证券之星消息，11月27日，深港通医疗（983035）指数报收于4494.42点，涨0.15%，成交75.2亿元，换 手率0.75%。当日该指数成份股中，上涨的有32家，医脉通以3.65%的涨幅领涨，下跌的有24家，健康之 路以3.41%的跌幅领跌。 资金流向方面，深港通医疗（983035）指数成份股当日主力资金净流出合计5882.68万元，游资资金净流 出合计1924.8万元，散户资金净流入合计7807.48万元。成份股资金流向详情见下表： | 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 | 4699.18万 | 11.04% | -1692.30万 | -3.98% | -3006.88万 | -7.07% | | 300760 迈瑞医疗 | | 3307.61万 | 2.35% | -1596.63万 | -1.14% | -1710.98万 | -1.22% | | 300206 理 ...

证券之星消息，11月27日，深港通医疗(港币)（983036）指数报收于4391.58点，涨0.14%，成交82.59亿 元，换手率0.75%。当日该指数成份股中，上涨的有32家，医脉通以3.65%的涨幅领涨，下跌的有24家， 健康之路以3.41%的跌幅领跌。 深港通医疗(港币)（983036）指数十大成份股详情如下： | 深港通医疗(港币)指数 十大成份股 | | --- | | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 14.56% | 196.30 | 1.50% | 2380.02 | 医药生物 | | sz300015 | 爰尔眼科 | 11.62% | 11.40 | -0.26% | 1063.10 | 医药生物 | | sz300003 | 乐晋医疗 | 4.85% | 15.87 | 0.13% | 292.55 | 医药生物 | | sz300896 | 爱美客 | 4.80% | 146.26 | 0.83% ...

证券之星消息，11月27日，生物经济（970038）指数报收于2134.66点，跌0.06%，成交130.45亿元，换 手率0.95%。当日该指数成份股中，上涨的有22家，华兰疫苗以2.57%的涨幅领涨，下跌的有27家，京新 药业以5.97%的跌幅领跌。 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002714 | 牧原股份 | 1.04亿 ﮯ | 9.06% | -6278.30万 | -5.46% | -4136.70万 | -3.60% | | 300896 | 爱美客 | 4699.18万 | 11.04% | -1692.30万 | -3.98% | -3006.88万 | -7.07% | | 300760 迈瑞医疗 | | 3307.61万 | 2.35% | -1596.63万 | -1.14% | -1710.98万 | -1.22% | | 000021 | 深科技 | 2671.49万 | ...

证券之星消息，11月25日，深港通医疗（983035）指数报收于4488.12点，涨0.45%，成交77.19亿元，换 手率0.84%。当日该指数成份股中，上涨的有40家，平安好医生以4.27%的涨幅领涨，下跌的有16家，瑞 迈特以1.98%的跌幅领跌。 深港通医疗（983035）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 14.56% | 193.88 | 0.46% | 2350.68 | 医药 | | sz300015 | 爰尔眼科 | 11.62% | 11.59 | 0.35% | 1080.81 | 医药 | | sz300003 | 乐晋医疗 | 4.85% | 15.80 | 0.45% | 291.26 | 医药 | | sz300896 | 爱美客 | 4.80% | 145.54 | -0.31% | 440.39 | 美容 | | sz002223 | 鱼跃医疗 | 4.66% | ...

收购REGEN 交割完毕，关注新管线增量节奏。公司完成对韩国REGEN 的控股权，国内"臻爱塑菲"已 经开启销售，关注国内售卖过渡期起量进度；此外公司米诺地尔搽剂获批，26 年公司或迎来肉毒等新 管线的集中上市期，关注国内新管线进度条。 低景气度+竞争加剧背景下传统产品短期承压。预计单Q3 嗨体及凝胶类仍延续下滑趋势，短期受到终 端淡季景气度平淡及行业新品放量的影响。25Q1-3收入18.65 亿元/-21.49%，归母净利10.93 亿 元/-31.05%，扣非归母净利9.76 亿元/-36.20%。25Q3 收入5.66 亿元/-21.27%，归母净利3.04 亿 元/-34.61%，扣非归母净利2.55 亿元/-42.37%。25Q3 毛利率93.19%，同比-1.36pct，预计主系竞争加剧 背景下价格竞争压力加大。25Q3 销售费用率15.37%/+6.4pct，预计主系Q3 新品投放及宣传等费用增 加，管理费用率8.82%/+5.5pct，主因收购带来的整合费用及人工成本增加；研发费用率14.3%/+5.7pct。 25Q3 归母净利率53.7%/-11pct，扣非归母净利率44.98%/-16. ...

从资金流向上来看，当日医疗美容板块主力资金净流出5875.57万元，游资资金净流入1690.61万元，散户 资金净流入4184.96万元。医疗美容板块个股资金流向见下表： 证券之星消息，11月24日医疗美容板块较上一交易日上涨0.27%，*ST美谷领涨。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 000615 | *ST美谷 | 4.07 | 4.63% | 28.52万 | | 1.15亿 | | 688363 | 华熙生物 | 49.78 | 1.86% | 1.87万 | | 9268.75万 | | 300896 | 爱美客 | 66'56 | -1.36% | 2.41万 | | 3.52亿 | | 920982 | 锦波生物 | 216.59 | -1.55% | 7336.92 | | 1.60亿 | | 代码 | 名称 | 主力净流 ...

2025 年 11 月 23 日 需求端稳健发展，业绩端分化加剧 美容护理行业 25Q3 业绩回顾 本期投资提示: 版表 行业 相关研究 t 美研究院 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 聂霜 A0230524120002 nieshuang@swsresearch.com 申万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 看好 25Q3 需求端淡季不淡，国货概念与个护崛起持续发力。据国家统计局，7-9 月化妆品 ● 社会零售额 982 亿元，同比高个位数增长，相比 25H1 增长提速。同时大促带动 10 月 继续高增长，增速超 9%，跑赢社零整体。在需求端回暖背景下，国货崛起概念持续， 25 年双 11 大促, 珀莱雅卫冕天猫渠道美妆 GMV 销售榜 TOP1, 韩束继续位居抖音美 妆榜销售榜首，印证国货化妆品相对高景气度。 ● 化妆品板块业绩表现：由于港 ...

行 业 及 产 业 美容护理 2025 年 11 月 23 日 需求端稳健发展，业绩端分化加剧 看好 ——美容护理行业 25Q3 业绩回顾 本期投资提示： 研 究 / 行 业 点 评 聂霜 A0230524120002 nieshuang@swsresearch.com 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 相关研究 证 券 研 究 报 告 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 行 业 - ⚫ 25Q3 需求端淡季不淡，国货概念与个护崛起持续发力。据国家统计局，7-9 月化妆品 社会零售额 982 亿元，同比高个位数增长，相比 25H1 增长提速。同时大促带动 10 月 继续高增长，增速超 9%，跑赢社零整体。在需求端回暖背景下，国货崛起概念持续， 25 年双 11 大促，珀莱雅卫冕天猫渠道美妆 GMV 销售榜 TOP1， ...

Investment Rating - The report maintains a "Positive" investment rating for the retail industry [1] Core Insights - The retail industry is experiencing a significant transformation, with a focus on emotional consumption and innovative product offerings driving growth [6][32] - Companies like Liufu Group and Meili Tianyuan are implementing strategic upgrades to enhance brand value and market presence [27][29] Summary by Sections Retail Market Overview - The retail index reported a decline of 7.24% during the week of November 17-21, 2025, underperforming the Shanghai Composite Index by 3.34 percentage points [5][14] - The retail index has increased by 0.58% year-to-date, lagging behind the overall market performance [14][18] Company Performance Highlights - Liufu Group anticipates a revenue increase of approximately 20%-30% and a net profit growth of 40%-50% for the six months ending September 30, 2025, driven by effective product differentiation and sales strategies [27] - Meili Tianyuan is focusing on three major strategic initiatives: building a super brand through acquisitions, establishing a super chain for quality growth, and enhancing digital capabilities for precise marketing [29] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuang and Chaohongji [6][35] - **Offline Retail**: Emphasize companies adapting to market changes, recommending Yonghui Supermarket and Aiyingshi [6][32] - **Cosmetics**: Highlight domestic brands that cater to emotional value and safety innovations, recommending companies like Maogeping and Pola [6][33] - **Medical Aesthetics**: Target differentiated product manufacturers and expanding medical chains, recommending Aimeike and Kedi-B [6][34] Key Company Updates - Chaohongji reported a revenue increase of 28.4% year-to-date, with a focus on expanding its franchise model and product innovation [38][40] - Yonghui Supermarket's revenue decreased by 22.2% year-to-date, but the company is undergoing a transformation to improve its supply chain and store optimization [41][43]

Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, prompting a recent board reshuffle to address these issues [2][3][20]. Company Overview - Aimeike's actual controller, Jian Jun, has been re-elected as chairman, with a stable core management team, while the new board secretary, Li Dongmei, is seen as a fresh face amid the company's current challenges [2]. - The company has experienced a dramatic decline in performance, with a first-time negative growth reported in the first half of 2025, and significant year-on-year drops in revenue and net profit [3][13]. Financial Performance - In the third quarter of 2025, Aimeike reported revenue of 566 million yuan and a net profit of 304 million yuan, representing declines of 21.27% and 34.61% year-on-year, respectively [3]. - As of November 21, 2025, Aimeike's stock price is 148 yuan per share, with a market capitalization of 44.8 billion yuan, down over 100 billion yuan from its peak [4]. - The company's financial struggles have also impacted Jian Jun's wealth, which has decreased significantly over the past two years [6]. Historical Growth Trajectory - Aimeike's growth trajectory has been closely tied to its innovative product development, with significant milestones including the launch of its first self-developed product in 2009 and the introduction of several key products that drove revenue growth [9][10]. - The company saw explosive growth from 2021 to 2023, with revenues increasing from 1.448 billion yuan in 2021 to 2.869 billion yuan in 2023, and net profits rising from 958 million yuan to 1.858 billion yuan during the same period [7][10]. Current Challenges - The company is now facing a decline in growth momentum, with projections for 2024 showing single-digit growth rates, and a significant drop in revenue and net profit in the first half of 2025 [13]. - The decline is attributed to the weakening performance of its core products, particularly the HiTi and Luhua Tianzi, which have seen substantial year-on-year revenue declines [13][14]. Market Competition - The competitive landscape in the medical beauty industry is intensifying, with new entrants and increased product offerings leading to a dilution of Aimeike's previous competitive advantages [14][19]. - The recent launch of competing products has further pressured Aimeike's market share, particularly in the neck wrinkle treatment segment [13][14]. Strategic Responses - In response to these challenges, Aimeike is focusing on diversifying its product offerings and enhancing its research and development capabilities, including the introduction of new products and expansion into biopharmaceuticals [15][17]. - The company has also pursued strategic acquisitions, such as the purchase of a majority stake in REGEN, to bolster its product portfolio and enhance its competitive position in the global market [17][18]. Agency Dispute - Aimeike is embroiled in a significant dispute over the agency rights for its AestheFill product, which has led to legal actions and could impact its market performance [18][20]. - The resolution of this dispute is critical for Aimeike's management team, as it seeks to stabilize the company amid declining market conditions and increasing competition [20].