Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 895 million yuan in H1 2025, representing a year-over-year increase of 20.31%, with a net profit of 188 million yuan, up 4.16% year-over-year [1] - The growth in the baby care business is driven by new product launches and increased marketing efforts, with over 40 new products introduced in the first half of the year [2] - The company is expected to see a recovery in performance in the second half of the year due to new product launches and increased investment across all channels [2] Financial Performance - In Q2 2025, the company reported a revenue of 655 million yuan, a year-over-year increase of 13.46%, but a slight decline in net profit by 0.85% [1] - The gross profit margin for H1 2025 decreased by 0.63 percentage points to 58.01%, primarily due to increased sales and management expenses [1] - The company plans to distribute a mid-term dividend of 2.00 yuan per 10 shares, totaling 80.92 million yuan [1] Revenue Breakdown - For H1 2025, revenue from mosquito repellent, baby care, and essential oil products was 375 million yuan, 405 million yuan, and 92 million yuan, respectively, with year-over-year growth rates of 13.43%, 38.73%, and -14.60% [2] - The online and offline channels saw revenue growth of 20% and 21% respectively in H1 2025, with significant contributions from new partnerships and channel expansions [3] Future Projections - The company is projected to achieve revenues of 1.62 billion yuan, 1.97 billion yuan, and 2.41 billion yuan for the years 2025, 2026, and 2027, with year-over-year growth rates of 22.5%, 22.2%, and 22.2% respectively [4] - Net profit is expected to reach 330 million yuan, 420 million yuan, and 519 million yuan for the same years, with growth rates of 10.5%, 26.0%, and 24.3% respectively [4]

Group 1: Company Insights - The report initiates coverage on Mai Fushi (2556.HK) with a "Buy" rating, projecting a target market value of 18.65 billion RMB, indicating a 50% upside potential from current levels [2] - Mai Fushi's revenue is expected to grow significantly, with forecasts of 2.31 billion, 2.97 billion, and 3.82 billion RMB for 2025-2027, reflecting year-on-year growth rates of 48%, 29%, and 29% respectively [13] - The company has a strong execution capability, with an average revenue per employee of 997,000 RMB in 2024, indicating effective operational management [13] Group 2: Industry Trends - The report discusses the ongoing trend of "residential deposit migration," which is expected to accelerate as the equity market's fundamentals improve, with A-shares currently positioned favorably [12] - The report highlights that the equity market is likely to become the next destination for residential asset allocation, as the previous "stock-property seesaw" effect is no longer a constraint [15] - The report notes that by Q4 2025, the real risk-free interest rate for residents is expected to decline significantly, which will further drive the migration of deposits into the equity market [15] Group 3: Competitive Landscape - The competitive landscape for Mai Fushi is characterized by a focus on mid-to-large enterprises, which enhances customer retention and bargaining power [13] - The report emphasizes the differentiation of Mai Fushi's products compared to competitors like Weimeng and Youzan, particularly in terms of comprehensive service offerings and a full-link marketing approach [13] - The report indicates that the AI commercialization acceleration is a key catalyst for growth, with a notable increase in KA customer numbers and order sizes [13] Group 4: Market Performance - The report notes that the A-share market has shown signs of recovery, with a significant increase in the Shanghai Composite Index by 5.46% over the past month [1] - The report identifies sectors such as black home appliances and animal health as having strong recent performance, with respective increases of 12.36% and 47.87% over the past month [4] - Conversely, sectors like medical services and aviation equipment have underperformed, with declines of 10.77% and 21.91% over the same period [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in the first half of 2025 was slightly below market expectations, with a revenue of 895 million yuan, representing a year-on-year growth of 20.3%, and a net profit attributable to shareholders of 188 million yuan, which is a 4.2% increase year-on-year [5][6] - The company is expected to see growth in the baby and child product category in the second half of 2025 [5] Financial Data and Profit Forecast - Total revenue projections for 2024, 2025E, 2026E, and 2027E are 1,318 million yuan, 1,616 million yuan, 1,956 million yuan, and 2,352 million yuan respectively, with year-on-year growth rates of 27.6%, 22.6%, 21.0%, and 20.2% [4] - Net profit attributable to shareholders is forecasted to be 300 million yuan, 338 million yuan, 407 million yuan, and 489 million yuan for the years 2024, 2025E, 2026E, and 2027E respectively, with corresponding year-on-year growth rates of 32.8%, 12.6%, 20.5%, and 20.1% [4] - The company's gross margin for the first half of 2025 was 58.0%, slightly down from the previous year, while the net profit margin was 20.9%, reflecting a decrease of 3.2 percentage points year-on-year [5][11]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 895 million yuan for the first half of 2025, representing a year-on-year increase of 20.31%, while the net profit attributable to the parent company was 188 million yuan, up 4.16% year-on-year [2] - The second quarter of 2025 saw a revenue of 655 million yuan, a year-on-year increase of 13.46%, but the net profit decreased by 0.85% year-on-year, indicating pressure on profitability due to declining gross profit and increased sales expenses [2][4] - The company plans to distribute a mid-term dividend of 2.00 yuan per 10 shares, totaling 80.92 million yuan [2] Revenue Analysis - The slowdown in revenue growth in Q2 is attributed to high base effects, adverse weather conditions, and intensified competition [3] - The company’s product categories showed varied performance, with mosquito repellent and baby care products achieving revenue of 375 million yuan and 405 million yuan respectively, while essential oils saw a decline of 14.60% [3] - The company launched over 40 new products during the reporting period, including sunscreen and youth series products, which are expected to drive growth in the second half of the year [3] Profitability Analysis - The company's gross margin and net margin for the first half of 2025 were 58.01% and 20.95%, respectively, showing a decline compared to the previous year [4] - The increase in expense ratios, particularly in sales and financial expenses, has pressured profitability, with the sales expense ratio rising to 29.81% in Q2 [4] Investment Recommendations - The company has a strong competitive position in the baby care and mosquito repellent market, with a solid brand image and ongoing product development [5] - Despite short-term pressures, the long-term growth logic remains intact, with revised revenue forecasts for 2025-2027 at 1.616 billion, 2.054 billion, and 2.609 billion yuan respectively [5] - The expected earnings per share for 2025-2027 are 0.83, 1.06, and 1.37 yuan, with corresponding price-to-earnings ratios of 39, 30, and 23 times [5]

Investment Rating - The report gives a "Buy" rating for Runben Co., Ltd. with a target price of 43.5 CNY per share [1]. Core Viewpoints - Runben Co., Ltd. is transitioning from a mosquito repellent leader to a comprehensive brand in baby and child care products, with plans to expand into the youth market. The company aims to build a growth model that combines vertical specialization and horizontal ecosystem development [13]. - The company has shown robust revenue growth, with a compound annual growth rate (CAGR) of 36.5% from 2019 to 2024, increasing from 280 million CNY to 1.32 billion CNY [25][26]. - The mosquito repellent industry is experiencing expansion due to diversified consumer needs and increased outdoor activities, with the market expected to reach 10.17 billion CNY by 2027 [46][52]. Summary by Sections Company Overview - Runben Co., Ltd. was established in 2006 and has successfully listed on the Shanghai Stock Exchange in 2023. The company follows a "big brand, small category" strategy, focusing on integrated research, production, and sales [14]. - The company has three core business lines: mosquito repellent products, baby care products, and essential oils. In 2024, the company achieved a revenue of 1.32 billion CNY, with a net profit of 300 million CNY, reflecting a year-on-year growth of 27.6% and 32.8%, respectively [14][25]. Financial Performance - The company has demonstrated strong financial performance, with a net profit CAGR of 53.1% from 2019 to 2024. The gross profit margin improved from 54.1% in 2019 to 58.2% in 2024 [26][34]. - The revenue from baby care products has been a significant growth driver, with a year-on-year increase of 32.4% in 2024 [35]. Mosquito Repellent Industry - The mosquito repellent market is projected to grow significantly, driven by changing consumer preferences towards natural ingredients and increased outdoor activities. The market size is expected to reach 10.17 billion CNY by 2027, with a CAGR of 6.4% from 2022 to 2027 [46][52]. - Runben has successfully captured market share in the online channel, achieving a 19.9% market share in 2022 for mosquito repellent products [14]. Baby Care Industry - The baby care market is characterized by a broad customer base and continuous expansion, with a market share of 1.9% for Runben in 2022. The company is well-positioned to leverage its existing customer base from mosquito repellent products to enhance its baby care offerings [19][46]. - The industry is highly fragmented, providing opportunities for new domestic brands like Runben to emerge and capture market share [19]. Essential Oil Industry - The essential oil market is transitioning from a niche segment to a mainstream necessity, with a global market size expected to reach 27.82 billion USD by 2032, growing at a CAGR of 10.7% [6]. - Runben is expanding its essential oil product line, which currently includes products aimed at children, and is exploring further opportunities in this segment [21].

Core Viewpoint - Runben Co., Ltd. plans to invest 600 million yuan in a new R&D and production base in Guangzhou to enhance its research and production capabilities, expand its business scope, and solidify its market position as it continues to experience revenue growth [2][4]. Group 1: Financial Performance - In 2024, Runben achieved a revenue of 1.318 billion yuan, a year-on-year increase of 27.61%, and a net profit of 300 million yuan, up 32.80%, both reaching historical highs [2][8]. - The company has maintained a revenue growth rate exceeding 20% for five consecutive years since 2020 [3][8]. - Revenue for 2022 and 2023 was 856 million yuan and 1.033 billion yuan, reflecting year-on-year growth of 47.06% and 20.66%, respectively [8]. Group 2: Investment and Expansion Plans - Runben plans to build a new R&D base in the Guangzhou Knowledge City, with an investment of 600 million yuan, aimed at meeting the growing demand for production and research [2][4]. - The new base will include office, R&D, living, and manufacturing areas, supporting the development of personal care, cosmetics, and medical products [4][5]. Group 3: Product Performance - In 2024, the mosquito repellent series generated 439 million yuan in revenue, up 35.39%, while the infant care series reached 690 million yuan, increasing by 32.42% [8]. - The company introduced several new products in 2024, enhancing its product matrix and brand value [8]. Group 4: Research and Development - Runben's R&D expenses increased from 19.51 million yuan in 2022 to 35.07 million yuan in 2024, indicating a steady rise in investment in innovation [10]. - As of the end of 2024, the company employed 151 R&D personnel, accounting for 16.4% of its total workforce [11]. Group 5: Profitability Metrics - The gross profit margins for Runben from 2022 to 2024 were 54.19%, 56.35%, and 58.17%, showing a consistent upward trend [9]. - In Q1 2025, the gross profit margin reached 57.67%, compared to 55.69% in the same period the previous year [12].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company achieved a revenue of 1.318 billion yuan in 2024, representing a year-on-year growth of 27.61%, with a net profit of 300 million yuan, up 32.80% [1][9]. - The company has diversified its product offerings and expanded its sales channels, leading to sustained revenue growth [2][14]. - The company plans to distribute a cash dividend of 2.30 yuan per 10 shares (tax included) [1]. Financial Performance Summary - In 2024, the company reported a revenue of 1.318 billion yuan, with a breakdown by product: mosquito repellent products generated 439 million yuan (33.33% of total revenue, +35.39%), baby care products 690 million yuan (52.36%, +32.42%), essential oils 158 million yuan (11.97%, +7.88%), and other products 30 million yuan (2.27%, -25.51%) [2][10]. - The company’s online direct sales accounted for 58.72% of total revenue, amounting to 774 million yuan, with a growth of 24.84% [2][10]. - The company’s expense ratio increased to 31.57% in 2024, up 1.35 percentage points, primarily due to increased marketing and financial expenses [11][12]. Future Projections - Revenue projections for 2025-2027 are estimated at 1.711 billion yuan, 2.175 billion yuan, and 2.728 billion yuan, respectively, with net profits expected to be 392 million yuan, 496 million yuan, and 613 million yuan [3][14]. - The company’s projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 40x, 32x, and 26x, respectively [3][14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a revenue of 1.32 billion yuan in 2024, representing a year-on-year increase of 27.6%, and a net profit attributable to shareholders of 300 million yuan, up 32.8% year-on-year [5] - The company is expected to maintain strong growth in the baby care segment and continue launching new products to capture market share [8] Company Overview - Latest closing price: 35.58 yuan - Total shares: 4.05 billion, circulating shares: 1.03 billion - Total market capitalization: 14.4 billion yuan, circulating market capitalization: 3.7 billion yuan - 52-week high/low: 36.53/16.13 yuan - Debt-to-asset ratio: 6.3% - Price-to-earnings ratio: 48.08 [4] Financial Performance - In Q4 2024, the company achieved revenue and net profit of 280 million yuan and 40 million yuan, respectively, with year-on-year growth of 34% and a decline of 13% [5] - In Q1 2025, revenue and net profit were 240 million yuan and 44 million yuan, respectively, with year-on-year growth of 44% and 25% [5] - The gross profit margin for 2024 increased by 1.8 percentage points to 58.2% [7] - The company expects net profits of 390 million yuan, 500 million yuan, and 604 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 36 times, 29 times, and 24 times [8][11] Revenue Breakdown - In 2024, revenue from mosquito repellent, baby care, and essential oils was 440 million yuan, 690 million yuan, and 160 million yuan, respectively, with year-on-year growth of 35%, 32%, and 8% [6] - For Q1 2025, revenue growth rates for mosquito repellent, baby care, and essential oils were 66%, 11%, and -6%, respectively [6] - Online direct sales and non-platform distributors showed strong performance, with revenue growth of 24.8% and 39.6% in 2024 [6]

股票简称：润本股份 股票代码：603193 润本生物技术股份有限公司 Runben Biotechnology Co., Ltd. （广州经济技术开发区新庄五路 3 号） 首次公开发行股票主板上市公告书 保荐人（主承销商） 新疆乌鲁木齐市高新区（新市区）北京南路 358 号 大成国际大厦 20 楼 2004 室 二〇二三年十月十六日 特别提示 润本生物技术股份有限公司（以下简称"润本股份"、"发行人"、"本 公司"或"公司"）股票将于 2023 年 10 月 17 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险以及本公司披露的风险因素， 在新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 2 第一节 重要声明与提示 一、重要声明与提示 本上市公告书部分表格中单项数据加总数与表格合计数可能存在微小差 异，均因计算过程中的四舍五入所形成。 二、风险提示 本公司提醒广大投资者注意首次公开发行股票（以下简称"新股"）上市 初期的投资风险，广大投资者应充分了解交易风险、理性参与新股交易。 具体而言，上市初期的风险包括但不限于以下几种： （一）涨跌幅限制放宽带来的股票交易风险 本公司及全体 ...

润本生物技术股份有限公司 Runben Biotechnology Co., Ltd. （广州经济技术开发区新庄五路 3 号） 首次公开发行股票并在主板上市 招股说明书 （上会稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本 招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 以正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） 新疆乌鲁木齐市高新区（新市区）北京南路 358 号 大成国际大厦 20 楼 2004 室 润本生物技术股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 1-1-1 润本生物技术股份有限公司 招股 ...