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].

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；网红达人借助智能化生产线与品牌展厅，创作短视频内容 实现广泛传播。 亮眼数据印证项目成功。2025年暑期，福瑞达世界美妆科技馆累计接待参观人群150多批次、近5000 人，涵盖亲子家庭、学生团体、企业考察团等多元客群。服务团队以"一专多能"保障体验质量，在导览 基础上兼顾接待、销售、设施维护等多项工作，获得市场广泛认可。 直播研学赋能：全链路拆解 解锁电商增长密码 在工业旅游基础上，福瑞达进一步延伸产业服务链条，将工业旅游与企业数字化转型需求相结合。2025 年12月5日，福瑞达联合济南大学生创业孵化中心举办企业家菁创营活动，以"实地参访+高管授课+实 操演练"模式，为各行业企业家解锁直播全链路增长逻辑。 走进福瑞达工业旅游研学基地，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 ...

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；网红达人借助智能化生产线与品牌展厅，创作短视频内容 实现广泛传播。 走进福瑞达工业旅游研学基地，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 ...

● 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 ...

证券之星消息，1月23日化妆品板块较上一交易日上涨1.34%，嘉亨家化领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300955 | 嘉亨家化 | 40.06 | 7.69% | 6.19万 | 2.42亿 | | 603630 | 拉芳家化 | 23.64 | 3.28% | 8.37万 | 2666.I | | 603605 | | 73.18 | 2.09% | 7.50万 | 5.47 亿 | | 300957 | 贝泰妮 | 43.00 | 1.49% | 4.94万 | 2.11亿 | | 920123 | 色薇股份 | 16.08 | 1.45% | 1.38万 | 2209.13万 | | 300740 | 水羊股份 | 24.60 | 1.40% | 11.08万 | 2.72亿 | | 600223 | 福瑞达 | 7.62 | 1.20% ...

证券之星消息，1月21日化妆品板块较上一交易日上涨0.25%，拉芳家化领涨。当日上证指数报收于 4116.94，上涨0.08%。深证成指报收于14255.12，上涨0.7%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603630 | 拉芳家化 | 22.89 | 2.10% | 5.70万 | 1.30亿 | | 300957 | 贝泰妮 | 42.98 | 1.99% | 8.66万 | 2697E | | 301371 | 敷尔佳 | 25.20 | 1.74% | 3.92万 | 9836.58万 | | 300849 | 锦盛新材 | 18.75 | 1.52% | 4.21万 | 7819.25万 | | 300132 | 青松股份 | 9.14 | 0.66% | 24.83万 | 2.24亿 | | 603605 | 珀莱雅 | 71.90 | 0.43% | 6.67万 | 4.78亿 | | 300886 | 类 星彩 | 28.26 | 0. ...

Group 1 - The cosmetics sector experienced a rise of 1.11% on January 20, with Shanghai Jahwa leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the cosmetics sector showed varied performance, with Shanghai Jahwa closing at 23.92, up 3.55%, and Qingdao Kingking at 8.34, up 2.96% [1] Group 2 - The cosmetics sector saw a net inflow of 30.3 million yuan from institutional investors, while retail investors experienced a net outflow of 54.5 million yuan [2] - Notable individual stock performances included Shanghai Jahwa with a net inflow of 20.5 million yuan from institutional investors, and Qingdao Kingking with a net inflow of 23.3 million yuan [3] - The overall market sentiment reflected a mixed response, with some stocks like Banlaya experiencing significant net outflows from both institutional and retail investors [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the competitive advantage of Qian Dama through its "community small store + daily clearance mechanism + warehouse and cold chain" model, which enhances supply stability and operational efficiency [3][24][35] - The report emphasizes the importance of emotional consumption themes and identifies high-quality companies in high-growth sectors, recommending specific companies across various segments [6][37] Summary by Sections Industry Overview - The retail and social service indices reported a decline of 1.47% and an increase of 1.53% respectively during the week of January 12-16, 2026 [5][13] - The internet e-commerce sector showed the highest growth, with a year-to-date increase of 11.18% [16][19] Company Highlights - Qian Dama has submitted its IPO application to the Hong Kong Stock Exchange, focusing on fresh food retail in the South China market, with a GMV of 9.8 billion yuan in 2024, significantly outperforming its competitors [24][25] - The company operates 2,983 stores, with 2,898 being franchise stores, contributing over 90% of its revenue [25][31] - The report recommends several companies based on their performance and market positioning, including: - Chaohongji, expected to achieve a net profit of 436-533 million yuan in 2025, driven by brand upgrades and channel expansion [39][43] - Meilitiantian Medical Health, projected to see a revenue increase of 28.2% in FY2025H1 [39] - Zhou Dafu, focusing on product structure optimization and store upgrades [39] Investment Themes - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending Chaohongji and Laopu Gold [6][37] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket and Aiyingshi [6][37] - Investment Theme 3: Highlight domestic beauty brands that meet emotional value and safety innovation, recommending Maogeping and Pola [6][37] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][37]