厦门松霖科技股份有限公司2025 年半年度报告 公司代码：603992 公司简称：松霖科技 转债代码：113651 转债简称：松霖转债 厦门松霖科技股份有限公司 厦门松霖科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人周华松、主管会计工作负责人魏凌及会计机构负责人（会计主管人员）魏凌声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以实施利润分配方案时股权登记日的总股本为基数，向利润分配股权登记日登记在册的全 体股东每10股派送现金红利1.10元（含税），不进行资本公积金转增股本，不送红股。该预案已 经公司第三届董事会第二十三次会议审议通过，无需提交公司股东大会审议。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投 资者 ...

Core Insights - The article discusses the evolving landscape of the beauty industry in China, highlighting trends in sports eyewear, the reshuffling of beauty influencers on Douyin, the competition for talent in the OTC channel, and the growth potential of domestic cosmetic brands amidst economic cycles [1]. Industry Environment - Sports eyewear is becoming a staple for fitness enthusiasts, combining functionality and fashion, with a projected market size of 73 billion yuan by 2025 [2]. - The Douyin beauty sales leaderboard has seen a reshuffle, with top influencers stabilizing and new entrants like "Li Baobao" achieving significant sales, indicating a shift towards brand self-broadcasting [3][4]. - The beauty industry is experiencing a talent war in the OTC channel, driven by the rapid growth of functional skincare products, with sales expected to reach 2.27 billion yuan in 2023 [5]. - The Chinese cosmetics market is projected to reach 1,073.8 billion yuan in retail sales by 2024, with domestic brands increasing their market share to 55% [6]. - In Q2 2025, the beauty market saw a capital rebound, favoring tech-driven companies and innovative product segments, with significant investments in biotechnology and raw material innovation [7]. - Douyin's June beauty rankings show a strong rise of domestic brands, with 18 local brands in the top 20 for color cosmetics, driven by competitive pricing and effective marketing strategies [8]. Brand Dynamics - L'Oréal acquired the professional hair care brand Color Wow, valued at approximately 1 billion USD, enhancing its position in the professional beauty sector [11]. - Bi Yin Le Fen is facing challenges with a significant drop in market value and negative profit growth, prompting a strategic shift towards a younger demographic [12]. - The brand Wenxian is focusing on Chinese cultural narratives in high-end perfume, aiming for balanced online and offline growth [17]. - Beijing Plant Doctor's IPO application has been accepted, with plans to raise 1 billion yuan for marketing and R&D, despite challenges in its franchise model [15]. - Sam's Club is rapidly growing in the beauty market, leveraging bulk purchasing and a membership model to offer competitive pricing [16]. - The biotechnology company Lian Kang is entering the beauty sector with a new product line, emphasizing a comprehensive care system and innovative ingredients [18]. - The beauty company APR, founded by a Korean tech entrepreneur, has seen its market value exceed 4 billion USD, driven by social media marketing [19].

Investment Rating - The report does not explicitly state an investment rating for the beauty and personal care industry in China. Core Insights - The Chinese cosmetics market is projected to grow from RMB 531.1 billion in 2019 to RMB 688.6 billion in 2024, with a compound annual growth rate (CAGR) of 5.3% [7][8] - The skincare category dominates the market, accounting for over 60% of the total market share, while the fragrance category shows the fastest growth with a CAGR of 11.3% from 2019 to 2024 [11][12] - The rise of AI technology is reshaping the beauty and personal care value chain, enhancing user insights and brand upgrades [5][25] Market Overview - The Chinese cosmetics market is experiencing a recovery trend, driven by increased consumer confidence, technological advancements, and innovative product development [7][8] - The market is segmented into skincare, personal care, makeup, and fragrance, with skincare being the largest segment [9][11] - The market is expected to continue its growth trajectory, with a projected market size of RMB 688.6 billion by 2024 [7][8] Consumer Behavior - Consumers are becoming more rational and focused on efficacy, leading to a demand for precision skincare and personalized products [26][28] - The Z generation is driving the shift towards personalized and innovative products, with a significant preference for brands that offer customization [28][29] - There is a growing emphasis on natural and safe ingredients, with consumers increasingly favoring products that align with health and wellness trends [20][21] Technological Integration - AI is becoming a critical tool in the beauty industry, facilitating personalized recommendations and enhancing product development through data analysis [30][34] - The integration of AI in marketing and content generation is transforming how brands interact with consumers, making recommendations more tailored and effective [36][38] - AI-driven innovations, such as virtual try-ons and personalized skincare solutions, are enhancing consumer experiences and brand loyalty [37][39] Market Dynamics - The rise of plant-based ingredients is a significant trend, with an increasing focus on natural formulations and the use of AI to match individual skin needs [17][18] - The blending of fragrance with personal care products is gaining traction, as brands seek to create emotional connections with consumers through scent [20][21] - The beauty tech sector is expanding, with devices that combine skincare routines with AI capabilities for personalized care [23][24]

Core Viewpoint - The article discusses the challenges and strategies of foreign trade enterprises in transitioning from export to domestic sales, emphasizing the need for long-term planning and structural adjustments to enhance resilience against risks in the domestic market [1][4]. Group 1: Challenges in Transitioning - Foreign trade enterprises face significant challenges in connecting with domestic sales channels, which include both online and offline platforms, as well as B2B and B2C interactions [1][4]. - The shift from export to domestic sales requires adjustments in supply chain and production models, as domestic orders tend to be smaller and more fragmented compared to large export orders [4][6]. - Companies like Jin Dao Electric and Today Food have experienced inventory buildup due to external factors such as tariffs, prompting them to accelerate their domestic market strategies [2][3]. Group 2: Strategies for Market Entry - Major retail platforms like Yonghui Supermarket and e-commerce giants like JD and Meituan are actively facilitating the entry of foreign trade products into the domestic market through initiatives like "green channels" [1][2][4]. - The "破浪计划" (Breaking Waves Plan) initiated by Baidu aims to assist businesses in quickly listing products on their platforms, thereby enhancing market access for foreign trade enterprises [4]. - Companies are adapting their products to meet domestic consumer preferences, such as modifying flavors and packaging to increase acceptance of products like canned goods [6][7]. Group 3: Long-term Mechanisms - Experts suggest that the transition from export to domestic sales should be viewed as a long-term strategy, requiring top-level design and the establishment of sustainable mechanisms [8][9]. - Recommendations include building platforms for better communication between foreign trade enterprises and domestic retailers, as well as providing financial support and tax incentives to ease the transition [9]. - Companies like Fuling Co. have successfully increased their domestic sales proportion by focusing on long-term market development strategies and diversifying their customer base [8].

Summary of Songlin Technology Conference Call Company Overview - Songlin Technology adopts an IDM model, differentiating itself from traditional OEM/ODM by actively conducting market research and providing complete technical solutions, particularly excelling in IoT empowerment and design innovation, having won multiple industrial design awards [2][5] - The company invests approximately 7% of its annual revenue in R&D, focusing on AI and IoT, with R&D expenses exceeding 200 million and a workforce of over 800 R&D personnel [2][6] - Songlin Technology has a global presence with clients worldwide, establishing a design center in Italy and a production base in Vietnam, along with a domestic and international sales network [2][7] Business Segments - The company operates in three main business segments: robotics, health tech hardware/software, and smart kitchen & bathroom products [3] - The smart kitchen & bathroom segment accounts for about 80% of revenue, while the health tech segment contributes approximately 10% [4][13] Market Dynamics - Exports constitute about 75% of the company's revenue, with the U.S. market accounting for approximately 20% [8][18] - Due to the changing U.S.-China trade environment, the company has shifted some production capacity to Vietnam and has begun shipping from there [9][18] Competitive Advantages - The core competitiveness lies in its unique IDM model, which emphasizes innovation and proactive market research [4] - The company has a strong design capability and manufacturing capabilities in plastics, hardware, and electronic components, enabling diversified product offerings [5] R&D and Production Capacity - The robotics R&D team is planned to consist of 80-100 personnel, focusing on algorithm talent recruitment and collaboration with universities [17] - The Vietnam factory is being built in two phases, with the first phase expected to reach production capacity by the end of 2025, aiming for $200 million in revenue [19] Pricing and Market Trends - The decline in smart kitchen product prices is attributed to changes in product structure, while the average price of complete sets and electronic products remains stable [20] - Future price trends in the health tech sector are expected to rise, driven by an increase in high-value products like beauty devices [24][26] Customer Relationships - High customer loyalty is noted due to customized development and proprietary technology, with significant clients including Kohler and TOTO [22] Financial Outlook - The company aims for a 23% profit growth in 2025 compared to 2024, but faces challenges due to insufficient order demand and rising labor costs [27] - Expectations for 2026 are optimistic, with anticipated growth in smart storage and health tech sectors, alongside the initiation of customer acquisition in the robotics segment [28]

Core Viewpoint - The small home appliance sector is experiencing significant growth during the 6.18 shopping festival, driven by consumer demand for aesthetic, health, and convenience products, despite a backdrop of price competition and market reshuffling [1][3]. Group 1: Market Performance - Small home appliances have become a key growth category on e-commerce platforms during the 6.18 sales event, with notable increases in sales across various segments such as beauty devices and health care appliances [2][3]. - Tmall reported a 21% increase in overall sales in the home appliance sector in May, with specific products like vacuum cleaners seeing a 54.9% year-on-year sales growth [3]. - JD.com also noted significant growth in categories like beauty and health appliances, with sales of beauty devices and hair dryers increasing over 200% compared to previous periods [3]. Group 2: Pricing Strategies - Some mid-to-high-end brands are opting to lower prices during the 6.18 event to attract consumers who are sensitive to price, with TYMO's products priced higher than competitors but seeing strong sales during the promotion [4][11]. - The sales volume for TYMO's products surged significantly during the promotional period, indicating that consumers are more responsive to discounts on higher-priced items [4][11]. Group 3: Competitive Landscape - The small appliance market is still in its early competitive stage, with a wide range of players and significant price differentiation among products [11][12]. - The industry faces challenges in finding new paths beyond price competition, as many low-end brands struggle with limited profits and innovation capabilities [12][16]. - Technological innovation is identified as a crucial long-term competitive strategy, with brands encouraged to invest in R&D to enhance product differentiation and market presence [12][16]. Group 4: Consumer Trends - The rise of the "post-00s" generation is reshaping market demand, with younger consumers favoring stylish, high-priced products that enhance their lifestyle and social experiences [13][14]. - New consumer needs are emerging from segments like pet care and home automation, leading to increased sales of products like pet air purifiers and smart home devices [14][15]. Group 5: Innovation and Development - Continuous product iteration and differentiation are essential for brands to maintain competitive pricing and market relevance [16]. - The small appliance industry is moving towards higher-end, smart, and eco-friendly products, with a focus on meeting the evolving demands of consumers [12][16].

Group 1 - The young consumer group represented by "post-00s" is reshaping the demand pattern in the home appliance market, with significant growth in small appliances driven by aesthetic consumption, health care, kitchen appliances, and pet-related products [1][7] - During the 6.18 shopping festival, small appliances have become a major growth category on e-commerce platforms, with brands leveraging promotional events to lower purchase thresholds and attract consumers into "new scenarios" [1][2] - Tmall reported a 21% increase in overall sales in the home appliance sector in May, with specific categories like vacuum cleaners seeing a 54.9% year-on-year sales growth [2] Group 2 - Brands like TYMO are preparing for major sales events well in advance, with stock and marketing strategies set months prior to the event, indicating a strong commitment to capitalize on the shopping festival [2][3] - The competition in the small appliance sector is still in its early stages, with a wide price range and numerous players, but few leading brands, particularly in categories like hair styling tools [5] - The industry faces challenges in finding new paths beyond price competition, with a focus on technological innovation and differentiation becoming crucial for long-term success [6][11] Group 3 - The rise of the "post-00s" consumer group is driving demand for stylish and high-priced products, with a notable increase in sales of home automation and convenience appliances during the 6.18 festival [7][8] - New brands are emerging in the market, focusing on creating unique products that cater to specific consumer needs, such as wall-mounted washing machines and retro mini-fridges [10] - Continuous product iteration and differentiation are essential for brands to maintain competitive pricing and market relevance, as evidenced by TYMO's approach to product development [11]

Core Insights - The article emphasizes that price is not the only factor determining customer orders; stability and reliability are becoming increasingly important for clients as they navigate a cautious economic environment [2][6][15] Pricing Misconceptions - Misconception 1: Customers negotiating prices does not necessarily mean the initial price was too high; it may simply be a negotiation tactic [3] - Misconception 2: Lowering prices does not guarantee customer satisfaction; it may lead to distrust regarding the initial pricing [4] - Misconception 3: Securing an order does not equate to profit, as post-sale issues can lead to significant costs and complications [5] Changing Customer Psychology - As global inflation persists, customers are making more cautious and rational purchasing decisions, focusing on stability rather than just price [7][12] - Key data indicates that in the U.S., the Consumer Price Index (CPI) was 9.1% in June 2022 and remains at 3.5% in March 2025, with core inflation at 3.7%, indicating ongoing pressure on customer spending [9] - In the Eurozone, inflation has decreased to 2.4%, but essential expenses like food and energy are still rising above 3% annually [10] New Pricing Logic - The new pricing formula should focus on cost, customer anxiety, and solutions, emphasizing the sale of peace of mind rather than just low prices [13] - A real-world example illustrates that a customer chose a more expensive supplier due to faster delivery and reliability, highlighting the importance of service over price [13] Practical Strategies - Offering bundled solutions rather than individual products can increase profits and customer satisfaction [14] - Transitioning from a supplier to a project manager role can enhance customer reliance and loyalty [14] - Including added value in quotes, such as faster delivery and comprehensive service, can differentiate offerings from competitors [14] Target Customer Segments - Identifying and focusing on four types of profitable customers can enhance resource allocation and efficiency: 1. Customers who sign annual contracts early [15] 2. Customers willing to engage in product development [15] 3. Customers requesting marketing support [15] 4. Customers who prioritize delivery and quality over price [15] Conclusion - The article concludes that in 2025, the focus for businesses should shift from competing on price to providing reliable service and building trust with customers [17][19]

Core Viewpoint - The credit rating report indicates that Xiamen Songlin Technology Co., Ltd. maintains a stable credit rating of AA, reflecting its strong operational performance and solid customer base, despite facing challenges from international trade policies and rising raw material costs [3][5][14]. Company Overview - Xiamen Songlin Technology focuses on the production and sales of smart kitchen and bathroom products, as well as health and beauty products, primarily using the IDM business model [8][14]. - The company has established a stable customer base, with major clients including international brands such as Moen, TOTO, and Kohler, contributing to a significant portion of its revenue [14][15]. - As of March 2025, the company's total equity attributable to shareholders is 32.96 billion, with total debt at 3.85 billion [3]. Financial Performance - The company's revenue for 2024 is reported at 30.15 billion, with a net profit of 4.46 billion, reflecting a year-on-year increase of 14.15% in net profit [3][5]. - The operating cash flow for 2024 is 6.04 billion, indicating strong cash generation capabilities [3]. - The company’s gross profit margin is 35.37%, with a stable EBITDA interest coverage ratio of 25.55 [4][5]. Market Environment - The global bathroom products market is projected to grow from 137.14 billion in 2023 to 164.71 billion by 2029, with a compound annual growth rate (CAGR) of 3.1% [10]. - The domestic bathroom industry is experiencing a decline, with a 12% decrease in market size in 2024 due to the downturn in the real estate sector [10][11]. - The beauty and health care market in China is rapidly expanding, with the beauty device market expected to reach approximately 20 billion by 2026, growing at a CAGR of 18.83% [11][12]. Operational Challenges - The company faces challenges due to high reliance on export sales, with 75% of revenue coming from international markets, making it vulnerable to changes in international trade policies [5][14]. - Production capacity utilization has been declining, with rates dropping below 70% in recent years, and further reduced to below 60% in early 2025 due to decreased orders from downstream customers [5][17]. - Rising raw material costs are increasing pressure on cost management, particularly for plastics and metal components, which have seen significant price increases [5][14]. Future Outlook - The company is expected to maintain a stable business outlook in the short to medium term, supported by its strong liquidity and established relationships with high-quality international clients [5][14]. - The construction of a production base in Vietnam is underway to mitigate risks associated with international trade tensions and to enhance production capacity by approximately 20% [16][17]. - The company plans to continue investing in research and development, with a budget of 2.25 billion for 2024, reflecting a commitment to innovation and product development [14].

Group 1 - The core viewpoint of the articles highlights the increasing attraction of China as a shopping tourism destination, driven by policies such as the 240-hour visa-free transit and immediate tax refund upon departure [1] - The electronic products in China, particularly in Shenzhen's Huaqiangbei, are gaining popularity among foreign tourists, with many seeking to purchase items like smartphones, computers, and innovative gadgets [2][4][6] - The introduction of the "one form, one package" tax refund model in Shenzhen has streamlined the tax refund process for travelers, enhancing their shopping experience [14] Group 2 - Shenzhen has over 400 duty-free stores, with a growing proportion of tax refunds related to domestic technology products like smartphones and drones [16] - During the "May Day" holiday, domestic smartphones and drones accounted for 38% of all tax refund applications in Shenzhen, indicating strong demand for these products [18] - Foreign tourists, such as an Australian couple, are increasingly visiting Huaqiangbei, showcasing a trend where international visitors are specifically planning shopping trips to this electronic hub [20][22]