| 代码 | 简称 | 今日涨跌 | 今日换手 | 5日均线 | 10日均线 | 5日较10日均线 | 最新价 | 较10日均线乖 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （%） | 率（%） | （元） | （元） | 距离（%） | （元） | 离率（%） | | 002052 | 同洲 | -0.77 | 2.45 | 10.71 | 10.85 | -1.25 | 10.32 | -4.85 | | | 电子 | | | | | | | | | 002989 | 中天 | -0.77 | 2.14 | 32.36 | 32.71 | -1.07 | 31.12 | -4.87 | | | 精装 | | | | | | | | | 603983 | 丸美 生物 | -2.64 | 0.70 | 39.79 | 40.17 | -0.93 | 38.69 | -3.68 | | | 格科 | | | | | | | | | 688728 | 微 | 0.46 | 0.48 | 15.71 | 15.82 | -0.68 ...

Market Overview - The Shanghai Composite Index is at 3555.41 points, with a decline of 0.50% [1] - The total trading volume of A-shares is 128.87 billion yuan [1] Technical Analysis - A total of 64 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Tongzhou Electronics: -1.29% - Marubi Biological: -0.95% - GeKao Micro: -0.69% [1] Individual Stock Performance - Key stock performances include: - Tongzhou Electronics (002052): Today's change -1.15%, 5-day MA at 10.70 yuan, 10-day MA at 10.84 yuan, with a distance of -1.29% [1] - Marubi Biological (603983): Today's change -2.84%, 5-day MA at 39.78 yuan, 10-day MA at 40.16 yuan, with a distance of -0.95% [1] - GeKao Micro (688728): Today's change 0.33%, 5-day MA at 15.71 yuan, 10-day MA at 15.82 yuan, with a distance of -0.69% [1] - Other notable stocks include: - Huatai Securities (601059): Today's change -0.86%, 5-day MA at 16.73 yuan, 10-day MA at 16.84 yuan, with a distance of -0.66% [1] - Jiabao (600622): Today's change -1.01%, 5-day MA at 3.08 yuan, 10-day MA at 3.10 yuan, with a distance of -0.64% [1] Additional Stock Movements - Other stocks with notable movements include: - Laka Laka (300773): Today's change -4.02%, 5-day MA at 27.62 yuan, 10-day MA at 27.73 yuan, with a distance of -0.39% [2] - Yongtai Technology (002326): Today's change 4.09%, 5-day MA at 13.25 yuan, 10-day MA at 13.29 yuan, with a distance of -0.32% [2] - Qijing (603677): Today's change -0.46%, 5-day MA at 19.91 yuan, 10-day MA at 19.96 yuan, with a distance of -0.25% [2]

Group 1 - The Shanghai Composite Index is at 3575.26 points with a slight increase of 0.06% and total A-share trading volume is 735.89 billion yuan [1] - A total of 55 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include Tongzhou Electronics at -1.19%, Marubi Biological at -0.82%, and Everbright Jiabao at -0.61% [1] Group 2 - Additional stocks showing a downward trend in their moving averages include Ge Ke at -0.61%, Hisense at -0.57%, and Beichen at -0.55% [1] - Other companies with notable moving average crossovers include Wan Shi at -0.53%, Baoling at -0.50%, and Zhejiang University at -0.49% [1] - The report also highlights stocks like PAI Neng and ST Zhong with minor declines in their moving averages, indicating a broader trend in the market [1]

Group 1 - The stock price of Marubi Biotechnology closed at 40.04 yuan on July 30, 2025, down 0.15% from the previous trading day, with a trading volume of 0.87 billion yuan and a turnover rate of 0.54% [1] - Marubi Biotechnology operates in the beauty care industry, focusing on anti-aging eye products, with main brands "Marubi" and makeup brand "PL Love Fire" [1] - The company is transitioning towards the biotechnology sector by restructuring its collagen research and plans to expand into the medical beauty and healthcare industries [1] Group 2 - Marubi Biotechnology has commenced construction of a Class III medical device pilot base in Zhuhai International Health Port, focusing on the research and industrialization of recombinant collagen [1] - The company has set a ten-year research plan aiming to obtain a registration certificate for injectable recombinant collagen Class III medical devices by 2026 [1] - In 2024, the company plans to invest 73.54 million yuan in research and development, employing 94 research personnel [1] Group 3 - On July 30, 2025, the net outflow of main funds for Marubi Biotechnology was 12.24 million yuan, accounting for 0.08% of the circulating market value [2]

Core Viewpoint - Marubi Biological has officially started construction on a Class III medical device pilot base in Zhuhai, focusing on the research and industrialization of recombinant collagen protein in the medical beauty field, indicating a strategic shift from a cosmetics company to a biotechnology company [1][3]. Company Developments - The project aims to deepen research into recombinant collagen protein, expanding its application from cosmetic beauty to medical beauty, reflecting Marubi's ambition to enhance its competitive edge in the cosmetics industry and explore new revenue streams in the medical sector [1][3]. - Marubi has changed its name from "Marubi Co., Ltd." to "Marubi Biological" and has invested in medical biomaterials companies, signaling a commitment to this new direction [1][3]. Market Trends - The focus on recombinant collagen protein aligns with Marubi's historical emphasis on anti-aging products, particularly in eye care, and the growing popularity of this ingredient in the skincare market [3][4]. - The market for recombinant collagen protein is still in its early stages, presenting opportunities for early entrants like Marubi to capture market share [3][4]. Research and Development Strategy - Marubi plans to invest over 1 billion yuan in recombinant collagen protein research by 2032, with specific milestones including obtaining medical device registration by 2026 and advancing into serious medical applications by 2028 [4][5]. - Despite the ambitious R&D plans, Marubi's R&D expenses have not kept pace with revenue growth, leading to a decline in R&D expense ratios from 2.80% in 2023 to 2.48% in 2024 [5][9]. Financial Performance - Marubi's revenue has shown significant growth, surpassing 2.2 billion yuan in 2023, a 28.52% increase from the previous year, with projections indicating potential revenue exceeding 3 billion yuan by 2025 [7][9]. - The company has successfully adapted its marketing strategies, particularly through online channels and product focus, contributing to its revenue growth [7][8]. Competitive Landscape - Marubi faces challenges from increasing online marketing costs and rising sales expenses, which have impacted profitability, with net profit margins decreasing from 26.56% in 2020 to 11.52% in 2024 [9][10]. - The reliance on a single ingredient, recombinant collagen protein, poses risks, as market trends can shift rapidly, potentially affecting long-term sustainability [9][10].

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, highlighting the strong performance of domestic brands amid stricter regulations [1]. Core Insights - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 5.4% from July 18 to July 25, 2025, surpassing the Shenwan A Index by 1.2 percentage points [5][6]. - Stricter advertising regulations are expected to benefit leading domestic brands, as new rules will increase operational barriers and allow market share to concentrate among top players [11]. - The report emphasizes the importance of new product launches as brands prepare for the competitive landscape in the second half of 2025 [11]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index increased by 3.4%, outperforming the Shenwan A Index by 1.2 percentage points, while the Shenwan Personal Care Index rose by 7.7%, exceeding the Shenwan A Index by 5.5 percentage points [5][6]. Key Company Highlights - Lin Qingxuan, a high-end domestic skincare brand, saw revenue grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with net profit turning from a loss of 6 million yuan to a profit of 187 million yuan [17]. - The company has a diverse product matrix with 188 SKUs, a robust supply chain with an annual production capacity of 40 million units, and a comprehensive OMO channel strategy [19]. Market Trends - The report notes a shift in the cosmetics market from quantity to quality, with e-commerce sales expected to account for 47% of total cosmetics sales by 2024, up from 22% in 2016 [13]. - The domestic market is witnessing a rise in local brands, with significant market share gains, particularly in the skincare segment [37]. Investment Recommendations - The report recommends several companies based on their market positioning and growth potential, including Up Beauty, Proya, and Marubi, while suggesting to pay attention to Shanghai Jahwa, Betaini, and Huaxi Biological [5].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a moderate recovery in the beauty and cosmetics sector, with a notable performance in hair care and color cosmetics, indicating a stable growth trajectory [7][35] - The medical aesthetics sector is expected to gain momentum from the introduction of innovative products, particularly in the field of collagen and hair loss treatments [30][46] Summary by Sections Market Review - In June, the beauty and personal care index fell by 3.61%, ranking 31st among all primary industries, underperforming the market [14] - The medical aesthetics sector saw significant stock price increases for companies like Meili Tianyuan Medical Health (+64.4%), Yonghe Medical (+50.0%), and Sihuan Pharmaceutical (+13.3%) [20][26] - For the first half of 2025, the medical aesthetics sector recorded substantial gains, with Jinbo Biological (+124.6%), Yonghe Medical (+83.3%), and Meili Tianyuan Medical Health (+69.9%) leading the way [20][26] Medical Aesthetics - Jinbo Biological launched the world's first recombinant type III humanized collagen gel, HiveCOL, which is expected to revolutionize tissue regeneration [30] - Sihuan Pharmaceutical introduced new products targeting skin quality improvement and contour shaping, while Kedi's external finasteride spray received approval, marking a significant advancement in hair loss treatment [31][32] Cosmetics - The retail sales of cosmetics in the first half of 2025 reached 229.1 billion yuan, reflecting a year-on-year growth of 2.9% [35] - Online sales of cosmetics amounted to 267.83 billion yuan, growing by 11.1%, while offline sales decreased by 4.1% to 228.44 billion yuan [36] - The report emphasizes the strong performance of domestic brands in the online market, particularly on platforms like Douyin and Tmall [40][43] Investment Recommendations - The report recommends focusing on leading domestic beauty brands that are expected to gain market share, particularly in high-growth segments [46][47] - Key recommendations include companies like Shangmei Co., Ltd., Maogeping, and Pulaia, which are well-positioned to benefit from the ongoing trends in the beauty market [50]

Investment Rating - The industry maintains a "Recommended" rating, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][35]. Core Insights - The total retail sales of consumer goods in China for the first half of 2025 reached 24.55 trillion yuan, showing a year-on-year increase of 5%. In June, the retail sales totaled 4.23 trillion yuan, growing by 4.8% year-on-year, which was below the expected 8.4% due to the timing of the Dragon Boat Festival and the pre-release of demand during the 618 shopping festival [3][23]. - The beauty care sector is highlighted with significant developments, including the strategic expansion of Ai Er Bo Shi in Southeast Asia and the announcement of a new CEO at Kenvue [27][3]. - Bubble Mart is expected to see a revenue increase of no less than 200% and a profit increase of no less than 350% for the first half of 2025 [32][5]. Summary by Sections Market Performance - From July 14 to July 18, 2025, the trade retail, social services, and beauty care sectors experienced changes of +0.23%, +1.05%, and -0.14% respectively, ranking 18th, 13th, and 22nd among 31 primary industries [14][16]. Key Industry Data and News - In June 2025, the retail sales of consumer goods grew by 4.8%, with a total of 21.8 trillion yuan in goods retail sales for the first half of the year, reflecting a 5.1% year-on-year increase [23][22]. - The airline industry saw an increase in passenger flights, with nearly 118,000 flights executed nationwide in the 28th week of 2025, marking a 3.2% year-on-year rise [4][27]. Company Announcements - Bubble Mart's half-year performance forecast indicates a revenue growth of at least 200% and a profit increase of at least 350% [32][5]. - Other companies like Rongzi Co. and Longzi Co. also reported significant profit forecasts, with Rongzi expecting a profit increase of 31.74% to 55.69% [34][33]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Juzi Bio, Marumi Bio, and others within the beauty care and new consumption sectors [5][35].

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, highlighting innovative business models driving growth in the light medical beauty sector, particularly recommending attention to the company "Xinyang" [2][9]. Core Insights - The cosmetics and medical beauty sector has underperformed the market recently, with the Shenwan Beauty Care Index declining by 0.1% from July 11 to July 18, 2025, while the Shenwan Cosmetics Index fell by 0.9%, underperforming the Shenwan A Index by 2.3 percentage points [3][4]. - Innovative business models are driving growth in light medical beauty, contrasting with traditional medical beauty institutions facing stagnation due to high costs and weak consumer demand. Xinyang's high cost-performance ratio, chain operations, and app-based customer conversion model are seen as new growth drivers for the sector [9][10]. - The report emphasizes the importance of supply-side innovations in stimulating consumer demand and driving industry recovery, despite short-term macroeconomic challenges [9]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weak performance compared to the market, with specific indices reflecting declines during the reporting period [3][4]. - The top-performing stocks in the sector included Zhongshun Jierou (+10.8%) and Juzibio (+6.1%), while the worst performers were Shangmei Shares (-11.1%) and Baiya Shares (-4.3%) [5]. Key Company Insights - Linqingxuan, a high-end domestic skincare brand, has seen revenue growth from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with net profit turning from a loss of 6 million yuan to a profit of 187 million yuan [10][15]. - The company has established a strong product matrix and supply chain advantages, with production capacity reaching 40 million units annually [16][17]. - The report also highlights the growth of the "Plant Doctor" brand, which has achieved a net profit CAGR of 24% from 2022 to 2024, supported by a robust channel network and operational efficiencies [10][12]. Market Trends - The report notes a shift in the cosmetics market from quantity to quality, with a significant increase in e-commerce sales, which accounted for 47% of total cosmetics sales in 2024, up from 22% in 2016 [11]. - The domestic market is witnessing a rise in local brands, with a notable increase in market share for domestic products, reflecting changing consumer preferences and the impact of the "national tide" [11][28]. Financial Performance - The report indicates that the overall retail sales of cosmetics in China reached 229.1 billion yuan in the first half of 2025, with a year-on-year growth of 2.9%, although June saw a decline of 2.3% due to promotional timing [21][24]. - The performance of major companies like Meili Tianyuan is highlighted, with projected revenue of at least 1.45 billion yuan for the first half of 2025, representing a growth of at least 27% [24].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [4]. Core Insights - The company has a well-established brand matrix based on skin science and biological science, focusing on the research, design, production, sales, and service of various cosmetics [1][9]. - The main brand, Marubi, has successfully implemented a big product strategy, particularly in eye care, maintaining the top sales position in this category for three consecutive years [2]. - The PL brand, focusing on base makeup, has achieved significant sales milestones, with multiple products exceeding 100 million yuan in annual GMV [3]. Financial Performance - The company is projected to achieve revenues of 2,226 million yuan in 2023, growing to 6,051 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 24.6% [1][10]. - The net profit attributable to shareholders is expected to rise from 259 million yuan in 2023 to 729 million yuan in 2027, reflecting a strong growth trajectory [1][10]. - The company's gross margin improved to 73.7% in 2024, up 3.01 percentage points year-on-year, driven by optimized product structure and cost control [8]. Brand Strategy - Marubi's core philosophy is centered around "focusing on reducing every fine line," which has solidified its brand identity in eye care and wrinkle reduction [2]. - The PL brand emphasizes user-friendly and high-quality products, reinforcing its market position in the base makeup category [3]. Market Position - Marubi has become a leading brand in the domestic mid-to-high-end skincare market, while PL has established itself as a strong player in the makeup segment [1][3]. - The company aims to leverage global leading technologies to develop high-quality products, guided by a long-term strategy focused on "technology-driven beauty and health" [9].