今天分享的是：2026年PDRN行业白皮书-久谦中台x品观 以下为报告节选内容 报告共计：54页 《2026年PDRN行业白皮书》围绕2023-2025年PDRN护肤市场展开全维度分析，揭示了这一赛道从医美小众品类成长为大众超级品类的 爆发逻辑、核心矛盾与未来发展方向。2023-2025年PDRN市场销售额实现27倍增长，从1459万元攀升至4.01亿元，完成了从医美平替向 日常护肤标配的转变，其爆发并非单纯的成分红利，而是由次抛形态创新解决活性信任问题、熬夜急救场景切中消费痛点共同驱动的认 知红利，国货品牌凭借这一逻辑实现对韩系品牌的降维打击，绽媄娅以33.9%的市场份额成为头部，而丽珠兰等韩系品牌仅占1.6%。 渠道方面，抖音以77.5%的销售额占比成为绝对引擎，契合PDRN的强解释性和视觉属性，且各渠道呈现差异化特征，抖音适合低价拉 新，天猫则承载高价沉淀与复购需求。市场格局从寡头垄断走向充分竞争，CR3暴跌26.7%，但300-600元价格带成为高增长蓝海，仅绽 媄娅一家独大，而100元以下则陷入红海竞争。产品端，次抛形态以13888%的增速成为品类代名词，面部精华是核心品类，复配趋势上 PDRN+胶 ...

Core Viewpoint - Harbin Sanlian Pharmaceutical Co., Ltd. has approved a capital reduction and corresponding amendments to its articles of association, following the repurchase and cancellation of 3,000 restricted stocks from its 2022 incentive plan [1][2]. Group 1: Company Actions - The company held its fourth board meeting on September 17, 2025, and a temporary shareholders' meeting on November 24, 2025, to discuss the capital reduction [1]. - The company has completed the registration change for its capital reduction and received a new business license from the Harbin New Area Management Committee [1]. Group 2: Company Information - The registered capital of Harbin Sanlian Pharmaceutical is now RMB 316,354,550 [1]. - The company was established on June 21, 1996, and operates in various sectors including drug production, wholesale, retail, and import/export, as well as cosmetics and food production [1][2]. - The company is classified as a joint-stock company and is publicly listed [1].

Core Viewpoint - Harbin Sanlian Pharmaceutical Co., Ltd. has completed the registration capital change and has received a new business license following the cancellation of part of its restricted stock incentive plan [1][4]. Group 1: Company Actions - The company held a board meeting on September 17, 2025, and a temporary shareholders' meeting on November 24, 2025, where it approved the proposal to change its registered capital and amend the Articles of Association [1]. - The company repurchased and canceled 3,000 shares from its 2022 restricted stock incentive plan, leading to a reduction in registered capital by 3,000 yuan [1]. Group 2: Registration Details - The new registered capital of the company is 316,354,550 yuan [1]. - The company is classified as a joint-stock company and is located in Harbin, with its legal representative being Qin Jianfei [1]. Group 3: Business Scope - The company is involved in various sectors including drug production, wholesale and retail, cosmetics production, food production, and medical device manufacturing [1][2]. - It also engages in internet sales of food and health products, as well as providing inspection and testing services [2].

证券代码：002900 证券简称：哈三联 公告编号：2026-005 哈尔滨三联药业股份有限公司 关于完成注册资本变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 哈尔滨三联药业股份有限公司（以下简称"公司"）分别于 2025 年 9 月 17 日召开的第四届董事会第二十四次会议及 2025 年 11 月 24 日召开的 2025 年第二 次临时股东会，审议通过了《关于变更注册资本及修订<公司章程>的议案》，公 司回购注销 2022 年限制性股票激励计划部分限制性股票 3,000 股，根据《公司 法》及相关法律、法规的规定，需减少注册资本 3,000 元并对《公司章程》相应 条款进行修订。上述具体内容详见公司在中国证监会指定信息披露网站巨潮资讯 网（www.cninfo.com.cn）披露的相关公告。 近日，公司已办理完成注册资本变更登记手续，并取得了哈尔滨新区管理委 员会行政审批局换发的《营业执照》。变更后登记的相关信息如下： 公司名称：哈尔滨三联药业股份有限公司 法定代表人：秦剑飞 注册资本：人民币 316,354,550 元 ...

Core Viewpoint - The company, Ha San Lian, has disclosed significant information indicating a projected net profit loss for the first time, primarily due to policy impacts and increased expenses [1][4]. Recent Events - On February 6, 2026, the company announced the completion of a partial repurchase and cancellation of restricted stock, which may affect its equity structure [2]. Shareholder Information - As of January 30, 2026, the number of shareholders was reported to be 35,661, showing a change from previous periods [3]. Performance Overview - The company forecasts a net profit loss between 315 million to 375 million yuan for 2025, representing a year-on-year decline of 636.85% to 739.11%, marking its first annual loss. Additionally, the expected operating revenue is 790 million yuan, down 30% year-on-year. The performance decline is attributed to the drug procurement policy leading to lower sales prices, increased period expenses, and asset impairment provisions [4]. - On the same day, the company announced an asset impairment loss of approximately 59.49 million yuan and wrote off certain assets, which will collectively reduce the 2025 net profit by about 79.39 million yuan [4]. Stock Performance - On January 29, 2026, the stock price significantly dropped by 7.84% in response to the earnings forecast, reflecting market concerns over the deteriorating performance [5].

Core Viewpoint - The announcement details the completion of the repurchase and cancellation of restricted stocks by Harbin Sanlian Pharmaceutical Co., Ltd., involving a total of 3,000 shares, which represents 0.0009% of the company's total share capital before the repurchase [2][11]. Group 1: Repurchase and Cancellation Details - The repurchase price for the restricted stocks was set at 6.48 yuan per share, totaling 19,440 yuan for the repurchase [2][10]. - Following the cancellation, the company's total share capital decreased from 316,357,550 shares to 316,354,550 shares [2][11]. - The repurchase was completed on February 6, 2026, as confirmed by the China Securities Depository and Clearing Corporation [2][10]. Group 2: Background of the Stock Incentive Plan - The 2022 stock incentive plan was approved by the board on July 29, 2022, and involved granting 6,775,183 shares to 175 eligible participants at a price of 6.98 yuan per share [3][5]. - The plan included provisions for repurchasing shares from participants who no longer met the eligibility criteria due to voluntary resignation [9][10]. - The company adjusted the repurchase price from 6.68 yuan to 6.48 yuan per share prior to the cancellation [10]. Group 3: Impact and Future Arrangements - The cancellation of 3,000 shares will not significantly impact the company's financial metrics or daily operations [12]. - The company will proceed with the necessary legal and regulatory procedures for the share cancellation and registration [12].

证券代码：002900 证券简称：哈三联 公告编号：2026-004 哈尔滨三联药业股份有限公司 关于部分限制性股票回购注销完成暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要提示： 2、2022 年 7 月 29 日，公司召开第三届监事会第十六次会议，审议通过了 《关于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》、《关于 公司<2022 年限制性股票激励计划实施考核管理办法>的议案》、《关于核查公 司<2022 年限制性股票激励计划激励对象名单>的议案》。 3、2022 年 7 月 30 日，公司披露了《独立董事关于公开征集表决权的公告》， 独立董事王福胜先生作为征集人就公司将于 2022 年第二次临时股东大会审议的 2022 年限制性股票激励计划相关议案向公司全体股东征集委托投票权。 4、2022 年 7 月 30 日至 2022 年 8 月 8 日，公司在内部公示了 2022 年限制 性股票激励计划激励对象的姓名和职务。截至公示期满，公司监事会未收到有关 公示激励对象的异议。2022 年 8 月 10 日，公司披露 ...

Group 1 - The core point of the article is that as of January 30, 2026, the number of shareholders for the company is reported to be 35,661 [2]

2026.01. 29 本文字数：2680，阅读时长大约4分钟 作者 | 第一财经 黄思瑜 预计业绩亏损超3亿元、年度业绩首亏，哈三联（002900.SZ）披露业绩预告后，1月29日股价大幅 低开，重挫7.84%。 根据28日晚间的公告，哈三联预计2025年归母净利润亏损3.15亿元～3.75亿元，同比下降636.85% ～739.11%，销售单价下降、营业成本及期间费用同比增加、计提单项大额信用减值损失等是业绩 亏损的原因。 该公司的业绩自2025年一季度开始出现亏损，亏损金额逐季扩大。业绩恶化的背后，哈三联主业医 药板块业绩承压，向动物保健和大健康领域转型，但尚未形成有效业绩支撑。 上市以来年度业绩首亏 哈三联自2017年9月份上市，上市后业绩虽有些年度出现下滑，但是归母净利润一直处于盈利状态， 直至2025年度业绩首度出现亏损。 在2024年盈利超5000万元的基础上，2025年度，该公司预计，归母净利润亏损3.15亿元～3.75亿 元，同比下降636.85%～739.11%；扣非后归母净利润同比下降691.73%～804.44%；基本每股收 益为-1.19元/股至-1元/股区间。 同时，哈三联预计，2 ...

Core Viewpoint - The company, Harbin Sanlian (哈三联), is facing significant financial challenges, with an expected net loss of 315 million to 375 million yuan for the fiscal year 2025, marking its first annual loss since its listing in 2017 [1][2]. Financial Performance - The projected net loss for 2025 represents a year-on-year decline of 636.85% to 739.11% compared to the previous year, with a basic earnings per share expected to be between -1.19 yuan and -1 yuan [2]. - The company's revenue for 2025 is anticipated to be 790 million yuan, a decrease of 30% or 343 million yuan from the previous year [3]. Causes of Decline - The decline in performance is attributed to several factors, including a drop in sales prices due to national drug procurement policies and increased competition in the market [3]. - The company has reported a significant increase in operating costs and expenses, with sales expenses expected to rise by over 23.5 million yuan, primarily due to investments in the health sector [3]. - A substantial credit impairment loss of 24.626 million yuan has been recognized, primarily related to two counterparties [4]. Business Transition - The traditional pharmaceutical business of the company is under pressure, and its transition into animal health and wellness sectors has not yet yielded effective financial support [5]. - The pharmaceutical segment remains the core business, contributing over 86% of total revenue, but has seen a continuous decline in revenue and gross margin [6][7]. Market Position and Strategy - The company has made efforts to diversify into animal health and wellness, but these segments currently contribute only a small fraction (approximately 3.65%) of total revenue [7]. - Harbin Sanlian has participated in industry exhibitions to promote its cosmetic and medical products, indicating a strategic shift towards beauty and health markets [7]. Shareholding and Investments - As of the third quarter of 2025, the company still holds a 4.5% stake in Fulejia (敷尔佳), which is currently the only profitable investment among its subsidiaries [8].