Core Viewpoint - The skincare and daily chemical industry in A-share listed companies has shown improvements in inventory levels for the first half of 2025, with only six out of fourteen selected companies experiencing an increase in inventory size [1][2]. Inventory Scale Analysis - In the first half of 2025, Jinbo Biological had the largest year-on-year increase in inventory, reaching 153 million yuan, a growth of 116.79% [2]. - Kesheng Co. also saw significant inventory growth, with a total of 628 million yuan, marking a 40.87% increase [2]. - Other companies with notable inventory increases include Marubi Biological (35.91%), Chuang'er Biological (34.02%), and Jiaheng Home Care (31.39%) [2]. Inventory Turnover Days - Among the fourteen selected companies, only five had inventory turnover days below 90 days, indicating efficient inventory management [2]. - Companies with inventory turnover days exceeding 180 days include Huaxi Biological (331.61 days), Jinbo Biological (280.81 days), Kesheng Co. (230.92 days), and Beitaini (195.78 days) [2][4]. - The overall inventory turnover efficiency in the industry is concerning, with six companies showing improvement while eight companies experienced longer turnover days [3]. Year-on-Year Changes in Inventory Turnover Days - Huaxi Biological's inventory turnover days increased by 13.34%, reaching 331.61 days [4]. - Jinbo Biological's turnover days rose by 15.66% to 280.81 days [4]. - Kesheng Co. saw a dramatic increase of 115.83% in turnover days, reaching 230.92 days [4]. - Other companies like Fushijia and Shanghai Jahwa also reported changes in turnover days, with Fushijia increasing by 31.52% [4].
日化护肤半年报|锦波生物库存压力增大：存货规模同比+117% 存货周转天数高达281天