Market Overview - The personal care products sector increased by 0.33% on November 13, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Beijia (603059) closed at 33.24, up 2.72% with a trading volume of 26,200 lots and a transaction value of 86.05 million [1] - Zhongshun Jiesang (002511) closed at 8.59, up 1.78% with a trading volume of 155,400 lots and a transaction value of 132 million [1] - Stable Medical (300888) closed at 43.03, up 0.65% with a trading volume of 68,200 lots and a transaction value of 292 million [1] - Other notable stocks include Haoyue Nursing (600509) at 33.66, up 0.30%, and Liangmian Needle (600249) at 7.01, up 0.14% [1] Capital Flow - The personal care products sector experienced a net outflow of 75.25 million from institutional investors, while retail investors saw a net inflow of 107 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Detailed Capital Flow Analysis - Beijia saw a net inflow of 8.61 million from institutional investors, but a net outflow of 6.52 million from speculative funds [3] - Stable Medical had a net inflow of 6.83 million from retail investors despite a slight outflow from institutional and speculative funds [3] - Other companies like Zhongshun Jiesang and Reliable Shares experienced significant net outflows from institutional and speculative investors, but retail investors contributed positively [3]

Market Overview - The personal care products sector increased by 0.79% on November 12, with Yanjiang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Yanjiang Co., Ltd. (300658) closed at 9.97, up 12.15% with a trading volume of 328,200 shares and a turnover of 319 million yuan [1] - Reliable Co., Ltd. (301009) closed at 14.82, up 6.39% with a trading volume of 206,500 shares and a turnover of 302 million yuan [1] - Two-sided Needle (600249) closed at 7.00, up 3.09% with a trading volume of 456,100 shares and a turnover of 320 million yuan [1] - Other notable performances include Yiyi Co., Ltd. (001206) up 2.72% and Zhongshun Jiesang (002511) up 0.96% [1] Capital Flow - The personal care products sector saw a net inflow of 115 million yuan from institutional investors, while retail investors experienced a net outflow of 110 million yuan [2] - The sector's main stocks showed varied capital flows, with Reliable Co., Ltd. receiving a net inflow of 50.84 million yuan from institutional investors [3] - Yanjiang Co., Ltd. had a net inflow of 22.24 million yuan, while Yiyi Co., Ltd. saw a net inflow of 17.75 million yuan [3]

Core Insights - Jeya Co., Ltd. experienced a stock decline of 1.45% on November 11, with a trading volume of 34.71 million yuan [1] - The company reported a financing net buy of -1.86 million yuan on the same day, indicating a higher level of financing repayment compared to new purchases [1] - As of November 11, the total financing and securities lending balance for Jeya Co., Ltd. was 40.37 million yuan, representing 1.08% of its market capitalization [1] Financial Performance - For the period from January to September 2025, Jeya Co., Ltd. achieved a revenue of 565 million yuan, reflecting a year-on-year growth of 38.44% [2] - The net profit attributable to shareholders for the same period was 67.90 million yuan, marking a significant increase of 95.78% year-on-year [2] - The company has distributed a total of 150 million yuan in dividends since its A-share listing, with 89.06 million yuan paid out in the last three years [2] Shareholder Information - As of October 31, 2025, the number of shareholders for Jeya Co., Ltd. increased to 8,836, a rise of 16.57% from the previous period [2] - The average number of circulating shares per shareholder decreased by 14.21% to 7,310 shares [2] - Several new institutional investors have entered the top ten circulating shareholders, including multiple funds from Caitong Asset Management [2]

Market Overview - The personal care products sector experienced a decline of 0.31% on November 11, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Notable gainers in the personal care sector included: - Zhongshun Jiesang (002511) with a closing price of 8.36, up 2.20% [1] - Yiyi Co., Ltd. (001206) at 32.00, up 1.68% [1] - Liangmian Needle (600249) at 6.79, up 1.34% [1] - Conversely, Baiya Co., Ltd. (003006) saw a significant decline of 3.04%, closing at 22.30 [2] - Other notable decliners included: - Yanjing Co., Ltd. (300658) down 2.74% [2] - Jiya Co., Ltd. (301108) down 1.45% [2] Capital Flow Analysis - The personal care products sector saw a net outflow of 39.54 million yuan from institutional investors, while retail investors contributed a net inflow of 94.74 million yuan [2][3] - The detailed capital flow for selected stocks showed: - Yiyi Co., Ltd. had a net inflow of 5.18 million yuan from institutional investors [3] - Zhongshun Jiesang experienced a net outflow of 19.48 million yuan from retail investors [3] - Reliable Co., Ltd. (301009) had a significant net outflow of 9.51 million yuan from institutional investors [3]

Market Overview - The personal care products sector increased by 3.74% on November 10, with Yiyi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Yiyi Co., Ltd. (001206) closed at 31.47, up 10.00% with a trading volume of 100,400 shares and a transaction value of 306 million [1] - Other notable performers include: - Stable Medical (300888) at 43.30, up 5.61% [1] - Dengkang Oral (001328) at 37.90, up 4.04% [1] - Reliable Co., Ltd. (301009) at 13.88, up 3.27% [1] - HaoYue Nursing (6009509) at 33.33, up 2.87% [1] Capital Flow - The personal care products sector saw a net inflow of 113 million from main funds, while retail investors experienced a net outflow of approximately 99.87 million [2][3] - Main fund inflows were led by Yiyi Co., Ltd. with 55.37 million, accounting for 18.09% of the total [3] - Stable Medical had a main fund inflow of 39.87 million, representing 6.43% of the total [3] Individual Stock Capital Flow - Reliable Co., Ltd. had a main fund inflow of 9.37 million, with retail investors showing a net outflow of 2.44 million [3] - Other stocks with significant capital flow include: - Dengkang Oral with a main fund inflow of 1.54 million and a retail outflow of 470,980 [3] - Baiya Co., Ltd. (003006) with a main fund inflow of 6.94 million and a retail outflow of 2.32 million [3]

Core Viewpoint - The stock of Haoyue Nursing has shown fluctuations with a year-to-date increase of 18.05%, but has experienced a significant decline of 19.38% over the past 60 days, indicating volatility in its performance [1][2]. Financial Performance - For the period from January to September 2025, Haoyue Nursing achieved a revenue of 2.718 billion yuan, representing a year-on-year growth of 33.18%. However, the net profit attributable to shareholders decreased by 30.94% to 203 million yuan [2]. - The company has distributed a total of 979 million yuan in dividends since its A-share listing, with 717 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 10, Haoyue Nursing's stock price was 33.07 yuan per share, with a market capitalization of 7.112 billion yuan. The stock has seen a trading volume of 39.2596 million yuan and a turnover rate of 0.56% [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on September 1, where it recorded a net buy of -46.1651 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Haoyue Nursing increased by 33.50% to 23,400, while the average circulating shares per person decreased by 25.24% to 9,184 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest, holding 2.0901 million shares, a decrease of 2.5255 million shares from the previous period [3].

Market Overview - The personal care products sector increased by 0.76% on November 7, with Yanjiang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Yanjiang Co., Ltd. (300658) closed at 9.15, up 2.35% with a trading volume of 122,400 shares and a turnover of 112 million yuan [1] - Beijia Clean (603059) closed at 31.80, up 2.09% with a trading volume of 31,500 shares and a turnover of 99.4 million yuan [1] - Stable Medical (300888) closed at 41.00, up 1.91% with a trading volume of 77,500 shares and a turnover of 318 million yuan [1] - Other notable stocks include Jeya Co., Ltd. (301108) up 0.91% and Baiya Co., Ltd. (003006) up 0.58% [1] Fund Flow Analysis - The personal care products sector experienced a net outflow of 12.73 million yuan from institutional investors, while retail investors saw a net inflow of 5.30 million yuan [2] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Individual Stock Fund Flow - Yiyi Co., Ltd. (001206) had a net inflow of 9.33 million yuan from institutional investors but a net outflow of 18.01 million yuan from retail investors [3] - Yanjiang Co., Ltd. (300658) saw a net inflow of 5.49 million yuan from institutional investors but a net outflow of 7.83 million yuan from retail investors [3] - Stable Medical (300888) had a net inflow of 2.14 million yuan from institutional investors and a net outflow of 15.55 million yuan from retail investors [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][3] Core Insights - The company reported Q3 2025 revenue of 450 million, a year-on-year increase of 17%, and a net profit attributable to the parent company of 20 million, up 209% year-on-year [1] - The growth in revenue is primarily driven by the increase in sales of hot air non-woven fabrics, which saw a sales revenue increase of over 50% year-on-year [1] - The company’s overseas capacity and core customer positioning advantages are becoming evident, with overseas growth outpacing domestic growth due to increased capacity utilization in its Egyptian subsidiary [1][2] - The company expects to achieve significant production capacity in its Egyptian subsidiary, with a theoretical capacity of 12,000 tons per year, and anticipates reaching full capacity in the first half of next year [2] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 1.3 billion, a 23% increase year-on-year, and a net profit of 40 million, up 28% year-on-year [1] - The company’s EBITDA for 2025 is projected to be 262.64 million, with a revenue growth rate of 22.73% [3] - The forecasted net profit for 2025 is 57.63 million, reflecting a significant growth rate of 111.21% [3] - The company’s earnings per share (EPS) is expected to increase from 0.06 in 2023 to 0.17 in 2025 [3] Market Position and Customer Dynamics - The company has seen significant growth in its major overseas customers, who are upgrading their product lines to mid-to-high-end series [2] - The gross margin for the domestic parent company is increasing, while the Egyptian subsidiary has turned positive in gross margin year-on-year [2] - The U.S. subsidiary is experiencing a decline in gross margin due to product structure adjustments, impacting revenue and profitability [2]

Investment Rating - The industry investment rating is "Outperform the Market" with an expected relative increase of over 10% in the next six months [25]. Core Insights - The fund allocation ratio for the beauty and personal care industry decreased in Q3 2025, with a total market capitalization of 284.799 billion yuan, reflecting a 2.79% increase from Q2 2025. The fund's total holdings in the beauty and personal care sector amounted to 6.796 billion yuan, resulting in a fund allocation ratio of 0.20%, which is a decrease of 0.12 percentage points from Q2 2025, indicating a continued underweight position [2][11]. - The medical beauty sub-sector is currently in an overweight position, while personal care and cosmetics are underweight. The fund allocation ratio for personal care products was 0.04% in Q3 2025, down 0.04 percentage points from the previous quarter. The cosmetics sector also saw a decline, maintaining a fund allocation ratio of 0.04% in Q3 2025, down 0.02 percentage points [3][16]. - The top three stocks by fund holding in Q3 2025 are Jinbo Biological, Aimeike, and Baiya Shares, with a total holding ratio of 0.07%, which is a decrease of 0.04 percentage points from Q2 2025 [4][18]. Summary by Sections Industry Overview - In Q3 2025, the beauty and personal care industry fund allocation ratio decreased to 0.20%, with an underweight ratio of -0.09%, indicating a continued low allocation [2][11]. Sub-sector Analysis - Medical Beauty: The fund allocation ratio peaked at 0.53% in Q4 2022 but has since declined to 0.12% in Q3 2025, with an overweight ratio of 0.03% in Q2 2025 [3][16]. - Personal Care: The fund allocation ratio was at a historical low from Q3 2021 to Q3 2022, with a slight recovery post-Q4 2022. The current ratio is 0.04%, indicating a shift from positive to negative overweight [3][16]. - Cosmetics: The fund allocation ratio has been declining since Q3 2022, currently at 0.04%, with an overweight ratio of -0.09% [3][16]. Stock Holdings - The top three stocks in the beauty and personal care sector by fund holding in Q3 2025 are Jinbo Biological (0.0254%), Aimeike (0.0195%), and Baiya Shares (0.0051%), all showing a decline in holding ratios compared to Q2 2025 [4][21]. Investment Recommendations - The report suggests focusing on cosmetics and medical beauty sectors due to significant demand potential in the long term, driven by the "beauty economy." It also highlights the importance of compliance and strong R&D capabilities in personal care products [5][24].

Core Viewpoint - The personal care products sector experienced a decline of 0.3% on November 6, with Runben Co., Ltd. leading the drop. Meanwhile, the Shanghai Composite Index rose by 0.97% to close at 4007.76, and the Shenzhen Component Index increased by 1.73% to 13452.42 [1]. Group 1: Market Performance - The personal care products sector saw a mixed performance among individual stocks, with notable gainers including Beijiajie (+1.53%) and Liangmianjin (+1.08%), while Runben Co., Ltd. led the decline at -1.86% [1][2]. - The trading volume for Beijiajie was 21,300 hands, with a transaction value of approximately 65.74 million yuan, while Runben Co., Ltd. had a trading volume of 41,700 hands and a transaction value of about 108 million yuan [1][2]. Group 2: Capital Flow - The personal care products sector experienced a net outflow of 23.85 million yuan from institutional investors, while retail investors saw a net inflow of 15.48 million yuan [2]. - Among individual stocks, Liangmianjin attracted a net inflow of 11.18 million yuan from institutional investors, while Runben Co., Ltd. faced a net outflow of 1.36 million yuan [3].