投资要点： 华福证券 洗护用品 公 司 研 究 登康口腔（001328.SZ） 产品升级电商高增，冷酸灵品牌势能强劲 报 告 风险提示：市场竞争风险，品牌形象维护风险，销售模式不能适应市 场变化风险 | 财务数据和估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,376 | 1,560 | 1,836 | 2,143 | 2,485 | | 增长率 | 5% | 13% | 18% | 17% | 16% | | 净利润（百万元） | 141 | 161 | 203 | 257 | 310 | | 增长率 | 5% | 14% | 26% | 27% | 21% | | EPS（元/股） | 0.82 | 0.94 | 1.18 | 1.49 | 1.80 | | 市盈率（P/E） | 54.0 | 47.4 | 37.6 | 29.7 | 24.6 | | 市净率（P/B） | 5.4 | 5.2 | 5.0 | 4.7 | 4.4 | 数据来源：公司公告、华福 ...

Core Insights - The hair care market is experiencing rapid growth, with a projected market size of 899.95 billion yuan in 2024, reflecting a year-on-year increase of 59.32% [2][3] - In the first half of 2025, at least 33 brands launched 54 new products, focusing on specific functionalities such as scalp and hair repair [3][4] Product Trends - The emphasis on scalp care and hair repair is a significant trend, with over half of the new products highlighting these functionalities [3][4] - Multi-functional products are gaining traction, with brands combining various benefits such as anti-dandruff, oil control, and hair strengthening [8][10] Unique Ingredients and Technologies - Brands are increasingly using proprietary and specialized ingredients to differentiate their products, with 14 out of 54 new products featuring multiple plant extracts [11][12] - The trend of incorporating skincare ingredients into hair care products is becoming more prevalent, enhancing the effectiveness of hair care solutions [11][12] Market Dynamics - The hair care market is expected to continue its upward trajectory, with projections indicating it will reach 827.9 billion yuan by 2027 [15] - Numerous cosmetic companies are entering the hair care sector, aiming to capture a share of this growing market [15][16] Competitive Landscape - The majority of new products are positioned in the affordable or mid-range market, while the high-end segment remains dominated by foreign brands [18][19] - Companies are focusing on precise positioning and robust R&D capabilities to establish a competitive edge in a crowded market [19]

Core Viewpoint - The article emphasizes the increasing prevalence of hair loss in China, with over 250 million people affected, highlighting the need for effective hair growth solutions [13]. Group 1: Market Overview - The article states that 1 in 6 people in China suffers from hair loss, indicating a significant market for hair care products [13]. - The product being promoted, "儒意蔓浓乌发育发液," claims to utilize Japanese technology and herbal extracts to effectively combat hair loss [20][46]. Group 2: Product Features - The hair growth liquid is based on TEN-DDS technology, which is designed to penetrate the scalp and promote hair follicle regeneration [69][72]. - It contains six herbal extracts, including Szechuan pepper leaf and He Shou Wu, which are known for their nourishing and hair growth properties [74][78]. Group 3: Safety and Certification - The product has received certification from the National Medical Products Administration, ensuring its safety and effectiveness [21][50]. - The article mentions that the product has undergone rigorous testing and does not contain harmful substances such as hormones or silicones [58][140]. Group 4: User Testimonials - Users report visible improvements in hair density and reduction in hair loss after consistent use of the product [104][111]. - The article includes anecdotal evidence of users experiencing significant hair regrowth and improved confidence [106][120].

Group 1 - The release of the "Joint Statement on China-US Geneva Economic and Trade Talks" has led to significant tariff reductions on certain export goods to the US, providing substantial benefits to foreign trade enterprises [1] - Huizhou export companies are seizing this opportunity by accelerating their export pace and utilizing cross-border e-commerce platforms and overseas warehouses to capture market share and reduce transportation costs [1] - Guangdong Plavei Biotechnology Group Co., Ltd. has seen a notable increase in orders from the US, with their products, including bath balls for children, being a significant part of their sales [3][4] Group 2 - Since the tariff reductions, Plavei has experienced a 30% increase in order volume, with weekly shipments reaching around ten containers [6] - The company has adjusted its production schedule to accommodate the surge in orders, implementing two shifts and operating machinery 24 hours a day to ensure timely delivery [6] - Plavei has been focusing on the US market since its establishment in 2016, building a strong customer base and brand reputation, but has faced challenges due to international trade uncertainties [8] Group 3 - The international logistics situation has become tense, with shipping prices from Yantian Port to the US West Coast rising from $1,500 to $3,500 per container [10] - Huizhou's Daoyang Foreign Trade Service Co., Ltd. is helping local export companies mitigate costs and risks by utilizing overseas warehouses in the US [10][12] - The Huizhou government is promoting a multi-dimensional policy support system to stabilize foreign trade and expand domestic demand, including initiatives to facilitate online and offline sales channels for local enterprises [12]

Group 1 - Company Sun Energy plans to repurchase shares worth between 100 million to 200 million yuan for cancellation, with a maximum repurchase price of 6.69 yuan per share [1] - Company Runyang Technology intends to invest up to 300 million yuan in Shanghai Fourier Intelligent Technology Co., with a pre-investment valuation of 8 billion yuan [1] - Company Heng Rui Medicine's subsidiary has received approval for clinical trials of SHR-4712 injection for treating advanced solid tumors [2] Group 2 - Company Lianhuan Pharmaceutical plans to increase capital by 60 million yuan for its wholly-owned subsidiary [2] - Company Hongchang Electronics' subsidiary plans to increase capital by 10 million USD for its other subsidiary [2] - Company Sichuan Meifeng intends to repurchase shares worth between 50 million to 70 million yuan for cancellation, with a maximum repurchase price of 10.07 yuan per share [2] Group 3 - Company Lian Micro plans to liquidate and deregister Jiaxing Kangjing Semiconductor Industry Investment Partnership [4] - Company Jiutian Pharmaceutical has received approval for clinical trials of PDX-04 drug for treating acute gout attacks [5] - Company Pingzhi Information has signed a framework agreement with China Telecom for a GPU computing power project worth approximately 246 million yuan [7] Group 4 - Company Jiu Zhi Tang's subsidiary has initiated Phase II clinical trials for new drug YB211 aimed at treating acute bacterial skin infections [8] - Company Fosun Pharma's subsidiary has received orphan drug designation for HLX22 for gastric cancer treatment in the EU [9] - Company Jianyou Co. plans to repurchase shares worth between 20 million to 40 million yuan for employee stock ownership plans [11] Group 5 - Company Zhi Zheng Co. announced the resignation of its vice president due to personal reasons [13] - Company He Mai Co. signed a cooperation agreement for household photovoltaic systems worth 1 billion yuan [14] - Company Jinan Intelligent's subsidiary won a project bid for electric vehicle charging stations, expected to positively impact performance [16] Group 6 - Company Gaotie Electric plans to distribute a cash dividend of 0.012 yuan per share [18] - Company Guyue Longshan plans to distribute a cash dividend of 0.08 yuan per share [18] - Company Yongmaotai's shareholders plan to reduce their holdings by up to 2.66% of the company's shares [19] Group 7 - Company Tian Cheng Technology's subsidiary received a land idle fee notice for 2.1658 million yuan due to project delays [20] - Company Guangri Co. appointed a new vice president and board secretary to enhance governance [21] - Company Design General Institute won multiple major projects totaling approximately 390 million yuan [22] Group 8 - Company Fuxie Environmental signed a significant contract worth 244 million yuan for a sewage treatment project [23] - Company Lujiazui announced the resignation of its vice chairman due to job transfer [24] - Company Three Squirrels' H-share issuance application has been accepted by the CSRC [24] Group 9 - Company Kanghong Pharmaceutical's subsidiary received approval for clinical trials of KH617 for glioblastoma treatment [25] - Company Xin Zhu Co. announced a suspension of trading to plan an asset acquisition from its controlling shareholder [26] - Company Jianxin Co. announced plans for share reductions by several directors and senior management [28]

Group 1 - The core point of the news is the announcement of the new brand ambassador for Lafang, Ren Jialun, which has generated significant online buzz and highlighted the brand's unique hair repair technology [1][3][14] - Lafang's promotional campaign featuring Ren Jialun has dominated various platforms, leading to a substantial increase in the brand's social media following and demonstrating the high commercial value of the partnership [3][5] - The collaboration is expected to resonate with consumers due to Ren Jialun's strong public image and the alignment of his personal brand with Lafang's values of resilience and professionalism [10][12] Group 2 - Lafang has implemented a comprehensive marketing strategy, including high-profile advertising in major cities and unique promotional events, to maximize visibility and engagement with the audience [7][10] - The partnership marks a significant milestone as Ren Jialun is Lafang's first male spokesperson, reflecting the brand's commitment to innovation and appeal to a broader demographic [12][14] - The collaboration aims to set a new standard in the domestic hair care market, leveraging both Lafang's established brand presence and Ren Jialun's popularity to enhance brand perception and consumer loyalty [10][14]

Core Viewpoint - The announcement of Ren Jialun as the new brand ambassador for Lafang successfully leverages fan economy during the 618 e-commerce festival, achieving a remarkable marketing outcome through a combination of timing, location, and strategic alignment [1] Group 1: Brand Strategy - Lafang demonstrates keen market insight and a long-term brand strategy by partnering with Ren Jialun, who has evolved from a newcomer to a recognized actor, aligning with the brand's dedication to craftsmanship and professionalism [1][3] - The collaboration reflects a resonance of professional spirit and shared values of "long-termism" between Lafang and Ren Jialun [3] Group 2: Marketing Approach - Lafang adopts a multi-dimensional marketing strategy, moving away from traditional single-channel communication to a comprehensive online and offline approach, creating a marketing loop that combines traffic generation and emotional resonance [6] - Prior to the official announcement, Lafang established an emotional connection with Ren Jialun's fans through sponsorship of the drama "Wuyou Du," enhancing fan goodwill [6][8] - A series of pre-announcement activities, including teasers and fan engagement events, significantly boosted brand visibility and consumer anticipation, leading to explosive growth in both brand awareness and sales upon the official announcement [8][10] Group 3: Execution and Impact - Following the announcement, Lafang launched an extensive support campaign, including high-profile advertisements in major cities and unique promotional activities, effectively capturing consumer attention [10][13] - The comprehensive marketing matrix created by Lafang effectively addressed consumer needs, successfully completing the transition from promotion to sales [13]

Core Viewpoint - The collaboration between LaFang and actor Ren Jialun aims to enhance the brand's image and reinforce its positioning as a "strong and resilient choice" in the hair care industry, leveraging Ren's positive public persona and professional achievements [1][3]. Group 1: Brand Collaboration - LaFang has appointed Ren Jialun as its new brand ambassador, emphasizing the theme "Hair shines, enjoy fragrance" to showcase its technological strength and brand warmth developed over more than 20 years in the hair care sector [1]. - The partnership is seen as a significant upgrade to LaFang's brand image and a demonstration of confidence in its product capabilities [3]. Group 2: Product Innovation - LaFang has introduced the "Hair Core Repair Series," which utilizes its self-developed "6th Generation Smart Peptide Hair Core Repair Technology" and incorporates Chinese ingredients like coffee elastic protein peptide [5][8]. - This technology allows for multi-dimensional precise repair of hair, making it resilient enough to withstand over one million physical stretches, earning a world record certification in March [8]. Group 3: Quality Assurance - LaFang is the first in the industry to adopt pharmaceutical standards in production and has established a fully integrated smart factory in collaboration with global companies like Siemens and Huawei [6]. - The company has created a nationally recognized laboratory for product quality testing, ensuring that "LaFang products" are synonymous with high quality [6]. Group 4: Consumer Engagement - The new product series not only strengthens hair but also addresses consumer needs for dandruff control and oil management, featuring fragrances inspired by traditional Chinese culture [10]. - LaFang aims to reach diverse consumer demographics through Ren Jialun's influence on social media, enhancing the recognition of the brand as a "national leader in hair care" [12].

Core Viewpoint - The collaboration between Bright Dairy's ice cream and Shanghai Soap's Fenghua on May 20, 2025, marks a significant cross-industry partnership aimed at creating a unique cultural experience that blends urban memory with contemporary creativity [2][10]. Group 1: Event Overview - The event titled "Flower Blooms to See Brightness" takes place at the romantic landmark Sweet Love Road in Shanghai, showcasing a fusion of two iconic brands [2][5]. - The initiative aims to evoke emotional connections and social responsibility through immersive consumer experiences and cultural rituals [5][11]. Group 2: Creative Engagement - Three creative scenes at the event enhance consumer engagement, including a "Love Announcement Board" where participants can express their love messages, fostering social media interaction [7][11]. - The introduction of a unique "Cold Aroma Matrix" by Shanghai Soap allows consumers to experience a blend of ice cream and fragrance, enhancing brand memory and product experience [9][11]. Group 3: Brand Collaboration - The partnership represents a deep restructuring of the old brand ecosystem, focusing on customized products that cater to modern consumer experiences [11][13]. - The collaboration creates a closed-loop model of "IP empowerment - scene innovation - user sedimentation," enhancing market competitiveness for both brands [11][15]. Group 4: Cultural and Economic Impact - The cross-industry collaboration serves as a new practical example for revitalizing national brands, transforming historical heritage into experiential cultural symbols [13][15]. - The innovative approach of combining different product categories meets the demands of young consumers for personalized and engaging experiences [13][16]. Group 5: Future Directions - Bright Dairy plans to continue exploring the "national trend brand symbiosis" model, aiming to expand development opportunities for traditional brands [16].

Group 1 - The event "Natural Leaders · Super Energy Style" was held in Beijing, focusing on health and beauty cultural exchange, guided by the Chinese State Foreign Affairs National Gift Management Center [1] - The event featured participation from spouses of diplomats from 30 countries, highlighting cultural exchange and promoting green ecological concepts [2] - The launch of the new Super Energy Natural Series products was announced, which includes a quality label indicating "90% natural ingredients" [4] Group 2 - The event included a fashion show where spouses of diplomats showcased traditional costumes from their respective countries, emphasizing cultural diversity and women's elegance [2] - A joint declaration was made to promote the "Beautiful, Healthy, Green Life" initiative, with attendees pledging to advocate for this cause [4]