Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][29]. Core Insights - The report highlights significant market performance for the week of June 23-27, 2025, with retail, social services, and beauty care sectors increasing by 4.56%, 4.61%, and 1.04% respectively, outperforming the Shanghai Composite Index which rose by 1.91% [14][17]. - Key events include the strategic investment of 3.4 billion yuan by Jianbo Biological into Yangshengtang, and the successful IPO of Yingtong Holdings on the Hong Kong Stock Exchange [3][28]. Summary by Sections Market Performance - The retail, social services, and beauty care sectors ranked 9th, 8th, and 24th among 31 primary industries, with notable increases in sub-sectors such as education, professional chains, and trade, which rose by 7.47%, 7.42%, and 5.2% respectively [14][17]. Key Industry Data and News - In the beauty care sector, significant developments include the entry of Kefu Mei into Malaysia's Watsons, becoming the first Chinese efficacy skincare brand in the region, and the announcement by the National Medical Products Administration regarding the management of cosmetic raw materials [23][24]. - Jianbo Biological's restructuring of its collagen product to a medical device category and the successful listing of Yingtong Holdings are also noteworthy [3][24]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Ltd., Juzhi Biological, Marubi Biological, Runben Co., Ltd., Proya, Chaohongji, Blukoo, and Furuida as potential investment targets within the highlighted sectors [5][29].

中信证券股份有限公司 关于广东丸美生物技术股份有限公司 2024年年度报告的 信息披露监管问询函回复的核查意见 上海证券交易所: 贵所《关于广东丸美生物技术股份有限公司 2024 年年度报告的信息披露监管 问询函》(上证公函【2025】0714 号)已收悉,中信证券股份有限公司(以下简称 "中信证券"或"保荐机构")作为广东丸美生物技术股份有限公司(以下简称"丸 美生物"或"公司")的持续督导保荐机构,会同公司及相关中介机构,对问询函所 提及的相关事项进行了认真核查落实,现将问询函所涉及问题回复如下,请予审核。 三、关于在建工程 年报披露,公司期末在建工程 6.03 亿元,其中"营销升级及运营总部建设" 6.01亿元,工程进度 90.76%,"化妆品智能制造工厂建设项目"0.72亿元,工程进 度 95. 94%。报告期内公司将上述两项募投项目预定可使用状态日期分别延期至 2026 年 9 月、2025年 12 月,项目进展较为缓慢。现金流量表显示,公司近三年购建固 定资产、无形资产和其他长期资产支付的现金分别为 1. 11 亿元、22.54 亿元、3. 16 亿元。 请公司:(1)补充披露上述项目的具体实施进 ...

关于广东丸美生物技术股份有限公司 2024 年年度报告的信息披露问询函的回复 华兴专字[2025]24012360165 号 华兴会计师事务所(特殊普通合伙) 计师事务所(特殊普 CERTIFIED PUBLIC ACCOUN 东路152号中山大厦B座6-9楼 Add : 6-9/F Block B,152 Hudong Road,Fuzhou,Fujian,China 电话(Tel):0591-87852574 Http://www.fjhxcpa.com 邮政编码(Postcode):350003 关于广东丸美生物技术股份有限公司 2024 年年度报告的信息披露问询函的回复 华兴专字[2025]24012360165 号 上海证券交易所: 由广东丸美生物技术股份有限公司(以下简称"丸美生物"或"公司")转来的 《关于广东丸美生物技术股份有限公司 2024年年度报告的信息披露监管问询函》 (以下简称"间询函")已收悉,华兴会计师事务所(特殊普通合伙)(以下简称"会 计师"或"我们")作为丸美生物 2024 年年报审计机构,就有关涉及会计师说明或 发表意见的问题,进行了认真分析与核查,现根据问询函所涉问题进行 ...

一、关于货币资金。 证券代码:603983 证券简称:丸美牛物 公告编号:2025-017 广东丸美生物技术股份有限公司 关于 2024 年年度报告的信息披露监管问询函的回复公告 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。 广东丸美生物技术股份有限公司(以下简称"公司"或"丸美生物")于近期 收到上海证券交易所 《关于广东丸美生物技术股份有限公司 2024年年度报告的信 息披露监管问询函》(上证公函【2025】0714号),公司在收到后高度重视,现就 信息披露监管问询函相关问题回复如下: 年报披露,报告期末公司货币资金 20.32亿元,同比增加 88.73%,占总资产比 重 40.14%,其中受限货币资金 4.36 亿元,公司未披露受限资金具体情况。报告期 末公司短期借款 7.90 亿元,同比增加 689.53%。 请公司:(1)补充披露主要货币资金存放情况,包括存放机构、金额、账户 性质、利率、受限情况等,并逐项列示受限资金的具体情况,包括受限金额、受限 期限、受限原因等;(2)结合流动性需求、借款规模变动情况、存贷收益 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The rise of new consumption is fundamentally driven by a significant change in consumer concepts shaped by the economic and social context of different generations, particularly from the 70s to the 00s [4][5] - The current consumer market is characterized by a shift from "survival-type" products to "quality + emotional-type" products, with a focus on emotional value and quality-price ratio [4][10] - Investment logic in new consumption should focus on sustainable growth capabilities rather than short-term speculative opportunities, emphasizing product innovation and strong brand recognition [4] Summary by Sections 1. Economic and Demographic Background of Consumption Changes - The per capita GDP in China has grown from over 10,000 RMB in 1995 to 84,000 RMB in 2023, establishing a buyer's market [4][15] - Consumer spending is increasingly constrained by rigid expenditures on housing, healthcare, and education, alongside wealth effects [4][19] - The educational attainment of the 95/00 generation has significantly increased, with a CAGR of 10.5% in the number of undergraduate graduates from 1998 to 2023 [4][23] - Urbanization rates have remained high, influencing consumption patterns and driving the reconstruction of consumption scenarios [4][24] 2. Product Evolution - The transition in consumer products reflects a shift towards quality and emotional engagement, with head brands focusing on domestic alternatives and functional trends [4][10] - The market has seen a rise in low-cost, emotionally valuable products, such as beauty care, jewelry, and IP toys, which are now key segments [4][10] 3. Marketing Evolution - Marketing strategies have evolved from traditional brand advertising to performance-driven advertising, with a focus on maximizing advertising efficiency [4][10] - The rise of digital platforms has transformed marketing channels, emphasizing the importance of consumer engagement and conversion rates [4][10] 4. Channel Evolution - The shift towards online channels has significantly increased penetration rates across various categories, with a focus on consumer value rather than supplier value [4][10] - The integration of public and private domains has become crucial for navigating the challenges posed by traditional retail models [4][10]

Investment Rating - Industry rating: Recommended [5] Core Insights - The beauty sector experienced a stable conclusion during the 618 shopping festival, with significant changes in platform and brand dynamics driven by reduced commission policies and interest-based content ecosystems [1][2] - The total GMV for beauty products across four major e-commerce platforms (Taobao, JD, Douyin, Kuaishou) during the 618 period was between 600-700 billion yuan, reflecting a year-on-year growth of over 10% [1] - Taobao maintained the largest market share at 41.3%, followed by Douyin at 35.7%, JD at 14.8%, and Kuaishou at 8.2% [1][13] Summary by Sections E-commerce Platform Dynamics - Douyin's beauty segment is rapidly growing, supported by merchant subsidies and interest-driven consumer engagement, achieving double-digit growth [2] - Douyin's promotional strategies included a 1.4 billion yuan subsidy for merchants in May, with individual merchant reductions reaching up to 2.99 million yuan [2] Skincare and Makeup Categories - In the skincare category, domestic brands like Proya and Han Shu led the market, maintaining their top positions on Taobao and Douyin [3] - The top five brands in the skincare category on Taobao remained stable, with Proya and Han Shu continuing to dominate [3] - In the makeup and fragrance category, new domestic brands are emerging, with Ti Luo Wei achieving rapid growth by focusing on base makeup products [4] International and Domestic Brand Strategies - International brands are performing well due to localized marketing strategies and a willingness to engage with local consumers [8] - Domestic brands are expected to break out of the competitive cycle focused on ingredients and efficacy, emphasizing brand influence and comprehensive user experience [8] Investment Recommendations - Focus on domestic companies with strong brand equity and comprehensive channel strategies, particularly Proya and Han Shu [9] - Highlight technology-driven skincare brands like Betaini and Juzi Biology that target specific consumer needs [9] - Consider daily chemical brands with strong cost-performance ratios and excellent management of emerging channels, such as Runben and Dengkang [9]

Core Insights - The "next-use" essence is becoming a must-have option for beauty brands, with the market size in China expected to reach 7.5 billion yuan in 2024, reflecting a year-on-year growth of over 20% [1] - Major brands like OLAY, Proya, and Miss Tina are entering the next-use product space, indicating a trend where "9 out of 10 brands" are adopting this format [1] Market Trends - The next-use essence has emerged as a phenomenon in the beauty sector, highlighted by over 20 next-use essence products launched during the 618 shopping festival [2] - The cumulative filing of "next-use" products reached 6,518 by June 17, 2025, with 5,653 specifically for next-use essences [2] - In the first five months of 2025, 21 out of 24 newly launched next-use products were essences, accounting for over 87% [2] Product Development - The next-use essence market is diversifying, with brands like OLAY and Proya focusing on specific skin issues such as anti-aging and acne treatment [4] - Key ingredients in next-use essences include recombinant collagen, with some products featuring multiple types for targeted anti-aging effects [4] - The introduction of next-use formats is expanding beyond essences to include sunscreen, makeup removers, and even men's skincare products [5] Consumer Demand - Consumer education around next-use essences is maturing, and brands are encouraged to create unique advantages to stand out in a competitive market [5] - The convenience and hygiene of next-use products are appealing to consumers, especially for those with sensitive skin or post-medical treatment needs [5][6] - Social media engagement around next-use products is significant, with topics related to them generating over 1.7 billion views on platforms like Xiaohongshu [9] Industry Challenges - Some industry experts express concerns about the environmental impact of next-use packaging, which often relies on plastic materials [10] - There is a debate about the necessity of next-use formats for all products, with some suggesting that not all formulations require such packaging [10][11] - The industry is exploring more sustainable packaging options to address environmental concerns while maintaining the convenience of next-use products [10]

Core Viewpoint - ECM (Extra Cellular Matrix) has been identified as a significant marker of aging, leading to increased focus and competition among beauty brands in anti-aging research and product development [1][3][10]. Group 1: Industry Trends - The recognition of ECM as an aging marker has prompted major beauty companies to rapidly advance their research and product offerings related to ECM [6][9]. - Companies like Huaxi and Marubi are expanding their research to include all major ECM proteins, indicating a shift towards a more comprehensive understanding of skin aging [6][9]. - The launch of innovative products, such as Huaxi's "润百颜·玻玻" and Shiseido's MicroClick Concentrate, highlights the industry's commitment to integrating ECM research into practical applications [6][9][10]. Group 2: Key Research Findings - ECM plays a crucial role in maintaining mitochondrial homeostasis, cellular aging, and stem cell depletion, making it a pivotal focus in anti-aging research [3][10]. - The dynamic network of ECM, composed of hyaluronic acid, collagen, and elastin, is essential for skin elasticity and vitality, with its degradation being a primary mechanism of skin aging [10][14][19]. - Research indicates that a healthy ECM can rejuvenate aging skin, restoring its appearance and function [17][19]. Group 3: Competitive Landscape - Major beauty brands are leveraging their existing research on key ingredients like hyaluronic acid and collagen to enhance their ECM-focused anti-aging strategies [24][26]. - The integration of ECM research is seen as a way to unify various scientific advancements within the beauty industry, creating a more holistic approach to skin aging [24][25]. - The collaboration between medical aesthetics and beauty sectors is expected to accelerate the development of innovative anti-aging solutions based on ECM [26][27]. Group 4: Future Opportunities - The potential applications of ECM research extend beyond facial care, with implications for hair follicle regeneration and other areas of dermatology [22][27]. - The beauty industry is positioned to explore new avenues in regenerative medicine and tissue engineering, utilizing ECM's properties to enhance skincare products [27][28]. - ECM is viewed as a "new gold mine" for the beauty industry, offering significant opportunities for innovation and market growth [27][28].

证券代码：603983 证券简称：丸美生物 公告编号：2025-016 广东丸美生物技术股份有限公司 2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.50元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/9 | － | 2025/6/10 | 2025/6/10 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 22 日的2024年年度股东大会审议通过。 本次利润分配以方案实施前的公司总股本401,000,000股为基数，每股派发现 金红利0.50元（含税），共计派发现金红利200,500,000.00元（含税）。 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | - ...

Core Viewpoint - The cosmetics retail sales in China for January to April 2025 showed a year-on-year increase of 4%, underperforming the overall retail market by 0.7 percentage points, but this represents an improvement compared to 2024. The industry is characterized by four key trends: innovation in personal care products, breakthroughs in ingredient technology, rising emotional consumption, and the continuation of affordable consumption [1][3]. Investment Recommendations - The company recommends increasing holdings in the personal care sector, highlighting quality companies that benefit from product innovation and opportunities in Douyin channels, with key recommendations including Ruoyuchen (003010), Dengkang Oral (001328), and Runben Co. [2] - In the beauty sector, structural opportunities are identified, with key recommendations for companies like Jinbo Biological, Juzi Biological, and Marubi Co. that are positioned to benefit from the collagen restructuring trend. Additionally, brands like Maogeping, Shumei Co., Proya (603605), and Shanghai Jahwa (600315) are expected to gain from the overall increase in domestic market share [2]. - Companies expected to bottom out and potentially see a turning point include Lafang Household (603630), Shuiyang Co. (300740), Betaini (300957), Furuida (600223), Huaxi Biological, Fulejia (301371), Meilitiantian Medical Health, and Qingsong Co. (300132) [2]. Industry Overview - Demand remains stable, with the rise of domestic brands in the beauty and personal care sectors accelerating. The cosmetics retail sales for January to April 2025 increased by 4% year-on-year, which is a 0.7 percentage point underperformance compared to the overall retail market, but shows improvement from 2024. The overall demand is stable, with leading domestic brands performing well and the rise of new domestic brands spreading from beauty to personal care categories [3][4]. Trends - The industry is witnessing several trends: 1) Personal care transformation with new products in traditional categories, supported by content e-commerce creating a favorable environment for new product launches [4]. 2) Ingredient innovation, particularly in collagen restructuring, with various types and structural innovations expanding application scenarios [4]. 3) Emotional consumption, where cultural, stylistic, and experiential demands are driving the growth of domestic trends in cosmetics and fragrances [4]. 4) Affordable consumption, where the trend for cost-effectiveness continues under supply-demand resonance, benefiting strong supply chains and well-operated brands [4]. Key Companies - Looking ahead to 2025, the market risk appetite is expected to recover significantly. The beauty sector is characterized by substantial changes and a clear trend of rising domestic brands, indicating strong growth potential and leadership in new consumption [5]. The differentiation among brands is increasing, emphasizing the selection of high-growth targets driven by product innovation and attention to marginal improvements [5].