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 ...

Group 1: Insurance Sector - Insurance stocks are experiencing significant declines, with China Life (02628) down 3.75%, New China Life (01336) down 3.28%, and China Pacific Insurance (02601) down 2.74%. The government plans to issue approximately 200 billion yuan in special bonds to inject capital into major insurance companies, marking the first time this method will be used for insurance firms in China [1] Group 2: Logistics and Delivery - ZTO Express (02057) has seen an increase of over 2.3%. The company estimates that its total revenue for 2025 will be between 48.5 billion yuan and 50 billion yuan, representing a growth of approximately 9.5% to 12.9% compared to 44.2807 billion yuan in 2024 [1] Group 3: Biotechnology - Innovent Biologics (09969) has risen over 4%, with a current increase of 3.25%. The company anticipates achieving revenue of 2.37 billion yuan in 2025, a year-on-year growth of approximately 134%, and expects to turn a profit with a net profit of around 630 million yuan [1] Group 4: Coal Sector - Coal stocks are generally declining, with Yancoal Australia (03668) down 6.63%, Shougang Resources (00639) down 7.83%, and China Shenhua (01088) down 2.47%. This decline follows reports that the Indonesian government has proposed a production cut plan, leading to a 40% to 70% reduction in production quotas for major miners [2] Group 5: Medical Devices - GigaGen (02367) has increased over 8%, currently up 4.11%. The company recently announced that its "recombinant type I α1 collagen and sodium hyaluronate composite solution" has been approved as a medical device, marking a significant milestone as the first product of its kind for improving facial smoothness [2] Group 6: Semiconductor Sector - Semiconductor stocks are all declining, with Hua Hong Semiconductor (01347) down 5.91% and SMIC (00981) down 3.49%. This follows a significant drop in AMD's stock price by 17.31% after its fourth-quarter report indicated that while revenue exceeded expectations, the guidance for the first quarter was below market expectations [3] Group 7: Restaurant Sector - Restaurant stocks are performing well, with Yum China (09987) up 8.41% and Haidilao (06862) up 2.69%. The restaurant industry has shown signs of recovery, with retail sales in the sector growing by 3.8%, 3.2%, and 2.2% year-on-year in the last quarter of 2025, significantly outpacing overall retail growth [3] Group 8: Consumer Goods - Miniso (09896) has risen over 5.1% after announcing its partnership with the Central Radio and Television Station for the 2026 Spring Festival Gala. This collaboration is seen as a significant marketing move to elevate the brand's visibility in the mainstream market [4] Group 9: Gold Sector - Gold stocks are declining, with China Gold International (02099) down 6.8% and Zijin Mining (02899) down 6.29%. Recent volatility in the international gold market has been noted, with expectations that geopolitical tensions and liquidity easing by the Federal Reserve may drive gold prices higher [4] Group 10: Cryptocurrency - Cryptocurrency ETFs and related stocks are continuing to decline, with significant drops in prices, including Bitcoin falling below $72,000 for the first time in 15 months. The price has decreased by over 42% from its peak last October [5] Group 11: US Market Highlights - Boston Scientific (BSX.US) fell 17.59% after providing lower-than-expected guidance for fiscal year 2026. The company expects adjusted earnings per share to be between $3.43 and $3.49, slightly below analyst expectations [6] - Solar stocks surged, with Enphase Energy (ENPH.US) rising 38.6% following reports of interest from Elon Musk's teams in the Chinese solar supply chain [6]

每经AI快讯，巨子生物(02367.HK)盘中涨超8%，截至发稿，涨7.03%，报34.4港元，成交额2.56亿港 元。 ...

中金表示，看好该产品的获批进一步拓展医美产品矩阵，印证公司领先技术研发实力。展望中长期，该 行认为公司研发实力、品牌心智、团队凝聚力仍稳固，后续随着化妆品基本盘修复向好、医美贡献增 量，建议关注布局机会。 巨子生物(02367)盘中涨超8%，截至发稿，涨7.03%，报34.4港元，成交额2.56亿港元。 消息面上，巨子生物近日宣布，旗下"重组I型α1亚型胶原蛋白及透明质酸钠复合溶液"三类医疗器械获 批。该产品是全球首个用于改善面颊部平滑度的重组胶原蛋白和透明质酸钠复合溶液植入剂产品，通过 器审与药审联合审评正式获批。 ...

智通财经APP获悉，巨子生物(02367)盘中涨超8%，截至发稿，涨7.03%，报34.4港元，成交额2.56亿港 元。 中金表示，看好该产品的获批进一步拓展医美产品矩阵，印证公司领先技术研发实力。展望中长期，该 行认为公司研发实力、品牌心智、团队凝聚力仍稳固，后续随着化妆品基本盘修复向好、医美贡献增 量，建议关注布局机会。 消息面上，巨子生物近日宣布，旗下"重组I型α1亚型胶原蛋白及透明质酸钠复合溶液"三类医疗器械获 批。该产品是全球首个用于改善面颊部平滑度的重组胶原蛋白和透明质酸钠复合溶液植入剂产品，通过 器审与药审联合审评正式获批。 ...

Group 1 - The new consumption concept in Hong Kong stocks is showing active performance, with notable increases in companies such as Giant Bio (+5.54%), Mao Geping (+4.42%), Miniso (+3.92%), and Pop Mart (+3.79%) [2][3] - The State Council has issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on enhancing key areas such as transportation, housekeeping, online audio-visual services, and inbound consumption [2][4] Group 2 - Pop Mart's new product series, PUCKY and Starry People, have gained significant popularity, with market estimates suggesting that the valuation of Pop Mart's IP potential is still underestimated [5] - Recent trends indicate that Pop Mart's new products are selling out on official websites and commanding high premiums on second-hand platforms, with hidden versions priced at 2-3 times and 3-6 times their original prices [5] - The cosmetics industry is projected to grow, with a retail sales increase of 6.18% year-on-year in 2023, as consumer spending stabilizes and the demand for product upgrades continues [5] Group 3 - The channel landscape is showing differentiated characteristics, with platforms like Douyin leading in sales and Tmall achieving its best growth in four years during the Double Eleven shopping festival [6] - Local brands are steadily increasing their market share, although market differentiation is intensifying, with companies like Anta, Pop Mart, and Haidilao identified as industry favorites for optional consumption [6][7] - Five major investment themes have been identified for 2026, focusing on emotional value consumption, health and wellness needs, the silver economy, emerging channel penetration, and multi-brand strategies [7]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 巨子生物控股有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02367 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF3 ...

| 笔克远东(00752) | 2.900 | 2.960 | 1.37% | | --- | --- | --- | --- | | 东吴水泥(00695) | 9.580 | 9.990 | 1.32% | | 天虹国际集团(02678) | 5.720 | 5.720 | 1.24% | | 渣打集团(02888) | 204.200 | 204.400 | 1.19% | | 明梁控股(08152) | 0.088 | 0.088 | 1.15% | | 电能实业(00006) | 61.750 | 62.100 | 1.14% | | 太古股份公司Ａ(00019) | 77.550 | 77.600 | 1.11% | | 湾区发展(00737) | 1.900 | 1.920 | 1.05% | | 春城热力(01853) | 2.000 | 2.000 | 1.01% | | 硬蛋创新(00400) | 4.050 | 4.100 | 0.99% | | 健康１６０(02656) | 87.050 | 88.400 | 0.91% | | Ａ南方人民币(03122) | 189.800 | 18 ...

| | | | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 简军 | 爱美客董事长 | | 2 | 赵燕 | 华熙生物董事长 | | 3 | 严建亚 | 巨子生物董事长 | | 4 | 关晓晖 | 复星医药联席董事长 | | 5 | 刘涛 | 奥园美谷青事长 | | 6 | 申东日 | 朗姿股份董事长 | | 7 | 杨霞 | 锦波生物青事长 | | 8 | 前烙 | 美年健康青事长 | | 9 | 傅海曙 | 瑞丽医美毒事长 | | 10 | (1) 郭振宇 | 贝泰妮董事长 | | | 接单尚明:排名不分先后,围绕专业能力、业绩表现 行业/ | | | | 响力等维度综合评选得出。 | | "2025年度医疗美容业十大杰出人物"榜单围绕专业能力、业绩表现、行业影响力等维度综合评选得出。 严建亚，1966年9月出生，于1988年7月于中国西北大学获得化学工程学士学位。自2021年11月30日起获 委任为公司的董事，现为公司的执行董事、董事会主席、首席执行官、提名委员会及公司管治委员会之 主席，以及薪酬委员会之委员。他于2000年5月创立集团；于2002年，创立西安威力通 ...

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].