证券代码：001328 证券简称：登康口腔 公告编号：2025-035 重庆登康口腔护理用品股份有限公司 第八届董事会第一次会议决议公告 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。 （二）本次会议于2025年7月28日下午4:30在公司办公楼三楼二会议室以现场表决 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。 （四）公司半数以上董事推选董事邓嵘先生主持会议，公司高级管理人员（兼高 级管理人员候选人）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）审议通过《关于选举第八届董事会董事长的议案》 表决情况：同意9票，反对0票，弃权0票，回避0票 表决结果：通过 经审议，董事会选举邓嵘先生为公司第八届董事会董事长，任期三年，自本次会 议审议通过之日起至本届董事会届满之日止。 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"）第八届董 ...

Investment Rating - The report provides a positive outlook on various sectors, indicating a stable recovery in the home furnishing and paper packaging sectors, while new tobacco and packaging sectors show robust growth [3][4]. Core Insights - The home furnishing sector is expected to see marginal improvement in domestic demand due to government support for consumption upgrades, with a focus on companies with high dividend yields and growth certainty for 2025 [5][10]. - The new tobacco sector is experiencing growth, particularly in heated tobacco products (HTP), with significant sales increases reported in Europe and a growing user base for IQOS [11]. - The paper packaging sector is facing a gradual recovery in pulp prices, with a focus on companies that maintain strong market positions and high dividends [12]. - The light consumer goods and pet food sectors are under pressure, but there are opportunities in innovative product launches and channel expansion [15]. - The two-wheeler sector is poised for a rebound with government subsidies and new standards expected to drive demand [16][17]. Summary by Sections Home Furnishing - Domestic sales are expected to improve due to government initiatives, with a focus on companies with strong growth prospects and high dividends [5][10]. - Export figures show a slight increase in June, but a cumulative decline for the first half of the year [10]. New Tobacco - HNB sales increased by 10.5% year-on-year, with a growing user base for IQOS [11]. - The regulatory environment in the U.S. is tightening, which may benefit compliant market players [11]. Paper Packaging - Pulp prices have shown slight increases, but overall market conditions remain challenging [12]. - Companies with strong market positions and dividend policies are recommended for investment [12]. Light Consumer Goods & Pet Food - The sector is facing challenges, but there are opportunities in new product launches and expanding distribution channels [15]. - Online sales data indicates mixed performance across different product categories [23]. Two-Wheeler - The sector is expected to benefit from government subsidies and new regulations, with a focus on companies that can leverage these changes for growth [16][17]. - Recent data shows a significant number of electric bikes being replaced under the subsidy program [26][27].

Core Insights - Dongguan Securities President Chen Zhaoxing ranked 15th in the Growth and Development Securities category of the inaugural Sina Finance Leading Figures in Listed Securities Firms Leadership TOP List [1] - The TOP List aims to recognize the outstanding contributions and far-reaching influence of leaders in the securities industry, evaluating their management achievements over the past year through a multi-dimensional assessment system [1][6] Company Overview - Chen Zhaoxing, born in 1975, holds a bachelor's degree and has held various positions within Dongguan Securities, including General Manager of the Shenzhen Branch and Assistant to the President [2] - He has also served as Chairman of Hualian Futures and Dongzheng Jinxin, and is currently a supervisor in the seventh supervisory board of the China Securities Association [2] Evaluation Methodology - The evaluation consists of three main components: Industry Data Evaluation (50% weight), Peer Evaluation (40% weight), and Network Voice Evaluation (10%) [5][6] - Industry Data Evaluation includes metrics such as company size, operational status, risk control, employee returns, and business quality [5] Performance Metrics - Dongguan Securities reported a revenue growth rate of 27.73% and a net profit growth rate of 45.40% [6] - The return on assets (ROA) was 1.60%, and the return on equity (ROE) was 9.86% [6] - The total asset growth rate was 20.43%, while the net asset growth rate was 7.23% [6] - Brokerage business profit margin was 75.63%, ranking 15th among listed securities firms, while asset management business profit margin was 77.29%, ranking 4th [6] Evaluation Results - Dongguan Securities achieved a comprehensive score of 69.44 in Industry Data Evaluation, ranking 33rd among 50 listed securities firms [16] - In Peer Evaluation, the company scored 79.67, ranking 32nd among 50 firms [16] - The Network Voice Evaluation score was 79.49, placing the company 29th among 50 firms [16]

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 ...