Core Viewpoint - Fulejia, a well-known company in the professional skin care sector, was established on November 28, 2017, and went public on August 1, 2023, in Shenzhen. The company has a strong market position due to its high-quality products and robust R&D capabilities [1]. Group 1: Business Performance - In Q3 2025, Fulejia reported revenue of 1.297 billion yuan, ranking 7th among 8 companies in the industry. The top company, Proya, had revenue of 7.098 billion yuan, while the industry average was 3.238 billion yuan [2]. - The main business composition showed that cosmetic revenue was 625 million yuan, accounting for 72.39%, while medical device revenue was 238 million yuan, making up 27.61% [2]. - The net profit for the same period was 325 million yuan, ranking 3rd in the industry, with Proya leading at 1.055 billion yuan and the industry average at 329 million yuan [2]. Group 2: Financial Health - Fulejia's debt-to-asset ratio was 3.60% in Q3 2025, slightly down from 3.62% the previous year, significantly lower than the industry average of 25.15%, indicating strong solvency and low financial risk [3]. - The gross profit margin was 81.11%, slightly down from 81.65% year-on-year, but still above the industry average of 66.60%, reflecting strong profitability [3]. Group 3: Management and Shareholder Information - Chairman Zhang Liguan's salary for 2024 was 619,400 yuan, a decrease of 3,000 yuan from 2023. The general manager, Sun Na, had a salary of 1.8298 million yuan, down 37,000 yuan from the previous year [4]. - As of September 30, 2025, the number of A-share shareholders decreased by 1.29% to 14,800, with an average holding of 5,229.49 shares, an increase of 1.22% [5]. Group 4: Market Trends and Future Outlook - According to Changjiang Securities, Fulejia's cosmetic segment showed steady growth in H1 2025, with revenues of 620 million yuan, a year-on-year increase of 29.95%, while medical device revenue saw a decline of 48% [6]. - The online sales channel performed exceptionally well, with online revenue reaching 690 million yuan, a 47% increase year-on-year, while offline sales dropped by 64% [6]. - The company is expected to see earnings per share (EPS) of 1.04, 1.16, and 1.28 yuan for 2025 to 2027, maintaining a "buy" rating [6].

Core Viewpoint - Lafang Jiahua is a leading domestic brand in the washing and hair care industry, with a focus on product development, production, and sales across various beauty segments, including hair care, skin care, and cosmetics [1] Group 1: Business Performance - In Q3 2025, Lafang Jiahua reported revenue of 627 million yuan, ranking 8th among 8 companies in the industry, with the industry leader, Proya, generating 7.098 billion yuan [2] - The main business revenue composition includes hair care at 778 million yuan (87.57%), other income at 84.56 million yuan (9.52%), soap at 25.22 million yuan (2.84%), and other supplementary income at 716,700 yuan (0.08%) [2] - The net profit for the same period was 12.71 million yuan, also ranking 8th in the industry, with Proya leading at 1.055 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Lafang Jiahua's debt-to-asset ratio was 11.38%, a slight decrease from 11.54% year-on-year, significantly lower than the industry average of 25.15%, indicating strong solvency [3] - The gross profit margin for the period was 48.49%, an increase from 47.39% year-on-year, but still below the industry average of 66.60%, suggesting room for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.38% to 18,400, with an average holding of 12,300 circulating A-shares, a decrease of 10.22% [5] - The top ten circulating shareholders include Huaxia Domestic Demand Driven Mixed A (011278), which is a new shareholder holding 985,800 shares [5] Group 4: Future Outlook - Analysts predict that Lafang Jiahua will see significant revenue growth, with forecasts of 984 million yuan, 1.094 billion yuan, and 1.240 billion yuan for 2025-2027, respectively, alongside an EPS of 0.29, 0.33, and 0.35 yuan [5] - The company is expected to enhance its marketing efforts, particularly on platforms like Douyin, and is exploring opportunities in the medical beauty sector [6] - Forecasted net profits for 2025-2027 are 72 million yuan, 92 million yuan, and 115 million yuan, reflecting substantial year-on-year growth [6]

Core Viewpoint - The stock of Betaini has experienced a decline, with a current price of 44.91 yuan per share, reflecting a decrease of 2.01% on October 30. The company has seen a net outflow of funds and a decrease in stock price over various time frames, indicating potential challenges in the market [1]. Company Overview - Betaini, established on May 13, 2010, and listed on March 25, 2021, is based in Kunming, Yunnan Province. The company focuses on skincare products under the "Winona" brand, utilizing natural plant active ingredients to cater to sensitive skin. Its revenue composition includes skincare products (84.36%), makeup (10.07%), medical devices (4.88%), and other services (0.70%) [1]. Financial Performance - For the period from January to September 2025, Betaini reported a revenue of 3.464 billion yuan, a year-on-year decrease of 13.78%. The net profit attributable to the parent company was 272 million yuan, down 34.45% compared to the previous year [2]. - Since its A-share listing, Betaini has distributed a total of 1.289 billion yuan in dividends, with 844 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Betaini increased to 38,200, with an average of 11,102 circulating shares per person, a decrease of 1.21% from the previous period. The top ten circulating shareholders include significant institutional investors, with notable changes in holdings [2][3].

Core Points - Shanghai Jahwa's stock price decreased by 2.03% on October 21, trading at 27.04 CNY per share with a market capitalization of 18.177 billion CNY [1] - Year-to-date, Shanghai Jahwa's stock has increased by 59.91%, with a recent 5-day increase of 1.69% and a 20-day decrease of 1.99% [2] - The company reported a revenue of 3.478 billion CNY for the first half of 2025, representing a year-on-year growth of 4.75%, and a net profit of 266 million CNY, up 11.66% year-on-year [2] Financial Performance - As of June 30, 2025, Shanghai Jahwa's total shareholder count was 37,800, an increase of 10.15% from the previous period [2] - The company has distributed a total of 3.595 billion CNY in dividends since its A-share listing, with 344 million CNY distributed over the last three years [3] Shareholding Structure - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 32.7782 million shares, an increase of 15.0639 million shares from the previous period [3] - New shareholder,招商产业精选股票A, holds 3.4 million shares, ranking as the ninth-largest circulating shareholder [3]

Core Viewpoint - Water Sheep Co., Ltd. has shown significant stock performance with a year-to-date increase of 77.84%, despite a slight decline of 0.17% in the last five trading days [1] Group 1: Stock Performance - As of October 20, Water Sheep's stock price reached 23.51 CNY per share, with a market capitalization of 9.169 billion CNY [1] - The stock has experienced a 6.04% increase over the last 20 days and a 43.70% increase over the last 60 days [1] - The company has appeared on the trading leaderboard once this year, with a net buy of 24.4889 million CNY on May 28 [1] Group 2: Financial Performance - For the first half of 2025, Water Sheep reported a revenue of 2.5 billion CNY, reflecting a year-on-year growth of 9.02%, and a net profit of 123 million CNY, up 16.54% [2] - Cumulative cash dividends since the A-share listing amount to 142 million CNY, with 77.8142 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of September 10, the number of shareholders for Water Sheep stood at 27,000, with an average of 13,296 circulating shares per person [2] - Notable new shareholders include BlackRock China New Horizons Mixed A and Hong Kong Central Clearing Limited, holding 2.6 million shares and 2.5239 million shares respectively [3]

Core Viewpoint - The stock of Betaini has experienced fluctuations, with a recent decline of 2.12%, reflecting a total market value of 19.55 billion yuan and a year-to-date increase of 9.66% [1] Financial Performance - For the first half of 2025, Betaini reported a revenue of 2.372 billion yuan, a year-on-year decrease of 15.43%, and a net profit attributable to shareholders of 247 million yuan, down 49.01% compared to the previous year [2] - Since its A-share listing, Betaini has distributed a total of 1.289 billion yuan in dividends, with 844 million yuan distributed over the past three years [3] Shareholder Information - As of August 29, 2025, the number of shareholders for Betaini increased to 37,700, with an average of 11,237 circulating shares per person, a slight decrease of 0.53% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and E Fund's ChiNext ETF, with significant increases in their holdings [3]

Core Insights - Marubi Biotech's stock price increased by 2.02% on October 15, reaching 38.36 CNY per share, with a total market capitalization of 15.382 billion CNY [1] - The company has seen a year-to-date stock price increase of 20.78%, but has experienced declines of 3.62% over the past five trading days, 3.91% over the past twenty days, and 5.26% over the past sixty days [1] - Marubi Biotech's main business includes the research, design, production, sales, and service of various skincare products, with revenue composition as follows: skincare 39.20%, beauty and others 29.30%, eye care 23.75%, cleansing 7.66%, and others 0.10% [1] Financial Performance - For the first half of 2025, Marubi Biotech achieved revenue of 1.769 billion CNY, representing a year-on-year growth of 30.83%, and a net profit attributable to shareholders of 186 million CNY, up 5.21% year-on-year [2] - The company has distributed a total of 983 million CNY in dividends since its A-share listing, with 610 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 36.85% to 17,400, while the average number of tradable shares per person decreased by 26.93% to 23,084 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 4.85 million shares, an increase of 1.485 million shares compared to the previous period [3]

Core Viewpoint - The stock of Proya Cosmetics has experienced a decline in recent trading sessions, with a year-to-date drop of 5.71% and a market capitalization of 31.185 billion yuan as of October 13 [1] Financial Performance - For the first half of 2025, Proya achieved a revenue of 5.362 billion yuan, representing a year-on-year growth of 7.21%, and a net profit attributable to shareholders of 799 million yuan, up 13.80% compared to the previous period [2] Shareholder Information - As of June 30, 2025, the number of Proya's shareholders increased to 60,300, up 18.25% from the previous period, while the average number of tradable shares per person decreased by 15.43% to 6,560 shares [2] - The company has distributed a total of 2.125 billion yuan in dividends since its A-share listing, with 1.540 billion yuan distributed over the last three years [3] Stock Trading Activity - On October 13, Proya's stock price fell by 2.00% to 78.75 yuan per share, with a trading volume of 299 million yuan and a turnover rate of 0.96% [1] - The stock has seen significant net outflows of capital, with a net outflow of 15.4456 million yuan from major funds on the same day [1] Major Shareholders - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, holding 47.5196 million shares, a decrease of 12.3914 million shares from the previous period [3] - Other notable shareholders include Southern CSI 500 ETF and Invesco Great Wall Emerging Growth Mixed A, with varying changes in their holdings [3]

Core Insights - Marubi Biotech's stock price decreased by 2.01% on October 13, trading at 37.98 CNY per share with a market capitalization of 15.23 billion CNY [1] - The company has seen a year-to-date stock price increase of 19.58%, but has experienced declines of 3.33% over the last five trading days, 7.41% over the last 20 days, and 7.03% over the last 60 days [1] - Marubi Biotech's revenue for the first half of 2025 reached 1.769 billion CNY, representing a year-on-year growth of 30.83%, while net profit attributable to shareholders was 186 million CNY, up 5.21% year-on-year [2] Financial Performance - The company has distributed a total of 983 million CNY in dividends since its A-share listing, with 610 million CNY distributed over the past three years [3] - As of June 30, 2025, the number of shareholders increased by 36.85% to 17,400, while the average number of circulating shares per person decreased by 26.93% to 23,084 shares [2] Shareholder Structure - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 4.85 million shares, an increase of 1.49 million shares from the previous period [3] - Several funds, including 富国消费主题混合A and 富国价值创造混合A, have seen changes in their holdings, with some increasing and others decreasing their share counts [3] Business Overview - Marubi Biotech, established on April 2, 2002, specializes in the research, design, production, and sales of various skincare products, with a revenue composition of 39.20% from skincare, 29.30% from beauty and other categories, 23.75% from eye care, and 7.66% from cleansing products [1]

Core Viewpoint - The stock of Proya Cosmetics has experienced a decline in recent trading sessions, with a notable drop in both price and trading volume, indicating potential concerns among investors [1][2]. Financial Performance - For the first half of 2025, Proya achieved a revenue of 5.362 billion yuan, representing a year-on-year growth of 7.21% [2]. - The net profit attributable to shareholders for the same period was 799 million yuan, reflecting a year-on-year increase of 13.80% [2]. Stock Market Activity - As of September 23, Proya's stock price was 78.69 yuan per share, with a market capitalization of 31.162 billion yuan [1]. - The stock has seen a year-to-date decline of 5.78%, with a 14.46% drop over the past 20 trading days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 60,300, up by 18.25% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 15.43% to 6,560 shares [2]. Dividend Distribution - Proya has distributed a total of 1.81 billion yuan in dividends since its A-share listing, with 1.225 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which reduced its holdings by 12.39 million shares [3]. - Southern CSI 500 ETF increased its holdings by 504,700 shares, while other institutional investors showed varied changes in their shareholdings [3].