Investment Rating - The report initiates coverage on Dengkang Oral Care with a "Buy" rating, citing its potential for sustained profit growth driven by product and channel strategies [3][7] Core Views - The Chinese toothpaste market is transitioning from volume-driven growth to price-driven growth, with significant room for premiumization compared to mature markets like the US and Japan [1][15] - Domestic brands are gaining market share, with their proportion rising from 20% to 40% between 2014 and 2023, indicating a shift towards a domestic-led market structure [1][27] - Dengkang Oral Care, with its strong brand "Lengkeling," is well-positioned to benefit from this trend, particularly in the anti-sensitivity segment where it holds a 60% market share [3][59] Industry Overview - The Chinese toothpaste market has seen a decline in retail sales growth from 10% to 2% over the past decade, with price increases becoming the primary driver of growth [15][16] - Functional toothpaste, especially anti-sensitivity and gum health products, is gaining traction, with these categories showing significant growth in market share [17][21] - E-commerce has become a dominant channel in China, accounting for over 40% of oral care product sales, while traditional channels like supermarkets remain strong in Japan and the US [22][26] Competitive Landscape - The top three players in the Chinese toothpaste market (CR3) have seen a slight decline in market share from 59.4% to 57.5% between 2014 and 2023, while the top five (CR5) have remained stable at around 72-73% [27][30] - In Japan and the US, local brands dominate the market, with companies like Lion and Colgate maintaining strong positions [27][31] - Domestic brands in China are increasingly capturing market share from foreign competitors, with their proportion rising from 20% to 40% over the past decade [27][29] Dengkang Oral Care Analysis - Dengkang Oral Care has a strong foothold in the anti-sensitivity toothpaste market, with its "Lengkeling" brand holding a 60% market share [3][59] - The company has been upgrading its product portfolio, with higher-priced products contributing to improved gross margins [3][67] - Dengkang has been expanding its distribution channels, particularly in e-commerce, where its revenue has grown at a CAGR of 53% from 2019 to 2023 [3][59] Financial Projections - The report forecasts Dengkang's net profit to grow at a CAGR of 16.4% from 2024 to 2026, reaching 223 million RMB by 2026 [3][7] - Revenue is expected to grow at a CAGR of 13.3% over the same period, driven by product upgrades and channel expansion [7][59]

上海锦天城（广州）律师事务所 关于重庆登康口腔护理用品股份有限公司 2024 年第一次临时股东会的 法律意见书 地址：广州市天河区珠江西路 5 号广州国际金融中心第 60 层 电话：020-8928 1168 传真：020-8928 5188 邮编：510623 上海锦天城（广州）律师事务所 法律意见书 上海锦天城（广州）律师事务所 关于重庆登康口腔护理用品股份有限公司 2024 年第一次临时股东会的 法律意见书 致：重庆登康口腔护理用品股份有限公司 鉴此，本所律师根据上述法律、法规、规章及规范性文件的要求，按照律 师行业公认的业务标准、道德规范和勤勉尽责精神，现出具法律意见如下： 第 1页 上海锦天城（广州）律师事务所 法律意见书 一、 本次股东会召集、召开的程序 （一）本次股东会的召集 经核查，公司本次股东会由公司董事会召集。2024 年 8 月 27 日，公司召开 第七届董事会第十七次会议，决议召集本次股东会。 公司已于 2024 年 8 月 28 日在巨潮资讯网（http://www.cninfo.com.cn）上刊 登《关于召开 2024 年第一次临时股东会的通知公告》，将本次股东会的召开时 间、现 ...

证券代码：001328 证券简称：登康口腔 公告编号：2024-031 重庆登康口腔护理用品股份有限公司 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大会决议的情况； 2024年第一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： 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：2024年9月20日（星期五）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2024年9月20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2024年9月20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。 （六 ...

公 司 研 究 2024 年 09 月 03 日 公司点评 买入/维持 登康口腔(001328) 目标价: 昨收盘:23.32 2024H1 财报点评：经营稳健符合预期，电商渠道增速亮眼 ◼ 走势比较 (60%) (48%) (36%) (24%) (12%) 0% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 登康口腔 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.72/1.72 总市值/流通(亿元) 40.15/40.15 12 个月内最高/最低价 (元) 37.72/17.52 相关研究报告 <<登康口腔深度报告：抗敏龙头地位 夯实，产业延展成长可期>>--2024- 07-16 <<登康口腔：Q3 线下拖累短暂承压， 毛利率表现优异>>--2023-11-03 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 研究助理：龚书慧 E-MAIL：gongsh@tpyzq.com 一般证券业务登记编号：S1190122070007 事件：公司近期发布 2024 年中报。24H1 收入 7.03 亿元/ ...

Investment Rating - The report upgrades the investment rating to "Buy" from "Hold" [3] Core Views - The company achieved revenue of 703 million yuan in H1 2024, a year-on-year increase of 5.5%, and a net profit attributable to shareholders of 72 million yuan, up 9.8% year-on-year [1] - The growth in core categories remains stable, with significant growth in electric toothbrushes, which saw a year-on-year increase of 62.1% [1] - The brand's market share is increasing due to effective offline strategies and e-commerce reforms, with the brand's offline market share rising to 8.6% in H1 2024 [1] Financial Performance Summary - Revenue for H1 2024: 703 million yuan (up 5.5% YoY) [1] - Net profit for H1 2024: 72 million yuan (up 9.8% YoY) [1] - Q2 2024 revenue: 343 million yuan (up 5.7% YoY) [1] - Q2 2024 net profit: 35 million yuan (up 4.2% YoY) [1] - Q2 2024 gross margin: 45.4% (up 0.9 percentage points YoY) [1] Product Category Performance - H1 2024 revenue breakdown: Adult toothpaste 550 million yuan (up 7.1%), Adult toothbrush 80 million yuan (up 0.6%), Children's toothpaste 38 million yuan (up 0.5%), Children's toothbrush 16 million yuan (down 3.5%) [1] - Electric toothbrush revenue in H1 2024: 5 million yuan (up 62.1% YoY) [1] Market Share and Growth - The company’s brand, Cold Acid Spirit, increased its offline market share to 8.6%, becoming the third-largest player in the market [1] - Revenue growth across all regions: Eastern 121 million yuan (up 1.5%), Southern 140 million yuan (up 1.8%), Western 146 million yuan (up 3.0%), Northern 115 million yuan (up 1.9%) [1] Profitability and Operational Efficiency - H1 2024 gross margin for adult toothpaste: 48.1% (up 4.5 percentage points YoY) [1] - H1 2024 e-commerce revenue: 179 million yuan (up 16.9% YoY) with a gross margin of 49.1% (up 8.3 percentage points YoY) [1] - Inventory turnover days as of Q2 2024: 103 days (up 12 days YoY) [1] Earnings Forecast - Expected net profit for 2024-2026: 160 million yuan in 2024, 180 million yuan in 2025, and 210 million yuan in 2026 [2] - Corresponding P/E ratios: 26X for 2024, 23X for 2025, and 20X for 2026 [2]

Group 1: Market Overview and Competitive Landscape - The oral care industry is entering a recovery phase, driven by increased consumer awareness of oral health and diverse demands, leading to consumption upgrades and diversification [2][3] - The toothpaste and toothbrush categories remain dominant, while emerging categories like mouthwash and dental floss are rapidly penetrating new channels [3][4] Group 2: Product Development and Innovation - The company employs a multi-brand and multi-category strategy, focusing on core brand growth while expanding into new categories [3][4] - Notable products include the Cold Acid Spirit anti-sensitive toothpaste, which has achieved significant sales success, ranking first in various online popularity lists during promotional events [3][4] Group 3: Financial Performance and Cost Management - The company has seen a significant increase in non-recurring profit in the first half of 2024, with ongoing efforts to reduce costs and improve efficiency [3][4] - Strategies include lean production processes and optimizing procurement costs through a combination of business and technical cost reductions [3][4] Group 4: Market Trends and Consumer Behavior - The children's toothpaste market has experienced a decline of 11.4% in the first half of 2024, influenced by lower birth rates and reduced willingness to have children [5] - Despite the overall market decline, the Cold Acid Spirit children's toothpaste has increased its market share to 9.0%, moving from fifth to fourth place in the offline retail market [5] Group 5: Pricing Strategy and Market Position - The company has implemented a unified pricing system for distributors, with variations in promotional activities leading to slight price differences across channels [5] - The core brand "Cold Acid Spirit" has entered the top three in market rankings, providing a solid foundation for further multi-brand and multi-category development [5]

重庆登康口腔护理用品股份有限公司 重大经营及对外投资管理制度 第一章 总则 第一条 为了规范重庆登康口腔护理用品股份有限公司（以下简称"公司"）重大 经营及对外投资决策程序，建立系统完善的重大经营及对外投资决策机制，确保决策的 科学、规范、透明，有效防范各种风险，保障公司和股东的利益，根据有关法律、法规 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》"）的规定， 特制定本制度。 第二条 重大经营与投资决策管理的原则：遵循合法、审慎、安全、有效的原则，控 制投资风险、注重投资效益。 第三条 公司应指定董事会办公室/证券部负责对公司重大交易事项的可行性、投资 风险、投资回报等事宜进行专门研究和评估，充分关注投资项目是否与公司主营业务相 关、资金来源安排是否合理、投资风险是否可控以及该事项对公司的影响，监督重大交 易事项的执行进展，如发现重大交易事项出现异常情况，应及时向公司董事会报告。 第二章 决策范围 第四条 本制度所指的重大交易事项包括除公司日常经营活动之外发生的重大经营 事项和重大投资事项。具体包括： （九）债权或者债务重组； （十）转让或者受让研发项目； 1 （一）购买资产； （二）出 ...

重庆登康口腔护理用品股份有限公司 对外提供财务资助管理制度 第一章 总则 第一条 为规范重庆登康口腔护理用品股份有限公司（以下简称"公司"）对外提 供财务资助行为及相关信息披露工作，防范经营风险，确保经营稳健，根据《中华人民 共和国证券法》《上市公司信息披露管理办法》《深圳证券交易所股票上市规则》（以 下简称"《股票上市规则》"）《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》（以下简称"《规范运作》"）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》"）等的相关规定，特制定本制度。 第二条 本制度所称对外提供财务资助，是指公司及公司子公司（含全资子公司及 控股子公司，下同）有偿或无偿提供资金、委托贷款等行为。但下列情况除外： （一）财务资助提供方以对外提供借款、贷款等融资业务为其主营业务； （四）支付预付款比例明显高于同行业一般水平； （五）深圳证券交易所认定的其他构成实质性财务资助的行为。 第四条 公司应当充分保护股东的合法权益，对外提供财务资助应当遵循平等、自 愿的原则，公司为控股子公司、参股公司提供资金等财务资助的，该控股子公司、参股 公司的其他股东原则上应当 ...

证券代码：001328 证券简称：登康口腔 公告编号：2024-025 重庆登康口腔护理用品股份有限公司 第七届董事会第十七次会议决议公告 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 第十七次会议（以下简称"本次会议"）通知以电子邮件及电话方式于2024年8月17日 向全体董事发出。 （二）本次会议于2024年8月27日上午10:00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，实际出席现场会议并表决的董事9名。 （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。 公司董事会认为《2024年半年度报告》及其摘要真实、准确地反映了公司2024年 半年度的财务状况和经营成果等事项，不存在虚假记载、误导性陈述或重大遗漏，同 意该报告相 ...

证券代码：001328 证券简称：登康口腔 公告编号：2024-027 重庆登康口腔护理用品股份有限公司 关于修订《公司章程》并办理营业执照变更登记的公告 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"）于2024年8月27日召开 的第七届董事会第十七次会议审议通过了《关于修订<公司章程>并办理营业执照变更 登记的议案》。 根据《中华人民共和国公司法》等法律法规、规范性文件的规定，为进一步完善 公司治理，规范公司运作，结合公司实际情况，拟对《公司章程》部分条款进行修 订。具体情况如下： | 序号 | 修改前 | 修改后 | | --- | --- | --- | | 1 | 全文 股东大会 | 全文 股东会 | | 2 | 第七条 公司的董事长为公司的法定代表 | 第七条 公司的董事长为公司的法定代表 | | | 人。 | 人，董事长辞任的，视为同时辞去法定代表 | | | | 人。法定代表人辞任的，公司应当在法定代 | | | | 表人辞任之日起三十日内确定新的法定代表 | | | | 人。法定代表人的产生 ...