商贸零售行业跟踪周报 2025 年双十一数据复盘：综合电商平台稳 健增长，即时零售表现亮眼 增持（维持） [Table_Tag] [周观点（注：文中 Table_Summary]"本周"指的 11 月 10 日至 11 月 16 日） 本周行情回顾 2025 年 11 月 18 日 证券分析师 吴劲草 证券研究报告·行业跟踪周报·商贸零售 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 2025-11-04 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 ◼ 2025 年双十一时间继续延长，全网 GMV 稳健增长。根据星图数据， 2025 年双十一全网电商销售总额约为 16,950 亿元，同 ...

爱美客（300896.SZ）11月18日在投资者互动平台表示，尊敬的投资者您好，公司收购的韩国REGEN公 司目前的产品主要为AestheFill与PowerFill，该两款产品均为Ⅲ类医疗器械，客户群体为具备医疗器械 使用资质的正规医疗机构。韩国REGEN公司按照计划正常开展生产、销售活动。感谢您的关注。 （记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：不是收购了一家境外的公司吗？ 怎么会没有境外公司 的营销信息呢？ ...

证 券 研 究 报 告 品牌端成长为王，上下游边际改善 2026年美容护理行业投资策略 证券分析师：王立平 A0230511040052 王盼 A0230523120001 聂霜 A0230524120002 2025.11.18 摘要 www.swsresearch.com 证券研究报告 4 资料来源：Wind，申万宏源研究；注:医美指数采用申万医疗美容主要成分股爱美客、华熙生物、锦波生物、昊海生科的 ①受Q1美妆社零表现平淡， 头部国货品牌控费影响GMV 表现等因素影响，SW美容护 理表现略显疲软 图1：2025年以来美容护理板块行情复盘 ②38促销国货表现突出，板块关注度提升，同时港股新消费 毛戈平、上美股份等标的，助力板块抢滩新消费投资热点 ③25H2需求端疲软，渠道费用高企，国 际品牌反击等问题持续影响业绩表现，同 时交易层面受TMT等板块高涨等影响， SW美容护理指数回调并跑输大盘 平均累计涨跌幅计算而来；因此不完全符合SW美容护理指数走势。 www.swsresearch.com 证券研究报告 2 ◼ 回顾美容护理板块表现：SW美容护理指数经过22-24年的回调，于25H1回暖，期间最高涨幅超1 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In Q3 2025, the company achieved operating revenue of 566 million yuan, a year-on-year decrease of 21.27%. The net profit attributable to the parent company was 304 million yuan, down 34.61% year-on-year, while the net profit excluding non-recurring items was 255 million yuan, a decline of 42.37% year-on-year [2][6]. - The revenue decline has narrowed sequentially due to the consolidation of REGEN Company, with revenue declines in Q1, Q2, and Q3 being 17.9%, 25.11%, and 21.27% respectively. The main reason for the narrowing decline is the lower revenue base starting from Q3 of the previous year [11]. - The company's gross profit margin for Q3 was 93.2%, a year-on-year decrease of 1.4 percentage points, while the net profit margin attributable to the parent company was 53.7%, down 11 percentage points year-on-year. This decline in profitability is attributed to revenue pressure and relatively rigid expense inputs [11]. - The internationalization strategy is expected to bring new growth. The consolidation of REGEN has introduced products that complement the existing product matrix, enhancing the company's offerings in the aesthetic medicine sector [11]. - The company forecasts EPS for 2025, 2026, and 2027 to be 4.92 yuan, 5.62 yuan, and 6.20 yuan respectively, indicating a positive outlook despite current pressures [11]. Financial Summary - For 2025, the company expects total revenue of 2.515 billion yuan, with a gross profit of 2.345 billion yuan, resulting in a gross margin of 93% [17]. - The projected net profit for 2025 is 1.489 billion yuan, with an EPS of 4.92 yuan [17]. - The company’s cash flow from operating activities is expected to be 1.499 billion yuan in 2025 [17].

证券之星消息，11月17日医疗美容板块较上一交易日下跌1.28%，*ST美谷领跌。当日上证指数报收于 3972.03，下跌0.46%。深证成指报收于13202.0，下跌0.11%。医疗美容板块个股涨跌见下表： | 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 688363 华熙生物 | -916.21万 | -12.21% | 365.13万 | 4.87% | 551.08万 | 7.34% | | 000615 *ST美谷 | -1264.04万 | -24.92% | 669.30万 | 13.20% | 594.73万 | 11.73% | | 300896 爱美客 | -5900.32万 | -14.09% | 1440.55万 | 3.44% | 4459.76万 | 10.65% | 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。 从资金流向上来看，当日医疗美容板块主力资金净流出8080.57万元，游资资金净流入2474.99万元，散户 ...

| 2020-12-31 | | 2021-12-31 | 2022-12-31 | 2023-12-3 | | --- | --- | --- | --- | --- | | ■ 简军 | 261.7万 | 348.0万 | 250. 8万 | 251. 4万 | | -- 行业平均 186.9万 | | 223.6万 | 222.5万 | 188.6万 | 据东方财富网数据，爱美客董事长简军2024年所获薪酬为249万元，相较上年薪酬251.4万元微降。 瑞财经 钟鸣辰爱美客(SZ300896)近日发布2025年三季报，前三季同比营收利润双降。 | | 本报告期 | 本报告期比上年同期 | 年初至井 20 | | | --- | --- | --- | --- | --- | | | | 增减 | | | | 文化收入(元) | 565,783, 495, 32 | -21.27% | 1.864.965.981.58 | -21,49% | | 归属于 面上公司股东 | 303.801.013.19 | -34.61% | 1.093.263.532.76 | -31.05% | | 的净利润(元) | ...

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The 2025 Double Eleven e-commerce promotion concluded with a total online sales of 1,695 billion yuan, representing a 14.2% increase compared to 2024. Tmall led in overall e-commerce sales, while JD reported record high transaction volumes with a 40% increase in the number of orders and nearly 60% growth in order volume [3][26] - The jewelry sector performed exceptionally well, with gold products favored by younger consumers. The demand for gold has evolved from a singular focus on value preservation to a multifaceted need for cultural recognition and emotional value, indicating higher growth potential for aesthetically and culturally rich gold jewelry [3][29] - The beauty sector achieved a total GMV of 132.5 billion yuan, with skincare and fragrance/cosmetics sales reaching 99.1 billion yuan and 33.4 billion yuan, respectively. Domestic brands like Proya and Han Shu dominated the sales charts, showcasing the strength of local brands [3][32] - The integration of AI technology in retail is enhancing consumer experiences, creating a virtuous cycle among consumers, merchants, and platforms [3][42] Summary by Sections Retail Market Review - The retail industry index rose by 4.06% during the week of November 10-14, 2025, outperforming the Shanghai Composite Index, which fell by 0.18%. The retail sector ranked third among 31 primary industries [5][14] - The supermarket sector saw the highest increase, with a weekly growth of 7.09%, while the jewelry sector led the year-to-date performance with a 23.66% increase [18][21] Retail Insights: Double Eleven Promotion - The Double Eleven e-commerce event showed resilience in growth, with significant sales increases across platforms. Tmall's comprehensive e-commerce sales reached 16,191 billion yuan, while instant retail sales soared by 138.4% [26] - Gold jewelry sales saw a remarkable increase, with the flagship store of Lao Pu Gold achieving over 3 billion yuan in sales within 10 minutes of opening on Tmall [29] - The beauty category's GMV reached 132.5 billion yuan, with domestic brands capturing significant market share, particularly in skincare and cosmetics [32] Focus on High-Growth Sectors - Investment recommendations include focusing on high-quality companies in sectors driven by emotional consumption themes, such as gold jewelry, offline retail, cosmetics, and medical aesthetics [6][48] - Specific companies highlighted for investment include Lao Pu Gold, Proya, and Aimeike, among others, which are expected to benefit from current market trends [49]

证券日报网讯 11月13日晚间，爱美客（300896）发布公告称，选举简军为董事长。 ...

每经头条（nbdtoutiao）——"银行直供房，不计成本卖！"有的半价出售，众多刚需还不知道！银行用 过的房很抢手，有人加价100万元抢拍 2024年1至12月份，爱美客的营业收入构成为：医疗器械行业占比99.9%，其他行业占比0.1%。 截至发稿，爱美客市值为483亿元。 每经AI快讯，爱美客（SZ 300896，收盘价：159.6元）11月13日晚间发布公告称，公司第四届第一次董 事会会议于2025年11月13日在公司会议室以现场与通讯相结合方式召开。会议审议了《关于聘任公司高 级管理人员的议案》等文件。 （记者 王晓波） ...

张仁朝先生符合《公司法》《深圳证券交易所创业板股票上市规则》《深圳证券 交易所上市公司自律监管指引第2号——创业板上市公司规范运作》等相关法律法规及 《公司章程》规定的任职资格，不存在《公司法》规定的不得担任公司董事的情形。 本次选举完成后，公司第四届董事会成员中兼任公司高级管理人员以及由职工代表担 任的董事人数总计未超过公司董事总数的二分之一。 一、选举职工董事情况 爱美客技术发展股份有限公司（以下简称"公司"）于2025年10月28日召开第三 届董事会第二十一次会议，于2025年11月13日召开2025年第三次临时股东会，审议通 过了《关于修订〈公司章程〉并授权办理市场主体变更登记的议案》。根据最新修订 的《公司章程》，公司董事会由九名董事组成，应包含一名职工代表董事。 根据《中华人民共和国公司法》等相关法律法规及《公司章程》的要求，公司于 2025年11月13日召开第二届职工代表大会第四次会议，选举张仁朝先生（简历详见附 件）为公司第四届董事会职工代表董事，任期至公司第四届董事会任期届满之日止。 证券代码：300896 证券简称：爱美客 公告编号：2025-054号 爱美客技术发展股份有限公司 关于选举 ...