爱美客控股子公司REGEN与达透公司关于AestheFill产品代理权的仲裁案件仍在审理中。2026年1月30日 公司公告显示，深圳国际仲裁院撤销了此前对REGEN的临时销售限制决定，但案件最终结果尚未公 布，可能影响公司未来业务布局。 业务进展情况 经济观察网爱美客（300896）(300896.SZ)近期有多项动态值得关注，涉及仲裁案件、新产品推广、财 务业绩及市场表现等方面。 近期事件 股价与资金表现 近期股价波动显著，如2026年2月3日出现两笔大宗交易(成交价113元/股，折价23.43%)，2月5日股价单 日上涨5.09%至155.87元/股。资金流向和机构持仓变化可能反映市场情绪。 公司正加速多元化布局，如防脱产品米诺地尔已获药品注册证书并推进市场推广；骨相美填充产品"嗗 科拉"市场反馈良好。这些新品可能成为未来增长点，但具体销量目标未公开披露。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 2025年前三季度，爱美客营收18.65亿元、归母净利润10.93亿元，同比分别下降21.49%和31.05%，毛利 率保持93.36%高位。持续业绩承压与行业竞争加剧需关注。 ...

（文章来源：证券日报） 证券日报网讯 2月11日，爱美客在互动平台回答投资者提问时表示，截至2026年2月10日，公司股东人 数为62417户。 ...

Investment Rating - The report indicates a positive outlook for the cosmetics and medical beauty sector, with strong performance compared to the market [2][3]. Core Insights - Estee Lauder reported double-digit growth in China, with net sales reaching RMB 29.35 billion, a year-on-year increase of 6%, and profits improving by 127% to RMB 1.12 billion [8][26]. - The Tmall beauty category saw a significant increase of 24% year-on-year in January 2026, indicating strong consumer demand and confidence in the market [8][29]. - The report highlights the government's focus on promoting service consumption, which is expected to drive growth in key sectors, including beauty and personal care [9][10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 3.7% from January 30 to February 6, 2026 [3]. - The Shenwan Cosmetics Index increased by 2.8%, outperforming the Shenwan A Index by 4.4 percentage points [3]. Company Highlights - Estee Lauder's sales in mainland China surged by 13% to RMB 6.44 billion, confirming the recovery of international beauty brands in the Chinese market [8][26]. - The report notes that the top-performing stocks in the sector included Betaini (+13.5%), Huaxi Biological (+12.0%), and Beijia Clean (+10.8%) [4]. E-commerce Insights - The report provides data on the performance of domestic brands on platforms like Douyin and Tmall, showing significant growth in GMV for several brands [20]. - For instance, the brand "毛戈平" saw a GMV increase of 298% in December 2025 [21]. Market Trends - The overall retail sales of cosmetics in December 2025 grew by 8.8%, with a total retail sales figure of RMB 465.3 billion for the year, reflecting a steady recovery in consumer spending [22][23]. - The report emphasizes the shift in consumer preferences towards personalized and high-quality products, indicating a strategic opportunity for brands to innovate [10][11].

证券之星消息，2月9日医疗美容板块较上一交易日上涨1.6%，爱美客领涨。当日上证指数报收于 4123.09，上涨1.41%。深证成指报收于14208.44，上涨2.17%。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1688.03万元，游资资金净流入549.19万元，散户 资金净流出2237.23万元。医疗美容板块个股资金流向见下表： 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。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights Meituan's acquisition of Dingdong Maicai for approximately $717 million, aiming to enhance its instant retail supply chain efficiency. Dingdong Maicai has achieved profitability for 12 consecutive quarters and operates over 1,000 front warehouses in China, with a monthly purchasing user base exceeding 7 million [4][24][27] - The report emphasizes the importance of supply chain efficiency and product quality in the competitive landscape of the instant retail industry, suggesting that the focus will shift towards these aspects post-acquisition [27] Summary by Sections Industry Dynamics - Meituan's acquisition of Dingdong Maicai is expected to create synergies in supply chain, regional layout, and warehouse scale, enhancing operational efficiency in the East China region [24][27] - Dingdong Maicai's established direct sourcing and self-operated production capabilities are anticipated to be preserved and amplified within Meituan's platform [27] Investment Themes - Investment Theme 1: Focus on high-end and fashionable gold jewelry brands, recommending companies like Laopuhuangjin and Chaohongji, which are expected to benefit from the emotional consumption trend [6][29] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Pola [6][29] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading chain medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][29] Market Performance - The retail and social service indices reported a slight decline of 0.34% and a slight increase of 0.02% respectively during the week of February 2 to February 6, 2026 [14][15] - The brand cosmetics sector showed the highest weekly increase of 4.99%, while the watch and jewelry sector led with a year-to-date increase of 16.56% [16][19] Company Highlights - Laopuhuangjin reported a significant revenue increase of 250.9% in FY2025H1, driven by brand expansion and customer base growth [31][32] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in 2025, supported by differentiated product strength and multi-channel marketing [31][32] - Meilitiantian Medical Health anticipates a net profit increase of at least 34% in 2025, driven by both internal growth and acquisitions [39][40]

Core Viewpoint - The ChiNext Medical Index (970082) closed at 3882.75 points, down 0.63%, with a trading volume of 14.157 billion yuan and a turnover rate of 2.13% on February 6 [1] Group 1: Index Performance - Among the index constituents, 22 stocks rose while 28 stocks fell, with Tigermed leading the gainers at 3.06% and Aier Eye Hospital leading the decliners at 3.82% [1] - The top ten constituents of the ChiNext Medical Index include Aier Eye Hospital (9.18% weight, latest price 11.07, -3.82% change) and Tigermed (8.52% weight, latest price 65.65, +3.06% change) [1] Group 2: Market Capitalization - The total market capitalization of Aier Eye Hospital is approximately 103.232 billion yuan, while Tigermed's market capitalization is around 56.526 billion yuan [1] - Other notable companies include Mindray Medical (229.746 billion yuan) and Kanglong Chemical (55.486 billion yuan) [1] Group 3: Capital Flow - The net outflow of main funds from the ChiNext Medical Index constituents totaled 604 million yuan, while retail investors saw a net inflow of 412 million yuan [1] - The detailed capital flow shows that Tigermed had a net inflow of 14.716 million yuan from main funds, while retail investors experienced a net outflow of 1.41 million yuan [2]

证券日报网讯2月5日，爱美客（300896）在互动平台回答投资者提问时表示，自公司上市以来，公司董 事长简军女士未减持过公司股份。公司分红政策严格遵循监管要求及公司章程的规定，并基于企业经营 发展实际与全体股东长远利益、兼顾公司可持续发展与股东合理投资回报而制定，相关决策程序合法合 规。 ...

格隆汇2月5日丨爱美客(300896.SZ)在互动平台表示，公司产品主要销往民营医疗美容机构，目前在公 立医院的销售金额占比较小，公司会适时考虑国家政策和市场需求，持续为公立医院提供合规产品和服 务， 满足人民群众日益增长的对美好生活的需求。 ...

2月5日，爱美客涨5.09%，截至发稿，报155.87元/股，成交6.27亿元，换手率1.96%，总市值471.65亿 元。爱美客股价已经连续3天上涨，区间累计涨幅6.15%。 资料显示，爱美客技术发展股份有限公司位于北京市朝阳区建国路甲92号世茂大厦C座21层，成立日期 2004年6月9日，上市日期2020年9月28日，公司主营业务涉及从事生物医用软组织修复材料的研发、生 产和销售。主营业务收入构成为：溶液类注射产品57.27%，凝胶类注射产品37.97%，其他3.01%，冻干 粉类注射产品1.50%，面部埋植线0.26%。 从爱美客十大流通股东角度 数据显示，华泰柏瑞基金旗下1只基金位居爱美客十大流通股东。华泰柏瑞沪深300ETF（510300）三季 度减持8.54万股，持有股数267.73万股，占流通股的比例为1.28%。根据测算，今日浮盈赚取约2021.38 万元。连续3天上涨期间浮盈赚取2299.82万元。 保健ETF（516790）基金经理为陈柯含。 截至发稿，陈柯含累计任职时间197天，现任基金资产总规模25.03亿元，任职期间最佳基金回 报-0.54%， 任职期间最差基金回报-15.99%。 ...

（文章来源：证券日报） 证券日报网讯 2月4日，爱美客在互动平台回答投资者提问时表示，股票价格波动受宏观经济环境、市 场情绪、行业周期、资金流向等多重因素综合影响，具有较大的不确定性。公司将持续聚焦主业发展， 通过优化经营策略等切实举措提升经营业绩，让股价更好地反应公司价值。 ...