Core Viewpoint - Recent reports highlight issues regarding the unlicensed sale of certain mosquito repellent products, leading to investigations and product removals from online platforms [1][4][6]. Group 1: Product Issues - The "Deminshu Baby Lemongrass Protection Spray" has been removed from the "Deminshu Flagship Store" due to concerns over its claims and lack of necessary pesticide registration [4][5]. - The product was marketed with phrases suggesting it is safe for children and effective against mosquitoes, yet it lacked proper labeling and registration required for pesticide products [4][5]. - The "swekp Plant Essential Oil Bead Patch" is under investigation for similar reasons, as it claims to repel mosquitoes without having the required pesticide registration [6][7]. Group 2: Regulatory Actions - The Jiangsu Province market supervision authority has initiated an investigation into the "swekp Plant Essential Oil Bead Patch" for its unlicensed claims [6][7]. - The Guangzhou Market Supervision Administration has clarified that products claiming mosquito repellent functions must be regulated as pesticides, regardless of their ingredients [4][7]. - Reports indicate that both products are being scrutinized for potential false advertising and regulatory compliance issues [7][8]. Group 3: Company Responses - The distributors of the "Deminshu Baby Lemongrass Protection Spray" and "swekp Plant Essential Oil Bead Patch" have not responded to inquiries regarding product compliance and regulatory issues [5][8]. - The manufacturer of the "swekp" product indicated that they are a brand factory and are not the sellers, suggesting they will contact the brand for rectification [8].

Market Overview - The mosquito repellent market in China is projected to reach a retail value of 12.006 billion yuan by 2024, with a compound annual growth rate (CAGR) of 7.28% from 2020 to 2024, up from 5.2 billion yuan in 2017 [2][3] - The narrow mosquito repellent market (excluding insecticides) grew from 5.181 billion yuan in 2017 to 7.459 billion yuan in 2022, with an estimated market size of 10.170 billion yuan by 2027 [2][3] Consumer Behavior - Increased awareness of mosquito-borne diseases, particularly the Chikungunya virus outbreak, has significantly boosted sales of mosquito repellent products, with some products seeing order volume increases of 60% to 138.2% year-on-year in July and August 2023 [3][4] - Online sales channels are growing rapidly, with the online market size for narrow mosquito repellent reaching approximately 1.827 billion yuan in 2022, representing a 24.5% penetration rate [2][3] Product Development and Trends - The product range has expanded from traditional items like mosquito nets and floral water to include electric mosquito repellent liquids, sprays, and protective patches, catering to various scenarios such as home use and outdoor activities [1][10] - The electric mosquito repellent liquid has become the largest segment in the market, accounting for 23.5% of the total market share in 2022 [11][12] Industry Competition - The mosquito repellent industry is characterized by low market concentration, with over 21,000 companies operating in this sector, and a significant number of new registrations in recent years [5][7] - Major players include Shanghai Jahwa, Chaoyun Group, and Runben, with notable market shares in both online and offline channels [7][8] Regulatory Environment - The industry is facing calls to avoid "involution" or excessive competition, with associations urging companies to focus on product innovation and sustainable practices [13]

Core Viewpoint - The mosquito repellent patch, made from natural plant extracts and a polymer gel matrix, is experiencing rapid market growth due to increasing demand driven by climate change and rising outdoor activities. The market in China is projected to grow from 864 million yuan in 2016 to 1.5 billion yuan by 2024, with a compound annual growth rate of 7.15% [3][6]. Industry Overview - The mosquito repellent patch combines natural plant extracts such as lavender oil, eucalyptus oil, and citronella oil, utilizing microencapsulation and controlled release technology to provide effective protection [5][6]. - The demand for mosquito repellent products is increasing due to the expansion of mosquito activity ranges and longer activity periods caused by global warming, alongside a surge in outdoor activities like camping [6]. Policy Environment - Recent policies in China, such as the "14th Five-Year" National Pesticide Industry Development Plan, emphasize the promotion of green pest control technologies and the safe use of pesticides, creating a favorable environment for the mosquito repellent patch industry [5][10]. Market Trends - The industry is expected to see a rise in personalized consumer demands, leading to customized mosquito repellent solutions tailored to different skin types and environmental conditions [8]. - Technological advancements will drive product innovation, focusing on extending the duration of effectiveness and incorporating biodegradable materials to meet consumer preferences for eco-friendly products [8][9]. - E-commerce platforms are anticipated to play a more significant role in sales, with social media and live streaming becoming key channels for market penetration [9]. Competitive Landscape - The mosquito repellent patch market is characterized by low concentration and intense competition, with both established brands and emerging players competing on product quality, pricing, and brand influence [7]. - Key companies in the industry include Runben Biological Technology Co., Ltd., Chengdu Rainbow Electric (Group) Co., Ltd., and others [7].

Group 1 - A-shares briefly surpassed 3600 points but declined in the afternoon, with market sentiment affected by the performance of major stocks like China Energy Engineering Group [1] - The number of stocks hitting the daily limit dropped significantly to 30, indicating market differentiation [1] - The focus of upcoming speculation may shift towards genuine beneficiaries of the Xiong'an New Area development [1] Group 2 - Top trending stocks in A-shares include China Energy Engineering, China Power Construction, Xuerun Group, Dongfang Electric, Tibet Tianlu, Yahua Group, Zhejiang Fu Holdings, Rainbow Group, Shanhe Intelligent, and China National Machinery Industry Corporation [2] - Major players in the Yajiang hydropower concept stocks are China Energy Engineering and China Power Construction, both maintaining strong positions [2] - The establishment of China Fusion Energy Co., with a total capital increase of 11.5 billion, has made controlled nuclear fusion a market focus [2]

Core Viewpoint - Runben Co., Ltd. plans to invest 600 million yuan in a new R&D and production base in Guangzhou to enhance its research and production capabilities, expand its business scope, and solidify its market position as it continues to experience revenue growth [2][4]. Group 1: Financial Performance - In 2024, Runben achieved a revenue of 1.318 billion yuan, a year-on-year increase of 27.61%, and a net profit of 300 million yuan, up 32.80%, both reaching historical highs [2][8]. - The company has maintained a revenue growth rate exceeding 20% for five consecutive years since 2020 [3][8]. - Revenue for 2022 and 2023 was 856 million yuan and 1.033 billion yuan, reflecting year-on-year growth of 47.06% and 20.66%, respectively [8]. Group 2: Investment and Expansion Plans - Runben plans to build a new R&D base in the Guangzhou Knowledge City, with an investment of 600 million yuan, aimed at meeting the growing demand for production and research [2][4]. - The new base will include office, R&D, living, and manufacturing areas, supporting the development of personal care, cosmetics, and medical products [4][5]. Group 3: Product Performance - In 2024, the mosquito repellent series generated 439 million yuan in revenue, up 35.39%, while the infant care series reached 690 million yuan, increasing by 32.42% [8]. - The company introduced several new products in 2024, enhancing its product matrix and brand value [8]. Group 4: Research and Development - Runben's R&D expenses increased from 19.51 million yuan in 2022 to 35.07 million yuan in 2024, indicating a steady rise in investment in innovation [10]. - As of the end of 2024, the company employed 151 R&D personnel, accounting for 16.4% of its total workforce [11]. Group 5: Profitability Metrics - The gross profit margins for Runben from 2022 to 2024 were 54.19%, 56.35%, and 58.17%, showing a consistent upward trend [9]. - In Q1 2025, the gross profit margin reached 57.67%, compared to 55.69% in the same period the previous year [12].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4]. Core Views - The company has demonstrated significant revenue growth, achieving a revenue of 1.318 billion yuan in 2024, a year-on-year increase of 27.61%, and a net profit of 300 million yuan, up 32.8% year-on-year [1]. - The company is actively strengthening its position in the baby care sector, with expectations for new product launches in 2025, particularly in the sunscreen category [4]. - The company is recognized as a leader in the mosquito repellent market and is expanding its baby care business to unlock further growth potential [4]. Revenue and Profitability - In 2024, the company achieved a gross margin of 58.17%, an increase of 1.83 percentage points year-on-year, with a net profit margin of 22.77%, up 0.89 percentage points year-on-year [3]. - For Q1 2025, the company reported a revenue of 240 million yuan, a 44% increase year-on-year, and a net profit of 44 million yuan, up 24.6% year-on-year [1][3]. Channel and Product Performance - Online direct sales generated 774 million yuan in revenue, a year-on-year increase of 24.84%, while the non-platform distributor channel saw a revenue increase of 39.64% to 347 million yuan [2]. - The mosquito repellent series achieved a revenue of 439 million yuan, up 35.39% year-on-year, while the baby care series generated 690 million yuan, a 32.42% increase [2]. Financial Forecasts - The company is projected to achieve a net profit of 399 million yuan in 2025, with a growth rate of 33.0%, and further growth to 506 million yuan in 2026 and 641 million yuan in 2027 [5][7]. - The expected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 36x, 28x, and 22x, respectively [5].

股票简称：润本股份 股票代码：603193 润本生物技术股份有限公司 Runben Biotechnology Co., Ltd. （广州经济技术开发区新庄五路 3 号） 首次公开发行股票主板上市公告书 保荐人（主承销商） 新疆乌鲁木齐市高新区（新市区）北京南路 358 号 大成国际大厦 20 楼 2004 室 二〇二三年十月十六日 特别提示 润本生物技术股份有限公司（以下简称"润本股份"、"发行人"、"本 公司"或"公司"）股票将于 2023 年 10 月 17 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险以及本公司披露的风险因素， 在新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 2 第一节 重要声明与提示 一、重要声明与提示 本上市公告书部分表格中单项数据加总数与表格合计数可能存在微小差 异，均因计算过程中的四舍五入所形成。 二、风险提示 本公司提醒广大投资者注意首次公开发行股票（以下简称"新股"）上市 初期的投资风险，广大投资者应充分了解交易风险、理性参与新股交易。 具体而言，上市初期的风险包括但不限于以下几种： （一）涨跌幅限制放宽带来的股票交易风险 本公司及全体 ...

润本生物技术股份有限公司 Runben Biotechnology Co., Ltd. 首次公开发行股票并在主板上市 招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本 招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 保荐人（主承销商） 新疆乌鲁木齐市高新区（新市区）北京南路 358 号 （广州经济技术开发区新庄五路 3 号） 以正式公告的招股说明书作为投资决定的依据。 大成国际大厦 20 楼 2004 室 润本生物技术股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 1-1-1 招股说明书 | > | | - ...

润本生物技术股份有限公司 Runben Biotechnology Co., Ltd. （广州经济技术开发区新庄五路 3 号） 首次公开发行股票并在主板上市 招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本 招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 以正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） 新疆乌鲁木齐市高新区（新市区）北京南路 358 号 大成国际大厦 20 楼 2004 室 | 发行股票类型： | 人民币普通股（A 股） | | --- | --- | | 发行股数： | 本次发行不超过 6,069.00 万股，占公司发行后总股本的 | | | 比例不低于 15%，本次发行股份均为公开发行的新股， | | | 公司原有股东不公开发售股份。 | | 每股面值： | 元人民币 1.00 | | 每股发行价格： | 【】元人民币 | | 预计发行日期： | 【】年【】月【】日 | | 拟上市的证券交易所和板块： | 上海证券交易所主板 | | 发行后总股本： | 不超过 40,459.3314 万股 | | 保荐人（主承销 ...