近日，"潮玩之王"泡泡玛特披露的2025年第三季度财报显示，公司第三季度整体收益（未经审核）同比 大幅增长245%—250%，延续了上半年的高增长态势。 分区域看，中国市场第三季度收入同比大幅增长185%—190%，线上渠道增速高达300%—305%，线下 渠道同比增长130%—135%；海外市场的表现更为亮眼，第三季度整体收入同比大幅飙升365%— 370%，其中美洲市场以1265%—1270%的同比增速一骑绝尘，欧洲及亚太地区分别大幅增长735%— 740%、170%—175%。 A股IP经济龙头光线传媒（300251）同样实现业绩大增，公司前三季度实现营业收入36.16亿元，同比增 长150.81%；归母净利润23.36亿元，同比增长406.78%。 2025年三季度财报发布落下帷幕，新消费板块的业绩却呈现出明显分化。 记者梳理发现，以泡泡玛特等为代表的IP经济公司交出亮眼的成绩单，但资本市场似乎并不买账，形 成"业绩增长与估值回调"的强烈反差；宠物经济今年上半年也持续受资金关注，中宠股份（002891）、 乖宝宠物（301498）公布的前三季度业绩保持稳健增长，但公司估值同样出现明显回调；颜值经济中的 ...

证券之星消息，11月3日医疗美容板块较上一交易日下跌1.4%，爱美客领跌。当日上证指数报收于 3976.52，上涨0.55%。深证成指报收于13404.06，上涨0.19%。医疗美容板块个股涨跌见下表： 从资金流向上来看，当日医疗美容板块主力资金净流入277.89万元，游资资金净流入3054.67万元，散户 资金净流出3332.56万元。医疗美容板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000615 | *ST美谷 | 3.73 | 4.19% | 15.00万 | 555.89万 | | 920982 | 锦波生物 | 255.37 | 1.63% | 1.57万 | 4.03亿 | | 688363 | 华熙生物 | 53.12 | -1.61% | 2.94万 | 1.56亿 | | 300896 | 爱美客 | 157.37 | -1.70% | 3.34万 | 5.271Z | | 代码 | | | 名称 │主力净流入（元）│主力净占比│游资净流入（元） ...

中国经济网北京11月3日讯 安徽省药品监督管理局官网近期发布第一分局化妆品生产监督检查信息通告（2025年第5期）。 （责任编辑：徐自立） | 序号 | 检查时间 | 企业名称 | 生产地址 | 椅查范围 | 检查依据 | 检查结论 | 处理措施 | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 安徽省合肥经济技 | | 《化妆品监督管理条例》《化 妆品生产质量管理规范 » 《化 | 基本符合(生 | | | | 1 | 2025年9月4日 | 联合利益(中 | 术开发区锦绣大道 | 般液态单元、青霜乳液 | 妆品生产质量管理规范检查要 | 产质量管理体 | 限期營改 | 元 | | | | 国)有限公司 | 88号 | 单元、牙膏单元 | 点及判定原则》《化妆品检查 | 系存在缺陷) | | | | | | | | | 管理办法》等。 | | | | | 2 | | 联合利华(中 | 安徽省合肥经济技 | | 《化妆品监督管理条例》《化 妆品生产质量管理规范 » 《化 | | | 无 | | | 2025年9月4日 ...

证券研究报告·公司点评报告·美容护理 华熙生物（688363） 2025 年三季报点评：25Q3 扣非归母净利同 比+10.5%，经营调改成效显现 增持（下调） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,076 | 5,371 | 4,983 | 5,328 | 5,939 | | 同比（%） | (4.45) | (11.61) | (7.22) | 6.93 | 11.46 | | 归母净利润（百万元） | 592.56 | 174.27 | 375.79 | 519.39 | 624.22 | | 同比（%） | (38.97) | (70.59) | 115.64 | 38.21 | 20.18 | | EPS-最新摊薄（元/股） | 1.23 | 0.36 | 0.78 | 1.08 | 1.30 | | P/E（现价&最新摊薄） | 43.89 | 149.23 | 69.20 | 50.07 | 41. ...

Core Viewpoint - The article discusses the strategic transformation of the brand Quadi, emphasizing its emotional connection with consumers and the introduction of the CT50 patented technology for anti-aging skincare, which is positioned as a "cell charger" for skin health [2][12][38]. Group 1: Brand Transformation - Quadi has appointed Yang Tianzhen as its brand energy ambassador, launching the slogan "Use Quadi to Avoid Collapse," which resonates emotionally with consumers sharing their personal stories of resilience [2][4]. - The brand has undergone a comprehensive renewal over the past year, focusing on brand value propositions, scientific positioning, and narrative development [4][12]. - Quadi's brand narrative has evolved to emphasize "energy skincare," aligning with consumer preferences for scientific and effective skincare solutions [27][34]. Group 2: Market Challenges - Huaxi Biological, Quadi's parent company, has faced challenges in the efficacy skincare market despite high R&D investment, with R&D expenses rising from 6.15% in 2020 to 10.22% by mid-2025, totaling 1.977 billion yuan over five years [6][9]. - Consumer behavior has shifted, with over 80% prioritizing "ingredients and efficacy" over "brand recognition," necessitating clear differentiation in market positioning [9][12]. Group 3: CT50 Technology - The CT50 technology, developed from Huaxi Biological's acquisition of RevitaCare Lab, focuses on non-crosslinked hyaluronic acid and aims to create a favorable environment for cell health [20][22]. - CT50 combines various active ingredients into three functional packages: cell nutrition support, signal enhancement, and mitochondrial energy remodeling, forming a comprehensive "cell charging solution" [25][26]. - The technology is positioned as a key competitive advantage for Quadi, leveraging Huaxi Biological's extensive research capabilities and infrastructure [26][38]. Group 4: Brand Narrative Framework - Quadi's new narrative framework consists of four dimensions: personal growth, technological innovation, women's empowerment, and authentic user experiences, enhancing consumer engagement [27][28]. - The brand's archetype has shifted from "Caregiver" to include "Hero," reflecting a strategic upgrade to position itself as a solution provider against aging and stress [34][35]. - This transformation aims to establish Quadi as a "cell anti-aging expert" in consumers' minds, aligning with the industry's trend towards science-driven branding [38][41].

2025 年前三季度，由于皮肤科学创新转化业务尚处于调整阶段、以及医疗终端业务的市场竞争加剧， 公司毛利率同比有所下滑。 2025 年前三季度公司期间费用率为59.6%，同比-1.3pcts，其中销售、管理、研发、财务费用率分别为 35.3%/13.2%/11.4%/-0.4% ， 分别同比-6.8/+2.3/+3.3/-0.2pcts。3Q2025 期间费用率为64.9%，同 比-4.9pcts，其中销售、管理、研发、财务费用率分别为34.3%/15.9%/14.4%/0.3%，分别同 比-8.3/-0.7/+3.8/ +0.2pcts。 公司持续推动品牌传播从"规模导向"向"效益导向"转型，销售费用率大幅降低。 点评： 原料业务稳健增长，医美新品快速放量，护肤品业务转型深化中：原料业务方面，公司实现稳健增长， 3Q2025 公司医药材料原料业务收入同比增长2.69%，毛利率为84.8%，保持较高水平，凸显公司在高端 原料领域的核心壁垒。 医疗终端业务方面，3Q2025 实现收入3.59 亿元，同比增长14.51%，其中医美业务贡献收入2.29 亿元， 同比增长7.88%，上半年推出的新品合规水光产品"润百 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown continuous improvement in profitability in Q3 2025, with expectations for operational flexibility to be released [8] - The company achieved a revenue of 3.163 billion yuan in the first three quarters, a year-on-year decrease of 18.4%, and a net profit attributable to shareholders of 252 million yuan, down 30.3% [8] - The company anticipates a rebound in performance due to the improvement in its skin care business [8] Financial Performance Summary - Revenue for 2023 is projected at 6.076 billion yuan, with a decline of 4.5% year-on-year, and a net profit of 593 million yuan, down 39.0% [7] - The company expects net profits to recover to 411 million yuan in 2025, with a projected PE ratio of 62.7 [8] - The gross profit margin for Q3 2025 was 69.9%, a decrease of 2.5 percentage points [8] Business Segments Summary - The raw materials segment generated revenue of 923 million yuan in the first three quarters, with a gross margin of 84.81% [8] - The medical terminal segment saw a revenue increase of 14.5% in Q3 2025, with the medical beauty business contributing 229 million yuan [8] - The nutrition science business achieved its first quarterly profit while maintaining revenue growth [8] Future Outlook - The company forecasts net profits of 4.11 billion yuan, 5.09 billion yuan, and 5.74 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 62.7, 50.7, and 44.9 [8]

中证报中证网讯（记者 张鹏飞）10月29日，2025上市公司高质量发展论坛暨第二十七届上市公司金牛 奖颁奖典礼在江苏南通举行。本届论坛以"向新而行 以实致远 智启未来"为主题，备受瞩目的上市公司 金牛奖榜单揭晓，华熙生物董秘李亦争荣获"2024年度金牛董秘奖"。 金牛奖是中国证券报倾力打造的权威评选活动，活动秉承"公开、公平、公正"的原则，强调透明度，保 证专业性，维持公信力。上市公司金牛奖是中国证券报主办的金牛系列评选活动之一，创立于1999年， 活动采取严谨、客观、科学、透明的评选体系，着力搭建中国资本市场最权威、专业、高效的交流和品 牌展示平台，致力于打造资本市场最具公信力的上市公司权威奖项，成为引领上市公司健康发展的一面 旗帜。 本届上市公司金牛奖共设置"最具投资价值奖""金牛卓越企业家奖""金牛董秘奖"等九大奖项。其 中，"金牛董秘奖"的颁发对象是在负责公司治理、股权事务管理、信息披露、投资者关系等层面表现突 出的上市公司董秘。 华熙生物成立于2000年，是一家全球领先的生物科技与生物制造企业。依托公司建成的全球最大合成生 物制造平台，华熙生物致力于将生命科学成果转化为应用于衰老干预、组织再生等领域 ...

Core Viewpoint - The medical beauty sector experienced a slight increase of 0.81% on October 31, with Jinbo Biological leading the gains, while the overall market indices saw declines [1]. Group 1: Market Performance - On October 31, the Shanghai Composite Index closed at 3954.79, down 0.81%, and the Shenzhen Component Index closed at 13378.21, down 1.14% [1]. - Jinbo Biological's stock price rose by 2.35% to 251.28, with a trading volume of 16,800 hands and a transaction value of 421 million yuan [1]. - Other notable stocks in the medical beauty sector included *ST Meigu, which increased by 1.42% to 3.58, and Huaxi Biological, which rose by 0.82% to 66.65 [1]. Group 2: Capital Flow - The medical beauty sector saw a net inflow of 5.8151 million yuan from institutional investors, while retail investors experienced a net outflow of 7.1663 million yuan [2]. - The sector also recorded a net inflow of 1.3512 million yuan from speculative funds [2].

短期内，皮肤科学创新转化业务对华熙生物业绩的"拖累"还在延续。 玻尿酸巨头华熙生物的转型阵痛仍在持续。10月29日，华熙生物科技股份有限公司（以下简称"华熙生物"）发布2025年第三季度报告，报告期内，该公司实 现营业收入9.03亿元，同比下滑15.16%；归母净利润同比增长55.63%至3152.85万元。 尽管第三季度净利润表现向好，但拉长时间线来看，华熙生物今年前三季度的经营持续承压——营业收入同比减少18.36%至31.63亿元，归母净利润较上年 同期下滑30.29%至2.52亿元。 | 项目 | 本报告期 | 本报告期 比上年同 期增减变 | | 年初 末比 | | --- | --- | --- | --- | --- | | | | | 年初至报告期末 | 增泥 | | | | 动幅度(%) | | | | 营业收入 | 902.707.051.31 | -15. 16 | 3. 163. 398. 568. 64 | | | 利润总额 | 31, 208, 800. 95 | 62. 91 | 291, 533, 228. 00 | | | 归属于上市公司股东的 | 31, 528, 454. ...