证券代码：300896 证券简称：爱美客 公告编号：2026-004 号 爱美客技术发展股份有限公司 关于公司全资子公司拟与关联方签订《采购框架协议》 暨日常关联交易预计的公告 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、日常关联交易基本情况 （一）日常关联交易概述 | 关联交易类 | | 关联人 | | 2026 | 年度预 | 截止披露日已 | 上年发生金额 | | --- | --- | --- | --- | --- | --- | --- | --- | | 别 | | | | | 计金额 | 发生金额 | （注） | | 向关联人采 | Huons | BioPharma | Co., | 不超过 | 6000 | 0 | 0 | | 购产品 | | Ltd. | | 万元 | | | | 为了满足日常经营需要，爱美客技术发展股份有限公司（以下简称"公司"） 的全资子公司江苏爱美客医药科技发展有限公司（以下简称"江苏爱美客"）拟 与 Huons BioPharma Co., Ltd.（以下简称 "Huons BP"）签署《采购框架协议》， ...

证券代码：300896 证券简称：爱美客 公告编号：2026-003 号 爱美客技术发展股份有限公司（以下简称"公司"）第四届董事会第三次会 议于 2026 年 3 月 9 日在公司会议室以现场与通讯相结合方式召开。本次会议应 到董事 9 人，实到董事 9 人。董事简青、林新扬、陈重和独立董事陈刚、朱大旗、 于玉群以通讯方式出席并进行表决。会议通知已于 2026 年 3 月 6 日通过邮件和 电话的方式送达各位董事。 本次会议的召开符合《中华人民共和国公司法》《公司章程》以及有关法律 法规的规定。会议由公司董事长简军主持，部分高级管理人员列席了会议。本次 会议的召开符合《中华人民共和国公司法》《公司章程》以及有关法律法规的规 定， 所作决议合法有效。 二、董事会会议审议情况 与会董事对本次会议需审议的议案进行了充分讨论，审议通过了以下议案： 1.审议通过了《关于公司全资子公司拟与关联方签订〈采购框架协议〉暨 日常关联交易预计的议案》 公司关联交易是日常生产经营所需，交易价格将以市场公允价格为基础，不 存在显失公平，损害公司及其股东利益的情况，不存在通过关联交易操纵利润的 情形，符合相关法律法规和公司章程的规定 ...

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Insights - The report highlights the strong performance of domestic brands during the 38 promotional event, with significant sales figures and consumer demand for effective skincare products [23][25] - The report emphasizes the importance of emotional consumption themes and recommends high-quality companies in high-growth sectors [6][30][31] Summary by Sections Retail and Social Services Market Review - The retail and social services indices reported declines of 3.91% and 3.63% respectively during the week of March 2 to March 6, 2026 [5][15] - Year-to-date, the retail index has decreased by 6.82%, while the social services index has increased by 3.01% [15][16] Industry Dynamics - Domestic brands performed well during the 38 promotional event, with leading brands like Proya achieving significant sales [23] - The report notes that the skincare product category is seeing strong demand, particularly for effective and functional products [23][25] Investment Recommendations - Investment focus areas include: - **Gold and Jewelry**: Recommend brands with differentiated product offerings such as Laopuhuang and Chaohongji [6][30] - **Offline Retail**: Highlight companies adapting to trends like Yonghui Supermarket and Aiyingshi [6][30] - **Cosmetics**: Focus on brands that meet emotional value and safety innovation, recommending brands like Maogeping and Proya [6][31] - **Medical Aesthetics**: Suggest companies with differentiated products and expanding chains, such as Meilitiantian Medical Health and Aimeike [6][31] Company Performance Highlights - **Shangmei Co.**: Expected revenue of 9.1-9.2 billion yuan for 2025, with a year-on-year growth of 34.0%-35.4% [27] - **Zhou Dafu**: Achieved a retail value increase of 17.8% year-on-year in Q3 2026 [32] - **Yonghui Supermarket**: Anticipated revenue decline but undergoing significant operational adjustments [32]

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Insights - The report highlights the strong performance of domestic brands during the 38 promotional event, with significant sales figures and consumer demand for effective skincare products [23][25] - The report emphasizes the importance of emotional consumption themes and recommends high-quality companies in high-growth sectors [6][30][31] Summary by Sections Retail and Social Services Market Review - The retail and social services indices reported declines of 3.91% and 3.63% respectively during the week of March 2 to March 6, 2026, ranking 25th and 23rd among 31 primary industries [5][15] - Year-to-date, the retail index has decreased by 6.82%, while the social services index has increased by 3.01% [12][15] Industry Dynamics - The 38 promotional event saw domestic brands excel, with significant sales figures reported from live streaming platforms [23][25] - Key brands such as Pechoin and Betainy led in product selection and sales performance during the promotional period [23][24] Investment Recommendations - Investment focus areas include: - Gold and jewelry brands with differentiated product offerings, recommending companies like Laopuhuangjin and Chaohongji [6][30] - Offline retail companies adapting to market changes, recommending Yonghui Supermarket and Aiyingshi [6][30] - Domestic beauty brands that emphasize emotional value and innovative ingredients, recommending Maogeping and Shangmei [6][31] - Medical aesthetics firms with differentiated products, recommending Meilitiantian and Aimeike [6][31] Company Performance Highlights - Shangmei Co. is projected to achieve revenues of 9.1-9.2 billion yuan, a year-on-year increase of 34.0%-35.4%, with net profits expected to reach 1.14-1.16 billion yuan, up 41.9%-44.4% [27][29] - Zhou Dafu reported a retail value increase of 17.8% year-on-year for FY2026Q3, driven by product structure optimization [32]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that the price adjustment by Laopu Gold exceeded expectations, reinforcing its high-end brand positioning. The price increase for most products ranged from 20% to 30%, significantly higher than previous adjustments [5][27] - The report emphasizes the shift in consumer demand towards self-wearing and aesthetic-driven purchases, suggesting that brands with differentiated product offerings are likely to navigate price increases more smoothly [31] Summary by Sections Industry Trends - The retail and social service indices reported a decline of 1.64% and an increase of 1.68% respectively during the week from February 24 to February 27, 2026. The retail index ranked 30th among 31 primary industries [7][16] - The jewelry sector has shown the highest growth, with a year-to-date increase of 10.59% [19] Investment Recommendations - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending Laopu Gold and Chaohongji, with beneficiaries including Liu Fu Group and Zhou Shengsheng [8][33] - Investment Theme 2: Highlighting retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket and Aiyingshi [8][33] - Investment Theme 3: Emphasizing beauty brands that meet emotional value and safety ingredient innovation, recommending Maogeping and Pola [8][33] - Investment Theme 4: Focusing on differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [8][33] Company-Specific Insights - Laopu Gold reported a revenue of 12.354 billion yuan for the first half of FY2025, a year-on-year increase of 250.9%, with a net profit of 2.268 billion yuan, up 285.8% [35] - Chaohongji is expected to achieve a net profit of 436 to 533 million yuan in 2025, reflecting a growth of 125% to 175% [35] - Yonghui Supermarket is projected to have a net profit of -2.14 billion yuan in 2025, indicating a significant operational challenge [35] - Meilitiantian Medical Health anticipates a net profit growth of no less than 34% in 2025, showcasing strong resilience and potential for growth [43]

爱美客（300896.SZ）2月26日在投资者互动平台表示，截至目前，公司暂未有AI辅助研发方面的布局。 （记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：爱美客在AI辅助研发方面有哪些具体布局？ ...

格隆汇2月26日丨爱美客(300896.SZ)在互动平台表示，截至目前，公司暂未有AI辅助研发方面的布局。 ...

证券日报网讯 2月24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61417户。 （文章来源：证券日报） ...

Core Viewpoint - The competition for the代理权 of "童颜针" has intensified, with 江苏吴中 facing significant challenges after its delisting, while 爱美客's performance remains concerning amid ongoing disputes [1][10]. Group 1: 江苏吴中 Developments - 江苏吴中 plans to transfer 100% of its subsidiary, 上海吴中美学, for 80 million yuan to alleviate cash flow issues and address debt pressures [2][3]. - The subsidiary, 上海吴中美学, reported total assets of approximately 104 million yuan and a net loss of about 21.83 million yuan for the period from January to November 2025 [3]. - 江苏吴中 was forced to delist at the end of 2025 due to violations including false disclosures and inflated revenue, with a cumulative inflated revenue of approximately 1.771 billion yuan from 2020 to 2023 [4]. Group 2: 爱美客 Performance - 爱美客's revenue for the first three quarters of 2025 was 1.865 billion yuan, a year-on-year decline of 21.49%, with a net profit decrease of 31.05% to 1.093 billion yuan [10]. - The company experienced a 30.12% drop in net cash flow from operating activities compared to the previous year, amounting to 1.073 billion yuan [10]. Group 3: Industry Context - 江苏吴中 initiated its medical beauty segment in April 2021, aiming to expand its presence in the industry, which included acquiring exclusive distribution rights for the AestheFill product [5][6]. - The partnership with Regen for the AestheFill product faced challenges when 爱美客 acquired a majority stake in Regen, leading to a dispute over distribution rights [8][9].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a steady recovery in consumer spending during the Spring Festival, with significant increases in payment transactions and retail sales compared to the previous year [4][26] - The report emphasizes the importance of high-quality companies in high-growth sectors driven by emotional consumption themes [7][35] Summary by Sections Industry Dynamics - The Spring Festival saw a robust recovery in social consumption, with payment transactions on New Year's Eve reaching 4.931 billion, a 21.64% increase from the previous year [4][26] - Key regions like Hainan and cities such as Tianjin and Zhenjiang showed strong performance in retail and dining, with Hainan's duty-free shopping amounting to 1.03 billion yuan, up 20.9% year-on-year [4][27] - Domestic travel orders surged by 60%, and outbound travel orders increased by over 180% during the holiday period [4][26] Investment Recommendations - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending companies like Laopai Gold and Chaohongji for their differentiated product offerings [7][35] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [7][35] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Proya [7][35] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending companies like Meilitiantian Medical Health and Aimeike [7][35] Market Performance - The retail and social service indices reported declines of 1.59% and 0.78% respectively during the week from February 9 to February 13, 2026 [6][15] - The report notes that the education sector saw the highest growth among sub-sectors, while the watch and jewelry sector led the year-to-date performance with an 11.29% increase [6][18] Company Highlights - Laopai Gold reported a significant revenue increase of 250.9% in the first half of FY2025, driven by strong consumer demand and brand expansion [37] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in FY2025, supported by its differentiated product strategy [37] - Maogeping and Proya are highlighted for their strong performance in the beauty sector, with Maogeping achieving a revenue increase of 31.3% in FY2025 [37]