Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The retail sector is experiencing continuous operational pressure, with a focus on high-prosperity quality companies [4][24] - The overall revenue for the retail industry in 2024 and Q1 2025 decreased by 1.8% and 13.3% year-on-year, respectively, while the net profit attributable to the parent company decreased by 20.6% and 21.3% [4][24] - The report highlights the performance of various segments, including jewelry, beauty care, and cross-border e-commerce, with specific recommendations for investment opportunities [7][43] Summary by Relevant Sections Retail Market Overview - The retail industry index fell by 1.72% in the week of April 28 to April 30, 2025, underperforming the Shanghai Composite Index [6][15] - The beauty products segment showed the highest increase, with a weekly rise of 7.49% and a year-to-date increase of 12.66% [15][19] Industry Dynamics - The retail sector's financial reports indicate ongoing operational challenges, with a focus on high-prosperity segments [4][24] - The jewelry segment's revenue decreased by 4.9% in 2024 and 25.9% in Q1 2025, while the beauty care segment saw a revenue increase of 5.3% in 2024 but a slight decline of 1.7% in Q1 2025 [4][33][28] Investment Recommendations - Investment focus areas include traditional retail, jewelry, cosmetics, and medical aesthetics, with specific companies recommended for their growth potential [7][43] - Key recommended companies include Yonghui Supermarket, Aiyingshi, and various beauty brands such as Maogeping and Pulaia [7][46][44] Segment Performance - Cross-border e-commerce showed strong growth with a revenue increase of 31.9% in 2024 and 28.8% in Q1 2025, indicating a robust operational environment [4][38] - The beauty care segment is expected to maintain growth through differentiated products and strong brand positioning [28][44]

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - Retail enterprises are under continuous operational pressure, with a focus on high-prosperity quality companies [4][24] - The overall revenue of the retail industry decreased by 1.8% in 2024 and 13.3% in Q1 2025, while the net profit attributable to the parent company decreased by 20.6% and 21.3% respectively [4][24] - The jewelry sector faced revenue declines of 4.9% in 2024 and 25.9% in Q1 2025, with net profit declines of 17.7% and 18.8% respectively [4][33] - The beauty care sector showed a revenue increase of 5.3% in 2024 but a slight decline of 1.7% in Q1 2025, with net profit declines of 17.5% and 21.7% respectively [4][28] - The cross-border e-commerce sector experienced significant growth, with revenue increases of 31.9% in 2024 and 28.8% in Q1 2025, while net profit showed a decline of 4.6% and an increase of 4.9% respectively [4][38] Summary by Sections Retail Market Overview - The retail industry index decreased by 1.72% in the week of April 28 to April 30, 2025, underperforming the Shanghai Composite Index [6][15] - The beauty products sector had the highest growth, with a weekly increase of 7.49% and a year-to-date increase of 12.66% [15][19] Industry Dynamics - The financial reports for 2024 and Q1 2025 indicate that retail enterprises are facing operational challenges, with a focus on high-prosperity sectors [4][24] - The jewelry sector is under pressure due to rising gold prices affecting consumer demand and operational challenges for weaker franchisees [4][33] - The beauty care sector remains relatively stable, with strong performance from differentiated beauty brands [4][28] Investment Recommendations - Focus on traditional retail companies that adapt to consumer trends, such as Yonghui Supermarket and Aiyingshi [7][43] - Highlight jewelry brands with differentiated product offerings, recommending brands like Laopu Gold and Chaohongji [7][43] - Emphasize domestic beauty brands that are expanding into high-prosperity segments, recommending brands like Maogeping and Shangmei [7][44] - Target upstream medical beauty product manufacturers with strong profitability, recommending companies like Aimeike and Kedi [7][44]

Group 1 - The core viewpoint of the articles highlights the rapid rise of recombinant collagen in the medical beauty and skincare industry, challenging the dominance of hyaluronic acid [1][2][16] - Jinjian Biological's stock price has surged over 100% since the beginning of the year, reaching a historical high of 442.00 yuan per share, with a listing price of 49 yuan per share in 2023 [1] - The founder of Jinjian Biological, Yang Xia, has seen a significant increase in wealth, ranking 2295th on the Hurun Global Rich List with a net worth of approximately 11.5 billion yuan, up 455 places year-on-year [1] Group 2 - The wealth of founders in the hyaluronic acid sector, such as Zhao Yan of Huaxi Biological and Jian Jun of Aimeike, has declined, indicating a shift in the industry landscape [2] - Huaxi Biological reported a revenue of 5.371 billion yuan in 2024, a year-on-year decrease of 11.61%, and a net profit decline of 70.59% [19] - Aimeike's revenue for 2024 was 3.026 billion yuan, with a slight growth of 5.45%, but faced a decline in net profit [19] Group 3 - Jinjian Biological's revenue for 2024 reached 1.443 billion yuan, a year-on-year increase of 84.92%, with a net profit of 732 million yuan, up 144.27% [6] - The company achieved a gross margin of 95.03% in its medical device segment, surpassing the gross margin of Kweichow Moutai [7] - Jinjian Biological's focus on medical devices and functional skincare products has positioned it as a strong competitor in the market [6][14] Group 4 - The competitive landscape is shifting, with Jinjian Biological and Juzhi Biological both expanding into medical beauty injections, potentially leading to direct competition [13][17] - Jinjian Biological has received approval for its injectable recombinant collagen gel, indicating ongoing product development and market expansion [14] - The industry is witnessing a trend towards international expansion, with companies like Jinjian Biological and Huaxi Biological exploring overseas markets [24][25] Group 5 - The financial performance of Chuangjian Medical has declined, with a revenue of 288.2 million yuan in 2024, a growth of only 1.82%, and a net profit drop of 50.84% [6][15] - Chuangjian Medical is attempting to pivot towards terminal products, including medical devices and cosmetics, but lacks strong competitive advantages [14][15] - The overall market for recombinant collagen is still in its early stages of international expansion, with companies planning to enhance their global presence [25]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a Q1 2025 revenue of 1.08 billion yuan, a year-on-year decline of 20.8%, and a net profit attributable to shareholders of 100 million yuan, down 58.1% year-on-year. However, there was a quarter-on-quarter improvement in net profit by 290 million yuan compared to Q4 2024 [6][7] - The company is undergoing a significant strategic transformation, focusing on two main areas: sugar biology and cell biology, which is expected to lay a solid foundation for future growth despite short-term performance pressures [6] - The company is adjusting its skin science innovation business by restructuring management, upgrading brands, and innovating marketing strategies to enhance brand competitiveness and long-term financial health [6] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 5.68 billion yuan, with a projected growth rate of 5.7%. The net profit attributable to shareholders is expected to be 451 million yuan, reflecting a significant year-on-year increase of 159.1% [5] - The gross margin for Q1 2025 was 72.2%, a decrease of 3.6 percentage points year-on-year, while the net margin was 9.4%, down 8.5 percentage points year-on-year [6][9] - The company maintains its profit forecast for 2025-2027, expecting net profits of 451 million yuan, 520 million yuan, and 606 million yuan respectively, with corresponding price-to-earnings ratios of 52, 45, and 38 [6][14]

2 0 2 4年在国货美妆发展史上是值得记录一年： 一方面，国内诞生首个突破百亿美妆企业，珀莱雅以1 0 7 . 7 8亿元营收首次跻身"百亿俱乐部"， 成 为 行 业 里 程 碑 事 件 ； 同 时 ， 十 强 门 槛 抬 高 至 近 3 0 亿 元 ， 前 十 总 营 收 规 模 扩 大 至 5 4 3 . 7 7 亿 元。 另一方面，前十座次发生较大变化，毛戈平首次闯入榜单，上海家化、华熙生物等企业持续步 入变革期深水区，迎来业绩"震荡"。 在"突飞猛进"与震荡调整并存的阶段，头部国货企业的发展预示着行业怎样的未来？ 综 合 2 0 2 1 年 至 2 0 2 4 年 国 货 美 妆 上 市 企 业 十 强 榜 单 情 况 来 看 ， 可 以 发 现 ， 名 次 发 生 了 较 大 变 化。每一年的前三名都不相同，并且持续有"突围者"闯入榜单，例如2 0 2 4年的毛戈平。 | | | | 2021年至2024年国货美妆上市企业十强榜单 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but showed signs of improvement compared to the previous quarter, with expectations for gradual transformation effects to materialize [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 1.078 billion yuan, a year-on-year decrease of 20.77% [1]. - The net profit attributable to shareholders was 102 million yuan, down 58.13% year-on-year [1]. - Compared to Q4 2024, the net profit increased by approximately 290 million yuan, and when excluding impairment losses, the net profit rose by about 180 million yuan [2]. Business Segments - The bioactive substances and medical terminal businesses remained stable in Q1 2025, with accelerated R&D, registration, and marketization of new raw materials and pipelines [2]. - The skin science innovation transformation business is still undergoing an adjustment period, prompting the chairman and general manager to take a more hands-on management approach [2]. - The company launched the first Class III medical device for facial skin quality improvement, which is expected to contribute positively to the medical terminal business [2]. Future Outlook - The company anticipates revenue growth for 2025-2027, with projected revenues of 5.774 billion, 6.362 billion, and 7.221 billion yuan, corresponding to growth rates of 7.5%, 10.2%, and 13.5% respectively [3]. - The net profit attributable to shareholders is expected to be 455 million, 530 million, and 628 million yuan for the same period, with growth rates of 161.2%, 16.3%, and 18.7% respectively [3]. - Earnings per share (EPS) are projected to be 0.94, 1.10, and 1.30 yuan per share for 2025-2027 [3].

Investment Rating - The report maintains a "Recommendation" rating for the consumer discretionary sector [5] Core Insights - The beauty and personal care segment shows strong growth, with companies like Proya achieving over 10 billion RMB in revenue for the first time, and significant increases in net profit [3][26] - The retail sector is expanding, with ALDI opening new stores and achieving record sales, while companies like Yonghui Supermarket are recovering from previous losses [25][34] - The travel and leisure industry is also seeing growth, with increased flight operations and significant revenue increases for companies like Xiangyuan Culture [21][34] Summary by Sections Market Performance - For the week of April 21-25, 2025, the Shenyin Wanguo indices for retail, social services, and beauty care sectors showed mixed performance, with beauty care up by 3.80% [10][12] - The beauty care sub-sector outperformed others, with individual products and cosmetics increasing by 7.11% and 4.89% respectively [11] Key Industry Data and News - Proya's revenue for 2024 reached 10.778 billion RMB, marking a 21% increase, while its net profit rose by 30% [3][26] - Other companies like Marubi and Betaini also reported significant revenue growth, with Marubi's revenue increasing by 33.4% in 2024 [3][29] - The travel sector saw a rise in flight operations, with nearly 106,000 flights executed in the week of April 14-20, 2025, reflecting an 8.7% increase year-on-year [21][23] Key Company Announcements - Proya's Q1 2025 revenue was 2.359 billion RMB, a year-on-year increase of 8.13% [26] - Marubi reported a Q1 2025 revenue of 847 million RMB, up 28.01% from the previous year [29] - Bubble Mart's Q1 2025 revenue surged by 165%-170%, with overseas revenue increasing by over 475% [33]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is undergoing organizational management changes that are currently impacting short-term performance, but a growth inflection point is anticipated in 2025 [4][5] - The company reported a revenue of 5.371 billion yuan in 2024, a decrease of 11.6% year-on-year, and a net profit attributable to shareholders of 174 million yuan, down 70.6% [4] - For Q1 2025, the company achieved a revenue of 1.078 billion yuan, a decline of 20.8%, and a net profit of 102 million yuan, down 58.1% [4] - The company is expected to return to growth after completing its strategic adjustments, with projected net profits for 2025-2027 at 439 million, 581 million, and 742 million yuan respectively [4][5] Financial Summary - The total revenue for 2024 is projected at 5.371 billion yuan, with a year-on-year decline of 11.6% [7] - The net profit for 2024 is expected to be 174 million yuan, reflecting a significant decrease of 70.6% [7] - The gross margin for 2024 is estimated at 74.1%, slightly up from the previous year [7] - The earnings per share (EPS) for 2025 is projected to be 0.91 yuan, with a price-to-earnings (P/E) ratio of 52.3 times [7] Business Segments - The skin science innovation business generated revenue of 2.569 billion yuan in 2024, down 31.6%, with a gross margin of 72.8% [5] - The medical terminal products business saw revenue growth of 32.0%, reaching 1.440 billion yuan, with a gross margin of 84.4% [5] - The raw materials business achieved revenue of 1.236 billion yuan, an increase of 9.5%, with a gross margin of 65.6% [5] - The company has expanded its medical aesthetic institution coverage to 7,000, with significant growth in the revenue from its "baby needle" products [6]

Core Viewpoint - Huaxi Biological, once a giant in the hyaluronic acid sector, is currently facing significant challenges, including a sharp decline in revenue and profit as reflected in its Q1 2025 financial report [2][3]. Financial Performance - In Q1 2025, Huaxi Biological reported revenue of 1.078 billion yuan, a year-on-year decrease of 20.77%, and a net profit attributable to shareholders of 102 million yuan, down 58.13% year-on-year [2]. - The company's revenue decline in Q1 2025 marks the worst quarterly performance in its history, despite it being the best profit level in the last four quarters [2]. Business Segment Analysis - The skin science innovation transformation business, previously the company's cash cow, has entered a phase of negative growth, significantly impacting overall performance [2][4]. - From 2018 to 2022, the functional skincare segment experienced rapid growth, peaking at 4.607 billion yuan in 2022, contributing over 70% to total revenue [4][5]. - However, this segment's revenue is projected to decline to 3.757 billion yuan in 2023 and 2.569 billion yuan in 2024, with year-on-year decreases of 18.45% and 31.62%, respectively [5]. Management Changes - The chairman and general manager, Zhao Yan, has taken direct control of the skin science innovation transformation business to address the ongoing challenges [4]. - The company has experienced significant personnel turnover, with 34 senior executives and key technical personnel leaving in 2024, contributing to increased management costs [5]. Strategic Adjustments - Huaxi Biological is emphasizing high-end product development to improve profit margins, as the gross margin of its functional skincare segment has been declining [6]. - The company has halted ineffective promotional activities and is focusing on building a brand content system based on technological strength and AI [6]. Future Directions - The company is shifting its focus towards sugar biology and cell biology, aiming to enhance its R&D capabilities and develop new raw materials [9]. - Huaxi Biological's innovative raw material business has expanded into various fields, including reproductive health and pet food, with revenue from the raw material segment growing by 15.22% and 9.47% in 2023 and 2024, respectively [10][11]. - The medical terminal product segment has also seen growth, with revenue reaching 1.44 billion yuan in 2024, a year-on-year increase of 32.03% [10].

Core Insights - The medical aesthetics industry is experiencing significant revenue declines among major players, indicating a painful transformation phase for traditional companies [1][2][5] - Huaxi Biological, Aimeike, and Haohai Biological show varying degrees of revenue decline, highlighting differences in business structure and strategic deployment [1][2] - The industry is facing fundamental changes, raising concerns about which companies may fall behind in this transformation [1][8] Company Performance - Huaxi Biological reported a 20.77% year-on-year revenue decline in Q1 2025, with revenue shrinking to 1.078 billion yuan [1] - Aimeike's revenue decreased by 17.90% to 663 million yuan, while Haohai Biological's revenue fell by 4.25% to 619 million yuan [1] - Huaxi Biological's net profit plummeted from 961 million yuan in 2022 to 174 million yuan in 2024, with a further 58.13% decline in Q1 2025 [2][4] Strategic Adjustments - Huaxi Biological is undergoing a significant management overhaul, with leadership changes aimed at addressing operational challenges and improving performance [3][4] - The company is focusing on new fields such as glycoscience and cell biology, which has led to increased management costs [2][3] - Aimeike is shifting its strategy to accelerate product updates and pursue acquisitions in new areas like botulinum toxin and semaglutide [5][6] Market Dynamics - The medical aesthetics market is witnessing intense competition, particularly in the hyaluronic acid segment, raising concerns about whether the market has peaked [8][9] - New materials like hydroxyapatite and recombinant collagen are emerging as potential competitors to hyaluronic acid, indicating a shift in market dynamics [8][9] - Regulatory challenges and lengthy approval processes for medical products are significant barriers to industry growth, impacting companies' ability to innovate [9][10] Future Outlook - Huaxi Biological's turnaround efforts may take time to yield results, especially given its high marketing expenditures [10] - Aimeike's success will depend on the speed of product approvals and market acceptance of its diversified product strategy [6][10] - Haohai Biological is exploring new materials to drive growth, but its performance is still affected by pricing pressures from centralized procurement policies [7][10]