Group 1: Company Overview - Zanyu Technology Group is a high-tech enterprise specializing in the research and manufacturing of surfactants, fatty chemical products, and personal care products (OEM/ODM processing) [2] - The company has become a leading enterprise in the domestic research and production of surfactants and fatty chemical products [2] - The headquarters is located in Hangzhou, with production bases in multiple locations including Zhejiang, Jiangsu, Sichuan, Henan, Guangdong, and Indonesia [2] Group 2: Production Capacity - Annual production capacity for surfactants exceeds 1.2 million tons [2] - Annual production capacity for fatty chemical products exceeds 1 million tons [2] - OEM/ODM processing capacity for personal care products reaches 1.1 million tons [2] Group 3: Product Applications - Surfactants are primarily used in detergents, cosmetics, food processing, and textile dyeing industries [3] - Fatty chemical products are applied in plastics, rubber, textiles, daily chemicals, leather, paper, and oil fields, indicating a broad market potential [3] Group 4: Export Markets - The company's export business targets countries and regions along the "Belt and Road," RCEP, the African Free Trade Area, and Latin America [3] Group 5: Raw Material and Cost Management - Key raw materials include palm oil, C12-14 alcohol, alkylbenzene, and olefins, with price fluctuations impacting production costs [4] - The company has implemented a pricing model adjustment and commodity hedging to mitigate the impact of raw material price volatility on performance [4] Group 6: Future Strategy - The company aims to enhance its market share and competitiveness by focusing on surfactants, fatty chemical products, and personal care products, while leveraging technological innovation and supply chain management [4] - The goal is to become a globally outstanding chemical manufacturing service provider [4]

报告导读： 双十一稳健双位数增长，即时零售亮眼、全链路打通为趋势，美妆品类稳健增 长，天猫高端国际品牌排名回暖、抖音头部国货维持领先，若羽臣、上美表现亮眼。 李艺冰(分析师)，登记编号：S0880525050001 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证券期 货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、控制投资 风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的不便表示诚挚 歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 自下而上优选存在产品及渠道变化、具备弹性的标的。 双十一稳健双位数增长，即时零售增长亮眼、一站式打通全链路为趋势。 据星图数据，在双十一周期进一步延长下，2025年双十一全网GMV为16950亿对比 2024年双十一增长14%，其中综合电商、即时零售、社区团购GMV16191、670、90亿元同比+12%、138%、-35%，即时零售增长亮眼。各平台加大业务模块 协同，一站式服务、打通全链路成为趋势。天猫双十一实现4年来最好增长 ...

Core Insights - The Henan Free Trade Zone has seen significant growth in cross-border e-commerce during the recent "Double 11" shopping festival, with over 5.5 million imported orders processed, peaking at 290,000 orders in a single day [1] - The total cross-border e-commerce import and export value reached 24.394 billion yuan, marking a 23% year-on-year increase, with imports valued at 11.54 billion yuan, up 54% [1] Group 1: Operational Efficiency - The logistics operations within the Henan Free Trade Zone are characterized by high activity levels, with efficient processing of e-commerce orders [1] - To manage the surge in orders, businesses have implemented pre-purchase and pre-packaging strategies to reduce processing times [1] - Customs authorities have enhanced their operational efficiency, achieving a 62.5% increase in customs clearance speed during the "Double 11" period [1] Group 2: Strategic Developments - The Henan Free Trade Zone has established a "Digital Silk Road Industry Service Platform" to provide comprehensive services across the cross-border e-commerce supply chain [2] - New direct cargo flight routes have been opened from Zhengzhou to Istanbul and Zurich, facilitating rapid growth in cross-border e-commerce logistics [2]

Core Viewpoint - The oil tea industry in Longchuan County, Guangdong, is experiencing significant growth, contributing to rural prosperity and farmer income through effective agricultural practices and market integration [2][4]. Group 1: Industry Overview - Longchuan County has a total oil tea planting area of approximately 495,000 acres, with an annual production of about 170,000 tons of oil tea fruit and over 40,000 tons of oil tea seeds [4]. - The total industrial chain output value of the oil tea industry in Longchuan is estimated to reach 1.9 billion RMB [4]. Group 2: Production and Harvesting - The oil tea harvest season has begun, with 200,000 acres of oil tea trees bearing fruit, and daily harvesting expected to yield around 20,000 pounds of oil tea fruit [2]. - The company anticipates a total production of over 1,000 tons of oil tea this year, with the first batch of camellia oil expected to be produced by October 25 [2]. Group 3: Economic Impact - The cooperative model involving over 700 tea farmers has resulted in an average annual income increase of over 15,000 RMB per household [4]. - The integration of processing and brand development has led to the establishment of five provincial and five municipal key agricultural leading enterprises, enhancing the overall industry structure [4]. Group 4: Future Developments - Longchuan County plans to focus on "integration" and "innovation" to promote industry upgrades, including improving quality safety detection systems and supporting deep processing of tea oil [5]. - The county aims to enhance the tourism experience by integrating oil tea culture, allowing visitors to purchase quality oil while engaging with local traditions [5].

Core Insights - The article highlights the significant advancements in China's chrysanthemum industry, driven by research and innovation from Nanjing Agricultural University, which has led to the development of numerous new varieties and a thriving market for chrysanthemum-related products [2][3][10]. Group 1: Industry Development - The chrysanthemum industry in China has a long history of over 3,000 years, but it faced challenges such as reliance on imported varieties and a lack of genetic diversity [2]. - Nanjing Agricultural University has established the "China Chrysanthemum Germplasm Resource Preservation Center," which houses over 5,300 resources, including 3,000 varieties, providing a strategic reserve for breeding new chrysanthemum varieties [2][3]. - The university's breeding team has developed over 400 new varieties, with domestic varieties expected to account for 30% of cut flower and 60% of garden chrysanthemum commercial varieties by 2025 [3]. Group 2: Market Impact - The introduction of new varieties like "Nanjing Agricultural University Little Golden Star" has disrupted the market previously dominated by imports, with annual sales reaching millions of stems [3][6]. - The team has established a comprehensive breeding system, utilizing modern biotechnology and market-driven research to ensure the successful commercialization of new varieties [4][6]. - The chrysanthemum products, including cosmetics and food items, have gained popularity, contributing to a vibrant market and enhancing the overall economic landscape [10]. Group 3: Socioeconomic Contributions - The chrysanthemum industry has positively impacted rural communities, with initiatives in places like Guizhou helping over 2,000 people find employment and generating significant tourism revenue [8][9]. - The establishment of demonstration bases and partnerships with leading companies has accelerated the transition from research to market, enhancing the industry's growth [7][10]. - The success stories from various regions illustrate the potential of the chrysanthemum industry to drive rural revitalization and economic development across China [9][10].

Core Viewpoint - The article discusses the establishment and regulation of duty-free shops in China, highlighting the types of products sold, applicable customer groups, shopping limits, and tax policies related to these shops [3]. Group 1: Duty-Free Shops - Duty-free shops are approved by the State Council or its authorized departments to sell duty-free goods to international travelers [3]. - Major products sold include food, beverages, alcohol, textiles, leather goods, watches, jewelry, cosmetics, and baby products, totaling 19 categories [3]. - The applicable customer group includes travelers holding valid entry and exit documents who are departing within 60 days [3]. - There are no shopping limits, but purchases must comply with customs regulations regarding personal use and reasonable quantities [3]. - Imported goods in these shops are exempt from customs duties, VAT, and consumption tax, while domestic goods are treated as exports and eligible for tax refunds [3]. Group 2: Hainan Duty-Free Shops - Hainan duty-free shops are authorized to implement offshore duty-free policies and currently operate only in Hainan Province [3]. - The main products sold include jewelry, crafts, watches, perfumes, cosmetics, and pens, covering 45 categories [3].

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Views - The company is a technology-driven beauty manufacturing enterprise, firmly implementing a "major clients, major products" strategy. The Chinese cosmetics market is continuously expanding, driving growth in the cosmetics OEM industry. The company has established a good reputation in the industry and has built strong relationships with numerous brand clients [6][10]. Summary by Sections 1. Market Growth - The Chinese cosmetics market is projected to reach CNY 579.1 billion by 2025, with a year-on-year growth of 6.1%. The skincare market is expected to grow to CNY 318.6 billion, with a year-on-year increase of 5.7%. The OEM industry has seen a compound annual growth rate of 15.1% from CNY 21.41 billion in 2017 to CNY 49.76 billion in 2023 [6][21][22]. 2. Company Performance - In the first half of 2025, the company achieved revenue of CNY 371 million, a year-on-year increase of 39.3%, and a net profit of CNY 16.94 million, up 14.95% year-on-year. The company is expanding its market share despite a decline in gross margin due to changes in client and product structure [41][44]. 3. R&D and Market Expansion - The company holds 138 patents, including 120 invention patents, and has participated in drafting 7 national standards. It focuses on new raw material applications and formula development to support both new and existing brand clients. The company aims to penetrate overseas markets through participation in international exhibitions [48][55]. 4. Financial Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are CNY 54 million, CNY 65 million, and CNY 74 million, respectively. The corresponding price-to-earnings ratios are 36.5, 30.6, and 26.8 times. The report compares the company with peers, noting an average PE of 38.1 times for comparable companies in 2025 [8][41].

Core Viewpoint - Zanyu Technology is focusing on creating an integrated industry chain model of "surfactant raw material production + personal care product OEM/ODM services" to enhance its market position and competitiveness [2] Group 1: Business Strategy - The company leverages its technological and scale advantages in the surfactant business to achieve a total OEM/ODM processing capacity of 1.1 million tons [2] - By integrating the upstream and downstream supply chain and introducing auxiliary materials, packaging materials, and smart warehousing logistics, the company aims to provide high-quality and efficient one-stop processing services for daily chemical products [2] Group 2: Market Positioning - The integrated supply chain model helps the company build a supply chain community of interests with clients, enhancing customer loyalty and expanding the breadth and depth of cooperation [2] - This strategy also aids in securing sales of surfactant products, further consolidating market share and strengthening the company's market competitiveness and risk resistance [2]

Core Viewpoint - The article discusses the development of the oil tea industry in Rong County, Sichuan, highlighting the implementation of various measures to enhance production, processing, and sales, ultimately aiming for high-quality growth in the sector [3][6]. Group 1: Industry Development Measures - Five major initiatives have been proposed to restructure the management system, solidify the foundation for quality improvement, deepen the integration of processing and tourism, strengthen project applications for national-level recognition, and diversify funding channels [3][6]. - The "Million Mu Oil Tea Doubling Project" is a key focus within Sichuan's strategy to build a high-quality "Tianfu Forest Granary" [3][4]. Group 2: Technological and Agricultural Innovations - A comprehensive meteorological service system has been established to provide targeted weather information throughout the entire production chain, significantly reducing the reduction rate caused by climate disasters by over 30 percentage points [5]. - The introduction of smart technology, such as soil moisture sensors, allows for real-time monitoring and digital management of oil tea growth [5]. Group 3: Economic Impact and Production Metrics - By the end of 2024, the oil tea planting area in Zigong City is expected to reach 327,900 acres, with an annual production of 15,923 tons of oil tea seeds and a total output value of 800 million yuan, leading the province in all three core indicators [5]. - The city has cultivated 19 professional cooperatives and introduced three technology-driven leading enterprises, enhancing the processing capacity to 3,500 tons of tea oil annually [6]. Group 4: Brand Development and Market Strategy - The strategy includes a dual approach of multi-brand development and geographical indication, with notable successes such as the "Shuangxi Lake" oil tea seed oil winning international awards and "Rong County Oil Tea" obtaining national geographical indication certification [6]. - The article emphasizes the shift from basic sales of fresh seeds and crude oil to value-added products, including high-end edible oils and health products, thereby increasing the economic benefits for farmers [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][25][27] Core Views - The company is a leading domestic enterprise in surface active agents and oil chemical products, with stable progress in OEM/ODM projects. The annual production capacity for surface active agents has exceeded 1.2 million tons, and for oil chemical products, it has surpassed 1 million tons. The OEM/ODM processing service capacity for personal care products has reached 1.1 million tons [1][9] - The company's revenue for the first half of 2025 reached 6.553 billion yuan, a year-on-year increase of 41.71%. The net profit attributable to shareholders was 97 million yuan, up 6.35% year-on-year, while the net profit after deducting non-recurring gains and losses was 83 million yuan, an increase of 25.79% year-on-year. The rapid revenue growth was primarily driven by increased sales volume and higher prices due to rising raw material costs [2][10] - The company's core profitability is driven by its Indonesian subsidiary, Dukuda, which benefits from Indonesia's palm oil export tax policy, providing significant cost advantages. In the first half of 2025, Dukuda achieved a net profit of 102 million yuan, a year-on-year increase of 48%. The expansion project is progressing smoothly and is expected to enhance the company's profitability and scale starting in the second half of 2025 [3][19] - The company has initiated a share repurchase plan, reflecting management's confidence in the company's long-term development. The total amount for the repurchase is between 100 million and 200 million yuan, with 3.5825 million shares repurchased as of August 31, 2025, accounting for 0.76% of the total shares [4][24] Summary by Sections Company Overview - The company is a leading player in the domestic oil chemical and surface active agent sectors, with significant production capacities in both areas. The establishment of large-scale comprehensive daily chemical parks in various locations supports its OEM/ODM business [1][9] Financial Performance - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by higher sales volumes and prices. The performance of different business segments shows a strong growth trajectory, particularly in daily chemical products [2][10] Profitability Drivers - The profitability of the company is significantly influenced by its Indonesian subsidiary, which is expected to contribute positively to the overall financial performance as new capacities come online [3][19] Shareholder Engagement - The ongoing share repurchase plan is a strategic move to enhance shareholder value and reflects the management's confidence in the company's future prospects [4][24]