Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Views - The report highlights the strong performance of domestic brands in the skincare and cosmetics sectors on platforms like Douyin, with significant market share gains [5][25][28] - The report emphasizes the importance of emotional consumption trends driving growth in various retail segments, particularly in jewelry, cosmetics, and offline retail [30][31] Summary by Sections Retail Market Overview - The retail industry index decreased by 2.22% during the week of July 28 to August 1, 2025, underperforming the Shanghai Composite Index by 1.28 percentage points [7][14] - The professional chain segment showed the largest increase among retail sub-sectors, while the jewelry sector led the year-to-date performance with a 25.38% increase [17][20] Key Industry Dynamics - In July, Douyin's skincare brand Han Shu ranked first, with domestic brands occupying 15 out of the top 20 spots in the skincare category [25][28] - The cosmetics sector also saw domestic brands excel, with 19 out of the top 20 positions in the makeup category, driven by cushion products and other high-demand items [28][29] Investment Recommendations - Investment focus areas include: - **Jewelry**: Recommend brands with differentiated product offerings like Laopuhuang and Chaohongji [30][33] - **Offline Retail**: Highlight companies like Yonghui Supermarket and Aiyingshi that are adapting to consumer trends [30][31] - **Cosmetics**: Emphasize domestic brands with strong market positions such as Maogeping and Pola [31][32] - **Medical Aesthetics**: Focus on companies with unique product lines like Aimeike and Kedi-B [31][32] Company-Specific Insights - **Laopuhuang**: Achieved revenue of 8.506 billion yuan (+167.5%) and a net profit of 1.473 billion yuan (+253.9%) in FY2024, with strong growth expected in H1 2025 [32] - **Yonghui Supermarket**: Reported a revenue of 17.479 billion yuan (-19.3%) and a net profit of 148 million yuan (-80.0%) in Q1 2025, with ongoing transformation efforts [32] - **Maogeping**: Recorded a revenue of 3.885 billion yuan (+34.6%) and a net profit of 881 million yuan (+33.0%) in FY2024, indicating strong brand momentum [32]

Investment Rating - The report suggests a positive outlook for domestic brands and a recovery for international beauty brands in the Chinese market, indicating potential investment opportunities in the cosmetics and medical beauty sectors [2][3]. Core Insights - The cosmetics and medical beauty sector underperformed the market, with the Shenwan Beauty Care Index declining by 3.3% from July 25 to August 1, 2025, while the Shenwan Cosmetics Index fell by 2.6% [3][4]. - Domestic brands showed strong growth during the off-season, with notable increases such as Han Shu up 58%, Proya up 23%, Marubi up 72%, and Kefu Mei up 28%, indicating resilience in the market [7][17]. - International beauty brands, represented by L'Oréal, are recovering in the Chinese market, with a 3% growth in Q2 2025, supported by promotional events like the 618 shopping festival [7][24]. - The report highlights the success of Lin Qingxuan, a high-end domestic skincare brand, which saw revenue grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, showcasing the potential of domestic brands [13][14]. Summary by Sections Industry Performance - The beauty and medical aesthetics sector has shown weaker performance compared to the overall market, with specific indices declining [3][4]. - The report notes that the cosmetics market is transitioning from quantity to quality, with a significant increase in e-commerce sales, which accounted for 47% of cosmetics sales in 2024, up from 22% in 2016 [9][30]. Key Company Highlights - L'Oréal's sales in China for H1 2025 reached approximately 186.19 billion yuan, with a 3% year-on-year increase, indicating a recovery in the Chinese market [24]. - Procter & Gamble reported a record net sales of approximately 604.95 billion yuan for the 2025 fiscal year, with the beauty segment achieving a net sales of approximately 107.66 billion yuan, reflecting a 2% growth [25]. - Lin Qingxuan's product matrix includes 188 SKUs, with a focus on high-quality natural ingredients, and it has established a strong supply chain and distribution network [14][16]. Market Trends - The report emphasizes the growing market for high-end skincare products, with the market size expected to increase from 749 billion yuan in 2019 to 1,144 billion yuan by 2024, indicating a compound annual growth rate (CAGR) of 13.8% [14][15]. - The domestic brands are gaining market share, with the top ten brands in the skincare market now evenly split between domestic and international brands, reflecting a shift in consumer preferences [30][31].

（原标题：美容护理行业本周跌3.30%，主力资金净流出8.22亿元） 美容护理行业资金流向排名 | 代码 | 简称 | 一周涨跌幅（%） | 一周换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300896 | 爱美客 | -3.67 | 7.50 | -16152.43 | | 300888 | 稳健医疗 | -5.58 | 23.81 | -9903.50 | | 002094 | 青岛金王 | -3.69 | 34.44 | -8144.37 | | --- | --- | --- | --- | --- | | 603605 | 珀莱雅 | -2.38 | 6.47 | -7231.63 | | 300957 | 贝泰妮 | -3.08 | 4.64 | -6270.02 | | 002511 | 中顺洁柔 | -3.18 | 10.53 | -4998.09 | | 688363 | 华熙生物 | -3.49 | 4.95 | -4676.63 | | 603630 | 拉芳家化 | -6.52 | 16.54 | -4086.99 | ...

本报记者 何文英 国家药监局数据显示，2024年化妆品抽检不合格率为3.2%。詹军豪认为，《办法》实施后这一比例有 望下降。"《办法》对企业的影响分化加剧，合规成本的提升将加速行业向规范化转型，市场将进一步 向具备研发与资金优势的头部企业聚集，新一轮行业洗牌势在必行。" 促进行业高质量发展 在监管高压下，头部企业的技术壁垒和资源整合优势凸显。Wind资讯数据显示，2024年14家美容护理 上市公司中，云南贝泰妮生物科技集团股份有限公司（以下简称"贝泰妮"）、珀莱雅化妆品股份有限公 司（以下简称"珀莱雅"）、鲁商福瑞达医药股份有限公司、上海家化联合股份有限公司、水羊集团股份 有限公司（以下简称"水羊股份"）研发费用名列前五，研发费用合计超9亿元，占14家美容护理上市公 司研发费用总和的73%。 充足的研发费用为新原料的研发提供了坚实的基础。例如，2024年贝泰妮有9款自研植物新原料参与化 妆品新原料备案。水羊股份相关负责人在接受《证券日报》记者采访时表示："2024年公司在植物提 取、生物合成、绿色化学3大核心原料研究平台上，重点开展了油茶神经酰胺等多个原料研究项目。其 中，发酵牡丹籽油采用'两段双相'发酵技术 ...

Core Insights - The total salary scale for CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the beauty and skincare industry was 2.933 million yuan, paid to Wang Li of Proya [2][3] - There are nearly 12 listed companies in the beauty and skincare sector where CFO salaries exceed 1 million yuan [2] Salary Overview - The average annual salary for CFOs in the beauty and skincare industry is 770,000 yuan [1] - The highest salaries among CFOs in this sector include: - Proya: 2.933 million yuan - Betaini: 2.82 million yuan - Aimeike: 2.335 million yuan - Baiya: 2.048 million yuan - Sturdy Medical: 2.015 million yuan [2][3] Company Performance - Qing Song Co.'s CFO, Wang Yucai, has seen the company's revenue decline for four consecutive years, with net profit once falling into the red [1][4] - Sturdy Medical's accounts receivable growth rate outpaced revenue growth, leading to a rising accounts receivable to revenue ratio and declining gross profit margin [3] - Aimeike experienced a significant slowdown in revenue and net profit growth, with multiple profitability indicators declining [3][4] - Betaini reported increased revenue but decreased profitability, with several operational capability indicators also declining [4] Age Demographics of CFOs - The youngest CFOs in the industry are Wang Yucai from Qing Song Co. and Zou Fei from Shui Yang Co., both aged 35 [4] - The oldest CFO is Dong Ye from Zhongshun Jierou, aged 61 [4]

Core Insights - The report highlights that as of July 29, 2024, there are 5,817 listed companies in the A-share market, with a total of 1,144 secretaries earning over 1 million yuan annually, accounting for over 21% of the total [1] Group 1: Overall Compensation Data - The total compensation for A-share secretaries reached 4.086 billion yuan, with an average salary of 754,300 yuan [1] - The highest annual salary for a secretary in the beauty and personal care sector was 2.933 million yuan, paid to Wang Li of Proya, while the lowest was 230,400 yuan, paid to Wei Yuanxian of Two Faces [1] - Five companies in the beauty and personal care sector have secretaries earning over 2 million yuan annually: Baiya Co., Aimeike, Shanghai Jahwa, Beitaini, and Proya [2] Group 2: Performance of High-Paid Secretaries - Among the companies paying over 2 million yuan, Aimeike's secretary Jian Yong saw the company's market value decline for two consecutive years by 47.47% and 12.65% in 2023 and 2024, respectively [2] - Shanghai Jahwa's secretary Han Min experienced a continuous decline in market value over three years, with decreases of 20.5%, 32.96%, and 18.94% from 2022 to 2024 [2] - Beitaini's secretary Wang Long also faced a decline in market value over three years, with reductions of 22.11%, 53.93%, and 36.65% from 2022 to 2024 [2] Group 3: Salary Increases and Company Performance - Notable salary increases were observed for secretaries at Jinbo Biological, Reliable Co., Zhongshun Jierou, and Furuida, with increases exceeding 100% [3] - Jinbo Biological's secretary Tang Menghua's salary rose from 739,500 yuan to 1.6917 million yuan, a year-on-year increase of 128.76% [3] - Zhongshun Jierou's secretary Liang Ge Yu's salary increased from 300,400 yuan to 1.0527 million yuan, a 250.43% rise [3] - Furuida's secretary Dou Qianqian saw a salary increase from 95,800 yuan to 483,300 yuan, marking a 404.49% growth [3] - Despite these salary increases, both Zhongshun Jierou and Furuida experienced declines in market value and performance, with Zhongshun Jierou's market value down 31.38% and Furuida's down 19.64% in 2024 [3]

Core Insights - The report highlights that as of July 29, 2024, there are 5,817 listed companies in the A-share market, with a total remuneration for company secretaries (CS) reaching 4.086 billion yuan, averaging 754,300 yuan per CS [1] - The highest annual salary for a CS in the beauty and personal care sector is 2.933 million yuan, while the lowest is 230,400 yuan, indicating a significant disparity in compensation within the industry [1] - Five companies in the beauty and personal care sector have CS salaries exceeding 2 million yuan, with notable examples including Baia Co., Aimeike, and Peiliya [2] Salary Analysis - The top five companies with CS salaries over 2 million yuan are Baia Co. (204.78k), Aimeike (213.26k), Shanghai Jahwa (223.2k), Beitaini (282k), and Peiliya (293.3k) [2] - The performance of companies with high CS salaries shows a concerning trend, as Aimeike's market value has decreased by 47.47% and 12.65% in 2023 and 2024, respectively [2] - Shanghai Jahwa's market value has declined for three consecutive years, with decreases of 20.5%, 32.96%, and 18.94% from 2022 to 2024 [2] Salary Growth Trends - Notable increases in CS salaries have been observed, with Jinbo Biological's CS salary rising from 739,500 yuan to 1.6917 million yuan, a growth of 128.76% [3] - Zhongshun Jierou's CS salary increased from 300,400 yuan to 1.0527 million yuan, marking a 250.43% rise [3] - Furuida's CS salary surged from 95,800 yuan to 483,300 yuan, reflecting a remarkable growth of 404.49% [3] Performance Concerns - Despite the significant salary increases, both Zhongshun Jierou and Furuida have experienced declines in market value and performance metrics, with Zhongshun Jierou's market value dropping by 31.38% and Furuida's by 19.64% in 2024 [3]

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 数据显示，截止7月29日，A股市场共有5817家上市公司。董秘作为连接投资者与上市公司的"桥梁"， 在上市公司资本运作中发挥着关键作用。据2024年年报显示，去年A股董秘薪酬合计达40.86亿元，平均 薪酬75.43万元。 随着年报披露收官，美容护理上市公司董秘薪酬面纱也被揭开。据数据统计，美容护理行业上市公司为 董秘支付的最高年度薪酬是珀莱雅，为董秘王莉支付年薪293.3万元，为董秘支付的最低年度薪酬是两 面针，为董秘韦元贤支付年薪仅23.04万元。珀莱雅董秘王莉年薪是两面针董秘韦元贤的12.7倍。 董秘作为上市公司治理的核心角色，其专业能力和履职表现对公司股价的影响至关重要。在为董秘支 付超200万年薪的上市公司中，爱美客董秘简勇任期内，公司市值连续两年下降，2023、2024年分别同 比下降47.47%、12.65%；上海家化董秘韩敏任期内，公司市值连续三年下降，2022-2024年分别同比下 降20.5%、32.96%、18.94%，贝泰妮董秘王龙 ...

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为 81.48万元。 随着年报披露收官，美容护肤行业上市公司财务总监薪酬面纱也被揭开。据数据统计，美容护肤行业上 市公司年薪为77万元，其中为财务总监支付的最高年度薪酬是珀莱雅，为财务总监王莉支付年薪293.3 万元；为CFO支付的最低年度薪酬是两面针，为原财务总监王为民支付年薪34.26万元。 美容护肤行业财务总监薪酬有近12家上市公司的财务薪酬超百万，分别为青松股份、锦波生物、登康口 腔、力合科创、华熙生物、中顺洁柔、稳健医疗、百亚股份、爱美客、华熙生物、贝泰妮、珀莱雅，这 些上市公司分别给财务总监支付年薪115万元、115.7万元、125.78万元、132.08万元、158.77万元、 168.41万元、201.5万元、204.78万元、233.5 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为 81.48万元。 专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 报告期内，2024年，稳健医疗应收账款增速高于营业收入增速，应收账款/营业收入比值持续增长，销 售毛利率下降，存货周转率持续下降。 2024年，爱美客营收、归母净利润增速明显放缓、多项盈利能力指标出现下滑，销售毛利率、净资产收 益率均出现下滑。 2024年，贝泰妮增收不增利，多项盈利能力指标出现下滑，销售毛利率、净资产收益率均出现下滑。除 此之外，公司多项营运能力评估指标也出现了下滑，如公司应收账款周转率、总资产周转率持续下滑。 从年龄角度看，水羊股份CFO邹飞、青松股份CFO汪玉聪均为35岁，是行业内最年轻的两位CFO；中顺 洁柔CFO董晔年龄为61岁，是行业内年龄最大的CFO。值得关注的是，青松股份CFO汪玉聪从2018年5 月 ...