炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经公司研究院 作者：新消费主张/cici 截至2025年4月30日，日化护肤上市公司已完成2024年财报的披露，对此我们挑选了14家具有代表性的 上市公司进行库存状况分析。 在我们所选取的日化护肤公司中，2024年，从存货规模及存货占总资产比例变化来看水羊股份存货占全 部资产的比重较高，约为19.52%；从存货周转效率来看，仅有丸美股份、青松股份2家公司存货周转状 况有所改善，其余8家公司存货周转天数均不同程度变长，相应的存货周转效率不同程度下降。 其中最值得一提的便是锦波生物、华熙生物、贝泰妮这三家上市公司，首先，这三家上市公司的存货规 模及存货占总资产的比例均有所提升；其次，这三家上市公司的存货周转天数均超出了270天（9个月） 且存货周转效率仍进一步下降。 存货规模&占比：过半数公司存货规模及占比双增 水羊股份存货占比最高 | | | 存货规模(亿)及同比变动 | | | --- | --- | --- | --- | | | 2023年 | 2024年 | 同比 | | 创尔生物 | 7.97 | 6.61 | 62 ...

2024年，在我们所选的日化护肤行业公司中，过半数公司销售费用率超出40%，换个通俗的说法就是，公司拿超40%的 营收去做营销。其中，逸仙电商的销售费用率最高为60.1%，其次为上美股份和丸美生物，销售费用率分别为58.11%、 55.04%。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 日化护肤行业公司销售费用普遍较高，巨额营销侵吞利润，是行业高毛利、低净利的根本原因。 相当一部分日化护肤行业上市公司在营销端毫不手软，在研发端的投入或还不够营销端支出的一个零头。 特别是在互联网环境下，新锐品牌依靠电商平台、社交媒体等媒介，使营销与产品均能快速触达到广泛的消费者群 体，在短时间内实现品牌规模的提升与认知的塑造。 为了维稳市场份额，日化护肤行业的营销也越来越内卷。聘请当红流量明星代言、与超头主播建立密切合作、遍布小 红书等平台的种草"软文"、数不清的热播剧集热播综艺的广告植入、与网红合作测评等等，在品牌营销方面，多数日化 护肤行业公司从未手软。 重营销、轻研发的背景下，日化护肤行业公司产品同质化严重，多数产品创新力度不够，难以真正满足消费者的护肤 需求，严重阻碍了护肤品牌发展。另一 ...

Core Insights - The analysis focuses on the financial performance of 17 representative listed companies in the daily chemical skincare industry, highlighting the significant disparity between sales gross margin and net profit margin [1][2]. Group 1: Financial Performance - In 2024, nearly 80% of the selected companies reported a sales gross margin exceeding 50%, with some companies achieving gross margins over 75% [1][2]. - The industry shows a trend of high gross margins but low net profit margins, with 70% of companies having net profit margins below 15% [1][2]. - The top three companies in terms of sales gross margin are Jinbo Biological (92.02%), Juzhi Biological (82.09%), and Fulejia (81.73%) [2]. Group 2: Sales Net Margin Analysis - The leading companies in sales net margin are Jinbo Biological (50.68%), Juzhi Biological (37.22%), and Fulejia (32.78%) [4]. - Companies such as Jiaheng Household Chemicals (-2.57%), Shanghai Household Chemicals (-14.67%), and Yixian E-commerce (-20.9%) exhibit significantly low net profit margins [4]. Group 3: Industry Challenges - The high sales expenses in the daily chemical skincare industry are identified as a primary reason for the low net profit margins, as substantial marketing costs erode profits [2]. - Qing Song Co. has the lowest sales gross margin at 17.42%, attributed to its positioning as an OEM, facing intense competition from thousands of domestic cosmetic OEMs [6]. - Yixian E-commerce's negative net profit margin of -20.9% is linked to ongoing losses and high marketing expenditures [6].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经公司研究院 作者：新消费主张/cici 截至2025年4月30日，绝大多数日化护肤上市公司已完成2024年财报的披露，对此我们挑选了17家具有代表性的上市 公司进行业绩比对分析。在我们选取的17家日化护肤公司中，仅有6家公司实现营收净利润双增、3家公司增收不增 利、3公司营收净利润双降（不包含亏损企业），包括青松股份、科思股份、水羊股份、福瑞达。 | | | 日化护肤上市公司业绩-业绩双降 | | | | --- | --- | --- | --- | --- | | | 营收 : 亿 | 同比-营收 | 归母净利润:亿 | 同比-归母净利润 | | 青松股份 | 19.40 | -1.51% | 0.55 | 拥亏 | | 科思股份 | a 新闻到听华 22.76 | -5.16% | 5.62 | FF F -23.33% | | 水羊股份 | 42.37 | -5.69% | 1.10 | -62.63% | | 福瑞达 | 39.83 | -13.02% | 2.44 | -19.73% 资料来源：公司公告 新浪财 ...

Summary of Conference Call Records Industry and Company Involved - **Industry**: Defense and Low-altitude Economy - **Company**: Aerospace South Lake (航天南湖) and Lafang Household Products (拉芳家化) Key Points and Arguments Aerospace South Lake (航天南湖) 1. **Core Business**: The company specializes in the research, production, and sales of air defense early warning radar systems, which are crucial for China's air defense capabilities and are widely used across multiple military branches [2]. 2. **Revenue Growth**: In Q1 2025, the company reported revenue of 358 million yuan, a year-on-year increase of approximately 1200% [2]. 3. **Net Profit**: The company recorded a net profit of 56,600 yuan, a significant turnaround from a loss, primarily due to the completion of delayed domestic and military trade orders in Q1 2025 [2]. 4. **Order Backlog**: As of the end of 2024, the company had an order backlog of 1.4 billion yuan, providing strong support for its operational development in 2025 [2]. 5. **Product Range**: The main products include air defense early warning radar and associated equipment, capable of detecting aerial targets at various ranges [2]. Lafang Household Products (拉芳家化) 1. **Core Business**: The company focuses on the development, production, and sales of personal care products, including hair care, skincare, and cosmetics, with brands like "Lafang," "Yujie," and "Meiduosi" [3]. 2. **Sales Strategy**: The company is enhancing its omnichannel strategy, focusing on online and offline collaboration, and has successfully launched a new hair repair product series that has gained popularity on e-commerce platforms [3]. 3. **Brand Development**: In 2025, the company plans to strengthen its brand identity and has partnered with the national diving team to promote the "Lafang" brand [3]. 4. **AI Integration**: Lafang has initiated a collaboration with Huawei and China Mobile to integrate AI capabilities into its operations, launching the Lafang AI Smart Platform [3]. Other Important but Possibly Overlooked Content 1. **Market Overview**: The overall market experienced fluctuations, with the ChiNext index leading the decline. The total trading volume in the Shanghai and Shenzhen markets was 1.15 trillion yuan, down by 164.3 billion yuan from the previous trading day [1]. 2. **Institutional Activity**: There was an increase in institutional participation, with 19 stocks having a net buy/sell amount exceeding 10 million yuan, indicating a shift in market sentiment [1][6]. 3. **Sector Performance**: The synthetic biology sector saw significant gains, while sectors like computing power and software development faced declines [1]. This summary encapsulates the essential insights from the conference call records, highlighting the performance and strategic directions of the involved companies within their respective industries.

Company Overview - The company operates in internet marketing based on data research, focusing on e-commerce sales services, product development, and digital marketing services, with a deep layout in industries such as liquor, beverages, daily chemicals, and maternal and infant products [1] - The company has established a significant presence in live e-commerce and short video e-commerce, with nearly 4,000 square meters of live broadcast bases and 45 live broadcast rooms in key e-commerce cities like Hangzhou and Beijing [1] Partnerships - The company collaborates with major liquor brands including Luzhou Laojiao, Shanxi Fenjiu, Wuliangye, and Qingdao Beer, among others, and has established deep strategic partnerships with major domestic e-commerce platforms such as JD.com, Tmall, Douyin, Kuaishou, and Pinduoduo [2] Business Performance - In 2024, the company achieved a GMV of 8.2 billion CNY, a year-on-year increase of 7% - The operating revenue reached 3.676 billion CNY, reflecting a growth of 30.18% - The net profit attributable to shareholders was 260 million CNY, up by 29.61% [3] Product Strategy - The company has launched strategic flagship products, including "Six-Year-Old Rare Product" and various gift boxes, achieving nearly 100 million CNY in GMV since their launch [4] - The company is expanding its product matrix and enhancing online penetration through strategic cooperation with core partners [4] Financial Management - The company has not distributed dividends for 12 years due to negative retained earnings, with a surplus reserve of 132.82 million CNY and a capital reserve of 1.298 billion CNY as of December 31, 2024 [5] - The company emphasizes investor returns through improved information disclosure, share buybacks, and employee stock ownership plans, having repurchased 22.34 million shares for a total of 101 million CNY [5] Market Expansion - The company is actively exploring overseas markets and emerging platforms, leveraging platforms like TikTok, Lazada, Tokopedia, and Shopee to provide comprehensive e-commerce services [6] - The company aims to develop new product lines and enhance its market presence in various sectors, including liquor and daily chemicals [6]

Group 1 - The three major indices experienced a decline on May 15, with the Shanghai Composite Index down 0.68%, the Shenzhen Component Index down 1.62%, the ChiNext Index down 1.91%, and the CSI A500 Index down 1.04% [1] - Sectors such as beauty care, agriculture, and food and beverage showed strong performance, while the A500 ETF fund (512050) fell by 0.94% with a trading volume exceeding 3.7 billion yuan, leading its peers [1] - Financial data for April revealed that the social financing scale stock increased by 8.7% year-on-year, and the broad money supply M2 rose by 8%, indicating a supportive monetary policy for stable macroeconomic performance [1] Group 2 - CITIC Securities anticipates that the new public fund assessment rules will significantly impact the deviation from benchmarks and the ratio of profitable clients, as public funds have underperformed benchmarks over the past three years [2] - The A500 ETF fund (512050) is positioned to assist investors in efficiently allocating to core A-share assets, utilizing a balanced industry allocation and leading stock selection strategy [2] - The asset management industry is expected to see a clear differentiation in strategies, stock selection range, and pricing models between relative return and absolute return products [2]

智通财经5月15日电，大消费概念持续走强，日化、保健品、宠物经济等新消费方向领涨，午后华业香 料、百洋股份涨停，此前金达威、西王食品、交大昂立、若羽臣涨停，青松股份、中草香料、仙乐健 康、丸美生物等涨幅靠前。消息面上，机构指出，当前，国内新消费企业增长强劲，在审美、精神满足 上的升级持续存在，以潮玩、IP文化、宠物等为主的"情感"消费、"体验"消费景气度更是持续上升。 大消费概念持续走高 华业香料等多股涨停 ...

在一个生产力过剩的时代，为什么我们还要内卷？ 资水 这个问题极其深刻，且容我较长篇幅阐述一下。 先说答案， 卷，是因为中国成为了一部"经济机器" 。 人类历史上有好多部战争机器或经济机器，如秦王朝和蒙古王朝就是战争机器，大英帝国和 二战后的美国就是经济机器。 机器的特征，就是一切制度为了战争或经济，整个社会全部被 动员，在战争或商业活动中获利，形成正反馈，这种正反馈进一步加强了社会动员，形成滚 滚洪流。 机器的惯性是巨大的，一直会持续到结构失衡造成瓦解。 中国成为经济机器，是从1980年改革开放开始的。制度层面， "以经济建设为中心"作为总 纲，各级地方政府全部以GDP作为绩效考核指标，于是社会被动员 。这时期主要是国内品牌 与国外品牌的竞争，如家电行业的海尔格力与日立三星等的竞争，汽车行业的比亚迪吉利与 大众丰田通用的竞争、通信行业的华为中兴与诺基亚爱立信阿尔卡特的竞争，工程机械的三 一中联与CAT的竞争，日化行业的上海家化与宝洁联合利华的竞争等等。这是经济机器的第 一阶段，卷的方向是进口替代。 2018年以后，国外品牌基本战败，为什么各级政府仍然以GDP为考核指标，继续卷呢？是因 为美国把中国重新定义为战 ...

作者丨杨玉琳 2024年我国社会消费品零售总额是48.79万亿元，同比增长3.5%，首次低于我国同期GDP增速5%。 在消费增速趋缓的背景下，快消品行业逐步进入以"存量竞争"为主的新阶段。过去依赖市场红利高速增长的时代已经过去，当前行业正转向以效率提升、 品牌优化和结构调整为核心的新常态。 截止目前，「新经销」共统计131家快消品企业年报营收、净利数据，并按营收高低进行排序。 | | | | 2024年快消品上市企业财报 > | | | | | --- | --- | --- | --- | --- | --- | --- | | 分类 | 序号 | 公司名称 | 营收(亿元) | 同比 | 净利(亿元) | 同比 | | | 1 | 康师傅 | 806. 51 | 0. 30% | 37. 34 | 19. 80% | | | 2 | 农夫山泉 | 428. 96 | 0. 50% | 121. 23 | 0. 40% | | | 3 | 统一 | 303. 32 | 6. 09% | 18. 49 | 10. 90% | | | 4 | 中国食品 | 214. 92 | 0. 20% | 8.61 | 3 ...