Market Overview - The cosmetics sector experienced a decline of 0.36% on January 15, with Shuiyang Co. leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Individual Stock Performance - Jinsheng New Material (300849) saw a significant increase of 13.17%, closing at 18.48 with a trading volume of 117,000 shares and a turnover of 209 million yuan [1] - Qingdao Kingway (002094) increased by 2.06%, closing at 8.42 with a trading volume of 1,113,500 shares [1] - Lafang Home (603630) rose by 1.76%, closing at 24.27 with a trading volume of 137,300 shares [1] - Other notable performances include Fulejia (301371) up 0.73%, Marubi Biological (603983) up 0.70%, and Betaini (300957) up 0.32% [1] Capital Flow Analysis - The cosmetics sector saw a net outflow of 11.86 million yuan from institutional investors and 53.27 million yuan from retail investors, while retail investors had a net inflow of 65.13 million yuan [2] - The capital flow for individual stocks indicates that Lafang Home had a net inflow of 77.73 million yuan from institutional investors, while Betaini had a net inflow of 14.81 million yuan [3] - Conversely, Shuiyang Co. experienced a net outflow of 5.39 million yuan from institutional investors [2][3]

【导读】丸美生物拟赴港上市，左手分红右手融资引争议 日前，"眼霜第一股"丸美生物向港交所递交上市申请，寻求"A+H"双平台上市。 就在2025年10月底，丸美生物因财务核算不规范等问题被监管部门责令改正。同年11月，公司便宣布赴港上市。如此"着急"的融资动作，不免让市场关注 其资金状况。 在业内人士看来，国货美妆行业竞争激烈也是丸美生物赴港上市的原因之一。如今，线上流量成本持续攀升，丸美生物正陷入"增收不增利"的境地。 资金压力隐现 高额分红不止 丸美生物此次赴港二次上市，计划发行不超过总股本15%的H股股份。丸美生物在公告中称，公司赴港上市的主要目的是：增强公司资本实力与境外融资 能力，进一步提高公司的综合竞争力，加快公司业务的国际化步伐。 | 竞资活动现金流出小计 | 823,106,804.30 | 467.388.143.43 | -382,797,712.40 | -87.869.315.65 | 寿资活动产生的现金流量净额 | | --- | --- | --- | --- | --- | --- | | 四、汇率变动对现金及现金等价物的影响 | 25.235.78 | -35.217.93 | ...

日前，"眼霜第一股"丸美生物向港交所递交上市申请，寻求"A+H"双平台上市。 【导读】丸美生物拟赴港上市，左手分红右手融资引争议 中国基金报记者 赵刚 就在2025年10月底，丸美生物因财务核算不规范等问题被监管部门责令改正。同年11月，公司便宣布赴 港上市。如此"着急"的融资动作，不免让市场关注其资金状况。 在业内人士看来，国货美妆行业竞争激烈也是丸美生物赴港上市的原因之一。如今，线上流量成本持续 攀升，丸美生物正陷入"增收不增利"的境地。 资金压力隐现 高额分红不止 丸美生物此次赴港二次上市，计划发行不超过总股本15%的H股股份。丸美生物在公告中称，公司赴港 上市的主要目的是：增强公司资本实力与境外融资能力，进一步提高公司的综合竞争力，加快公司业务 的国际化步伐。 从资金需求来看，丸美生物的财务报告呈现出不小的压力。2025年第三季度净流出显示，公司现金及现 金等价物净流出3.91亿元，期末余额较期初显著减少。 同时，公司短期借款达5.73亿元，其他应付款为4.04亿元，短期负债合计约为9.77亿元。 | 流动负债: | | | | --- | --- | --- | | 短期借款 | 572,990,0 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the successful IPO of Shaanxi Tourism, which leverages its rich tourism resources and strong operational experience to build competitive advantages through a combination of performance-driven tourism, cable car operations, and dining services [22][24][34] - The report emphasizes the resilience of the cultural tourism industry amid ongoing trends to expand domestic demand and promote consumption, suggesting that Shaanxi Tourism's future growth will be supported by new performance projects and cable car capacity upgrades [36] Summary by Sections Retail and Social Services Market Review - The retail and social services indices rose by 4.23% and 4.71% respectively during the week of January 5 to January 9, 2026, with the Shanghai Composite Index increasing by 3.82% [12][14] - Among the sub-sectors, the supermarket segment showed the highest growth, with an increase of 8.18% year-to-date [15][17] Industry Dynamics: Shaanxi Tourism - Shaanxi Tourism, a leading regional tourism company, successfully listed on the Shanghai Stock Exchange on January 6, 2026, becoming the first A-share listed company of the year [22] - The company reported significant revenue contributions from its tourism performance and cable car operations, with a net profit margin and gross profit margin remaining high post-pandemic [24][27] - Revenue breakdown for the first half of 2025 shows that tourism performance accounted for 60.2%, cable car operations for 35.8%, and dining services for 4.0% [24] Investment Recommendations - The report recommends focusing on high-end gold and fashion jewelry brands, highlighting companies like Chow Tai Fook and Chao Hong Ji, which are expected to benefit from market trends [39] - It also suggests monitoring offline retail companies adapting to market changes and AI-enabled cross-border e-commerce leaders, with specific recommendations for Yonghui Supermarket and Aiying Room [39] - In the cosmetics sector, the report emphasizes brands that capture emotional value and innovate with safe ingredients, recommending companies like Mao Ge Ping and Proya [40]

Market Overview - The cosmetics sector increased by 1.29% on January 9, with Shuiyang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Individual Stock Performance - Shuiyang Co., Ltd. (300740) closed at 25.65, up 5.90% with a trading volume of 223,500 shares and a transaction value of 561 million yuan [1] - Qingsong Co., Ltd. (300132) closed at 8.70, up 2.47% with a trading volume of 253,700 shares [1] - Beitaini (300957) closed at 41.20, up 1.85% with a trading volume of 163,500 shares and a transaction value of 261 million yuan [1] - Other notable stocks include Furuida (600223) at 7.53 (+1.76%), Jiaheng Jiahua (300955) at 39.89 (+1.68%), and Huaye Fragrance (300886) at 26.64 (+1.06%) [1] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 31.72 million yuan from institutional investors and 34.45 million yuan from speculative funds, while retail investors saw a net inflow of 66.18 million yuan [2] - Individual stock capital flows indicate that Qindao Jinwang (002094) had a net inflow of 13.96 million yuan from institutional investors, while it faced a net outflow of 1.23 million yuan from speculative funds [3] - Other stocks like Qingsong Co., Ltd. (300132) and Beitaini (300957) also showed mixed capital flows, with varying levels of net inflows and outflows from different investor categories [3]

Core Viewpoint - The beauty industry is experiencing a complex relationship with offline channels, as brands are increasingly returning to physical stores despite the challenges posed by online growth saturation and declining advertising efficiency [2][3]. Group 1: Offline Market Trends - As of the first three quarters of 2025, the total number of CS stores in China reached 136,000, with 38,000 new stores opened in that period. Although sales saw a 2.8% year-on-year decline, the decrease has significantly narrowed, indicating a strong recovery signal in offline beauty retail [2]. - The decline in the number of department store beauty counters has also slowed to nearly 30%, suggesting a stabilization in the offline beauty market [2]. Group 2: Marubi's Offline Strategy - Marubi's founder and CEO, Dr. Sun Huaqing, emphasized a proactive approach to offline channels, advocating for continuous investment and long-term development, encapsulated in the four key terms: faith, belief, trust, and confidence [3][14]. - In 2025, Marubi launched five major new products and conducted numerous promotional events, including a nationwide "One-Day Store Manager" tour across 24 cities, which effectively converted online interest into offline store visits [5][12]. Group 3: Product and Consumer Engagement - Marubi's strategy focuses on a value chain that combines product, emotion, and experience to encourage consumer visits and conversions in stores [5][12]. - The introduction of innovative products, such as the "Small Gold Needle Hydrating Mask" and "Big Red Shield Sunscreen," addresses specific consumer needs and enhances in-store experiences [6][9][8]. Group 4: Emotional and Experiential Marketing - Marubi's marketing campaigns, such as the collaboration with spokesperson Yang Zi for International Women's Day, aim to empower women and deepen the brand's commitment to feminist themes [10]. - The brand also partnered with contemporary artist Song Santu for the Eye Cream Festival, adding emotional and cultural depth to its products [10][11]. Group 5: Building Trust and Confidence - Marubi's approach to trust involves maintaining a collaborative relationship with distribution channels, ensuring clear product strategies and stable pricing, which fosters sustainable partnerships [18][13]. - The company's confidence stems from its strong research capabilities and understanding of market trends, positioning offline channels as essential for long-term investment [20][26]. Group 6: Research and Development Strength - Marubi's commitment to R&D is evident in its substantial patent portfolio, with 673 patent applications and 384 granted, which supports its ability to innovate and maintain a competitive edge [20][24]. - Collaborations with 33 universities and research institutions have enhanced Marubi's understanding of Chinese skin, further solidifying its market position [21][24]. Group 7: Future Outlook - In 2026, Marubi plans to refine its offline strategy by focusing on core product lines and enhancing emotional marketing, while continuing to engage consumers through salons and promotional activities [26][28]. - The brand views offline channels not merely as a supplementary strategy but as a primary focus for future growth, emphasizing the importance of sustained investment in physical retail [28].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920123 | 芭薇股份 | 15.37 | -0.26% | 1.43万 | 2187.90万 | | 300132 | 青松股份 | 6.49 | 0.00% | 16.97万 | 1.44亿 | | 603605 | | 68.86 | 0.12% | 2.85万 | 1.97亿 | | 002094 | 青岛金王 | 7.57 | 0.13% | - 30.91万 | 2.33亿 | | 600315 | 上海家化 | 23.16 | 0.22% | 5.84万 | 1.35亿 | | 600223 | 福瑞达 | 7.40 | 0.27% | 7.61万 | 5629.06万 | | 300955 | 嘉亨家化 | 39.23 | 0.41% | 7.38万 | 2.93亿 | | 300957 | 贝泰妮 | 40.45 | 0.52% | 4.16万 | 1.68亿 | | 300856 | 科思股份 | + 13.75 | 0.6 ...

Group 1 - The cosmetics sector experienced a decline of 0.93% on January 7, with Jiaheng Jiahua leading the drop [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] - Key individual stock performances in the cosmetics sector included Bawei Co. up 0.85% and Jiaheng Jiahua down 4.96% [2] Group 2 - The net outflow of main funds in the cosmetics sector was 57.67 million yuan, while retail investors saw a net inflow of 39.72 million yuan [2] - The stock with the highest main fund inflow was Shuiyang Co. with 27.77 million yuan, while Jiaheng Jiahua had a significant outflow of 32.2 million yuan [3] - Retail investors showed a negative net flow in several stocks, including Shanghai Jahwa and Kesheng Co. [3]

Group 1: Industry Overview - The light industry and beauty sector is expected to stabilize and improve due to the dual drivers of domestic demand policies and steady export growth [3] - The "14th Five-Year Plan" marks a year of enhanced domestic demand policies, coupled with consumers' increasing pursuit of high-quality living, creating significant growth opportunities for the industry [3] - The penetration rate of cross-border e-commerce has ample room for improvement, and the recovery of international relations and demand from emerging markets will further drive market expansion [3] Group 2: Beauty Sector - The cosmetics market is projected to grow steadily, with the skincare segment being the largest, reaching a market size of 4,619 billion yuan in 2024, and expected to grow at a CAGR of 8.6% from 2024 to 2029 [19] - The high-end cosmetics market is rapidly expanding, with the market size for high-end skincare products increasing from 749 billion yuan in 2019 to 1,144 billion yuan in 2024, reflecting a CAGR of 8.84% [19] - Key companies in the beauty sector include: - **Mao Geping**: Revenue reached 25.88 billion yuan in H1 2025, with a growth rate of 31.28% [23] - **Lin Qingxuan**: Revenue grew to 10.52 billion yuan in H1 2025, marking a 98.28% increase [27] - **Marubi**: Revenue is expected to reach 29.70 billion yuan in 2024, recovering from previous declines [32] Group 3: Medical Aesthetics - The medical aesthetics sector is facing short-term pressure due to cautious consumer spending, but the long-term growth potential remains strong, with a projected CAGR of 10%-15% from 2024 to 2027 [36] - The market penetration rate for medical aesthetics in China is currently at 4-5%, indicating a growth potential of 2-5 times compared to countries like the US and South Korea [36] - Key companies in the medical aesthetics sector include: - **Jinbo Biological**: Achieved revenue of 12.96 billion yuan in Q1-Q3 2025, with a year-on-year growth of 31.10% [45] Group 4: Daily Chemicals - The daily chemical industry is benefiting from domestic demand policies, with local brands poised to capture market share [49] - Companies such as **Dengkang Oral Care** and **Runben** are highlighted for their strong market positions and growth potential [51][55] - **Shanghai Jahwa** has shown significant growth, with revenue reaching 49.61 billion yuan in Q1-Q3 2025, reflecting a 10.83% increase [59] Group 5: Home Furnishing - The home furnishing sector is under pressure due to weak real estate sales, with a 15% decline in residential investment in 2025 [65] - National subsidies for home appliances and furnishings have provided some support, but the long-term effects are limited [65] - Leading companies such as **Oppein Home** and **Kuka Home** are noted for their strong channel capabilities and multi-category layouts [65]

Group 1 - The cosmetics sector experienced a rise of 0.46% on January 6, with Lafang Jiahua leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] - Lafang Jiahua's closing price was 20.34, reflecting a 1.90% increase, with a trading volume of 52,800 shares and a transaction value of 108 million yuan [1] Group 2 - The cosmetics sector saw a net outflow of 81.97 million yuan from institutional investors, while retail investors had a net inflow of 67.35 million yuan [2] - The trading data indicates that major stocks like Shanghai Jahwa and Lafang Jiahua had mixed net inflows and outflows from different investor types [3] - Shanghai Jahwa had a net inflow of 9.64 million yuan from institutional investors, while it faced outflows from retail investors [3]