行 业 及 产 业 美容护理 2026 年 02 月 10 日 雅诗兰黛在华业绩双位数增长，1 月天猫美妆 业 研 究 / 行 业 点 评 证 券 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 A0230511040052 wanglp@swsresearch.com 本期投资提示： 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 本阶段化妆品医美板块表现强于市场。2026 年 1 月 30 日至 2026 年 2 月 6 日期间， 申万美容护理指数上涨 3.7%，表现强于市场。其中，申万化妆品指数上涨 2.8%，强于 申万 A 指 4.4pct；申万个护用品指数上涨 0.7%，强于申万 A 指数 2.2pct。 ⚫ 周观点：雅诗兰黛在华业绩双位数增长，1 月天猫美妆品类高增。据雅诗兰黛 25Q4(FY26Q2) ...

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。 ...

从资金流向上来看，当日医疗美容板块主力资金净流出127.97万元，游资资金净流入2832.91万元，散户 资金净流出2704.94万元。医疗美容板块个股资金流向见下表： 证券之星消息，2月4日医疗美容板块较上一交易日上涨0.31%，锦波生物领涨。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。医疗美容板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920982 | 锦波生物 | 222.64 | 3.55% | 9236.31 | 2.02 Z | | 000615 | *ST美谷 | 3.13 | 0.97% | 8.45万 | 2651.25万 | | 300896 | 爱美客 | 148.32 | 0.51% | 4.21万 | 6.20 Z | | 688363 | 华熙生物 | 48.80 | -0.02% | 5.81万 | 2.82亿 | 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3101043 ...

证券日报网讯 2月3日，爱美客在互动平台回答投资者提问时表示，公司的研发项目进展情况敬请关注 公司公告。 （文章来源：证券日报） ...