address historical land issues while ensuring smooth operations in transportation, ports, and utilities [6]

Core Insights - The report maintains an "outperform" rating for the retail sector, anticipating that easing international conditions and domestic policy stimulus will positively influence the sector's performance [3][42]. - The overall retail sales in May 2025 reached 4.13 trillion, growing by 6.4% year-on-year, with goods retail sales increasing by 6.5% [11][14]. Beauty and Personal Care - In May 2025, the cosmetics retail sales grew by 4.4%, with high online penetration leading to diminishing promotional effects. However, leading domestic brands are expected to outperform the market due to the trend of domestic product substitution [11][12]. - The competitive landscape is intensifying, with rising sales expense ratios expected to pressure profit margins for some brands, although top players with strong product innovation may still achieve robust growth [11][12]. Gold and Jewelry - The gold and jewelry sector saw a significant year-on-year growth of 21.8% in May 2025, benefiting from a low base effect from the previous year. Products that appeal to younger consumers are expected to drive higher growth rates [11][12]. Supermarkets and Department Stores - From January to May 2025, department store sales slightly increased by 1.3%, while supermarket sales grew by 5.7%. Companies that adapt to the current value-for-money consumption trend through supply chain upgrades are expected to perform better [12][14]. Cross-Border E-commerce - The second quarter is expected to face short-term performance pressures due to external environmental challenges. However, leading platform companies are anticipated to demonstrate strong resilience in the medium to long term due to flexible tariff responses and solid product capabilities [12][14]. Investment Recommendations - The report recommends several companies across different sectors, including: - Beauty and Personal Care: Recommended companies include 毛戈平, 丸美生物, and 登康口腔, which are expected to benefit from domestic product substitution and channel optimization [3][42]. - Gold and Jewelry: Companies like 老铺黄金 and 潮宏基 are highlighted for their potential to achieve accelerated growth due to favorable market conditions [3][42]. - Cross-Border E-commerce: Recommended companies include 小商品城 and 安克创新, which are positioned to capitalize on improving trade conditions [3][42]. - Retail: Companies such as 名创优品 and 重庆百货 are suggested for their low valuation and potential for improvement [3][42].

Group 1: Core Insights - The report highlights the rise of emotional consumption in the IP derivative products sector, driven by the increasing willingness to pay for emotional value and the rapid spread of modern media [7][26][32] - The new tobacco trend is gaining momentum, with companies like Philip Morris International leading the transition towards a "smokeless future," indicating a global shift in the tobacco industry [8] - Innovations in supply and channel transformations are providing new opportunities for domestic brands in the personal care sector, with companies like Baiya and Dengkang leveraging differentiated products to enhance brand growth [9] Group 2: Industry Summaries - The home furnishing sector is expected to maintain a weak but stable state, with a focus on high-dividend investments in leading companies as supply gradually exits the market [10] - The paper industry is anticipated to see a gradual balance between supply and demand, with a potential recovery in the cycle as new supply pressures ease [11] - In the packaging industry, high-dividend stocks like Yutong Technology and Yongxin Co. are favored, with expectations of improved profitability in the metal packaging sector due to industry consolidation [12] Group 3: Electric Two-Wheelers and Exports - The electric two-wheeler market is projected to experience significant short-term growth, with companies like Yadi Holdings expected to see a net profit increase of over 55% in the first half of 2025 [13] - Despite uncertainties in tariff policies, there are opportunities for growth in the export sector, particularly for labor-intensive light industrial products that are unlikely to return to the U.S. market [14]

Summary of Key Points Core Viewpoint The report outlines the completion of the fundraising project by Guangdong RIFENG Cable Co., Ltd. through the issuance of convertible bonds, detailing the management and utilization of the raised funds, as well as the approval processes involved in the project conclusion. Group 1: Fundraising Overview - The company was approved to issue convertible bonds up to RMB 380 million, with an actual issuance of 3.8 million bonds at a face value of RMB 100 each, raising a total of RMB 380 million [1] - After deducting underwriting and other issuance costs of RMB 8.35 million, the net amount raised was RMB 371.65 million, which was fully received by March 26, 2021 [1] Group 2: Fund Management - The company established a fundraising management system in accordance with relevant laws and regulations, ensuring funds are stored in a dedicated account and used specifically for the intended projects [2][3] - A tripartite supervision agreement was signed with banks and the sponsor to ensure proper management of the raised funds [3] Group 3: Fund Utilization and Surplus - As of June 30, 2025, the actual usage and surplus of the raised funds were reported, with a total of RMB 371.65 million allocated to the "New Energy and Special Equipment Cable Component Project" [4][5] - The surplus includes RMB 19.65 million from interest and financial management gains, alongside an unused basic reserve fund of RMB 10 million, which was not required due to the absence of unforeseen changes or additional costs during the project [5][6] Group 4: Approval Processes - The board of directors and the supervisory board approved the conclusion of the fundraising project and the permanent allocation of surplus funds to enhance liquidity, which is deemed beneficial for the company and its shareholders [7][8] - Since the surplus funds are less than 10% of the net amount raised, the matter did not require shareholder approval [8]

Group 1: Gold and Jewelry - In H1 2025, gold prices surged, leading to a decline in gold jewelry consumption while investment gold consumption increased, continuing the trend from 2024 [13][17] - The report anticipates that in H2 2025, gold prices may fluctuate at high levels due to geopolitical conflicts and economic downturns, with central banks continuing to purchase gold [23] - Recommended companies include Laopuhuang, Chow Tai Fook, Chao Hong Ji, and Cai Bai Co., which are expected to benefit from the ongoing trends in gold consumption [23][24][26][30] Group 2: Cosmetics - The cosmetics market showed weak performance in H1 2025, with a cumulative year-on-year growth of 4.1% from January to May, lagging behind overall retail growth [32][35] - Long-term trends in the cosmetics industry remain focused on increasing penetration rates and domestic brand substitution, with a recommendation to focus on brands like Mao Ge Ping and Shangmei Co. for their strong performance and growth potential [35][36][42] - Mao Ge Ping is highlighted for its high-end positioning and significant growth in both online and offline channels, while Shangmei Co. has shown impressive performance during promotional events [36][42] Group 3: Personal Care - The personal care sector, particularly in sanitary napkins and oral care, is expected to maintain stable demand, with domestic brands leading the market [49][51] - The oral care segment is experiencing a shift towards higher-value products driven by consumer demand for efficacy, with domestic brands like Deng Kang Oral Care gaining market share [53][54] - Key companies to watch include Baiya Co. and Deng Kang Oral Care, which are well-positioned to capitalize on these trends [49][53] Group 4: Apparel and Footwear - The apparel retail sector showed moderate growth in H1 2025, with a year-on-year increase of 3.3% in retail sales from January to May [8][14] - Outdoor brands are performing exceptionally well, with high-end outdoor brands like Amer Sports and Anta showing significant revenue growth [8][15] - Recommended companies include Anta Sports for its strong outdoor brand growth and Mercury Home Textiles for its effective marketing strategies [15][16] Group 5: Textile Manufacturing - The textile manufacturing sector is witnessing a shift in export share towards Southeast Asia, with a notable decline in imports from China to the U.S. [8][18] - The report indicates that U.S. apparel imports from Southeast Asia are increasing, while imports from China are decreasing, suggesting a strategic shift in manufacturing locations [18][19] - Companies with diversified production capabilities across regions are recommended for investment consideration [18][19] Group 6: Home Furnishings - The home furnishings market is experiencing growth driven by government policies encouraging upgrades, with furniture retail sales in May 2025 showing a year-on-year increase of 25.6% [8][20] - Key players in the home furnishings sector include Gujia Home and Oppein Home, which are expected to benefit from the ongoing market trends [20][21]

关于独立董事任期届满辞职的公告 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"）董事会于近日收到公 司独立董事廖成林先生提交的书面辞职报告。廖成林先生因连续担任公司独立董事已 满6年，根据《上市公司独立董事管理办法》《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》和《公司章程》等相关规定，申请辞去公司第七届 董事会独立董事、第七届董事会战略、ESG与科技创新委员会委员、审计委员会委员 和薪酬与考核委员会主任委员职务，辞职后将不再担任公司及控股子公司任何职务。 因独立董事廖成林先生辞职将导致公司董事会及相关专门委员会的人员构成不符 合相关规定，根据《上市公司独立董事管理办法》《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》，廖成林先生的辞职报告自公司股东会选举 出新任独立董事后方可生效。在公司召开股东会选举产生新任独立董事履职前，廖成 林先生将按照有关法律法规和《公司章程》的规定，继续履行独立董事及董事会相关 专门委员会的相关职责。廖成林先生辞职不会影响公司董事会正常 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The rise of new consumption is fundamentally driven by a significant change in consumer concepts shaped by the economic and social context of different generations, particularly from the 70s to the 00s [4][5] - The current consumer market is characterized by a shift from "survival-type" products to "quality + emotional-type" products, with a focus on emotional value and quality-price ratio [4][10] - Investment logic in new consumption should focus on sustainable growth capabilities rather than short-term speculative opportunities, emphasizing product innovation and strong brand recognition [4] Summary by Sections 1. Economic and Demographic Background of Consumption Changes - The per capita GDP in China has grown from over 10,000 RMB in 1995 to 84,000 RMB in 2023, establishing a buyer's market [4][15] - Consumer spending is increasingly constrained by rigid expenditures on housing, healthcare, and education, alongside wealth effects [4][19] - The educational attainment of the 95/00 generation has significantly increased, with a CAGR of 10.5% in the number of undergraduate graduates from 1998 to 2023 [4][23] - Urbanization rates have remained high, influencing consumption patterns and driving the reconstruction of consumption scenarios [4][24] 2. Product Evolution - The transition in consumer products reflects a shift towards quality and emotional engagement, with head brands focusing on domestic alternatives and functional trends [4][10] - The market has seen a rise in low-cost, emotionally valuable products, such as beauty care, jewelry, and IP toys, which are now key segments [4][10] 3. Marketing Evolution - Marketing strategies have evolved from traditional brand advertising to performance-driven advertising, with a focus on maximizing advertising efficiency [4][10] - The rise of digital platforms has transformed marketing channels, emphasizing the importance of consumer engagement and conversion rates [4][10] 4. Channel Evolution - The shift towards online channels has significantly increased penetration rates across various categories, with a focus on consumer value rather than supplier value [4][10] - The integration of public and private domains has become crucial for navigating the challenges posed by traditional retail models [4][10]

Investment Rating - Industry rating: Recommended [5] Core Insights - The beauty sector experienced a stable conclusion during the 618 shopping festival, with significant changes in platform and brand dynamics driven by reduced commission policies and interest-based content ecosystems [1][2] - The total GMV for beauty products across four major e-commerce platforms (Taobao, JD, Douyin, Kuaishou) during the 618 period was between 600-700 billion yuan, reflecting a year-on-year growth of over 10% [1] - Taobao maintained the largest market share at 41.3%, followed by Douyin at 35.7%, JD at 14.8%, and Kuaishou at 8.2% [1][13] Summary by Sections E-commerce Platform Dynamics - Douyin's beauty segment is rapidly growing, supported by merchant subsidies and interest-driven consumer engagement, achieving double-digit growth [2] - Douyin's promotional strategies included a 1.4 billion yuan subsidy for merchants in May, with individual merchant reductions reaching up to 2.99 million yuan [2] Skincare and Makeup Categories - In the skincare category, domestic brands like Proya and Han Shu led the market, maintaining their top positions on Taobao and Douyin [3] - The top five brands in the skincare category on Taobao remained stable, with Proya and Han Shu continuing to dominate [3] - In the makeup and fragrance category, new domestic brands are emerging, with Ti Luo Wei achieving rapid growth by focusing on base makeup products [4] International and Domestic Brand Strategies - International brands are performing well due to localized marketing strategies and a willingness to engage with local consumers [8] - Domestic brands are expected to break out of the competitive cycle focused on ingredients and efficacy, emphasizing brand influence and comprehensive user experience [8] Investment Recommendations - Focus on domestic companies with strong brand equity and comprehensive channel strategies, particularly Proya and Han Shu [9] - Highlight technology-driven skincare brands like Betaini and Juzi Biology that target specific consumer needs [9] - Consider daily chemical brands with strong cost-performance ratios and excellent management of emerging channels, such as Runben and Dengkang [9]