上海家化联合股份有限公司 上海家化年度股东会资料 上海家化联合股份有限公司 本次股东会将审议以下议案： 联交易的议案 的议案 上海家化年度股东会资料 上海家化联合股份有限公司 各位股东： 以下为 2024 年度董事会工作报告，请审议。 一、2024 年度公司经营情况回顾 本年度公司实现营业收入 56.79 亿元，同比下降 13.93%。 毛利率同比下降 1.4 个百分点，主要原因是产品结构的影响及公司海外业务毛利 同比下降。 本年度公司销售费用同比下降 4.28%。 本年度公司管理费用同比下降 1.07%。 本年度公司研发费用同比上升 3.14%。 本年度公司财务费用同比上升 558.40%，主要系上年同期外汇汇率波动影响产生 较高的汇兑收益，本年外汇汇率波动较为平稳。 本年度公司实现归属于上市公司股东的净利润为亏损 8.33 亿元，同比下降 降 366.41%，主要由于： ①商誉减值计提影响，公司对前期收购的婴童护理产品及母婴喂养产品业务形成 的商誉资产进行减值测试，因公司海外业务受海外低出生率、婴童品类竞争加剧和经 销商降低库存等因素的持续影响，导致收入及毛利同比下降，其 2024 年全年经营业 绩与上年 ...

每周一景： 湖南永州九嶷山风景名胜区 点击右上角菜单，收听朗读版 【金工】短期利空因素影响有限 从4月中旬至今A股处于反弹的趋势中，而6-13在地缘的利空因素影响下出现单日放量下跌，万得微盘股指 数和北证50下跌幅度较大。 尽管市场短期回落但本轮反弹过程中，场内融资余额并未发生显著上涨，风险 指数显示当前A股主要指数所隐含的风险并未处于高位，我们认为短期利空因素所引发的调整幅度有限。 >>以上内容节选自国泰海通证券6月16日已经发布的研究报告 ： 短期利空因素影响有限 具体分析内容（包括风险提示等） 请详见完 整版 报告。 【美护】新消费时代——化妆品行业跟踪报告 看好美护板块引领新消费，零食品类裂变与新渠道共振。 新消费核心在产品焕新营造情绪价值消费。 我们认为，与2016-2021的流量红利驱动下的新消费浪潮不 同，本轮新消费更多体现在渠道红利消失后结构性的产品焕新，典型如美妆领域重组胶原成分持续迭代， 日化领域功能及情绪价值升级（如绽家香氛洗衣液，冷酸灵医研牙膏修复牙釉质），零食魔芋品类健康低 卡大受欢迎。我们认为，随中国经济增长、居民物质需求日益满足，情绪消费开始爆发，满足更细分、更 进阶需求的特色产 ...

中金研究 2025年上半年，虽然政策不确定性有明显升高，但全球经济整体平稳运行，除美联储外的其他主要央行持续降息。我们认为下半年，美国和非美地区 的经济动能将走向收敛，主要受美国经济放缓的推动。非美地区因货币政策相对宽松，产出缺口仍有修复空间具备一定优势，但下半年的修复幅度面 临高政策不确定性以及上半年出口和增长前置的制约。在这个背景下，下半年我们更看好非美地区的机会，对欧洲市场保持相对乐观，提升新兴市场 的权重。但我们认为区域表现的分化或小于上半年，建议平衡配置。行业层面展望下半年，自下而上我们分析师对所覆盖行业的偏好依次为: 科技（通 信、软件、广告>电子>内容），工业（电力设备>自动化），金融，我们对消费以及偏消费的制造业（家电、汽车）、大宗原材料保持谨慎。 *本文为原文报告部分节选，原文还涵盖1季度全球行业业绩回顾和全球主要公司针对关税影响的反馈，以及具体投资建议，详见《 全球研究2025下半 年展望： 贸易冲击与经济格局重塑下的全球投资 》 点击小程序查看报告原文 贸易冲击与经济格局重塑下的全球投资 我们认为下半年 ，美国和非 美地区的经济动能将走向收敛，主要受美国经济放缓的推动。 在美国私人部门的 ...

Core Viewpoint - The company, Liuzhou Two-Needle Co., Ltd., is preparing for its 2024 Annual General Meeting, focusing on maintaining shareholder rights and ensuring effective governance and operational transparency. Group 1: Meeting Details - The Annual General Meeting is scheduled for June 26, 2025, at 10:00 AM, held at the company's office building in Liuzhou [2][4]. - Shareholders must present identification and relevant documents to verify their attendance [2]. - The meeting will include a report from independent directors and will be conducted with both on-site and online voting [3][4]. Group 2: Financial Performance - For the year 2024, the company achieved a revenue of 1.053 billion yuan, representing a year-on-year increase of 5.82% [21]. - The total profit reached 110 million yuan, a significant increase of 264.59% compared to the previous year [21]. - The net profit attributable to shareholders was approximately 81 million yuan, reflecting a growth of 255.59% [21]. Group 3: Operational Highlights - The company focused on enhancing product quality and brand value, launching 24 new oral care products and 13 personal care products in 2024 [6][7]. - Marketing strategies included leveraging social media platforms and participating in major exhibitions, resulting in recognition as a top brand in the industry [6][7]. - The company maintained a low debt ratio of 19.80%, indicating strong financial health [21]. Group 4: Governance and Compliance - The board of directors held multiple meetings throughout the year, ensuring compliance with legal and regulatory requirements [8][9]. - Independent directors actively participated in decision-making processes, safeguarding the interests of minority shareholders [28][34]. - The company received positive evaluations for its information disclosure practices, maintaining transparency and accuracy [12][32]. Group 5: Future Plans - The company aims to enhance its core business and expand its market presence, focusing on integrating its health and personal care sectors [15][16]. - Plans include increasing investment in technology and innovation to improve product offerings and operational efficiency [15][16]. - The company will continue to strengthen investor relations and governance structures to foster trust and engagement with shareholders [16].

近日，消费品巨头宝洁（Procter & Gamble）在行业会议上宣布，计划在未来两年内全球裁减约7000个非生产岗位，这相当于此类岗位总数的15%。这一 大规模裁员举措，连同削减品牌组合、供应链优化等重组计划，被视为宝洁为扭转业绩困境所做的又一次"断臂求生"尝试。 宝洁进入中国已逾三十年，曾几何时，这家公司以完备的人才培养体系著称，被誉为职业经理人的"黄埔军校"。宝洁培养出的大批优秀人才不仅支撑了自 身业务，也源源不断地输送到了中国商业社会的各个角落。 然而，近十年来，宝洁中国高层管理者离职的消息频繁传出，形成了一股人才流失潮。据公开资料统计，自2012年以来宝洁大中华区已有多位核心高管先 后离任。 其中，2012年11月，宝洁大中华区销售总裁翟峰离职；2014年8月，接任翟峰职位不足两年的销售总裁李红也选择告别服务20多年的老东家。李红的离开 在业内引起轰动——她并非退休或赋闲，而是高调跳槽至宝洁的竞争对手玛氏公司。接替李红的是宝洁中国销售老将林小海。然而，仅两年后，林小海于 2016年7月1日从宝洁辞职。 至此，在短短四年内，宝洁中国销售体系最高负责人"三连跳"式地相继出走，令人不解。 据报道，林小海 ...

Core Viewpoint - The company, Two-faced Needle, faces scrutiny from the stock exchange after disclosing its 2024 annual report, highlighting issues such as "non-urgent borrowing" and weak profitability in its main business [1] Financial Performance - As of the end of 2024, Two-faced Needle reported short-term borrowings of 90 million yuan, a significant increase of 55.17% year-on-year, despite holding a large amount of cash totaling 1.273 billion yuan, which accounts for 46.78% of total assets [2] - The company has a unique arbitrage model, with an average annual deposit interest rate of 3.26%, while the actual financing cost of loans obtained through various policies is as low as 0.22%-2.6%, resulting in a spread of 3.04 percentage points [2] - Interest income reached 40.72 million yuan in 2024, constituting 455% of the net profit excluding non-recurring items, indicating a heavy reliance on financial operations rather than core business activities [3] Business Challenges - The company derives 70% of its revenue from hotel daily necessities but faces structural challenges, including weak bargaining power as a supplier, low-value-added products, and a lag in channel transformation [4] - The reliance on external products accounts for 30% of its offerings, further compressing profit margins, while R&D investment remains below 1%, significantly lower than industry leaders [4] - Despite a strategic focus on "focusing on the main business and deepening the integration of medical and elderly care," the company has seen limited success in cost reduction and efficiency improvement, with sales expenses increasing by only 6.99% and management expenses rising by 15.33% in 2024 [4]

2025年，第四届绿点中国如约而至，年度主题定为"绿野新踪"，灵感源自经典童话"绿野仙 踪"。"绿野"，寓意广袤的绿色大地，象征人与自然的和谐共生；"新踪"，既指践行可持续发展 的新路径，也蕴含着对下一步绿色创新的期待与探索。第一财经希望通过这一主题，激发更多探 索精神，让更多蕴含"绿色密码"的优秀实践浮出水面，成为行业发展的新坐标。 绿 野 新 踪 第四届绿点中国自开放报名以来，已收到众多优秀企业的标杆性案例。截止到6月9日，与往届相 比，今年的绿点中国受到越来越多的大公司关注，百亿以上规模报名企业占比已超70%，其中半 数为500亿以上规模。值得一提的是，民营企业与外资企业报名数量的差距在缩小，我们可以看 到在碳中和战略的指导下，中国企业对于可持续的关注度和重视度逐步提高。相较于往年，今年 报名企业的行业丰富程度也在进一步提升。除了传统的食饮、日化、制造等行业报名集中度较 高，今年交通、科技、家居等行业的案例数量也让我们感到惊喜。截止到目前，绿色技术、绿色 设计、绿色共创三个评选维度收到的案例数量领先于其他三个评选维度。 案例征集将于6月20日截止，我们期待看到更多优秀的行业案例/产品/设计/解决方案等加 ...

轻工业是覆盖最广的民生消费品行业，是满足人民美好生活需要的主力军。日前，中国轻工业联合会主办的"创新 引领新质发展 升级做强人民轻工"升级创新成果发布会上发布了第十批和第十一批《升级和创新消费品指南（轻 工）》。 纳爱斯集团旗下雕牌、超能、纳爱斯、100年润发、伢牙乐、超能SupNice等品牌7款产品入选，成为中国日化行业 入选品牌和产品数量最多的企业。纳爱斯是如何准确把握科技创新的方向，让科研成果从实验室里的样品，变为 生产线上的产品，大市场里的商品？从一瓶自天然洗衣液背后的研发故事或许可以窥见一二。 天然成分占比达90%以上 一瓶洗衣液打响"技术团战" "天然洗护"是近年来洗涤市场上的热词，对于领军企业纳爱斯来说更是早有绸缪并领先的赛道，从天然皂粉到如 今的自天然洗衣液，这一品类一直是纳爱斯在市场上表现最为出色的产品。据了解，自天然洗衣液天然成分占比 超过90%以上，对比此前同类天然成分最高只有70%，形成断崖式领先。运用于该产品的技术也成为今年行业唯一 入选工信部发布的首批先进技术适用名单的技术，为行业提供了绿色低碳化可持续发展的解决方案。而这背后集 结了无数研发人员的心血。 "头发是那会儿熬白的。"纳 ...

Market Overview - The Chinese household cleaning and personal care market has grown from 34.77 billion yuan in 2015 to 55.61 billion yuan in 2023, with a projected size of 58.39 billion yuan in 2024, indicating a continuous upward trend in market demand [11][12][13] - The market is expected to exceed 70 billion yuan by 2028, showcasing a broad market outlook [12] - Growth is driven by urbanization, demographic changes, upgraded consumer demands for cleaning products, and increased R&D investments by companies [13] Consumer Trends - Consumers are increasingly seeking high-efficiency and refined cleaning tools, with 30% of sales volume attributed to essential household items like paper towels and laundry detergents [24] - There is a notable demand for high-quality home decor items, with sales of decorative items like wall clocks and glass ornaments increasing significantly [26] - The market is seeing a trend towards specialized cleaning products for specific clothing types and cleaning scenarios, with 73.1% of consumers purchasing kitchen cleaning products [27][28] Brand Landscape - Leading brands like Blue Moon maintain their positions through professional images and comprehensive channel strategies, while emerging brands like UPO and Zhi Fu Lian are rapidly gaining market share through online marketing and differentiated products [2][19] - Domestic brands are leveraging their understanding of local consumer needs, focusing on cost-effectiveness and localized marketing strategies [20] - New brands are capitalizing on social media and online channels to showcase their innovative products and achieve rapid growth [21] Environmental Trends - Consumers are increasingly concerned about product safety and environmental impact, with 71% expressing a desire for cleaning products that enhance antibacterial capabilities and are made from natural, non-irritating materials [30] - The industry is shifting towards low-carbon and environmentally friendly practices, with leading companies developing products with natural ingredients and optimizing packaging to reduce environmental impact [32] Sales Channel Analysis - The sales channels are diversifying, with online sales channels gaining a larger share due to their convenience and variety, while traditional retail still plays an irreplaceable role [18] - The report highlights the importance of enhancing consumer experience in offline stores by creating dedicated cleaning product sections [2][18]

Group 1 - Unilever (China) Co., Ltd. has undergone a change in legal representative and chairman, with Roland Polaroid Hutabarat taking over from Zhong Zhaomin [1][4] - Zhong Zhaomin previously held the position since September 2022, succeeding Rohit Jawa, and had a background in supply chain management for Unilever's North Asia beauty and health division [1][4] - The company was established in August 1999 with a registered capital of approximately $310 million, focusing on personal hygiene products, hair accessories, cosmetics wholesale, and daily chemical product manufacturing [2][4] Group 2 - Recent personnel changes at Unilever have been frequent, including the resignation of CEO Hein Schumacher, who will fully exit the company by May 31, 2024, with CFO Fernando Fernandez stepping in as the new CEO [6] - Schumacher's departure was described as a mutual agreement, and he had been with Unilever for less than two years, previously serving as CEO of Royal FrieslandCampina [6] - Under Schumacher's leadership, Unilever implemented significant restructuring, including divesting its ice cream business and laying off 7,500 employees [6]