Core Viewpoint - The new national standard for sanitary napkins, considered the strictest in history, officially took effect on July 1, 2024, addressing significant industry issues and enhancing product safety and quality [3][4]. Summary by Sections New National Standard Overview - The new standard, titled "Hygienic Requirements for Disposable Sanitary Products" (GB 15979—2024), replaces the previous standard from 2002, marking the first update in 22 years [4][5]. Key Revisions in the New Standard - The new standard revises five main areas: 1. **Scope Adjustment**: Clarifies that "disposable sanitary products" include menstrual hygiene products, incontinence products, sanitary wipes, and antimicrobial agents, adding definitions for new categories [5]. 2. **Raw Material Requirements**: Introduces restrictions on prohibited substances in raw materials and specifies production water quality [6]. 3. **Production Process Hygiene**: Merges initial contamination monitoring with production hygiene requirements [6]. 4. **Product Hygiene Standards**: Enhances hygiene requirements based on health risks, including pH levels and allowable residue of fluorescent whitening agents [7]. 5. **Testing Methods Update**: Revises fungal testing methods and improves detection methods for ethylene oxide residues and other physical and chemical indicators [7]. Addressing Industry Pain Points - The new standard directly tackles three major issues: 1. Prohibition of recycled materials, eliminating substandard cotton [7]. 2. Introduction of identification for sanitary tampons [7]. 3. Elimination of misleading product claims [7]. Brand Responses to New Standard - Various brands have responded to the new standard: - **Dove**: Committed to producing products that meet the new standards, with new products expected by 2025 [8]. - **Kimberly-Clark**: Confirmed that current products comply with the new standards [9]. - **Sofy**: Assured that products produced from July 2023 will adhere to the new standards [9]. - **ABC Brand**: Acknowledged the need for time to fully comply with the new standards [9]. Transition Period for Old Products - Products manufactured or imported before the new standard can still be sold until their expiration date, provided they meet the old standard [11]. Consumers are advised to prioritize purchasing products labeled with the new standard [11].

马应龙药业集团股份有限公司 马应龙药业集团股份有限公司 五、股东要求发言时不得打断会议报告人的报告或其他股东的发 言，股东提问和发言不得超出本次会议议案范围。股东违反上述规定 的，大会主持人有权加以制止或拒绝。 六、未经公司董事会同意，任何人员不得摄像、录音、拍照。如 有违反，大会组织方有权加以制止。 序号 内 容 主持人介绍本次股东大会现场出席的股东及股东代理人人 审议《2024 年度董事会工作报告》 股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事 效率，保证股东大会的顺利进行，根据中国证监会《上市公司股东会 规则》 、《公司章程》及有关法律法规的要求，特制订本须知。 一、董事会以维护全体股东的合法权益、确保大会正常秩序和议 事效率为原则，认真履行《公司章程》中规定的职责。 二、股东参加股东大会依法享有发言权、质询权、表决权等权利。 股东参加股东大会履行其法定义务，不得侵犯其他股东的合法权益。 三、股东发言应举手示意，并按照会议的安排进行。 四、会议进行中接受股东（或其授权代表）发言或提问。股东每 次发言或提问应围绕本次会议议题进行，简明扼要，时间不超过 3 分 钟。 各位股东： ...

| 6 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 002352.SZ | 顺丰控股 | | 688019.SH | 安集科技 | | 688198.SH | 佰仁医疗 | | 000524.SZ | 岭南控股 | | 600600.SH | 青岛啤酒 | | 688507.SH | 索辰科技 | 中银晨会聚焦-20250606 ■重点关注 【宏观经济】5 月 PMI 数据点评*陈琦 朱启兵。5 月内、外需表现分化。外 贸环境短期改善，对 5 月制造企业生产意愿有所提振。高技术制造业及高技 术服务业景气度均处于扩张区间。 【社会服务】2025 年端午旅游数据点评*李小民 宋环翔。端午假期国内文 旅市场回归短途休闲游为主导，亲子经济占比高、文体旅融合带动文旅消费， 跨境游市场持续火热并有望延续优秀表现。 【医药生物】马应龙*刘恩阳。公司发布 24 年年报及 25 年一季报，24 年公 司实现营业收入 37.28 亿元，同比增长 18.85%；利润总额为 6.58 亿元，同比 增长 25.32%；实现归母净利润 5.28 亿元，同比增长 19.14%。25 年一季报， 公司 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 29.00 and a sector rating of "Outperform" [1][3]. Core Views - The company has demonstrated steady growth in its performance, with a 2024 revenue of RMB 3.728 billion, representing an 18.85% year-on-year increase, and a net profit of RMB 528 million, up 19.14% year-on-year. The first quarter of 2025 shows a revenue of RMB 969 million, a 1.48% increase, and a net profit of RMB 204 million, up 2.99% year-on-year. The company has a strong brand presence in the anorectal field and is expected to gain new growth from its health business [3][5]. - The company is expected to see continued growth in its health business, particularly with the launch of new products targeting the anorectal health management market, which is anticipated to enhance brand recognition and sales [8]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of RMB 3.728 billion, with a growth rate of 18.9%. The projected revenues for 2025, 2026, and 2027 are RMB 4.204 billion, RMB 4.720 billion, and RMB 5.250 billion, respectively, with growth rates of 12.8%, 12.3%, and 11.2% [7]. - The net profit for 2024 was RMB 528 million, with a growth rate of 19.1%. The projected net profits for the following years are RMB 616 million, RMB 714 million, and RMB 798 million, with growth rates of 16.6%, 16.0%, and 11.7% [7]. Valuation - The report slightly adjusts the profit forecast, estimating the net profit for 2025-2027 to be RMB 616 million, RMB 714 million, and RMB 798 million, respectively. The corresponding earnings per share (EPS) are projected to be RMB 1.43, RMB 1.66, and RMB 1.85. The price-to-earnings (P/E) ratios for these years are expected to be 20.3, 17.5, and 15.7 times [5][7]. Market Position - The company has a strong foothold in the anorectal market, with significant brand advantages. The health sector is anticipated to provide new growth opportunities, particularly through the introduction of innovative products and enhanced market coverage [3][8].