上 市 公 司 美容护理 2025 年 09 月 29 日 洁雅股份 (301108) ——优质湿巾制造商，国际品牌大客户订单催化业绩拐点 投资要点： 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 547 | 310 | 716 | 888 | 1,137 | | 同比增长率（%） | -12.1 | 8.8 | 30.8 | 24.0 | 28.0 | | 归母净利润（百万元） | 19 | 33 | 77 | 107 | 144 | | 同比增长率（%） | -83.1 | 22.6 | 297.2 | 38.1 | 34.7 | | 每股收益（元/股） | 0.24 | 0.40 | 0.68 | 0.94 | 1.27 | | 毛利率（%） | 19.6 | 23.8 | 25.1 | 27.1 | 29.1 | | ROE（%） | 1.1 | 1.8 | 4.0 | 5.2 | 6.6 | | 市盈率 | 180 | | 45 | ...

9月25日，洁雅股份跌4.13%，成交额5745.12万元。两融数据显示，当日洁雅股份获融资买入额438.45 万元，融资偿还581.20万元，融资净买入-142.75万元。截至9月25日，洁雅股份融资融券余额合计 4188.37万元。 融资方面，洁雅股份当日融资买入438.45万元。当前融资余额4188.37万元，占流通市值的1.22%，融资 余额超过近一年70%分位水平，处于较高位。 融券方面，洁雅股份9月25日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，铜陵洁雅生物科技股份有限公司位于安徽省铜陵市狮子山经济开发区铜井东路1928号，成立 日期1999年8月31日，上市日期2021年12月3日，公司主营业务涉及湿巾类产品研发、生产与销售。主营 业务收入构成为：湿巾类产品84.62%，面膜类产品11.95%，洗护类产品1.86%，其他(补充)1.58%。 截至9月20日，洁雅股份股东户数8110.00，较上期减少9.30%；人均流通股7972股，较上期增加 10.26%。2025年1月 ...

Group 1 - The core viewpoint of the news is that Jeya Co., Ltd. has shown significant trading activity and financial performance, with a notable increase in stock price and financing activities [1][2] - On September 15, Jeya Co., Ltd. experienced a stock price increase of 3.95%, with a trading volume of 134 million yuan [1] - The financing buy-in amount on the same day was 17.33 million yuan, while the financing repayment was 17.05 million yuan, resulting in a net financing buy of 283,100 yuan [1] Group 2 - As of September 15, the total financing and securities balance for Jeya Co., Ltd. was 45.90 million yuan, accounting for 1.16% of the circulating market value, indicating a high level compared to the past year [1] - The company’s main business revenue composition includes wet wipes at 84.62%, facial masks at 11.95%, and personal care products at 1.86% [1] - For the first half of 2025, Jeya Co., Ltd. achieved an operating income of 310 million yuan, representing a year-on-year growth of 8.79%, and a net profit attributable to shareholders of 32.58 million yuan, up 22.55% year-on-year [2]

Group 1 - The company identified its competitors in the sunscreen sector as BASF and DSM [1] - In the personal care product segment, the company faces competition from Ajinomoto, Clariant, and Tianqi Materials [1]

数据显示，南方基金旗下1只基金重仓拉芳家化。南方益和灵活配置混合（002293）二季度持有股数 6.98万股，占基金净值比例为3.13%，位居第三大重仓股。根据测算，今日浮亏损失约11.38万元。 南方益和灵活配置混合（002293）成立日期2016年1月11日，最新规模4996.3万。今年以来收益 27.06%，同类排名2593/8175；近一年收益51.61%，同类排名2558/7982；成立以来收益97.52%。 9月11日，拉芳家化跌5.75%，截至发稿，报26.72元/股，成交2959.48万元，换手率0.48%，总市值60.17 亿元。 资料显示，拉芳家化股份有限公司位于广东省汕头市龙湖区万吉工业区龙江路拉芳大厦，成立日期2001 年12月14日，上市日期2017年3月13日，公司主营业务涉及洗护类、护肤类、彩妆类产品的研发、生产 和销售。主营业务收入构成为：洗护类87.57%，其他9.52%，香皂2.84%，其他(补充)0.08%。 从基金十大重仓股角度 截至发稿，邹寅隆累计任职时间4年220天，现任基金资产总规模4996.31万元，任职期间最佳基金回报 14.63%， 任职期间最差基金回报-3 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company is a leading manufacturer of wet wipes in China, with over 20 years of experience, focusing on research, production, and sales of various wet wipe products [2][11]. - The company is expected to reach an inflection point in performance, driven by international market expansion and a recent stock incentive plan that reflects growth confidence [2][3]. - The company has a strong international customer base, including well-known brands such as Woolworths, Kimberly-Clark, Johnson & Johnson, and L'Oréal, which provides a stable order flow and high-margin opportunities [2][3][49]. Summary by Sections Company Overview - The company specializes in wet wipes, offering over 60 products across six major categories, including baby wipes, adult functional wipes, antibacterial wipes, household cleaning wipes, medical care wipes, and pet cleaning wipes [2][11]. - The company has adopted an ODM/OEM model to produce wet wipes for global brands, enhancing its market presence [2][11]. Industry Analysis - The global wet wipes market is projected to grow steadily, with a market size of approximately $18.4 billion (about 132.1 billion RMB) in 2024, and a compound annual growth rate (CAGR) of 4.6% from 2024 to 2029 [41]. - The North American and European markets dominate the global wet wipes consumption, accounting for 64.5% of the total market [41]. Company Analysis - The company has a high customer concentration, primarily serving international clients, which contributes to stable cash flow and reduces risks [49][57]. - The company has a competitive edge in securing orders due to long-term relationships with international clients and advanced production technology [58][64]. - The company is expanding its production capacity, with a new facility in the United States expected to be operational by 2026, which will significantly enhance its market share in North America [72]. Financial Forecast - The company anticipates a recovery in revenue, projecting a net profit of 0.8 billion RMB in 2025, increasing to 1.4 billion RMB by 2027, with corresponding price-to-earnings (P/E) ratios of 50, 38, and 29 [3][76]. - The revenue for 2025 is estimated at 727.5 million RMB, reflecting a growth rate of 32.89% compared to 2024 [4][75].

Core Viewpoint - The company, Proya, is facing significant challenges as its performance growth slows to a five-year low, prompting a shift towards the Hong Kong stock market for further international expansion and financing opportunities [1][4][29] Group 1: Financial Performance - In the first half of 2025, Proya reported revenue of 5.362 billion yuan, a year-on-year increase of 7.21%, and a net profit of 799 million yuan, up 13.8% [7] - Compared to the previous year, Proya's mid-year performance has significantly slowed, with 2024 showing a revenue growth of 37.9% and a net profit growth of 40.48% [7] - The brand's revenue growth has declined, with a slight decrease of 0.08% in the first half of 2025, marking the first revenue growth decline in five years [7][8] Group 2: Market Strategy and Internationalization - Proya plans to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and enhance its financing capabilities [3][4] - The move to Hong Kong aligns with a broader trend in the beauty industry, where approximately 17 beauty companies are expected to pursue IPOs in the first half of 2025 [6] - If successful, Proya will be the only domestic beauty brand listed in both mainland China and Hong Kong [6] Group 3: Management Changes - Since the appointment of the new CEO, Hou Yameng, in 2024, Proya has undergone significant management changes, including the departure of several key executives [12][14][19] - The new management team is focused on internationalization, technology, digitalization, and brand enhancement [18] Group 4: Investment Activities - Proya has made a strategic investment in the makeup brand Huazhihao, acquiring a 38.45% stake, which is seen as a move to strengthen its position in the makeup segment [21][28] - This investment is part of Proya's strategy to address its weaknesses in the makeup category, as its existing makeup brand, Caitang, has not met growth expectations [28]

Group 1 - The core viewpoint of the news is that Lafang Home Products Co., Ltd. has seen a significant stock price increase of 5.49%, reaching 29.19 CNY per share, with a total market capitalization of 6.574 billion CNY [1] - Lafang Home Products specializes in the research, production, and sales of personal care products, with a revenue composition of 87.57% from hair care, 9.52% from other products, 2.84% from soap, and 0.08% from supplementary products [1] - The company is located in Shantou City, Guangdong Province, and was established on December 14, 2001, with its stock listed on March 13, 2017 [1] Group 2 - According to data from the top ten holdings of funds, Southern Fund's Southern Yihe Flexible Allocation Mixed Fund (002293) holds 69,800 shares of Lafang Home Products, accounting for 3.13% of the fund's net value, making it the third-largest holding [2] - The Southern Yihe Flexible Allocation Mixed Fund has achieved a year-to-date return of 25.57% and a one-year return of 48.05%, ranking 2822 out of 8180 and 2705 out of 7967 in its category, respectively [2] - The fund manager, Zou Yinlong, has been in position for 4 years and 212 days, with the fund's total asset size at 49.9631 million CNY [3]

拉芳家化股份有限公司（以下简称"公司"）根据上海证券交易所发布的《上 市公司行业信息披露指引第十三号—化工（2022 年修订）》的相关规定，现将公 司 2025 年第二季度主要经营数据补充披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要品类 | 产量（支） | 销量（支） | 营业收入（元） | | --- | --- | --- | --- | | 洗护类 | 22,722,937.00 | 24,143,647.00 | 183,340,795.08 | | 香皂 | 1,785,684.00 | 2,645,949.00 | 4,363,894.15 | | 其他 | 278,653.00 | 511,782.00 | 11,384,744.85 | 证券代码：603630 证券简称：拉芳家化 公告编号：2025 - 036 拉芳家化股份有限公司 关于 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。 报告期内，公司原材料采购价格受石油、棕榈油等基础原料价格波动的影 ...

Core Viewpoint - The announcement provides key operational data for Proya Cosmetics Co., Ltd. for the second quarter of 2025, highlighting production, sales, and revenue figures, as well as price changes for major products and raw materials [1]. Group 1: Operational Data - In Q2 2025, the production volume for skincare products reached 6,550,198 units, while sales for beauty makeup products were 5,090,893 units, generating revenue of approximately 461.70 million yuan [1]. - The sales volume for skincare products was 2,217,463 units, and beauty makeup products sold 1,836,268 units, with revenue from beauty makeup totaling around 207.79 million yuan [1]. Group 2: Price Changes - The average selling price for skincare products in Q2 2025 was 98.73 yuan per unit, while beauty makeup products averaged 93.63 yuan, reflecting a year-on-year decrease of 8.14% and a month-on-month decrease of 3.14% for beauty makeup [1]. - The average selling price for skincare products increased by 5.72% year-on-year and 20.70% month-on-month, attributed to a higher sales proportion of premium items like serums and creams during promotional periods [1]. - The average selling price for hair care products was 107.04 yuan, showing a year-on-year increase, driven by a higher sales proportion of high-priced items [1]. Group 3: Raw Material Price Fluctuations - The average procurement price for major raw materials decreased by 46.91 yuan per kg year-on-year, with an overall decline of 8.80% in Q2 2025, indicating improved bargaining power due to increased production of high-efficacy products [1].