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中报发布进行时,珠宝、美护优质品牌验证高景气
KAIYUAN SECURITIES· 2025-08-24 14:42
Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a recovery, with high growth in premium and fashionable segments, particularly in gold jewelry and beauty care [23][27] - The report emphasizes the importance of emotional consumption themes driving growth in high-quality companies within the sector [30] Summary by Sections Retail Market Review - The retail industry index rose by 4.21% during the week of August 18-22, 2025, outperforming the Shanghai Composite Index by 2.20 percentage points [12][20] - The internet e-commerce sector showed the highest growth, with a weekly increase of 7.71% [13][17] - Year-to-date, the jewelry sector has led with a 33.74% increase [13][17] Retail Insights: Mid-Year Reports - Gold jewelry companies like Laopuhuang and Chaohongji reported significant revenue growth, with Laopuhuang achieving a revenue of 12.354 billion yuan (+251.0%) and a net profit of 2.268 billion yuan (+285.8%) [23][35] - Beauty care brands such as Shanghai Jahwa and Runben also showed positive performance, with Shanghai Jahwa reporting a net profit of 266 million yuan (+11.7%) [27][38] Focus on High-Quality Companies - Investment focus includes: - Gold jewelry brands with differentiated product offerings, recommending Laopuhuang and Chaohongji [30][32] - Offline retail companies adapting to trends, recommending Yonghui Supermarket and Aiyingshi [30][32] - High-quality domestic beauty brands, recommending Maogeping and Pola [30][32] - Medical beauty product manufacturers, recommending Aimeike and Kedi-B [30][32] Company-Specific Highlights - Laopuhuang: Achieved a revenue of 12.354 billion yuan (+250.9%) and a net profit of 2.268 billion yuan (+285.8%) in H1 2025, with strong brand expansion and channel upgrades [35][36] - Runben: Reported a revenue of 895 million yuan (+20.3%) and a net profit of 188 million yuan (+4.2%) in H1 2025, focusing on expanding its product matrix [38][40] - Aiyingshi: Achieved a revenue of 1.835 billion yuan (+8.3%) and a net profit of 46.74 million yuan (+10.2%) in H1 2025, with steady store expansion [42]
洗护行业深度研究报告:细分化功效化趋势不改,国货洗护潜力无限
行 业 及 产 业 美容护理 行 业 研 究 / 行 业 深 度 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 联系人 王盼 (8621)23297818× wangpan@swsresearch.com 2025 年 08 月 24 日 细分化功效化趋势不改,国货洗护 潜力无限 看好 ——洗护行业深度研究报告 本期投资提示: 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 洗护行业仅次于护肤品为化妆品赛道第二大领域,有较大国产替代潜力。洗护用品指清 洁和修饰皮肤、身体、头发等部位的产品,主要可分为沐浴、护发、洁面等护理产品, 为化妆品行业的第二大细分类目,在国民生活中占据重要地位。随着消费者对生活品质 的追求提升,洗护产品需求不断升级,市场呈现出细分化和个性化的特点。国内品牌因 更了解本土消费者需求而具有优势,在国际大牌主导,国货市场份额分散的背景下,差 异化定位抢占细分市场客群蕴藏机会。 ...
珀莱雅(603605) - 珀莱雅化妆品股份有限公司关于部分股权激励限制性股票回购注销完成的公告
2025-08-24 08:01
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。 一、本次股权激励限制性股票回购注销的决策与信息披露 | | | 珀莱雅化妆品股份有限公司 关于部分股权激励限制性股票回购注销完成的公告 三、回购注销股权激励限制性股票后公司股本结构变动情况 公司本次回购注销股权激励限制性股票后,公司股本结构变动情况如下: 单位:股 | 类别 | 变动前数量 | 变动数量 | 变动后数量 | | --- | --- | --- | --- | | 有限售条件股份 | 842,520 | -242,424 | 600,096 | | 无限售条件股份 | 395,405,086 | 0 | 395,405,086 | | 总计 | 396,247,606 | -242,424 | 396,005,182 | 注:"变动前数量"的"总计"为截至本公告披露日工商登记最新总股本,不包括2025 年4月1日至本公告披露日期间的可转债转股数量。 2025 年 6 月 26 日,珀莱雅化妆品股份有限公司(以下简称"公司")召开 第四届董事会第五次会议和第四届监事会 ...
珀莱雅(603605) - 珀莱雅化妆品股份有限公司关于“珀莱转债”转股价格调整暨转股停牌的公告
2025-08-24 07:46
| | | 珀莱雅化妆品股份有限公司 关于"珀莱转债"转股价格调整暨转股停牌的公告 调整前转股价格:96.23 元/股 调整后转股价格:96.26 元/股 珀莱转债转股价格调整起始日:2025 年 8 月 26 日 珀莱转债自 2025 年 8 月 25 日停止转股,2025 年 8 月 26 日起恢复转股 万元,并于 2022 年 1 月 4 日在上海证券交易所上市交易,债券简称"珀莱转债", 债券代码"113634"。珀莱转债的存续时间为 2021 年 12 月 8 日至 2027 年 12 月 7 日。转股期限为 2022 年 6 月 14 日至 2027 年 12 月 7 日,初始转股价格为 195.98 元/股。 一、转股价格调整依据 1、根据《珀莱雅化妆品股份有限公司公开发行 A 股可转换公司债券募集说明 书》(以下简称"《募集说明书》")相关条款以及中国证监会关于可转换公司债券 发行的有关规定,珀莱转债在发行后,当公司发生送红股、转增股本、增发新股 (不包括因本次发行的可转债转股而增加的股本)、配股以及派发现金股利等情况 时,公司将按上述条件出现的先后顺序,依次对转股价格进行累积调整,具体调 整 ...
全球客商云集浙江杭州 共商未来美妆生态
Zhong Guo Xin Wen Wang· 2025-08-21 13:49
中新网杭州8月21日电 (潘沁文)8月20日至21日,2025CBE杭州国际美容博览会在浙江杭州举行。此次大 会汇聚来自20个国家和地区的超1000家化妆品产业链相关展商,共襄驱动美妆经济增长、引领产业未来 生态的盛会。 "中国文化正在以鲜活的创新形式走向世界,中国消费品在全球市场日益增长的影响力让我们相信,坚 持创新驱动,中国美妆必将成为下一个风靡全球的中国'金名片'。"侯军呈说道。 美妆生态大会现场。潘沁文 摄 此外,本次展会还值得关注的是,泰国美妆健康产品组团亮相,19家泰国企业迎来新品首发,令不少客 商驻足。 "近年来泰国美妆对华出口持续增长,中国消费者对'泰国制造'的信任度显著提升。"泰国驻上海总领事 馆商务处商务领事陈世光表示,期待通过本次展会让更多优质泰国品牌走进中国市场,并推动中泰企业 技术合作与渠道对接。(完) 创新也是浙江美妆发展的重要关键词。近年来,该省不断深化监管创新,通过制定实施"浙江美妆18 条"、深化备案改革、推进柔性执法等激发产业创新活力。今年上半年,浙江省新原料备案同比增长 100%;化妆品出口额66.42亿元,同比增长12.4%,占全国化妆品出口总额的25.74%,居全国第 ...
2118.28万元资金今日流出美容护理股
(原标题:2118.28万元资金今日流出美容护理股) 沪指8月21日上涨0.13%,申万所属行业中,今日上涨的有17个,涨幅居前的行业为农林牧渔、石油石 化,涨幅分别为1.50%、1.39%。美容护理行业位居今日涨幅榜第三。跌幅居前的行业为机械设备、电 力设备,跌幅分别为1.08%、0.98%。 美容护理行业今日上涨0.98%,全天主力资金净流出2118.28万元,该行业所属的个股共29只,今日上涨 的有20只;下跌的有9只。以资金流向数据进行统计,该行业资金净流入的个股有12只,其中,净流入 资金超千万元的有7只,净流入资金居首的是拉芳家化,今日净流入资金3604.00万元,紧随其后的是水 羊股份、福瑞达,净流入资金分别为2538.65万元、2469.64万元。美容护理行业资金净流出个股中,净 流出资金居前的有青岛金王、中顺洁柔、珀莱雅,净流出资金分别为1.14亿元、2035.84万元、1906.39 万元。(数据宝) 美容护理行业资金流向排名 注:本文系新闻报道,不构成投资建议,股市有风险,投资需谨慎。 | 代码 | 简称 | 今日涨跌幅(%) | 今日换手率(%) | 主力资金流量(万元) | | -- ...
今日93只个股突破半年线
8月20日突破半年线个股乖离率排名 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 半年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | (%) | (%) | (元) | (元) | (%) | | 000721 | 西安饮 食 | 10.06 | 11.89 | 8.97 | 9.85 | 9.78 | | 600660 | 福耀玻 | 10.01 | 2.85 | 56.28 | 61.35 | 9.01 | | | 璃 | | | | | | | 603366 | 日出东 方 | 10.02 | 9.10 | 10.06 | 10.76 | 6.98 | | 300338 | ST开元 | 13.77 | 9.47 | 4.10 | 4.38 | 6.94 | | 688486 | 龙迅股 份 | 8.89 | 11.68 | 71.78 | 75.72 | 5.49 | | 839371 | 欧福蛋 业 | 5.17 | 5.68 | 11.08 | 11.60 | 4.68 | | 688605 ...
美容护理行业8月20日资金流向日报
Market Overview - The Shanghai Composite Index rose by 1.04% on August 20, with 30 industries experiencing gains, led by the beauty and personal care sector, which increased by 2.42% [1] - The oil and petrochemical industry followed closely with a rise of 2.36% [1] - The pharmaceutical and biotechnology sector was the only industry to decline, with a decrease of 0.07% [1] Capital Flow Analysis - The net outflow of capital from the two markets was 30.229 billion yuan, with 10 industries seeing net inflows [1] - The electronics industry had the highest net inflow, amounting to 5.522 billion yuan, and it rose by 2.32% [1] - The food and beverage sector also saw a positive net inflow of 2.494 billion yuan, with a daily increase of 1.39% [1] Beauty and Personal Care Sector - The beauty and personal care industry experienced a rise of 2.42%, with a net inflow of 351 million yuan [2] - Out of 29 stocks in this sector, 22 stocks increased while 7 stocks decreased [2] - The top three stocks with the highest net inflow were Qingdao Kingking (111.57 million yuan), Proya (90.199 million yuan), and Shanghai Jahwa (67.136 million yuan) [2][3] Individual Stock Performance - Qingdao Kingking had a daily increase of 3.84% with a turnover rate of 20.38% and a net capital flow of 111.5719 million yuan [3] - Proya and Shanghai Jahwa also performed well, with increases of 3.66% and 6.21%, respectively [3] - The stocks with the highest net outflows included Reliable Shares (51.0926 million yuan), Hao Yue Care (21.4761 million yuan), and Qingsong Shares (18.5760 million yuan) [4]
珀莱雅(603605)8月20日主力资金净流入1.05亿元
Sou Hu Cai Jing· 2025-08-20 07:40
天眼查商业履历信息显示,珀莱雅化妆品股份有限公司,成立于2006年,位于杭州市,是一家以从事化 学原料和化学制品制造业为主的企业。企业注册资本39624.7606万人民币,实缴资本39624.6981万人民 币。公司法定代表人为侯军呈。 通过天眼查大数据分析,珀莱雅化妆品股份有限公司共对外投资了37家企业,参与招投标项目17次,知 识产权方面有商标信息1203条,专利信息418条,此外企业还拥有行政许可49个。 来源:金融界 资金流向方面,今日主力资金净流入1.05亿元,占比成交额9.62%。其中,超大单净流入4439.28万元、 占成交额4.07%,大单净流入6063.12万元、占成交额5.56%,中单净流出流出6649.09万元、占成交额 6.09%,小单净流出3853.31万元、占成交额3.53%。 珀莱雅最新一期业绩显示,截至2025一季报,公司营业总收入23.59亿元、同比增长8.13%,归属净利润 3.90亿元,同比增长28.87%,扣非净利润3.79亿元,同比增长29.76%,流动比率4.228、速动比率 3.741、资产负债率28.15%。 金融界消息 截至2025年8月20日收盘,珀莱雅(6 ...
每日投资策略-20250819
Zhao Yin Guo Ji· 2025-08-19 02:49
Global Market Overview - The Hang Seng Index closed at 25,177, down 0.37% for the day but up 25.51% year-to-date [1] - The S&P 500 closed at 6,449, down 0.01% for the day and up 9.65% year-to-date [1] - The Shanghai Composite Index rose by 0.85% to 3,728, with a year-to-date increase of 11.23% [1] Industry Insights - The healthcare sector showed resilience, with major life sciences companies reporting better-than-expected performance in 2Q25, leading to upward revisions in annual guidance [5][6] - The pharmaceutical industry is facing pressure on profit margins due to external factors, but major pharmaceutical companies continue to invest in R&D, indicating a stable outlook for innovation [8] - The retail sector in the U.S. demonstrated resilience with a monthly growth rate increase from 0% in the first half of the year to 0.7% in July, indicating strong consumer spending [4] Company Analysis - Tongcheng Travel reported a total revenue of RMB 4.7 billion in 2Q25, a 10% year-on-year increase, with adjusted net profit rising by 18% to RMB 775 million, exceeding expectations [8] - Xtep's sales for the first half of 2025 grew by 7% to RMB 6.8 billion, with net profit increasing by 21% to RMB 913 million, surpassing forecasts [13] - Leap Motor achieved a revenue of RMB 14.2 billion in 2Q25, a 42% quarter-on-quarter increase, marking its first positive operating profit [14] Investment Ratings - Leap Motor is rated as a "Buy" with a target price of HKD 80, reflecting a strong growth outlook driven by new model launches and expanding sales [14] - Xtep maintains a "Buy" rating with a target price of HKD 7.39, supported by robust sales performance and operational efficiency [12] - Tongcheng Travel is also rated as a "Buy," with a target price of HKD 24.00, based on its strong core business performance [8]