Summary of the Conference Call for Dengkang Oral Care Company Overview - **Company**: Dengkang Oral Care - **Industry**: Oral Care Products Key Points E-commerce Strategy - Dengkang Oral Care focuses on profitability in its e-commerce strategy, increasing investment on JD platform while promoting new products and brand building on Douyin. The ROI control standard is set around 1.5, with plans to reduce spending below this threshold. The target is to maintain over 30% growth in e-commerce by 2026 [2][3][5] - During the 2025 Double Eleven shopping festival, sales on JD platform exceeded 50% growth, while Tmall and Douyin saw slight declines. Overall, e-commerce performance met expectations, maintaining profitability and achieving the goal of at least 30% growth [2][6] Offline Market Performance - Despite a shrinking overall industry offline market, Dengkang Oral Care achieved positive growth, particularly in the Southwest region, with stable growth in economically developed areas like East and South China. Future efforts will focus on consumer education and brand promotion in less populated areas such as Northeast China and Gansu [2][7] High-Quality Development - The company emphasizes high-quality development, requiring a synergy between sales revenue and profitability. Continuous iteration of new products with differentiation and technological barriers is key to maintaining industry leadership [2][9] - Dengkang Oral Care aims to achieve volume and price increases through new product launches, product structure adjustments, and higher unit prices, capturing market share from competitors [2][10] Product Launches and Innovations - In 2025, Dengkang Oral Care launched 15 new products, including upgraded and new series. The keratin toothpaste priced at 49.9 yuan generated 20 million yuan in monthly sales online, with a target to increase monthly sales to 30 million yuan in 2026 [4][13][19] - The company plans to continue enhancing the proportion of high-end products in its offline market, with the premium "Yiyan" series currently accounting for nearly 10% of sales [11] Market Position and Competition - The toothpaste industry remains stable among the top six brands, while other categories face declines. Dengkang Oral Care has successfully captured market share from foreign brands due to competitors' slow adjustments and innovation [10] - The company provides higher profit margins to offline distributors compared to industry averages, enhancing its competitive edge [24] Future Plans and International Expansion - Dengkang Oral Care is preparing for international expansion, having registered trademarks and certifications in major countries and established an overseas division. The goal for 2026 is to achieve several million in sales from international markets [4][15] - The company aims to become an internationally leading enterprise, expanding into personal care sectors and targeting top positions in oral care categories like whitening and gum care [29] Financial Performance and Projections - The overall gross margin is approximately 50%, with a target to increase it to 60% over the next two to three years through product structure adjustments [21] - The company plans to reduce offline inventory cycles to 30-50 days by year-end to ensure a stable pricing environment for the first quarter of 2026 [25] Marketing and Sales Strategy - The e-commerce team operates independently, focusing on precise spending to enhance profitability. The strategy includes reducing traffic spending while maintaining stable growth [14][26] - The company has observed a significant price competition in the online market, which is expected to persist in the short term, with potential regulatory changes in the long term [22][23] Employee Incentives - Dengkang Oral Care has implemented an employee stock ownership plan prior to its IPO, with over 95% of core employees holding shares. Future stock incentive plans will depend on regulatory approvals and market performance [28]

Investment Rating - The beauty and personal care industry is rated as "Recommended" [1] Core Insights - The overall market shows stable growth, with impressive performance in instant retail during the Double Eleven shopping festival, achieving a total e-commerce sales of 1,695 billion yuan, a year-on-year increase of 14.2% [2] - The beauty sector outperformed the overall e-commerce market, with skincare sales reaching 991 billion yuan and fragrance and makeup sales at 334 billion yuan, both showing double-digit growth [3] - Domestic brands are gaining strength, with notable performances from brands like Proya and Han Shu, while international luxury brands are also recovering [4][5] Summary by Sections Market Overview - The Double Eleven shopping festival saw a total e-commerce sales of 1,695 billion yuan, with a 14.2% year-on-year growth. Instant retail sales reached 67 billion yuan, marking a significant increase of 138.4% [2] Beauty Sector Performance - The beauty and skincare sales during Double Eleven reached 991 billion yuan, with fragrance and makeup sales at 334 billion yuan, both exceeding the overall market growth rate [3] Brand Analysis - On Tmall, domestic brands occupy five spots in the top 20 beauty brands, with Proya maintaining the top position. International brands like L'Oréal and Estée Lauder also showed improvements [4] - On Douyin, domestic brands hold five spots in the top 10 beauty brands, with Han Shu and Proya leading the rankings [5] Investment Recommendations - The report suggests focusing on brands with strong growth and performance certainty, such as MaoGeping and Marubi. Brands showing significant improvement include Shuiyang and Shanghai Jahwa, while companies with core technology and clear long-term trends like Juzibio are also recommended [6]

Core Insights - The personal care products sector experienced a decline of 0.71% on November 17, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Yanjing Co., Ltd. saw a significant increase of 10.42%, closing at 10.60 with a trading volume of 403,600 shares and a transaction value of 416 million yuan [1] - Other notable performers included Yiyi Co., Ltd. with a 1.13% increase and Kela Co., Ltd. with a 0.98% increase [1] - Baiya Co., Ltd. led the decline with a drop of 2.70%, closing at 21.66 with a trading volume of 63,000 shares and a transaction value of 137 million yuan [2] Capital Flow - The personal care products sector saw a net outflow of 67.19 million yuan from institutional investors, while retail investors contributed a net inflow of 26.53 million yuan [2] - The capital flow data indicates that Yanjing Co., Ltd. had a net inflow of 32.94 million yuan from institutional investors, while Baiya Co., Ltd. experienced a net outflow of 5.45 million yuan [3]

Investment Rating - The report suggests a positive investment outlook for the cosmetics industry, highlighting strong growth potential for specific companies [29]. Core Insights - The 2025 Double 11 event showed steady double-digit growth, with total GMV reaching RMB 1.695 trillion, a 14% increase from 2024. Instant retail demonstrated significant growth, with comprehensive e-commerce and community group buying also contributing positively [29][4]. - The beauty category maintained robust growth across multiple platforms, with skincare and makeup categories achieving growth rates between 5-15%. Domestic brands like PROYA and Winona performed particularly well, with PROYA maintaining the top position in Tmall's beauty rankings [29][14][17]. - The report emphasizes the trend of full-chain integration and one-stop services across platforms, with Tmall achieving its best growth in four years, driven by high-value user contributions from 88VIP [29][8]. Summary by Sections Double 11 Performance - The 2025 Double 11 event recorded a total GMV of RMB 1.695 trillion, marking a 14% increase from the previous year. Instant retail grew significantly, with GMV for comprehensive e-commerce at RMB 1.6191 trillion, and community group buying at RMB 90 billion [4][29]. - Tmall's performance was highlighted as the best in four years, with significant contributions from 88VIP and other platforms like JD.com and Douyin also showing strong growth [11][12]. Brand Performance - Companies such as Guangzhou Ruoyuchen Technology Co., Ltd. and Shanghai Chicmax Cosmetic Co., Ltd. reported impressive growth during Double 11, with Zhenjia's GMV increasing by 80% year-on-year and Feicui's GMV growing 35 times [25][29]. - The report notes that domestic brands excelled in the beauty category, with PROYA and other brands maintaining strong positions in the market [22][29]. Investment Recommendations - The report recommends focusing on high-growth brands such as Ruoyuchen, Chicmax, and Mao Geping, as well as companies with stable fundamentals like Dentium and Shanghai Jahwa United. It also identifies companies expected to bottom out, such as PROYA and Lafang [29][38].

Core Viewpoint - The company has successfully launched a new product, the recombinant protein-based oral repair toothpaste, which has shown strong sales performance since its introduction [1][2]. Group 1: Product Performance - The new recombinant protein-based oral repair toothpaste integrates patented ingredients, achieving a dual repair function for gums [1]. - Sales on the Douyin platform have reached between 25 million to 50 million [1]. Group 2: Financial Performance - In Q3 2025, the company reported revenue of 386 million, a year-on-year increase of 10.49%, and a net profit attributable to shareholders of 51 million, up 11.4% [2]. - The gross margin for Q3 2025 was 45.9%, reflecting an 8 percentage point decrease, attributed to a reduction in high-margin product sales [2]. - The sales expense ratio was 25.5%, down 8 percentage points, indicating effective management of online advertising expenditures [2]. Group 3: Investment Outlook - The company is expected to maintain stable growth, with the new toothpaste potentially replicating the success of previous high-performance products [3]. - Forecasted net profits for 2025 and 2026 are 190 million and 240 million, respectively, with corresponding price-to-earnings ratios of 34x and 27x [3].

Market Overview - The personal care products sector experienced a decline of 1.13% on November 14, with Yiyi Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable stock performances included: - Beijia Clean (603059) rose by 2.38% to close at 34.03 with a trading volume of 28,400 shares [1] - Jieya Co., Ltd. (301108) increased by 1.28% to 33.35 with a trading volume of 14,000 shares [1] - Yiyi Co., Ltd. (001206) fell by 3.01% to 30.98 with a trading volume of 53,000 shares [2] - Stable Medical (300888) decreased by 2.25% to 42.06 with a trading volume of 63,700 shares [2] Capital Flow - The personal care products sector saw a net outflow of 42.05 million yuan from institutional investors, while retail investors had a net inflow of 61.71 million yuan [2] - The capital flow for individual stocks showed: - Ziya Co., Ltd. (003006) had a net inflow of 13.87 million yuan from institutional investors [3] - Yiyi Co., Ltd. (001206) experienced a net outflow of 1.97 million yuan from institutional investors [3] - Stable Medical (300888) had a net outflow of 9.60 million yuan from institutional investors [3]

Market Overview - The personal care products sector increased by 0.33% on November 13, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Beijia (603059) closed at 33.24, up 2.72% with a trading volume of 26,200 lots and a transaction value of 86.05 million [1] - Zhongshun Jiesang (002511) closed at 8.59, up 1.78% with a trading volume of 155,400 lots and a transaction value of 132 million [1] - Stable Medical (300888) closed at 43.03, up 0.65% with a trading volume of 68,200 lots and a transaction value of 292 million [1] - Other notable stocks include Haoyue Nursing (600509) at 33.66, up 0.30%, and Liangmian Needle (600249) at 7.01, up 0.14% [1] Capital Flow - The personal care products sector experienced a net outflow of 75.25 million from institutional investors, while retail investors saw a net inflow of 107 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Detailed Capital Flow Analysis - Beijia saw a net inflow of 8.61 million from institutional investors, but a net outflow of 6.52 million from speculative funds [3] - Stable Medical had a net inflow of 6.83 million from retail investors despite a slight outflow from institutional and speculative funds [3] - Other companies like Zhongshun Jiesang and Reliable Shares experienced significant net outflows from institutional and speculative investors, but retail investors contributed positively [3]

证券代码：001328 证券简称：登康口腔 公告编号：2025-049 重庆登康口腔护理用品股份有限公司 2025年第二次临时股东会决议公告 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。 特别提示： 1.本次股东会无否决议案或修改议案的情况； 2.本次股东会上没有新提议案提交表决； 3.本次股东会不涉及变更前次股东会决议的情况； 4.本次股东会采取现场方式召开，采用现场投票和网络投票相结合的方式进行表 决。 一、会议召开情况 （一）会议召开时间 1.现场会议召开时间：2025年11月12日（星期三）14:30。 2.网络投票时间： （1）深圳证券交易所交易系统进行网络投票的具体时间为2025年11月12日 9:15— 9:25，9:30—11:30和13:00—15:00； （2）深圳证券交易所互联网投票系统投票的具体时间为2025年11月12日 9:15- 15:00。 （二）会议召开和表决方式 本次股东会采取现场方式召开，采用现场投票和网络投票相结合的方式进行表 决。 （三）召集人 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。 董事长邓嵘 ...

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Market Overview - The personal care products sector increased by 0.79% on November 12, with Yanjiang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Yanjiang Co., Ltd. (300658) closed at 9.97, up 12.15% with a trading volume of 328,200 shares and a turnover of 319 million yuan [1] - Reliable Co., Ltd. (301009) closed at 14.82, up 6.39% with a trading volume of 206,500 shares and a turnover of 302 million yuan [1] - Two-sided Needle (600249) closed at 7.00, up 3.09% with a trading volume of 456,100 shares and a turnover of 320 million yuan [1] - Other notable performances include Yiyi Co., Ltd. (001206) up 2.72% and Zhongshun Jiesang (002511) up 0.96% [1] Capital Flow - The personal care products sector saw a net inflow of 115 million yuan from institutional investors, while retail investors experienced a net outflow of 110 million yuan [2] - The sector's main stocks showed varied capital flows, with Reliable Co., Ltd. receiving a net inflow of 50.84 million yuan from institutional investors [3] - Yanjiang Co., Ltd. had a net inflow of 22.24 million yuan, while Yiyi Co., Ltd. saw a net inflow of 17.75 million yuan [3]