募集资金年度存放与使用情况鉴证报告 重庆登康口腔护理用品股份有限公司 2024 年度 募集资金年度存放与使用情况鉴证报告 | 索引 | | 页码 | | --- | --- | --- | | 鉴证报告 | | 1-2 | | 2024 | 年度募集资金存放与使用情况专项报告 | 1-9 | XYZH/2025CDAA7B0166 重庆登康口腔护理用品股份有限公司 重庆登康口腔护理用品股份有限公司全体股东： 我们对后附的重庆登康口腔护理用品股份有限公司 (以下简称登康口腔公司)关于 募集资金 2024 年度存放与使用情况的专项报告（以下简称募集资金年度存放与使用情况 专项报告）执行了鉴证工作。 登康口腔公司管理层的责任是按照深圳证券交易所相关规定编制募集资金年度存 放与使用情况专项报告。这种责任包括设计、实施和维护与募集资金年度存放与使用情 况专项报告编制相关的内部控制，保证募集资金年度存放与使用情况专项报告的真实、 准确和完整，以及不存在由于舞弊或错误而导致的重大错报。我们的责任是在实施鉴证 工作的基础上，对募集资金年度存放与使用情况专项报告发表鉴证意见。 我们按照《中国注册会计师其他鉴证业务准则第 310 ...

一、募集资金基本情况 经中国证券监督管理委员会《关于核准重庆登康口腔护理用品股份有限公司 首次公开发行股票的批复》（证监许可〔2023〕585 号）核准，登康口腔向社会公 众公开发行人民币普通股（A 股）股票 4,304.35 万股，发行价为每股人民币 20.68 元，本次发行募集资金共计总额为人民币 890,139,580.00 元，扣除本次发行费用 （不含税）人 民币 64,325,107.63 元，公司实际募集资金净额为人民币 825,814,472.37 元。上述募集资金到位情况已经天健会计师事务所（特殊普通合 伙）验证，并出具了《验资报告》（天健验〔2023〕8-8 号）。公司在银行开设了 专用账户存储上述募集资金，并与保荐人、募集资金存放相关商业银行签订了《募 集资金三方监管协议》。 二、募集资金投资项目情况 公司首次公开发行股票募集资金投资项目及募集资金使用计划如下： 中信建投证券股份有限公司 关于重庆登康口腔护理用品股份有限公司 使用部分闲置募集资金及自有资金 进行现金管理的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为重庆登康口腔护理用品股份有限公司（简称" ...

关于重庆登康口腔护理用品股份有限公司 使用部分超额募集资金永久补充流动资金的核查意见 中信建投证券股份有限公司（以下简称"保荐人"）作为重庆登康口腔护理 用品股份有限公司（以下简称"登康口腔""公司"）首次公开发行股票并在主板 上市的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》《深圳证券交 易所股票上市规则（2024 年修订）》《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》等有关规定，对登康口腔本次使用部分超额募集 资金永久补充流动资金的事项进行了审慎核查，核查情况及核查意见如下： 中信建投证券股份有限公司 一、募集资金基本情况 经中国证券监督管理委员会《关于核准重庆登康口腔护理用品股份有限公司 首次公开发行股票的批复》（证监许可〔2023〕585 号）核准，登康口腔向社会 公众公开发行人民币普通股（A 股）股票 4,304.35 万股，发行价为每股人民币 20.68 元，本次发行募集资金共计总额为人民币 890,139,580.00 元，扣除本次发 行费用（不含税）人民币 64,325,107 ...

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 ...

Investment Rating - Industry rating: Recommended [4] Core Views - The report highlights a positive outlook on domestic demand recovery, driven by supportive policies and improving real estate data [2][3] - The retail sector shows significant recovery, with March retail sales growth at 5.9%, surpassing expectations [1][6] - The report emphasizes the potential for the home furnishing sector to rebound due to policy support and consumer demand [3][7] Summary by Sections Retail Data - In the first three months of 2025, total retail sales increased by 4.6% year-on-year, with March showing a 5.9% increase, exceeding the consensus forecast of 4.36% [1] - Specific categories such as furniture, cultural office supplies, cosmetics, and gold and silver jewelry saw growth rates of 18.1%, 21.7%, 3.2%, and 6.9% respectively [1] - Online retail sales growth was recorded at 7.9% in the first quarter, indicating a steady increase in online consumption [6] Real Estate Data - National residential new construction area, completion area, sales area, and development investment completed in the first three months of 2025 showed declines of 23.9%, 14.7%, 2.0%, and 9.0% respectively [1] - In March, the new construction area and completion area declined by 18.6% and 8.1% year-on-year, while the sales area decreased by 1.2% [1][2] Policy Impact - The government has released favorable signals to stabilize the real estate market, including measures to optimize housing provident fund policies [2][3] - The "Consumption Promotion Special Action Plan" emphasizes support for upgrading consumer goods, which is expected to stimulate demand in the home furnishing sector [3][7] Investment Recommendations - For the home furnishing sector, the report recommends companies like Oppein Home, Kuka Home, and others, anticipating steady growth driven by policy support and consumer demand [7] - In the cultural office supplies sector, it suggests Morning Glory Co., which is expected to benefit from collective procurement policies [7] - The cosmetics sector is highlighted for its potential growth, recommending domestic brands like Runben and Pechoin [7] - Gold and silver jewelry consumption is expected to remain strong, with recommendations for companies like Laopu Gold [7]

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].