资料显示，江苏新瀚新材料股份有限公司位于江苏省南京市化学工业园区罐区南路86号(公司东厂区)， 成立日期2008年7月25日，上市日期2021年10月11日，公司主营业务涉及芳香族酮类产品的研发、生产 和销售。主营业务收入构成为：特种工程塑料核心原料42.36%，化妆品原料20.64%，医农中间体及其 他20.25%，光引发剂16.75%。 截至8月20日，新瀚新材股东户数4.22万，较上期增加27.11%；人均流通股2602股，较上期减少 21.33%。2025年1月-6月，新瀚新材实现营业收入2.29亿元，同比增长9.66%；归母净利润3529.26万元， 同比增长20.40%。 8月25日，新瀚新材涨1.11%，成交额9.39亿元。两融数据显示，当日新瀚新材获融资买入额1.07亿元， 融资偿还1.06亿元，融资净买入98.11万元。截至8月25日，新瀚新材融资融券余额合计3.63亿元。 融资方面，新瀚新材当日融资买入1.07亿元。当前融资余额3.63亿元，占流通市值的3.82%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，新瀚新材8月25日融券偿还0.00股，融券卖出0.00股，按当日收盘 ...

Core Viewpoint - Hainan Free Trade Port offers a comprehensive tax incentive system, including zero tariffs, low tax rates, and simplified tax regulations, effective from 2025, aimed at attracting businesses and fostering economic growth [1]. Group 1: Corporate Income Tax - Hainan's corporate income tax policy features "universal applicability + special care," with core policies extended until the end of 2027, providing long-term tax stability for businesses [3]. - A unified corporate income tax rate of 15% will apply to all registered companies in Hainan, significantly lower than the mainland's 25% standard rate, with additional exemptions for certain industries [4]. - Companies in encouraged industries can enjoy further tax benefits if their main business revenue exceeds 60% of total income, including exemptions on overseas direct investment income [4]. Group 2: Import Taxation - The zero-tariff list has expanded to 453 items, allowing companies to import raw materials without tariffs, VAT, or consumption tax, significantly reducing production costs [7]. - Companies producing goods with over 30% added value from imported materials can also benefit from tariff exemptions when selling to the mainland [9]. - The zero-tariff policy for transportation and tourism-related imports has been optimized, continuing to support the industry [10]. Group 3: Personal Income Tax - Hainan's personal income tax system offers dual-track incentives for high-end talent and ordinary residents, making it one of the most competitive in the country [12]. - High-end talent earning over 300,000 yuan annually can have their effective tax burden capped at 15%, significantly reducing their tax liabilities compared to the mainland [13]. - Ordinary residents will be taxed at a lower progressive rate of 3%, 10%, and 15%, compared to the mainland's higher rates [14]. Group 4: Specific Industry Incentives - Hainan has introduced a combination of "zero tariffs + special subsidies + facilitation measures" for key industries such as tourism, high-tech, and biomedicine [15]. - The medical tourism pilot zone allows for zero tariffs on imported drugs and medical devices, significantly reducing costs for patients [16]. Group 5: VAT Transition and Sales Tax Reform - 2025 marks a critical year for tax reform in Hainan, with transitional VAT policies and plans for a simplified sales tax system post-closure [17]. - The sales tax will combine various taxes, potentially lowering rates, requiring businesses to adapt their operational models accordingly [20]. Group 6: Policy Applicability and Compliance - To benefit from Hainan's tax incentives, companies must meet "substantive operation" requirements, avoiding the status of "shell companies" [22]. - Companies must apply for zero-tariff qualifications through the "Hainan International Trade Single Window," with tax benefits subject to verification by tax authorities [23]. Group 7: Case Studies - A cross-border e-commerce company utilized the zero-tariff policy on imported raw materials, achieving a significant reduction in overall tax burden [24]. - A biopharmaceutical company registered in Hainan benefited from reduced corporate income tax and R&D expense deductions, leading to substantial tax savings [24].

Core Insights - The report focuses on the independent market research of the Chinese cosmetics raw materials industry for 2025, analyzing the current status and trends from multiple dimensions [1] - The demand for high-quality and innovative raw materials is increasing due to consumers' rising expectations for safety and efficacy, driven by advancements in biotechnology and green chemistry [1][6] Market Overview - The global cosmetics raw materials market was valued at $88.56 billion in 2019 and is projected to reach $114.24 billion by 2024, with a CAGR of 5.2%. By 2029, it is expected to grow to $169.43 billion at a CAGR of 8.2% [21][23] - The Chinese cosmetics raw materials market was valued at ¥114.78 billion in 2019, expected to grow to ¥160.39 billion by 2024, with a CAGR of 5.7%. By 2029, it is projected to reach ¥256.18 billion at a CAGR of 8.6% [25][27] Industry Trends - Future trends include a revolution in raw materials driven by biotechnology, an upgrade in precise skincare demands, a deepening commitment to sustainable development, and accelerated policy support for technology transformation [2][31] - The industry has undergone several iterations, evolving from natural raw materials to synthetic, efficacy-driven, and now to biotechnology-driven solutions [10][9] Competitive Landscape - The global market is concentrated in Europe, America, and the Asia-Pacific region, with Chinese companies like Weiqi Technology excelling in peptide fields [2][33] - Major players include BASF, Lubrizol, Croda, and DSM, each with unique competitive advantages in various segments of the cosmetics raw materials market [34] Business Models - The business models in the cosmetics raw materials industry include raw material sales, customized services, and joint research and development, with a growing emphasis on service-oriented models [14][16] - Companies are increasingly offering customized raw materials and collaborative R&D to reduce inventory costs for smaller brands [14] Regulatory Environment - Continuous policy support and regulation are fostering a conducive environment for innovation in the cosmetics raw materials market, with an increasing number of new raw material registrations [17][29] - The Chinese regulatory framework has been evolving to enhance the safety and efficacy of cosmetics, promoting a more transparent and standardized industry [29] Technological Innovations - Advances in biotechnology, nanotechnology, and green manufacturing are driving the development of new raw materials, enhancing their efficacy and safety [19][18] - The integration of AI in formulation design and the use of sustainable production processes are reshaping the industry landscape [31][19]

Core Insights - L'Oréal Group announced a strategic partnership with Chinese biotech company Veminsyn on May 23, involving a minority equity investment [1] - The collaboration aims to co-develop innovative bioactive ingredients and promote their large-scale production using low-carbon biomanufacturing technologies for cosmetic raw materials [1] - This investment is part of L'Oréal China's latest open innovation initiative, supported by the BOLD (Business Opportunities for L'Oréal Development) strategic innovation venture capital fund [1] - Veminsyn is recognized as a winning company in the 2023 "L'Oréal BIG BANG Beauty Tech Co-Creation Program" [1]

Financial Performance - In 2024, the company achieved a revenue of 419 million CNY, with a net profit of 55.97 million CNY [2] - In Q1 2025, the revenue was 116 million CNY, and the net profit reached 16.19 million CNY [3] - Revenue in 2024 decreased by 3.66% compared to the previous year, primarily due to a reduction in product sales prices, despite a 30% increase in total sales volume [3] - In Q1 2025, revenue increased by 12.43% year-on-year, with sales volume across major product categories rising by over 30% [3] Product Performance - Sales of specialty engineering plastics remained stable, while sales of photoinitiators increased by nearly 30% [3] - Cosmetic raw material sales doubled, and sales of agricultural and pharmaceutical intermediates increased by over 40% [3] - DFBP sales volume in Q1 2025 increased by approximately 30% compared to the same period last year [5] Market Outlook and Strategy - The company plans to enhance market expansion efforts and improve capacity utilization [7] - The HAP product is primarily used in high-end skincare products, with new brands starting to adopt it [7] - HDO products serve as cosmetic raw materials with good moisture retention and antibacterial properties, targeting the same customer base as HAP [7] - The company aims to explore new growth points in specialty engineering plastics and cosmetic raw materials [7] Cost and Pricing Dynamics - Product prices will be adjusted based on raw material costs and market competition [6] - An increase in capacity utilization is expected to lower fixed costs per unit, leading to a recovery in gross profit margins in Q1 2025 [6]