Market Overview - The cosmetics sector experienced a slight decline of 0.13% on December 26, with Qingsong Co. leading the drop [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Individual Stock Performance - Marubi Biotechnology (603983) closed at 33.09, up 0.91% with a trading volume of 23,700 shares and a turnover of 78.26 million yuan [1] - Shanghai Jahwa (600315) closed at 23.17, up 0.83% with a trading volume of 32,000 shares and a turnover of 74.08 million yuan [1] - Furuida (600223) closed at 7.39, up 0.41% with a trading volume of 55,100 shares and a turnover of 40.71 million yuan [1] - Proya Cosmetics (603605) closed at 67.92, up 0.06% with a trading volume of 27,900 shares and a turnover of 20.06 million yuan [1] - Betaini (300957) closed at 40.48, down 0.59% with a trading volume of 37,100 shares and a turnover of 151 million yuan [1] - Other notable declines include Qingsong Co. (300132) down 1.57% and Jinsong New Materials (300849) down 1.55% [2] Capital Flow Analysis - The cosmetics sector saw a net outflow of 80.47 million yuan from institutional investors, while retail investors contributed a net inflow of 70.02 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow for Selected Stocks - Furuida (600223) had a net inflow of 7.77 million yuan from institutional investors, but a net outflow of 4.35 million yuan from retail investors [3] - Huaye Fragrance (300886) saw a net inflow of 3.30 million yuan from institutional investors, while retail investors had a net outflow of 1.01 million yuan [3] - Marubi Biotechnology (603983) experienced a net inflow of 1.22 million yuan from institutional investors, with retail investors also seeing a net outflow [3] - Qingsong Co. (300132) had a significant net outflow of 1.57 million yuan from institutional investors [3]

证券之星消息，12月24日化妆品板块较上一交易日上涨0.73%，嘉亨家化领涨。当日上证指数报收于 3940.95，上涨0.53%。深证成指报收于13486.42，上涨0.88%。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 | 41.51 | 8.32% | 7.93万 | | 3.25 乙 | | 300132 | 青松股份 | 8.26 | 4.03% | 33.14万 | | 2.72亿 | | 300849 | 锦盛新材 | 16.44 | 1.54% | 3.26万 | 5332.58万 | | | 600315 | 上海家化 | 22.93 | 1.37% | - 3.05万 | 6938.73万 | | | 300740 | 水羊股份 | 21.62 | 1.22% | 8.64万 | | 1.86亿 | | 301371 | 敷尔佳 | 24.02 | 0.88% | 1.77万 | 4224.01万 | ...

宁夏回族自治区药品监督管理局关于2025年100批次化妆品质量抽检信息的通告 | | | | | 工程有限公司 | 公司 | 品检验 | 格 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 研究院 宁夏药 | | | 14 宣称保湿、滋润、亮肤、抗皱功效的普通 | | CAF枸杞奢润焕颜霜 | F51701 | 银川凤仪堂生物 | 银川凤仪堂生物工程有限 | 品检验 | 合 | | 护肤类（不包括淋洗类、儿童类）产品 | | | | 工程有限公司 | 公司 | | 格 | | | | | | | | 研究院 | | | 15 宣称保湿、滋润、亮肤、抗皱功效的普通 | 护肤类（不包括淋洗类、儿童类）产品 | by the world复合重组胶原蛋 白精华乳 | F51601 | 银川凤仪堂生物 工程有限公司 | 银川凤仪堂生物工程有限 公司 | 宁夏药 品检验 | 合 格 | | | | | | | | 研究院 | | | | | | | | | 宁夏药 | | | 16 宣称保湿、滋润、亮肤、抗皱功效的普通 | | CAF地龙 ...

Group 1 - The "Annual Outstanding PR Team" award recognizes PR teams that have made significant contributions to brand image maintenance and industry public relations governance [4] - The award aims to highlight the importance of effective communication in enhancing market vitality and confidence [4] - The selection process involved quantitative data analysis and expert review to determine the final results [4] Group 2 - The "Golden Grid Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community [4] - The evaluation covers all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [4] - Ten companies, including 361 Degrees, Anta Sports, Yum China, and others, were awarded the "Annual Outstanding PR Team" award [1][4]

Group 1 - The event "Technology Empowerment, Capital Breakthrough" was held online by Gelonghui on December 22, where the annual outstanding company awards were announced [1] - The "Golden Gelong Award" recognized ten companies for their "Outstanding PR Team of the Year," including 361 Degrees, Anta Sports, Yum China, Baiwang, Hehe Information, Jitu Express, Jianshi Technology, Shanghai Jahwa, Yadea Holdings, and Yika [1] - The award aims to honor PR teams that have made significant contributions to brand image maintenance and industry public relations governance, highlighting the importance of effective communication in enhancing market vitality and confidence [1] Group 2 - Gelonghui's evaluation aims to create a reference list of the most valuable listed companies and unicorns in the investment circle, covering all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [2]

Investment Rating - The report assigns an "Accumulate" rating for the beauty and personal care sector, indicating a positive outlook for the industry [6]. Core Insights - The beauty and personal care sector has experienced a significant pullback since August, with leading high-growth companies' valuations returning to 20-30x, and PEG ratios mostly below 1x, suggesting the sector is expected to bottom out [3][6]. - Lin Qingxuan is set to go public, focusing on the oil-based skincare segment, with a projected doubling of performance in the first half of 2025 [3][6]. Summary by Sections Market Performance - The beauty and personal care sector saw a decline of over 15% since August, with leading companies experiencing a valuation correction to 20-30x. The sector's maximum drawdown reached 17%, with top companies seeing declines of over 30% [6][8]. - The Shenyuan Beauty Care Index recorded a maximum increase of 19% in 2025, with key growth stocks like Ruoyuchen, Shangmei, and Maogeping achieving maximum gains of 239%, 198%, and 121% respectively [6][8]. Company Highlights - Lin Qingxuan, which is set to launch its IPO, plans to issue 13.97 million shares at an offering price of 77.77 HKD per share, corresponding to a market capitalization of 10.9 billion HKD. The company has secured cornerstone investors including Fidelity and others, with total subscriptions reaching 62 million USD [6][8]. - Lin Qingxuan's revenue for the first half of 2025 is projected at 1.05 billion CNY, reflecting a year-on-year increase of 98%, with a net profit of 182 million CNY, up 110%. The company's main product, a camellia oil essence, generated 480 million CNY in revenue, marking a 176% increase [6][8]. Investment Recommendations - The report suggests a bottom-up selection of stocks with product and channel innovations, highlighting strong growth potential in the beauty and personal care sector. Recommended stocks include: 1. High-growth brands: Ruoyuchen, Shangmei, Maogeping 2. Stable fundamentals with potential for improvement: Dengkang Oral, Shanghai Jahwa, Shuiyang, Jinbo Biological, Beitaini, Marubi, Qingsong 3. Stocks expected to bottom out: Pola, Juzibio, Lafang, Runben, Meilitiantian Medical Health, Furida, Huaxi Biological [6][7].

胥洪擎：硕士。曾任中国平安人寿保险股份有限公司投后管理部经理、投资风控部高级经理、资产配置 部高级经理。现任中国平安人寿保险股份有限公司资产配置部副总经理、本公司董事。 特此公告。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 鉴于邓明辉先生已辞去公司董事及董事会审计与风险管理委员会委员职务，根据《公司法》和《公司章 程》的有关规定，经公司九届五次董事会一致审议通过，补选胥洪擎先生为公司第九届董事会审计及风 险管理委员会委员，委员任期与本届董事会任期一致。 证券代码：600315 证券简称：上海家化 公告编号：临2025-053 上海家化联合股份有限公司董事会 上海家化联合股份有限公司 关于补选公司董事会审计与风险管理委员会委员的公告 2025年12月18日 ...

Core Viewpoint - Shanghai Jahwa announced the resignation of Mr. Deng Minghui from the board of directors and the audit and risk management committee, followed by the appointment of Mr. Xu Hongqing as a new member of the committee, with the term aligned with the current board's tenure [2] Group 1 - Mr. Deng Minghui has resigned from his positions as a director and a member of the audit and risk management committee [2] - The board of directors unanimously approved the appointment of Mr. Xu Hongqing to the audit and risk management committee [2] - Mr. Xu Hongqing's term will be consistent with the current board's term [2]

鉴于邓明辉先生已辞去公司董事及董事会审计与风险管理委员会委员职务， 根据《公司法》和《公司章程》的有关规定，经公司九届五次董事会一致审议通 过，补选胥洪擎先生为公司第九届董事会审计及风险管理委员会委员，委员任期 与本届董事会任期一致。 胥洪擎：硕士。曾任中国平安人寿保险股份有限公司投后管理部经理、投资 风控部高级经理、资产配置部高级经理。现任中国平安人寿保险股份有限公司资 产配置部副总经理、本公司董事。 特此公告。 上海家化联合股份有限公司董事会 2025 年 12 月 18 日 证券代码：600315 证券简称：上海家化 公告编号：临 2025-053 上海家化联合股份有限公司 关于补选公司董事会审计与风险管理委员会委员的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ...

Core Insights - The report emphasizes two main investment directions for 2026: recovery sectors focusing on profit inflection points and growth sectors targeting high revenue increases [4][19][20] Recovery Sectors - The duty-free sector is showing signs of recovery with favorable policies enhancing consumption, including expanded product categories and improved shopping convenience [4][19] - The hotel industry is expected to see a gradual improvement in RevPAR, with business and leisure demand stabilizing, indicating a potential operational turning point in Q4 or next year [4][19] - The tourism sector remains resilient despite macroeconomic pressures, with increasing travel volumes and government initiatives aimed at boosting consumption in various travel themes [4][19] Growth Sectors - The beauty industry is experiencing intensified competition, with a focus on channel value reconstruction and brand establishment [4][20] - The gold and jewelry sector is witnessing a recovery, driven by new product launches and an increasing focus on high-end market competition [4][20] - The cross-border e-commerce sector is expected to rebound, supported by stable policies and a decrease in shipping costs, with strong demand from the U.S. market [4][20] Key Company Recommendations - For duty-free, China Duty Free Group is recommended for its long-term growth potential, with attention to Wangfujing and Zhuhai Duty Free Group [4] - In the hotel sector, companies like Jinjiang Hotels, Atour, and Huazhu are highlighted for their growth prospects [4] - In tourism, companies such as Three Gorges Tourism and Changbai Mountain are suggested for monitoring acquisition and new business developments [4] - The beauty sector includes recommendations for brands like Maogeping and Proya, focusing on channel strategies [4] - For gold and jewelry, companies like Chow Tai Fook and Lao Pu Gold are recommended for their market positioning [4] - In retail, companies like Yonghui Supermarket and Xinhua Department Store are noted for their recovery potential [4]