Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（深圳）律师事务所 北京市中伦（深圳）律师事务所 关于拉芳家化股份有限公司 法律意见书 二〇二五年六月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 关于拉芳家化股份有限公司 法律意见书 致：拉芳家化股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"）受拉芳家化股份有限公 司（以下简称"公司"）委托，指派孔维维律师、梁恒瑜律师出席并见证公司 2024 年年度股东大会（以下简称"本次股东大会"），并依据《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民共和国证券法》 ...

Investment Rating - The investment rating for the company is "Buy" with an expectation of over 10% return relative to the CSI 300 index in the next six months [11]. Core Views - The company is positioned as a leader in the life care sector, focusing on mosquito repellent and baby care products, with a diversified product line enhancing market competitiveness [5]. - The company achieved a revenue of 1.318 billion yuan in 2024, representing a year-on-year growth of 27.61%, and a net profit of 300 million yuan, up 32.80% year-on-year [5][7]. - The online sales channel has shown significant growth, particularly on platforms like Douyin, contributing to the overall revenue increase [5][7]. - The company is expected to maintain steady growth due to product innovation and channel optimization, with projected net profits of 372 million yuan, 481 million yuan, and 615 million yuan for 2025, 2026, and 2027 respectively [7][9]. Summary by Sections Company Overview - Founded in 2006, the company aims to become a global leader in life and personal care products, offering a range of items including mosquito repellent and baby care products [5]. - The company has established a broad sales network both domestically and internationally, with a strong online presence [5]. Financial Performance - In 2024, the company reported a revenue of 1.318 billion yuan, a 27.61% increase from the previous year, and a net profit of 300 million yuan, reflecting a 32.80% growth [5][9]. - The quarterly revenue breakdown for 2024 shows significant growth, particularly in Q2 and Q4, with Q4 net profit experiencing some fluctuations due to increased promotional expenses [5][7]. Product Performance - The mosquito repellent product line generated 439 million yuan in revenue in 2024, a 35.39% increase, with a gross margin improvement to 54.18% [7]. - The baby care product line achieved 690 million yuan in revenue, up 32.42%, with a gross margin of 59.81% [7]. Channel Strategy - The online sales channel contributed 970 million yuan in revenue, a 23.80% increase, while non-platform distribution revenue reached 347 million yuan, growing by 39.64% [7]. - The company is enhancing its collaboration with e-commerce platforms to optimize its market presence and improve gross margins [7]. Future Projections - The company forecasts continued revenue growth, with expected revenues of 1.710 billion yuan, 2.131 billion yuan, and 2.530 billion yuan for 2025, 2026, and 2027 respectively [9]. - The projected net profit for the next three years indicates a robust growth trajectory, with EPS expected to rise from 0.92 yuan in 2025 to 1.52 yuan in 2027 [9].

证券代码：002919 证券简称：名臣健康 公告编号：2025-020 名臣健康用品股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第9号——回购股份》等相关 规定，公司应当在每个月的前三个交易日内披露截至上月末的回购进展情况。现 将公司截至上月末实施回购股份的进展情况公告如下： 截至2025年5月31日，公司暂未实施回购公司股份。 公司后续将根据市场情况及资金安排在回购期限内实施本次回购计划，并将 在回购期间根据相关法律、法规和规范性文件要求严格履行信息披露义务，敬请 广大投资者注意投资风险。 特此公告。 名臣健康用品股份有限公司（以下简称"公司"）于2025年5月20日召开公 司第四届董事会第五次会议，审议通过了《关于回购公司股份方案的议案》。公 司拟使用自有资金以集中竞价交易的方式回购公司股份，用于实施股权激励计划 或员工持股计划，回购股份的种类为公司发行的人民币普通股（A 股）。本次回 购股份资金总额不低于人民币3,000万元（含）且不超过人民币5,000万元（含）， 回购股份价格不超过人民币23. ...

Core Viewpoint - The article emphasizes the importance of Chinese companies enhancing their internal capabilities to maintain competitiveness in the global market, regardless of external policies or tariffs [2][9]. Group 1: Company Performance and Strategy - Jiangsu Huaten Personal Care Products Co., Ltd. experienced a surge in orders following the reduction of tariffs between China and the U.S., highlighting the immediate demand from American clients [2]. - The company has successfully diversified its market presence, developing new clients in Brazil, Kazakhstan, and Egypt, while also leveraging domestic markets to mitigate risks [5][6]. - The company’s sales team has been proactive in exploring international markets since last year, reflecting a strategic approach to avoid over-reliance on any single market [5][6]. Group 2: Market Insights - The toothbrush manufacturing hub in Jiangsu produces over 35% of the global toothbrush supply, showcasing the region's significant role in the personal care products industry [5]. - Differences in consumer preferences between markets, such as Brazil and Europe, necessitate tailored product designs, indicating the company's adaptability to varying market demands [6]. Group 3: Industry Outlook - The article discusses the resilience and efficiency of Chinese manufacturing and supply chains, suggesting that they remain irreplaceable in the short term despite the rise of Southeast Asian competitors [8]. - The upcoming "Good Life Expo" aims to stimulate consumer activity and support quality brands, providing a platform for domestic companies to connect with global trade opportunities [9].

Core Insights - The article emphasizes the necessity for compliance with various regulations and platform requirements for exporting shampoo in the context of the rapidly growing global cross-border e-commerce market [1] Product Safety and Certification Requirements - For the EU market, compliance with the Cosmetic Products Regulation (EC 1223/2009) is mandatory, including product registration through the CPNP portal and adherence to ingredient and labeling requirements [11] - In the US market, shampoos must comply with FDA regulations, including factory registration and ingredient declaration [11] - Southeast Asia and Middle East markets require specific certifications such as Halal certification and SIRIM certification in Malaysia [11] Platform Entry Requirements - Amazon requires product liability insurance with a minimum coverage of $1 million and brand registration documentation [3][4] - AliExpress and Alibaba International require trademark registration or acceptance notices, with some categories needing brand authorization [6] - Localized labeling in English and the target market's language is necessary for platforms like Shopee and Lazada [8] Packaging and Environmental Compliance - Packaging materials must be registered, and compliance with recycling directives is essential for the EU market [12] - Specific regulations such as the UK plastic tax and Germany's VerpackG require additional compliance measures for packaging [12] Other Core Requirements - Microbial testing is necessary to ensure products are free from pathogenic contamination [10] - Stability testing and heavy metal testing must meet the limits set by various countries [14] - Simplified customs procedures are available for eligible exports, reducing clearance costs [14] Summary - Exporting shampoo through cross-border e-commerce necessitates a multi-faceted compliance approach, covering product safety certifications, platform entry requirements, packaging regulations, and regional legal adaptations. Companies should establish compliance teams or collaborate with third-party service providers to manage qualification documents systematically [13]

Group 1 - OnePlus officially announced Chen Douling as the brand ambassador for OnePlus Ace, who will participate in the launch event for the OnePlus Ace 5 Supreme series on May 27, targeting mobile gaming users with a focus on performance, touch, and network capabilities [2] - LEGO China appointed Ashin, the lead singer of the famous band Mayday, as the Chief Play Officer, and launched the LEGO Little Happiness series notebook featuring collaboration bookmarks and five different expression covers [3] - Lafang announced Ren Jialun as the brand ambassador with the slogan "Chinese Lafang, a resilient choice," promoting their hair care products and offering exclusive merchandise with purchases of the endorsed products [4] Group 2 - Ugreen announced Yi Yangqianxi as the global brand ambassador, promoting the brand's "quality digital" image and emphasizing a pure attitude towards creativity and a commitment to the 3C digital field [5] - Tutu Cotton officially announced Zhang Jingyi as the brand ambassador, focusing on the theme "Seamless Transformation, Enjoying Passion," promoting the Tutu Cotton Seamless Pro series sanitary pads [5] - Charles & Keith appointed Wang Churan as the global brand ambassador, enhancing the brand's image centered on youth and leisure, promoting a new era of style with comfort as the foundation [6] - Lux announced Wang Xingyue as the brand ambassador for Greater China, promoting Lux hair oil spray and Lux fragrance shampoo, with marketing activities centered around the "520" event, including fragrance gift boxes and exclusive merchandise for fans [7]

证券代码：002919 证券简称：名臣健康 公告编号：2025-017 名臣健康用品股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 回购方案无法实施或只能部分实施的风险。 到位，将导致回购方案无法实施的风险。 外部客观情况发生重大变化，或其他导致公司董事会决定终止本次回购方案的事 项发生时，则存在本次回购方案无法顺利实施的风险。 发行的人民币普通股（A股）股票。 次回购股份价格不超过人民币23元/股（含），回购资金金额不低于人民币3,000 万元（含）且不超过人民币5,000万元（含），在回购股份价格不超过人民币23 元/股（含）的条件下，按回购金额、价格上限测算，预计回购股份数量约为 格上限测算，预计回购股份数量约为1,304,347股，约占公司目前已发行总股本 的0.4894%。具体回购股份的数量以回购期满时实际回购的股份数量为准。 二、相关股东是否存在减持计划 公司董事、监事、高级管理人员，控股股东、实际控制人及其一致行动人， 以及持股5%以上股东及其一致行动人在未来六个月及本次回购期间无明确的减 持公司股份计划，如后续有减持计划，将按照相 ...

Core Viewpoint - The article discusses the differences in turnover rates between two stocks, Lafang and Mankalon, emphasizing that turnover rate is not a barrier to stock performance, but rather the underlying accumulation characteristics of the base structure are crucial [1] Group 1: Stock Performance Analysis - Lafang's stock movement is characterized by a clear accumulation feature, with a consistent volume pattern of "red fat green thin" throughout its phases, indicating active accumulation [1] - Mankalon also exhibits a similar stock movement pattern, maintaining the same volume characteristics as Lafang, which suggests a strong accumulation phase [1] Group 2: Turnover Rate and Base Structure - The size of the turnover rate does not hinder the performance of a strong stock; the key factor is whether the base structure exhibits accumulation characteristics [1] - The shape of the base, whether it is a VCP or another form, is not critical; the essential factor is the supply-demand relationship [1] Group 3: Reference to Previous Works - The article references previous writings that delve deeper into the concepts of quality VCP scarcity and the characteristics of base shapes and pivot points in strong stocks [1]

Company Overview - Tongling Jeya Biotechnology Co., Ltd. was established in 1999 and specializes in the research, production, and sales of wet wipes, accumulating over 20 years of industry experience [2]. - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 3, 2021, and is steadily advancing its fundraising projects [2]. Financial Performance - In Q1 2025, the company reported a revenue of 124 million yuan and a net profit of 10.06 million yuan [2]. Q&A Highlights - **Impact of Tariff Policies**: Current tariff adjustments have not significantly affected the company's operations, and the overall impact is manageable [3]. - **U.S. Production Base**: The construction of the U.S. production base is progressing as planned, currently in the foundational construction phase, with production expected to commence in 2025 [3]. - **Performance Trends**: The company has stabilized its performance through business restructuring and successfully acquired Kimberly-Clark's European business [3]. - **Personal Care Business Development**: The personal care segment primarily focuses on OEM for L'Oréal, with plans to expand domestic clientele, although current order volumes are small. Future growth may involve industry acquisitions [3]. - **Strategic Development Direction**: The company aims to deepen existing business operations while exploring innovative fields such as biosynthesis technology and core materials for the health industry [3]. - **Own Brand Consideration**: The company has initiated incubation trials through an industrial fund, focusing on online marketing, though market conversion rates have not met expectations [3]. - **Customer Dependency Risks**: The company collaborates with well-known global enterprises, ensuring stable partnerships. Major clients have stringent quality requirements and established supplier certification systems, making supplier changes infrequent. The company plans to optimize its business structure and enhance core competitiveness through technological innovation [3]. Compliance and Regulations - The investor communication event adhered strictly to the Shenzhen Stock Exchange's self-regulatory guidelines, ensuring no significant undisclosed information was leaked [3].

Core Insights - The total value of the top 100 global brands reached $10.7 trillion in 2025, marking a 29% year-on-year increase, the highest in history [1] - Chinese brands have doubled in value over the past 20 years, now accounting for 6% of the total value of the top 100 brands, with a 26% increase from the previous year, ranking second globally in growth rate [1] - European brands have significantly declined, now representing only 7% of the total value, down from 26% in 2006 [1] Industry Trends - The retail sector continued its growth trend from 2022, with an overall brand value increase of 48%, driven by e-commerce and private labels [3] - In contrast, brand value growth in categories like apparel, food and beverage, and personal care has stagnated or declined, although brands like Uniqlo, Coca-Cola, and Dove have outperformed the industry average [3] - The alcoholic beverage sector is facing challenges from younger consumers opting for lower-cost options, while the rise of health-conscious trends is boosting the growth of low or non-alcoholic drinks [3] - The luxury goods sector, one of the few industries to maintain growth since 2020, saw a 2% decline in 2025, partly due to a shift in consumer preference from status-symbol products to lifestyle experience consumption [3]