Core Viewpoint - The National Medical Products Administration of China released an opinion on November 17 to deepen cosmetic regulation reform and promote high-quality industry development through 24 reform measures focusing on innovation, registration management, risk prevention, smart regulation, and international alignment [1] Group 1: Regulatory Changes - The opinion includes measures to encourage innovation and optimize registration and filing management in the cosmetics industry [1] - It aims to strengthen risk prevention across the entire supply chain and enhance smart regulatory capabilities [1] - The initiative seeks to solidify the quality and safety baseline of cosmetics while fostering new productive forces [1] Group 2: Market Impact - Following the announcement, cosmetic stocks surged on November 18, with companies like Liren Lizhuang hitting the daily limit, and others such as Fulejia, Lafang Family, Bawi Co., and Shuiyang Co. also experiencing gains [1] - Current consumer sentiment is identified as a significant driver of cosmetic consumption [1] Group 3: Industry Statistics - As of November 18, there are 21.398 million existing cosmetic-related enterprises in China, with over 30% located in the East China region, followed by South China and Central China [6] - In 2025, 4.249 million cosmetic-related enterprises have been registered, with the highest number of new registrations in the Central China region, accounting for 27% [8]

Group 1 - The cosmetics sector increased by 0.66% on November 18, with Fulejia leading the gains [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] - Key stocks in the cosmetics sector showed mixed performance, with notable declines in Qingdao Jinwang (-0.90%) and Jincheng New Materials (-0.63%), while Huaxiangcai gained 1.12% [1] Group 2 - The cosmetics sector saw a net inflow of 150 million yuan from main funds, while retail investors experienced a net outflow of 188 million yuan [3] - Major stocks like Shuiyang Co. and Lafang Jiahuaz reported significant net inflows from main funds, while stocks like Fulejia and Jiaheng Jiahuaz faced substantial outflows from retail investors [3] - The overall fund flow indicates a preference for institutional investment in the cosmetics sector, contrasting with retail investor behavior [3]

Market Overview - The Shanghai Composite Index closed at 3939.81 points, with a decline of 0.81%, and the total trading volume of A-shares reached 1,945.96 billion yuan [1] Stocks Breaking the Annual Line - A total of 35 A-shares have surpassed the annual line, with notable stocks showing significant deviation rates including: - Guangyun Technology with a deviation rate of 19.13% - Longxun Co., Ltd. at 15.24% - Central Plaza at 7.88% [1] Top Performers - The top three stocks with the highest deviation rates are: 1. Guangyun Technology: Today's price increase of 19.99%, turnover rate of 9.16%, annual line price of 13.81 yuan, latest price at 16.45 yuan [1] 2. Longxun Co., Ltd.: Price increase of 20.00%, turnover rate of 19.74%, annual line price of 69.30 yuan, latest price at 79.86 yuan [1] 3. Central Plaza: Price increase of 10.11%, turnover rate of 9.48%, annual line price of 3.63 yuan, latest price at 3.92 yuan [1] Additional Notable Stocks - Other stocks that have recently crossed the annual line with lower deviation rates include: - Tianlong Group, Jinyu Medical, and Meili Cloud, which have just crossed the annual line [1]

Core Points - The Shanghai Composite Index closed at 3939.81 points, above the six-month moving average, with a decline of 0.81% [1] - The total trading volume of A-shares reached 1,945.96 billion yuan [1] - A total of 51 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 3939.81 points, indicating a slight decline of 0.81% [1] - The total trading volume for A-shares today was 1,945.96 billion yuan [1] Stocks Surpassing Six-Month Moving Average - 51 A-shares have broken through the six-month moving average, with the highest deviation rates observed in: - Longxun Co., Ltd. with a deviation rate of 18.63% and a price increase of 20.00% [1] - Meideng Technology with a deviation rate of 14.56% and a price increase of 22.82% [1] - Jingchen Co., Ltd. with a deviation rate of 9.04% and a price increase of 11.90% [1] Additional Notable Stocks - Other stocks with significant performance include: - Guangyun Technology with a deviation rate of 8.67% and a price increase of 19.99% [1] - Qixin Group with a deviation rate of 8.30% and a price increase of 10.07% [1] - Haohan Deep Technology with a deviation rate of 6.70% and a price increase of 9.03% [1]

Core Points - The Shanghai Composite Index is at 3937.29 points, with a decrease of 0.87%, and the total trading volume of A-shares is 1,593.98 billion yuan [1] - 30 A-shares have surpassed their annual line today, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Notable stocks that have broken through the annual line include: - Guangyun Technology (光云科技) with a deviation rate of 19.13% and a price increase of 19.99% [1] - Longxun Co., Ltd. (龙迅股份) with a deviation rate of 15.24% and a price increase of 20.00% [1] - Haohan Depth (浩瀚深度) with a deviation rate of 6.26% and a price increase of 8.69% [1] Trading Metrics - The trading volume for A-shares today is reported at 1,593.98 billion yuan [1] - The turnover rates for the top stocks that broke through the annual line vary, with Longxun Co., Ltd. at 17.65% and Guangyun Technology at 8.82% [1] Deviation Rates - Stocks with smaller deviation rates that have just crossed the annual line include: - Tianlong Group (天龙集团) with a deviation rate of 0.00% [2] - Jinyu Medical (金域医学) with a deviation rate of 0.05% [2] - Lihua Micro (力合微) with a deviation rate of 0.07% [2]

Core Insights - The company reported a revenue of 1.3 billion yuan for Q1-Q3 2025, a year-on-year decline of 11.5%, and a net profit attributable to shareholders of 330 million yuan, down 36.7% year-on-year [1] - In Q3 alone, the company achieved a revenue of 430 million yuan, a decrease of 17.6% year-on-year, with a net profit of 95.39 million yuan, down 45% year-on-year [2] Financial Performance - The gross profit margin decreased by 1.7 percentage points to 80.4% year-on-year [2] - The sales expense ratio increased by 10 percentage points to 46.3% year-on-year [2] - The management expense ratio rose by 2 percentage points to 5.4% year-on-year [2] - Financial surplus narrowed by 2.4 percentage points due to reduced interest income during the reporting period [2] Product and Channel Strategy - The company focuses on balanced development in medical devices and functional skincare products, launching various new products such as whitening masks and anti-wrinkle masks [2] - The company emphasizes coordinated development of online and offline channels, actively exploring new online platforms and optimizing offline distribution models [2] - Continuous investment in research and development is being made to lay a foundation for long-term growth [2] Investment Outlook - The company is undergoing business adjustments and increasing R&D investments, particularly in Class II and III medical devices [3] - The focus is on expanding the product line and advancing the development of skin improvement and injection filling medical devices [3] - Future revenue and profitability stabilization is anticipated with the formation of core product repurchase and the gradual establishment of e-commerce channel methodologies [3] - Expected EPS for 2025-2027 is projected to be 0.83, 0.89, and 0.94 yuan per share, maintaining a "buy" rating [3]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [6]. Core Views - The company reported a revenue of 1.3 billion yuan for Q1-Q3 2025, a year-on-year decline of 11.5%, and a net profit attributable to shareholders of 330 million yuan, down 36.7% year-on-year. In Q3 alone, revenue was 430 million yuan, a decrease of 17.6%, with a net profit of 95.39 million yuan, down 45% year-on-year [2][4][10]. - The decline in performance is attributed to several factors, including a drop in gross margin by 1.7 percentage points to 80.4%, an increase in sales expense ratio by 10 percentage points to 46.3%, and a rise in management expense ratio by 2 percentage points to 5.4% [10]. - The company is focusing on balanced development between medical devices and functional skincare products, launching various new products to meet consumer demand. It is also enhancing its channel management and support systems to improve operational efficiency and profitability [10]. Financial Performance - For the fiscal year 2025, the company expects earnings per share (EPS) to be 0.83 yuan, 0.89 yuan, and 0.94 yuan for the years 2025, 2026, and 2027 respectively [10]. - The projected total revenue for 2025 is estimated at 2.017 billion yuan, with a net profit of 429 million yuan [15]. - The company’s net profit margin is projected to stabilize, supported by core product repurchase and the gradual establishment of e-commerce channel methodologies [10].

Summary of the Announcement - In 2025, the Shenyang Market Supervision Administration conducted a supervision sampling inspection of cosmetics, completing a total of 105 batches across 9 categories. Seven batches were found to be non-compliant, and legal actions for verification and disposal have been initiated [1]. Group 1: Inspection Results - A total of 105 batches of cosmetics were sampled and tested in Shenyang [1]. - Out of the 105 batches, 7 batches were identified as non-compliant with regulations [1]. - The inspection covered various categories of cosmetics, ensuring a comprehensive evaluation of the market [1]. Group 2: Compliance Status - The following products were found to be compliant: - "如幼金盏花婴童倍护乐肤霜" produced by Guangzhou Yuming Biotechnology Co., Ltd. [1] - "蓝宝贝婴儿山茶油护臀膏" produced by Guangzhou Zanyu Cosmetics Co., Ltd. [1] - "时尚贝贝婴童水润四季保湿润肤露" produced by Guangzhou Meiziyuan Daily Chemical Co., Ltd. [1] - "小黄豆婴童防皴滋润霜" produced by Guangzhou Cailin Daily Chemical Co., Ltd. [1] Group 3: Regulatory Actions - The Shenyang Market Supervision Administration has initiated legal actions for the 7 non-compliant batches to ensure consumer safety and compliance with regulations [1].

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]

证券日报网讯敷尔佳（301371）11月13日在互动平台回答投资者提问时表示，公司目前暂无在海南设立 医疗器械研发分公司的相关计划。 ...