Core Viewpoint - The company, Jiaheng Jiahua, is forecasting a significant net loss for the year 2025, with expected losses ranging from 29 million to 39 million yuan for net profit attributable to shareholders, and from 32 million to 42 million yuan for net profit after deducting non-recurring gains and losses [1] Group 1: Financial Performance - The company anticipates a decline in net profit due to increased fixed operating costs, including depreciation and amortization from its wholly-owned subsidiary, Huzhou Jiaheng Industrial Co., Ltd., which has led to a decrease in sales gross margin compared to the previous year [1] - The company has experienced an increase in management expenses due to rising employee compensation and fixed asset depreciation to support the business development needs of Huzhou Jiaheng Industrial Co., Ltd. [1] - Financial expenses have also risen year-on-year, primarily due to an increase in bank borrowing and a reduction in interest capitalization during the reporting period [1]

证券代码：300955 证券简称：嘉亨家化 公告编号：2026-002 嘉亨家化股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为负值 （1）以区间数进行业绩预告的 三、业绩变动原因说明 1、报告期内，公司持续加强业务拓展，新业务增加使得本期营业收入较上年同期增 长，但因全资子公司湖州嘉亨实业有限公司的折旧摊销等固定营业成本支出增加、以及客 户产品结构变动，导致销售毛利率同比下降； 2、报告期内，为了满足全资子公司湖州嘉亨实业有限公司的业务发展需要，职工薪 酬及固定资产折旧等增加，导致管理费用同比增加； 3、报告期内，财务费用同比增加，主要系银行借款规模有所增加，以及本期利息资 本化减少所致。 单位：万元 | 项 | 目 | 本报告期 | 上年同期 | | --- | --- | --- | --- | | 归属于上市公司股 东的净利润 | | 亏损：2,900—3,900 | -2,36 ...

Group 1 - The cosmetics sector experienced a decline of 1.7% on January 28, with Jiaheng Jiahua leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Key stocks in the cosmetics sector showed varied performance, with Qingdao Jinwang closing at 8.29, up 0.61%, while Jiaheng Jiahua closed at 39.27, down 5.31% [2] Group 2 - The cosmetics sector saw a net outflow of 108 million yuan from main funds, while retail investors contributed a net inflow of 78.97 million yuan [2] - Main fund inflows and outflows varied across companies, with Shanghai Jiahua seeing a net inflow of 13.15 million yuan from main funds but a net outflow of 29.43 million yuan from speculative funds [3] - Jiaheng Jiahua had a net inflow of 1.96 million yuan from main funds but a net outflow of 8.80 million yuan from retail investors [3]

Group 1 - The core viewpoint of the article is that the change in control of Jiaheng Jiahua (300955) is based on the acquirer's recognition of the long-term value of the listed company [1] - The company will continue to adhere to its core development strategy of providing "one-stop services for the research and design of cosmetics and plastic packaging containers, finished product production, and warehousing logistics" [1] - The company aims to improve its profitability [1]

Core Viewpoint - The acquirer recognizes the long-term value of the listed company and intends to gain control through equity changes, focusing on sustainable development and the interests of all shareholders [1] Group 1 - The acquirer aims to assist the listed company in long-term development by leveraging its own resources and advantages [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]

Group 1 - The company, Jiaheng Jiahua, announced on January 26 that the share transfer price related to the proposed change in control is determined through market-based principles and mutual agreement between the parties involved [1] - The company emphasized that it strictly adheres to relevant regulations and fulfills its information disclosure obligations in a timely manner [1] - There are no violations of fair information disclosure regulations reported by the company [1]

Core Viewpoint - The article highlights the emergence of a 90s entrepreneur, Xu Yi, who, in collaboration with local state-owned capital, is acquiring a controlling stake in Jiaheng Jiahua for 1.7 billion yuan, marking a significant shift in ownership dynamics within the company [2][5][7]. Group 1: Acquisition Details - Jiaheng Jiahua announced that Hangzhou Pinbianyi plans to acquire 50.80% of its shares through a combination of agreement transfer, voting rights waiver, and tender offer, totaling 1.7 billion yuan [2][3]. - The acquisition process involves three steps: the initial share transfer agreement, the waiver of voting rights by the original owner, and a tender offer to other shareholders [14][15]. Group 2: Background of the Acquirer - Xu Yi, born in 1990, founded Hangzhou Pinbianyi in 2017, focusing on B2B fast-moving consumer goods (FMCG) and leveraging AI to optimize traditional supply chains [5][6]. - The company has achieved rapid growth, covering over 30 cities and serving nearly 700,000 stores within eight years, establishing itself as an industry unicorn [5][6]. Group 3: Financial Performance - Hangzhou Pinbianyi's revenue grew from 604 million yuan in 2022 to 1.079 billion yuan in 2023, with a slight decline to 999 million yuan projected for 2024. However, net profits showed consistent growth during the same period [8]. Group 4: Challenges in Succession - The previous owner, Zeng Ben Sheng, transferred control to his children, who faced challenges leading to the company's first annual loss since its listing, with a net profit of -23.7 million yuan in 2024 [10][11]. - The article discusses the broader trend of second-generation leadership in family businesses, highlighting varying performance outcomes post-succession [12]. Group 5: Role of State-Owned Capital - The acquisition is supported by Zhejiang provincial state-owned capital, which provides financial backing and strategic alignment, indicating a trend of collaboration between private enterprises and state-owned entities [14][16]. - The involvement of state-owned enterprises is seen as a strategic move to enhance competitiveness in the fast-moving consumer goods sector [16][17].

Group 1 - The cosmetics sector experienced a rise of 1.34% on January 23, with Jiaheng Jiahua leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] - Jiaheng Jiahua's stock price increased by 7.69% to 40.06, with a trading volume of 61,900 shares and a transaction value of 242 million yuan [1] Group 2 - The cosmetics sector saw a net outflow of 35.35 million yuan from institutional investors, while retail investors had a net inflow of 31.72 million yuan [2] - Key stocks in the sector included Qingdao Jinwang, which had a net inflow of 13.85 million yuan from institutional investors, but a net outflow of 21.21 million yuan from speculative funds [3] - Jiaheng Jiahua had a net inflow of 11.11 million yuan from institutional investors, but also saw a net outflow of 1.77 million yuan from speculative funds [3]

Group 1 - The core point of the article is that Jiaheng Home & Beauty has approximately 7,400 shareholders as of January 20, 2026 [2]