Core Viewpoint - The company emphasizes its commitment to market expansion through participation in domestic and international industry exhibitions and brand activities, which are crucial for acquiring new clients and solidifying its market position [1]. Group 1 - The company actively engages in industry exhibitions and brand activities as a strategy for market expansion [1]. - The company is dedicated to timely information disclosure regarding significant business developments that meet disclosure standards, in compliance with regulatory requirements [1].

Group 1 - The core point of the article is that Kesi Co., Ltd. (stock code: 300856) reported that as of January 20, 2026, the number of shareholders reached 23,024 [1]

Market Overview - The cosmetics sector experienced a decline of 0.98% on January 30, with Lafang Family leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Individual Stock Performance - Qingdao Kingking (002094) saw a closing price of 8.75, with an increase of 4.17% and a trading volume of 1.1682 million shares, amounting to a transaction value of 1.02 billion [1] - Lafang Family (603630) closed at 19.21, down 6.38%, with a trading volume of 89,300 shares and a transaction value of 174 million [2] - Shanghai Jahwa (600315) closed at 20.92, down 4.52%, with a trading volume of 163,300 shares and a transaction value of 345 million [2] - Other notable stocks include Beitaini (300957) at 41.89, down 0.85%, and Marubi (603983) at 31.52, down 0.32% [2] Capital Flow Analysis - The cosmetics sector saw a net inflow of 60.2766 million from institutional investors, while retail investors experienced a net outflow of 62.139 million [2] - The main capital inflow was led by Qingdao Kingking with 68.098 million, while retail investors showed significant outflows across various stocks [3] - Shanghai Jahwa had a net inflow of 6.7524 million from institutional investors, but also faced a net outflow of 7.7544 million from retail investors [3]

Core Viewpoint - The company, Keshare Co., has expanded its product offerings in the personal care sector, leveraging its strengths in sunscreen agents to include amino acid surfactants and pyrithione ethanolamine salt (PO) [1] Group 1 - The company has successfully entered the supply chains of leading brands such as Unilever [1] - Sales promotion for the new product lines is progressing in an orderly manner [1]

Market Overview - The cosmetics sector experienced a decline of 1.27% on January 27, with Marubi Biotechnology leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - Key performers in the cosmetics sector included: - Jiahen Home Cosmetics (300955) with a closing price of 41.47, up 6.88% and a trading volume of 73,900 shares, totaling 303 million yuan [1] - Qingdao Kingway (002094) closed at 8.24, up 3.00% with a trading volume of 569,900 shares, totaling 467 million yuan [1] - Conversely, Marubi Biotechnology (603983) closed at 31.84, down 4.47% with a trading volume of 46,400 shares, totaling 149 million yuan [2] Capital Flow Analysis - The cosmetics sector saw a net outflow of 43.98 million yuan from main funds, while retail investors contributed a net inflow of 43.99 million yuan [2] - Notable capital flows included: - Qingdao Kingway (002094) with a net inflow of 22.70 million yuan from main funds [3] - Shanghai Jahwa (600315) with a net inflow of 8.10 million yuan from main funds [3] - Marubi Biotechnology (603983) experienced a slight net outflow of 94,800 yuan from main funds [3]

Investment Rating - The report indicates a significant downgrade in the investment outlook for the company, with a projected net profit drop of 78.7% to 84.0% for 2025 compared to 2024 [4][12]. Core Insights - The company, Kosi Co., Ltd. (科思股份), is experiencing a severe decline in profitability, with a forecasted net profit of only 0.9 to 1.2 billion yuan for 2025, marking a drastic fall from previous years [4][12]. - The gross margin has plummeted from 48.8% in 2023 to 29.6% in 2025, indicating a loss of pricing power and profitability [9][10]. - The company's revenue for the first three quarters of 2025 was 11.2 billion yuan, but this was accompanied by a significant drop in cash flow, which decreased by nearly 79% year-on-year [12]. - Kosi Co., Ltd. has historically benefited from a strong position in the sunscreen market, holding over 20% of the global market share, but is now facing challenges due to reduced demand from major clients [15][16]. - The company's reliance on international clients for over 80% of its revenue has made it vulnerable to global market fluctuations, particularly as clients begin to reduce inventory [16][21]. - The report highlights the company's ongoing expansion efforts, including projects in Malaysia, despite the current downturn in performance [25][28]. Summary by Sections Performance Overview - The company has issued a shocking profit warning, projecting a net profit of only 0.9 to 1.2 billion yuan for 2025, a stark contrast to previous years [4]. - The gross margin has decreased significantly, dropping from 48.8% in 2023 to 29.6% in 2025 [9][10]. Market Position and Challenges - Kosi Co., Ltd. has been a leading player in the sunscreen market, but the slowdown in demand from major clients has exposed vulnerabilities in its business model [15][16]. - The company’s gross margin for its core product, cosmetic active ingredients, fell from 53.1% in 2023 to 35.3% in 2025 [17]. Strategic Moves - Despite the downturn, the company is pursuing expansion projects, including a significant production facility in Malaysia, indicating a commitment to long-term growth [25][28]. - The report notes that the actual controller of the company has reduced their holdings, which may signal a lack of confidence in the near-term outlook [22][23].

防晒市场需求增长放缓，苦日子恐怕得再熬一阵子。 | 作者 | | 白猫 | | --- | --- | --- | | 编辑 | | 小白 | 风云君以前常说，在化工圈子里，给国际巨头打工是门好生意。只要下游的老板们吃肉，作为上 游"打工皇帝"的科思股份（300856.SZ），日子就能过得相当滋润。 但最近的成绩单却给市场泼了一盆冷水：老板不仅要在寒风中缩衣节食，还在消化肚子里的存货，科 思股份这碗汤，眼看是端不稳了。 业绩"深蹲"：从高 光时刻 到至暗时刻 就在1月21日，科思股份抛出了一份令人咋舌的业绩预告。公司预计2025年全年的归母净利润只有0.9 亿到1.2亿元。这个数字意味着什么？意味着相比2024年，它的净利润暴跌了78.7%至84.0%。 （ 2025 年半年报） 曾几何时，科思股份是著名的"现金奶牛"。2023年，它的综合毛利率高达48.8%，是妥妥的暴利生 意。到了2024年，虽然微降至44.4%，依然傲视群雄。但到了2025年三季度，这个数字直接击穿了3 0%的心理防线，跌到了29.6%。 短短两年不到，毛利率蒸发了近20个百分点。 （ 2025 年业绩预告） 再翻看最新的财务报表，惨烈 ...

1 月21日，科思股份（300856）(SZ300856，股价14.16元，市值67.36亿元)发布2025年度业绩预告。该 预告显示，公司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%，扣非净利润为0.85 亿元至1.15亿元，同比下降78.31%至83.97%。 科思股份称，公司业绩下滑主要受防晒市场需求增长放缓、下游客户消化前期库存影响，导致公司防晒 剂出货量同比下降；同时，市场竞争加剧使产品价格回落，进而压缩利润空间。 《每日经济新闻》记者注意到，科思股份2025年业绩承压，核心源于防晒剂业务"量价双降"。 境外业务收入占比较高 根据科思股份此前披露的财务数据，2025年前三季度，公司实现营业收入11.16亿元，同比下降 39.93%，归母净利润为7793.47万元，同比下降84.84%。此外，毛利率从2023年的48.8%降至2025年前三 季度的29.7%，净利率亦由2023年的30.6%降至2025年前三季度的6.6%。 科思股份核心产品是"化妆品活性成分及其原料"，其中又以防晒剂为主。"化妆品活性成分及其原料"长 期占据公司总营收的八成以上。2023年，化妆品活性成分 ...

经济观察网2026年1月21日，科思股份（300856）发布2025年度业绩预告，预计2025年净利润9000万元 至1.2亿元，同比下降78.67%至84.00%；扣除非经常性损益后的净利润8500万元至1.15亿元，同比下降 78.31%至83.97%。 ...

（编辑 丛可心） 证券日报网讯 1月21日，科思股份发布公告称，公司预计2025年度归属于上市公司股东的净利润盈利 9，000万元至12，000万元，上年同期盈利56，247.34万元，比上年同期下降78.67%至84.00%。 ...