专家建议：听取行业资深人士意见和观点，提升分析深度与可靠性。 免责声明 中国轻医美行业现状报告 Report on the status of China'snon-surgical medical aesthetic industry 本报告的全部内容版权归上海嘉世营销咨询有限公司（简称：嘉世咨询）。 未经授权，任何单位或个人不得以任何形式复制、传插或用于商业用途 调研方法 桌面研究：搜集整理政府公开数据、行业协会、权威期刊、券商研报及企业 公开披露的行业数据。 本报告结论基于当前可获得信息，不构成投资或决策的唯一依据。研究团队 对因使用本报告引发的直接或问接损失不承担责任。 | 摘要 | | | --- | --- | | 第一章：中国轻医美行业发展总览 | 9 | | 1.1轻医美行业定义与范畴界定 | | | 1.1.1定义：介于手术医美与生活关容之间， | | | 1.1.2核心项目分类：注射类、光电类及其他 | | | 1.13与传统手术医美的区别与联系 | ..10 | | 1.2中国轻医美行业发展历程， | .11 | | 1.2.1萌芽与探索期（2015年以前） | 11 | | 1.2.2 ...

证券代码：300896 证券简称：爱美客 公告编号：2025-024 号 爱美客技术发展股份有限公司 关于收购韩国 REGEN Biotech,Inc.公司控股权进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本次交易的基本情况 2025 年 3 月 10 日，爱美客技术发展股份有限公司(以下简称"公司")第三 届董事会第十六次会议审议通过了《爱美客技术发展股份有限公司关于收购韩国 REGEN Biotech,Inc.公司控股权的议案》。具体内容详见公司于 2025 年 3 月 10 日在法定信息披露媒体巨潮资讯网（www.cninfo.com.cn）及深圳证券交易所网 站（www.szse.cn）披露的《爱美客技术发展股份有限公司第三届董事会第十六 次 会 议 决 议 公 告 》 《 爱 美 客 技 术 发 展 股 份 有 限 公 司 关 于 收 购 韩 国 REGENBiotech,Inc.公司控股权的公告》。 公司本次投资事项已经获得北京市发展和改革委员会颁发的《项目备案通知 书》、北京市商务局颁发的《企业境外投资证书》，获得国家外汇管理 ...

转自：前瞻产业研究院 行业主要上市公司：华熙生物(688363.SH);昊海生科(688366.SH);爱美客(300896.SZ);创健医疗(873474.NQ);锦 波生物(832982.BJ);巨子生物(02367.HK)等 产业概况 1、定义 产业链剖析：中游为核心环节 医美注射材料上游上游原材料、辅料生产及器械制造包括：透明质酸(玻尿酸)、重组胶原蛋白、聚左旋乳酸 (PLLA)、动物源胶原蛋、肉毒素原料、聚己内酯(PCL)、预灌封注射器、交联剂等;中游产品研发与制造包括 玻尿酸填充剂、胶原蛋白填充剂、肉毒素填充剂、再生材料填充剂等;下游销售渠道包括公立医院和私立连 锁结构。 医美注射类产品主要包含玻尿酸类、胶原蛋白类、再生材料类以及肉毒素类。其中，玻尿酸、胶原蛋白和再 生材料属于医疗器械领域的整形美容用注射材料，这类产品通常由注射器及预置于注射器或安瓿瓶中的材料 构成;而肉毒毒素虽广泛应用于医美注射，却属于医疗用毒性药品范畴。 医美注射材料产业上游原材料及注射器代表企业有华熙生物、福瑞达、阜丰集团、威高股份等;医美注射材 料产业加工及制造代表性企业企业包括华熙生物、昊海生科、爱美客、巨子生物、锦波生 ...

行 业 及 产 业 美容护理 2025 年 07 月 01 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 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 (8621)23297818× wanglp@swsresearch.com 新消费长坡厚雪，美护板块强者恒强 看好 ——化妆品医美行业 25Q2 业绩前瞻 本期投资提示： 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 - 证券分析师 ⚫ 化妆品医美板块：25 年 1-5 月化妆品社零累计增速 4.1%，相比去年同期提升 2pct， 需求端稳健复苏。叠加板块业绩持续分化，强者业绩保持双位数以上的相对高增长，同 时以悦己为主题的新消费助推美护板块关注度，三重利好叠加，25H1 板块估值和业绩 双击。618 大促国货强者恒强，头部国货品牌在天猫抖音继续霸榜。在天猫平台， ...

行业主要上市公司：爱美客(300896)、昊海生科(688366)、华熙生物(688363)、奥园美谷(000615)、华东 医药(000963)、朗姿股份(002612)、华韩整形(430335)等 | 时间 | 颁布部门 | 政策名称 | 相关内容 | 政策类型 | | --- | --- | --- | --- | --- | | | | 《扩大内需战略规划 | 积极发展"互联网+医疗健康"服务,健全互联网诊疗 | | | 2022.12 | 国务院 | 纲 要 ( 2022-2035 | 收费政策,将符合条件的互联网医疗服务项目按程 | 指导类 | | | | 年)》 | 序纳入医保支付范围。 | | | | | 《关于医用透明质酸 | 含有局麻药等药物(如盐酸利多卡因、氨基酸、维生 | | | 2022.11 | 药监局 | 钠产品管理类别的公 | 素等)、主要通过所含透明质酸钠的保湿、补水等作 | 规范美 | | | | 告》 | 用,改善皮肤状态的医疗美容用注射材料,判定为以 | | | | | | 医疗器械为主的药械组合产品。 | | | 2022.8 | 卫健委 | 《公立医院高质量发 | ...

Group 1 - The CSI Medical Index (399989) has shown a strong increase of 1.17%, with significant gains in constituent stocks such as Zhaoyan New Drug (603127) reaching a 10% limit up, and Kylin Pharmaceutical (002821) rising by 5.71% [1] - The leading medical ETF (560260) has experienced a 1.60% increase, with a trading volume of 16.8873 million yuan and an average daily trading volume of 14.2868 million yuan over the past year [1] - The leading medical ETF has achieved a net value increase of 9.14% over the past year, with the highest monthly return since inception being 29.94% and an average monthly return of 8.25% [1] Group 2 - As of May 30, 2025, the top ten weighted stocks in the CSI Medical Index account for 55.09%, with notable companies including WuXi AppTec (603259) and Mindray Medical (300760) [2] - The medical outsourcing service sector is expected to see a rebound, driven by its core position in the industry chain, valuation advantages, and signs of recovery in market conditions [2] - Despite the CRO industry facing challenges, the new listing policies on the Sci-Tech Innovation Board are anticipated to change market perceptions regarding the future development of the CRO sector [2]

转自：前瞻产业研究院 行业主要上市公司：华熙生物(688363.SH);昊海生科(688366.SH);爱美客(300896.SZ);创健医疗(873474.NQ);锦 波生物(832982.BJ);巨子生物(02367.HK)等 本文核心数据：毛利率;销售趋势;业务结构 1、销售毛利率：整体维持在70%以上，存在下降风险 随着医美行业的快速发展，以玻尿酸为代表的注射类项目，因其创口小、风险低以及恢复快等特点，深受医 美消费者追捧，占据轻医美项目主要市场。在此背景下，爱美客、华熙生物、昊海生科等企业凭借玻尿酸产 品的非凡表现，实现业绩快速增长，巅峰时期，毛利率高达90%，由此奠定了国内"玻尿酸三巨头"的市场地 位。国内"玻尿酸三巨头"毛利率整体维持在70%以上，2016至2024年，爱美客销售毛利率持续走高，2024年 销售毛利率达到惊人的95%，堪称医美中的茅台;华熙生物和昊海生科2016至2024年销售毛利率呈现逐步下 降趋势，2024年，华熙生物销售毛利率为74.07%，昊海生科售毛利率为69.52%，玻尿酸市场竞争的加剧和 市场红利的逐渐消退，使得医美企业正面临着新的挑战。 2、昊海生科："投资并购" ...

Group 1 - The China Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index (930965) has seen a strong increase of 2.30%, with notable gains from stocks such as Kangnola-B (02162) up 6.18% and Ascentage Pharma-B (06855) up 6.09% [1] - The Hong Kong Pharmaceutical ETF (159718) has risen by 1.69%, with a net asset value increase of 56.91% over the past year [1] - In the past month, significant licensing deals have been reported from Chinese innovative pharmaceutical companies, including a $60 billion deal from 3SBio and a $53.3 billion strategic collaboration between CSPC Pharmaceutical and AstraZeneca [1] Group 2 - Dongwu Securities highlights that the current surge in innovative pharmaceuticals is driven by three factors: outbound business development (BD) of innovative drugs, profitability turnaround of companies like BeiGene and Innovent, and an improved domestic innovation environment [2] - In 2024, the volume of innovative drug BD transactions is expected to grow by 6%, with a total transaction value increase of 26%, and upfront payments reaching $4.1 billion, a 16% increase year-on-year [2] - The total value of outbound innovative drug BD is projected to reach $51.9 billion in 2024, with 8-10% as upfront payments, which are recognized as revenue and contribute to net profit [2] Group 3 - The China Medical and Medical Device Innovation Index (931484) has increased by 0.72%, with significant gains from stocks such as Sinocelltech (688520) up 8.60% and Aier Eye Hospital (300015) up 1.59% [4] - The Medical Innovation ETF (516820) has reached a scale of 1.442 billion yuan, with consistent net inflows over the past five days totaling 52.81 million yuan [4] - The top ten weighted stocks in the China Medical and Medical Device Innovation Index account for 66.57% of the index, including major players like Hengrui Medicine (600276) and WuXi AppTec (603259) [10] Group 4 - The top ten weighted stocks in the China Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index account for 60.77%, with companies like BeiGene (06160) and WuXi Biologics (02269) leading the index [7] - The performance of the top stocks in the Hong Kong Pharmaceutical ETF shows a range of increases, with WuXi Biologics at 2.45% and BeiGene at 2.97% [9] - The Medical Innovation ETF's top holdings include WuXi AppTec (603259) and Hengrui Medicine (600276), with respective weights of 11.68% and 10.22% [12]

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry [3] Core Insights - The cosmetics and medical beauty sector underperformed the market during the week of June 13 to June 20, 2025, with the Shenwan Beauty Care Index declining by 5.9% [5][6] - The 618 shopping festival saw a total GMV of 659.09 billion yuan across major platforms, with a year-on-year growth of over 10% [11][12] - Domestic brands are gaining market share, with significant sales performances noted for brands like 韩束 (Han Shu) and 珀莱雅 (Proya) [11][12] Summary by Sections Industry Performance - The Shenwan Beauty Care Index fell by 5.9%, with the cosmetics index down 6.0% and personal care index down 8.8%, indicating a weaker performance compared to the broader market [5][6][8] Market Trends - The 618 shopping festival results showed 淘系 (Taobao) leading with a 41.3% market share, while 抖音 (Douyin) continued to experience high growth in the beauty category [11][12] - Notable performances included 珀莱雅 ranking first in GMV on Tmall, while 韩束 topped the sales on Douyin [11][12] Investment Recommendations - Recommended stocks include 上美股份 (Shangmei), 珀莱雅 (Proya), and 丸美生物 (Marubi) for their strong brand matrices and growth potential [17] - Suggested to pay attention to companies like 爱美客 (Aimeike) and 朗姿股份 (Langzi) in the medical beauty sector due to their strong product pipelines [17] Recent Developments - 橘宜集团 (Ju Yi Group) announced the acquisition of 百植萃 (Bai Zhi Cui), marking a strategic move into the scientific skincare segment [29] - 珀莱雅 appointed a new product development head from a major Korean cosmetics company, aiming to enhance its innovation capabilities [30] E-commerce Insights - The report highlights the growth of domestic brands in e-commerce, with significant contributions from platforms like Douyin and Tmall [20][22] - The overall retail sales of cosmetics in May 2025 showed a year-on-year growth of 4.4%, indicating a steady demand [22][23]

商贸零售行业2025年度中期投资策略 维稳、谋变，重视新消费 解慧新 证券研究报告 * 请务必阅读最后一页免责声明 2025年6月19日 * 1 01 证券研究报告 * 请务必阅读最后一页免责声明 目录 02 医美 03 黄金珠宝 00 零售行业总览 04 商超百货 05 零售板块投资建议 06 风险提示 01 美妆 C O N T E N T S 零售行业总览——细分板块逻辑梳理 证券研究报告 * 请务必阅读最后一页免责声明 2 • 美护：25年1-5月，美容护理板块整体表现强劲。美护赛道悦己属性强，对消费者新需求变化敏感度高，逐步成为新消费的主力赛道。25年下半 年重点聚焦三条投资主线：①产品势能强劲、数据高增；②经营情况改善；③龙头大而全的企业。推荐巨子生物、毛戈平、上美股份、珀莱雅、 丸美生物、润本股份。 • 医美：胶原蛋白赛道景气度高且成长性强；行业需求整体承压情况下对渠道管理能力以及医美产品的运营能力提出更高要求，产品管线的持续扩 充以及平台化运营能力对新一轮投资周期至关重要；建议关注新材料以及新产品管线催化，推荐锦波生物、爱美客。 • 黄金珠宝：近年来，消费者对"非必要支出"更加谨慎，黄金因其卓 ...