华源证券研报指出，福瑞达剥离地产业务后轻装上阵，化妆品板块业绩稳健增长。"产品+研发+渠 道"构筑核心竞争优势。整体而言，公司积极推进合成生物新材料及终端医药、美妆应用创新，持续加 大研发投入以夯实主业竞争力，为公司业务长期稳健发展奠定坚实基础。选取同为国货龙头的珀莱雅、 上海家化及医美化妆品龙头华熙生物作为可比公司，根据wind一致预期，可比公司2026年PE均值为28 倍，考虑到公司剥离房地产业务后轻装上阵，原料和医药业务稳健发展，叠加化妆品业务层面公司积极 优化产品组合及全渠道深化布局，认为中长期公司业绩乐观可期，首次覆盖，给予"买入"评级。 ...

联系人 王悦 wangyue03@huayuanstock.com 市场表现： 证券研究报告 美容护理 | 化妆品 非金融|首次覆盖报告 hyzqdatemark 2026 年 02 月 03 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com | 基本数据 | 2026 | 年 | 02 | 月 | 日 | | | | 02 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 7.36 | | | | | | | | 年 最 最 低 | | | | 9.42/6.70 | | 一 | / | 内 | | 高 | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | 7,481.95 | | | | | | | | 流通市值（百万元） | | | | 7,481.95 | | | | | | | | 总股本（百万股） | | | | 1,016.57 | | | | | | | | 资产负债率（%） | ...

【申万化妆品】26年1月抖音渠道重点国货GMV同比——基于蝉妈妈数据分析 上美股份：韩束+众子品牌1月合计GMV约6.6亿(+9%)； 1韩束品牌1月GMV约5.3亿(-3%)； 2NewPage一页1月 GMV约0.7亿(+120%）； 3极方取得0.1亿GMV，同比高速增长。 4聚光白1月取得0.1亿GMV，同比高增。 5安敏优1 【申万化妆品】26年1月抖音渠道重点国货GMV同比——基于蝉妈妈数据分析 上美股份：韩束+众子品牌1月合计GMV约6.6亿(+9%)； 1韩束品牌1月GMV约5.3亿(-3%)； 2NewPage一页1月 GMV约0.7亿(+120%）； 3极方取得0.1亿GMV，同比高速增长。 4聚光白1月取得0.1亿GMV，同比高增。 5安敏优1月取得0.3亿GMV，同比增长267%。 珀莱雅公司:三大品牌1月GMV合计3.5亿元(+2%）； 1主品牌珀莱雅1月GMV约2.8亿元(-2%)； 2彩棠品牌1月GMV0.3亿元(-12%）； 3OR洗护1月GMV0.3亿(+148%）。 丸美股份:两大品牌1月合计GMV2.6亿(+1%）。 1主品牌丸美1月GMV约1.8亿元(+5%）； 2恋火 ...

事实上，在生物合成王浆酸领域，福瑞达不仅技术上实现了从0到1的突破，更打通了产业化路径，推动"山东好品"走向世界。 这一切的背后，是福瑞达多年来对成分创新的不懈坚持。正如鲁商集团总经理助理、福瑞达党委书记张岱州所言："成分创新是 国货实现弯道超车的关键。我们从透明质酸走向王浆酸，不仅是对中国成分的认知重塑，更是对'中国式抗衰'科技路径的坚定探 索。" 近日，山东省科学技术厅发布最新一批"山东好成果"名单，鲁商福瑞达医药股份有限公司（以下简称"福瑞达"）联合高校专家 团队研发的"生物合成王浆酸关键技术及产业化应用"项目榜上有名。彰显了这家具有"妆药同源"鲜明特色的山东国企，在合成 生物学领域的硬核科研实力。 20年攻坚撬动"液体黄金"产业化大门 这则低调的备案信息背后，昭示着振奋人心的突破：这不仅是中国首个获批用于化妆品的合成生物王浆酸原料，还宣告了全球 范围内首次实现该成分的规模化、绿色化生产，意味着王浆酸这种珍贵的生物活性物质，不再是传统的消耗性提取，而是高 效、可持续的"生物智造"。 王浆酸，具有"液体黄金"与"长寿因子"的美誉，是仅存在于蜂王浆中的稀有成分，含量仅为1.4—2.4%。科学研究表明，其在抗 ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院毛发医疗行业研究小组发布的《中国美容美发行业市场前瞻与投 资规划分析报告》。 毛发医疗行业主要上市公司：雍禾医疗(02279.HK)、仙琚制药(002332)、*ST 美谷(000615)、益盛药业 (002566)、振东制药(300158)、国际医学(000516)、康惠制药(603139)、康缘药业(600557)、康恩贝 (600572)、福瑞达(600223)等 本文核心数据：中国毛发医疗企业竞争梯队;中国毛发医疗行业市场份额;毛发医疗行业集中度 毛发医疗行业代表性企业主要分布在陕西、浙江、吉林、辽宁、山东、江苏等省份，其中陕西、浙江的 企业数量较多，浙江拥有仙琚制药、康恩贝等生发药品生产企业，陕西拥有康惠制药等生发药品生产企 业、国际医学等拥有植发服务的医疗集团。 1、中国毛发医疗行业竞争梯队 从毛发医疗行业竞争梯队看，注册资本超过15亿元的企业主要有康恩贝、华邦健康、国际医学，处于行 业头部地位;5-15亿注册资本的毛发医疗企业主要有福瑞达、振东制药、三生制药、仙琚制药等，处于 一梯队;其余注册资本小于5亿元的毛发医疗企业处于第二梯队。 2、 ...

| 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 ...

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].

Core Insights - The article highlights the innovative integration of "industrial tourism" and "live streaming education" by Furuida, positioning it as a model for digital transformation in the beauty industry [1][5] Group 1: Industrial Tourism Development - Furuida has transformed traditional manufacturing sites into interactive and educational tourist attractions, breaking the stereotype of factories being inaccessible [2] - The company has developed a diverse experience system tailored to different customer groups, including families, students, and investors, enhancing the appeal of its facilities [2] - In the summer of 2025, Furuida's World Beauty Technology Museum received over 150 groups and nearly 5,000 visitors, showcasing its success in attracting a wide audience [2] Group 2: Live Streaming and Digital Transformation - Furuida has extended its service chain by combining industrial tourism with digital transformation needs, offering practical training for entrepreneurs in live streaming [3] - The company emphasizes the importance of product quality as the foundation for growth in live streaming, sharing insights on effective content creation and marketing strategies [3] - Participants in the training program reported gaining a clear path for traditional enterprises to transition into the digital space through comprehensive live streaming strategies [3] Group 3: Future Layout and Technological Empowerment - Furuida aims to solidify its position as "China's first beauty technology hub" by enhancing the visitor experience and deepening collaborations with educational institutions [4] - The company is actively developing an "online virtual factory" and integrating emotional recognition technology to provide personalized recommendations, merging technology with consumer experience [4] - Furuida plans to optimize its marketing loop by combining product traceability, brand communication, and experiential sales, thereby enhancing its brand and product strength [4] Group 4: Industry Impact and Future Prospects - Industry experts note that Furuida's cross-industry innovation is breaking down barriers between industrial production, cultural tourism, and enterprise services, creating a multifaceted ecosystem [5] - The ongoing implementation of Furuida's strategies is expected to further unlock its value in industrial integration, contributing to high-quality development in the beauty and manufacturing sectors [5]

Core Insights - The company is transforming traditional manufacturing perceptions by integrating industrial tourism with educational experiences, creating a multifaceted ecosystem that appeals to diverse audiences [1][3][6] Group 1: Industrial Tourism Development - The company has redefined factory visits by combining smart factories, beauty technology exhibitions, and educational programs, making factories attractive tourist destinations [1] - In the summer of 2025, the company’s beauty technology museum received over 150 groups and nearly 5,000 visitors, showcasing its successful engagement with families, students, and corporate clients [1] - The service team is trained to ensure high-quality experiences, balancing roles in guiding, reception, sales, and facility maintenance, which has garnered market recognition [1] Group 2: Digital Transformation and E-commerce - The company is extending its service chain by merging industrial tourism with digital transformation needs, exemplified by a recent entrepreneurial training event that focused on live-streaming growth strategies [2][3] - Participants learned about the company's 30 years of industry experience and its skincare technology system, emphasizing the importance of product quality in driving live-streaming success [2] - The training included practical sessions on live-streaming setup and marketing strategies, providing actionable insights for traditional businesses [4] Group 3: Future Strategies and Innovations - The company aims to solidify its position as "China's first beauty technology hub" by enhancing visitor experiences and deepening collaborations with educational institutions [5] - Plans include developing virtual factories and personalized product recommendations using emotional recognition technology, merging technology with consumer engagement [5] - The company is committed to optimizing its marketing strategies to create a closed-loop system that enhances brand and product strength, offering replicable models for traditional manufacturing upgrades [5][6]

● 本报记者张鹏飞 走进福瑞达（600223）工业旅游研学基地，机械臂在生产线上精准运转，车间内兼具科技感与科普属性 的光影布置引人驻足；一旁的研学课堂上互动踊跃，同步开启的直播间内带货氛围浓厚。中国证券报记 者近日在调研中了解到，近年来福瑞达锚定"科技+美妆"核心定位，探索出"工业旅游+直播研学"双引擎 融合发展模式，推动传统生产厂区升级为文旅科普新场景，以直播、研学为载体，为企业数字化转型搭 建实战化落地平台，在产业跨界融合中持续拓展美妆行业价值边界，成为制造业转型升级的典型实践样 本。 工业旅游破圈： 工厂变"景区"年接待量创新高 打破"机器轰鸣、闲人免进"的传统印象，福瑞达依托"妆药同源.科技美肤"品牌理念，将智慧工厂、美 妆科技馆与研学课程深度融合，构建起兼具观赏性、知识性与互动性的工业旅游生态。针对不同客群定 制差异化体验体系，让工厂成为满足多元需求的"一站式场景"。 亲子家庭在透明工厂见证护肤品全流程生产，在香薰DIY工坊与非遗掐丝珐琅课程中感受美学碰撞；青 少年研学团队通过专属护肤课堂、科学讲座，树立正确护肤认知；投资者与企业客户通过发展历程与科 研成果展示，直观了解行业底蕴与企业实力；网红达 ...