Market Overview - The personal care products sector experienced a decline of 1.01% on October 13, with Yanjiang Co. leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Notable gainers in the personal care sector included: - Beijiajie (603059) with a closing price of 36.07, up 2.53% [1] - Dengkang Oral (001328) at 38.76, up 1.84% [1] - Yiyi Co. (001206) at 34.85, up 1.54% [1] - Major decliners included: - Yanjiang Co. (300658) at 9.16, down 3.68% [2] - Runben Co. (603193) at 27.25, down 2.71% [2] - Baia Co. (003006) at 24.68, down 2.64% [2] Capital Flow Analysis - The personal care products sector saw a net outflow of 30.35 million yuan from institutional investors, while retail investors had a net inflow of 54.37 million yuan [2][3] - The detailed capital flow for selected stocks showed: - Zhongshun Jiesang (002511) had a net inflow of 11.76 million yuan from institutional investors [3] - Mengyue Nursing (605009) saw a net inflow of 8.81 million yuan from institutional investors [3] - Baia Co. (003006) had a net outflow of 7.67 million yuan from institutional investors [3]

（文/罗叶馨梅）近日，企查查信息显示，华致联合（德阳）科技有限公司近日成立，注册资本2000万元，经营范围包括集成电路芯片及产品制造、设计、 销售等多个领域。股权信息显示，该公司由致尚科技（301009.SZ）等共同持股。 致尚科技表示，参与设立新公司有助于公司进一步拓展半导体及集成电路相关业务布局，强化产业链协同效应，提升技术创新能力与市场竞争力。该项目的 推进预计将为公司带来新的业务增长点。 业内分析认为，随着国内芯片制造及设计能力的快速发展，相关企业正积极加大在集成电路领域的布局。致尚科技等企业通过合资方式切入，有助于推动区 域半导体产业集群建设，抢占行业发展机遇。 市场人士指出，当前集成电路产业已成为国家重点支持方向，政策、资本与技术多方推动下，相关企业加速整合与创新。致尚科技的此项投资动作，或将成 为其长期战略升级的重要一环。（校对/秋贤） | 统一社会信用代码 | 91510600MAEWQY3993 | 企业名称 | 华致联合（德阳）科技有限公司 | | | | --- | --- | --- | --- | --- | --- | | 法定代表人 | 存续(在营、开业、在册) 成立日期 邓轩满 ...

Core Insights - The personal care products sector experienced a 0.58% increase on October 9, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance Summary - Beijia (603059) closed at 34.19, up 2.80% with a trading volume of 26,600 and a transaction value of 90.90 million [1] - Yiyi Co. (001206) closed at 31.20, up 2.70% with a trading volume of 49,000 and a transaction value of 150 million [1] - Yanjing Co. (300658) closed at 9.32, up 2.42% with a trading volume of 241,600 and a transaction value of 229 million [1] - Reliable Co. (301009) closed at 13.63, up 2.10% with a trading volume of 31,700 and a transaction value of 42.76 million [1] - Stable Medical (300888) closed at 38.81, up 1.33% with a trading volume of 45,700 and a transaction value of 176 million [1] - Other notable stocks include Liangmian Needle (600249) at 5.91, up 0.85%, and Runben Co. (603193) at 28.03, up 0.07% [1] Capital Flow Analysis - The personal care products sector saw a net inflow of 22.62 million from institutional investors, while retail investors experienced a net outflow of 19.11 million [2] - Major stocks with significant net inflows include Stable Medical (300888) with 10.81 million and Dengkang Oral (001328) with 8.52 million [3] - Conversely, stocks like Beijia (603059) and Liangmian Needle (600249) experienced net outflows of 4.81 million and 0.25 million respectively [3]

Core Insights - The EGFR x HER3 dual antibody ADC iza-bren (BL-B01D1) developed by Bai Li Tianheng has received multiple significant approvals and recognitions in September 2023, indicating its potential as a breakthrough treatment in oncology [1][2][3] Group 1: Regulatory Approvals - On September 5, 2023, iza-bren was officially included in the priority review list by the National Medical Products Administration (NMPA) for treating recurrent or metastatic nasopharyngeal carcinoma patients who have failed at least two lines of chemotherapy [1] - On September 10, 2023, iza-bren was listed as a breakthrough therapy for treating platinum-resistant recurrent epithelial ovarian cancer, fallopian tube cancer, or primary peritoneal cancer [2] - On September 17, 2023, iza-bren was proposed for inclusion as a breakthrough therapy for locally advanced or metastatic urothelial carcinoma patients who have failed prior platinum-based chemotherapy and PD-1/PD-L1 inhibitors, marking its seventh breakthrough therapy designation in China [2] Group 2: Clinical Research Achievements - Two studies of iza-bren were selected for the official news release program of the 2025 World Lung Cancer Conference (WCLC), showcasing the highest-rated research outcomes [1] - The Phase II study of iza-bren combined with Osimertinib for treating advanced or metastatic EGFR-mutant non-small cell lung cancer reported an overall response rate (ORR) of 100%, marking it as the first treatment regimen globally to achieve such a result [1] - In October 2023, iza-bren's first registered Phase III clinical trial results will be presented at the European Society for Medical Oncology (ESMO) annual meeting, with the results included in the prestigious Late-breaking Abstract (LBA) session [3] Group 3: Collaborative Efforts - Tai Mei Medical Technology has provided various digital clinical research solutions for the series of studies related to iza-bren, supporting the advancement of Chinese innovative drugs on the global stage [3] - The independent efficacy evaluation of the Phase II study of iza-bren was efficiently conducted using AI and digital systems, demonstrating the capabilities of Tai Mei Medical Technology in supporting clinical research [3]

Market Overview - The personal care products sector experienced a decline of 0.45% on September 26, with Beijiajie leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jeya Co. rising by 2.20% to a closing price of 31.18, while Beijiajie fell by 3.31% to 34.21 [1][2] - Other notable performances include: - Dengkang Oral at 39.28, up 1.42% - Yanjing Co. at 8.23, up 0.61% - Stable Medical at 37.65, down 0.50% [1][2] Capital Flow - The personal care products sector saw a net outflow of 14.44 million yuan from institutional investors and 12.17 million yuan from retail investors, while individual investors contributed a net inflow of 26.61 million yuan [2] - Detailed capital flow for specific stocks indicates: - Yanjing Co. had a net outflow of 6.26 million yuan from institutional investors [3] - Reliable Co. saw a net inflow of 6.14 million yuan from institutional investors [3] - Dengkang Oral experienced a net inflow of 5.26 million yuan from institutional investors [3]

Market Overview - The personal care products sector experienced a decline of 0.77% on September 24, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Notable gainers in the personal care sector included: - Yiyi Co., Ltd. (依依股份) with a closing price of 29.81, up 6.12% [1] - Zhongshun Jiesang (中顺洁桑) at 8.29, up 2.09% [1] - Liangmian Needle (两面针) at 5.99, up 1.70% [1] - Conversely, Baiya Co., Ltd. (百亚股份) saw a decline of 2.61%, closing at 26.90 [2] Trading Volume and Capital Flow - The personal care products sector had a net outflow of 15.49 million yuan from institutional investors and 16.54 million yuan from retail investors, while there was a net inflow of 32.04 million yuan from individual investors [2] - The trading volume for Yiyi Co., Ltd. reached 73,000 hands with a transaction value of 214 million yuan [1] Capital Flow Analysis - Key capital flow insights include: - Yiyi Co., Ltd. had a net inflow of 6.27 million yuan from institutional investors, while retail investors saw a net outflow of 9.08 million yuan [3] - Reliable Co., Ltd. (可靠股份) experienced a net inflow of 6.14 million yuan from institutional investors but a net outflow of 4.62 million yuan from retail investors [3] - Zhongshun Jiesang faced a significant net outflow of 7.42 million yuan from institutional investors, while individual investors contributed a net inflow of 18.98 million yuan [3]

Group 1 - The lawsuit is currently in the acceptance stage by the court, with the company being a shareholder in the defendant company [2] - The amount involved in the case is approximately 194.13 million yuan as of September 10, 2025 [3] - The lawsuit is related to a construction contract dispute, with the plaintiff claiming significant unpaid amounts due to delays and other issues in the project [3][4] Group 2 - The plaintiff, Information Industry Electronics Eleventh Design Research Institute Technology Engineering Co., Ltd., is seeking a total of approximately 137.36 million yuan in unpaid project costs, along with additional claims for interest and legal fees [4] - The defendant, Jule Energy (Cangzhou) Co., Ltd., is preparing to respond to the lawsuit and will submit materials as required by the court [4] - The potential impact of this lawsuit on the company's current and future profits remains uncertain, and the company will monitor the situation closely [3][4]

Market Overview - The personal care products sector increased by 0.82% on September 19, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Beijia (603059) closed at 34.19, up 2.46% with a trading volume of 70,200 shares and a turnover of 239 million yuan [1] - Baiya Co. (003006) closed at 28.83, up 2.13% with a trading volume of 29,500 shares and a turnover of 85.02 million yuan [1] - Zhongshun Jierou (002511) closed at 8.52, up 1.79% with a trading volume of 164,400 shares and a turnover of 140 million yuan [1] - Liangmian Needle (600249) closed at 6.19, up 1.14% with a trading volume of 241,200 shares and a turnover of 148 million yuan [1] - Other notable stocks include Dengkang Oral (001328) at 39.11, up 0.51%, and Yiyi Co. (001206) at 28.89, up 0.45% [1] Capital Flow - The personal care products sector experienced a net outflow of 31.20 million yuan from institutional investors, while retail investors saw a net inflow of 22.65 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Liangmian Needle (600249) had a net inflow of 11.98 million yuan from institutional investors, while retail investors had a net outflow of 16.54 million yuan [3] - Beijia (603059) saw a net inflow of 1.61 million yuan from institutional investors, with retail investors experiencing a net outflow of 7.37 million yuan [3] - Zhongshun Jierou (002511) had a net outflow of 2.91 million yuan from institutional investors, while retail investors had a net inflow of 3.65 million yuan [3]

Core Viewpoint - Reliable Co. reported a net profit attributable to shareholders of 28 million in H1 2025, representing a 22% year-on-year increase, with Q2 net profit reaching 10 million, up 98% year-on-year [1] Company Performance - The company focuses on the healthcare industry, transitioning from OEM for leading global firms in Japan and the US to developing its own brand business, becoming a leader in the domestic adult incontinence care sector [1] - According to Euromonitor data, the company has maintained the number one market share in the domestic adult incontinence field for several consecutive years, demonstrating significant brand effect [1] Product Development - Continuous investment in R&D has allowed the company to establish a rich product lineup with excellent product structure and promising market prospects in its own brand sector [1] - The company is optimizing its product structure and increasing R&D and marketing efforts for mid-to-high-end products to meet the evolving consumer preferences [1] Market Strategy - The company is focusing on the mid-to-severe incontinence market while also addressing the rising consumer awareness among the mild incontinence demographic [1] - New products specifically designed for Asian women, such as invisible absorbent pads and travel pants for mild incontinence, as well as professional absorbent pads for men, have been launched to further expand the product range and drive the development of its own brand business [1] Investment Outlook - Based on the performance in H1 2025, and considering the company's ongoing expansion of its product matrix and optimization of product structure, profitability is steadily improving, maintaining a "buy" rating [1]

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [5]. Core Insights - The company has established itself as a leader in the domestic adult incontinence market, holding the number one market share for several consecutive years, supported by strong brand recognition [2]. - The company is expanding its product categories and optimizing its product structure to meet the evolving consumer demands, particularly focusing on mid-to-high-end products [3]. - The financial performance for the first half of 2025 shows a revenue of 550 million with a year-on-year growth of 5%, and a net profit of 28 million, reflecting a 22% increase [1][4]. Financial Performance Summary - For Q2 2025, the company reported revenue of 270 million, a 13% increase year-on-year, and a net profit of 10 million, which is a 98% increase [1]. - The revenue breakdown for H1 2025 includes adult incontinence products at 290 million (5% growth), baby care products at 210 million (6% growth), and pet hygiene products at 34 million (1% decline) [1]. - The adjusted profit forecast for 2025-2027 estimates net profits of 36 million, 43 million, and 50 million respectively, reflecting a steady growth trajectory [4]. Product Development and Market Strategy - The company is focusing on product innovation to address user pain points, such as odor control and breathability, thereby creating a differentiated competitive advantage [2]. - New product launches include discreet absorbent pads designed for Asian women and specialized men's absorbent products, expanding the product line further [3]. - The company aims to leverage its strong brand effect and cost leadership by enhancing its supply chain and product offerings [2].