Core Viewpoint - Shanghai Jahwa announced an expected net profit attributable to the parent company of 240 million to 290 million yuan for the year 2025, indicating a turnaround from loss to profit compared to the same period last year [1] Group 1 - The company will implement a "four focuses" business strategy in 2025 [1] - Strengthening brand marketing is a key component of the company's strategy [1] - The main business revenue is expected to grow due to the execution of the new strategy [1] Group 2 - Product structure optimization is anticipated to enhance the gross profit margin [1]

Investment Rating - The report rates the cosmetics and medical beauty industry as "Overweight" for 2025, indicating an expectation for the industry to outperform the overall market [2][11]. Core Insights - The demand side of the cosmetics and medical beauty sector is expected to accelerate, with retail sales of cosmetics projected to reach 465.3 billion yuan in 2025, a year-on-year growth of 5.1%, surpassing the overall retail growth by 1.4 percentage points [3]. - The performance of Hong Kong-listed beauty companies is strong, with significant growth in GMV (Gross Merchandise Volume) through platforms like Douyin, particularly during promotional events like Double Eleven [3]. - The A-share market shows a mixed performance, with companies like Ruoyuchen and Shanghai Jahwa experiencing substantial improvements in their earnings [3]. - The e-commerce operation sector is rebounding, with companies like Ruoyuchen and Yiwang Yichuang expected to see profit growth exceeding 50% in 2025 [3]. - The medical beauty segment is anticipated to face slight fatigue due to macroeconomic factors, but new product launches are expected to stimulate consumer interest in 2026 [3]. Summary by Sections Cosmetics Sector - Retail sales of cosmetics are projected to grow by 5.1% in 2025, with Q4 growth reaching 9.9% [3]. - Key companies such as Shiseido and Lin Qingxuan are expected to see significant GMV growth, with Lin Qingxuan projected to achieve triple-digit growth [3]. - Investment recommendations include companies with strong channel and brand matrices like Maogeping, Shiseido, and Lin Qingxuan, as well as those with improving earnings like Porlaia and Marubi [3]. Medical Beauty Sector - The medical beauty sector is expected to be impacted by macroeconomic conditions, with companies like Aimeike facing challenges [3]. - Recommendations focus on companies with strong R&D capabilities and broad product pipelines, such as Aimeike and Langzi [3]. E-commerce and Operations - The e-commerce operation sector is recovering, with companies like Ruoyuchen and Qingmu Technology expected to see significant profit growth [3]. - The report highlights the importance of self-operated brands and the potential for high growth in this segment [3]. Key Company Valuations - The report provides a valuation table for key companies, indicating a "Buy" rating for several firms including Porlaia, Maogeping, and Shiseido, with projected PE ratios reflecting growth expectations [5].

【文/王力 编辑/周远方】 在效率至上、利润优先的商业世界里，一个根本性问题常被搁置：基于严谨科学、能真实改善生活的产品，其价值是否必然与高昂价格绑定？2026年初，于 河北金山岭长城脚下，上海家化旗下医学护肤品牌玉泽，用其23年的历程给出了坚定而温暖的答案。 这一答案的源头，需回溯至23年前。上海家化与瑞金医院皮肤科开启了一项看似"反效率"的合作。历经六年研发与上千例临床验证后，在定价的关键时刻， 上海交通大学医学院附属瑞金医院终身教授、玉泽首席科学家郑捷基于临床中对皮肤患者真实处境的深刻理解，坚决主张：医学护肤应服务于真正的皮肤健 康需求，是"雪中送炭"，而非"锦上添花"。也正是这一坚定选择，为品牌奠定了坚实的价值根基——产品的意义，不止于功效，更在于被真正需要的人所信 赖与使用。 而今最初的承诺已生长为坚实的体系。通过设立专项慈善基金形成"公益+科研"闭环，累计完成超5000例临床研究，并与全国40余家顶尖医院持续合作，玉 泽构筑起一道独特的"医研长城"。从最新推出的特润霜，到同步发布的《国民皮肤屏障健康绿宝书》，玉泽始终在践行同一个使命：让基于实证的医学护 肤，真正从实验室走向千家万户百姓，守护千万人 ...

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]

新华财经上海1月27日电 "皮肤是抵御外来病原体入侵的第一道防线，是人体的'动态长城'。" "多数情况下，敏感肌都是后天形成的。""修护皮肤屏障不是缺 什么补什么，而是要激活自身修复能力"……日前在玉泽新品发布会上，上海交通大学医学院附属瑞金医院终身教授郑捷、美国加州大学旧金山分校皮肤医 学专家蔄茂强等多位专家学者现场"上课"。专家的讲解，让前沿的皮肤科学理论，不再那么晦涩难懂、遥不可及。同时，医研共创也让这些科研成果从专 利、论文变成市场上的畅销产品。 近年来，医研共创成为国内外化妆品巨头构建差异化优势的战略选择之一。欧莱雅增资制药公司高德美，同年官宣与华山医院共建"皮肤科学实验室"；日妆 巨头资生堂加码中国医美市场，与上海九院等医疗机构展开科研合作；雅诗兰黛集团与嘉会医疗在沪设立联合临床研究中心……一系列动作表明，行业竞争 正从"博流量"转向对基础研究、临床验证和跨学科转化能力的比拼。 "买得起、用得久"饱含医者匠心 "我倡导'健康皮肤、美丽皮肤、健康身体'的理念，皮肤作为人体最大的器官，脱离健康去谈美丽是没意义的。"郑捷说。 美丽建立在健康之上。从医学角度看，维护皮肤屏障的健康对于预防皮肤疾病、保持皮肤 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603630 | 拉芳家化 | 22.51 | -4.78% | 6.37万 | 1.45亿 | | 600315 | 上海家化 | 22.38 | -4.64% | 14.31万 | 3.24亿 | | 300740 | 水羊股份 | 23.72 | -3.58% | 15.25万 | 3.66亿 | | 300955 | 嘉亨家化 | 38.80 | -3.15% | - 3.76万 | 1.46亿 | | 300132 | 青松股份 | 8.72 | -2.46% | 25.95万 | 2.28亿 | | 300856 | 科思股份 | 13.97 | -2.31% | 8.37万 | 1.18亿 | | 300849 | 锦盛新材 | 18.90 | -2.28% | 3.62万 | 6821.46万 | | 920123 | 芭薇股份 | 15.72 | -2.24% | 1.53万 | 2404.55万 | | 002094 | 青岛金 ...

2026年1月20日，玉泽「修屏障 稳到底」新品发布会在金山岭长城脚下举行。在这一承载着中华文明守 护精神的重要地标前，玉泽以"屏障"为核心命题，将皮肤屏障研究、产品创新与文化象征融为一体，完 成了一次兼具科学深度与精神高度的品牌表达。 长城，作为守护疆域与文明的伟大工程，象征着稳固、坚守与延续；皮肤，作为人体最大的器官与第一 道防线，同样承担着抵御外界刺激、维系内在稳定的重要使命。玉泽将新品发布会选址于此，正是希望 通过这一跨越宏观文明与微观生命的隐喻，让"皮肤屏障"这一医学概念，被更直观、更深刻地理解与认 知。 一、玉泽23载笃行医研初心：从"医研长征"到"医研长城" 发布会现场，上海家化董事长兼首席执行官林小海在致辞中表示，长城所代表的守护精神，与上海家化 百余年来始终坚持的匠心与责任高度契合。自1898年创立以来，上海家化始终以匠心为根基，以科研创 新为脉络，守护一代代中国家庭的健康与美丽，而玉泽正是这百年匠心在新时代的延续与创新。 玉泽对皮肤屏障的系统研究始于2003年。彼时，上海家化与上海交通大学医学院附属瑞金医院皮肤科展 开深度医研合作，围绕皮肤屏障这一基础而关键的医学课题持续探索。首款屏障修护 ...

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, indicating strong performance compared to the market [2]. Core Insights - The cosmetics and medical beauty sector has outperformed the market recently, with the Shenwan Beauty Care Index rising by 2.0% from January 16 to January 23, 2026, surpassing the Shenwan A Index by 0.8 percentage points [4][5]. - December 2025 saw a significant increase in social retail sales for cosmetics, reaching 38 billion yuan, with a growth rate of 8.8%, indicating robust demand even in the off-season. The overall growth rate for Q4 was 9.9%, significantly higher than the annual growth of 5.1% for 2025, driven by promotional events like Double 11 [10][17]. - The report anticipates continued high consumer demand in Q1 2026, supported by new product launches and regulatory approvals in the medical beauty sector [10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown strong performance, with the Shenwan Cosmetics Index increasing by 2.6% and the Shenwan Personal Care Index rising by 4.2%, both outperforming the Shenwan A Index [4][5]. Key Company Reviews - Lin Qingxuan (2657HK) is highlighted as a benchmark in the high-end domestic skincare market, with revenue projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, representing a CAGR of 32.7%. The company is expected to turn a profit of 187 million yuan in 2024, a 120% increase year-on-year [11][12]. - Langzi Co., Ltd. (002612.SZ) forecasts a net profit of 900 million to 1.05 billion yuan for 2025, reflecting a year-on-year growth of 245.25% to 302.80% [4]. - Qingsong Co., Ltd. (300132.SZ) anticipates a net profit of 130 million to 165 million yuan for 2025, with a growth rate of 137.73% to 201.74% [4]. Market Trends - The report notes that the high-end skincare market is expanding, with the market size expected to reach 218.5 billion yuan by 2029. The concept of "oil-based skincare" is becoming mainstream, driving growth in the facial oil segment, which is projected to grow at a CAGR of 42.8% from 2019 to 2024 [12][14]. - E-commerce channels are increasingly important, with Lin Qingxuan achieving a 65.4% online revenue share in H1 2025, leveraging platforms like Douyin and Tmall for growth [13]. Sales Data - In December 2025, the total retail sales of cosmetics reached 38 billion yuan, with a year-on-year growth of 8.8%. The overall retail sales for cosmetics in 2025 were 465.3 billion yuan, reflecting a 5.1% increase [17][21].

Core Viewpoint - The OTC channel presents significant opportunities for beauty brands, offering professional endorsements, precise targeting of skincare needs, and immediate product experiences, but it also poses challenges due to strict professional requirements and a talent shortage in the industry [1][2][3]. Group 1: Market Entry and Growth - By 2025, over six domestic cosmetic companies are expected to enter the OTC channel, marking it as the "Year of Domestic Beauty OTC Layout" [2]. - Leading domestic beauty brand Proya (603605.SH) announced its entry into the OTC channel in January 2026, joining a growing list of companies [2]. - Brands like Winona and Kefu Beauty have been early entrants into the OTC channel, with Winona's sales nearing 1 billion yuan in 2023, capturing over 60% of the market share in this channel [5]. Group 2: Strategic Developments - In April 2025, Furuida Bio announced plans to accelerate its OTC channel development, aiming to cover 10,000 drugstore chains and launch 100 "cosmetic and medicinal" SKUs [5]. - Companies are increasingly focusing on integrating with the professional environment of pharmacies rather than merely distributing products [5]. - Proya is preparing multiple products for the OTC channel, emphasizing the importance of medical device products as a foundation for entry [6]. Group 3: Market Potential and Challenges - The OTC channel has approximately double the growth potential, with Winona targeting to cover 250,000 pharmacies [8]. - As of December 2024, there are about 705,000 licensed drug retail enterprises in China, with Winona covering over 110,000, representing about one-seventh of the total retail pharmacy stores [9]. - The demand for beauty products in pharmacies is rising due to pressures on traditional pharmacy profits and the need for transformation [9]. Group 4: Profitability and Talent Shortage - Medical device products have a significantly higher gross margin, averaging 77%-83%, compared to regular cosmetic products [9]. - The beauty industry faces a talent shortage in the pharmacy channel, as many brands rely on pharmacists who must understand both pharmaceuticals and cosmetics [10]. - Companies like Betaini are addressing this by training pharmacy staff to enhance customer trust and provide professional consultations [10][11].

Group 1 - The cosmetics sector experienced a rise of 1.34% on January 23, with Jiaheng Jiahua leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] - Jiaheng Jiahua's stock price increased by 7.69% to 40.06, with a trading volume of 61,900 shares and a transaction value of 242 million yuan [1] Group 2 - The cosmetics sector saw a net outflow of 35.35 million yuan from institutional investors, while retail investors had a net inflow of 31.72 million yuan [2] - Key stocks in the sector included Qingdao Jinwang, which had a net inflow of 13.85 million yuan from institutional investors, but a net outflow of 21.21 million yuan from speculative funds [3] - Jiaheng Jiahua had a net inflow of 11.11 million yuan from institutional investors, but also saw a net outflow of 1.77 million yuan from speculative funds [3]