Market Overview - The cosmetics sector experienced a decline of 1.06% on November 14, with Bawei Co. leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - Notable performers included: - Jinsong New Material (300849) with a closing price of 16.28, up 0.74% [1] - Jiahen Home Care (300955) at 39.97, up 0.63% [1] - Furuida (600223) at 7.99, up 0.13% [1] - Stocks that declined included: - Bawei Co. (920123) at 17.68, down 3.49% [2] - Shuiyang Co. (300740) at 21.02, down 2.28% [2] - Shanghai Jahwa (600315) at 24.20, down 1.63% [2] Capital Flow Analysis - The cosmetics sector saw a net outflow of 75.29 million yuan from institutional investors, while retail investors had a net inflow of 58.41 million yuan [2] - The overall capital flow for individual stocks showed mixed results, with some stocks experiencing significant outflows from institutional investors [3] Detailed Capital Flow for Selected Stocks - Tian Cai Ya (603605) had a net inflow of over 10.27 million yuan from institutional investors, while it faced a net outflow of 20.13 million yuan from retail investors [3] - Jinsong New Material (300849) saw a net inflow of 4.11 million yuan from institutional investors but a net outflow of 4.36 million yuan from retail investors [3] - Jiahen Home Care (300955) experienced a net outflow of 3.05 million yuan from institutional investors, with a significant net inflow of 16.17 million yuan from retail investors [3]

格隆汇11月14日丨科思股份(300856.SZ)在投资者互动平台表示,公司马来西亚个人护理品生产基地主体 工程目前已基本建设完成，在正式投产前仍涉及部分当地手续，公司当前正全力以赴推进相关工作，力 争尽早实现正式投产。 ...

Core Viewpoint - The company is making progress on its Malaysia personal care product manufacturing base, with the main construction completed and efforts ongoing to meet the target for production launch in the second half of 2025 [2] Group 1 - The main construction of the Malaysia personal care product manufacturing base has been largely completed [2] - The company is currently addressing local regulatory procedures before the official production launch [2] - The company is committed to expediting the necessary work to achieve an early production start [2]

Market Overview - The cosmetics sector increased by 0.2% on November 13, with Jinsheng New Materials leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Individual Stock Performance - Jinsheng New Materials (300849) closed at 16.16, up 2.08% with a trading volume of 59,500 shares and a transaction value of 95.82 million yuan [1] - Shuiyang Co. (300740) closed at 21.51, up 2.04% with a trading volume of 147,200 shares and a transaction value of 314 million yuan [1] - Beitaini (300957) closed at 43.24, up 1.08% with a trading volume of 35,900 shares and a transaction value of 154 million yuan [1] - Other notable stocks include Furuida (600223) at 7.98 (+0.63%), Qingsong Co. (300132) at 8.12 (+0.37%), and Qingdao Kingway (002094) at 7.80 (+0.26%) [1] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 56.57 million yuan from institutional investors and 32.11 million yuan from retail investors, while individual investors saw a net inflow of 88.67 million yuan [2] - The capital flow for individual stocks shows that Shuiyang Co. had a net inflow of 21.64 million yuan from institutional investors, while other stocks like Huaye Fragrance (300886) and Kesheng Co. (300856) faced net outflows [3]

Market Overview - The cosmetics sector increased by 0.24% on November 12, with Jiaheng Jiahua leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Jiaheng Jiahua (300955) closed at 39.79, up 6.82% with a trading volume of 110,800 shares and a turnover of 429 million yuan [1] - Huaye Fragrance (300886) closed at 30.72, up 1.96% with a trading volume of 32,700 shares and a turnover of 99.64 million yuan [1] - Shanghai Jahwa (600315) closed at 24.60, up 0.78% with a trading volume of 62,900 shares and a turnover of 15.5 million yuan [1] - Other notable stocks include Bawei Co. (920123) at 18.31, up 0.72%, and Kesheng Co. (300856) at 14.00, up 0.50% [1] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 66.86 million yuan from institutional investors, while retail investors saw a net inflow of 2.95 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are entering the market [2] Detailed Capital Flow by Stock - Qing Song Co. (300132) had a net inflow of 5.60 million yuan from institutional investors, while it faced a net outflow of 7.23 million yuan from speculative funds [3] - Shanghai Jahwa (600315) saw a net inflow of 5.19 million yuan from institutional investors but a net outflow of 8.56 million yuan from retail investors [3] - Other stocks like Huaye Fragrance (300886) and Kesheng Co. (300856) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Core Viewpoint - The cosmetics sector experienced a notable increase of 3.13% on November 10, with Lafang Jiahua leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] - Lafang Jiahua's stock price rose by 6.14% to 23.51, with a trading volume of 96,700 shares and a transaction value of 223 million [1] - Other notable performers included: - Jiahen Jiahua: 5.57% increase, closing at 36.79 with a transaction value of 124 million [1] - Qingsong Co.: 4.56% increase, closing at 7.80 with a transaction value of 362 million [1] - Proya: 4.46% increase, closing at 73.32 with a transaction value of 759 million [1] Group 2: Fund Flow Analysis - The cosmetics sector saw a net inflow of 152 million from institutional investors, while retail investors experienced a net outflow of 179 million [1] - Key fund flows for selected companies included: - Lafang Jiahua: 22.32 million net inflow from institutional investors, with a net outflow of 11.42 million from retail investors [2] - Beitaini: 34.32 million net inflow from institutional investors, with a net outflow of 13.48 million from retail investors [2] - Shanghai Jahwa: 24.72 million net inflow from institutional investors, with a net outflow of 30.62 million from retail investors [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating that it is expected to outperform the market benchmark by over 20% in the next 6-12 months [6][11]. Core Insights - The company reported a revenue of 1.116 billion yuan for the first three quarters of 2025, a year-on-year decline of 39.93%, with a net profit attributable to shareholders of 78 million yuan, down 84.84% year-on-year [1][6]. - The decline in revenue is attributed to two main factors: a slowdown in demand growth for sunscreen products and intensified competition leading to a decrease in market prices, resulting in a "double whammy" of volume and price pressure [1][2]. - The company is actively transforming its product structure and growth drivers, focusing on personal care new products such as amino acid surfactants and carbomers, which are expected to form a second growth curve [2][3]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 395 million yuan, a year-on-year decrease of 12.82%, and a net profit of 13 million yuan, down 86.36% year-on-year [1][2]. - The gross margin for Q3 2025 was 25.26%, a decrease of 12.11 percentage points year-on-year, with a net margin of 2.67%, down 17.76 percentage points year-on-year [2][3]. Future Outlook - The company's performance improvement in the short term is highly dependent on the recovery of downstream demand and the progress of inventory destocking [3]. - If the terminal sunscreen market demand rebounds in Q4, along with a reduction in customer inventory to reasonable levels, the shipment volume and prices of sunscreen agents are expected to stabilize, leading to marginal improvements in revenue and gross margin [3]. Key Financial Metrics - Projected revenues for 2025 are estimated at 1.534 billion yuan, with a significant decline of 32.6% year-on-year, followed by a recovery in 2026 and 2027 [4][10]. - The estimated EPS for 2025 is 0.25 yuan, with a projected P/E ratio of 55.3 [4][10].

Core Insights - The inventory destocking impact on sunscreen products is gradually weakening, but there are variations in inventory levels among different products and customers [1] - The recovery pace of demand is influenced by the overall market environment and customer procurement strategies, leading to a degree of uncertainty [1] - The company is maintaining close communication with customers to dynamically track downstream demand changes and inventory situations, allowing for flexible adjustments in production and supply arrangements [1]

Core Viewpoint - The company, Kosi Co., Ltd. (300856), is a leading manufacturer in the cosmetic active ingredients and synthetic fragrance industry, primarily serving large multinational corporations in the international mainstream market [1] Group 1: Market Position and Strategy - The company has a high export ratio, influenced by its product structure, downstream industry landscape, and market strategy [1] - The company places significant emphasis on the development potential of the domestic market and has actively made strategic moves to establish a presence [1] Group 2: Domestic Market Development - The company has nearly covered all major domestic sunscreen brand manufacturers and has established stable partnerships with several well-known cosmetic enterprises [1] - With the continuous launch of new product categories, the company aims to deepen cooperation with domestic clients, expand application fields, and increase market share [1]

Core Viewpoint - The company is focusing on expanding its domestic market presence in the cosmetics industry, particularly in the sunscreen segment, while currently relying heavily on international clients for revenue [2]. Group 1: Company Strategy - The company is recognized as a leading manufacturer in the active ingredients and synthetic fragrance sector of the cosmetics industry, primarily serving large multinational corporations [2]. - The company has a high export ratio due to its current product structure, downstream industry landscape, and market strategy [2]. - The company emphasizes the potential of the domestic market and has actively made strategic moves to develop it [2]. Group 2: Market Development - The company has established stable partnerships with several well-known cosmetics brands in the domestic market, covering major sunscreen brands [2]. - The company plans to deepen cooperation with domestic clients and expand application areas as new product categories are launched [2].