司公开发行可转换公司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【78】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客 观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权不得修改、 ...

Market Overview - The market experienced narrow fluctuations today, with all three major indices closing lower and trading volume slightly increasing, surpassing 1 trillion yuan but remaining at recent low levels [1][2] - A total of 1,751 stocks rose while 3,480 fell, with 75 stocks hitting the daily limit up and 13 hitting the limit down [2] Sector Performance - Several "car"-related sectors showed strength, driven by three main factors: the overnight surge of Chinese concept stocks Xiaoma Zhixing and WeRide, the expansion of the robotics market from components to applications, and the recent strong performance of unmanned logistics vehicles [1] - New consumption concepts remained hot, with sectors like beauty care and beverages leading the gains, including Kweichow Moutai achieving a six-day four-limit rise [1] - Environmental protection stocks surged, particularly in medical waste treatment and garbage classification, while nuclear power and controllable nuclear fusion sectors also showed strength [1] Fund Flow - Main funds focused on sectors such as general retail, automotive parts, and general equipment, with notable net inflows into stocks like Xue Ren Co., Gongxiao Daji, and Guofang Group [3] Economic Indicators - The National Bureau of Statistics is developing policies to cultivate a national integrated data market, emphasizing the need for collaborative efforts to enhance data market construction [4] - From January to April, state-owned enterprises reported total profits of 13,491.4 billion yuan, a year-on-year decrease of 1.7%, while total operating revenue remained flat at 262,755.0 billion yuan [5] Market Outlook - Huatai Securities maintains a view that the market may experience a period of oscillation, with both upward and downward risks being less visible [6] - Overall market style may rotate between defensive and growth sectors, with a focus on stable or high-dividend industries for defensive strategies and theme growth for growth strategies [8] - Dongfang Securities suggests that the market will primarily undergo oscillation and adjustment, with the Shanghai Composite Index expected to consolidate within the 3,300-3,400 point range [9]

盘面回顾：全天窄幅震荡，交易量略有萎缩，消费和医药反弹。周二 A 股全天窄幅震荡，振幅仅 19 点，交易量为较周一出现一定萎缩。市场表现整体较为清淡，消费和医药成为继银行之后相对抗跌 的板块。周二 31 个一级行业涨跌互现，领涨板块包括纺织服饰、医药生物、美容护理、环保、房地 产。下跌板块中跌幅靠前的是有色金属、电子、汽车、机械设备、通信。 风险提示：关税冲击的后续影响，美联储降息延后，海外经济衰退超预期，国内经济复苏不及预 期，政策执行不及预期等。 热点板块：6 月可能仍是事件驱动的主题性行情，低位板块如消费、医药、调整较为充分的注科技 成长可关注。1）促进消费扩大内需是 2025 年的重点任务，虽然大消费方向年报和一季报表现相对平 淡，但市场对后续政策对冲仍有期待，这将是 2025 年大消费方向的重要看点。关注乳制品、IP 消费、 休闲旅游、医美等基本面景气度较高的板块。2）机器人国产化和走进老百姓生活依然是 2025 年比较确 定的趋势，机器人产品将从人形机器人向四足机器人、功能型机器人扩展。以此带来的传感器、控制 器、灵巧手等板块的阶段性机会将会反复出现。5-6 月关注机器人格斗大赛的进展。3）半导体 ...

Group 1: BOE Technology Group (京东方A) - The LCD industry supply and demand situation is improving, shifting focus from scale and market share competition to high-profit applications, high-value products, advanced technology, and high-value brands [1] - By Q1 2025, the average operating rate of the LCD industry is expected to gradually increase and maintain above 80% [1] - LCD TV panel prices have been rising since January 2025, with expectations of a gradual cooling in Q2 [1] - The company’s 8.6-generation MOLED production line in Chengdu has started equipment installation four months ahead of schedule [1] - In 2024, the IT segment is projected to account for the highest share of the company’s display device business revenue at 34% [1] - The company anticipates depreciation of approximately 38 billion in 2024, expecting to reach a peak this year [1] - The company is open to industry consolidation and will consider multiple factors for participation [1] Group 2: Haixiang New Materials (海象新材) - The company has not yet launched PET flooring products and has no related revenue; PET flooring will coexist with PVC flooring rather than completely replace it [2] - The revenue growth relies on stable sales in non-US regions, recovery in the US market, and expansion in the domestic market [2] - The company has taken measures to mitigate the impact of customs traceability issues [2] - The impact of US tariffs is minimal, as the company has established production capacity in Southeast Asia [2] - There are currently no plans to set up a factory in the US in the short term [2] Group 3: Beijia Clean (倍加洁) - In 2024, the production capacity utilization rate for toothbrushes is 57.68%, while for wet wipes it is 28.98% [3] - The annual production capacity for toothpaste is expected to increase to 120 million units, with new clients such as Comfort and Shuke [3] - The company focuses on its own brands in toothpaste, toothbrushes, and orthodontic oral care products, with a comprehensive layout on e-commerce platforms [3] - The ODM business is the main focus, with moderate investment in self-owned brands [3] - The US market accounts for 24% of total revenue, with some small clients canceling orders; the company is responding through its Vietnam base [3] - The associate company, Weimei Zi, is projected to have a net profit of 32.96 million in 2024, with a loss in Q1 2025 [3] - The controlling subsidiary, Shan'en Kang, is expected to incur losses in 2024 but aims to turn profitable in Q1 2025, focusing on major client development and the KK bacteria niche market [3] - The company aims for double-digit revenue growth in 2025, with the Vietnam production base project still under construction [3] Group 4: ICBC Credit Suisse Asset Management (工银瑞信基金) - As of now, the total asset management scale of the company is 778.131 billion, ranking 13th out of 210 [4] - The asset management scale for non-monetary public funds is 422.31 billion, also ranking 13th out of 210 [4] - The company manages 474 public funds, ranking 12th out of 210 [4] - There are 85 fund managers under the company, ranking 10th out of 210 [4] - The best-performing public fund product in the past year is the ICBC North Securities 50 Index A, with a latest net value of 1.54 and a growth of 66.21% in the past year [4] - The latest public fund product raised by the company is the ICBC Stable and Profitable 120-Day Rolling Bond A, which is a long-term bond type with a subscription period from May 6, 2025, to May 28, 2025 [4]

Core Viewpoint - Saint Bella has officially received the CSRC filing notice, advancing its listing process on the Hong Kong Stock Exchange, and is expected to become the "first stock in family quality care" [3] Industry Overview - The postpartum care industry has seen rapid growth, with significant market potential. According to data from Sullivan, the market size of maternity centers in China is expected to reach 117.6 billion yuan by 2030, with a compound annual growth rate (CAGR) of 24% from 2024 to 2030. Currently, the market penetration rate is only 5.5%, and the market share of leading brands is just 2.4%, indicating a highly fragmented industry with vast development space [3] Company Business Model - Saint Bella is not a traditional postpartum care brand but has built a "full-cycle coverage" family care ecosystem. Its business encompasses maternal and infant care, family parenting, and women's health food retail, gradually constructing a comprehensive family care service system from pregnancy to postpartum, early childhood, and even elderly care. The flagship brand "Saint Bella Maternal and Infant Care Center" focuses on providing full-cycle care services for high-net-worth families, while "baby bella" targets young families as a preferred postpartum care brand. "Bella ISLA" emphasizes psychological healing for women throughout their life cycle. Additionally, Saint Bella has made acquisitions and investments to enhance its postpartum medical services and nutrition offerings, transitioning from "a meal of postpartum food" to "lifetime health" [4] Financial Performance - Financial data disclosed in the prospectus shows that Saint Bella's operational performance is strong. From 2021 to 2023, its sales increased from 390 million yuan to 775 million yuan, and revenue rose from 259 million yuan to 560 million yuan, with growth rates of 99% and 116%, respectively. In the first half of 2024, revenue continued to grow rapidly, reaching 358 million yuan, a year-on-year increase of 32%. By its seventh year in 2023, Saint Bella achieved profitability, with an adjusted net profit of 20.77 million yuan and an adjusted EBITDA of 61.4 million yuan, a 31-fold increase compared to the previous year. In the first half of 2024, adjusted net profit increased by 122.4% to 17.15 million yuan. Notably, Saint Bella's marketing costs are significantly lower than industry standards, with sales and distribution expenses accounting for only 12.65% of revenue in the first half of 2024, and advertising expenses making up just 7.90% of revenue, indicating a focus on human resources, high-end property leasing, new retail product costs, and R&D investments that enhance service experience and management optimization [5] Future Outlook - Saint Bella aims for long-term investment in service quality and future growth. In an era of consumer upgrading, family health services represent a promising sector. With professional services and an innovative business model, Saint Bella has gained recognition among high-net-worth families and is expected to further expand its market space while promoting a more standardized and regulated development of the family care industry. The listing is seen as a new starting point for the company, and if it continues to prioritize user experience and builds a digital and ecological moat, the future of Saint Bella looks promising [6]

Core Insights - The competition in Dongying City showcased a high-level skill contest in elderly care, emphasizing "intergenerational integration" and "collaboration among government, schools, and enterprises" as effective practices to address aging challenges [1][2][3] Policy Support - Dongying City has implemented a series of policies, including entry bonuses, job subsidies, and vocational skill level rewards, to enhance the attractiveness of the elderly care profession [1] - Currently, 31% of the workforce in elderly care institutions is under 40 years old, and 39% hold a college degree or higher, indicating a significant trend towards youth and professionalism in the sector [1] Educational Initiatives - The Dongying Technician College has been pivotal in talent cultivation, having launched an elderly service and management program in 2022, which aligns courses with enterprise needs through models like "order classes" and "work-study alternation" [1] - The college has collaborated with Matsuyama Welfare School in Japan to incorporate international experience, successfully training 96 specialized talents [1] Intergenerational Collaboration - The competition served as a vibrant classroom for intergenerational experience transfer, with participants ranging from the "60s" to the "00s," highlighting the blend of traditional experience and innovative thinking [2] - The structural change, with nearly 40% of participants being young, reflects the increased attractiveness of the industry due to policy incentives and the deep value of cross-generational collaboration [2] Innovative Measures - Dongying City has introduced initiatives like the "Elderly Care Workers' Day" and the "Charity Fund for Silver Age" to extend the sense of professional honor beyond the competition [2] - Outstanding competitors gain qualifications for provincial and national competitions, and skill achievements are transformed into service standards, creating a virtuous cycle of "learning through competition and applying through learning" [2] Talent Ecosystem - Dongying's practices indicate that addressing aging requires not only short-term policy and resource investments but also the establishment of a comprehensive talent ecosystem encompassing "attract, cultivate, evaluate, utilize, and retain" [3] - The collaboration among government, schools, and enterprises injects innovative vitality into the industry, revitalizing the elderly care sector with a dynamic workforce [3]

5月27日，港股的朝云集团（06601.HK）大涨7.66%，报2.95港元/股，市值39.33亿港元。 值得注意的是，朝云集团今年以来走势强劲，至今累计涨幅已超过63%，其股价也创下2022年以来的新高，公司正稳步走出底部震荡区间。 资料显示，朝云集团是中国头部家居护理企业，公司旗下拥有众多知名品牌，如"超威"、"贝贝健"、"威王"等等。另外，公司在宠物市场的布局也取得了显 著成效，其先后推出了"倔强尾巴""倔强嘴巴"等品牌，通过精准定位和高品质的产品，迅速赢得了市场的认可和消费者的喜爱。 业绩方面，2024年，朝云集团实现收入18.20亿元（人民币，下同），同比增长12.7%。实现毛利为8.94亿元，同比增长24.5%。公司毛利率为49.1%，相比上 一年度提升4.6个百分点。 其中，2024年，朝云集团旗下宠物品类呈现出高速增长的强劲势头，全年实现营收1.27亿元，同比大幅增长64.5%，该业务毛利率提升至54.7%，同比大幅增 加11.5个百分点。公司的宠物板块有望为公司打造第二增长曲线。 | | | 截至12月31日止年度 | | | --- | --- | --- | --- | | | 2024 ...

A股的"泡泡玛特们"涨疯了。 近期A股市场持续地量运行。 今天（5月27日），A股市场成交额继续缩量，仅1.02万亿元。从交易风格来看，当前热点主要集中在重组、新消费两大方 向，而红利板块则稳健上扬，科技股持续低迷。 盘面上，新消费题材继续领涨，相关板块涨幅普遍靠前，纺织服饰涨超1%，美容护理、农林牧渔、轻工制造等逆市走强。 个股方面，中旗股份、格力博等多只个股"20cm"涨停，黄河旋风、百利电气、明牌珠宝等个股涨停。明牌珠宝、金枫酒 业、青岛金王等10余只个股均属于新消费题材。下跌股方面，滨海能源成为唯一跌停的非ST股，另外纬德信息、绿的谐波 等个股跌超8%。 绿的谐波大跌超8% 绿的谐波大幅下挫主要因为大股东减持。 5月26日晚间，绿的谐波发布公告称，公司控股股东、实际控制人左晶和左昱昱计划通过集中竞价交易和大宗交易方式，分 别减持不超过274.82万股，即不超过总股本的1.5%，合计减持不超3%公司股份。减持期间为2025年6月19日至9月18日。 资料显示，绿的谐波是一家专业从事精密传动装置研发、设计、生产和销售的高新技术企业，产品包括谐波减速器、行星 滚柱丝杠及精密零部件、机电一体化产品、智能自动化 ...

综合分析，圣贝拉发展至今的业绩成长和行业领先的地位，可归因于圣贝拉集团针对不同的场景提供的差异化服务，从高端到质价比，精准狙击各个阶层 的需求。圣贝拉早期以同名旗舰品牌"圣贝拉母婴护理中心"作为起点，将目标设定为高净值家庭提供全周期护理服务；之后，在品牌建设与用户需求的双 轮驱动下，圣贝拉进一步细化产后护理条线业务布局，先后推出了定位年轻家庭首选的月子护理品牌"baby bella小贝拉"以及主打心理疗愈的女性全周期 护理品牌"Bella ISLA艾屿"。 同时，圣贝拉已从最初的单一产后护理业务转型破圈，构建起"全周期覆盖的家庭护理生态"，在家庭护理服务领域，圣贝拉于2018年推出「予家」品牌， 其可按定制化基础解决客户的特殊家庭护理需求并拓展客户的生命周期价值；在女性健康功能性食品领域，圣贝拉于2021年收购了广禾堂，并将广禾堂销 售重心由线下渠道转换为线上渠道，并不断改进产品、扩大产品组合，令这家深耕女性保健食品20多年的行业领军企业展现出来新的发展契机，线上订单 数量三年内从2355单暴增至74837单，订单均价从621元增长至860元，广禾堂毛利率也因此由2021年的13.7%大幅增至截至2023年1 ...

奥拉氟是近年来市场上火热的防蛀成分，国内多个口腔护理品牌推出奥拉氟防蛀牙膏。一面是奥拉氟防 蛀牙膏市场的繁荣发展，一面是社交媒体平台上家长们对"奥拉氟"的不同态度的讨论。根据公开报道， 兔头妈妈是国内首个引进奥拉氟的国货母婴品牌，且在今年推出自主研发的国产高纯奥拉氟。而其市场 表现，以天猫平台为例，兔头妈妈奥拉氟防蛀牙膏在细分类目下，连续霸榜天猫超市牙膏热卖榜、回购 榜、好评榜榜单TOP1。 近日，凤凰网独家专访兔头妈妈，揭秘奥拉氟技术背后的科技暗战。 跨世纪的奥拉氟早已技术垄断 在奥拉氟（Olaflur）源于欧洲上世纪50年代末60年代初，因其具备更好的防龋性能，在欧洲由数十年的 研究应用。 长期以来，欧洲原料公司垄断技术不作公开，国货品牌局限使用，不仅制约自身产品迭代，更是让国内 市场陷入同质化竞争。另外，奥拉氟合成工艺相对复杂，需要特殊设备，外界并没有可供参考的制备方 法和检测方法。整个技术体系被海外企业掌控，国货品牌面对技术壁垒，颇受掣肘。 兔头妈妈品牌合伙人代羽舟在采访中分享到，有关奥拉氟检测的标准已协同权威机构和单位完成立项。 此外，兔头妈妈旗下的奥拉氟牙膏目前根据系列分别采用国产奥拉氟和进口奥拉 ...