2025 年 10 月 12 日 行 业 及 产 业 美容护理 行 业 研 究 / 行 业 点 评 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 王立平 (8621)23297818× wanglp@swsresearch.com 天猫双 11 下周开幕，抖音国货抢跑 看好 ——化妆品医美行业周报 20251012 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 - ⚫ 本周化妆品医美板块表现弱于市场。2025 年 9 月 29 日至 2025 年 10 月 10 日期间， 申万美容护理指数上涨 1.3%，表现弱于市场。其中，申万化妆品指数上涨 1.2%，弱于 申万 A 指 0.4pct；申万个护用品指数上涨 3.1%，强于申万 A 指数 1.5pct。 ⚫ 周观点：天猫双 11 下周开幕， ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The consumption during the National Day holiday showed steady recovery, with significant increases in travel and retail sales, indicating a positive trend for the retail sector [23][25] - The report emphasizes the importance of emotional consumption themes and highlights high-quality companies in high-growth sectors, particularly in gold jewelry, offline retail, cosmetics, and medical aesthetics [6][33] Summary by Sections Retail Market Review - The retail industry index closed at 2288.03 points, with a weekly increase of 0.28%, underperforming the Shanghai Composite Index which rose by 1.80% [5][12] - The professional chain sector saw the largest increase this week, while the watch and jewelry sector led the year-to-date performance with an increase of 28.18% [14][17] Retail Insights - During the National Day holiday, domestic travel reached 888 million trips, with total spending of 809 billion yuan, marking an increase of 1.23 billion trips and 108.19 billion yuan compared to the previous year [23][24] - Key retail and catering enterprises reported a 2.7% year-on-year increase in sales during the holiday, with daily sales in related industries growing by 4.5% [23][25] Investment Recommendations - Focus on high-quality gold jewelry brands with differentiated product offerings, recommending companies like Laopuhuang and Chaohongji [6][33] - Emphasize offline retail companies that adapt to trends, recommending Yonghui Supermarket and Aiyingshi [6][33] - Highlight domestic cosmetics brands with strong differentiation, recommending brands like Maogeping and Porcelain [6][34] - Suggest medical aesthetics companies with differentiated product lines, recommending Aimeike and Kedi-B [6][34] Company Performance Highlights - Laopuhuang reported a revenue of 12.354 billion yuan in H1 2025, a year-on-year increase of 250.9%, with a net profit of 2.268 billion yuan, up 285.8% [38][39] - Chaohongji achieved a revenue of 4.102 billion yuan in H1 2025, reflecting a 19.5% increase, with a net profit of 331 million yuan, up 44.3% [35] - Maogeping's revenue reached 1.769 billion yuan in H1 2025, a 30.8% increase, with a net profit of 186 million yuan, up 5.2% [35]

证券之星消息，10月10日医疗美容板块较上一交易日下跌0.5%，锦波生物领跌。当日上证指数报收于 3897.03，下跌0.94%。深证成指报收于13355.42，下跌2.7%。医疗美容板块个股涨跌见下表： | 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 300896 爱美客 | 1905.34万 | 3.90% | -1173.79万 | -2.40% | -731.55万 | -1.50% | | 000615 *ST美谷 | -116.92万 | -5.51% | -150.21万 | -7.08% | 267.12万 | 12.59% | | 688363 华熙生物 | -372.04万 | -1.72% | 792.57万 | 3.66% | -420.53万 | -1.94% | 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。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- ...

医药生物行业 -5% 0% 5% 10% 医药生物 沪深300 10% 医药生物 沪深300 标配（维持） 医药生物行业双周报（2025/9/26-2025/10/9） 第十一批国采月底申报 投资要点： 相关报告 证 券 研 究 报 告 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 -35% -30% -25% -20% -15% -10% 5% -35% -30% -25% -20% -15% -10% -5% 0% -40% -20% 0% 20% 22-03 22-05 22-07 22-09 22-11 23-01 23-03 医药生物 沪深300 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 邮箱： xiexiongxiong@dgzq.com.cn 医药生物（申万）指数走势 资料来源：iFind，东莞证券研究所 2025 年 ...

Core Insights - On October 9, 2023, brokerage firms set target prices for listed companies, with notable increases for companies in the personal care, medical device, and semiconductor industries [1][2]. Group 1: Target Price Increases - The companies with the highest target price increases include: - Steady Medical (稳健医疗) with a target price increase of 44.29%, rated "Buy" by CITIC Securities, with a target price of 56.00 yuan [2]. - Sanor Bio (三诺生物) with a target price increase of 35.27%, rated "Recommended" by Huachuang Securities, with a target price of 27.00 yuan [2]. - Tongfu Microelectronics (通富微电) with a target price increase of 24.46%, rated "Buy" by Qunyi Securities (Hong Kong), with a target price of 55.00 yuan [2]. Group 2: Brokerage Recommendations - A total of 27 listed companies received brokerage recommendations on October 9, with BYD (比亚迪) receiving recommendations from two firms, while Qianhong Pharmaceutical (千红制药) and Mulinsen (木林森) each received one recommendation [2]. Group 3: Rating Adjustments - Northeast Securities upgraded Jiangfeng Electronics (江丰电子) from "Hold" to "Buy" on October 9 [3]. - Five companies received initial coverage ratings on the same day, including: - Dongfang Guoxin (东方国信) rated "Buy" by Xinda Securities [3]. - Sanyou Medical (三友医疗) rated "Recommended" by Ping An Securities [3]. - Yidian Tianxia (易点天下) rated "Buy" by Zhongyou Securities [3]. - Jiangfeng Electronics (江丰电子) rated "Buy" by Northeast Securities [3]. - Cambrian (寒武纪) rated "Buy" by Huaxin Securities [3].

证券之星消息，10月9日，生物经济（970038）指数报收于2386.01点，涨0.61%，成交285.28亿元，换手 率1.76%。当日该指数成份股中，上涨的有32家，深科技以10.01%的涨幅领涨，下跌的有18家，信立泰 以3.96%的跌幅领跌。 生物经济（970038）指数十大成份股详情如下： | 证券代码 | PARTIC A - 1 MACE I VERSE - 1 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 13.81% | 248.24 | 1.04% | | 3009.76 | | sz000661 | 长春高新 | 5.41% | 129.25 | -0.58% | | 527.26 | | sz300759 | 康龙化成 | 4.66% | 35.30 | -1.26% | | 627.70 | | sz002252 | 十肖史上 | 4.52% | 6.78 | 1.35% | | 450.06 | | sz300347 | 泰格医药 ...

（文章来源：证券日报） 证券日报网讯爱美客10月9日在互动平台回答投资者提问时表示，截至2025年9月30日，公司股东人数为 56307户。 ...

证券之星消息，10月9日医疗美容板块较上一交易日上涨0.18%，华熙生物领涨。当日上证指数报收于 3933.97，上涨1.32%。深证成指报收于13725.56，上涨1.47%。医疗美容板块个股涨跌见下表： 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。 | 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 | | | | | --- | --- | --- | --- | --- | --- | --- | | 688363 华熙生物 | 546.13万 | 2.45% | 387.25万 | 1.74% | -933.39万 | -4.19% | | 000615 *ST美谷 | -255.12万 | -6.23% | -120.45万 | -2.94% | 375.58万 | 9.17% | | 300896 爱美客 | -4711.15万 | -8.95% | -3519.40万 | -6.69% | 8230.55万 | 15.63% | | 代码 | 名称 ...

事项： 业绩一览：市场竞争加剧业绩承压，盈利韧性凸显。2025H1 总营收12.99 亿（同比-21.6%），归母净利 7.89 亿（同比-29.6%），扣非净利7.22 亿（同比-33.7%）。毛利率同比-1.48pp 至93.4%，净利率60.9% （同比-6.8pp），毛/净利率略下滑但仍处行业高位；销售/管理/研发费用率分别为11.1%/5.3%/12.0% （同比分别+2.6pp/+1.3pp/+4.5pp）,持续加大创新投入，研发费用率显著提升。 单季度看，25Q2 实现营收6.36 亿元(同比-25.1%)，归母净利润3.46 亿元(同比-41.8%)，扣非归母净利润 3.20 亿元(同比-42.8%)。业绩下滑主要系宏观环境影响下医美消费疲软，以及行业竞争加剧所致。 按产品拆分收入：受市场竞争及需求结构变化影响，嗨体和濡白天使两大核心产品线业绩承压。1）溶 液类注射产品：收入7.44 亿（同比-23.8%），占比57.3%；2）凝胶类注射产品：收入4.93 亿（同 比-24.0%）；3）冻干粉类注射产品：收入1947 万元；4）面部埋植线产品：收入332 万元（同 比-4.6%）。 评论： 研 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 215.56 CNY, while the current price is 181.55 CNY [5][6]. Core Views - The company is expected to experience a turning point in growth driven by external acquisitions and new product launches. The short-term performance is under pressure due to a weak consumption environment and intensified competition, but long-term prospects remain positive due to the synergistic effects of new product iterations, international acquisitions, and R&D barriers [5][9]. Financial Projections - Total revenue is projected to be 3,026 million CNY in 2024, with a year-on-year growth rate of 5.4%. However, a decline of 12.2% is expected in 2025, followed by a recovery with growth rates of 22.9% in 2026 and 16.2% in 2027 [4][10]. - Net profit attributable to the parent company is forecasted to be 1,958 million CNY in 2024, with a growth rate of 5.3%. This is expected to decline by 17.2% in 2025, before increasing by 25.7% in 2026 and 15.3% in 2027 [4][10]. - Earnings per share (EPS) are estimated at 6.47 CNY for 2024, decreasing to 5.36 CNY in 2025, and then recovering to 6.74 CNY in 2026 and 7.77 CNY in 2027 [4][10]. Market Performance - The company has faced significant challenges, with a 21.6% decline in total revenue in the first half of 2025 compared to the previous year, and a 29.6% drop in net profit. The gross margin has slightly decreased to 93.4%, while the net margin stands at 60.9% [9][10]. - The company has made strategic acquisitions, including an 85% stake in the South Korean company REGEN, which is expected to enhance its international presence and product offerings [9][10]. R&D and Product Pipeline - The company has increased its R&D expenditure, with a rate of 12.0% in the first half of 2025, reflecting a commitment to innovation and a robust pipeline that includes products in advanced fields such as botulinum toxin and recombinant proteins [9][10]. - The diverse product pipeline and ongoing R&D efforts are seen as critical for sustainable business development [9][10].