证券代码：300856 证券简称：科思股份 公告编号：2026-006 债券代码：123192 债券简称：科思转债 南京科思化学股份有限公司 关于使用闲置募集资金和闲置自有资金 进行现金管理的进展公告 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。 南京科思化学股份有限公司（以下简称"公司"或"科思股份"） 于 2025 年 4 月 22 日召开第三届董事会第二十三次会议和第三届监事 会第二十次会议，审议通过了《关于使用闲置募集资金和闲置自有资 金进行现金管理的议案》，同意公司及子公司在确保不影响正常运营 和募集资金投资项目推进的情况下，使用总额度不超过 10,000 万元 人民币的闲置募集资金和不超过 60,000 万元人民币的闲置自有资金 进行现金管理，用于购买安全性高、流动性好、期限不超过 12 个月 的理财产品，现金管理期限自董事会审议通过之日起不超过 12 个月。 在前述额度内，资金可以循环滚动使用。 近期，公司使用闲置募集资金和闲置自有资金购买了银行理财产 品，现就相关事宜公告如下： 关系。 二、投资风险及风险控制措施 （一）投资风险分析 公司及子 ...

防晒剂：国货替代叙事能否再度演绎 20260323 摘要 供需拐点：防晒剂市场从 2021-2023 年供不应求转为 2024 年起增速 放缓，复合增长率由约 10%降至 4%-5%，行业进入去库存与价格波动 期。 成本驱动：2026 年 3 月受中东局势影响，原料价格普涨 30%；传统防 晒剂（OMC、阿伏苯宗）与原油高度同步，新型防晒剂价格传导存在 1- 1.5 个月滞后。 竞争格局：科思股份等国内厂商凭借 25%-30%的价格优势及供应链灵 活性，在新型防晒剂市场占有率达 40%-45%，已超越巴斯夫的 25%- 30%。 盈利分化：巴斯夫净利率低于 15%，而科思股份净利率可达 20%以上； 巴斯夫正计划退出毛利较低、受国内厂商（美峰、华阳）挤压的物理防 晒剂业务。 技术壁垒：巴斯夫在 BEMT（90%份额）和 MBBT（85%份额）领域维 持专利垄断，国内仿制品在纯度与合规性上仍有差距，巴斯夫借此维持 50%以上高毛利。 库存预警：2024-2025 年市场库存升至 4-5 个月高位，远超 3.5 个月 的健康水平；若巴斯夫执行 30%涨价而科思仅涨 10%，非绑定客户将 出现大规模订单切换。 Q& ...

社会服务 社会服务 2026 年 03 月 22 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2025-03 2025-07 2025-11 社会服务 沪深300 相关研究报告 《中东局势或利好中国香港地产持续 复苏，多特倍斯 2 月仍保持高增—行 业周报》-2026.3.15 《中国香港房价及租金回暖，市场维 持美国年内两次降息预期—行业周 报》-2026.3.8 《体验与首店经济驱动高端商业体， 三丽鸥上修全年预期—行业周报》 -2026.3.1 | 初敏（分析师） | 李睿娴（分析师） | 程婧雅（分析师） | | --- | --- | --- | | chumin@kysec.cn | liruixian@kysec.cn | chengjingya@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790525020004 | 证书编号：S0790525070010 | liruixian@kysec.cn 证书编号：S0790525020004 chengjingya@kysec.cn 证书编号：S07905 ...

中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）根据《深圳 证券交易所上市公司自律监管指引第 13 号——保荐业务》的相关规定对南京科 思化学股份有限公司（以下简称"科思股份"、"公司"）进行了 2025 年度持续督 导培训，报告如下： 一、本次持续督导培训的基本情况 中信证券股份有限公司 关于南京科思化学股份有限公司 2025年度持续督导培训情况的报告 深圳证券交易所： 三、本次持续督导培训的结论 （一）保荐机构：中信证券股份有限公司 （二）保荐代表人：王风雷、艾华 （三）培训时间：2026 年 3 月 6 日 （四）培训地点：江苏省南京市江宁区九龙湖企业园 C1 栋科思股份会议室 （五）培训人员：王风雷 （六）培训对象：公司董事、高级管理人员、中层以上管理人员及公司控股 股东和实际控制人 （七）培训内容：根据《深圳证券交易所创业板股票上市规则（2025 年修订）》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作 （2025 年修订）》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 等规则要求，向相关人员重点培训关于上市公司治理、内部控制、信息披露、募 集 ...

Group 1 - The core point of the article is that as of February 13, 2026, the number of shareholders for Kesi Co., Ltd. has exceeded 22,500 [2]

Group 1: Core Views - The actual controller of Kesi Co., Ltd. has changed due to the passing of Zhou Jiuqing, with shares inherited by his spouse, and the new controller is Zhou Xuming [2] - The company forecasts a significant decline in net profit for 2025, with an expected range of 90 million to 120 million yuan, representing a year-on-year decrease of 78.67% to 84% [3] - The decline in performance is attributed to a slowdown in demand in the sunscreen market, inventory destocking by downstream customers, and intensified industry competition, leading to a drop in both volume and price [3] Group 2: Financial Performance - In the third quarter of 2025, the company reported a revenue decline of 39.93% year-on-year, with a net profit attributable to shareholders decreasing by 84.84% [4] - The gross profit margin fell from 48.8% in 2023 to 29.7% in 2025, indicating significant pressure on profitability [4] - The net cash flow from operating activities also saw a substantial decline, reflecting short-term market pressures [4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 16.10 [1]. Core Views - The company is currently at a low point in its fundamentals, but several positive factors are accumulating. Inventory destocking by downstream major clients is nearing its end, and there is limited downside for the company's profitability and order prices, with potential for improvement. The new factory in Malaysia, market entry in the US, and new product lines are expected to contribute positively. Therefore, it is anticipated that the company's sales will recover to positive growth in 2026, with price stabilization and improvement potential [1][6][9]. Summary by Sections Supply and Demand - The destocking effect from downstream clients is expected to diminish, leading to a recovery in demand. The company's revenue decline has narrowed significantly, and the impact of destocking is gradually weakening, which may drive a gradual recovery in orders [7]. Price Dynamics - The company’s main raw materials are linked to oil prices, and recent geopolitical tensions have caused international oil prices to rise. This, combined with pre-holiday inventory replenishment, has improved the price differentials of most chemical products. Therefore, there is limited room for further price declines, with potential for upward price adjustments [8]. Sales Growth Potential - The new factory in Malaysia is nearing completion, with trial production preparations underway. The company is also promoting new products such as amino acid surfactants and anti-dandruff agents, which are entering major brand supply chains. Additionally, the US FDA certification for P-S products is progressing, which could open new growth avenues in the US market, the largest sunscreen market globally [9]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025E-2027E is maintained at RMB 0.87 billion, RMB 1.64 billion, and RMB 2.47 billion, respectively. The target price has been adjusted to RMB 16.10, reflecting a 31x PE for 2027E, based on clear expectations for supply-demand improvement, potential price increases, and anticipated sales growth [10].

Group 1: Automotive Industry Insights - The European motorcycle market is evolving, providing opportunities for Chinese brands to break through with a focus on quality-price ratio rather than just price competition [2] - Chinese motorcycle manufacturers, represented by Longxin and Chuncheng, have made significant technological advancements and channel development, establishing a competitive edge in the 300 to 800cc segment [2] - There is a broad growth potential for Chinese motorcycle companies in the European market, particularly in niche segments [2] Group 2: Hong Kong Stock Market Analysis - A framework for evaluating Hong Kong stocks based on cash flow, capital structure, profitability, shareholder returns, growth, and valuation has been developed [3] - The backtesting results indicate that a stock pool selected based on fundamental scores can achieve an annualized excess return of over 9% compared to the Hong Kong Stock Connect total return index [3] - Further enhancement strategies based on quality fundamentals have also shown promising performance, with an annualized excess return of nearly 15% after fees [3] Group 3: Global Companies' Performance in China - Among 30 large multinational companies, 45% reported improved performance in Q4 2025, with 33% expecting further improvement, despite challenges from the real estate sector [4] - Notable highlights include advancements in technology and a rise in demand for services and self-care consumption, which have positively impacted some traditional companies [4] Group 4: Company-Specific Reports - Vertiv reported a significant increase in orders and exceeded earnings expectations for Q4 2025, with revenue of $2.88 billion, a year-on-year increase of 23% [5] - The company provided optimistic guidance for Q1 2026 and the full year, with expected revenue between $2.5 billion and $2.75 billion [5] - The demand for liquid cooling solutions is expected to rise due to increased power requirements driven by advancements in AI and cloud computing [5] Group 5: Consumer and Media Sector Insights - Kewen Group is at a low point in its fundamentals but is expected to see improvements due to factors such as the end of inventory destocking by major clients and potential growth from new factories [7] - The company is projected to achieve positive sales growth in 2026, with stabilizing prices and potential for improved profitability [7] - Yuewen Group anticipates a loss due to goodwill impairment but maintains a positive long-term outlook on its IP operations and related business growth [8] Group 6: Semiconductor Industry Outlook - SMIC reported a 4.5% quarter-on-quarter revenue growth in Q4 2025, with a high capacity utilization rate of 95.7% [9] - The company expects stable revenue and margins for Q1 2026, with a focus on advanced packaging and a "Foundry 2.0" development strategy [9] - The demand for AI-related products is anticipated to tighten supply-demand relationships in mature processes, potentially increasing average selling prices [9] Group 7: Education Technology Sector Performance - Youdao's Q4 2025 revenue reached 1.56 billion yuan, a year-on-year increase of 16.8%, driven by growth in advertising and learning services [10] - The company achieved a significant operating profit and cash flow improvement, marking its first year of positive cash flow [10] - The outlook for 2026 remains positive, with expectations for continued growth in advertising and learning services [10]

Group 1 - The core viewpoint of the article is that Kexin Co., Ltd. (300856) is currently preparing for trial production at its factory in Malaysia, aiming for early official production [1] Group 2 - The company is actively engaging with investors through an interactive platform to provide updates on its operational progress [1] - The focus on the Malaysian factory indicates a strategic move to enhance production capabilities and potentially expand market reach [1]

Core Viewpoint - Koss Corporation (300856.SZ) is currently advancing the trial production preparations at its Malaysia factory, aiming for an early official production launch [1] Group 1 - The company is focused on preparing for trial production at its Malaysia facility [1] - The goal is to commence official production as soon as possible [1]