足球式 2026 年 02 月 10 日 波袋 行业点 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 A0230511040052 wanglp@swsresearch.com 申万宏源研究微信服务号 本期投资后示 本阶段化妆品医美板块表现强于市场。2026 年 1 月 30 日至 2026 年 2 月 6 日期间, ● 申万美容护理指数上涨 3.7%，表现强于市场。其中，申万化妆品指数上涨 2.8%，强于 申万 A 指 4.4pct; 申万个护用品指数上涨 0.7%，强于申万 A 指数 2.2pct。 请务必仔细阅读正文之后的各项信息披露与声明 雅诗兰黛在华业绩双位数增长，1 月天猫美妆 品类高增 —化妆品医美行业周报 20260209 相关研究 周观点：雅诗兰黛在华业绩双位数增长, 1 月天猫美妆品类高增。据雅诗兰黛 ○ 25Q4(FY26Q2)财报公司净销售额达人民币 ...

行 业 及 产 业 美容护理 2026 年 02 月 10 日 雅诗兰黛在华业绩双位数增长，1 月天猫美妆 业 研 究 / 行 业 点 评 证 券 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 A0230511040052 wanglp@swsresearch.com 本期投资提示： 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 本阶段化妆品医美板块表现强于市场。2026 年 1 月 30 日至 2026 年 2 月 6 日期间， 申万美容护理指数上涨 3.7%，表现强于市场。其中，申万化妆品指数上涨 2.8%，强于 申万 A 指 4.4pct；申万个护用品指数上涨 0.7%，强于申万 A 指数 2.2pct。 ⚫ 周观点：雅诗兰黛在华业绩双位数增长，1 月天猫美妆品类高增。据雅诗兰黛 25Q4(FY26Q2) ...

今天分享的是：北交所新消费产业研究系列（六）：从"悦人"到"悦己"，解码美丽消费赛道的增长逻辑-260206 报告共计：35页 本报告聚焦美丽消费赛道，剖析医美与美妆两大核心领域的增长逻辑，核心围绕"悦己消费"趋势深化、技术创新驱动、产业格局优化展 开，并梳理了北交所相关受益标的。医美行业迎来稳健增长，2025年市场规模预计近3700亿元，2030年有望达6000亿元，复合增速约 10%，"悦己"成为核心消费动因，超半数用户因"变美让自己更快乐"选择医美，消费群体呈现"年轻主导、中高年龄层协同跟进"特征，25 岁以下人群占比从2022年26%升至2025年35%，男性、出境医美需求也显著提升。轻医美成为消费主流，注射类医美向技术升级、产品 多元化、个性化治疗发展，重组胶原蛋白赛道景气度突出，2023-2027年零售端市场规模复合增速达41.4%，有望从百亿迈向千亿， PDRN成为护肤新兴核心成分，妆械结合也成为企业重要发展思路，头部美妆企业纷纷跨界布局医美。 证券研究报告 北交所专题报告 2026年02月06日 证券分析师 赵昊 SAC: S 13 50 52 41 10 00 4 zhaohao@huayu ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights Meituan's acquisition of Dingdong Maicai for approximately $717 million, aiming to enhance its instant retail supply chain efficiency. Dingdong Maicai has achieved profitability for 12 consecutive quarters and operates over 1,000 front warehouses in China, with a monthly purchasing user base exceeding 7 million [4][24][27] - The report emphasizes the importance of supply chain efficiency and product quality in the competitive landscape of the instant retail industry, suggesting that the focus will shift towards these aspects post-acquisition [27] Summary by Sections Industry Dynamics - Meituan's acquisition of Dingdong Maicai is expected to create synergies in supply chain, regional layout, and warehouse scale, enhancing operational efficiency in the East China region [24][27] - Dingdong Maicai's established direct sourcing and self-operated production capabilities are anticipated to be preserved and amplified within Meituan's platform [27] Investment Themes - Investment Theme 1: Focus on high-end and fashionable gold jewelry brands, recommending companies like Laopuhuangjin and Chaohongji, which are expected to benefit from the emotional consumption trend [6][29] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Pola [6][29] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading chain medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][29] Market Performance - The retail and social service indices reported a slight decline of 0.34% and a slight increase of 0.02% respectively during the week of February 2 to February 6, 2026 [14][15] - The brand cosmetics sector showed the highest weekly increase of 4.99%, while the watch and jewelry sector led with a year-to-date increase of 16.56% [16][19] Company Highlights - Laopuhuangjin reported a significant revenue increase of 250.9% in FY2025H1, driven by brand expansion and customer base growth [31][32] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in 2025, supported by differentiated product strength and multi-channel marketing [31][32] - Meilitiantian Medical Health anticipates a net profit increase of at least 34% in 2025, driven by both internal growth and acquisitions [39][40]

Summary of Key Points from the Conference Call Records Industry Overview - The records focus on the cosmetics industry in China, specifically analyzing the Gross Merchandise Value (GMV) of various brands in January 2026 through data from the Douyin platform. Key Companies and Their Performance 1. 上美股份 (Shangmei Group) - Total GMV for 韩束 (Hansu) and its sub-brands in January was approximately 6.6 billion CNY, representing a 9% increase year-over-year [1] - 韩束 brand GMV was about 5.3 billion CNY, showing a decline of 3% [1] - NewPage brand GMV reached approximately 0.7 billion CNY, marking a significant increase of 120% [1] - 极方 (Jifang) achieved a GMV of 0.1 billion CNY, with rapid growth year-over-year [1] - 聚光白 (Juguangbai) also recorded a GMV of 0.1 billion CNY, indicating high growth [1] - 安敏优 (Anminyou) had a GMV of 0.3 billion CNY, with a remarkable year-over-year growth of 267% [1] 2. 珀莱雅 (Proya) - The three major brands under Proya had a combined GMV of 3.5 billion CNY in January, reflecting a 2% increase [1] - The main brand, 珀莱雅, generated a GMV of approximately 2.8 billion CNY, down by 2% [1] - 彩棠 (Caitang) brand GMV was 0.3 billion CNY, showing a decline of 12% [1] - OR洗护 (OR Hair Care) brand GMV reached 0.3 billion CNY, with a substantial increase of 148% [1] 3. 若羽臣 (Ruoyuchen) - The combined GMV for the brands 绽家 (Zhanjia), 斐萃 (Feicui), and Nuibay was 1.7 billion CNY [2] - 绽家 brand GMV was 0.7 billion CNY, increasing by 88% [2] - 斐萃 brand GMV was 0.8 billion CNY, showing a remarkable growth of 345% [2] 4. 丸美股份 (Marubi) - The total GMV for its two main brands was 2.6 billion CNY, reflecting a 1% increase [2] - 主品牌丸美 (Marubi) had a GMV of approximately 1.8 billion CNY, up by 5% [2] - 恋火 (Lianhuo) brand GMV was 0.8 billion CNY, down by 7% [2] 5. 毛戈平 (Mao Geping) - The brand achieved a GMV of approximately 2.9 billion CNY, with an increase of 78% [2] 6. 林清轩 (Lin Qingxuan) - The brand's GMV was 2.6 billion CNY, reflecting a significant increase of 145% [2] 7. 薇诺娜 (Winona) - The brand recorded a GMV of 1.0 billion CNY, with a growth of 156% [2] 8. 润本 (Runben) - The brand's GMV was approximately 0.4 billion CNY, showing a slight decline of 1% [2] 9. 福瑞达 (Furuida) - The two major brands under Furuida had a combined GMV of about 0.8 billion CNY, increasing by 12% [2] 10. 水羊股份 (Shuiyang) - The four major brands achieved a GMV of approximately 0.7 billion CNY, doubling year-over-year [2] 11. 上海家化 (Shanghai Jahwa) - The three skincare brands under Shanghai Jahwa had a combined GMV of about 0.9 billion CNY, reflecting a significant increase of 252% [2] 12. 植物医生 (Plant Doctor) - The brand's GMV in December was 0.1 billion CNY, showing a decline of 5% [2] 13. 拉芳 (Lafang) - The brand achieved a GMV of approximately 0.1 billion CNY, with an increase of 135% [2] Additional Insights - The data indicates a mixed performance across various brands, with some experiencing significant growth while others faced declines. - The overall trend suggests a competitive landscape in the cosmetics industry, with emerging brands showing strong growth potential, particularly in the Douyin channel. This analysis highlights the dynamic nature of the cosmetics market in China, emphasizing the importance of monitoring GMV trends for investment opportunities and risk assessment.

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the emergence of HBN, a leading domestic skincare brand, which has submitted its prospectus to the Hong Kong Stock Exchange, indicating strong growth potential in the efficacy skincare market [3][24] - The report emphasizes the importance of emotional consumption themes and suggests focusing on high-quality companies in high-growth sectors [6][49] Summary by Sections Industry Performance Overview - The commercial retail and social services indices reported declines of 4.18% and 3.45% respectively during the week of January 26 to January 30, 2026, ranking 26th and 23rd among 31 primary industries [5][14] - The jewelry sector showed the highest growth, with a weekly increase of 7.07% and a year-to-date increase of 19.39% [15][18] Key Industry Developments - HBN, established in 2019, is recognized as the largest domestic skincare brand in the efficacy skincare segment, with a market share of 0.8% in the Chinese improvement skincare market as of 2024 [24][25] - HBN's revenue for the first three quarters of 2025 reached 1.51 billion yuan, a year-on-year increase of 10.2%, with high-efficacy skincare products accounting for 78.6% of total revenue [29] Investment Recommendations - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending companies like Laopuhuangjin and Chaohongji [6][49] - Investment Theme 2: Highlighting retail companies that adapt to emotional value and intelligent trends, with recommendations for Yonghui Supermarket and Aiyingshi [6][49] - Investment Theme 3: Emphasizing beauty and personal care brands that innovate with emotional value and safe ingredients, recommending brands like Maogeping and Pola [6][50] - Investment Theme 4: Targeting differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending companies like Aimeike and Meilitiantian [6][51]

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]

太力科技，以硬核突破为动能。其转型之路，是基于C端优势的延伸与升级。从家居收纳到以纳米材料 技术为核心，它构建"C端稳固、B端突破"的双轮驱动格局，坚持高性能、绿色化的创新方向，以技术 之精微，赋能千行百业，为"产业森林"提供坚韧的支撑。 近期，上海证券报调研小分队走进广东，探寻企业以科技坚定破局的生动实践。我们看到，广东经济的 勃勃生机，正源于一片由无数创新"嘉木"共生共荣的"产业森林"。 招商证券，以熔铸价值为己任。其核心竞争力在于读懂需求、为投资者创造价值，并提供决策支撑。从 交易工具到"综合理财平台"，再到应用大数据与AI，招商证券App的演化历程，正是其坚持以科技投入 巩固数智化"护城河"、为"产业森林"输送智慧养分的缩影。它从顶层战略到场景落地全面发力，旨在高 质量打造国内领先的投资银行。 明阳集团，以向阳而生为大道。它让每台风机不再仅仅是发电装置，而是成为智慧能源网络的节点。以 风电为锚点，构建"风—光—储—氢—燃"全链条并落地标杆项目，它从装备制造商向智慧能源服务商转 型，用创新把自然力量转化为人类可用能源，为"产业森林"提供丰富的能量。 ◎记者 黎灵希 南方有嘉木，今朝更成林。 丸美生物，以 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300955 | 嘉亨家化 | 41.47 | 6.88% | 7.39万 | 3.03亿 | | 002094 | 青岛金王 | 8.24 | 3.00% | 56.99万 | 4.67亿 | | 300886 | 华业香料 | 28.45 | 0.28% | ● 1.75万 | 4908.73万 | | 300132 | 青松股份 | 8.74 | 0.23% | 18.35万 | 1.59亿 | | 300849 | 锦盛新材 | 18.82 | -0.42% | 3.14万 | 5833.82万 | | 300740 | 水羊股份 | 23.52 | -0.84% | 8.71万 | 2.04亿 | | 300957 | 贝泰妮 | 42.67 | -0.88% | 5.30万 | 2.25亿 | | 603605 | 班菜雅 | 72.50 | -1.05% | 4.33万 | 3.13亿 | | 300856 | 科思股份 | 13.8 ...

文｜C2CC新传媒 过去这一年，C2CC传媒X新妆与不少品牌创始人交流时，"太卷了""流量贵得离谱""货架电商掉量""利 润起不来"仍是大家口中不断重复的关键词。的确，那个靠融资烧钱、以买量换增长的时代，正在悄然 落幕。 然而，寒意之中亦有新机。2025年以来，一个明显的趋势正在浮现：头部美妆品牌纷纷调转船头，重新 发力线下——这片曾被一度冷落的战场，正成为2026年最具确定性的新"增量场"。 今年1月初，丸美在2026年经销商大会上，不仅交出过去一年深耕线下的成绩单，更明确将线下定为 2026年增长新方向，推出全链路赋能策略。 就在上周，珀莱雅与医药连锁一心堂达成合作，宣布正式入驻OTC渠道，这一开年大动作被行业视为其 线下战略由守转攻的关键信号。而上美股份老板吕义雄也曾在朋友圈表态，将大幅向线下倾斜资源。 三家头部企业几乎"默契"地一致行动，已然释放出强烈信号：在规模、增速与利润的多重压力下，线下 不仅是更现实的增长路径，更是它们擅长的、能真正做出利润的战场。 而随着这些从线下起家的品牌"重返主场"，对于正试图布局线下的新锐品牌而言，竞争格局已然改变 ——它们要面对的，不仅是渠道的深耕，更是来自"老玩家" ...