证券研究报告·行业点评报告 2026 年 2 月 26 日 江海证券研究发展部 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -2.51 -5.22 -14.9 绝对收益 -2.41 0.62 3.69 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业深度报告-美容护理行 业：专业皮肤护理行业研究-巨子生物、敷 尔佳、创尔生物 – 2026.01.14 2. 江海证券-行业点评报告-美容护理行 业：创健医疗重组胶原蛋白植入剂获批， 林清轩通过港交所上市聆讯 – 2025.12.30 3. 江海证券-行业点评报告-美容护理行 业："双 11"天猫抖音美妆榜出炉，巨子 生物重组 I 型胶原蛋白冻干纤维获批 – 2025.10.27 执业证书编号：S1410525120001 消费行业研究组 分析师：黄燕芝 2025 年，珀莱雅稳居淘宝天猫化妆品 榜首，韩束蝉联抖音化妆品榜首 事件： 美容护理行业 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 ...

招银国际发布研报称，2026年春节，旅游出行增长具备韧性且符合市场预期，"长途游"与"家庭化"是两 大关键词。从线下消费上看，春节期间全国重点零售和餐饮企业日均销售额较2025年同期增长5.7%， 较去年春节假期增速加快1.6个百分点。线上消费方面，相较618和双11，春节假期为美护品牌的动销淡 季，各品牌表现分化显著；受品牌营销重心向线下倾斜及去年同期高基数影响，黄金珠宝整体销售表现 相对偏弱，趋势蔓延至下沉市场而受益显著的大众化品牌。 招银国际主要观点如下： 旅游出行：增长具备韧性符合市场预期，"长途游"和"家庭化"是关键词 据国家文旅部，春节假期(2026年2月15日-2026年2月23日)全国国内出游5.96亿人次，出游总花费8034.83 亿元，折合日均出游人次/日均旅游花费分别同比增长5.7%/5.5%(2025年春节日均：+5.7/7.0%)。 马蜂窝数据显示，截至2月22日(农历正月初六)，春节期间5天及以上长线出游订单占比达59.6%，人均 出游天数6.4天，同比增长0.5天。飞猪平台显示春节假期内国内游订单量同比增长80%，人均预订金额 同比提升约10%。国际长线游方面，国家移民管理局数据 ...

2025年以来，中国美妆行业迎来一场久违的资本竞速赛。 林清轩、HBN、半亩花田、自然堂、植物医生等一众国货美妆品牌密集递交招股书，甚至是已经上市的老牌国货美妆品牌珀莱雅、丸美生物亦向 港交所发起冲刺。 表面上看这是国货美妆集体爆发的"高光时刻"。 但透过厚重的招股书与财报数据，却能嗅到一股强烈的行业焦虑：线上流量红利见顶，"买量换增长"的边际效益逐渐递减。 面对这一增长瓶颈，向实体零售要增量成为破局的共识。以HBN、半亩花田等为代表的新锐国货品牌正急于抢抓IPO的时间窗口，试图募资"弹 药"大举加码线下市场，通过在一二线核心商圈铺设直营专柜、快闪店与精品店，构建起更重的资产壁垒。 而在新锐势力"线下"的攻势面前，那些原本拥有庞大实体分销网络的老牌美妆巨头正面临更多挑战。 面对传统客流被分流的压力，老牌巨头们被迫走出渠道舒适区，加速在美团、京东秒送等"即时零售"新业态中寻找增量以图反击，试图用数字化 网络重新激活厚重的线下基本盘。 这种触达路径的根本性颠覆，让那些原本难以攻入核心商圈的新锐国货可以绕过巨头，在直播间的聚光灯下获得一条足以"弯道超车"的黄金赛 道。 正是在这一时期，国货美妆品牌纷纷崛起。 以HB ...

美护情绪回暖、新股上市加速，投资机会如何看待？-20260207 开源_导读 2026年02月08日 21:12 关键词 美股板块 资金轮动 科技博弈 消费回归 化妆品 弹性消费品 珀莱雅 贝泰妮 尚美股份 若晨 毛戈平 高端美妆 国货溢 价 半亩花田 HBN 功效护肤 A醇 科研成果 SCI论文 专利 全文摘要 研究团队分析了美股板块近期的行情，重点关注科技与消费板块的资金轮动，以及政策和市场情绪的积极影响。 特别提到了周四美股的涨幅，以及资金从科技板块转向大消费板块的趋势，强调了消费复苏的政策支持和科技领 域景气度的回暖。分享了三条投资主线：估值合理的行业龙头、业绩确定性强且有高增长潜力的标的、以及高端 美妆与国货的持续溢价。 美护情绪回暖、新股上市加速，投资机会如何看待？-20260207 开源_导读 2026年02月08日 21:12 关键词 美股板块 资金轮动 科技博弈 消费回归 化妆品 弹性消费品 珀莱雅 贝泰妮 尚美股份 若晨 毛戈平 高端美妆 国货溢 价 半亩花田 HBN 功效护肤 A醇 科研成果 SCI论文 专利 全文摘要 研究团队分析了美股板块近期的行情，重点关注科技与消费板块的资金轮动， ...

每经AI快讯，海通国际2月24日发布研报称，给予珀莱雅（603605.SH）"优于大市"评级。评级理由主要 包括：1）珀莱雅正处于战略执行与管理层迭代的关键交汇点，"双十"目标锚定长期方向，新一代管理 团队已就位，2026年将重回稳健增长通道；2）2026年公司将进入新品周期与多品牌收获期，收入增速 有望修复；3）"双十战略"锚定十年进入全球前十，内生提效是当前重心，外延扩张将是必经之路；4） 2026年化妆品行业竞争仍旧激烈，和消费者契合的质价比产品才能脱颖而出。风险提示：行业竞争超预 期加剧、新品培育不及预期、渠道流量成本快速攀升以及核心原材料价格波动、公司核心人员变 动、"双十"目标不及预期、负面舆情。 每经头条（nbdtoutiao）——伤亡180万人！俄乌冲突四周年，陷入谈判死局、战场僵局、经济困局！谁 为战争买单 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a steady recovery in consumer spending during the Spring Festival, with significant increases in payment transactions and retail sales compared to the previous year [4][26] - The report emphasizes the importance of high-quality companies in high-growth sectors driven by emotional consumption themes [7][35] Summary by Sections Industry Dynamics - The Spring Festival saw a robust recovery in social consumption, with payment transactions on New Year's Eve reaching 4.931 billion, a 21.64% increase from the previous year [4][26] - Key regions like Hainan and cities such as Tianjin and Zhenjiang showed strong performance in retail and dining, with Hainan's duty-free shopping amounting to 1.03 billion yuan, up 20.9% year-on-year [4][27] - Domestic travel orders surged by 60%, and outbound travel orders increased by over 180% during the holiday period [4][26] Investment Recommendations - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending companies like Laopai Gold and Chaohongji for their differentiated product offerings [7][35] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [7][35] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Proya [7][35] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending companies like Meilitiantian Medical Health and Aimeike [7][35] Market Performance - The retail and social service indices reported declines of 1.59% and 0.78% respectively during the week from February 9 to February 13, 2026 [6][15] - The report notes that the education sector saw the highest growth among sub-sectors, while the watch and jewelry sector led the year-to-date performance with an 11.29% increase [6][18] Company Highlights - Laopai Gold reported a significant revenue increase of 250.9% in the first half of FY2025, driven by strong consumer demand and brand expansion [37] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in FY2025, supported by its differentiated product strategy [37] - Maogeping and Proya are highlighted for their strong performance in the beauty sector, with Maogeping achieving a revenue increase of 31.3% in FY2025 [37]

Group 1: Stock Recommendations - 吉利汽车 (Geely Auto) has a market cap of $23.4 billion, with a target price of $25.00, indicating an upside potential of 48%[5] - 正力新能 (Zhengli New Energy) has a market cap of $2.8 billion, with a target price of $18.00, indicating an upside potential of 113%[5] - 极兔速递 (Jitu Express) has a market cap of $12.2 billion, with a target price of $13.40, indicating an upside potential of 25%[5] - 三一国际 (Sany International) has a market cap of $6.2 billion, with a target price of $20.60, indicating an upside potential of 37%[5] - 瑞幸咖啡 (Luckin Coffee) has a market cap of $11.0 billion, with a target price of $54.68, indicating an upside potential of 41%[5] Group 2: Performance Overview - The basket of 26 long positions had an average return of -2.3%, outperforming the MSCI China Index, which returned -2.4% by 0.1 percentage points[10] - Out of the 26 stocks, 11 had returns exceeding the benchmark[10] - The report includes a new addition of Datadog (DDOG US) to the buy list, while Salesforce (CRM US) has been removed[7]

Summary of the Conference Call for Proya Company Overview - Proya is a leading Chinese skincare brand that has successfully transitioned to online sales channels, leveraging digital strategies such as KOL marketing and live streaming sales to capture market trends. Online sales now account for over 50% of total sales, surpassing offline sales, positioning Proya ahead of domestic competitors [2][3]. Key Points and Arguments Market Position and Strategy - Proya's success with bubble masks has not only driven high short-term sales (over 300 million yuan in three months) but has also helped identify a target demographic of young consumers, facilitating a shift from lower-tier to higher-tier cities [2][3]. - The company has adopted a "Early C, Late A" skincare formula and high-cost performance flagship products (e.g., dual anti-aging essence and ruby essence) to attract consumers seeking alternatives to high-end brands. Flagship products accounted for over 25% of Proya's main brand sales by 2021, with over 60% on Tmall [3]. Future Development Focus - Proya plans to expand its focus from flagship products to a multi-category and multi-brand strategy, inspired by international brands like L'Oréal. This includes upgrading existing flagship products and applying core ingredients to other skincare categories to reach a broader consumer base [4]. Marketing and Channel Strategies - The company has shifted its marketing approach from traditional celebrity endorsements to KOL-driven and emotional marketing, particularly targeting young consumers. Proya's ROI on Douyin (TikTok) has exceeded 3, and the proportion of online direct sales has increased from 34% in 2016 to 79% in 2024 [5]. Impact of Flagship Product Strategy - The flagship product strategy has led to significant new customer growth and a shift in brand positioning. The core customer demographic has changed from ages 31-40 in 2019 to 18-23 in 2023, reflecting a younger consumer base [6][7]. Challenges for International Brands - International brands face challenges in the domestic market, including missed opportunities on Douyin, outdated decision-making processes, and unclear target customer profiles. These brands are beginning to adapt by utilizing Douyin and launching flagship product bundles, but the sustainability of this model is questioned [8][9]. Competitive Advantages of Proya - Proya has a more precise core customer targeting, focusing on young ingredient-conscious consumers, while international brands have a more ambiguous customer base. Proya's rapid product iteration meets the needs of this demographic more effectively than international brands, which often rely on high-end ingredient stories [10]. International Brand Strategies - In response to declining flagship product sales, international brands are launching new product lines, such as L'Oréal's "Little Honey Pot" and Olay's "Super Red Bottle," which have seen success through innovation and new ingredient introductions [11]. Proya's Product Iteration and Innovations - Proya is actively iterating its product lines in anti-aging, whitening, and repair categories, with notable products like the ruby series and high-end energy series. The company is also exploring cell-level care and aesthetic skincare trends to capture more consumer interest [12]. Multi-Category and Multi-Brand Strategy - Proya is diversifying its product offerings and brands to mitigate reliance on flagship products. This includes acquisitions and the establishment of new brands, such as the acquisition of a 38.45% stake in Huazhi, which has strong market influence [13]. Future Outlook - Proya's future outlook is optimistic, with expectations for its main brand to stabilize and slightly rebound by 2026. Key factors influencing performance include potential customer return from international brands, the absence of strong competing flagship products, and the continued success of its multi-brand strategy. Financial projections indicate a net profit of approximately 1.579 billion yuan in 2025, with a PE ratio of 17 times in 2026 [14].

Group 1: Core Insights - The report on Proya (603605) highlights its establishment of a big product strategy through effective channel management, marketing, and customer targeting, which has led to the successful launch of popular products like the bubble mask [3][4] - Proya's future growth potential is supported by its ability to quickly adapt to market trends and consumer preferences, particularly among younger demographics, as evidenced by its strategic product iterations and emotional marketing [3][4] - The report indicates that Proya's expansion into multiple product categories is underway, with sub-brands targeting specific consumer pain points, which is expected to enhance its market presence and revenue streams [5] Group 2: Financial Projections - Proya is projected to achieve revenues of 10.93 billion, 12.14 billion, and 13.32 billion yuan for 2025-2027, reflecting growth rates of 1%, 11%, and 10% respectively [6] - The net profit attributable to shareholders is expected to be 1.58 billion, 1.78 billion, and 2.00 billion yuan for the same period, with growth rates of 2%, 13%, and 12% respectively, indicating a stable financial outlook [6] Group 3: Industry Analysis - The report on SF Express (9699.HK) emphasizes the rapid growth of the instant delivery sector, driven by increased consumer acceptance and the expansion of e-commerce platforms, which is expected to enhance local retail penetration [10][11] - SF Express has shown significant revenue growth since its establishment, with a projected revenue of 21.97 billion yuan in 2025, reflecting a year-on-year increase of 39.54% [13] - The report notes that the instant delivery industry is anticipated to maintain a compound annual growth rate (CAGR) of approximately 17% from 2025 to 2028, indicating robust market potential [10][11] Group 4: Competitive Positioning - SF Express is positioned as the largest third-party instant delivery platform in China, benefiting from strong brand recognition and resource backing from its parent company, which enhances its competitive edge [11][12] - The report highlights the importance of technological advancements, such as AI and autonomous delivery vehicles, in improving operational efficiency and service quality, which are critical for sustaining growth in the competitive landscape [12][13] Group 5: Coal Industry Insights - The report on Huaibei Mining (600985) identifies the company as a leading player in the coal and coke industry, with a focus on coal production and chemical processing, projecting a recovery in production and pricing in 2026 [14][15] - Huaibei Mining's coal production is expected to rebound significantly in 2026, driven by the resumption of operations at key mines and improved market conditions, with a projected increase in coal prices [15][16] - The company is anticipated to benefit from a favorable pricing environment and cost management strategies, positioning it well for profitability in the coming years [16][18]

Core Insights - The report from Guohai Securities highlights the growth momentum of Proya, emphasizing the importance of a big product strategy that focuses on channels, marketing, and customer demographics [1] - Proya has effectively captured market opportunities and addressed the pain points of young consumers through its "early C, late A" big product launches [1] Group 1: Big Product Strategy - The three core elements of the big product strategy are channels, marketing, and customer demographics [1] - The company has optimized its customer structure and enhanced brand positioning through product iteration, category expansion, and emotional marketing combined with direct sales channel operations [1] Group 2: Market Trends and Performance - The rise of Douyin has led to a trend where product sets composed of big products are becoming popular, with 95% of sales for Estee Lauder's Little Brown Bottle and 85% for La Mer's Black Essence coming from product sets on Douyin by 2025 [1] - Different sub-brands in the beauty industry continue to innovate products targeting various pain points of the young demographic, with Cai Tang experiencing sustained high growth and Hua Zhixiao accelerating its overseas expansion, expecting over 100 million yuan in overseas revenue by 2024 [1] Group 3: Financial Performance - The hair care sub-brand OR is positioned as a mid-to-high-end brand, achieving revenue of 279 million yuan in the first half of 2025, representing a year-on-year increase of 102.52% [1] - As a pioneer of the "early C, late A" big product strategy, Proya is expected to achieve stable growth through continuous development of big products and category expansion [1]