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].

Summary of the Conference Call on Dengkang Oral Care Company Overview - Dengkang Oral Care is a well-established company in the oral care sector, focusing on sensitive toothpaste with its core brand, Cold Acid Spirit, holding approximately 60% market share in the sensitive toothpaste segment [6][10]. Industry Insights - The oral care market has shown resilience compared to the sluggish demand in the medical beauty and cosmetics sectors, with stable revenue and performance since 2024 [3]. - The online penetration rate in the oral care segment is around 30%-40%, lower than the 50%+ rates in color cosmetics and skincare, indicating potential for growth [3]. - The competitive landscape in the toothpaste industry has shifted, with foreign brands losing market share while established brands like Yunnan Baiyao maintain their positions [5]. Key Points and Arguments - Dengkang's Cold Acid Spirit brand is a leader in the sensitive toothpaste market, with a steady revenue growth driven by product structure adjustments that have significantly improved gross margins [3][6]. - The company has positioned Cold Acid Spirit as a cost-effective product, with price adjustments bringing it to the 25-35 RMB range, comparable to Yunnan Baiyao's basic products while maintaining a price advantage [6]. - Dengkang's online sales channels have increased to 30%, still below the industry average, with significant growth on platforms like Douyin, which now accounts for 50% of online sales [7]. - The company has a strong offline market presence, benefiting from deep distribution capabilities and providing substantial profit margins to distributors, which has supported offline growth [8][9]. - Dengkang is continuously upgrading its products in the sensitive care segment, moving from strontium salt technology to bio-mineralization technology, enhancing its competitive edge in terms of both efficacy and pricing [10]. - The introduction of high-end product lines has improved overall gross margin levels, with high-end products achieving margins of over 50%, compared to 30%-50% for basic lines [11]. Financial Projections - Dengkang is projected to achieve a profit of 220 million RMB in 2025, representing a 33% year-on-year increase, with revenue growth expected around 20% and profit growth at 30% [12]. - The online growth rate is conservatively estimated at 30%, with potential to reach 40%-50%, while offline growth is expected to stabilize at around 5% [12]. Additional Insights - The rise of content e-commerce has provided new exposure opportunities for emerging brands, disrupting traditional competition in the oral care market [3][4]. - The company’s strategy includes leveraging its research capabilities to expand product categories and enhance profitability through product upgrades [6][12].

证券代码：001328 证券简称：登康口腔 公告编号：2025-006 重庆登康口腔护理用品股份有限公司 特此公告 重庆登康口腔护理用品股份有限公司 董事会 2025年3月13日 - 1 - 关于董事会、监事会延期换届的提示性公告 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"）第七届董事会、监事 会将于2025年3月15日任期届满，鉴于公司新一届董事会、监事会换届选举工作尚未完 成，为保证公司董事会、监事会相关工作的连续性和稳定性，公司董事会、监事会换 届工作将适当延期，董事会各专门委员会、高级管理人员的任期亦相应顺延。 在公司换届工作完成前，公司第七届董事会、监事会全体成员、董事会各专门委 员会成员及高级管理人员将依照相关法律法规和《公司章程》等有关规定，继续履行 董事、监事及高级管理人员的职责和义务。公司董事会、监事会延期换届不会影响公 司的正常运营。公司将积极推进换届相关工作，尽快完成董事会与监事会的换届选举 工作并及时履行信息披露义务。 ...

Summary of the Conference Call for Dengkang Oral Care Industry and Company Overview - The conference call focuses on Dengkang Oral Care, a company in the oral care industry, particularly in the toothpaste and toothbrush segments, with a notable emphasis on the sensitive toothpaste market [1][6]. Key Points and Arguments - **E-commerce and Product Adjustments**: Dengkang has made significant adjustments in e-commerce and product offerings, leading to improved gross margins and operational efficiency. The company has implemented a differentiated product strategy and structural improvements to enhance gross margins, allowing for higher e-commerce operational sales expenses [3][4]. - **Sales Growth on E-commerce Platforms**: The company has increased its investment in the Douyin platform, resulting in the "Seven-Day Repair" series becoming a best-seller. In January 2025, Douyin's GMV growth reached 127%, and in February, it surged to 718%. The company expects continued double-digit growth throughout the year [3][8]. - **Product Upgrade Strategy**: Dengkang has executed a product upgrade strategy by launching high-end product lines, such as the specialized and medical research series, raising the average price to 20.3 to 30 yuan. This strategy has improved product efficacy, packaging, and marketing, significantly enhancing the company's competitiveness [3][7]. - **Gross Margin Improvement**: The structural changes in product offerings have led to a significant increase in gross margins. The gross margin for high-end products exceeds 60%, while the overall gross margin reached 53.9% in Q3 2024, an increase of approximately seven percentage points year-on-year [3][10]. - **Market Share and Brand Performance**: The Cold Acid Spirit brand has captured over 60% market share in the sensitive toothpaste segment. In the first half of 2024, its offline market share rose from fourth to third place, accounting for approximately 8.6% [3][6]. - **Future Revenue Growth**: Dengkang's online sales account for about 30%, while offline sales make up 70%. The company anticipates revenue growth of 20% to 30% in 2025, with profits expected to rise in tandem. The gross margin is projected to improve from over 50% to potentially close to 60% [3][11]. - **Comparison with Baiya Shares**: Dengkang shares similarities with Baiya Shares, particularly in their expansion from regional to national markets and their success in e-commerce platforms, which has positively impacted their offline market presence [5][13]. - **Long-term Growth Potential**: The oral care industry is dominated by brands like Yunnan Baiyao, which generates around 6 billion yuan in revenue. Dengkang has significant growth potential, with expectations for its gross margin to rise from 50% to nearly 60% in the coming years [12]. Other Important Insights - **Employee Incentives and Internal Adjustments**: Dengkang has implemented employee stock ownership plans and adjusted marketing team incentives to boost sales performance. These internal changes have contributed to the company's success in the competitive landscape [11][12]. - **Market Dynamics**: The conference highlighted the shift in market dynamics, with domestic brands gaining market share at the expense of foreign brands. This trend reflects the rise of local brands and the growing importance of e-commerce channels [11][12]. - **Future Development Stage**: Dengkang is currently in a development stage similar to Baiya's early phase in 2023, focusing on differentiated product strategies and rapid market share growth across multiple platforms [13].

重庆登康口腔护理用品股份有限公司 收购报告书 上市公司名称：重庆登康口腔护理用品股份有限公司 股票上市地：深圳证券交易所 股票简称：登康口腔 股票代码：001328.SZ 收购人名称：重庆渝富控股集团有限公司 住所/通讯地址：重庆市两江新区黄山大道东段 198 号 一致行动人名称：重庆百货大楼股份有限公司 住所/通讯地址：重庆市渝中区青年路 18 号 10、11、14 楼 签署日期：二〇二五年三月 收购人声明 本声明所述的词语或简称与本收购报告书"释义"部分所定义的词语或简称 具有相同的含义。 一、本报告书系收购人及其一致行动人依据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披 露内容与格式准则第 16 号——上市公司收购报告书》等法律、法规和规范性文 件编制。 二、依据上述法律、法规和规范性文件的规定，本报告书已全面披露收购人 及其一致行动人在登康口腔拥有权益的股份。截至本报告书签署日，除本报告书 披露的持股信息外，收购人及其一致行动人没有通过任何其他方式在登康口腔拥 有权益。 三、收购人及其一致行动人签署本报告书已获得必要的授权和批准，其履行 亦不违反 ...

北京德恒（重庆）律师事务所 关于《重庆登康口腔护理用品股份有限公司 收购报告书》的 法律意见 重庆市江北区江北嘴聚贤岩广场9号国华融中心大厦A24层 电话：023-63012200 传真：023-63012211 邮编：400024 第 2 页 共 29 页 北京德恒（重庆）律师事务所 关于《重庆登康口腔护理用品股份 有限公司收购报告书》的法律意见 | 中登公司 | 指 | 中国证券登记结算有限责任公司 | | --- | --- | --- | | 《证券法》 | 指 | 《中华人民共和国证券法》 | | 《公司法》 | 指 | 《中华人民共和国公司法》 | | 《收购管理办法》 | 指 | 《上市公司收购管理办法》 | | 《格式准则第 16 | 号》 指 | 《公开发行证券的公司信息披露内容与格式准则第 16 | | | | 号—上市公司收购报告书》 | | 《公司章程》 | 指 | 《重庆登康口腔护理用品股份有限公司公司章程》 | | 《收购报告书》 | 指 | 《重庆登康口腔护理用品股份有限公司收购报告书》 | | 本所 | 指 | 北京德恒（重庆）律师事务所 | | 本法律意见 | 指 | 《北京 ...

北京德恒（重庆）律师事务所 关于重庆渝富控股集团有限公司 免于发出要约事宜的 法律意见 重庆市江北区江北嘴聚贤岩广场9号国华融中心大厦A24层 电话：023-63012200 传真：023-63012211 邮编：400024 | 一、收购人的主体资格 | 5 | | --- | --- | | 二、本次收购是否属于《收购管理办法》规定的可免于发出要约的情形 | 6 | | 三、本次收购的法定程序 | 9 | | 四、本次收购是否存在或者可能存在法律障碍 | 9 | | 五、本次收购有关的信息披露 | 9 | | 六、收购人及一致行动人在本次收购中是否存在证券违法行为 | 10 | | 七、结论意见 | 10 | 北京德恒（重庆）律师事务所 关于重庆渝富控股集团有限公司免于发出要约 事宜的法律意见 释 义 在本法律意见中，除非文义另有所指，下列词语具有下述涵义： 北京德恒（重庆）律师事务所 关于重庆渝富控股集团有限公司 免于发出要约事宜的 | 上市公司/登康口腔 | 指 | 重庆登康口腔护理用品股份有限公司，其公开发行的股 | | --- | --- | --- | | | | 票在深圳证券交易所上市交易，证 ...

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 暨免于发出要约收购申请 之财务顾问报告 财务顾问：西南证券股份有限公司 二〇二五年三月 财务顾问声明与承诺 （一）财务顾问声明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》及《公开发行证券的公司信息披露内容与格式准则第 16 号——上市 公司收购报告书》等法律法规和规范性文件的规定，西南证券股份有限公司（以 下简称"本财务顾问"）按照行业公认的业务标准、道德规范，本着诚实信用、 勤勉尽责的精神，对本次收购的相关情况和资料进行了核查，对收购人及其一致 行动人出具的《重庆登康口腔护理用品股份有限公司收购报告书》所披露的内容 出具财务顾问报告。 为此，本财务顾问特作出以下声明： 1、本财务顾问依据的有关资料由收购人及其一致行动人提供。收购人及其 一致行动人已作出承诺，保证其所提供的资料均为真实、准确、完整的原始书面 资料或副本资料，副本资料或复印件与其原始资料或原件一致，所有文件的签名、 印章均是真实的；所有文件和材料不存在虚假记载、误导性陈述或重大遗漏，并 对所提供信息的真实性、准确性和完整性承担法律责任。 ...

证券代码：001328 证券简称：登康口腔 公告编号：2025-005 重庆登康口腔护理用品股份有限公司 关于控股股东国有股权无偿划转暨《托管协议》解除的 提示性公告 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。 重要内容提示： 重庆渝富控股集团有限公司（以下简称"渝富控股"）拟将所持重庆登康口腔护理 用品股份有限公司（以下简称"登康口腔"或"公司"）控股股东重庆轻纺控股（集团） 公司（以下简称"轻纺集团"）80%股权无偿划转给公司间接控股股东重庆机电控股（集 团）公司（以下简称"机电集团"）。同时，重庆市国有资产监督管理委员会（以下简 称"重庆市国资委"）拟将所持轻纺集团 20%股权无偿划转给机电集团。股权划转完成 后，重庆市国资委、渝富控股、机电集团、轻纺集团签订的《托管协议》解除。（以下 简称"本次变动"） 本次变动完成后，机电集团由受托管理轻纺集团，变为直接持有轻纺集团 100%股 权，不涉及公司表决权的变动，不会导致登康口腔控股股东和实际控制人发生变化。登 康口腔的控股股东仍为轻纺集团，实际控制人仍为重庆市国资委。 一、本次变动基本情况概述 202 ...

重庆登康口腔护理用品股份有限公司 收购报告书摘要 上市公司名称：重庆登康口腔护理用品股份有限公司 股票上市地：深圳证券交易所 股票简称：登康口腔 股票代码：001328.SZ 收购人名称：重庆渝富控股集团有限公司 住所/通讯地址：重庆市两江新区黄山大道东段 198 号 一致行动人名称：重庆百货大楼股份有限公司 住所/通讯地址：重庆市渝中区青年路 18 号 10、11、14 楼 签署日期：二〇二五年二月 收购人声明 本声明所述的词语或简称与本报告书摘要"释义"部分所定义的词语或简称 具有相同的含义。 一、本报告书摘要系收购人及其一致行动人依据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信 息披露内容与格式准则第 16 号——上市公司收购报告书》等法律、法规和规范 性文件编制。 二、依据上述法律、法规和规范性文件的规定，本报告书摘要已全面披露收 购人及其一致行动人在登康口腔拥有权益的股份。截至本报告书摘要签署日，除 本报告书摘要披露的持股信息外，收购人及其一致行动人没有通过任何其他方式 在登康口腔拥有权益。 三、收购人及其一致行动人签署本报告书摘要已获得必要的授权 ...