本 公 告 乃 由 雅 天 妮 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 向 本 公 司 股 東（「股 東」）及 本 公 司 潛 在 投 資 者 作 出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Artini Holdings Limited 雅天妮集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：789） 自願公告 關於與白雲山維一簽訂戰略合作協議 本 公 司 董 事（「董 事」）會（「董事會」）欣 然 公 告，於 二 零 二 五 年 九 月 十 九 日，本 公 司 與 廣 州 白 雲 山 維 一 實 業 股 份 有 限 公 司（「白雲山維一」）簽 署 了 一 份 戰 略 合 作 協 議 （「合作協議」），旨 在 共 同 研 發 大 健 康 領 域 產 品 及 拓 展 市 場（「戰略合作」）。合 作 期 限 為 一 年。 白 雲 ...

Group 1 - The core viewpoint of the news is that Jeya Co., Ltd. has shown significant trading activity and financial performance, with a notable increase in stock price and financing activities [1][2] - On September 15, Jeya Co., Ltd. experienced a stock price increase of 3.95%, with a trading volume of 134 million yuan [1] - The financing buy-in amount on the same day was 17.33 million yuan, while the financing repayment was 17.05 million yuan, resulting in a net financing buy of 283,100 yuan [1] Group 2 - As of September 15, the total financing and securities balance for Jeya Co., Ltd. was 45.90 million yuan, accounting for 1.16% of the circulating market value, indicating a high level compared to the past year [1] - The company’s main business revenue composition includes wet wipes at 84.62%, facial masks at 11.95%, and personal care products at 1.86% [1] - For the first half of 2025, Jeya Co., Ltd. achieved an operating income of 310 million yuan, representing a year-on-year growth of 8.79%, and a net profit attributable to shareholders of 32.58 million yuan, up 22.55% year-on-year [2]

Core Viewpoint - The article discusses the transformation of hair care products through the introduction of high-performance peptide ingredients, specifically Pantene's new 3A peptide, which aims to address the low utilization of effective ingredients in hair care and meet consumer demands for deeper and more effective hair treatment [3][10][12]. Group 1: Industry Trends - The beauty industry is experiencing a trend where various categories, including body care and scalp care, are being influenced by the "skincare" approach, leading to a more scientific and precise evolution of product formulations [3][9]. - Despite advancements in skincare, the hair care category has been lagging due to a lack of significant breakthroughs in effective ingredients and core technologies [10][20]. Group 2: Pantene's Innovations - Pantene has launched the new "Peptide Bubble Mask" series, which incorporates high-activity peptide ingredients to enhance penetration and targeted repair in hair care [4][14]. - The introduction of 3A peptide marks a new cycle in hair care, allowing for deeper penetration and effective treatment of damaged hair [6][12]. Group 3: 3A Peptide Characteristics - The 3A peptide is a dipeptide composed of β-alanine and L-arginine, known for its high purity (98%), absorption capability, and effectiveness in combating oxidative damage and restructuring hair proteins [12][13]. - The molecular size of 3A peptide is approximately 226 Daltons, enabling it to penetrate deeply into the hair core and address root causes of hair issues [13][36]. Group 4: Product Development and Consumer Feedback - Pantene's new products, including the "Deep Water Bubble Mask" and "Peptide Shampoo," have undergone significant upgrades to enhance their effectiveness and consumer satisfaction, with over 90% of testers reporting high satisfaction with the new formulations [14][18]. - The products are designed to provide immediate improvements for severely damaged hair while also promoting long-term health for both hair and scalp [20][36]. Group 5: Research and Development - Pantene's commitment to scientific research is evident in its collaboration with top experts, including Nobel laureates, to validate the efficacy of the 3A peptide in hair care [26][31]. - Advanced technologies, such as fluorescence lifetime imaging, have been employed to assess the penetration and effectiveness of the 3A peptide in hair strands, marking a significant advancement in hair care research [33][34].

Core Insights - The article emphasizes the importance of profit in business, highlighting that many companies are now realizing that profitability is crucial for attracting investors and sustaining growth [1] - It introduces L'Occitane as a case study of a brand that successfully transformed from a fast-moving consumer goods (FMCG) company to a luxury brand in China, achieving a consistent gross margin above 80% since its entry in 2005 [1][5] Group 1: Brand Strategy - L'Occitane's entry into the Chinese market was marked by a strategic positioning in high-end shopping districts, adjacent to luxury brands like LV and Gucci, which helped establish its premium image [6] - The brand utilized a narrative around Provence culture and natural ingredients, particularly shea butter, to create a compelling story that resonated with Chinese consumers [3][6] - L'Occitane's pricing strategy included high price points for its products, with hand creams starting at 200 RMB, reinforcing its luxury positioning [6] Group 2: Unique Sales Channels - The brand's success is attributed to its innovative use of "high-end special channels," which include partnerships with private banks, luxury hotels, and high-end gift markets, allowing it to reach affluent consumers without direct competition in traditional retail [22][24] - L'Occitane's products are integrated into various high-end settings, such as luxury hotels and banks, enhancing brand visibility and consumer perception of quality [22][23] - The brand has also ventured into unique markets, such as medical supplies, where its products are used in high-end medical equipment, showcasing its versatility and broad appeal [28] Group 3: Lessons for Other Brands - The article suggests that other brands can learn from L'Occitane's approach to building a high-end brand image through strategic channel selection and storytelling [29] - It highlights the importance of timing in entering high-end channels, advocating for early engagement to establish strong partnerships [30] - The concept of creating a "closed loop" between brand image and sales channels is emphasized, where every channel serves both branding and sales purposes [32]

Group 1 - A consumer complaint arose regarding the translation of "virgin hair" on a Schwarzkopf product, which was inaccurately translated as "处女发质" instead of the more appropriate "原生发质" [2] - Schwarzkopf's official customer service acknowledged the translation issue and expressed regret for the discomfort caused to consumers, stating that a comprehensive update of product descriptions is underway [5] - The company emphasized the importance of accurate communication and has initiated a review process to prevent similar issues in the future [5] Group 2 - Henkel Group, which owns Schwarzkopf, has been in operation since 1876 and is divided into two main business segments: Adhesive Technologies and Consumer Brands [7] - The Consumer Brands segment includes well-known brands such as Persil, Bref, and Schwarzkopf [7] - In February 2024, Henkel announced the acquisition of the Sassoon brand and its hair care business in Greater China from Procter & Gamble [7] Group 3 - According to the latest financial report, Henkel's sales for the first half of 2025 decreased by 3.8% to €10.402 billion, with organic sales slightly down by 0.1% [8] - The Consumer Products segment accounted for approximately 47% of total sales, with a year-on-year decline of 6.8% to €4.907 billion and organic sales down by 1.6% [8] - Despite the overall decline, the hair care segment experienced organic sales growth, while other consumer product areas saw declines [8]

Core Insights - The scalp care market is experiencing rapid growth, with market size projected to increase from 17.6 billion yuan in 2023 to 21 billion yuan in 2024, reflecting a growth rate of 19.6% [40] - Social media engagement related to scalp care has surged, with a year-on-year increase of 158% in related content [41] - Key consumer demands include anti-hair loss, oil control, and itch relief, with a strong preference for safe and natural ingredients [9][24] Consumer Insights - Young consumers (ages 18-24) represent 52.4% of the market, with over 60% of the population actively concerned about scalp health [12][13] - The main scalp issues faced by consumers are hair loss (65.6%), dandruff (52.3%), and oily scalp (45.9%) [18] - When purchasing scalp care products, consumers prioritize efficacy (73.3%), ingredients (66.8%), and user experience (42.8%) [20][21] Market Trends - Three major trends are emerging: the deepening of the "one skin" concept for scalp and face, the rise of niche products targeting specific demographics, and an increased focus on emotional value in product offerings [2][9] - Brands like Kérastase and FGF are leading the market, while domestic brand Kelin has gained traction with its unique ingredient offerings [2][9] - Social media platforms like Xiaohongshu and Douyin are key marketing channels, with Xiaohongshu focusing on tutorials and product reviews, while Douyin emphasizes immersive content [2][9] Product Preferences - Consumers show a strong preference for ingredients such as amino acids and minoxidil, with nearly 90% expressing interest in natural plant extracts like Artemisia and Platycladus [26][30] - The most sought-after product benefits include anti-hair loss, itch relief, and gentle, nourishing properties [24][25] - The primary usage scenarios for scalp care products are daily routines (74.1%) and work settings (67.6%), with a focus on oil control and refreshing experiences [33]

Core Viewpoint - The company reported a stable performance in the first half of 2025, with significant growth in the baby care segment and effective product expansion strategies [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 895 million yuan, net profit attributable to shareholders of 188 million yuan, and net profit excluding non-recurring items of 177 million yuan, representing year-on-year growth of 20.31%, 4.16%, and 0.86% respectively [1]. - In Q2 2025, the company recorded revenue of 655 million yuan, net profit attributable to shareholders of 143 million yuan, and net profit excluding non-recurring items of 138 million yuan, with year-on-year changes of +13.46%, -0.85%, and -3.94% respectively [1]. Product Performance - The company’s product categories showed varied performance: mosquito repellent products generated 375 million yuan in revenue (+13.4% YoY), baby care products reached 405 million yuan (+38.7% YoY), while essential oils saw a decline to 92 million yuan (-14.6% YoY) [2]. - The company maintained a strong market share across major e-commerce platforms and expanded offline channels, including a new partnership with Sam's Club, leading to rapid growth in non-platform distribution [2]. Profitability and Cost Structure - The company’s gross margin stood at 58.0%, a decrease of 0.6 percentage points year-on-year. The sales, management, R&D, and financial expense ratios were 30.3%, 1.81%, 1.83%, and -0.4% respectively, with year-on-year changes of +1.5, -0.1, -0.2, and +2.4 percentage points [2]. - The decline in net profit margin to 20.9% represented a year-on-year decrease of 3.2 percentage points, attributed to increased marketing expenditures and changes in channel structure [2]. Strategic Initiatives - The company continues to enhance its product matrix, launching over 40 new or upgraded products in H1 2025, while focusing on core categories like baby care and mosquito repellent, and entering new segments such as children's sunscreen and youth skincare [3]. - Significant capital investments are being made in the "Runben Biotechnology R&D Production Base Project" and the "Runben Intelligent Manufacturing Future Factory Project," strengthening the integrated R&D and production capabilities for long-term growth [3]. Investment Outlook - As a leading player in the domestic mosquito repellent and baby care sectors, the company is expected to benefit from its strong brand recognition and integrated model, which creates a competitive edge [3]. - Despite short-term pressure on profit margins due to increased marketing investments, the company’s multi-category and all-channel strategy is anticipated to enhance market share and provide clear growth pathways [3]. - The profit forecast for 2025-2027 has been slightly adjusted to 330 million yuan, 420 million yuan, and 530 million yuan respectively, with corresponding PE ratios of 37, 28, and 23 times [3].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 16.84 CNY [6][13]. Core Viewpoints - The company is experiencing significant improvement in operations, particularly in the adult incontinence products segment, driven by population aging and product innovation [2][13]. - The company has adjusted its profit expectations for 2025-2027, forecasting EPS of 0.14 CNY for 2025, 0.14 CNY for 2026, and 0.15 CNY for 2027, reflecting a robust growth trajectory in its proprietary brand business [13][14]. - The company has actively participated in the formulation of industry standards, completing 20 research projects and contributing to four national and group standards [13]. Financial Summary - Total revenue for 2025 is projected at 1.136 billion CNY, with a year-on-year growth of 5.3% [4]. - The net profit attributable to the parent company is expected to reach 38 million CNY in 2025, reflecting a growth of 20.5% [4]. - The gross profit margin for Q2 2025 is reported at 23.62%, with a net profit margin of 3.60% [13]. Product Performance - In the first half of 2025, revenue from adult incontinence products was 287 million CNY, up 4.62% year-on-year, while revenue from baby care products was 209 million CNY, up 5.60% [13]. - The company has seen a significant increase in net profit for Q2 2025, with a year-on-year growth of 98.42% [13]. Market Position - The company has a total market capitalization of 3.763 billion CNY and a current price range of 6.91 to 16.98 CNY over the past 52 weeks [7][8]. - The company maintains a strong balance sheet with a net asset return rate of 2.7% projected for 2025 [4][14].

Core Insights - The annual "Tmall Golden Makeup Awards" recognized Hengan Group's brands, with "Heart to Heart" winning three awards, "Seven Degrees Space" winning one, and "An'er Kang" being named a trend-leading brand [1][2] Group 1: Awards and Recognition - Hengan Group's brand "Heart to Heart" received the "Top Brand Award," "Paper Product Award," and "Outstanding Contribution Award" [1] - "Seven Degrees Space" was awarded the "Personal Care Annual Marketing Cooperation Award" for its collaboration with Tmall [2] - "An'er Kang" was recognized as the "Personal Care Annual Trend Leading Brand," marking its significance in the adult care industry [2] Group 2: Brand Philosophy and Strategy - "Heart to Heart" emphasizes a brand philosophy of "caring for everyone around us," aiming to deepen emotional connections with consumers through warm brand activities [1] - "Seven Degrees Space" focuses on women's health during menstruation and aims to leverage its strong sales performance for future marketing initiatives [2] - "An'er Kang" maintains a commitment to professional standards in adult care, emphasizing quality and consumer trust [2] Group 3: Future Outlook - Hengan Group plans to continue focusing on its core business, enhancing brand leadership, and expanding into new health sectors such as women's health, children's health, and elderly care [2] - The company aims to improve its overall competitiveness and expand its international market presence, aspiring to become a top-tier global household goods enterprise [2]

Overview - The increasing national income level has led to a heightened focus on personal hygiene and skin health among consumers, resulting in a growing demand for functional and personalized bathing products. Traditional products with a single function of "cleansing + moisturizing" are becoming less favored, while diverse needs such as "fragrance experience," "skin repair," and "emotional therapy" are becoming mainstream [1][14] - The Chinese shower gel market is undergoing structural differentiation, with emotional fragrance shower gels meeting consumers' self-expression and emotional regulation needs, while efficacy-based products target specific skin issues like oil control, whitening, and sensitive skin care. Both types are major drivers of market growth [1][14] - In 2024, the total sales of shower gels in China are projected to reach 13.052 billion yuan, a year-on-year decrease of 1.62%. Despite the decline, the drop is less than the overall market, indicating a trend towards rational and fundamental consumption in the shower gel market [1][14] Market Policies - The Chinese government places significant emphasis on the development of the cosmetics industry, including shower gels, and has issued a series of policies aimed at improving production quality, safety, and regulatory compliance. These policies create a favorable environment for the development of the shower gel industry [8] Industry Chain - The shower gel industry consists of an upstream supply chain that includes raw material suppliers (surfactants, soap bases, moisturizers, fragrances, thickeners) and packaging material suppliers. The midstream comprises manufacturing enterprises, while the downstream includes various sales channels such as supermarkets, specialty stores, and e-commerce platforms [10] Consumer Insights - Female consumers dominate the shower gel market in China, accounting for over 60% of consumption. They are often the primary decision-makers in household purchases. Over 90% of consumers prioritize product efficacy, with key considerations including moisturizing, whitening, and antibacterial properties, followed by ingredient safety and natural formulations [12][13] Competitive Landscape - The Chinese shower gel market is highly competitive, featuring numerous participants, including international brands like Dove and Lux, as well as domestic brands like Six God and Lafang. The top 10 brands account for over 50% of the market share, with Six God holding the largest share [14][15] - Shanghai Jahwa, a long-established player in the personal care industry, reported a total revenue of 5.679 billion yuan in 2024, with a gross profit of 3.271 billion yuan and a gross margin of 57.60% [15] - Lafang, established in 2001, achieved a total revenue of 889 million yuan in 2024, with its personal care segment contributing 778 million yuan, representing 87.57% of total revenue [16] Future Trends - The demand for functional shower gels is expected to rise, with products targeting specific skin issues gaining popularity. There will be a trend towards multifunctional products that combine cleansing, moisturizing, fragrance, and mild sun protection. Additionally, as consumers become more health and environmentally conscious, there will be a preference for natural, organic, and additive-free shower gels containing plant extracts and essential oils [17]