Group 1 - Shanghai Jahwa expresses confidence in achieving high double-digit GMV growth for its core brands during the 618 shopping festival [1] - The employee stock ownership plan aims to enhance competitiveness, reduce turnover rates, and foster a sense of ownership among employees [1] - Strategic adjustments over the past six months include clear strategy formulation, organizational design alignment, talent development, and cultural building [1] Group 2 - E-commerce initiatives involve inventory optimization, pricing adjustments, organizational restructuring, and product iteration [1] - The Yuze B5 series is planned to be a key product line on JD.com [1] - Efficiency improvements have been noted in terms of product effectiveness, personnel effectiveness, e-commerce services, and operational quality [1] Group 3 - The company aims for double-digit revenue growth this year and to turn profits from losses [1] - The mosquito repellent product line will increase its online presence and expand offline distribution [1] - Long-term profit recovery is projected to follow a timeline of 1-2 years for revenue growth, 2-3 years for profit improvement, and 3-5 years to meet profit margin targets [1] Group 4 - The main brand Yuze is positioned as an expert in skin barrier repair, while Liushen is expanding its usage scenarios and target demographics [1]

证券代码：603630 证券简称：拉芳家化 公告编号：2025 - 026 拉芳家化股份有限公司 关于 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 拉芳家化股份有限公司（以下简称"公司"）根据《上海证券交易所上市公 司自律监管指引第 3 号行业信息披露：第十三号——化工》的相关规定，现将公 司 2025 年第一季度主要经营数据补充披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要品类 | 产量（支） | 销量（支） | 营业收入（元） | | --- | --- | --- | --- | | 洗护类 | 26,091,637.00 | 26,649,395.00 | 196,234,699.52 | | 香皂 | 3,445,020.00 | 2,821,814.00 | 4,449,107.86 | | 其他 | 574,013.00 | 326,668.00 | 9,084,744.57 | 二、主要产品和原材料的价格变动情况 三、其他对公司生产经营具有重大影响 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 拉芳家化股份有限公司（以下简称"公司"）根据《上海证券交易所上市公 司自律监管指引第 3 号行业信息披露：第十三号——化工》的相关规定，现将公 司 2024 年第四季度主要经营数据补充披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要品类 | 产量（支） | 销量（支） | 营业收入（元） | | --- | --- | --- | --- | | 洗护类 | 25,321,014.00 | 23,255,217.00 | 189,840,872.35 | | 香皂 | 2,588,832.00 | 3,230,020.00 | 5,522,872.08 | | 其他 | 386,266.00 | 872,916.00 | 23,336,446.13 | 证券代码：603630 证券简称：拉芳家化 公告编号：2025 - 024 拉芳家化股份有限公司 关于 2024 年第四季度主要经营数据的公告 （二）主要原材料价格波动情况 报告期内，公司原材料采购价格受石油、棕 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1900 | 0.2900 | -34.48 | 0.2600 | | 每股净资产（元） | 8.52 | 8.74 | -2.52 | 8.59 | | 每股公积金(元) | 3.56 | 3.57 | -0.28 | 3.57 | | 每股未分配利润(元) | 3.62 | 3.71 | -2.43 | 3.58 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 8.89 | 8.6 | 3.37 | 8.87 | | 净利润(亿元) | 0.41 | 0.65 | -36.92 | 0.59 | | 净资产收益率(%) | 2.13 | 3.36 | -36.61 | 3.12 | 前十大流通股东累计持有： 13947.18万股，累计占流通股比： 61.93%，较上期变化： -15.47万股。 | 名称 | 持有数量(万股) | 占总股 ...

Core Viewpoint - The National Medical Products Administration announced that two batches of toothpaste produced by Tianqi Family Chemical Industry Co., Ltd. were found to have excessive total bacterial counts, exceeding the limit by 37 times and 1279 times respectively [2][3]. Group 1: Product Quality Issues - Two batches of Tianqi toothpaste were reported with total bacterial counts of 19,000 CFU/g and 640,000 CFU/g, while the allowable limit is 500 CFU/g [3]. - The specific products involved are "Tianqi Anti-Bleeding Toothpaste (120g)" and "Tianqi Anti-Heat Toothpaste (Refreshing Wild Chrysanthemum Flavor) (165g)" [3]. Group 2: Company Response and Market Presence - As of April 28, the official flagship store of Tianqi did not list the involved products for sale [6]. - The company stated that they would relay the inquiry to a specialist, while the board secretary office of Zhongheng Group acknowledged awareness of the issue but required an email for further communication [7]. Group 3: Company Financial Performance - Zhongheng Group, the parent company of Tianqi, reported a revenue decline of 26.67% to 2.271 billion yuan and a net loss of 377 million yuan for 2024, marking a significant downturn from profitability [10]. - Tianqi Family Chemical Industry Co., Ltd. specifically recorded a net loss of 38.72 million yuan in 2024 [10]. Group 4: Ownership Structure - Zhongheng Group holds a 55.44% stake in Tianqi Family Chemical Industry, with the second-largest shareholder being Guangxi Guishun Investment Management Co., Ltd., holding 44.56% [7]. - Guangxi Investment Group Co., Ltd. also has a 25.62% stake in Zhongheng Group, indicating a strong connection to state-owned enterprises [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company experienced a loss in 2024 due to strategic adjustments and significant goodwill impairment. However, there is an expectation for performance recovery in 2025, supported by a proposed employee stock ownership plan aimed at achieving profitability and a net profit growth target of no less than 10% for 2026-2027 [7][8]. - The beauty division is showing promising online growth, which is expected to contribute positively to the company's performance in 2025 [7]. Financial Performance Summary - In 2024, the company reported a revenue of 56.79 billion, a year-on-year decrease of 13.93%, and a net loss of 8.33 billion [7][8]. - For Q1 2025, the company achieved a revenue of 17.04 billion, down 10.59% year-on-year, with a net profit of 2.17 billion, reflecting a 15.25% decline [7]. - The company anticipates a recovery in net profit for 2025, projecting 3.30 billion, which represents a turnaround from losses, followed by 3.77 billion in 2026 and 4.24 billion in 2027, with respective growth rates of 14% and 12% [7][8]. Revenue Breakdown - The revenue breakdown for 2024 shows that the personal care division generated 23.79 billion, down 3.42%, while the beauty division saw a significant decline of 29.81% to 10.50 billion [7]. - Online sales for 2024 amounted to 25.39 billion, a decrease of 9.66%, while offline sales were 31.36 billion, down 16.97% [7]. Cash Flow and Financial Ratios - The operating cash flow improved significantly in 2024, reaching 2.73 billion, a year-on-year increase of 164.86% [7]. - The company’s asset-liability ratio stood at 34.2%, indicating a stable financial position [3][8].

Core Viewpoint - Guangdong Marubi Biotechnology Co., Ltd. reported a strong performance for 2024, with revenue reaching 2.97 billion RMB, a year-on-year increase of 33.44%, and net profit attributable to shareholders rising by 31.69% to 341.63 million RMB [1][3]. Financial Performance - Revenue for 2024 was 2,969,770,566.54 RMB, up from 2,225,594,089.54 RMB in 2023, marking a 33.44% increase [3]. - Net profit attributable to shareholders was 341,628,707.73 RMB, compared to 259,417,875.91 RMB in 2023, reflecting a 31.69% growth [3]. - The main brand, Marubi, achieved over 2 billion RMB in revenue, while the PL Lover brand approached 1 billion RMB [6][8]. Business Segments - Skincare remains the top revenue category, generating 2.4 billion RMB, while the eye care segment has dropped to the third position [18]. - The PL Lover brand saw a revenue increase of 40.72%, reaching 905 million RMB, marking a staggering growth of approximately 1271 times since 2019 [11][12]. Market Position and Strategy - Marubi has successfully transitioned from a three-year growth stagnation post-IPO to a robust growth phase, driven by the restructuring of collagen technology and dual-brand development [6][7]. - The company has focused on a big product strategy, with significant sales from key products like the peptide eye cream and collagen essence [17][20]. Sales Channels and Regional Performance - Online sales accounted for 2.54 billion RMB, a 35.77% increase, while offline sales rose by 20.79% to 427 million RMB [20]. - The South China region generated 2.16 billion RMB in revenue, a 41.06% increase, while the Northeast region experienced the fastest growth at 63.30% [21][22]. Competitive Landscape - Despite the positive financial results, Marubi lags behind competitors like Proya and Up Beauty in terms of revenue and brand scale, with a significant gap to close [24][25]. - The company's R&D investment was 74 million RMB, ranking second to last among the top 10 beauty companies, raising concerns about its long-term competitiveness [25][27].

Core Viewpoint - The company emphasizes its commitment to ESG principles and sustainable development, highlighting its ongoing efforts in green transformation and social responsibility as key components of its long-term value assessment [1][5][8]. Group 1: ESG Report and Commitment - The company released its 2024 ESG report, marking the fifth consecutive year of such disclosures, showcasing its dedication to environmental, social, and governance standards [1]. - The company aims to integrate green development into all operational aspects, optimizing energy structure, improving water efficiency, and managing emissions [5][6]. Group 2: Product Innovation and Market Trends - The company has focused on consumer needs, driving product innovation and upgrades, including the launch of the new "Supreme Biological Technology Laundry Liquid" with a high active ingredient concentration of 47% [2][3]. - The company is responding to market demands for quality, environmental friendliness, and personalization, aligning with trends in the daily chemical industry [2]. Group 3: Environmental Initiatives - The company has implemented various measures to enhance renewable energy use, including solar power projects across its factories, with a projected annual generation of over 2800 MWh by 2025 [6]. - In 2024, the company completed 45 water-saving initiatives, saving 21,476 tons of water and reducing wastewater emissions by 6,403 tons [6]. Group 4: Social Responsibility and Community Engagement - The company prioritizes social responsibility, focusing on equal employment opportunities and creating a supportive work environment, with women making up 51% of its workforce [8]. - The company has engaged in various community initiatives, including partnerships with organizations to promote health awareness among women and children, benefiting over 750,000 individuals in 2024 [9][10]. Group 5: Recognition and Future Goals - The company has received multiple awards for its ESG efforts, including the "Company Governance Excellence Award" and the "BDO ESG Award" [10]. - Looking ahead, the company aims to continue its commitment to technological innovation and green transformation, supporting the achievement of carbon neutrality goals [10].

另一家消费巨头百事可乐也发出了警告。百事可乐的首席财务官Jamie Caulfield指出，与三个月前相比，公司对于消费者的需求已经没有那么乐 观。 01 海内外交困 来源|财联社 4月初，特朗普宣布对全球多个国家征收高额关税，动摇了全球企业和消费者的信心，并引发了对美国资产的迅速抛售。然而，随后特朗普一边暂缓 大部分国家关税，一边又威胁对半导体、医药和汽车行业征收更多关税。 美股公司在最近披露的财报中传达出一个共同的讯号：美国总统特朗普的关税政策已让全美不知所措。 政府官员指出，与多个国家正在进行的贸易谈判是特朗普政策取得成功的一个衡量标准，但许多公司表示，持续的反复谈判让他们不确定如何规划未 来几个季度的业务经营。 据统计，目前为止公布财报的全球上市公司中有近30家撤回或者下调了全年预测，其中以美国航空业最为明显，但其他行业也出现了类似的情况，折 射出商业信心的疲弱。 宝洁首席财务官Andre Schulten表示，公司必须动用所有可能的手段来减轻关税影响。该公司此前计划提高全线产品的价格，以抵消关税带来的额 外成本。 德国工程协会VDMA的北美贸易政策顾问Andrew Adair在本月初访问美国后还透露 ...

Core Viewpoint - 嘉亨家化 reported its worst financial results since going public, with significant declines in revenue and net profit due to weak demand in the domestic personal care market [1][2] Financial Performance - In 2024, 嘉亨家化 achieved revenue of 9.23 billion yuan, a year-on-year decrease of 9.13% [1][2] - The net profit attributable to shareholders was a loss of 23.7 million yuan, down 159.00% year-on-year [1][2] - The company's revenue and net profit have declined for three consecutive years, with 2020-2024 revenues of 9.69 billion, 11.61 billion, 10.52 billion, 10.16 billion, and 9.23 billion yuan, respectively [2][4] Market Demand and Client Dependency - The decline in performance is attributed to lower-than-expected demand in the skincare and beauty market, affecting major clients [4] - 嘉亨家化's revenue is heavily reliant on its top five clients, which accounted for 67.65% of total revenue in 2024 [4][5] - Major clients include Johnson & Johnson, Beitaini, and Shanghai Jahwa, with the largest client contributing 18.19% of total revenue [5] Product Sales Decline - The sales of cosmetics were 4.55 billion yuan, down 15.63% year-on-year, while plastic packaging container sales were 3.8 billion yuan, down 2.82% [1][5][6] Production Capacity Utilization - The actual capacity utilization for cosmetics was only 32.76%, and for household care products, it was 26.25% [7][8] - Low capacity utilization has led to increased fixed costs, negatively impacting the company's gross profit margin, which decreased by 4.55% [7][9] Asset Management - 嘉亨家化's fixed assets increased by 63% to 1.04 billion yuan due to the completion of construction projects [8] - The total asset turnover ratio has declined over the past three years, indicating weakening asset management efficiency [9]