Core Viewpoint - The company emphasizes that technological innovation is the core driving force for its development and aims to strengthen its core competitiveness through continuous R&D investment, which is essential for long-term sustainable growth [1] Group 1 - The company has consistently focused on independent research and development, which is reflected in its patent achievements [1] - Continuous technological innovation helps optimize product processes and solidify technological barriers [1] - The efforts in R&D lay a solid foundation for the company's long-term growth [1]

Core Viewpoint - The company emphasizes its commitment to market expansion through participation in domestic and international industry exhibitions and brand activities, which are crucial for acquiring new clients and solidifying its market position [1]. Group 1 - The company actively engages in industry exhibitions and brand activities as a strategy for market expansion [1]. - The company is dedicated to timely information disclosure regarding significant business developments that meet disclosure standards, in compliance with regulatory requirements [1].

Group 1 - The core point of the article is that Kesi Co., Ltd. (stock code: 300856) reported that as of January 20, 2026, the number of shareholders reached 23,024 [1]

Market Overview - The cosmetics sector experienced a decline of 0.98% on January 30, with Lafang Family leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Individual Stock Performance - Qingdao Kingking (002094) saw a closing price of 8.75, with an increase of 4.17% and a trading volume of 1.1682 million shares, amounting to a transaction value of 1.02 billion [1] - Lafang Family (603630) closed at 19.21, down 6.38%, with a trading volume of 89,300 shares and a transaction value of 174 million [2] - Shanghai Jahwa (600315) closed at 20.92, down 4.52%, with a trading volume of 163,300 shares and a transaction value of 345 million [2] - Other notable stocks include Beitaini (300957) at 41.89, down 0.85%, and Marubi (603983) at 31.52, down 0.32% [2] Capital Flow Analysis - The cosmetics sector saw a net inflow of 60.2766 million from institutional investors, while retail investors experienced a net outflow of 62.139 million [2] - The main capital inflow was led by Qingdao Kingking with 68.098 million, while retail investors showed significant outflows across various stocks [3] - Shanghai Jahwa had a net inflow of 6.7524 million from institutional investors, but also faced a net outflow of 7.7544 million from retail investors [3]

Core Viewpoint - The company, Keshare Co., has expanded its product offerings in the personal care sector, leveraging its strengths in sunscreen agents to include amino acid surfactants and pyrithione ethanolamine salt (PO) [1] Group 1 - The company has successfully entered the supply chains of leading brands such as Unilever [1] - Sales promotion for the new product lines is progressing in an orderly manner [1]

Market Overview - The cosmetics sector experienced a decline of 1.27% on January 27, with Marubi Biotechnology leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - Key performers in the cosmetics sector included: - Jiahen Home Cosmetics (300955) with a closing price of 41.47, up 6.88% and a trading volume of 73,900 shares, totaling 303 million yuan [1] - Qingdao Kingway (002094) closed at 8.24, up 3.00% with a trading volume of 569,900 shares, totaling 467 million yuan [1] - Conversely, Marubi Biotechnology (603983) closed at 31.84, down 4.47% with a trading volume of 46,400 shares, totaling 149 million yuan [2] Capital Flow Analysis - The cosmetics sector saw a net outflow of 43.98 million yuan from main funds, while retail investors contributed a net inflow of 43.99 million yuan [2] - Notable capital flows included: - Qingdao Kingway (002094) with a net inflow of 22.70 million yuan from main funds [3] - Shanghai Jahwa (600315) with a net inflow of 8.10 million yuan from main funds [3] - Marubi Biotechnology (603983) experienced a slight net outflow of 94,800 yuan from main funds [3]

Investment Rating - The report indicates a significant downgrade in the investment outlook for the company, with a projected net profit drop of 78.7% to 84.0% for 2025 compared to 2024 [4][12]. Core Insights - The company, Kosi Co., Ltd. (科思股份), is experiencing a severe decline in profitability, with a forecasted net profit of only 0.9 to 1.2 billion yuan for 2025, marking a drastic fall from previous years [4][12]. - The gross margin has plummeted from 48.8% in 2023 to 29.6% in 2025, indicating a loss of pricing power and profitability [9][10]. - The company's revenue for the first three quarters of 2025 was 11.2 billion yuan, but this was accompanied by a significant drop in cash flow, which decreased by nearly 79% year-on-year [12]. - Kosi Co., Ltd. has historically benefited from a strong position in the sunscreen market, holding over 20% of the global market share, but is now facing challenges due to reduced demand from major clients [15][16]. - The company's reliance on international clients for over 80% of its revenue has made it vulnerable to global market fluctuations, particularly as clients begin to reduce inventory [16][21]. - The report highlights the company's ongoing expansion efforts, including projects in Malaysia, despite the current downturn in performance [25][28]. Summary by Sections Performance Overview - The company has issued a shocking profit warning, projecting a net profit of only 0.9 to 1.2 billion yuan for 2025, a stark contrast to previous years [4]. - The gross margin has decreased significantly, dropping from 48.8% in 2023 to 29.6% in 2025 [9][10]. Market Position and Challenges - Kosi Co., Ltd. has been a leading player in the sunscreen market, but the slowdown in demand from major clients has exposed vulnerabilities in its business model [15][16]. - The company’s gross margin for its core product, cosmetic active ingredients, fell from 53.1% in 2023 to 35.3% in 2025 [17]. Strategic Moves - Despite the downturn, the company is pursuing expansion projects, including a significant production facility in Malaysia, indicating a commitment to long-term growth [25][28]. - The report notes that the actual controller of the company has reduced their holdings, which may signal a lack of confidence in the near-term outlook [22][23].

防晒市场需求增长放缓，苦日子恐怕得再熬一阵子。 | 作者 | | 白猫 | | --- | --- | --- | | 编辑 | | 小白 | 风云君以前常说，在化工圈子里，给国际巨头打工是门好生意。只要下游的老板们吃肉，作为上 游"打工皇帝"的科思股份（300856.SZ），日子就能过得相当滋润。 但最近的成绩单却给市场泼了一盆冷水：老板不仅要在寒风中缩衣节食，还在消化肚子里的存货，科 思股份这碗汤，眼看是端不稳了。 业绩"深蹲"：从高 光时刻 到至暗时刻 就在1月21日，科思股份抛出了一份令人咋舌的业绩预告。公司预计2025年全年的归母净利润只有0.9 亿到1.2亿元。这个数字意味着什么？意味着相比2024年，它的净利润暴跌了78.7%至84.0%。 （ 2025 年半年报） 曾几何时，科思股份是著名的"现金奶牛"。2023年，它的综合毛利率高达48.8%，是妥妥的暴利生 意。到了2024年，虽然微降至44.4%，依然傲视群雄。但到了2025年三季度，这个数字直接击穿了3 0%的心理防线，跌到了29.6%。 短短两年不到，毛利率蒸发了近20个百分点。 （ 2025 年业绩预告） 再翻看最新的财务报表，惨烈 ...

Core Viewpoint - Koshi Co., Ltd. (科思股份) is facing significant challenges in its business performance, particularly in its sunscreen product segment, leading to a substantial decline in projected profits for 2025 [1][2] Financial Performance - For 2025, the company forecasts a net profit attributable to shareholders between 90 million to 120 million yuan, representing a year-on-year decline of 78.67% to 84% [1] - In the first three quarters of 2025, the company reported operating revenue of 1.116 billion yuan, down 39.93% year-on-year, with a net profit of approximately 77.93 million yuan, a decrease of 84.84% [2] - The gross margin fell from 48.8% in 2023 to 29.7% in the first three quarters of 2025, while the net margin dropped from 30.6% to 6.6% in the same period [2] Business Segment Insights - The core product line of the company includes "active ingredients and raw materials for cosmetics," with sunscreen agents being the primary focus, accounting for over 80% of total revenue [2] - Revenue from this segment decreased from 2.07 billion yuan in 2023 to 1.904 billion yuan in 2024, and more than 54% in the first half of 2025 [2] Market Dynamics - The global sunscreen market is experiencing a slowdown, with the market size reaching 15.287 billion USD in 2023 and an average annual growth rate of approximately 7.6% from 2021 to 2023, which is expected to decline to 4.3% from 2023 to 2028 [5] - Increased competition in the sunscreen market has led to a general decline in product prices, impacting profit margins [5] Competitive Landscape - The company is a major manufacturer of sunscreen agents, holding over 20% market share in 2023, with key clients including global giants like L'Oréal, Procter & Gamble, and Bayer [3] - The company’s overseas business accounted for 89.94% of its revenue in 2023, although this proportion decreased to 86.97% in 2024, with a significant drop in overseas revenue in the first half of 2025 [3][4] Strategic Initiatives - The company is accelerating the construction of a 10,000-ton annual production project for sunscreen products in Malaysia to enhance its supply response capabilities in the European and Southeast Asian markets [3]

经济观察网2026年1月21日，科思股份（300856）发布2025年度业绩预告，预计2025年净利润9000万元 至1.2亿元，同比下降78.67%至84.00%；扣除非经常性损益后的净利润8500万元至1.15亿元，同比下降 78.31%至83.97%。 ...