证券之星消息，9月15日化妆品板块较上一交易日下跌0.18%，华业香料领跌。当日上证指数报收于 3860.5，下跌0.26%。深证成指报收于13005.77，上涨0.63%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 300849 | 锦盛新材 | 14.48 | 3.72% | 12.18万 | | 1.79亿 | | 603630 | 拉芳家化 | 28.58 | 2.11% | 7.13万 | | 2.00亿 | | 300955 | 嘉亨家化 | 30.01 | 1.73% | 4.72万 | | 266" I | | 600315 | 上海家化 | 27.59 | 0.84% | 6.37万 | | 1.75亿 | | 300132 | 青松股份 | 6.46 | 0.62% | 14.12万 | | 9063.08万 | | 300856 | 科思股份 | 14.15 | 0.14% | 3.22万 | | 4553.12万 | | 8 ...

行 业 及 产 业 美容护理 2025 年 09 月 14 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 8 月电商国货逆势增长，双 11 备战开启 看好 ——化妆品医美行业周报 20250914 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 本周化妆品医美板块表现弱于市场。2025 年 9 月 5 日至 2025 年 9 月 12 日期间，申 万美容护理指数增长 0.2%，表现弱于市场。其中，申万化妆品指数下滑 0.5%，弱于申 万 A 指 2.7pct；申万个护用品指数下滑 0.8%，弱于申万 A 指数 3.0pct。 ⚫ 周观点：8 月电商国货逆势增长 ...

丨证券研究报告丨 公司研究丨点评报告丨福瑞达（600223.SH） [Table_Title] 福瑞达 2025 年中报点评：颐莲稳健增长，瑷尔 博士阶段性调整 报告要点 [Table_Summary] 公司发布 2025 年中报。2025H1，公司实现营收 17.9 亿元，同比下滑 7.05%；归母净利润 1.1 亿元，同比下滑 15.2%。单二季度，公司实现营收 9.1 亿元，同比下滑 11.7%；归母净利润 5725 万元，同比下滑 16.1%。 分析师及联系人 1 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 福瑞达（600223.SH） cjzqdt11111 [Table_Title 福瑞达 20252]年中报点评：颐莲稳健增长，瑷尔 博士阶段性调整 [Table_Summary2] 事件描述 公司发布 2025 年中报。2025H1，公司实现营收 17.9 亿元，同比下滑 7.05%；归母净利润 1.1 ...

1家亏损的上市公司为嘉亨家化，共实现营收5.14亿元，同比增行21.72%；归母净利润亏损0.32亿元，亏损规模较去年扩大。 对于嘉亨家化，公司归母净利润亏损大幅扩大与湖州基地有着紧密联系。在公司半年报中提到，报告期内影响公司经营业绩的主要因素有：（1）公司持续加强业务拓展，新业务增加使得营业收 对于拉芳家化，2025年上半年公司业绩双降，净利润大幅下跌超80。公司表示，这主要是因为上半年国内外经营环境变化带来多重压力，行业"内卷"现象加重，尽管加大了市场投入，但短期利 责任编辑：公司观察 拉芳家化共实现营收4.1亿元，较去年同期下降4.27%，共实现归母净利润0.06亿元，较去年同期下降82.89%；福瑞达共实现营收17.9亿元，较去年同期下降7.05%，共实现归母净利润1.08 1家增收不增利的上市公司为创尔生物，共实现营收2.14亿元，同比增长16.98%；归母净利润分别为0.13亿元，同比下降55.99%。 出品：新浪财经上市公司研究院 作者：新消费主张/cici 截至2025年8月31日，护肤日化行业A股上市公司已完成2025年半年报的披露，对此我们挑选了14家具有代表性的上市公司进行业绩比对分析。 ...

从资金流向上来看，当日化妆品板块主力资金净流出1099.12万元，游资资金净流出7876.32万元，散户资 金净流入8975.44万元。化妆品板块个股资金流向见下表： 证券之星消息，9月10日化妆品板块较上一交易日上涨0.22%，锦盛新材领涨。当日上证指数报收于 3812.22，上涨0.13%。深证成指报收于12557.68，上涨0.38%。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) | | --- | --- | --- | --- | --- | --- | | 300849 | 锦ኖ新材 | 14.38 | 11.73% | 13.97万 | 1.98亿 | | 600315 | 上海家化 | 28.16 | 2.44% | 11.21万 | 3.13亿 | | 603630 | 拉芳家化 | 28.35 | 1.69% | ● 7.06万 | 26661 | | 300740 | 水羊股份 | 21.64 | 0.89% | 10.56万 | 2.28亿 | | 301371 | 敷尔佳 | 26.45 | 0.15% | 1.50万 | ...

Investment Rating - The report maintains a "Buy" rating for the cosmetics and medical beauty sector, highlighting strong growth potential and investment opportunities in the industry [14][19]. Core Insights - The cosmetics and medical beauty sector has shown resilience, outperforming the market during the week of August 29 to September 5, 2025, with the Shenwan Beauty Care Index declining only 0.8% [3][4]. - The transition to autumn skincare marks the beginning of a consumption peak for the sector, with significant sales events such as the Autumn Beauty Consumption Festival and Double 11 approaching, creating new investment opportunities [9][10]. - Major companies in the sector are optimistic about their performance in the second half of 2025, as indicated by a recent conference involving over ten beauty care companies [9]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index remained stable, outperforming the Shenwan A Index by 1.4 percentage points, while the Shenwan Personal Care Index fell by 1.8%, underperforming the Shenwan A Index by 0.3 percentage points [3][4]. Key Company Reviews - **Mao Geping (1318HK)**: Reported a revenue of 2.59 billion yuan for H1 2025, a year-on-year increase of 31%, with a net profit of 670 million yuan, up 36%. The color cosmetics segment saw a revenue of 1.42 billion yuan, while skincare generated 1.09 billion yuan, reflecting strong brand momentum [10][11]. - **Shangmei Co. (02145HK)**: Achieved a revenue of 4.108 billion yuan in H1 2025, a 17.3% increase, with a net profit of 556 million yuan, up 34.7%. The main brand, Han Shu, contributed significantly to growth, with a revenue of 3.344 billion yuan [16][17]. Investment Recommendations - Recommended companies include Shangmei Co., Porlaia, and Shanghai Jahwa, which have strong brand matrices and relatively low PE multiples. Other notable mentions are Marubi Biological and Mao Geping, which are positioned well to benefit from the rise of domestic beauty brands [10][19]. - The report suggests focusing on companies with strong R&D capabilities and product pipelines, particularly in the upstream medical beauty segment, with a recommendation for Aimeike [10][19]. Market Trends - The report notes a significant increase in online sales, with H1 2025 online revenue for Mao Geping reaching 1.297 billion yuan, a 39% year-on-year increase, marking a shift in consumer purchasing behavior towards online platforms [12][18]. - The overall cosmetics retail market showed a 4.5% growth in July 2025, indicating a robust recovery in consumer spending [23][26]. Strategic Developments - Porlaia's investment in Huazhi Xiao reflects a strategic move to enhance its multi-brand strategy and capitalize on the influence of Gen Z consumers [28]. - The report highlights the competitive landscape, noting that domestic brands are increasingly capturing market share, with a notable shift in consumer perception from "value for money" to "quality choice" [32].

Market Overview - The cosmetics sector experienced a decline of 1.93% on September 3, with Jiaheng Jiahua leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Bawei Co. (837023) saw an increase of 2.86%, closing at 20.17 with a trading volume of 70,000 shares and a turnover of 139 million yuan [1] - Lafang Jiahua (603630) increased by 2.46%, closing at 28.35 with a trading volume of 171,800 shares and a turnover of 496 million yuan [1] - Jiaheng Jiahua (300955) experienced the largest decline of 8.73%, closing at 32.09 with a trading volume of 141,300 shares and a turnover of 475 million yuan [2] - Other notable declines include Huaye Fragrance (300886) down 6.05% and Jincheng New Materials (300849) down 3.78% [2] Capital Flow Analysis - The cosmetics sector saw a net outflow of 176 million yuan from institutional investors, while retail investors contributed a net inflow of 95.35 million yuan [2] - The main capital inflow and outflow for individual stocks showed that Lafang Jiahua had a net inflow of 28.51 million yuan from institutional investors, while Jiaheng Jiahua had a net outflow of 7.93 million yuan [3] - The overall trend indicates a mixed sentiment among retail and institutional investors, with retail investors showing some interest despite the overall sector decline [2][3]

Market Overview - The cosmetics sector experienced a decline of 0.97% on September 2, with Huaye Fragrance leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Jiahen Jiahua (300955) saw a significant increase of 7.16%, closing at 35.16 with a trading volume of 127,400 shares and a turnover of 437 million yuan [1] - Other notable gainers included Bawi Co. (837023) with a 3.87% increase and Lafang Jiahua (603630) with a 2.60% increase [1] - Conversely, Huaye Fragrance (300886) led the declines with a drop of 4.05%, closing at 31.55 [2] - The overall performance of the cosmetics sector showed mixed results, with several stocks experiencing declines [2] Capital Flow Analysis - The cosmetics sector saw a net outflow of 216 million yuan from institutional investors, while retail investors contributed a net inflow of 210 million yuan [2] - The table of capital flow indicates that Lafang Jiahua had a net inflow of 49.77 million yuan from institutional investors, despite a net outflow from retail investors [3] - Other companies like Jinxing New Materials (300849) and Shanghai Jahwa (600315) also experienced varying degrees of net inflows and outflows from different investor categories [3]

Group 1 - The cosmetics sector increased by 0.56% on September 1, with Lafang Jiahua leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Lafang Jiahua's stock price rose by 9.99% to 26.97, with a trading volume of 114,000 shares and a transaction value of 300 million yuan [1] Group 2 - The cosmetics sector saw a net inflow of 15.558 million yuan from institutional investors, while retail investors contributed a net inflow of 45.296 million yuan [2] - Major stocks in the sector experienced varied capital flows, with Lafang Jiahua having a net inflow of 75.247 million yuan from institutional investors [3] - Other companies like Jiahen Jiahua and Huaye Fragrance also saw significant net inflows, while stocks like Marubi Biological and Shanghai Jahwa experienced net outflows from institutional and retail investors [3]

Core Insights - The article highlights the strategic upgrade of Furuida Bio Co., Ltd. as it navigates the dual transformation of rationalization in the consumer market and the reconstruction of value in the beauty industry, creating historic opportunities for domestic brands to break through foreign barriers [3] Group 1: Financial Performance - In the first half of 2025, Furuida achieved a revenue of 1.79 billion yuan, with a net profit attributable to shareholders of 108 million yuan and a net profit excluding non-recurring items of 105 million yuan [3] - The core brand Yilian generated over 550 million yuan in revenue, reflecting a year-on-year growth rate of 23.78%, demonstrating the effectiveness of its functional value strategy [3] Group 2: Market Position and Strategy - Furuida's cosmetics segment reported a semi-annual revenue of 1.094 billion yuan in 2025, with Yilian and Aier Doctor contributing 554 million yuan and 451 million yuan, respectively [4] - The company is leveraging a three-dimensional driving system of "technology research and development, market insight, and cultural narrative" to convert short-term traffic into long-term brand assets [4][5] Group 3: Technological Innovation - Furuida is advancing in the synthetic biology field with a dual strategy of "hyaluronic acid + recombinant collagen," aiming to build a technological moat for future growth [6] - The recombinant collagen market in China is projected to grow from 1.5 billion yuan in 2017 to 10.8 billion yuan in 2021, with an expected compound annual growth rate of 42.4% by 2027 [6] Group 4: Product Development and Market Trends - The company has launched a medical beauty brand, Kemi, focusing on recombinant collagen, and has invested over 100 million yuan in building the first production line for recombinant collagen in Shandong Province [6][8] - Furuida's innovative approach includes the development of a platform centered on hyaluronic acid, with five innovative raw material systems and two invention patents in transdermal delivery technology [7][8] Group 5: Future Outlook - Furuida's strategic transition from "basic beauty" to "technology beauty" positions it as a potential rule-maker in the evolving beauty industry landscape, characterized by robust cash flow and a focus on high-end brand models [10]