如今全球化妆品原料市场的竞争日益白热化，聚美丽在今年的走访中最大的感观便是国内企业"积弱"格局正在改变。 尤其是国际巨头们在疫情影响、关税政策、运输成本上升等承压下，通过合并、拆分、涨价等举措，更好地应对当下的困局。 基于此，随着帝斯曼与芬美意的强强联合、索尔维拆分化妆品等业务诞生世索科、IFF 将 Lucas Meyer Cosmetic部门(涵盖美妆及个护业务)售予科莱恩，国 际化妆品原料商TOP11的座次已然改写(结合半年报及化妆品有关业务排名)： 1. 陶氏化学以301亿元继续蝉联TOP1，其次是巴斯夫和赢创，仅三者破200亿大关； 2. 强强联姻组成的帝斯曼-芬美意，被奇华顿反超跌至第4名； 3. 奇华顿、世索科和禾大是TOP11中仅有的三家业绩增长原料商； 4. IFF业绩微降0.3%，排名也下滑至TOP8； 5. 世索科在上涨1.7%的推动下实现反超，上升至TOP7； 6. 其余企业中，科莱恩仍在TOP6，徳之馨排第9； 7. 亚什兰垫底承压，与TOP1巴斯夫相差约13倍。 | 排名 | 2024上半年 | | | 2025上半年 | | 化妆品相关业务 | | --- | --- | --- ...

2 0 2 5年8月2 2日，中国香料香精化妆品工业协会（以下简称中国香妆协会）发布了一项备受关 注的调研结果——2 0 2 4年度化妆品原料企业3 0强。 这份调研结果之所以备受关注，一方面是因为中国化妆品原料企业，长期以来就像是在没有海 图的海洋中航行。下游品牌方选择供应商时，往往依赖零散口碑或价格高低；企业自身难以客 观定位竞争力；政策制定者也缺乏行业全景视图。整个生态，存在大量信息不对称。 另一方面是因为随着行业的发展，越来越多的人开始意识到原料创新的重要性，并将其视为化 妆品产业的"芯片"。在不少业内人士看来，中国香妆协会发布的这份调研结果实际上是一份洞 察产业核心竞争力的"芯片地图"。 上下滑动查看 那么，这份调研结果究竟是如何产生的，背后有哪些不为人知的故事？揭示了哪些重要的行业 趋势呢？ 中 国 香 妆 协 会 产 业 研 究 中 心 的 调 研 显 示 ， 2 0 2 4 年 中 国 化 妆 品 原 料 市 场 的 规 模 约 为 6 4 4 . 2 9 亿 元。整体呈现出"三大特点"和"三大趋势"。 首先，市场集中度高。 不过值得注意的是，调研结果显示中国化妆品原料市场也正在发生三大趋势性 ...

Group 1 - The latest stock price of Kosi Co., Ltd. is 15.45 yuan, reflecting an increase of 1.31% compared to the previous trading day [1] - The trading volume for the day reached 1.06 billion yuan, with a total of 69,241 hands traded [1] - Kosi Co., Ltd. specializes in the research, production, and sales of active ingredients and raw materials for cosmetics, including categories such as sunscreen agents and whitening agents [1] Group 2 - The company provides raw material products to many well-known global cosmetics enterprises [1] - On the capital flow front, the net outflow of main funds for Kosi Co., Ltd. on that day was 531,000 yuan, with a cumulative net outflow of 2.21 million yuan over the past five days [1]

Group 1: Performance Overview - The company's performance decline is attributed to price reductions in sunscreen agents due to decreased market demand and increased competition [3][4] - In Q1 2025, the decline in performance is expected to continue, influenced by adverse weather conditions in Europe and North America, leading to lower sales during the peak season [4] - The gross profit margin of the main business has decreased, impacting net profit and earnings per share [4] Group 2: Market and Product Development - The company has a production capacity of 12,800 tons/year for amino acid surfactants and 3,000 tons/year for the new anti-dandruff agent, which have been successfully launched [5][6] - The sunscreen product market share exceeds 20% globally, with the company being a leading manufacturer in this sector [6] - The company is focusing on enhancing market development and providing customized solutions to downstream clients [5][6] Group 3: Strategic Responses - To counteract market fluctuations, the company is concentrating resources to maintain its leading position in sunscreen agents and is investing in research and development [4] - The management system and processes are being improved to enhance operational efficiency and cost control [4] - The company is also accelerating the construction of overseas bases to strengthen its risk management capabilities [4] Group 4: Future Outlook - The global personal care market is expected to grow steadily, with sunscreen and hair care products remaining high-demand categories [6] - The company is building a personal care production base in Malaysia, with products expected to be launched in the second half of the year [7] - Future price adjustments for products will depend on market supply and demand, costs, and the company's strategic development [8]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company's short-term performance is under pressure due to factors such as inventory adjustments and price changes, but long-term growth is expected to be driven by the launch of new products [8] - The company is a global leader in cosmetic raw materials, and while 2024's performance is affected by the downstream inventory cycle, the penetration of new sunscreen agents is a long-term industry trend [8] - The company has sufficient capacity reserves and is actively expanding production, particularly in Malaysia, which will enhance its risk resistance and internationalization [8] Financial Summary - In 2024, the company is projected to achieve total revenue of 22.76 billion yuan, a decrease of 5.16% year-on-year, and a net profit attributable to shareholders of 5.62 billion yuan, down 23.33% [8] - The gross margin for 2024 and Q1 2025 is expected to be 44.40% and 34.04%, respectively, reflecting a decline due to price adjustments in sunscreen products [8] - The company's earnings per share (EPS) for 2024 is projected at 1.66 yuan, with a price-to-earnings (P/E) ratio of 12.61 [1][9]

关于南京科思化学股份有限公司 申请向不特定对象发行可转换公司债券的 审核问询函之回复报告 【天衡专字 (2023) 00017 号】 天衡会计师事务所 (特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查询 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查询的 南京科思化学股份有限公司 审核问询函之回复报告 关于南京科思化学股份有限公司 申请向不特定对象发行可转换公司债券的 审核问询函之回复报告 天衡专字(2023)00017 号 深圳证券交易所: 贵所于 2022年 11月 9 日下发的《关于南京科思化学股份有限公司申请向不特定对象 发行可转换公司债券的审核间询函》(审核函〔2022〕020268 号)(以下简称"审核问询 函")已收悉。天衡会计师事务所(特殊普通合伙)作为科思股份的申报会计师(以下简称 "会计师"),就审核问询函中需会计师核查的相关问题进行了认真核查与落实。现将有关 情况汇报说明如下: 问题二 报告期内, 发行人境外收入分别为 98,191.57 万元、88 ...