证券日报网讯 2月25日，科思股份在互动平台回答投资者提问时表示，截至2026年2月13日，公司股东 人数为22500余户。 （文章来源：证券日报） ...

2026年1月21日及29日，科思股份披露2025年业绩预告，预计全年归母净利润为0.9亿元至1.2亿元，同比 下降78.67%至84%，扣非净利润同比下降78.31%至83.97%。业绩变动主要受防晒市场需求增长放缓、 下游客户去库存及行业竞争加剧影响，导致产品量价齐跌。 财务状况 2025年第三季度报告显示，公司营收同比下降39.93%，归母净利润同比下降84.84%，毛利率从2023年 的48.8%下滑至29.7%。经营活动现金流净额也大幅下降，反映出短期市场压力。 以上内容基于公开资料整理，不构成投资建议。 经济观察网科思股份（300856）实际控制人变更，2025年业绩预告显示净利润同比大幅下滑，第三季度 财务数据承压。 高管变动 2025年11月20日，科思股份公告实际控制人之一周久京先生因病逝世，其持有的公司股份13,650,000股 由配偶傅小兰女士继承，公司实际控制人变更为周旭明先生。本次变动不会影响公司治理结构和持续经 营。 业绩经营情况 ...

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]

证券日报网讯2月12日，科思股份（300856）在互动平台回答投资者提问时表示，马来西亚工厂目前正 在推进试生产准备工作，力争尽早正式投产。 ...

格隆汇2月12日丨科思股份(300856.SZ)在投资者互动平台表示，马来西亚工厂目前正在推进试生产准备 工作，力争尽早正式投产。 ...

Group 1 - The core point of the article is that Kosh Holdings (科思股份) has confirmed that its sunscreen products are being utilized by Mistine [1] Group 2 - Kosh Holdings is actively engaging with investors through its interactive platform [1] - The use of Kosh Holdings' sunscreen products by Mistine indicates potential market acceptance and collaboration opportunities [1]

Group 1 - The core point of the article is that Kesheng Co., Ltd. (科思股份) has reported that as of January 30, 2026, the number of its shareholders exceeds 22,500 [1]

Group 1 - The core point of the article is that Kesi Co., Ltd. (stock code: 300856) reported that as of January 30, 2026, the number of shareholders has exceeded 22,500 [1]

Core Viewpoint - Koss Corporation, known as the "first stock in beauty sunscreen," is experiencing a significant decline in performance, with a projected net profit drop of 78.67% to 84% in 2025 due to decreased sales volume and market price of sunscreen products [1][2]. Financial Performance - In 2024, Koss Corporation's revenue decreased by 5.16% to approximately 2.28 billion yuan, while net profit fell by 23.33% to about 562 million yuan [4][5]. - For the first half of 2025, revenue and net profit are expected to decline by 48.67% and 84.51%, respectively, reaching 721 million yuan and approximately 65 million yuan [6]. - The company's gross profit margin decreased to 44.4% in 2024 due to price reductions in some sunscreen products [5]. Market Dynamics - The sunscreen market is stabilizing after rapid growth, leading to increased competition and a more balanced supply-demand relationship [2][3]. - Koss Corporation's reliance on international markets is significant, with over 86% of its revenue coming from overseas clients [10]. Product Performance - Sunscreen products are the main revenue drivers for Koss Corporation, and any changes in their sales volume and pricing significantly impact the company's overall performance [8][10]. - In the first half of 2025, revenue from cosmetic active ingredients decreased by 54.76%, accounting for approximately 75.4% of total revenue [10]. Strategic Initiatives - Koss Corporation plans to enhance market development efforts, focusing on collaboration with small and medium-sized clients and increasing investment in cosmetic formulation and application research [5][11]. - The company is expanding its product line to include amino acid surfactants and other personal care ingredients to seek new growth opportunities [11]. Research and Development - Despite emphasizing technology innovation, Koss Corporation's R&D expenditure has decreased, with a 39.91% drop in the first half of 2025 compared to the previous year [11].