两面针又要扩产了，还是针对酒店牙膏和拖鞋项目。 作为原本的国民牙膏品牌，两面针在被"挤出"主流家用牙膏市场后，逐渐将旅游牙膏作为业务重点。只是，尽管保持着行业领先的市占率，但其盈利能力 出现明显的下滑。 要知道，在第三季度，两面针一支旅游牙膏只卖8分钱。并且，这样的售价几乎维持了近十年时间。 深耕酒店业务，似乎并没有让两面针发扬壮大。押宝酒店，但又困于酒店，这不是两面针一家企业面临的难题。几乎所有传统耗品企业品牌都有类似的遭 遇。 究竟是酒店赛道天然存在利润不足，还是外界多重因素压榨了供应链企业的利润？这非常值得我们关注。 酒店牙膏，是解药也是毒药？ 在扬州杭集镇，两面针正在筹划建设中草药功能性口腔护理产品生产基地扩建项目。该公司计划投资6885.22 万元，建设一个牙膏生产车间和酒店用拖鞋 生产车间。 图源：两面针公告 前者将整合现有牙膏生产线，满足公司酒店牙膏生产需要的同时，满足客户 OEM 等定制类产品要求。后者则将有效降低对外采购依赖，完善产品配套能 力，巩固并提升市场份额。 两面针的确需要扩大酒店牙膏产能，因为原本设计的产能几乎已经满产了。 两面针最近一次披露产能利用率是在2024年财报中。 数据显 ...

证券代码：600249 证券简称：两面针 公告编号：临2025-034 柳州两面针股份有限公司 2025 年第三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 柳州两面针股份有限公司（以下简称"公司"）根据上海证券交 易所《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第 十三号——化工》的要求，现将 2025 年第三季度主要经营数据披露如 下： 三、 主要原材料的价格波动情况 | 对应 | 主要 | 年 2025 | 7-9 | 月 | 年 2024 | 月 7-9 | 同比变 | 环比变 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 产品 | 原材料 | 平均进价 | | | 平均进价 | | 动比率 | 动比率 | | | | （元/吨） | | | （元/吨） | | （%） | （%） | | 家用/旅游牙膏 | 二氧化硅 | 8,788.25 | | | 9,135.49 | | -3.80 | -0 ...

Core Viewpoint - The current bull market has seen many listed companies, traditionally focused on their core businesses, increasingly engage in stock trading as a primary source of profit, often overshadowing their main operations [4][10]. Group 1: Companies Engaging in Stock Trading - Companies like Seven Wolves and Zhejiang Yongqiang have shifted their focus from traditional business operations to stock trading, with significant portions of their profits now derived from investments rather than core business activities [6][8]. - Seven Wolves reported a net profit of 1.6 billion yuan in the first half of the year, with only 300 million yuan coming from clothing sales, while 1.3 billion yuan was generated from stock investments [6]. - Zhejiang Yongqiang's net profit increased eightfold to 462 million yuan, with one-third of this profit attributed to stock trading [8]. Group 2: Market Trends and Stock Performance - The Shanghai Composite Index has seen a significant rise, moving from just over 3000 points to nearly 3900 points, marking a ten-year high, while the Hang Seng Index rebounded over 30% from its low last year [9]. - The stock of Cambricon, a company specializing in AI chip design, skyrocketed from 520.67 yuan to over 1500 yuan per share, becoming a market sensation [9]. Group 3: Risks and Challenges - Companies that have heavily invested in stocks, such as Two Sides Needle and Lio Co., have faced significant losses, with Two Sides Needle reporting a profit of only 480,000 yuan while losing 12.5 million yuan on its stock investments [10][12]. - Lio Co. experienced a 620 million yuan loss on its investment in Li Auto, prompting a shift back to focusing on core business operations [10]. Group 4: Strategic Shifts and Future Outlook - Companies like Jiangsu Guotai have faced criticism for their timing in stock investments, with plans to invest 138 billion yuan in financial products, including 18 billion yuan in stock trading, leading to shareholder backlash [11]. - The trend of companies using idle funds for stock trading reflects a broader industry shift where traditional businesses are increasingly looking to the stock market for growth opportunities amid stagnant core operations [12][16].

Core Viewpoint - LiuZhou Two-Sided Needle Co., Ltd. disclosed its major operational data for Q2 2025, highlighting production, sales, and revenue figures for its main products, as well as price fluctuations of these products and their raw materials [2]. Group 1: Main Products Performance - The production volume of household toothpaste reached 808.67 million units, while sales were 814.54 million units, generating revenue of 35.56 million yuan [2]. - The production volume of travel toothpaste was 42,002.32 million units, with sales at 40,839.81 million units, resulting in revenue of 33.66 million yuan [2]. Group 2: Price Changes - The average selling price of household toothpaste decreased by 6.95% from 43,651.15 yuan to 46,912.53 yuan [2]. - The average selling price of travel toothpaste saw a slight decline of 0.82%, changing from 824.20 yuan to 831.00 yuan [2]. Group 3: Raw Material Price Fluctuations - The average price of silica for household/travel toothpaste was 8,791.89 yuan per ton, reflecting a decrease of 3.69% [2]. - The average price of sorbitol for household/travel toothpaste was 3,123.53 yuan per ton, showing a decline of 9.30% [2]. Group 4: Other Significant Matters - There were no other significant matters affecting the company's production and operations during the reporting period [2].

一、 主要产品的产量、销量及收入实现情况 | 主要产品 | 年 月 2025 4-6 | | 年 月 2025 | 4-6 | 2025 | 年 月 | 4-6 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 产量（万支） | | 销量（万支） | | | 营业收入（万元） | | | 家用牙膏 | | 808.67 | | 814.54 | | 3,555.56 | | | 旅游牙膏 | | 42,002.32 | | 40,839.81 | | 3,366.03 | | 二、 主要产品的价格变动情况 证券代码：600249 证券简称：两面针 公告编号：临2025-032 柳州两面针股份有限公司 2025 年第二季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 柳州两面针股份有限公司（以下简称"公司"）根据上海证券交 易所《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第 十三号——化工》的要求，现将 2025 年第二季度 ...

Core Viewpoint - The company, Liuzhou Two-Sided Needle Co., Ltd., is under scrutiny regarding its financial disclosures, particularly concerning its cash management, interest income, and borrowing practices, as highlighted in the inquiry from the Shanghai Stock Exchange [1][4][21]. Financial Disclosure and Cash Management - The company is required to disclose details about its cash holdings, including the institutions where funds are stored, amounts, account types, and interest rates [1][2]. - The total cash holdings amount to approximately 1.27 billion yuan, with interest income reported at 40.72 million yuan, reflecting an average annual interest rate of 3.26% [2][3]. - The company has a significant amount of cash but has also taken on new short-term borrowings, which raises questions about the rationale behind this borrowing given the cash reserves [3][4]. Borrowing Practices - The company has taken out loans totaling 65 million yuan from various banks, with interest rates ranging from 2.60% to 4.15% [3][4]. - The rationale for new borrowings includes taking advantage of government subsidies and maintaining good relationships with financial institutions for future financing needs [3][4]. Industry Context and Competitive Position - The company operates primarily in the daily chemical products sector, focusing on oral care products and hotel supplies, with a significant portion of revenue derived from these segments [6][8]. - The overall industry is experiencing growth, driven by increasing consumer awareness of oral health and rising disposable incomes, although the company faces challenges such as rising operational costs and intense competition [8][9]. - The company's main products include household toothpaste and hotel toiletries, with the household segment contributing significantly to revenue [8][16]. Financial Performance and Profitability - The company's revenue for 2024 is reported at 1.05 billion yuan, with a gross margin of 16.69%, which is lower than competitors in the industry [6][8][17]. - The company has been struggling with profitability, primarily due to high sales and management expenses, which have increased significantly compared to revenue growth [6][14]. - The company plans to improve its profitability through various strategies, including enhancing product quality, optimizing product structure, and expanding market reach [18][19]. Advertising and Marketing Expenses - The company's advertising expenses for 2024 are reported at 113 million yuan, accounting for 10.73% of total revenue, which is lower than some competitors [14][20]. - The company has detailed its advertising expenditures, ensuring that there are no funds flowing to related parties, which is a point of scrutiny in the inquiry [20][21].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response about its financial disclosures and operational performance [1][4]. Financial Performance - The company reported a total revenue of 1.053 billion yuan for 2024, with the daily chemical products segment contributing approximately 929 million yuan, accounting for about 88.22% of total revenue [6][14]. - The gross profit margin for the main daily chemical products was 13.84%, which remained relatively stable year-on-year [4][14]. - The company has faced continuous net profit losses or minimal profits since 2004, indicating ongoing challenges in achieving sustainable profitability [4][6]. Cash and Borrowing Situation - The company held a significant cash balance of 1.142 billion yuan, with short-term borrowings increasing by 55.17% year-on-year to 90 million yuan [1][2]. - The average interest income from cash holdings was reported at 40.72 million yuan, with an average annual interest rate of 3.26% [3][4]. - The company justified its decision to increase short-term borrowings despite having substantial cash reserves, citing favorable borrowing rates and the need to maintain good relationships with financial institutions for future financing needs [3][4]. Industry Context - The daily chemical industry is experiencing steady growth, driven by increasing consumer awareness of oral health and rising disposable incomes, which are expected to enhance spending in this sector [6][8]. - The hotel supplies segment, operated by the subsidiary, is benefiting from the booming tourism industry, although it faces challenges such as rising costs and intense market competition [8][14]. - The company’s main products include household toothpaste and hotel consumables, with the household toothpaste segment being the largest contributor to revenue [6][14]. Competitive Landscape - The company’s gross profit margin is lower than that of competitors like Dongkang Oral Care, which has a higher market share and profitability in the oral care segment [15][16]. - The company plans to enhance its market position by focusing on product innovation, brand building, and expanding its sales channels both online and offline [16][17]. - The competitive environment in the daily chemical industry is intensifying, with new entrants and evolving consumer preferences posing additional challenges [17].

Core Viewpoint - The financial performance of Two Faced Needle in Q1 2025 shows a significant decline in net profit despite a year-on-year revenue increase, primarily influenced by fluctuations in the fair value of financial assets rather than core business operations [1][5][8] Financial Performance Summary - In Q1 2025, Two Faced Needle achieved revenue of 240 million yuan, a year-on-year increase of 15.49%, but the net profit attributable to shareholders was a loss of 14.17 million yuan, widening from a loss of 12.75 million yuan in the same period last year [2][5] - The net profit decreased by 133.48% compared to Q4 2024, where it was 42.29 million yuan [2][5] - The revenue from household toothpaste was 35.56 million yuan, up 8.48% year-on-year, while travel toothpaste revenue was 29.90 million yuan, up 13.89% year-on-year [2][3] Product Performance Summary - Household toothpaste production was 937.02 thousand units with sales of 816.53 thousand units, while travel toothpaste production was 29,819.21 thousand units with sales of 33,390.24 thousand units [3] - The average selling price of household toothpaste decreased by 0.86% year-on-year, while travel toothpaste's average selling price increased by 4.76% [4] Profitability Analysis - The gross margin for the daily chemical segment was only 13.84%, significantly lower than industry leaders like Yunnan Baiyao, which has a gross margin of 65.93% [4][6] - The company's financial performance is heavily reliant on the fluctuations in the fair value of financial assets, which has led to inconsistent profit results [5][8] Strategic Insights - The chairman indicated that future profit growth will depend on the development of both daily chemical and pharmaceutical businesses, as well as leveraging the health industry fund for resource acquisition and market synergy [7] - However, there is a noticeable imbalance in the performance of the daily chemical and pharmaceutical segments, with daily chemical revenue being nine times that of pharmaceuticals, which are experiencing a continuous decline [7][8]