Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 44.36 CNY per share [1][7]. Core Insights - The company reported steady growth in Q3 2025, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 3.9 billion, 0.5 billion, and 0.4 billion CNY respectively, representing year-on-year increases of 10.5%, 11.4%, and 11.0% [1]. - For the first three quarters of 2025, the company achieved revenue of 12.3 billion CNY, net profit attributable to shareholders of 1.4 billion CNY, and net profit excluding non-recurring items of 1.1 billion CNY, with year-on-year growth rates of 16.7%, 15.2%, and 19.8% respectively [1]. - The company is focusing on high-end product development, with a notable performance from the newly launched keratin toothpaste, which is positioned in the high-end gum care market [7]. - The gross profit margin for Q3 2025 was 45.9%, a decrease of 8.0 percentage points year-on-year, primarily due to a decline in the proportion of high-margin online sales channels [7]. Financial Summary - Total revenue is projected to grow from 1,560 million CNY in 2024 to 2,453 million CNY by 2027, with year-on-year growth rates of 13.4%, 17.8%, 16.0%, and 15.1% respectively [3]. - Net profit attributable to shareholders is expected to increase from 161 million CNY in 2024 to 294 million CNY in 2027, with growth rates of 14.1%, 19.5%, 23.9%, and 23.1% respectively [3]. - The earnings per share (EPS) is forecasted to rise from 0.94 CNY in 2024 to 1.71 CNY in 2027 [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 40 times in 2024 to 22 times in 2027, indicating an improving valuation over time [3].

Investment Rating - The report maintains an "Outperform" rating for the retail sector [3][58]. Core Insights - The retail industry is experiencing a low-level recovery with significant differentiation among individual stocks. The overall growth rate for the industry has shown a slight decline in the third quarter, with retail sales in the first nine months of 2025 reaching 365,877 billion yuan, a year-on-year increase of 4.5% [1][13]. - The beauty and personal care sector is facing pressure on profitability due to changes in e-commerce platform rules and a lack of innovative products. The gold and jewelry sector is performing well, driven by stable sales of fixed-price products. The cross-border e-commerce sector is showing positive growth, while offline retail continues to face challenges [2][34][42]. Summary by Sections Overall Industry Performance - The retail sector's growth has been relatively stable, with a year-on-year increase of 4.5% in retail sales for the first nine months of 2025. The growth rate has declined in the second half of the year due to a decrease in consumer purchasing power and the tapering of stimulus policies [1][13]. Beauty and Personal Care - The beauty sector's sales reached 328.82 billion yuan in the first three quarters of 2025, growing by 3.9% year-on-year. However, profitability has been under pressure due to weak product launches and changes in promotional strategies [22][28]. Gold and Jewelry - The gold and jewelry sector saw a significant year-on-year growth of 11.5% in retail sales, totaling 276.81 billion yuan in the first three quarters of 2025. The sector benefits from a low base from the previous year and rising gold prices, although profitability has faced challenges [34][41]. Cross-Border E-commerce - Cross-border e-commerce has shown a stable growth trajectory, with a total import and export value of approximately 2.06 trillion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 6.4%. The sector's revenue grew by 15.15% in Q3 2025, driven by strong operational resilience among leading companies [42][48]. Offline Retail - The offline retail sector remains under pressure, with a year-on-year increase of only 3.5% in retail sales for the first three quarters of 2025. The overall revenue for the offline retail sector declined by 15.9% in Q3 2025, indicating ongoing challenges in the market [50][54].

Market Overview - The personal care products sector experienced a decline of 0.31% on November 11, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Notable gainers in the personal care sector included: - Zhongshun Jiesang (002511) with a closing price of 8.36, up 2.20% [1] - Yiyi Co., Ltd. (001206) at 32.00, up 1.68% [1] - Liangmian Needle (600249) at 6.79, up 1.34% [1] - Conversely, Baiya Co., Ltd. (003006) saw a significant decline of 3.04%, closing at 22.30 [2] - Other notable decliners included: - Yanjing Co., Ltd. (300658) down 2.74% [2] - Jiya Co., Ltd. (301108) down 1.45% [2] Capital Flow Analysis - The personal care products sector saw a net outflow of 39.54 million yuan from institutional investors, while retail investors contributed a net inflow of 94.74 million yuan [2][3] - The detailed capital flow for selected stocks showed: - Yiyi Co., Ltd. had a net inflow of 5.18 million yuan from institutional investors [3] - Zhongshun Jiesang experienced a net outflow of 19.48 million yuan from retail investors [3] - Reliable Co., Ltd. (301009) had a significant net outflow of 9.51 million yuan from institutional investors [3]

Market Overview - The personal care products sector increased by 3.74% on November 10, with Yiyi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Yiyi Co., Ltd. (001206) closed at 31.47, up 10.00% with a trading volume of 100,400 shares and a transaction value of 306 million [1] - Other notable performers include: - Stable Medical (300888) at 43.30, up 5.61% [1] - Dengkang Oral (001328) at 37.90, up 4.04% [1] - Reliable Co., Ltd. (301009) at 13.88, up 3.27% [1] - HaoYue Nursing (6009509) at 33.33, up 2.87% [1] Capital Flow - The personal care products sector saw a net inflow of 113 million from main funds, while retail investors experienced a net outflow of approximately 99.87 million [2][3] - Main fund inflows were led by Yiyi Co., Ltd. with 55.37 million, accounting for 18.09% of the total [3] - Stable Medical had a main fund inflow of 39.87 million, representing 6.43% of the total [3] Individual Stock Capital Flow - Reliable Co., Ltd. had a main fund inflow of 9.37 million, with retail investors showing a net outflow of 2.44 million [3] - Other stocks with significant capital flow include: - Dengkang Oral with a main fund inflow of 1.54 million and a retail outflow of 470,980 [3] - Baiya Co., Ltd. (003006) with a main fund inflow of 6.94 million and a retail outflow of 2.32 million [3]

Market Overview - The personal care products sector increased by 0.76% on November 7, with Yanjiang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Yanjiang Co., Ltd. (300658) closed at 9.15, up 2.35% with a trading volume of 122,400 shares and a turnover of 112 million yuan [1] - Beijia Clean (603059) closed at 31.80, up 2.09% with a trading volume of 31,500 shares and a turnover of 99.4 million yuan [1] - Stable Medical (300888) closed at 41.00, up 1.91% with a trading volume of 77,500 shares and a turnover of 318 million yuan [1] - Other notable stocks include Jeya Co., Ltd. (301108) up 0.91% and Baiya Co., Ltd. (003006) up 0.58% [1] Fund Flow Analysis - The personal care products sector experienced a net outflow of 12.73 million yuan from institutional investors, while retail investors saw a net inflow of 5.30 million yuan [2] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Individual Stock Fund Flow - Yiyi Co., Ltd. (001206) had a net inflow of 9.33 million yuan from institutional investors but a net outflow of 18.01 million yuan from retail investors [3] - Yanjiang Co., Ltd. (300658) saw a net inflow of 5.49 million yuan from institutional investors but a net outflow of 7.83 million yuan from retail investors [3] - Stable Medical (300888) had a net inflow of 2.14 million yuan from institutional investors and a net outflow of 15.55 million yuan from retail investors [3]

关于 重庆登康口腔护理用品股份有限公司 收购报告书 之 2025 年三季度持续督导意见 (渝富控股取得机电集团 80%股权) 财务顾问: 西南证券股份有限公司 西南证券股份有限公司 SOUTHWEST SECURITIES COMPANY, LTD. 二〇二五年十一月 西南证券股份有限公司 财务顾问声明 本财务顾问接受渝富控股委托,担任渝富控股本次收购的财务顾问。根据《上 市公司收购管理办法》等法律法规的规定,西南证券本着诚实信用、勤勉尽责的 精神,自登康口腔公告收购报告书至本次收购完成后的 12个月止,对上述事项 履行持续督导职责。 通过日常沟通并结合上市公司《2025年三季度报告》,本财务顾问出具本持 续督导期的持续督导意见如下: (一)本意见所依据的文件、资料及其他相关材料基于的假设前提是上述资 料和意见真实、准确、完整,不存在虚假记载、误导性陈述或重大遗漏;本财务 顾问未对上述资料和意见作出任何承诺或保证。 (二)本意见不构成对登康口腔的任何投资建议,投资者根据本意见所做出 的任何投资决策而产生的相应风险,本财务顾问不承担任何责任。 (三)本财务顾问基于诚实信用、勤勉尽责的原则,已按照执业规则规定的 ...

西南证券股份有限公司 关于 重庆登康口腔护理用品股份有限公司 收购报告书 之 2025 年三季度持续督导意见 (机电集团受托管理轻纺集团) 财务顾问: 西南证券股份有限公司 西南证券股份有限公司 SOUTHWEST SECURITIES COMPANY, LTD. 二〇二五年十一月 财务顾问声明 本财务顾问接受机电集团委托,担任机电集团本次收购的财务顾问。根据《上 市公司收购管理办法》等法律法规的规定,西南证券本着诚实信用、勤勉尽责的 精神,自登康口腔公告收购报告书至本次收购完成后的 12个月止,对上述事项 履行持续督导职责。 通过日常沟通并结合上市公司《2025年三季度报告》,本财务顾问出具本持 续督导期的持续督导意见如下: (一)本意见所依据的文件、资料及其他相关材料基于的假设前提是上述资 料和意见真实、准确、完整,不存在虚假记载、误导性陈述或重大遗漏;本财务 顾问未对上述资料和意见作出任何承诺或保证。 (二)本意见不构成对登康口腔的任何投资建议,投资者根据本意见所做出 的任何投资决策而产生的相应风险,本财务顾问不承担任何责任。 (三)本财务顾问基于诚实信用、勤勉尽责的原则,已按照执业规则规定的 工作程序 ...

Market Overview - On November 6, the Chongqing state-owned enterprise reform sector rose by 2.47% compared to the previous trading day, with Chongqing Construction leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Chongqing Construction (600939) closed at 3.61, with a gain of 10.06% and a trading volume of 656,900 shares, amounting to a transaction value of 230 million [1] - Yudai Development (000514) closed at 5.81, gaining 10.04% with a trading volume of 914,800 shares, totaling 511 million [1] - Yusansha A (000565) closed at 8.75, up 5.42% with a trading volume of 452,400 shares, amounting to 387 million [1] - Qianli Technology (601777) closed at 12.08, gaining 4.32% with a trading volume of 1,604,200 shares, totaling 720 million [1] Capital Flow - The Chongqing state-owned enterprise reform sector saw a net inflow of 217 million from main funds, while retail investors experienced a net outflow of 1530 million [2][3] - Main funds showed significant net inflows in Yudai Development (9783.24 million) and Chongqing Construction (7499.73 million) [3] - Retail investors had notable outflows in Chongqing Construction (-5708.57 million) and Yudai Development (-7054.23 million) [3]

Core Viewpoint - The personal care products sector experienced a decline of 0.3% on November 6, with Runben Co., Ltd. leading the drop. Meanwhile, the Shanghai Composite Index rose by 0.97% to close at 4007.76, and the Shenzhen Component Index increased by 1.73% to 13452.42 [1]. Group 1: Market Performance - The personal care products sector saw a mixed performance among individual stocks, with notable gainers including Beijiajie (+1.53%) and Liangmianjin (+1.08%), while Runben Co., Ltd. led the decline at -1.86% [1][2]. - The trading volume for Beijiajie was 21,300 hands, with a transaction value of approximately 65.74 million yuan, while Runben Co., Ltd. had a trading volume of 41,700 hands and a transaction value of about 108 million yuan [1][2]. Group 2: Capital Flow - The personal care products sector experienced a net outflow of 23.85 million yuan from institutional investors, while retail investors saw a net inflow of 15.48 million yuan [2]. - Among individual stocks, Liangmianjin attracted a net inflow of 11.18 million yuan from institutional investors, while Runben Co., Ltd. faced a net outflow of 1.36 million yuan [3].

Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Insights - The company has shown steady revenue and profit growth, with a 16.66% year-on-year increase in revenue to 1.228 billion yuan and a 15.21% increase in net profit to 136 million yuan for the first three quarters of 2025 [7][10]. - The gross margin improved to 50.50%, up 1.25 percentage points year-on-year, driven by product upgrades and a focus on high-end products [7][10]. - The company is actively expanding its product matrix and upgrading its offerings, including the launch of new high-end toothpaste products and electric toothbrushes [7][10]. - The company is leveraging both online and offline channels for growth, with a strong emphasis on e-commerce platforms like Tmall and Douyin, while maintaining a robust offline distribution network [7][10]. - The brand is undergoing a digital transformation, focusing on professionalization and youthfulness to enhance its market presence [7][10]. Financial Data and Profit Forecast - The company forecasts total revenue of 1.828 billion yuan for 2025, with a year-on-year growth rate of 17.2% [5]. - The projected net profit for 2025 is 192 million yuan, reflecting a 19.2% year-on-year increase [5][10]. - The earnings per share (EPS) is expected to reach 1.12 yuan in 2025, with a projected PE ratio of 33 [5][10]. - The company anticipates continued growth in net profit for 2026 and 2027, with estimates of 237 million yuan and 286 million yuan respectively [5][10].