行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-01 2025-05 2025-09 商贸零售 沪深300 商贸零售 2026 年 01 月 11 日 投资评级：看好（维持） 相关研究报告 《 "人、货、场"迭代升级，关注情 绪消费赛道机会 — 行 业 周 报 》 -2026.1.4 《潮宏基多渠道高效推新，毛戈平推 出高端冻龄系列 — 行 业 周 报 》 -2025.12.28 《海南自贸港封关正式启动，首日数 据表现亮眼—行业周报》-2025.12.21 陕西旅游 A 股上市，以旅游资源构建核心竞争壁垒 ——行业周报 黄泽鹏（分析师） 李昕恬（联系人） huangzepeng@kysec.cn 证书编号：S0790519110001 lixintian@kysec.cn 证书编号：S0790125100021 陕西旅游 A 股上市，"演艺 IP+索道运营+配套餐饮"构建竞争力 2026 年 1 月 6 日，陕旅集团旗下核心子公司陕西旅游在上交所主板成功上市， 成为 2026 年 A 股全国首家上市公司。陕西旅游成立于 1988 年，具备多年运营 积淀及优质旅游资源，目 ...

Group 1 - The core point of the article is that Aimeike Technology Development Co., Ltd. has received approval from the National Medical Products Administration for the injection of type A botulinum toxin produced by Huons BioPharma Co., Ltd., marking a significant milestone in the company's strategic layout [1] - The approved product, with a specification of 100U per bottle, has a registration certificate valid until January 4, 2031, which will enable the company to provide more comprehensive solutions to its customers [1] - The import and sales of the product are subject to uncertainties due to domestic and international regulations, market conditions, and exchange rate fluctuations, which may affect the execution of the distribution agreement [1]

Core Viewpoint - The approval of the injectable type A botulinum toxin product from Huons BioPharma marks a significant milestone for the company, enhancing its strategic positioning in the competitive Chinese medical aesthetics market, which is characterized by a growing number of similar products [2][3]. Group 1: Company Developments - The company has been seeking new growth avenues beyond its core hyaluronic acid business, with the injectable botulinum toxin being one of its earliest product initiatives [2]. - The company signed an exclusive agency agreement with Huons Global in September 2018, which was later deepened by acquiring a 25.4% stake in Huons BP in June 2021 [3]. - The recent approval is expected to enrich the company's product matrix and allow for comprehensive solutions for clients, aligning with market expectations for product pricing and positioning [3][6]. Group 2: Market Context - The Chinese medical aesthetics market has seen significant changes over the past seven years, with the number of approved botulinum toxin products increasing to seven, including the newly approved product from Huons BP [7]. - The market was previously dominated by two brands, Botox and Hengli, which held a combined market share of 100% until recent years [7]. - The current market dynamics indicate that while new entrants may face challenges due to intense competition and price pressures, there is still potential for growth, particularly in the mid-to-high-end market segment [9]. Group 3: Stock Market Reaction - Following the announcement of the product approval, the company's stock price rose by 2.69%, reflecting positive market sentiment [5].

1月8日，爱美客公告，其经销的注射用A型肉毒毒素产品获得国家药品监督管理局核准签发的《药品注 册证书》。 智通财经记者 | 李科文 智通财经编辑 | 谢欣 这是爱美客首款注射用A型肉毒毒素产品，也是国内第七款。1月9日，智通财经记者联系爱美客，截至 发稿未获回复。 爱美客肉毒素布局起于2021年。 2021年，爱美客以8.56亿元收购韩国医美公司Huons BioPharma 25.42%的股权。 Huons BioPharma原是韩国上市公司Huons Global Co., Ltd.的肉毒毒素等生物制品业务部门。Huons Global分拆肉毒毒素等生物制品业务部门并成立了如今的Huons BioPharma。 2022年5月，爱美客以研发注册方式引进Huons BioPharma生产的注射用A型肉毒毒素产品，并在约定经 销区域内作为Huons BioPharma指定的唯一且排他的进口商、经销商。 肉毒素能否接力成为爱美客的第三增长点，目前仍存在较大不确定性。 与此前在再生医美赛道中抢占第一梯队不同，爱美客此次推出的产品，已是国内第七款同类产品。 在此之前，我国合规上市的肉毒素产品已有6款，分别包括美国艾 ...

证券日报网讯 1月9日，爱美客（300896）在互动平台回答投资者提问时表示，医美行业正从高速增长 向高质量发展转型，各项监管新政策的出台有利于加速行业洗牌与合规化进程。企业竞争不只是产品价 格的竞争，还包括品牌、技术与服务、行业整合能力等因素。公司将通过不断提升核心竞争力，优化客 户服务，推进公司业务的稳定可持续发展。 ...

证券日报网讯 1月9日，爱美客在互动平台回答投资者提问时表示，公司美格鲁肽注射液项目目前处于 临床试验阶段。公司研发项目相关情况可查阅公司《2025年半年度报告》中"研发项目进展"部分。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 1月9日，爱美客在互动平台回答投资者提问时表示，公司注射用A型肉毒毒素在韩国市场 已积累多年临床应用数据，其临床安全与稳定性得到了市场的验证，该产品通过与公司现有产品的组 合，能为客户提供更全面的综合解决方案，有利于增强公司的核心竞争力。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300896 | 爱美客 | 149.91 | 2.69% | 6.91万 | 10.43 Z | | 688363 | 华熙生物 | 46.23 | 2.48% | 6.13万 | 2.81亿 | | 920982 | 锦波生物 | 236.70 | 0.33% | 9061.73 | 2.14亿 | | 000615 | *ST美谷 | 3.34 | -1.18% | 15.25万 | 5124.82万 | | 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 | | 1158.82万 | 4.13% | -1105.93万 | -3.94% | -52.89万 | -0.19% | | 300896 | 爱美客 | 128.81万 ...

Core Viewpoint - The company has received approval from the National Medical Products Administration for its exclusive distribution of injectable type A botulinum toxin produced by Huons BioPharma Co., Ltd, marking a significant milestone in its strategic layout [1] Group 1 - The approval of the injectable type A botulinum toxin product is a key milestone in the company's strategic planning [1] - The product will enhance the company's core competitiveness by providing a more comprehensive solution to customers when combined with existing products [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has successfully obtained approval for its injectable type A botulinum toxin product, which is expected to drive revenue growth due to its established distribution channels and brand strength [5] - The domestic market for botulinum toxin is anticipated to have significant growth potential, as the demand is currently lower than that for hyaluronic acid, with projections indicating a compound annual growth rate (CAGR) of 27.6% from 2026 to 2030 [6] - The approval process for botulinum toxin products is stringent, which is expected to maintain a favorable competitive landscape for the company [7] - The company is projected to achieve net profits of 1.39 billion, 1.53 billion, and 1.70 billion yuan for the years 2025 to 2027, respectively, with corresponding earnings per share (EPS) of 4.58, 5.06, and 5.63 yuan [7] Financial Performance - The company’s revenue is forecasted to reach 2.43 billion yuan in 2025, with a significant decline of 19.81% compared to the previous year, followed by a recovery in subsequent years [9] - The net profit for 2025 is estimated at 1.39 billion yuan, reflecting a decrease of 29.15% from 2024 [9] - The company’s gross margin is expected to remain high, around 93.9% in 2025, indicating strong profitability [11] Market Position - The company holds a 25.4% stake in Huons BP, ensuring stable product supply and enhancing its competitive position in the market [5] - The report highlights the company as a leading player in the aesthetic medicine sector, benefiting from significant research and technological advantages [7]