证券日报网讯2月3日，爱美客（300896）在互动平台回答投资者提问时表示，截至目前，公司暂无港股 上市计划。 ...

Core Viewpoint - The ChiNext Medical Index (970082) closed at 3876.07 points on February 3, with a gain of 2.37% and a trading volume of 13.236 billion yuan, indicating positive market sentiment in the medical sector [1]. Group 1: Index Performance - The ChiNext Medical Index saw 49 constituent stocks rise, with NuoSiGe leading the gains at 8.76% [1]. - The index's turnover rate was 1.71%, reflecting moderate trading activity [1]. Group 2: Top Constituents - The top ten constituents of the ChiNext Medical Index include: - YuanEr Eye Hospital (sz300015) with a weight of 9.18% and a latest price of 11.04 yuan, up 1.28% [1]. - MaiRui Medical (sz300760) with a weight of 8.95% and a latest price of 188.15 yuan, up 0.56% [1]. - TaiGe Medical (sz300347) with a weight of 8.52% and a latest price of 63.20 yuan, up 4.97% [1]. - KangLong HuaCheng (sz300759) with a weight of 7.18% and a latest price of 29.61 yuan, up 2.10% [1]. - LePu Medical (sz300003) with a weight of 4.96% and a latest price of 17.83 yuan, up 1.89% [1]. - New Industry (sz300832) with a weight of 4.73% and a latest price of 54.50 yuan, up 2.60% [1]. - AiMeiKe (sz300896) with a weight of 4.49% and a latest price of 147.57 yuan, up 4.56% [1]. - YingKe Medical (sz300677) with a weight of 4.14% and a latest price of 40.55 yuan, up 1.38% [1]. - FuRui Medical (sz300049) with a weight of 3.55% and a latest price of 67.33 yuan, up 1.45% [1]. - HuaDa Gene (sz300676) with a weight of 3.15% and a latest price of 50.30 yuan, up 2.57% [1]. Group 3: Capital Flow - The net inflow of main funds into the ChiNext Medical Index constituents totaled 145 million yuan, while retail investors experienced a net outflow of 106 million yuan [1]. - The detailed capital flow indicates that TaiGe Medical had a main fund net inflow of 10.514 million yuan, while retail investors had a net outflow of 18.28% [2].

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on February 3, with a total transaction value of 2.236 billion yuan, highlighting notable trading in specific stocks such as Shanghai Airport, Zijin Mining, and Longjing Environmental Protection [1]. Group 1: Block Trading Activity - A total of 80 stocks underwent block trading, with Shanghai Airport leading at 349 million yuan, followed by Zijin Mining at 274 million yuan and Longjing Environmental Protection at 161 million yuan [1]. - Among the stocks traded, 7 were sold at par value, 2 at a premium, and 71 at a discount, indicating a predominance of discounted trades [1]. Group 2: Premium and Discount Rates - The stocks with the highest premium rates were DeMa Technology at 5.67% and Shen High-Speed at 2.01% [1]. - The stocks with the highest discount rates included Kai Fa Technology at 29.94%, New Wave Shares at 23.56%, and Ai Meike at 23.43% [1]. Group 3: Institutional Buying and Selling - The top institutional buying positions included Shanghai Airport at 349 million yuan, Longxin Zhongke at 116 million yuan, and Xinyuan Shares at 60.575 million yuan [2]. - The leading institutional selling positions were Nanxin Technology at 8.4 million yuan and Guobo Electronics at 4.1784 million yuan [2].

Core Viewpoint - Recently, Aimeike (300896) announced that its subsidiary REGEN received a decision from the Shenzhen International Arbitration Court, which ruled not to implement the temporary measures previously ordered by an emergency arbitrator on September 10, 2025 [1] Group 1 - On September 10, 2025, the emergency arbitrator of the Shenzhen International Arbitration Court had issued a decision that restricted REGEN Biotech, Inc. from selling AestheFill products in China before the arbitration ruling was made [1] - The court's decision also stated that REGEN must acknowledge that Datuo Medical Devices (Shanghai) Co., Ltd. is the exclusive distributor of AestheFill products in China and must continue to supply the products to Datuo as per the agreement [1]

Group 1 - The medical beauty sector increased by 3.9% on February 3, with Ai Meike leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Major stocks in the medical beauty sector showed varied performance, with Ai Meike closing at 147.57, up 4.56%, and Huaxi Biological at 48.81, up 3.45% [1] Group 2 - The medical beauty sector saw a net inflow of 72.0481 million yuan from main funds, while retail funds experienced a net outflow of 41.6043 million yuan [1] - Ai Meike had a net inflow of 85.9952 million yuan from main funds, but retail funds saw a net outflow of 38.6841 million yuan [2] - Huaxi Biological experienced a net outflow of 10.4367 million yuan from main funds, with a net inflow of 14.2989 million yuan from speculative funds [2]

Core Viewpoint - The arbitration case regarding the exclusive agency rights for AestheFill products has seen new developments, with REGEN Biotech, Inc. receiving a decision from the Shenzhen International Arbitration Court that revokes previous temporary measures against them, although the case is still under review [2][8]. Group 1: Arbitration Developments - On January 30, 2026, REGEN received a decision from the Shenzhen International Arbitration Court that revoked the temporary measures imposed on September 10, 2025, which restricted REGEN from selling AestheFill products in China and recognized DaTou Company as the exclusive distributor [2][8]. - The temporary measures had been in place since a request from DaTou Company, which claimed exclusive rights to AestheFill products in China [7][8]. - The arbitration case is ongoing, and the recent decision does not represent a final ruling on the matter [8]. Group 2: Company Actions and Responses - DaTou Company was granted exclusive distribution rights for AestheFill products in mainland China through an agreement signed in August 2022 [3]. - In July 2025, REGEN sent a termination notice to DaTou, claiming violations of the agreement and citing reputational damage due to actions by DaTou's parent company, Jiangsu Wuzhong [4][5]. - Jiangsu Wuzhong has publicly defended DaTou's rights, asserting that the exclusive agency agreement remains valid until August 28, 2032 [4]. Group 3: Financial Performance - Jiangsu Wuzhong's stock was delisted on December 31, 2025, due to significant financial irregularities, including inflated revenues and undisclosed related-party transactions [9]. - AestheFill sales accounted for 20.42% of Jiangsu Wuzhong's revenue in 2024, with a significant contribution to its gross profit [10]. - For the first three quarters of 2025, Jiangsu Wuzhong reported a 38.85% decline in revenue, leading to a net loss [10]. Group 4: Market Context - Aimeike, the parent company of REGEN, has experienced declining revenue and net profit, with a 21.49% drop in revenue for the first three quarters of 2025 [11]. - The overall medical aesthetics market in China is facing slower growth, attributed to increased competition and a challenging macroeconomic environment [11].

Core Viewpoint - The medical beauty sector experienced a rise of 2.68% on February 2, with Huaxi Biological leading the gains, while the overall market indices, Shanghai Composite and Shenzhen Component, saw declines of 2.48% and 2.69% respectively [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4015.75, down 2.48% [1] - The Shenzhen Component Index closed at 13824.35, down 2.69% [1] - The medical beauty sector stocks showed varied performance, with Huaxi Biological rising by 5.24% to a closing price of 47.18 [1] Group 2: Stock Details - Huaxi Biological (688363) had a trading volume of 118,200 shares and a transaction value of 562 million yuan [1] - Aimei Ke (300896) closed at 141.14, up 1.01%, with a trading volume of 47,500 shares and a transaction value of 683 million yuan [1] - ST Meigu (000615) closed at 3.08, up 0.33%, with a trading volume of 115,100 shares [1] - Jinbo Biological (920982) closed at 214.89, down 2.94%, with a trading volume of 9,949 shares and a transaction value of 217 million yuan [1] Group 3: Fund Flow Analysis - The medical beauty sector saw a net inflow of 100 million yuan from main funds, while retail investors experienced a net outflow of 59.89 million yuan [1] - Aimei Ke had a main fund net inflow of 55.54 million yuan, but a net outflow of 33.36 million yuan from retail investors [2] - Huaxi Biological experienced a main fund net inflow of 44.73 million yuan, with retail investors showing a net outflow of 27.92 million yuan [2]

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 recommends high-quality companies in high-growth sectors, including gold and jewelry, offline retail, cosmetics, and medical aesthetics [6][49] Summary by Sections Retail and Social Services Market Review - For the week of January 26 to January 30, the retail and social services indices closed at 2435.34 points and 9283.84 points, respectively, with declines of 4.18% and 3.45% [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] Industry Dynamics: HBN and Efficacy Skincare - HBN, established in 2019, is the largest domestic skincare brand in the efficacy segment, focusing on visible results and innovative product strategies [24][25] - The brand's core products, including the "A Retinol" series, have achieved significant sales milestones, with a strong emphasis on scientific validation and consumer trust [29][33] Investment Recommendations - Investment focus areas include: - Gold and jewelry brands with differentiated product offerings, recommending companies like Laopuhuang and Chaohongji [6][49] - Offline retail companies adapting to market changes, with recommendations for Yonghui Supermarket and Aiyingshi [6][49] - Domestic cosmetics brands that emphasize emotional value and safety, recommending brands like Maogeping and Proya [6][50] - Medical aesthetics firms with unique product lines, recommending Meilitiantian Medical Health and Aimeike [6][51]

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]

Core Viewpoint - The recent arbitration decision allows REGEN, a subsidiary of Aimeike, to sell AestheFill products in mainland China, but this is not a final ruling, and the ongoing dispute over distribution rights remains uncertain [2][8][20]. Group 1: Arbitration and Market Impact - Aimeike's subsidiary REGEN received a procedural decision from the Shenzhen International Arbitration Court, lifting a temporary measure that previously restricted its sales of AestheFill products in mainland China [2][8]. - Since the initial temporary measure was imposed on September 10, 2025, Aimeike's stock price has dropped nearly 30% [3]. - The arbitration dispute began after Aimeike acquired 85% of REGEN for $190 million in March 2025, leading to REGEN unilaterally terminating its exclusive distribution agreement with Dato Medical [6][8]. Group 2: Business Performance - Aimeike has faced a decline in revenue and profit for four consecutive quarters, with Q1-Q3 2025 revenues of 663 million, 636 million, and 566 million yuan, representing year-on-year declines of 17.90%, 25.11%, and 21.27% respectively [11]. - The decline in revenue is attributed to a weakened consumer confidence due to macroeconomic conditions and increased competition in the medical aesthetics industry [14][15]. - Aimeike's main revenue sources, solution and gel injection products, saw significant revenue drops, with total income from these products falling from 9.76 billion yuan in 2024 to 7.44 billion yuan in 2025 [15][16]. Group 3: Future Outlook - The AestheFill product, despite its potential, is expected to contribute only around 300 million yuan in annual sales, which may not significantly offset the revenue decline from Aimeike's core products [17]. - The competitive landscape for botulinum toxin products is also challenging, with established players dominating the market, making it difficult for Aimeike to gain market share with newly approved products [18]. - Overall, Aimeike is likely to continue facing significant performance pressures into 2026, despite the short-term positive impact of the arbitration decision [19][20].