Core Viewpoint - The personal care products sector experienced a decline of 1.72% on January 15, with a notable drop in the stock of Wanjian Medical, while the overall market showed mixed results with the Shanghai Composite Index down 0.33% and the Shenzhen Component Index up 0.41% [1] Group 1: Market Performance - The personal care products sector's decline was led by Wanjian Medical, which fell by 3.57% to a closing price of 38.08 [2] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Group 2: Individual Stock Performance - Notable stock performances included: - Dengkang Oral (001328) rose by 2.51% to 41.27 with a trading volume of 28,300 shares and a transaction value of 116 million [1] - Other stocks such as Zhongshun Jierou (002511) and Liangmian Needle (600249) saw minor declines of 0.24% and 0.51% respectively [1] - The largest decline was observed in Wanjian Medical (300888), which dropped by 3.57% [2] Group 3: Capital Flow - The personal care products sector saw a net inflow of 531,700 yuan from institutional investors, while retail investors experienced a net outflow of 2,407,430 yuan [2] - The capital flow for individual stocks indicated that Wanjian Medical had a net inflow of 21,931,300 yuan from institutional investors, but a significant outflow of 45,204,800 yuan from retail investors [3]

Core Viewpoint - The personal care products sector experienced a slight increase of 0.2% on January 14, with Baiya Co., Ltd. leading the gains, while the Shanghai Composite Index fell by 0.31% and the Shenzhen Component Index rose by 0.56% [1]. Group 1: Market Performance - The closing price of Baiya Co., Ltd. was 21.24, with an increase of 1.09% and a trading volume of 77,000 shares, amounting to a transaction value of 163 million yuan [1]. - Other notable performers included Yiyi Co., Ltd. with a closing price of 28.72 and a rise of 1.06%, and Haoyue Care with a closing price of 32.78 and an increase of 1.02% [1]. - Conversely, companies like Jiya Co., Ltd. and Wanjian Medical saw slight declines of 0.19% and 0.23%, respectively [1]. Group 2: Capital Flow - The personal care products sector saw a net inflow of 4.32 million yuan from institutional investors, while retail investors experienced a net outflow of 7.12 million yuan [2]. - The capital flow data indicates that Yiyi Co., Ltd. had a significant net inflow of 13.31 million yuan from institutional investors, while it faced a net outflow of 6.19 million yuan from retail investors [3]. - Other companies like Haoyue Care and Dongkang Oral also showed mixed capital flows, with institutional inflows but retail outflows [3].

Market Overview - The personal care products sector experienced a slight decline of 0.03% on January 13, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Notable gainers in the personal care sector included: - Dengkang Oral Care (001328) with a closing price of 40.60, up 6.17% [1] - Beijia Clean (603059) with a closing price of 36.25, up 3.93% [1] - Jieya Co., Ltd. (301108) with a closing price of 35.95, up 3.72% [1] - Other stocks showed mixed performance, with some experiencing declines, such as: - Two-Sided Needle (600249) down 0.67% to 5.92 [1] - Zhongshun Jiesang (002511) down 0.95% to 8.32 [1] Capital Flow - The personal care products sector saw a net inflow of 17.19 million yuan from institutional investors, while retail investors experienced a net outflow of 20.21 million yuan [2] - The capital flow for individual stocks indicated that: - Reliable Co., Ltd. (301009) had a net inflow of 10.73 million yuan from institutional investors [3] - Beijia Clean (603059) faced a net outflow of 3.99 million yuan from institutional investors [3]

Group 1 - The company, Baiya Co., Ltd. (stock code: 003006), engages in regular consumer research to inform internal business decisions [1] - Major operational information will be disclosed in compliance with relevant laws and regulations [1]

Market Overview - The personal care products sector increased by 1.28% on January 12, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index closed at 14366.91, up by 1.75% [1] Stock Performance - Beijia (603059) closed at 34.88, with a rise of 10.00% and a trading volume of 21,500 lots, resulting in a transaction value of 74.26 million yuan [1] - Haoyue Care (605009) closed at 32.52, up by 2.59%, with a trading volume of 38,600 lots and a transaction value of 124 million yuan [1] - Reliable Co. (301009) closed at 13.11, increasing by 1.55%, with a trading volume of 47,100 lots and a transaction value of 61.36 million yuan [1] - Other notable stocks include: - Wenjian Medical (300888) at 39.73, up by 1.43% [1] - Runben Co. (603193) at 25.33, up by 1.40% [1] - Liangmian Needle (600249) at 5.96, up by 1.36% [1] Capital Flow - The personal care products sector experienced a net outflow of 1.1334 million yuan from institutional investors, while retail investors saw a net inflow of 5.4803 million yuan [2] - The overall capital flow indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2] Detailed Capital Flow Analysis - Beijia (603059) had a net inflow of 23.84 million yuan from institutional investors, but a net outflow of 9.50 million yuan from speculative funds [3] - Haoyue Care (605009) saw a net inflow of 18.45 million yuan from institutional investors, with a net outflow of 12.29 million yuan from speculative funds [3] - Reliable Co. (301009) experienced a net outflow of 5.92 million yuan from institutional investors, while retail investors contributed a net inflow of 6.46 million yuan [3]

Market Overview - The personal care products sector increased by 0.64% on January 9, with Dengkang Oral leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Dengkang Oral closing at 39.19, up 1.79% on a trading volume of 15,000 shares and a transaction value of 58.84 million yuan [1] - Other notable performers included: - Zhongshun Jierou at 8.38, up 1.09%, with a trading volume of 164,500 shares and a transaction value of 137 million yuan [1] - Wanjian Medical at 39.17, up 1.03%, with a transaction value of 166 million yuan [1] - Liangmian Needle at 5.88, up 1.03%, with a trading volume of 119,500 shares and a transaction value of 69.76 million yuan [1] Capital Flow - The personal care products sector experienced a net outflow of 9.1265 million yuan from institutional investors and 14.5833 million yuan from speculative funds, while retail investors saw a net inflow of 23.7098 million yuan [2] - Detailed capital flow for specific stocks included: - Runben Co. with a net inflow of 4.5229 million yuan from institutional investors, but a net outflow of 6.0816 million yuan from speculative funds [3] - Yiyi Co. had a net outflow of 51,000 yuan from institutional investors, but a net inflow of 619.27 million yuan from retail investors [3] - Dengkang Oral saw a net outflow of 1.5334 million yuan from institutional investors [3]

Core Viewpoint - The report from Southwest Securities indicates that the performance of the light industry sector in 2025 is expected to be flat, with cyclical and traditional manufacturing valuations under pressure, while packaging, exports, and personal care sectors show differentiated performance [1] 2025 Sector Review - In 2025, the light industry sector experienced relatively flat performance, with traditional cyclical and manufacturing companies facing valuation pressure. However, the packaging and printing sectors benefited from price increases and cross-industry transformations, leading to better stock performance [1] - The export sector showed some differentiation due to tariff policy disruptions, with companies that have balanced production capacity, strong demand resilience, and low tariff impact performing better [1] - The personal care sector achieved excess returns in the first half of the year but entered a valuation digestion phase in the second half due to intensified competition in e-commerce channels. However, domestic brands are expected to continue their growth trajectory due to product structure optimization and channel expansion [1] 2026 Stock Selection Strategy - The focus will be on undervalued cyclical assets as valuation recovery is anticipated amid changes in the bulk commodity cycle, gradually realizing allocation value [2] - There is a need to balance the valuation and growth potential of new consumption and export sectors, favoring high-growth or low-valuation, high-safety stocks [2] - Four main lines of focus for stock selection include: 1. Gradually emphasizing undervalued cyclical stocks, particularly in the paper sector, which is expected to see price increases driven by "anti-involution" and traditional peak season factors, with net profit per ton likely to recover [2] 2. Export stocks with strong demand resilience and manufacturing capabilities are still considered valuable for allocation, especially those with good growth potential in niche categories and minimal tariff impact [2] 3. Domestic personal care brands are expected to see upward trends in market share and growth potential due to rapid product iteration and competitive pricing [2] 4. New consumption trends in AI glasses, new tobacco products, pet supplies, and trendy toys are expected to continue their upward trajectory, contributing to the growth of the consumption sector [2] Recommended Stocks - Recommended stocks include Sun Paper, Bohui Paper, Weigao Medical, Baiya Co., Nobon Co., Yiyi Co., Mengbaihe, and Gujia Home [3]

Core Insights - The report emphasizes the importance of capitalizing on emotional consumption trends and reassessing cyclical value in the light of the 2026 investment strategy for the light industry sector [1][3]. 2025 Sector Review - In 2025, the light industry sector experienced relatively flat performance, with traditional cyclical and manufacturing companies facing valuation pressure. However, packaging and printing sectors benefited from price increases and cross-industry transformations, leading to better stock performance [4]. - The export sector showed some differentiation due to tariff policy disruptions, with companies that had balanced production capacity and strong demand performing better. The personal care sector saw excess returns in the first half of the year but faced valuation digestion in the second half due to intensified e-commerce competition [4][5]. - The report suggests a dual focus for stock selection in 2026: on one hand, to pay attention to undervalued cyclical assets for valuation recovery; on the other hand, to balance the valuation and growth potential of new consumption and export sectors [4]. Stock Selection Strategy - The report recommends four main lines for stock selection: 1. Gradually focus on undervalued cyclical stocks, particularly in the paper sector, which is expected to see price increases driven by seasonal demand and low channel inventory [4]. 2. Maintain a high allocation to export stocks with strong demand resilience and manufacturing capabilities, especially those less affected by tariffs [4]. 3. Invest in high-quality domestic personal care brands benefiting from product structure optimization and channel expansion [4]. 4. Explore new consumption trends in categories like AI glasses, new tobacco products, pet supplies, and trendy toys, which are expected to see significant growth [4]. Recommended Stocks - The report lists several recommended stocks, including: - Sun Paper Industry (002078.SZ) - Bohui Paper Industry (600966.SZ) - Weigao Medical (300888.SZ) - Baiya Co., Ltd. (003006.SZ) - Nobon Co., Ltd. (603238.SH) - Yiyi Co., Ltd. (001206.SZ) - Mengbaihe (603313.SH) - Gujia Home (603816.SH) [4]. 2025 Sector Performance Data - As of December 31, 2025, the SW light industry manufacturing sector had an overall increase of 20.1%, outperforming the Shanghai Composite Index by 1.7 percentage points. The packaging and printing sector performed particularly well with a 35.4% increase [12]. - The report highlights that the packaging sector benefited from price increases and cross-industry transformations, while the home and entertainment sectors also saw significant gains [12][14]. Export Sector Insights - The report notes that from November 2025, the U.S. reduced tariffs on Chinese imports to 20%, leading to a gradual recovery in orders. The fluctuations in tariff policies had previously caused delays in orders from U.S. buyers [76]. - The report indicates that the export sector is expected to see a return to competitive pricing against ASEAN countries following the tariff adjustments, which may accelerate industry consolidation [76][81]. Personal Care Sector Trends - The personal care sector is experiencing product structure upgrades and channel benefits, with brands focusing on high-demand segments such as oral care and women's hygiene products [31][50]. - The report forecasts that the market for women's hygiene products will reach 1079.6 billion yuan in 2025, with a compound annual growth rate (CAGR) of 3.0% from 2025 to 2029 [50][51]. Baby Care Market Dynamics - The baby care market is projected to grow at a CAGR of 3.1% from 2025 to 2029, with a focus on premiumization and specialized products to counteract declining birth rates [59][66]. - The report highlights that single-child consumption is increasing, which helps mitigate the impact of declining birth rates on the market [69].

Core Viewpoint - The company has announced that it plans to disclose its 2025 annual report on April 18, 2026, and is committed to adhering to information disclosure regulations to protect investors' rights [1]. Group 1 - The company has responded to investor inquiries on its interactive platform regarding the timeline for its annual report [1]. - The company emphasizes its dedication to high-quality and timely completion of the annual report preparation [1]. - The company aims to maintain the legitimate rights and interests of investors through diligent compliance with disclosure regulations [1].

Market Overview - The personal care products sector increased by 0.52% on January 8, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Beijia (603059) closed at 31.87, up 3.78% with a trading volume of 26,700 shares and a transaction value of 84.12 million yuan [1] - Reliable Co. (301009) closed at 12.93, up 1.41% with a trading volume of 29,000 shares [1] - HaoYue Care (600509) closed at 31.74, up 1.15% with a trading volume of 22,200 shares [1] - Other notable stocks include Jeya Co. (301108) at 34.39 (+0.88%), Liangmian Needle (600249) at 5.82 (+0.87%), and Runben Co. (603193) at 24.84 (+0.44%) [1] Capital Flow - The personal care products sector experienced a net outflow of 6.63 million yuan from institutional investors and 11.89 million yuan from speculative funds, while retail investors saw a net inflow of 18.52 million yuan [2] - The capital flow for individual stocks shows that Baia Co. (003006) had a net inflow of 5.69 million yuan from institutional investors, while it faced a net outflow of 12.99 million yuan from speculative funds [3] - Jeya Co. (301108) had a net outflow of 3.41 million yuan from institutional investors, but a net inflow of 2.17 million yuan from retail investors [3]