证券研究报告 | 首次覆盖报告 gszqdatemark 2025 12 24 年 月 日 松霖科技（603992.SH） 机器人+大健康，新增长曲线清晰 智能厨卫起家，关税摩擦负面影响逐渐消退 公司传统主营业务为智能厨卫产品，客户以高端厨卫、家居、美容健康等 领域的品牌商为主。公司海外营收占比较大，2024 年境内营收 7.51 亿元， 境外营收 22.64 亿元，境外营收占比 75.1%。2025 年上半年受关税影响 较大，但随着越南基地一期于 2025 年 6 月份投产，海外订单交付满足能 力迅速提高；二期产能正在加紧建设，计划 2026 年上半年投入运营，全 面达产后总产值超 2 亿美元。随着一二期产能的逐步达产，业绩持续改善 趋势有望延续。 高毛利率美容健康类产品发力增长 "健康+颜值"正成为消费新方向。2024 年，公司美容健康类产品实现收 入 3.59 亿元，同比增长 38.4%。且美容健康产品附加值高，毛利率显著 高于智能厨卫产品，2024 年毛利率 49.18%，比传统智能厨卫品类高 15pct 以上，利润空间可观。当前公司大力发展美容健康类业务，美容健康类产 品保持高增长，预计产品结构优化 ...

Core Insights - This year's Black Friday promotions are perceived to be more intense and earlier than last year, with significant competition in traffic and rising advertising costs for sellers [1][2] - TikTok Shop is launching its first global Black Friday event across multiple countries, including the US, UK, Germany, and France, with substantial resources allocated to support merchants [3][12] - The focus of this year's Black Friday is shifting from price competition to content-driven e-commerce, allowing Chinese merchants to enhance brand value and sales performance simultaneously [3][10] Industry Trends - The competition for traffic is unprecedented, with sellers adjusting budgets daily due to rising advertising costs [2] - TikTok Shop's previous Black Friday performance saw a GMV increase of over 300% in the US, with significant growth in both self-operated and fully managed merchant GMV [3] - Content-driven e-commerce is emerging as a dominant force, enabling brands to showcase products effectively and engage consumers [3][10] Seller Strategies - Sellers like Chuangxiang Sanwei are leveraging TikTok Shop to enhance brand visibility in the US market, utilizing content to demonstrate product functionality [5][7] - Successful sellers are focusing on long-term partnerships with influencers who understand their products, rather than just seeking high follower counts [6] - Solimpia, operating under a fully managed model, has achieved significant sales growth by adapting products to meet local consumer preferences across different markets [9][10] Performance Metrics - TikTok Shop's Black Friday event has already seen short video GMV increase by over 150% and live streaming GMV by over 170% [11] - The platform's marketing efforts include comprehensive support for brands, aiming for significant sales and brand visibility during the Black Friday period [11][12] - The overall strategy emphasizes the importance of content in building brand recognition and consumer relationships, moving beyond traditional sales tactics [10][12]

Core Viewpoint - The health industry is experiencing significant growth, with new brands driving this expansion by integrating health into everyday life and consumer experiences [4][5][6]. Group 1: Health Industry Trends - The health sector is evolving, with a shift from general wellness to precision health, focusing on specific needs such as acne treatment, sleep aid, and emotional management [7][8]. - Consumers are increasingly seeking products that provide tangible experiences and emotional satisfaction, moving beyond mere functionality [9]. - Young women are identified as the primary growth drivers in the health industry, emphasizing the importance of both product efficacy and brand alignment with lifestyle [9][10]. Group 2: Brand Development and Support - New brands face challenges in transitioning from initial success to sustainable growth, requiring a balance of research capabilities and effective consumer communication [11][12]. - Tmall's "Treasure New Brand" initiative supports emerging brands through systematic measures, enhancing their market presence and long-term viability [12][30]. - Successful brands leverage unique product offerings and innovative marketing strategies to resonate with consumers, as seen with Swisse Me and its engaging approach to probiotics [14][15][17]. Group 3: Market Opportunities - The health market is diversifying, with brands exploring niche segments that combine health with lifestyle, such as emotional wellness and functional foods [33][34]. - The growth of the health industry is driven by a collaborative ecosystem involving research institutions, supply chains, and consumer insights, leading to a more structured approach to brand development [34][35]. - The ongoing trend towards health consciousness indicates that the market will continue to expand, with a focus on scientific and sustainable consumer care [36].

Core Viewpoint - Ulike, a prominent hair removal device brand, has intensified its anti-corruption efforts, revealing significant internal actions against misconduct while facing ongoing controversies related to marketing practices and product quality issues [1][5][9]. Group 1: Anti-Corruption Measures - Ulike announced its anti-corruption achievements, reporting nine cases of violations and twelve individuals suspected of criminal activities referred to law enforcement [1]. - The company has established a comprehensive risk management system, ensuring immediate termination for any violations of corporate policies and active cooperation with judicial investigations for criminal offenses [1]. Group 2: Company Background - Founded in 2013, Ulike is a global brand under Hangzhou Youlai Technology Co., Ltd., focusing on optical skincare and hair removal devices [4]. - Ulike has achieved significant sales success, leading the hair removal device category from 2016 to 2023 with over 7 million units sold across 28 countries [4]. Group 3: Marketing Controversies - Ulike has faced backlash for marketing practices, including a controversial promotional event involving a cat giveaway that was criticized for ethical concerns [5][7]. - The company has a history of administrative penalties due to misleading advertising, including fines for content deemed vulgar or disrespectful to women [8]. Group 4: Product Quality Issues - Ulike has received numerous complaints regarding product quality, with a total of 1,838 complaints reported, primarily related to false advertising and poor customer service [11]. - Customers have reported adverse skin reactions after using Ulike products, leading to disputes over refunds and accountability [11].

Group 1: Market Dynamics - The increase in Chinese exports to Japan reached $157.52 billion in 2023, accounting for nearly 25% of Japan's total imports, making Japan China's second-largest export market [1] - The aging population in Japan, with 29.1% of the population aged 65 and above in 2023, creates significant demand for products catering to older adults, including eyewear and home medical facilities [2][3] - The rise of e-commerce in Japan, accelerated by the pandemic, has led to a projected online shopping penetration rate of 89% by 2025, providing opportunities for Chinese cross-border e-commerce platforms [3][4] Group 2: Consumer Behavior - Japanese consumers are known for their high standards and loyalty, which can lead to long-term profitability for brands that successfully build trust [6][7] - The demand for affordable products has surged as Japan emerges from a prolonged economic stagnation, with rising prices further amplifying this need [4][5] - Chinese brands are leveraging supply chain advantages to offer competitive pricing, with some products priced at half that of leading Japanese brands [5] Group 3: Challenges and Strategies - Entering the Japanese market requires patience and a long-term commitment, as quick returns are often unrealistic due to the unique consumer expectations [6][7] - Establishing trust and local relationships is crucial for success, as Japanese business culture emphasizes long-term partnerships [7][9] - The "three-person four-legged" model, which involves forming joint ventures with local companies, can enhance competitiveness and facilitate market entry for Chinese firms [9]

Group 1 - Ulike's recent marketing campaign offering a free cat with the purchase of a hair removal device has sparked controversy and criticism regarding animal welfare [1] - The company clarified that the promotion was not for actual cats but rather a pet fund, and has since removed the campaign and related materials from its online store [1][2] - Ulike issued two apologies on August 13 and 15, acknowledging the inappropriate wording in their promotional materials and the negative impact it caused [1] Group 2 - Ulike has implemented immediate corrective measures, including the removal of all inappropriate promotional materials and the education and accountability of responsible personnel [2] - The company plans to enhance the review process for future promotional materials to prevent similar incidents from occurring [2] - Founded in 2013, Ulike focuses on innovative home beauty and body care devices, aiming to provide safe and effective home beauty experiences for consumers [2]

Core Viewpoint - Ulike's recent marketing campaign offering a free cat with the purchase of a hair removal device has faced public backlash for perceived insensitivity towards animal welfare [1][3][5] Group 1: Marketing Campaign - Ulike launched a promotional event where customers could win a cat by purchasing a hair removal device, which was criticized for exploiting animals [1] - The campaign included a promise of one year of cat food for the winners, but the execution raised ethical concerns regarding animal welfare [1][3] - Ulike's previous initiative, the "UlikeME Campus Cat Meme Scholarship," initially received positive feedback but was later criticized for its sincerity in animal welfare efforts [3] Group 2: Company Response - On August 15, Ulike issued an apology, acknowledging the miscommunication regarding the "buy a hair removal device, get a cat" promotion, clarifying that it was not intended to offer real cats but rather a pet fund [3][5] - Ulike committed to removing all promotional materials related to the controversial campaign and promised to enhance the review process for future marketing content [5] - The company emphasized its dedication to animal welfare through ongoing initiatives, including partnerships with universities for cat rescue efforts, such as providing food and supporting sterilization [5]

Core Viewpoint - Ulike's recent marketing campaign offering a free cat with the purchase of a hair removal device has faced public backlash for perceived insensitivity towards animal welfare [1][3][6] Group 1: Marketing Campaign and Public Reaction - Ulike launched a promotional campaign where customers could win a cat by purchasing a hair removal device, which was criticized for exploiting animals [1] - The campaign was initially met with positive feedback during a previous initiative that donated cat food to campus organizations, but the new promotion drew negative reactions from consumers who felt it was insincere [3] - Following the backlash, Ulike issued an apology, acknowledging the inappropriate marketing language and the misunderstanding regarding the promotion [3][6] Group 2: Company Response and Future Initiatives - Ulike has removed all promotional materials related to the controversial campaign and has committed to improving their marketing review processes to prevent similar issues in the future [3][6] - The company clarified that the promotion was not about giving away real cats but rather a pet fund, and they are focusing on genuine animal welfare initiatives through their UlikeME brand [6] - UlikeME is collaborating with universities to support stray cats through food donations and rescue efforts, emphasizing their commitment to animal welfare [6]

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 brand dividend has not disappeared; it has simply changed its path [2] Group 1: Shift in Health Management - The focus of health management is shifting from "treatment" to "prevention" [4] - Health devices are rapidly integrating into daily life, with products like CGM and oxygen machines becoming commonplace [4] - Health equipment is one of the fastest-growing segments in the health industry, indicating a shift towards consumerization [4][6] Group 2: Trends in Health Equipment - Health equipment is transitioning from professional medical use to home use, expanding into new scenarios like fitness and travel [8] - Consumer products are becoming more medicalized, with higher standards attracting consumer interest [8] - Core technologies previously used in professional settings are now entering the consumer market, indicating a shift in positioning from "medical devices" to "daily health products" [9] Group 3: Brand Development Challenges - Many brands excel in product development but struggle with brand building and user communication [9] - The transition from "medical logic" to "consumer logic" presents challenges for brands in understanding user needs [9][10] - The "Treasure New Brand" mechanism on platforms like Tmall aims to support brands in overcoming these challenges by providing long-term assistance [10][11] Group 4: Case Studies of Successful Brands - Brands like Fuching have successfully transitioned from professional to consumer markets by restructuring their content and communication strategies [14][17] - Fuching's GMV exceeded 20 million yuan during the 618 event, showcasing the effectiveness of platform support [17] - International brands like Mepitel are also adapting to the Chinese market by focusing on consumer education and brand elevation [18][19] Group 5: Market Dynamics and Future Outlook - The health equipment sector is not a short-term trend but a long-term growth path, with evolving consumer behaviors and market dynamics [23] - The transition from supply-driven growth to value co-creation is essential for building a sustainable brand [23][24] - Tmall's role as a core platform for brand evolution emphasizes the importance of collaborative growth and resource sharing [25]