Core Viewpoint - The company emphasizes that its sales expenses are strategically invested in brand building and market expansion, aiming to enhance brand influence and product penetration [1] Group 1: Sales Expenses and Profitability - The company's sales expense to profit ratio is approximately 1:2.7, meaning for every 1 unit of profit, 2.7 units are spent on sales expenses [1] - A significant portion of the sales expenses, over 40%, is allocated to advertising [1] Group 2: Marketing Strategy and Channel Innovation - The company acknowledges the importance of sales channel efficiency and innovation, indicating active efforts in online platform integration and new media marketing [1] - Future plans include optimizing the expense structure to improve marketing precision and return on investment, promoting sustainable growth [1]

Market Overview - The personal care products sector experienced a slight decline of 0.03% on January 13, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Notable gainers in the personal care sector included: - Dengkang Oral Care (001328) with a closing price of 40.60, up 6.17% [1] - Beijia Clean (603059) with a closing price of 36.25, up 3.93% [1] - Jieya Co., Ltd. (301108) with a closing price of 35.95, up 3.72% [1] - Other stocks showed mixed performance, with some experiencing declines, such as: - Two-Sided Needle (600249) down 0.67% to 5.92 [1] - Zhongshun Jiesang (002511) down 0.95% to 8.32 [1] Capital Flow - The personal care products sector saw a net inflow of 17.19 million yuan from institutional investors, while retail investors experienced a net outflow of 20.21 million yuan [2] - The capital flow for individual stocks indicated that: - Reliable Co., Ltd. (301009) had a net inflow of 10.73 million yuan from institutional investors [3] - Beijia Clean (603059) faced a net outflow of 3.99 million yuan from institutional investors [3]

证券之星消息，截至2026年1月12日收盘，稳健医疗(300888)报收于39.73元，上涨1.43%，换手率 1.03%，成交量5.98万手，成交额2.36亿元。 1月12日的资金流向数据方面，主力资金净流出293.22万元，占总成交额1.24%，游资资金净流出6.78万 元，占总成交额0.03%，散户资金净流入300.0万元，占总成交额1.27%。 近5日资金流向一览见下表： 稳健医疗2025年三季报显示，前三季度公司主营收入78.97亿元，同比上升30.1%；归母净利润7.32亿 元，同比上升32.36%；扣非净利润6.79亿元，同比上升43.93%；其中2025年第三季度，公司单季度主营 收入26.01亿元，同比上升27.71%；单季度归母净利润2.4亿元，同比上升42.11%；单季度扣非净利润 2.18亿元，同比上升50.77%；负债率33.87%，投资收益3323.27万元，财务费用-203.6万元，毛利率 48.32%。稳健医疗（300888）主营业务：棉类制品的研发、生产、销售,覆盖医疗卫生、个人护理、家 庭护理、母婴护理、家纺服饰等。 该股最近90天内共有22家机构给出评级，买入评级18家， ...

Market Overview - The personal care products sector increased by 1.28% on January 12, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index closed at 14366.91, up by 1.75% [1] Stock Performance - Beijia (603059) closed at 34.88, with a rise of 10.00% and a trading volume of 21,500 lots, resulting in a transaction value of 74.26 million yuan [1] - Haoyue Care (605009) closed at 32.52, up by 2.59%, with a trading volume of 38,600 lots and a transaction value of 124 million yuan [1] - Reliable Co. (301009) closed at 13.11, increasing by 1.55%, with a trading volume of 47,100 lots and a transaction value of 61.36 million yuan [1] - Other notable stocks include: - Wenjian Medical (300888) at 39.73, up by 1.43% [1] - Runben Co. (603193) at 25.33, up by 1.40% [1] - Liangmian Needle (600249) at 5.96, up by 1.36% [1] Capital Flow - The personal care products sector experienced a net outflow of 1.1334 million yuan from institutional investors, while retail investors saw a net inflow of 5.4803 million yuan [2] - The overall capital flow indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2] Detailed Capital Flow Analysis - Beijia (603059) had a net inflow of 23.84 million yuan from institutional investors, but a net outflow of 9.50 million yuan from speculative funds [3] - Haoyue Care (605009) saw a net inflow of 18.45 million yuan from institutional investors, with a net outflow of 12.29 million yuan from speculative funds [3] - Reliable Co. (301009) experienced a net outflow of 5.92 million yuan from institutional investors, while retail investors contributed a net inflow of 6.46 million yuan [3]

证券之星消息，截至2026年1月9日收盘，稳健医疗(300888)报收于39.17元，上涨1.03%，换手率 0.73%，成交量4.26万手，成交额1.66亿元。 1月9日的资金流向数据方面，主力资金净流出268.42万元，占总成交额1.62%，游资资金净流出660.0万 元，占总成交额3.98%，散户资金净流入928.41万元，占总成交额5.59%。 近5日资金流向一览见下表： 该股主要指标及行业内排名如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 稳健医疗2025年三季报显示，前三季度公司主营收入78.97亿元，同比上升30.1%；归母净利润7.32亿 元，同比上升32.36%；扣非净利润6.79亿元，同比上升43.93%；其中2025年第三季度，公司单季度主营 收入26.01亿元，同比上升27.71%；单季度归母净利润2.4亿元，同比上升42.11%；单季度扣非净利润 2.18亿元，同比上升50.77%；负债率33.87%，投资收益3323.27万元，财务费用-203.6万元，毛利率 48.32%。稳健医疗（30088 ...

Market Overview - The personal care products sector increased by 0.64% on January 9, with Dengkang Oral leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Dengkang Oral closing at 39.19, up 1.79% on a trading volume of 15,000 shares and a transaction value of 58.84 million yuan [1] - Other notable performers included: - Zhongshun Jierou at 8.38, up 1.09%, with a trading volume of 164,500 shares and a transaction value of 137 million yuan [1] - Wanjian Medical at 39.17, up 1.03%, with a transaction value of 166 million yuan [1] - Liangmian Needle at 5.88, up 1.03%, with a trading volume of 119,500 shares and a transaction value of 69.76 million yuan [1] Capital Flow - The personal care products sector experienced a net outflow of 9.1265 million yuan from institutional investors and 14.5833 million yuan from speculative funds, while retail investors saw a net inflow of 23.7098 million yuan [2] - Detailed capital flow for specific stocks included: - Runben Co. with a net inflow of 4.5229 million yuan from institutional investors, but a net outflow of 6.0816 million yuan from speculative funds [3] - Yiyi Co. had a net outflow of 51,000 yuan from institutional investors, but a net inflow of 619.27 million yuan from retail investors [3] - Dengkang Oral saw a net outflow of 1.5334 million yuan from institutional investors [3]

Core Viewpoint - The report from Southwest Securities indicates that the performance of the light industry sector in 2025 is expected to be flat, with cyclical and traditional manufacturing valuations under pressure, while packaging, exports, and personal care sectors show differentiated performance [1] 2025 Sector Review - In 2025, the light industry sector experienced relatively flat performance, with traditional cyclical and manufacturing companies facing valuation pressure. However, the packaging and printing sectors benefited from price increases and cross-industry transformations, leading to better stock performance [1] - The export sector showed some differentiation due to tariff policy disruptions, with companies that have balanced production capacity, strong demand resilience, and low tariff impact performing better [1] - The personal care sector achieved excess returns in the first half of the year but entered a valuation digestion phase in the second half due to intensified competition in e-commerce channels. However, domestic brands are expected to continue their growth trajectory due to product structure optimization and channel expansion [1] 2026 Stock Selection Strategy - The focus will be on undervalued cyclical assets as valuation recovery is anticipated amid changes in the bulk commodity cycle, gradually realizing allocation value [2] - There is a need to balance the valuation and growth potential of new consumption and export sectors, favoring high-growth or low-valuation, high-safety stocks [2] - Four main lines of focus for stock selection include: 1. Gradually emphasizing undervalued cyclical stocks, particularly in the paper sector, which is expected to see price increases driven by "anti-involution" and traditional peak season factors, with net profit per ton likely to recover [2] 2. Export stocks with strong demand resilience and manufacturing capabilities are still considered valuable for allocation, especially those with good growth potential in niche categories and minimal tariff impact [2] 3. Domestic personal care brands are expected to see upward trends in market share and growth potential due to rapid product iteration and competitive pricing [2] 4. New consumption trends in AI glasses, new tobacco products, pet supplies, and trendy toys are expected to continue their upward trajectory, contributing to the growth of the consumption sector [2] Recommended Stocks - Recommended stocks include Sun Paper, Bohui Paper, Weigao Medical, Baiya Co., Nobon Co., Yiyi Co., Mengbaihe, and Gujia Home [3]

Core Insights - The report emphasizes the importance of capitalizing on emotional consumption trends and reassessing cyclical value in the light of the 2026 investment strategy for the light industry sector [1][3]. 2025 Sector Review - In 2025, the light industry sector experienced relatively flat performance, with traditional cyclical and manufacturing companies facing valuation pressure. However, packaging and printing sectors benefited from price increases and cross-industry transformations, leading to better stock performance [4]. - The export sector showed some differentiation due to tariff policy disruptions, with companies that had balanced production capacity and strong demand performing better. The personal care sector saw excess returns in the first half of the year but faced valuation digestion in the second half due to intensified e-commerce competition [4][5]. - The report suggests a dual focus for stock selection in 2026: on one hand, to pay attention to undervalued cyclical assets for valuation recovery; on the other hand, to balance the valuation and growth potential of new consumption and export sectors [4]. Stock Selection Strategy - The report recommends four main lines for stock selection: 1. Gradually focus on undervalued cyclical stocks, particularly in the paper sector, which is expected to see price increases driven by seasonal demand and low channel inventory [4]. 2. Maintain a high allocation to export stocks with strong demand resilience and manufacturing capabilities, especially those less affected by tariffs [4]. 3. Invest in high-quality domestic personal care brands benefiting from product structure optimization and channel expansion [4]. 4. Explore new consumption trends in categories like AI glasses, new tobacco products, pet supplies, and trendy toys, which are expected to see significant growth [4]. Recommended Stocks - The report lists several recommended stocks, including: - Sun Paper Industry (002078.SZ) - Bohui Paper Industry (600966.SZ) - Weigao Medical (300888.SZ) - Baiya Co., Ltd. (003006.SZ) - Nobon Co., Ltd. (603238.SH) - Yiyi Co., Ltd. (001206.SZ) - Mengbaihe (603313.SH) - Gujia Home (603816.SH) [4]. 2025 Sector Performance Data - As of December 31, 2025, the SW light industry manufacturing sector had an overall increase of 20.1%, outperforming the Shanghai Composite Index by 1.7 percentage points. The packaging and printing sector performed particularly well with a 35.4% increase [12]. - The report highlights that the packaging sector benefited from price increases and cross-industry transformations, while the home and entertainment sectors also saw significant gains [12][14]. Export Sector Insights - The report notes that from November 2025, the U.S. reduced tariffs on Chinese imports to 20%, leading to a gradual recovery in orders. The fluctuations in tariff policies had previously caused delays in orders from U.S. buyers [76]. - The report indicates that the export sector is expected to see a return to competitive pricing against ASEAN countries following the tariff adjustments, which may accelerate industry consolidation [76][81]. Personal Care Sector Trends - The personal care sector is experiencing product structure upgrades and channel benefits, with brands focusing on high-demand segments such as oral care and women's hygiene products [31][50]. - The report forecasts that the market for women's hygiene products will reach 1079.6 billion yuan in 2025, with a compound annual growth rate (CAGR) of 3.0% from 2025 to 2029 [50][51]. Baby Care Market Dynamics - The baby care market is projected to grow at a CAGR of 3.1% from 2025 to 2029, with a focus on premiumization and specialized products to counteract declining birth rates [59][66]. - The report highlights that single-child consumption is increasing, which helps mitigate the impact of declining birth rates on the market [69].

Market Overview - The personal care products sector increased by 0.52% on January 8, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Beijia (603059) closed at 31.87, up 3.78% with a trading volume of 26,700 shares and a transaction value of 84.12 million yuan [1] - Reliable Co. (301009) closed at 12.93, up 1.41% with a trading volume of 29,000 shares [1] - HaoYue Care (600509) closed at 31.74, up 1.15% with a trading volume of 22,200 shares [1] - Other notable stocks include Jeya Co. (301108) at 34.39 (+0.88%), Liangmian Needle (600249) at 5.82 (+0.87%), and Runben Co. (603193) at 24.84 (+0.44%) [1] Capital Flow - The personal care products sector experienced a net outflow of 6.63 million yuan from institutional investors and 11.89 million yuan from speculative funds, while retail investors saw a net inflow of 18.52 million yuan [2] - The capital flow for individual stocks shows that Baia Co. (003006) had a net inflow of 5.69 million yuan from institutional investors, while it faced a net outflow of 12.99 million yuan from speculative funds [3] - Jeya Co. (301108) had a net outflow of 3.41 million yuan from institutional investors, but a net inflow of 2.17 million yuan from retail investors [3]

Group 1 - The core theme of the conference was "product leadership, excellent operations, brand elevation, and digital intelligence empowerment," outlining the strategic direction for the next three years and the operational plan for 2026 [1] - The company emphasized the importance of product leadership as the fundamental cornerstone for development, with a focus on R&D investment, patent innovation, and green manufacturing upgrades [2] - The chairman highlighted the strategic goal of creating an environment where competitors are deterred from engaging in competition, reflecting the company's strong strategic determination [3] Group 2 - In the medical business segment, the company demonstrated resilience and achieved growth despite a challenging industry environment, with notable performance in strategic products and cross-border retail becoming a new growth engine [4] - In the consumer goods segment, the company reported significant achievements in 2025, with its flagship product maintaining a top market position and rapid growth in several core categories [5] - The company plans to focus on six strategic product scenarios and enhance its membership system while driving efficiency through digital intelligence to support high sales and profit targets in 2026 [5] Group 3 - Overall, the conference highlighted the company's commitment to product-centric strategies and digital empowerment, aiming for cohesive organizational efforts in a complex environment [6] - The company is set to continue driving development through excellent operations and brand elevation, maintaining resilience and adaptability in the face of significant changes in the market [6]