Investment Rating - The report maintains a positive outlook on the domestic beauty and skincare industry, particularly focusing on the potential of Chinese brands expanding into Southeast Asia [4]. Core Insights - The domestic skincare market is entering a steady growth phase, with the market size projected to increase from CNY 244.9 billion in 2019 to CNY 271.2 billion by 2024, reflecting a CAGR of 2.1%. The color cosmetics market is expected to grow from CNY 59.3 billion to CNY 62.0 billion during the same period, with a CAGR of 0.9% [6][20]. - Southeast Asia is positioned as a crucial trade hub with high economic growth rates, where countries like Indonesia, Malaysia, and Vietnam are expected to maintain GDP growth around 5% from 2024 to 2026, outpacing developed nations by 1.5%-2% [6][8]. - The increasing e-commerce penetration in Southeast Asia is driving online beauty consumption, with Indonesia's e-commerce sales for skincare rising from 1.3% in 2016 to 20.9% in 2021 [6][8]. - The Southeast Asian market exhibits a layered consumer demand, with high-end brands having potential in Singapore, while mid-range brands can thrive in Malaysia, and cost-effective products are favored in Indonesia, Thailand, and Vietnam [6][8]. Summary by Sections Supply Chain Advantages - Domestic beauty brands are enhancing their supply chain capabilities, which allows them to explore new markets abroad. The trend of outsourcing to export-oriented brands is becoming a viable strategy for differentiation [6][20]. - The geographical advantages and high growth potential of Southeast Asia make it an attractive market for beauty consumption [6][29]. Production and Channel Flexibility - The report highlights the role of OEM/ODM factories in enabling brands to scale quickly in Southeast Asia, reducing investment risks and allowing brands to focus on marketing [46]. - The rise of online sales channels, particularly through platforms like Shopee and Lazada, is transforming the beauty retail landscape in Southeast Asia, with significant sales contributions from these platforms [60]. Consumer Demand Segmentation - The report identifies three tiers of consumer demand in Southeast Asia, suggesting that high-end brands can succeed in Singapore, while mid-range brands can find opportunities in Malaysia, and budget-friendly products are suitable for Indonesia and Vietnam [6][8]. Industry Trends - The report emphasizes the importance of localizing operations and leveraging supply chain advantages for Chinese beauty brands entering Southeast Asia, with several companies already establishing a presence in the region [7][48].

Group 1 - The cosmetics sector is experiencing a rise, with companies such as Lafang Home (603630) and Huaye Fragrance (300886) hitting the daily limit up [1] - Other companies in the sector, including Jiaheng Home (300955), Shuiyang Co. (300740), Kesi Co. (300856), Qingsong Co. (300132), and Fulejia (301371), are also seeing significant increases in their stock prices [1] - There is a notable influx of dark pool capital into these stocks, indicating strong investor interest [1]

Industry Overview - The global beauty and personal care industry is showing a clear trend towards premiumization, with high-end makeup, online channels, and sunscreen penetration rates continuously increasing [1] - The fragrance and flavor industry is steadily growing, with a projected market size of $32.3 billion by 2024 according to Precedence Research, indicating significant development potential in the Chinese market due to its low concentration [1] Company Performance - The company is leveraging its technological and market advantages to accelerate growth in the face of industry opportunities [1] - In 2023, the company invested CNY 113 million in R&D, a year-on-year increase of 40.79%, and launched high-margin sunscreen agents such as P-S and EHT, while also advancing high-end personal care raw materials [1] - The company maintains stable revenue growth supported by solid customer resources, with major clients like DSM, Procter & Gamble, and L'Oréal contributing over 60% of revenue [1] - The company is expanding its customer base to include small and medium-sized clients, enhancing pricing power and gross margins, while strengthening market coverage through a direct sales and distribution model [1] Capacity Expansion - Ongoing fundraising projects are expanding production capacity, with a strategic focus on large clients ensuring efficient production and sales coordination [1] - The company's active ingredient production capacity utilization rate is expected to reach 54.98% in 2024, with a stable production and sales rate exceeding 90% in 2023 [1] - The company has strong cost transfer capabilities, allowing it to effectively manage cost pressures from raw material price fluctuations, thereby maintaining robust profitability and reinforcing its competitive advantage in the industry [1] Profit Forecast and Investment Recommendation - As a leading global supplier of beauty raw materials, the company is continuously optimizing its product layout and has stable customer resources [2] - The projected net profits attributable to the parent company for 2025-2027 are CNY 400 million, CNY 490 million, and CNY 540 million respectively, with a 2025 PE valuation of 22 times, corresponding to a reasonable value of CNY 18.70 per share, and a buy rating is recommended [2]

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： 证券代码：300856 证券简称：科思股份 公告编号：2025-040 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。 一、理财产品基本情况 购 买 主 体 受托 方 产品名称 产品 ...

证券代码：300856 证券简称：科思股份 公告编号：2025-038 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 2024 年度权益分派实施公告 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。 重要提示： 1、南京科思化学股份有限公司（以下简称"公司"或"本公司"） 2024 年度权益分配以实施分配方案的股权登记日的总股本为基数， 按照分配比例不变的原则对现金分红总额和资本公积金转增股本总 额进行调整； 2、公司不存在回购账户； 3、本次权益分派期间，"科思转债"不暂停转股。 公司 2024 年度权益分派方案已获 2025 年 5 月 15 日召开的 2024 年度股东大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案情况 1、公司于 2025 年 5 月 15 日召开 2024 年度股东大会，审议通过 了《2024 年度利润分配预案》，公司 2024 年度利润分配预案为： 公司拟以截至 2024 年 12 月 31 日的总股本 339,776,037 股为基 数，向全体股东每 10 股派发现金红利人民币 3 ...

证券代码：300856 证券简称：科思股份 公告编号：2025-039 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 关于可转换公司债券调整转股价格的公告 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。 特别提示： 1、债券代码：123192 债券简称：科思转债 2、调整前转股价格：24.64 元/股 3、调整后转股价格：17.39 元/股 4、转股价格调整生效日期：2025 年 6 月 4 日 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会《关于同意南京科思化学股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕 680 号）同意，南京科思化学股份有限公司（以下简称"公司"）向不 特定对象发行可转换公司债券（以下简称"可转债"）7,249,178 张， 每张面值为人民币 100.00 元，按面值发行，发行总额为人民币 724,917,800.00 元。公司可转债于 2023 年 5 月 11 日起在深圳证券 交易所挂牌交易，债券简称"科思转债"，债券代码"123192"。 上述两项同时 ...

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds despite triggering the downward adjustment clause due to stock prices falling below 85% of the current conversion price [1][6]. Group 1: Convertible Bond Basic Information - The company issued 7,249,178 convertible bonds at a face value of RMB 100 each, totaling approximately RMB 716.33 million [2]. - The convertible bonds were listed on the Shenzhen Stock Exchange on May 11, 2023, under the name "Kesi Convertible Bonds" with the code "123192" [2]. - The conversion period for the bonds runs from the end of the issuance on April 12, 2023, until the maturity date on April 12, 2029 [2]. Group 2: Conversion Price Adjustment Terms - The initial conversion price was set at RMB 53.03 per share, which was later adjusted to RMB 52.03 per share effective from June 2, 2023 [2]. - The conversion price can be adjusted downward if the company's stock price falls below 85% of the current conversion price for at least 15 trading days within a 30-day period [4][5]. - If the downward adjustment is approved by the shareholders, the new conversion price must not be lower than the higher of the average stock price over the previous 20 trading days or the last trading day before the meeting [4]. Group 3: Recent Board Decision - On May 16, 2025, the board of directors decided not to adjust the conversion price of the "Kesi Convertible Bonds" despite the stock price falling below the threshold [1][6]. - The board will not propose any downward adjustment for the next six months, and if the adjustment clause is triggered again, a new meeting will be convened to decide on the matter [1][6].

证券代码：300856 证券简称：科思股份 公告编号：2025-036 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 第四届董事会第二次会议决议公告 经与会董事认真审议，形成决议如下： 审议通过《关于不向下修正"科思转债"转股价格的议案》 根据《南京科思化学股份有限公司创业板向不特定对象发行可转 换公司债券募集说明书》中转股价格向下修正条款的相关约定，自 2025 年 4 月 7 日至 2025 年 5 月 16 日，公司股票已满足任意连续三 十个交易日中至少有十五个交易日的收盘价格低于"科思转债"当期 转股价格（24.64 元/股）的 85%（即 20.94 元/股），已触发"科思转 债"转股价格向下修正条款。鉴于"科思转债"距离债券存续期届满 尚远，综合考虑公司的基本情况、市场环境、股价走势等因素，以及 对公司未来长期稳健发展的信心，公司董事会决定本次不向下修正 "科思转债"转股价格，且在未来 6 个月内（即 2025 年 5 月 19 日至 2025 年 11 月 18 日），如再次触发"科思转债"转股价格向下修正条 款，亦不提出向下修正方案。自本次董事会审议通过次一交易日起满 ...

证券代码：300856 证券简称：科思股份 公告编号：2025-037 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 关于不向下修正科思转债转股价格的公告 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。 特别提示： 1、自 2025 年 4 月 7 日至 2025 年 5 月 16 日，南京科思化学股份 有限公司（以下简称"公司"）股票已满足任意连续三十个交易日中 至少有十五个交易日的收盘价格低于"科思转债"当期转股价格 （24.64 元/股）的 85%（即 20.94 元/股），已触发《南京科思化学股 份有限公司创业板向不特定对象发行可转换公司债券募集说明书》 （以下简称"《募集说明书》"）中转股价格向下修正条款。 2、公司于 2025 年 5 月 16 日召开第四届董事会第二次会议，审 议通过了《关于不向下修正"科思转债"转股价格的议案》，董事会 决定本次不向下修正"科思转债"转股价格，且在未来 6 个月内（即 2025 年 5 月 19 日至 2025 年 11 月 18 日），如再次触发"科思转债" 转股价格向下修正条款，亦不提 ...

Core Insights - The analysis focuses on the financial performance of 17 representative listed companies in the daily chemical skincare industry, highlighting the significant disparity between sales gross margin and net profit margin [1][2]. Group 1: Financial Performance - In 2024, nearly 80% of the selected companies reported a sales gross margin exceeding 50%, with some companies achieving gross margins over 75% [1][2]. - The industry shows a trend of high gross margins but low net profit margins, with 70% of companies having net profit margins below 15% [1][2]. - The top three companies in terms of sales gross margin are Jinbo Biological (92.02%), Juzhi Biological (82.09%), and Fulejia (81.73%) [2]. Group 2: Sales Net Margin Analysis - The leading companies in sales net margin are Jinbo Biological (50.68%), Juzhi Biological (37.22%), and Fulejia (32.78%) [4]. - Companies such as Jiaheng Household Chemicals (-2.57%), Shanghai Household Chemicals (-14.67%), and Yixian E-commerce (-20.9%) exhibit significantly low net profit margins [4]. Group 3: Industry Challenges - The high sales expenses in the daily chemical skincare industry are identified as a primary reason for the low net profit margins, as substantial marketing costs erode profits [2]. - Qing Song Co. has the lowest sales gross margin at 17.42%, attributed to its positioning as an OEM, facing intense competition from thousands of domestic cosmetic OEMs [6]. - Yixian E-commerce's negative net profit margin of -20.9% is linked to ongoing losses and high marketing expenditures [6].