金融界消息 截至2025年8月14日收盘，丸美生物（603983）报收于40.54元，下跌3.48%，换手率 0.82%，成交量3.28万手，成交金额1.35亿元。 天眼查商业履历信息显示，广东丸美生物技术股份有限公司，成立于2002年，位于广州市，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40100万人民币，实缴资本40100万人民币。公 司法定代表人为孙怀庆。 通过天眼查大数据分析，广东丸美生物技术股份有限公司共对外投资了20家企业，参与招投标项目8 次，知识产权方面有商标信息861条，专利信息535条，此外企业还拥有行政许可12个。 来源：金融界 资金流向方面，今日主力资金净流出2104.39万元，占比成交额15.62%。其中，超大单净流出975.01万 元、占成交额7.24%，大单净流出1129.38万元、占成交额8.38%，中单净流出流入680.83万元、占成交 额5.05%，小单净流入1423.56万元、占成交额10.57%。 丸美生物最新一期业绩显示，截至2025一季报，公司营业总收入8.47亿元、同比增长28.01%，归属净利 润1.35亿元，同比增长22.07%，扣非净利 ...

Market Overview - On August 13, the cosmetics sector rose by 0.32% compared to the previous trading day, with Huaye Fragrance leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Individual Stock Performance - Huaye Fragrance (300886) closed at 31.95, with an increase of 8.56% and a trading volume of 118,700 shares, amounting to a transaction value of 377 million yuan [1] - Qingsong Co. (300132) closed at 6.28, up 2.11%, with a trading volume of 529,100 shares and a transaction value of 296.6 million yuan [1] - Shuiyang Co. (300740) closed at 18.44, up 1.88%, with a trading volume of 195,100 shares and a transaction value of 358 million yuan [1] - Other notable performances include Kesheng Co. (300856) up 1.37%, and Beitaini (300957) up 0.44% [1] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 66.27 million yuan from institutional investors, while retail investors saw a net inflow of 41.45 million yuan [2] - The main capital inflow was observed in Huaye Fragrance, with a net inflow of 42.14 million yuan from institutional investors [3] - Conversely, Jincheng New Materials (300849) saw a net outflow of 6.41 million yuan from institutional investors [3]

证券之星消息，8月12日化妆品板块较上一交易日下跌0.02%，上海家化领跌。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603630 拉芳家化 | | -2328.54万 | 8.07% | 1048.31万 | 3.63% | -3376.86万 | -11.70% | | 603605 | | 1580.14万 | 3.82% | -930.55万 | -2.25% | -649.59万 | -1.57% | | 300132 青松股份 | | 891.73万 | 5.74% | 1094.90万 | 7.05% | -1986.64万 | -12.79% | | 603983 丸美生物 | | 741.71万 | 7.38% | -407.62万 | -4.06% | -334.09 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the emergence of differentiated membership stores, such as the WS Jiangtun membership store launched by Wushang Group in Wuhan, which focuses on unique products and services [5][24] - The report emphasizes the importance of emotional consumption themes and recommends high-quality companies in sectors like gold jewelry, offline retail, cosmetics, and medical aesthetics [8][29] Summary by Sections Retail Market Review - The retail industry index reported a decline of 0.38% for the week of August 4 to August 8, 2025, underperforming the Shanghai Composite Index, which increased by 2.11% [14][21] - The jewelry sector showed the highest growth among retail sub-sectors, with a weekly increase of 6.07% and a year-to-date increase of 32.99% [16][19] Retail Insights - Wushang Group's WS Jiangtun membership store adopts a "paid membership + selected products" model, aiming to provide a differentiated shopping experience [5][24] - The store features a dual membership structure with basic and diamond tiers, enhancing customer engagement and loyalty [25] Investment Recommendations - Focus on gold jewelry brands with differentiated product offerings and consumer insights, recommending companies like Laopu Gold and Chaohongji [8][29] - Highlight the potential of offline retail companies that adapt to consumer trends, recommending Yonghui Supermarket and Aiyingshi [8][29] - Emphasize the growth of domestic cosmetics brands, recommending companies like Maogeping and Pola [8][29] - Suggest investment in medical aesthetics firms with differentiated product lines, recommending Aimeike and Kedi-B [8][29] Company Performance Highlights - Laopu Gold achieved a revenue of 8.506 billion yuan in FY2024, with a net profit increase of 253.9% [31][36] - Yonghui Supermarket reported a revenue of 17.479 billion yuan in Q1 2025, with a significant decline in net profit [31] - Chaohongji's Q1 2025 revenue increased by 25.4%, driven by its focus on fashion jewelry [43]

证券之星消息，8月8日化妆品板块较上一交易日下跌0.91%，芭薇股份领跌。当日上证指数报收于 3635.13，下跌0.12%。深证成指报收于11128.67，下跌0.26%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603630 | 拉芳家化 | 24.72 | 1.06% | 15.70万 | 3.82亿 | | 300955 | 嘉亨家化 | 20.80 | 1.02% | 4.09万 | 8439.97万 | | 600223 | 福瑞达 | 8.43 | -0.12% | 10.99万 | 9216.76万 | | 300856 | 科思股份 | 15.25 | -0.33% | - 3.09万 | 4711.62万 | | 603605 | 班莱雅 | 82.58 | -0.37% | 3.51万 | 2.90亿 | | 301371 | 敷尔佳 | 26.60 | -0.45% | 2.33万 | 6187.52万 | | 300849 | 锦盛新材 ...

证券之星消息，8月7日化妆品板块较上一交易日上涨1.4%，拉芳家化领涨。当日上证指数报收于 3639.67，上涨0.16%。深证成指报收于11157.94，下跌0.18%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603630 | 拉芳家化 | 24.46 | 9.98% | 8.30万 | | 1.97亿 | | 300740 | 水羊股份 | 18.17 | 5.15% | 30.24万 | | · 5.42 乙 | | 603983 | 丸美生物 | 41.95 | 3.55% | 7.10万 | | 2.99亿 | | 002243 | 力合科创 | 8.47 | 1.80% | 1 23.53万 | | 2666T | | 301371 | 敷尔佳 | 26.72 | 1.17% | 5.43万 | | 1.46亿 | | 837023 | 芭薇股份 | 19.11 | 1.11% | 3.12万 | | 5968.91万 | | 30 ...

Core Viewpoint - The demand for anti-wrinkle and firming skincare products in China is rapidly increasing, with the retail market expected to reach 64.027 billion yuan in 2024, reflecting a year-on-year growth of 21.50%. Consumers are shifting from a focus on single efficacy to multi-functional products that offer benefits such as anti-free radical and skin barrier repair, marking a transition from "ingredient stacking" to "mechanism-driven" innovations in the industry [1][16]. Overview - Anti-wrinkle and firming skincare products aim to improve skin wrinkles and enhance elasticity and firmness. Their mechanisms include supplementing or stimulating the synthesis of collagen and elastin, improving skin moisture content and barrier function, inhibiting the activity of enzymes that damage skin structure, and providing antioxidant and anti-inflammatory effects to mitigate skin aging [2][5]. Development History - The domestic skincare market was in its infancy before the 1990s, with limited demand for anti-wrinkle products. The introduction of these products began in the 1990s, primarily through imported brands. Post-2010, the market experienced rapid growth due to increased consumer awareness and economic development, leading to the rise of domestic brands that began to compete effectively with multinational companies [5][6]. Market Policies - The Chinese government has implemented a series of policies to enhance the development of the cosmetics industry, including regulations on production quality management, adverse reaction monitoring, and electronic registration. These policies aim to promote standardization and high-quality development in the anti-wrinkle and firming skincare sector [10][11]. Industry Chain - The upstream of the anti-wrinkle and firming skincare industry includes suppliers of active ingredients like hyaluronic acid and peptides, as well as suppliers of moisturizing agents and packaging materials. The downstream consists of various sales channels, including department stores, supermarkets, specialty stores, beauty salons, and e-commerce platforms [13][15]. Consumer Insights - The consumer base for anti-wrinkle and firming products is predominantly female, accounting for over 85%, while the male anti-aging market is growing at a rate of 30%. The core consumer group is aged 26-35, focusing on preventive anti-aging and multifunctional products. Safety is the primary concern for 94.93% of consumers, significantly impacting repurchase rates and brand trust [15][16]. Competitive Landscape - The market is becoming increasingly competitive, with international brands like Estée Lauder, L'Oréal, Procter & Gamble, and Shiseido dominating the mid-to-high-end segments. Domestic brands such as Proya, Chando, and Marubi are gaining significant market share due to their understanding of local consumer preferences and competitive pricing [19][22]. Future Trends - The future demand for anti-aging products will focus on multi-functional benefits, including anti-wrinkle, anti-free radical, and skin barrier repair. There is a growing emphasis on emotional value, with over half of female consumers willing to purchase products that offer additional emotional satisfaction, prompting brands to enhance their offerings through packaging design and brand storytelling [27][29].

Investment Rating - The report suggests a focus on companies in the recombinant collagen sector, highlighting their potential for growth and market leadership [5][6]. Core Insights - Collagen is essential for human health, providing structural support and biological functions [11][14]. - The domestic recombinant collagen technology is advanced, with a complete industrial chain and supportive policies driving growth [6][31]. - The market for recombinant collagen is expected to grow significantly, with a projected CAGR of 41.4% from 2023 to 2027, surpassing the growth of animal-derived collagen [6][27]. - The applications of collagen are diverse, including medical aesthetics, skincare, intimate health, and hair health [6][33]. Summary by Sections 1. Collagen as a Vital Component - Collagen constitutes 30%-40% of human protein and is crucial for skin, bones, tendons, and ligaments [11][14]. - There are at least 29 types of collagen in the human body, with types I and III being the most common in the skin [14][15]. 2. Production: Recombinant vs. Animal-Derived Collagen - Recombinant collagen is produced using gene engineering, offering advantages such as no virus risk and better biocompatibility compared to animal-derived collagen [19][26]. - The market for recombinant collagen is expected to reach 286.3 billion yuan in 2023, with a significant growth trajectory [27][28]. 3. Policy Support for Market Development - The regulatory framework for recombinant collagen has been improving, with various guidelines issued since 2021 to standardize the industry [31][32]. 4. Diverse Applications of Recombinant Collagen - **Medical Aesthetics**: The market for recombinant collagen in medical aesthetics is projected to grow from 43 billion yuan in 2023 to 143 billion yuan by 2027, with a CAGR of 35.4% [6][42]. - **Skincare**: The market for functional skincare products containing recombinant collagen is expected to grow from 115 billion yuan in 2023 to 665 billion yuan by 2027, with a CAGR of 54.9% [47][49]. - **Intimate Health**: The market for intimate health products is anticipated to grow significantly, driven by increasing consumer awareness and demand [51][52]. 5. Key Companies in the Industry - **Jinbo Biological**: A leader in recombinant collagen with unique medical aesthetic products [5][40]. - **Juzi Biological**: Known for its brands Kefu Mei and Keli Jin, actively expanding its medical aesthetic pipeline [5][40]. - **Marubi Biological**: Accelerating its research in collagen, with significant product launches [5][40].

证券之星消息，8月4日化妆品板块较上一交易日上涨0.58%，丸美生物领涨。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603983 | 丸美生物 | 39.96 | 3.28% | 3.09万 | | 1.22亿 | | 300886 | 华业看料 | 29.06 | 2.50% | 2.57万 | 7403.36万 | | | 300740 | 水羊股份 | 17.22 | 2.38% | 16.33万 | | 2.78亿 | | 300132 | 青松股份 | 6.06 | 1.34% | 12.64万 | 7571.49万 | | | 002243 | 力合科创 | 8.25 | 1.23% | 11.75万 | 9597.90万 | | | 300856 | 科思股份 | 15.10 | 0.80% | 3.11万 | 4667.26万 | ...

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].