证券之星消息，2月5日，中证医疗（399989）指数报收于7171.29点，涨0.27%，成交225.41亿元，换手 率1.91%。当日该指数成份股中，上涨的有28家，华熙生物以4.47%的涨幅领涨，下跌的有22家，美年 健康以2.48%的跌幅领跌。 资金流向方面，中证医疗（399989）指数成份股当日主力资金净流入合计5.31亿元，游资资金净流出合 计1.07亿元，散户资金净流出合计3.9亿元。成份股资金流向详情见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 中证医疗（399989）指数十大成份股详情如下： ...

Core Viewpoint - The medical beauty sector experienced a significant increase of 3.93% on February 5, with Huaxi Biological leading the gains [1] Market Performance - The Shanghai Composite Index closed at 4075.92, down by 0.64% [1] - The Shenzhen Component Index closed at 13952.71, down by 1.44% [1] Capital Flow - The medical beauty sector saw a net inflow of 172 million yuan from main funds, while retail investors experienced a net outflow of 126 million yuan [1] - Speculative funds had a net outflow of 46.41 million yuan [1]

Group 1 - The beauty care sector is experiencing a surge, with companies like Lafang Jiahua hitting the daily limit up, Jin Sanjiang rising over 10%, and others like Beitaini and Babi shares also showing significant gains [1][2] - Men's skincare products are becoming increasingly popular among Generation Z, with brands like C Coffee and Gu Yu seeing sales growth of 1900% and 1000% respectively during the recent holiday season [1] - Shanghai is focusing on consumer upgrades and market innovation, with plans to enhance domestic brands and improve inbound consumer services by 2026 [2][3] Group 2 - The beauty raw materials sector is witnessing a rapid increase in demand for specialized ingredients tailored to Chinese skin types, benefiting companies with core R&D capabilities [4] - Domestic beauty brands are gaining recognition and are expected to continue growing, especially those with innovative products and multi-channel operations [4] - The demand for cosmetic testing services is rising due to stricter regulations and consumer focus on product efficacy, creating opportunities for companies with advanced technical capabilities [5] Group 3 - Lafang Jiahua is a well-established beauty company focusing on hair care and skincare, actively pursuing brand rejuvenation and increasing R&D investments [6] - Huaxi Biological is a leading biotech firm specializing in hyaluronic acid, benefiting from the trend of domestic raw material production and industry upgrades [6] - Porlaia is a top domestic beauty brand known for effective skincare products, expected to increase R&D investments and expand its market leadership [6] - Beitaini specializes in sensitive skin care and has gained market recognition through collaborations with dermatological institutions, poised to benefit from the growing efficacy skincare market [6]

Core Viewpoint - The medical beauty sector experienced a slight increase of 0.31% on February 4, with Jinbo Biological leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4102.2, up by 0.85% [1] - The Shenzhen Component Index closed at 14156.27, up by 0.21% [1] - Jinbo Biological's stock price rose to 222.64, reflecting a gain of 3.55% [1] Group 2: Individual Stock Performance - Jinbo Biological led the medical beauty sector with a trading volume of 9236.31 hands and a transaction value of 2.02 billion yuan [1] - Aimei Ke's stock price increased by 0.51% to 148.32, with a trading volume of 42,100 hands and a transaction value of 6.20 billion yuan [1] - Huaxi Biological's stock price slightly decreased by 0.02% to 48.80, with a trading volume of 58,100 hands and a transaction value of 282 million yuan [1] Group 3: Capital Flow - The medical beauty sector saw a net outflow of 1.2797 million yuan from main funds, while retail investors experienced a net outflow of 2.70494 million yuan [1] - Jinbo Biological had a net inflow of 33.9145 million yuan from main funds, accounting for 16.83% of its trading volume [2] - Aimei Ke experienced a net outflow of 127.67 million yuan from main funds, with a net inflow of 22.7409 million yuan from retail investors [2]

T a [ 行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2026 年 02 月 04 日 b l [Table_Title] 国务院印发《加快培育服务消费新增长点工 e _ M 作方案》，HBN 母公司港交所递表 ——商社美护行业周报 [Table_Summary] 报告要点： 市场表现 ] 本周（2026.01.26-2026.01.30），商贸零售/社会服务/美容护理分别- 4.18%/-3.45%/-3.76%，在 31 个一级行业中排名第 26/23/25，同期上 证综指-0.44%，深证成指-1.62%，沪深 300+0.08%。 本周行业重点事件及资讯 国务院办公厅印发《加快培育服务消费新增长点工作方案》。提出 3 方面支持政策，包括聚焦交通服务、家政服务、网络视听服务、旅居 服务、汽车后市场服务、入境消费等重点领域激发发展活力；聚焦演 出服务、体育赛事服务、情绪式体验式服务等潜力领域培育发展动能。 1 月 29 日，文化和旅游部在福建省泉州市正式启动 2026 年全国春节 文化和旅游消费月。消费月将从 1 月底持续至 3 月初，其间各地将推 出丰富多彩的应季文旅产品和活动，举办约 ...

Group 1 - The medical beauty sector increased by 3.9% on February 3, with Ai Meike leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Major stocks in the medical beauty sector showed varied performance, with Ai Meike closing at 147.57, up 4.56%, and Huaxi Biological at 48.81, up 3.45% [1] Group 2 - The medical beauty sector saw a net inflow of 72.0481 million yuan from main funds, while retail funds experienced a net outflow of 41.6043 million yuan [1] - Ai Meike had a net inflow of 85.9952 million yuan from main funds, but retail funds saw a net outflow of 38.6841 million yuan [2] - Huaxi Biological experienced a net outflow of 10.4367 million yuan from main funds, with a net inflow of 14.2989 million yuan from speculative funds [2]

Group 1 - On February 2, Huaxi Bio's stock rose by 5.24%, with a trading volume of 562 million yuan [1] - The financing data shows that on the same day, Huaxi Bio had a financing purchase amount of 68.0048 million yuan and a net financing purchase of 3.4537 million yuan [1] - As of February 2, the total balance of margin trading for Huaxi Bio was 554 million yuan, with a financing balance of 550 million yuan, accounting for 2.42% of the circulating market value [1] Group 2 - Huaxi Bio, established on January 3, 2000, and listed on November 6, 2019, operates in the field of microbial fermentation and cross-linking technology, focusing on bioactive materials for health [2] - The company's revenue composition includes 40.34% from skin science innovation, 29.76% from medical terminal products, and 27.70% from raw materials [2] - For the period from January to September 2025, Huaxi Bio reported a revenue of 3.163 billion yuan, a year-on-year decrease of 18.36%, and a net profit of 252 million yuan, down 30.29% year-on-year [2] Group 3 - Since its A-share listing, Huaxi Bio has distributed a total of 1.138 billion yuan in dividends, with 528 million yuan distributed in the last three years [3] - As of September 30, 2025, major shareholders of Huaxi Bio have seen a reduction in holdings, with the top ten circulating shareholders decreasing their shares [3]

Performance Overview - The company forecasts a net profit of between 270 million and 320 million for 2025, representing a year-on-year increase of 55% to 84%, with Q4 2025 net profit expected to be between 20 million and 70 million, indicating a turnaround from losses [1] - The annual non-GAAP net profit is projected to be between 170 million and 220 million, reflecting a year-on-year growth of 56% to 102%, with Q4 2025 non-GAAP net profit expected to range from -20 million to 30 million, indicating a reduction in losses or a turnaround [1] Commentary and Recommendations - In 2025, the chairman and general manager will lead the team back to the front lines, making adjustments to organizational structure, strategic planning, and product structure [2] - The company has improved operational efficiency and optimized operating costs, with a significant reduction in sales expense ratio by over 30% year-on-year, and a 6.8 percentage points decrease in the sales expense ratio for the first three quarters [2] - The company continues to deepen research in sugar biology and cell biology, laying a solid foundation for long-term development [2] - For 2026, the company is expected to continue improving operations, with stable growth in raw material business and strengthened competitive barriers due to ongoing optimization of production and research integration [2] - The medical terminal business saw a positive growth rate in Q3 2025, with a year-on-year revenue increase of 14.5%, and this positive trend is expected to continue into 2026 with improved channel structure and increased direct sales ratio [2] - The skin science innovation transformation business is entering a deep reform phase, focusing on fee structure, organizational structure, and strategic adjustments [2] - Profit forecasts remain unchanged, with expected net profits of 310 million, 530 million, and 600 million for 2025-2027, representing year-on-year increases of 76.4%, 72%, and 13.3% respectively, with EPS of 0.64 yuan, 1.10 yuan, and 1.24 yuan, corresponding to PE ratios of 70x, 41x, and 36x, maintaining a "range operation" investment recommendation [2]

Core Viewpoint - The medical beauty sector experienced a rise of 2.68% on February 2, with Huaxi Biological leading the gains, while the overall market indices, Shanghai Composite and Shenzhen Component, saw declines of 2.48% and 2.69% respectively [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4015.75, down 2.48% [1] - The Shenzhen Component Index closed at 13824.35, down 2.69% [1] - The medical beauty sector stocks showed varied performance, with Huaxi Biological rising by 5.24% to a closing price of 47.18 [1] Group 2: Stock Details - Huaxi Biological (688363) had a trading volume of 118,200 shares and a transaction value of 562 million yuan [1] - Aimei Ke (300896) closed at 141.14, up 1.01%, with a trading volume of 47,500 shares and a transaction value of 683 million yuan [1] - ST Meigu (000615) closed at 3.08, up 0.33%, with a trading volume of 115,100 shares [1] - Jinbo Biological (920982) closed at 214.89, down 2.94%, with a trading volume of 9,949 shares and a transaction value of 217 million yuan [1] Group 3: Fund Flow Analysis - The medical beauty sector saw a net inflow of 100 million yuan from main funds, while retail investors experienced a net outflow of 59.89 million yuan [1] - Aimei Ke had a main fund net inflow of 55.54 million yuan, but a net outflow of 33.36 million yuan from retail investors [2] - Huaxi Biological experienced a main fund net inflow of 44.73 million yuan, with retail investors showing a net outflow of 27.92 million yuan [2]

Core Viewpoint - Huaxi Biological Technology Co., Ltd. is expected to see significant profit growth in 2025, driven by operational efficiency improvements and strategic adjustments, despite a recent decline in stock price from a peak of 313 yuan to around 50 yuan per share [1][9]. Financial Performance - The company anticipates a net profit attributable to shareholders of 270 million to 320 million yuan for 2025, representing a year-on-year increase of 54.93% to 83.63% [3][11]. - The net profit excluding non-recurring gains is projected to be between 167 million and 217 million yuan, with a growth rate of 55.68% to 102.29% [3][11]. - The low base from 2024, where the total profit was 213 million yuan and net profit was 174 million yuan, contributes to the substantial growth figures [3][11]. Business Strategy and Operations - The core driver of the expected profit growth is the steady improvement in the main business, focusing on "agile management and growth efficiency" [3][11]. - The company is optimizing its organizational structure, integrating overlapping functions, and upgrading operational models to shift from "scale expansion" to "quality growth" [4][12]. - Management expenses are expected to decrease by over 10% year-on-year, while sales expenses are projected to drop by more than 30% [4][12]. Research and Innovation - Huaxi Biological is enhancing its research capabilities in glycoscience and cell biology, focusing on cutting-edge studies related to extracellular matrix regulation and aging intervention [4][12]. - The company is leveraging AI technology to optimize business processes and improve operational efficiency across the supply chain and management [4][12]. Shareholder Activity - Recently, a long-term shareholder, Guoshou Chengda, reduced its stake by 2.00%, selling approximately 9.63 million shares for about 428 million yuan [5][13]. - Following the reduction, Guoshou Chengda's holdings decreased to 4.01%, exiting the top five shareholders [5][13]. Future Outlook - Analysts expect continued improvement in the company's operations in 2026, with stable growth in raw material business and positive trends in medical terminal business [6][13]. - The skin science innovation sector is entering a reform phase, focusing on structural adjustments [6][13].