美容护理行业 买入 （首次） 母婴赛道新声，润物生长 润本股份（603193）深度报告 2026年2月25日 魏红梅 SAC执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 研究助理：陈姿倩 SAC执业证书编号： S0340125070028 电话：0769-22119430 邮箱chenziqian@dgzq.com.cn | 主要数据 2026年2月24日 | | | --- | --- | | 收盘价(元) | 23.44 | | 总市值（亿元） | 93.84 | | 总股本(亿股) | 4.05 | | 流通股本(亿股) | 1.03 | | ROE（TTM） | 14.05% | | 12月最高价(元) | 43.43 | | 12月最低价(元) | 23.20 | 股价走势 资料来源：东莞证券研究所，ifind 相关报告 投资要点： ◼ 风险提示。市场竞争风险、投流税政策变化风险、新品推广不及预 期风险、产品质量与合规风险。 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断 ...

Core Insights - The article discusses the transformation of "Guangdong goods" from merely exporting products to exporting capabilities, emphasizing the need for localization and resilience in supply chains to enhance global competitiveness [1]. Group 1: Localization and Market Adaptation - Companies are encouraged to fully embrace localization by forming market teams that understand local environments, consumer habits, and aesthetic preferences to ensure products are well-suited for their markets [4]. - The shift from "going out" to "integrating in" is highlighted, with companies establishing R&D centers in countries like the USA and Japan, and production bases in Indonesia and Brazil to align with local market needs [4][5]. Group 2: Supply Chain Resilience - A resilient global supply chain is essential for companies to mitigate trade risks and ensure stable and efficient global supply [5]. - Logistics companies are advised to develop integrated, digital, and intelligent global supply chain networks to support the export of Guangdong products [10][11]. Group 3: Technological Innovation - The integration of AI technology in traditional products, such as smart air conditioners, is seen as a way to enhance the appeal of Guangdong goods in the global market [4]. - The 3D printing industry is identified as a rapidly growing sector, with predictions that its market size will exceed 70 billion yuan by 2025, indicating strong export potential [14]. Group 4: Industry Diversification and New Markets - Companies are encouraged to diversify their product lines and explore emerging markets, such as the Middle East and South America, to adapt to changing global demands [24]. - The article notes the importance of monitoring new industry trends, such as electric vehicles and artificial intelligence, to stay competitive in international markets [24]. Group 5: Financial Support and Risk Management - The Guangdong government is increasing support for export credit insurance to help companies manage risks and enhance their competitiveness in global markets [32]. - Financial strategies should focus on integrating risk management and financing to bolster companies' capabilities in international trade [32].

Core Viewpoint - The article discusses the controversy surrounding the brand "Dexter," which has been accused of misleading advertising for its baby lip balm, claiming it is "food-grade" and safe for babies to lick, violating regulations on children's cosmetics [1][3]. Group 1: Brand and Product Overview - Dexter, endorsed by Liu Tao, has sold a total of 29 million units of its baby lip balm, ranking first in sales and positive reviews on Tmall [3]. - The brand is under the parent company Wuxi Dexter Biotechnology Co., Ltd., which offers a full range of maternal and infant daily chemical products [5]. Group 2: Regulatory Issues and Investigations - The brand's advertising has triggered regulatory scrutiny, leading to an official investigation by the Wuxi New District Market Supervision Administration [5]. - Dexter issued a statement claiming the controversy pertains only to advertising language and not product safety, attributing the issue to a misunderstanding by promotional staff [5][8]. Group 3: Consumer Reactions and Complaints - Following the controversy, multiple consumer complaints have emerged, with some customers feeling misled by the "food-grade" claims and seeking refunds [8]. - There are reports of adverse reactions from consumers using other Dexter products, leading to further distrust in the brand [8]. Group 4: Previous Violations and Penalties - This is not the first instance of advertising violations by Dexter; previous infractions included misleading claims about products suitable for pregnant women and children [10][11]. - The company was fined 5,000 yuan for violating the Advertising Law of the People's Republic of China [11]. Group 5: Company Background and Ownership - Dexter was founded in 2017 by Zhang Xiaojun, who holds a 21.35% stake in the company and has been recognized in various entrepreneurial rankings [11][13]. - The company has secured eight rounds of financing from notable investors, indicating a strong backing despite the current controversies [13].

Core Viewpoint - The children's care brand "Dai Kesi" is under investigation for allegedly misleading advertising regarding a children's lip balm claimed to be "food-grade," violating regulations on children's cosmetics [1][6]. Group 1: Company Response - On January 22, Dai Kesi issued a statement clarifying that the "food-grade" claim was a misunderstanding by promotional staff and was not approved by the company, and the content was only displayed on a single platform [1][6]. - The company emphasized that the controversy pertains only to advertising language and does not involve the safety or quality of the product itself [6][7]. - Dai Kesi has committed to improving the review process for advertising content to prevent similar incidents in the future [6][7]. Group 2: Regulatory Actions - On January 19, the Wuxi Market Supervision Administration decided to investigate Dai Kesi after confirming that the case met the criteria for filing [6]. - The company had previously faced regulatory penalties in December 2025 for false advertising related to other products, including claims about suitability for pregnant women and unsupported benefits [7]. - Dai Kesi was fined 5,000 yuan for these violations and was ordered to correct its advertising practices [7].

Group 1: China-Vietnam Cooperation - The visit of Chinese President Xi Jinping to Vietnam has strengthened the long-standing friendly relations between China and Vietnam, enhancing the confidence of Chinese businesses and investors in Vietnam [4] - Chinese enterprises have significantly contributed to Vietnam's infrastructure and job creation, with local youth gaining enhanced employment competitiveness through skills learned from Chinese companies [5] - The year 2025 marks the 75th anniversary of diplomatic relations between China and Vietnam, with initiatives to invite Vietnamese youth to China for cultural exchanges [5] Group 2: China-Malaysia Relations - The historical ties between China and Malaysia, dating back to Zheng He's voyages, continue to thrive with cultural exchanges and tourism initiatives [7][8] - The revitalization of historical areas in Malaysia, such as Jonker Street, has led to increased tourism and cultural activities, fostering deeper connections between the two nations [8] - The joint efforts in cultural heritage preservation and mutual understanding are seen as vital for enhancing bilateral relations [9] Group 3: China-Cambodia Agricultural Cooperation - Recent agreements between China and Cambodia in agriculture and technology have invigorated the agricultural sector, with local entrepreneurs like Rong Kangping successfully cultivating lemongrass [11] - The Belt and Road Initiative has facilitated the expansion of Cambodian agricultural products into Chinese markets, enhancing local economic development [12] Group 4: China-Russia Cultural Exchange - The signing of a joint statement by the leaders of China and Russia to deepen cultural exchanges has led to various initiatives in education and media collaboration [15] - Youth exchanges between China and Russia have been actively promoted, with programs designed to enhance mutual understanding and cultural appreciation [16] Group 5: China-Kazakhstan Trade Relations - The second China-Central Asia Summit has resulted in practical measures to enhance agricultural cooperation, with Kazakh entrepreneurs exploring opportunities in the Chinese market [19] - The growth of trade at the Khorgos International Border Cooperation Center indicates increasing economic collaboration between China and Kazakhstan, with significant increases in cross-border traffic [20] Group 6: China-South Korea Educational Cooperation - The reaffirmation of the strategic partnership between China and South Korea has led to numerous cooperative agreements in various sectors, including education [22] - The demand for Chinese language education in South Korea is rising, with local schools expanding their curriculum to include various aspects of Chinese culture [23]

Group 1 - The article reports that 41 stocks were listed on the institutional trading leaderboard, with 18 stocks seeing net buying and 23 stocks experiencing net selling [1] - The top three stocks with the highest net buying by institutions were: Shikong Technology (208 million), Hailu Heavy Industry (141 million), and Kangzhi Pharmaceutical (118 million) [1] - Kangzhi Pharmaceutical, a local company in Hainan, specializes in children's medication and has a subsidiary focused on maternal and infant health care products [1] Group 2 - The article highlights notable stocks on the leaderboard, including Pingtan Development, the only listed company registered in Pingtan Island, which benefits from forestry carbon trading [1] - Three Wood Group operates a subsidiary that serves as a major operator for cross-border e-commerce public service platforms and logistics centers in Fuzhou [1] - Shouhua Gas, a company involved in natural gas exploration, development, production, and sales, is also mentioned on the leaderboard [1] Group 3 - The article notes that a cold wave is expected to hit in the second half of the year, with local temperatures dropping more than 12 degrees Celsius, potentially leading to new low temperatures for the year [1]

Group 1 - The beauty care sector showed strong performance with Jiaheng Jiahua hitting the daily limit up, trading at 24.52 yuan per share, with a turnover rate of 22.24% and a transaction volume of 3.02 billion yuan [1] - Jiaheng Jiahua specializes in OEM/ODM for daily chemical products and plastic packaging, having established long-term partnerships with brands like Johnson & Johnson and Pechoin [3] - The company is also involved in mosquito repellent products, focusing on mosquito repellent liquids and sprays, with DEET concentrations ranging from 5% to 20% to meet various consumer needs [3] Group 2 - The recent outbreak of the Chikungunya virus has increased consumer demand for mosquito repellent products, leading to a surge in sales for Jiaheng Jiahua's offerings [3] - The company confirmed that its production operations are normal, with ample capacity and advanced facilities [3] - Wanlian Securities noted that while the cosmetics industry is facing overall weak performance, some companies are achieving significant revenue and net profit growth due to strong product capabilities and flexible marketing strategies [4]

Core Viewpoint - The article provides a comprehensive guide on mosquito prevention and control, emphasizing the importance of choosing appropriate mosquito repellent products, especially for vulnerable groups such as children and pregnant women [1]. Group 1: Mosquito Prevention Methods - Physical mosquito prevention methods include electric mosquito swatters, mosquito lamps, mosquito nets, and wearing light-colored long-sleeved clothing [2]. - Chemical mosquito repellents include mosquito coils, electric mosquito repellent liquids, and sprays containing active ingredients like DEET and picaridin [2]. - It is recommended to use physical methods indoors and reserve chemical repellents for outdoor activities, avoiding long-term use of chemical products [2]. Group 2: Special Considerations for Vulnerable Groups - Children under 2 months should avoid all chemical repellents and prioritize physical methods like mosquito nets and light clothing [3]. - For children over 2 months and pregnant women, repellents containing picaridin or low concentrations of DEET are preferred, while alcohol-based or essential oil products should be avoided [3][5]. - The skin of children is more sensitive, and they are at a higher risk of adverse reactions to mosquito bites, necessitating careful selection of repellent products [4][8]. Group 3: Safety and Efficacy of Repellents - The concentration of active ingredients in repellents is crucial; for DEET, it should be below 30% for children, and for picaridin, below 10% [5]. - Natural ingredients in traditional Chinese medicine can also repel mosquitoes but may cause allergic reactions, highlighting that "natural" does not equate to "safe" [6][7]. - Parents are advised to test new products on a small area of the child's skin before widespread application to monitor for adverse reactions [5][7]. Group 4: Post-Bite Care - After a mosquito bite, washing the area with soap and water can help alleviate itching, and cold compresses can reduce swelling [9]. - It is advised to avoid using alcohol-based products on bite sites, as they can cause irritation [10]. - In cases of severe reactions or symptoms following a bite, seeking medical attention is recommended [9].

Core Viewpoint - The recent heavy rainfall across multiple regions has led to flooding, creating health risks due to the proliferation of pathogens in contaminated water and debris [1] Group 1: Prevention of Waterborne Diseases - Floodwaters can contaminate drinking water and food supplies, leading to outbreaks of intestinal diseases such as bacterial dysentery and viral infections [2] - Recommendations to prevent waterborne diseases include frequent handwashing, ensuring safe drinking water, consuming properly cooked food, and seeking medical attention for symptoms like fever and nausea [3] Group 2: Prevention of Skin Infections - Accumulated water post-flooding can harbor waste and debris, increasing the risk of skin infections like dermatitis and athlete's foot [4] - It is advised to avoid direct contact with contaminated water, wear protective clothing, and clean any wounds promptly to prevent infections [4] Group 3: Prevention of Vector-Borne Diseases - Stagnant water mixed with waste creates an ideal breeding ground for mosquitoes, raising the risk of vector-borne diseases such as chikungunya and dengue fever [5] - To mitigate the spread of these diseases, it is essential to eliminate standing water, use mosquito repellents, and install protective barriers like screens and nets [5]

Group 1 - The core issue is the rapid spread of the Chikungunya virus in Foshan, Guangdong, necessitating effective mosquito control measures [1][3] - Xue Tian Fine Chemical Co., a subsidiary of Hunan Salt Industry Group, has taken proactive steps to ensure a stable supply of mosquito repellent raw materials while coordinating donations to support local epidemic prevention efforts [1][3] Group 2 - In response to increased demand due to the epidemic, Xue Tian Fine Chemical has shipped nearly 30 tons of mosquito repellent raw materials to various manufacturers, ensuring continuous production of mosquito repellent products [3] - The company has donated 10,000 bottles of its self-produced mosquito repellent liquid, valued at 200,000 yuan, to the Foshan Disease Control Center and the Red Cross, providing essential support for frontline epidemic control [3] - As a leading supplier of mosquito repellent raw materials in China, Xue Tian Fine Chemical's products are currently sold in Asia, South America, and Europe, with plans to enhance R&D and market expansion to further contribute to public health [3]