这位自2025年6月起担任爱美客董事会事务及法务总监的李冬梅被快速提拔，与公司当前核心困境形成 微妙呼应。换届前夕，爱美客与江苏吴中围绕童颜针产品AestheFill（艾塑菲）的代理权争夺战已进入 白热化阶段，甚至有投资者打趣"新董秘的首要任务或是推动代理权争议妥善解决"。 21世纪经济报道记者 韩利明 昔日有着"医美茅"之称的爱美客（300896.SZ），在业绩持续下滑、重大仲裁案悬而未决的关键节点， 新一届董事会换届工作于日前落下帷幕。 公司实际控制人、62岁的简军毫无悬念连任董事长及法定代表人，石毅峰、勾丽娜、尹永磊组成的核心 管理层保持稳定。颇受市场关注的是，董事会秘书简勇（简军之弟）正式辞任所有职务，李冬梅以"副 总经理兼董事会秘书"的身份跻身管理层，成为此次换届中的"新面孔"。 市场的这份关切，本质上源于爱美客日益迫切的增长压力。作为2020年9月登陆A股的医美龙头，爱美 客曾创下资本市场神话：118.27元/股的发行价开盘即飙升至320元，2021年2月19日股价触及1331元历史 高点，总市值一度突破1500亿元，"女人的茅台"名号响彻市场。 但这份高光态势近年持续逆转。2025年上半年，爱美 ...

证券之星消息，11月20日医疗美容板块较上一交易日下跌2.32%，爱美客领跌。当日上证指数报收于 3931.05，下跌0.4%。深证成指报收于12980.82，下跌0.76%。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 | 231.29 | -0.55% | 6140.7 | | 1.43 Z | | 000615 | *ST美谷 | 4.09 | -1.21% | 26.65万 | | 1.09亿 | | 688363 | 华熙生物 | 49.77 | -1.54% | 2.02万 | | 1.01亿 | | 300896 | 爱美客 | 150.84 | -3.00% | 3.16万 | | 4.81亿 | 从资金流向上来看，当日医疗美容板块主力资金净流出1.04亿元，游资资金净流入1721.0万元，散户资金 净流入8685.88万元。医疗美容板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | ...

沪指11月20日下跌0.40%，申万所属行业中，今日上涨的有7个，涨幅居前的行业为建筑材料、综合， 涨幅分别为1.40%、0.87%。跌幅居前的行业为美容护理、煤炭，跌幅分别为2.39%、2.10%。美容护理 行业位居今日跌幅榜首位。 资金面上看，两市主力资金全天净流出476.55亿元，今日有4个行业主力资金净流入，银行行业主力资 金净流入规模居首，该行业今日上涨0.86%，全天净流入资金21.88亿元，其次是通信行业，日涨幅为 0.51%，净流入资金为10.00亿元。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300896 | 爱美客 | -3.00 | 1.51 | -6736.80 | | 300740 | 水羊股份 | -8.32 | 9.52 | -6003.96 | | 300132 | 青松股份 | -3.78 | 8.31 | -4468.99 | | 300856 | 科思股份 | -3.73 | 4.34 | -4328.96 | | 603059 | 倍加洁 | -1. ...

Core Insights - The Biotech Index (970038) closed at 2182.31 points, down 0.94%, with a trading volume of 13.462 billion yuan and a turnover rate of 1.08% [1] - Among the index constituents, 7 stocks rose while 42 stocks fell, with Xinlitai leading the gainers at 0.83% and Hualan Biological leading the decliners at 5.98% [1] Index Constituents Summary - The top ten constituents of the Biotech Index include: - Mindray Medical (sz300760) with a weight of 12.58%, latest price at 204.81, and a decline of 0.92% [1] - Changchun High-tech (sz000661) with a weight of 4.87%, latest price at 102.32, and a decline of 0.27% [1] - Shimeiao (sz002252) with a weight of 4.74%, latest price at 6.70, and a decline of 0.30% [1] - Kanglong Chemical (sz300759) with a weight of 4.55%, latest price at 29.16, and a decline of 1.22% [1] - Tigermed (sz300347) with a weight of 4.54%, latest price at 52.37, and a decline of 2.44% [1] - Shenzhen Technology (sz000021) with a weight of 4.16%, latest price at 23.90, and a decline of 1.77% [1] - Muyuan Foods (sz002714) with a weight of 3.62%, latest price at 48.45, and a decline of 0.31% [1] - Lepu Medical (sz300003) with a weight of 3.19%, latest price at 16.11, and a decline of 1.29% [1] - Aimeike (sz300896) with a weight of 3.16%, latest price at 155.51, and an increase of 0.58% [1] - Yuyue Medical (sz002223) with a weight of 3.07%, latest price at 35.28, and a decline of 0.20% [1] Capital Flow Analysis - The Biotech Index constituents experienced a net outflow of 1.382 billion yuan from major funds, while retail investors saw a net inflow of 1.358 billion yuan [1] - Notable capital flows include: - Aimeike (sz300896) had a net inflow of 26.5772 million yuan from major funds, but a net outflow from retail investors of 20.4422 million yuan [2] - Changchun High-tech (sz000661) saw a net inflow of 8.8418 million yuan from major funds, with a slight net inflow from retail investors of 186.25 thousand yuan [2] - Other stocks like Furuisi (sz300049) and Yuyue Medical (sz002223) also showed mixed capital flows with significant net outflows from retail investors [2]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：新消费主张/cici 三季报发布，曾被誉为"医美茅"的爱美客正经历着自上市以来最严峻的考验，业绩依旧未能走出颓势的 泥潭。2025年第三季度，爱美客业绩双降，营收同比下降21.27%，归母净利润同比下降34.61%，至此 公司已连续四个季度业绩双降，盈利能力显著减弱。与此同时存货规模持续攀升，存货周转效率明显下 降。 这一系列财务指标的恶化，不仅反映了医美行业整体面临的挑战，更揭示了爱美客在核心产品增长乏 力、市场竞争加剧背景下的深层经营危机。公司为寻求突破所采取的高溢价收购策略，反而带来了商誉 激增与法律纠纷的新问题，使其转型之路充满变数。 连续4个季度业绩双降、盈利能力显著下滑 存货规模持续高增、周转效率下降 爱美客的业绩滑坡并非突发事件，而是早有征兆。从2024年开始，公司营收与净利润增幅就已放缓至个 位数。进入2025年，下滑趋势进一步加剧，前三季度营收同比下滑21.49%至18.65亿元，归母净利润同 比下降31.05%至10.93亿元。 分季度来看，爱美客自2024年Q4季度起，连续三个季 ...

证券之星消息，11月19日医疗美容板块较上一交易日上涨0.23%，爱美客领涨。当日上证指数报收于 3946.74，上涨0.18%。深证成指报收于13080.09，下跌0.0%。医疗美容板块个股涨跌见下表： | 代码 | 名称 | | | 主力净流入（元） 主力净占比 游资净流入（元） 游资净占比 散户净流入 (元) 散户净占比 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 300896 爱美客 | | 2657.72万 | 6.95% | -613.50万 | -1.60% | -2044.22万 | -5.34% | | 688363 华盛生物 | | 18.95万 | 0.23% | 257.15万 | 3.16% | -276.10万 | -3.39% | | 920982 锦波生物 | | -1038.39万 | -7.64% | -484.73万 | -3.56% | 95.19万 | 0.70% | | 000615 *ST美谷 | | -2482.25万 | -14.85% | 1363.11万 | 8.15% | 111 ...

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Core Viewpoint - The company, Aimeike (300896.SZ), confirmed that its acquisition of the South Korean company REGEN is progressing as planned, with the focus on specific medical devices [1]. Group 1 - The company received inquiries from investors regarding the lack of marketing information for its overseas acquisition [1]. - Aimeike stated that REGEN's main products are AestheFill and PowerFill, both classified as Class III medical devices [1]. - The target customer base for these products consists of legitimate medical institutions qualified to use medical devices [1]. Group 2 - REGEN is reportedly continuing its production and sales activities as per the established plan [1].

Group 1 - The beauty and personal care sector has shown a recovery in 2025, with the SW Beauty Index rebounding after a decline from 2022 to 2024, achieving a maximum increase of over 15% and becoming a key area in new consumption [3][9][10] - The cosmetics segment is characterized by intense competition among brands, with domestic brands making significant strides in R&D and distribution, while international brands are adopting localized strategies to regain market share [3][20][25] - The medical beauty market is transitioning from a blue ocean to a red ocean, with domestic companies expected to become major competitors by focusing on affordable and specialized products [3][19][24] Group 2 - The e-commerce operation sector is undergoing a transformation, with companies like RuYuchen and Shuiyang Co. leveraging brand incubation and AI to create new growth avenues [3][19] - Key investment recommendations include domestic brands with strong channel and brand matrices such as MaoGePing, ShangMei Co., and PoLaiYa, as well as companies in the medical beauty sector like AiMeiKe and LongZi Co. [3][19][24] - The report emphasizes the importance of brand matrix construction and product innovation in the cosmetics industry, with companies like ShangMei Co. and PoLaiYa leading the way [3][31][40] Group 3 - The skincare and makeup market is expected to enter a phase of consolidation, with strong brands likely to thrive while weaker ones may struggle [23][24] - The market share of domestic brands is increasing, with a notable decline in the market share of international brands, indicating a significant opportunity for domestic players [25][30] - The report highlights the importance of adapting to changing consumer preferences and channel dynamics, with a focus on online platforms and promotional strategies to enhance brand visibility [48][52][53]

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].