机构：国泰海通证券 研究员：刘佳昆/毛宇翔 本报告导读： 朝云集团收购河北康达，加码北方家居护理市场，双品牌协同赋能增长。 投资要点： 投资建议。考虑公司经营近况，我们调整公司盈利预测，预计 2025-2027 公司EPS 为0.16/0.19/0.21 元人 民币（原值为0.18/0.20/0.22 元人民币），参考行业可比公司，考虑公司收购产生的估值溢价，给予公 司2025 年25X PE，给予目标价4.35 港元（汇率为1 港币兑0.92人民币），维持"增持"评级。 公司拟最高4.5 亿元收购河北康达100%股权。河北康达深耕中国北方市场三十余年，是北方地区家居护 理领域的领导企业，核心业务涵盖家居杀虫剂、洗涤剂、日化产品及气雾剂产品的研究、开发、生产与 销售，积累了丰富的客户资源。财务数据方面，河北康达近年业绩表现稳健，2024 年实现收入4.68 亿 元，同比+6.6%；净利润0.86 亿元，同比+32.3%。截至2025 年9 月30 日，其经审核综合资产总值约2.25 亿元，资产净值约1.76 亿元。 收购推动双品牌优势互补，实现产品品类领先。实现"超威+枪手"双品牌协同，推动产品创新、技术研 ...

1. 快速拓展北方家居护理市场：目标公司深耕中国北方市场30余年，是中国北方地区家居护理的领导企 业，积累了丰富的客户资源，具有良好发展前景。收购事项可助集团进一步优化在北方区域的产业布 局。 2.实现双品牌协同与效率提升："超威 + 枪手"双品牌形成优势互补，推动产品创新、技术研发及供应链 等多维协同，提升集团市场竞争力与营运效率。 朝云集团(06601)发布公告，于2025年12月31日，买方广州朝云控股有限公司(公司一间全资附属公司)、 卖方(左玉龙、柳绪春、白述昌、贺建伟、何建宁、胡建国、辛传三、石景山、袁新乐、王学民、周紫 燕及张坤元)及目标公司河北康达有限公司订立协议，据此，买方有条件同意向卖方收购目标股权(目标 公司100%的股权)，最高可能代价为人民币4.5亿元(相等于约4.95亿港元)。于完成后，目标公司将成为 公司的间接全资附属公司，而目标集团的财务业绩将会综合并入集团的财务报表。 目标公司为一间根据中国法律成立的有限公司，主要从事家居杀虫剂、洗涤剂、日化产品及气雾剂产品 的研究、开发、生产及销售。 集团进行策略性收购事项，旨在进一步提升集团在家居护理品类在北方区域的市场竞争力，提升对中国 ...

智通财经APP讯，朝云集团(06601)发布公告，于2025年12月31日，买方广州朝云控股有限公司(公司一 间全资附属公司)、卖方(左玉龙、柳绪春、白述昌、贺建伟、何建宁、胡建国、辛传三、石景山、袁新 乐、王学民、周紫燕及张坤元)及目标公司河北康达有限公司订立协议，据此，买方有条件同意向卖方 收购目标股权(目标公司100%的股权)，最高可能代价为人民币4.5亿元(相等于约4.95亿港元)。于完成 后，目标公司将成为公司的间接全资附属公司，而目标集团的财务业绩将会综合并入集团的财务报表。 目标公司为一间根据中国法律成立的有限公司，主要从事家居杀虫剂、洗涤剂、日化产品及气雾剂产品 的研究、开发、生产及销售。 集团进行策略性收购事项，旨在进一步提升集团在家居护理品类在北方区域的市场竞争力，提升对中国 国内终端市场的覆盖广度与深度。于完成后，集团将在多方位、多角度进行资源整合，加强集团现有家 居护理业务与目标公司的业务之间的协同效应，从而为股东创造更大价值： 1. 快速拓展北方家居护理市场：目标公司深耕中国北方市场30余年，是中国北方地区家居护理的领导企 业，积累了丰富的客户资源，具有良好发展前景。收购事项可助集团 ...

"低价低质的恶性竞争，正在卷死研发、卷垮品牌、卷乱市场预期。"这是广东优凯科技有限公司董事长 黄平致经济日报编辑部的信中发出的痛心疾呼。他揭开了洗涤剂行业无序竞争的乱象——活性物含量不 足5%的劣质产品凭借低价抢占市场，优质产品却陷入竞争劣势。 如何跳出这场"泥坑里的混战"，破局"内卷式"竞争，以全国统一大市场建设推动企业、行业高质量发 展？这一话题近期也引起企业家的热议和关注。 反内卷： 从无序血拼到规则共建 "内卷式"竞争的本质，是市场机制失灵下的非理性竞争。企业无法通过差异化或技术优势取胜，便只能 陷入价格战，最终导致全行业"增产不增收"。 "产业周期就像一年有四季，是自然循环、可自我修复的临时性波动，熬一熬就能过去。但结构性问题 则更严峻，具有隐蔽的破坏性，本质上是零和博弈，表现为集体层面非理性繁荣之后的无序、失衡与冲 突。"协鑫集团董事长朱共山说。 让市场体系高效运行，清除妨碍市场公平竞争的一个个"路障"，是全国统一大市场建设的题中之义。 华润啤酒原董事会主席侯孝海提到，"内卷式"竞争带来的是对产业、商业的伤害，其并没有解决供应和 需求之间的不平衡，反而加大了整个商业生态的不稳定性。 今年以来，"反 ...

Core Viewpoint - The letter from the chairman of Guangdong Youkai Technology highlights the detrimental effects of vicious competition in the detergent industry, where low-quality products with less than 5% active ingredients are capturing market share through low prices, putting quality products at a disadvantage [1] Group 1: Industry Challenges - The phenomenon of "involution" is causing severe price wars across various industries, leading to compressed profit margins, reduced innovation investment, and increased quality and safety risks [1][2] - Over 20 national and local industry associations have publicly called for a "counter-involution" approach, addressing issues in sectors such as steel, automotive, photovoltaic, catering, finance, and logistics [3] Group 2: Market Efficiency and Fair Competition - The construction of a unified national market aims to eliminate barriers to fair competition, addressing the imbalance between supply and demand and enhancing overall market stability [3] - Companies are encouraged to abandon the outdated "scale supremacy" mindset and focus on creating value through quality products and brands, as demonstrated by China Resources Beer, which closed 40 factories and reduced over 5 million tons of redundant capacity [3] Group 3: Innovation as a Key Driver - Traditional manufacturing must break free from path dependence and scale bottlenecks by leveraging technology and innovation, as emphasized by Weiqiao Chuangye Group's collaboration with research institutions and the establishment of an industrial technology research institute [4] - New Hope Group has utilized cold chain logistics and AI to innovate in the dairy industry, achieving same-day production and delivery to over 1 million stores [4] Group 4: Brand Value and Consumer Trust - In a market characterized by information asymmetry, low-quality products often mislead consumers, necessitating a shift towards rebuilding trust in high-quality products and enhancing user experience [5] - The home appliance industry has maintained a rational approach due to years of systemic development, with a focus on creating emotional and meaningful connections with consumers [5] Group 5: Global Expansion and Market Opportunities - The unified national market is seen as an open market that encourages companies to expand globally, alleviating domestic competition pressures and enhancing competitiveness in international markets [6] - Companies like Jack Technology and Miniso are adopting global strategies that integrate local insights and cultural fusion, demonstrating the importance of global perspectives in business expansion [6] Group 6: Future Directions for Companies - Companies are urged to focus on innovation, brand building, and global outreach to escape internal competition and contribute to high-quality economic development in China [7]

Financial Data and Key Metrics Changes - Total revenues increased by 36.7% year-over-year, reaching MXN 20.3 billion [4][5] - Same-store sales grew by 17.9%, driven by improvements in the value proposition [4][5] - EBITDA reported a loss of MXN 404 million, but excluding non-cash share-based payments, EBITDA increased by 43.6% to a positive MXN 1.2 billion [4][5] Business Line Data and Key Metrics Changes - The company opened 131 net new stores in the quarter, totaling 3,162 stores, with 390 stores opened in the first nine months of 2025 compared to 346 in the same period last year [4][5] - Cash flow generated by operating activities reached MXN 3 billion, a 30% increase year-on-year [5] Market Data and Key Metrics Changes - The gap versus ANTAD continues to increase, now almost 17 percentage points [6] - The company is one of the fastest-growing retailers globally, with significant room for expansion in Mexico, targeting a total of 14,000 stores [10] Company Strategy and Development Direction - The company focuses on continuous improvement of its value proposition, which is driving same-store sales growth [10] - There is a strong emphasis on talent investment as a key success factor, with a high talent density within the team [11] - The company plans to continue expanding its store network and product offerings while maintaining operational efficiency [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong sales growth, driven by product improvements and a robust pipeline [45] - The company anticipates that margins will improve over time due to better purchasing terms and logistics efficiency [14][15] - Management noted that the competitive landscape remains strong but healthy, with no significant changes in competition [37] Other Important Information - The company has a net cash position of approximately MXN 1.1 billion and $151 million in short-term deposits [5] - Share-based compensation has been a key driver of attracting talent and aligning interests with shareholders [11] Q&A Session Summary Question: Comments on gross margin and market share - Management indicated that margins will improve as purchasing costs decrease and logistics efficiency increases, with a focus on enhancing the value proposition [14][15] Question: Maturation of new store vintages - New store vintages are maturing faster than expected, leading to improved returns on invested capital [23][24] Question: Sales expenses and regional performance - Management expects more favorable comparisons for sales expenses in the next quarter and noted consistent performance across regions [29][32] Question: Product development and customer journey - The customer journey typically starts with basic goods, leading to increased basket sizes as customers try new products [57][60] Question: Interest from larger players - Management stated there has been no significant interest from larger national or international players regarding a potential acquisition [86]

Core Insights - The Global Impact Alliance (GIC), led by CEOs from major chemical companies, has initiated a collaborative research project aimed at exploring the synergy between traditional chemical processes and emerging waste conversion technologies for circular and net-zero emissions [1] Group 1: Project Overview - The project will focus on the direct conversion of waste into chemicals in a more sustainable manner, utilizing gasification processes to transform complex waste streams into high-value C2+ compounds [1] - These C2+ compounds are essential raw materials for producing products such as sensitive plastics, detergents, coatings, and textiles [1] Group 2: Environmental and Economic Assessment - Researchers from ETH Zurich will conduct environmental and techno-economic assessments of the direct conversion process, which will help evaluate the feasibility of concept validation and outline conditions for potential pilot-scale projects [1] - The project aims to shift the chemical industry from reliance on fossil-based raw materials to renewable and circular carbon sources [1] Group 3: Technological Challenges - The collaboration will also address key technological challenges in the waste-to-chemical conversion process, including the handling of heterogeneous waste and the integration of new raw materials into the existing chemical value chain [1]

Core Insights - Guangzhou Mingliang Chemical Co., Ltd. has established itself as a benchmark in the commercial cleaning industry through 25 years of practical development, focusing on the cleaning needs of restaurants, hotels, and medical facilities since its founding in 2000 [1][4] - The company integrates technology and market demand, forming a comprehensive solution system driven by technological innovation, aiming to become a leading manufacturer of cleaning and washing products in China [1][3] Company Overview - Mingliang Chemical has built a professional R&D team and established long-term partnerships with quality raw material suppliers to continuously optimize product formulations [3] - The production process incorporates intelligent equipment and adheres to the ISO9001 quality management system, ensuring the stability and efficiency of core products such as commercial dishwasher detergents, drying agents, and cleaning agents [3] - The sales network covers major cities across the country and actively expands into overseas markets, offering customized supply solutions such as 20L bulk packaging and full box delivery [3] Service and Value Proposition - The company emphasizes a dual guarantee of "product + service," providing full-cycle support including equipment adaptation, usage training, and technical upgrades through its after-sales service team [3] - Mingliang Chemical's core value of "altruism" drives its customer-centric approach, developing low-foam, high-efficiency detergents for the restaurant industry and customized drying agents with cleaning and antibacterial functions for hotels [3] Commitment to Sustainability - The company has pioneered the launch of biodegradable eco-friendly products, utilizing concentrated formulas to reduce packaging waste and implementing intelligent feeding systems to lower energy consumption [3] - Its commercial cleaning agents have received China Environmental Label certification and comply with international chemical safety standards, demonstrating a commitment to green manufacturing principles [3] - Mingliang Chemical actively participates in the formulation of industry standards, promoting the standardization and upgrading of the commercial cleaning sector [3] Future Outlook - With 25 years of dedicated efforts, Mingliang Chemical aims to continue its altruistic approach in the commercial cleaning sector, striving to create greater value for global customers and moving towards the vision of becoming a "century-old enterprise" [4]

Core Viewpoint - Procter & Gamble (P&G) announced plans to cut approximately 7,000 non-production jobs globally over the next two years, representing 15% of such positions, as part of a restructuring effort to address performance challenges [1][13] Group 1: Talent Loss - P&G has experienced a significant outflow of high-level management talent in China over the past decade, with several core executives leaving the company [1][5] - Notable departures include former sales presidents and high-ranking executives who have moved to competitors or other industries, indicating a trend of talent migration from P&G [2][4] - The phenomenon of "P&G alumni" is prevalent, with many former executives taking on prominent roles in various sectors, including e-commerce and new consumer brands [6][5] Group 2: Market Position and Strategy - P&G's revenue growth in China has slowed significantly, with traditional product categories facing increased competition and rising costs, diminishing the company's attractiveness to talent [7][9] - The company's global strategic adjustments have not aligned well with local market changes, leading to a perception of limited decision-making autonomy for local executives [9][11] - P&G's conservative talent incentive mechanisms have become less competitive compared to local companies, which offer more attractive compensation packages and growth opportunities [11][12] Group 3: Organizational Culture - P&G's traditional organizational culture, characterized by meticulous planning and a slower pace of innovation, contrasts sharply with the fast-paced, iterative culture of the internet and new consumer sectors [12][13] - The company's rigid structure may hinder its ability to adapt quickly to market changes, prompting former employees to seek more dynamic environments [12][13] Group 4: Future Outlook - P&G's drastic restructuring efforts, including significant layoffs and brand portfolio reductions, reflect the company's struggle to maintain its market position in an evolving consumer landscape [1][13] - The shift towards digital and niche brands has challenged P&G's historical dominance, as smaller, agile companies leverage e-commerce and social media to connect with younger consumers [13]