Investment Rating - The report indicates a positive outlook for the cosmetics and medical beauty sector, with strong performance compared to the market [2][3]. Core Insights - Estee Lauder reported double-digit growth in China, with net sales reaching RMB 29.35 billion, a year-on-year increase of 6%, and profits improving by 127% to RMB 1.12 billion [8][26]. - The Tmall beauty category saw a significant increase of 24% year-on-year in January 2026, indicating strong consumer demand and confidence in the market [8][29]. - The report highlights the government's focus on promoting service consumption, which is expected to drive growth in key sectors, including beauty and personal care [9][10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 3.7% from January 30 to February 6, 2026 [3]. - The Shenwan Cosmetics Index increased by 2.8%, outperforming the Shenwan A Index by 4.4 percentage points [3]. Company Highlights - Estee Lauder's sales in mainland China surged by 13% to RMB 6.44 billion, confirming the recovery of international beauty brands in the Chinese market [8][26]. - The report notes that the top-performing stocks in the sector included Betaini (+13.5%), Huaxi Biological (+12.0%), and Beijia Clean (+10.8%) [4]. E-commerce Insights - The report provides data on the performance of domestic brands on platforms like Douyin and Tmall, showing significant growth in GMV for several brands [20]. - For instance, the brand "毛戈平" saw a GMV increase of 298% in December 2025 [21]. Market Trends - The overall retail sales of cosmetics in December 2025 grew by 8.8%, with a total retail sales figure of RMB 465.3 billion for the year, reflecting a steady recovery in consumer spending [22][23]. - The report emphasizes the shift in consumer preferences towards personalized and high-quality products, indicating a strategic opportunity for brands to innovate [10][11].

Group 1 - The medical beauty sector increased by 1.6% compared to the previous trading day, with Ai Meike leading the gains [1] - The Shanghai Composite Index closed at 4123.09, up 1.41%, while the Shenzhen Component Index closed at 14208.44, up 2.17% [1] - The net inflow of main funds into the medical beauty sector was 16.88 million, while retail investors saw a net outflow of 22.37 million [1] Group 2 - The net inflow from speculative funds was 5.49 million, indicating interest from short-term investors [1] - A detailed table of individual stock fund flows in the medical beauty sector was provided, highlighting specific movements [1]

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]

Core Viewpoint - The ChiNext Medical Index (970082) closed at 3882.75 points, down 0.63%, with a trading volume of 14.157 billion yuan and a turnover rate of 2.13% on February 6 [1] Group 1: Index Performance - Among the index constituents, 22 stocks rose while 28 stocks fell, with Tigermed leading the gainers at 3.06% and Aier Eye Hospital leading the decliners at 3.82% [1] - The top ten constituents of the ChiNext Medical Index include Aier Eye Hospital (9.18% weight, latest price 11.07, -3.82% change) and Tigermed (8.52% weight, latest price 65.65, +3.06% change) [1] Group 2: Market Capitalization - The total market capitalization of Aier Eye Hospital is approximately 103.232 billion yuan, while Tigermed's market capitalization is around 56.526 billion yuan [1] - Other notable companies include Mindray Medical (229.746 billion yuan) and Kanglong Chemical (55.486 billion yuan) [1] Group 3: Capital Flow - The net outflow of main funds from the ChiNext Medical Index constituents totaled 604 million yuan, while retail investors saw a net inflow of 412 million yuan [1] - The detailed capital flow shows that Tigermed had a net inflow of 14.716 million yuan from main funds, while retail investors experienced a net outflow of 1.41 million yuan [2]

证券日报网讯2月5日，爱美客（300896）在互动平台回答投资者提问时表示，自公司上市以来，公司董 事长简军女士未减持过公司股份。公司分红政策严格遵循监管要求及公司章程的规定，并基于企业经营 发展实际与全体股东长远利益、兼顾公司可持续发展与股东合理投资回报而制定，相关决策程序合法合 规。 ...

Core Viewpoint - The company, Aimeike (300896.SZ), primarily sells its products to private medical beauty institutions, with a small proportion of sales occurring in public hospitals. The company plans to consider national policies and market demand to continue providing compliant products and services to public hospitals, addressing the growing demand for a better quality of life among the public [1] Group 1 - The company's products are mainly sold to private medical beauty institutions [1] - The sales amount in public hospitals is relatively small [1] - The company will adapt to national policies and market demand [1] Group 2 - The company aims to continuously provide compliant products and services to public hospitals [1] - The focus is on meeting the increasing demand for a better quality of life among the public [1]

Core Viewpoint - Aimeike's stock price has increased by 5.09% on February 5, reaching 155.87 CNY per share, with a total market capitalization of 47.165 billion CNY, marking a cumulative increase of 6.15% over three consecutive days [1] Group 1: Company Overview - Aimeike Technology Development Co., Ltd. is located in Chaoyang District, Beijing, and was established on June 9, 2004, with its IPO on September 28, 2020 [1] - The company's main business involves the research, production, and sales of biomedical soft tissue repair materials, with revenue composition as follows: 57.27% from solution injection products, 37.97% from gel injection products, 3.01% from others, 1.50% from freeze-dried powder injection products, and 0.26% from facial implant threads [1] Group 2: Shareholder Insights - Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) is among Aimeike's top ten circulating shareholders, having reduced its holdings by 85,400 shares to 2.6773 million shares, representing 1.28% of circulating shares [2] - The ETF has generated a floating profit of approximately 20.2138 million CNY today and 22.9982 million CNY during the three-day increase [2] - The Huatai-PB CSI 300 ETF was established on May 4, 2012, with a current scale of 422.258 billion CNY, yielding 1.56% this year and 26.25% over the past year [2] Group 3: Fund Performance - The Huatai-PB Health ETF (516790) has also heavily invested in Aimeike, having reduced its holdings by 5,700 shares to 18,900 shares, accounting for 2.73% of the fund's net value [3] - The ETF has achieved a floating profit of approximately 142,500 CNY today and 162,200 CNY during the three-day increase [3] - The Huatai-PB Health ETF was established on August 12, 2021, with a current scale of 98.1452 million CNY, yielding 6.43% this year and 12.82% over the past year [3]

Group 1 - The core viewpoint of the article highlights that the stock price fluctuations of the company are influenced by multiple factors, including macroeconomic environment, market sentiment, industry cycles, and capital flows, leading to significant uncertainty [2] - The company emphasizes its commitment to focusing on its core business development and aims to enhance operational performance through optimized business strategies [2] - The company intends to implement practical measures to improve its operational results, allowing the stock price to better reflect the company's value [2]

Core Viewpoint - The medical beauty sector experienced a slight increase of 0.31% on February 4, with Jinbo Biological leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4102.2, up by 0.85% [1] - The Shenzhen Component Index closed at 14156.27, up by 0.21% [1] - Jinbo Biological's stock price rose to 222.64, reflecting a gain of 3.55% [1] Group 2: Individual Stock Performance - Jinbo Biological led the medical beauty sector with a trading volume of 9236.31 hands and a transaction value of 2.02 billion yuan [1] - Aimei Ke's stock price increased by 0.51% to 148.32, with a trading volume of 42,100 hands and a transaction value of 6.20 billion yuan [1] - Huaxi Biological's stock price slightly decreased by 0.02% to 48.80, with a trading volume of 58,100 hands and a transaction value of 282 million yuan [1] Group 3: Capital Flow - The medical beauty sector saw a net outflow of 1.2797 million yuan from main funds, while retail investors experienced a net outflow of 2.70494 million yuan [1] - Jinbo Biological had a net inflow of 33.9145 million yuan from main funds, accounting for 16.83% of its trading volume [2] - Aimei Ke experienced a net outflow of 127.67 million yuan from main funds, with a net inflow of 22.7409 million yuan from retail investors [2]

证券日报网讯 2月3日，爱美客在互动平台回答投资者提问时表示，公司的研发项目进展情况敬请关注 公司公告。 （文章来源：证券日报） ...