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].

Group 1 - The medical beauty sector experienced a decline of 1.28% on November 17, with *ST Meigu leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] - Major stocks in the medical beauty sector showed varying declines, with Huaxi Biological down 1.04%, Aimeike down 1.05%, and Jinbo Biological down 1.96% [1] Group 2 - The net outflow of main funds in the medical beauty sector was 80.81 million yuan, while retail investors saw a net inflow of 56.06 million yuan [1] - Specific fund flows indicated that Huaxi Biological had a net outflow of 9.16 million yuan, *ST Meigu had a net outflow of 12.64 million yuan, and Aimeike had a net outflow of 59.00 million yuan [2]

| 2020-12-31 | | 2021-12-31 | 2022-12-31 | 2023-12-3 | | --- | --- | --- | --- | --- | | ■ 简军 | 261.7万 | 348.0万 | 250. 8万 | 251. 4万 | | -- 行业平均 186.9万 | | 223.6万 | 222.5万 | 188.6万 | 据东方财富网数据，爱美客董事长简军2024年所获薪酬为249万元，相较上年薪酬251.4万元微降。 瑞财经 钟鸣辰爱美客(SZ300896)近日发布2025年三季报，前三季同比营收利润双降。 | | 本报告期 | 本报告期比上年同期 | 年初至井 20 | | | --- | --- | --- | --- | --- | | | | 增减 | | | | 文化收入(元) | 565,783, 495, 32 | -21.27% | 1.864.965.981.58 | -21,49% | | 归属于 面上公司股东 | 303.801.013.19 | -34.61% | 1.093.263.532.76 | -31.05% | | 的净利润(元) | ...

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The 2025 Double Eleven e-commerce promotion concluded with a total online sales of 1,695 billion yuan, representing a 14.2% increase compared to 2024. Tmall led in overall e-commerce sales, while JD reported record high transaction volumes with a 40% increase in the number of orders and nearly 60% growth in order volume [3][26] - The jewelry sector performed exceptionally well, with gold products favored by younger consumers. The demand for gold has evolved from a singular focus on value preservation to a multifaceted need for cultural recognition and emotional value, indicating higher growth potential for aesthetically and culturally rich gold jewelry [3][29] - The beauty sector achieved a total GMV of 132.5 billion yuan, with skincare and fragrance/cosmetics sales reaching 99.1 billion yuan and 33.4 billion yuan, respectively. Domestic brands like Proya and Han Shu dominated the sales charts, showcasing the strength of local brands [3][32] - The integration of AI technology in retail is enhancing consumer experiences, creating a virtuous cycle among consumers, merchants, and platforms [3][42] Summary by Sections Retail Market Review - The retail industry index rose by 4.06% during the week of November 10-14, 2025, outperforming the Shanghai Composite Index, which fell by 0.18%. The retail sector ranked third among 31 primary industries [5][14] - The supermarket sector saw the highest increase, with a weekly growth of 7.09%, while the jewelry sector led the year-to-date performance with a 23.66% increase [18][21] Retail Insights: Double Eleven Promotion - The Double Eleven e-commerce event showed resilience in growth, with significant sales increases across platforms. Tmall's comprehensive e-commerce sales reached 16,191 billion yuan, while instant retail sales soared by 138.4% [26] - Gold jewelry sales saw a remarkable increase, with the flagship store of Lao Pu Gold achieving over 3 billion yuan in sales within 10 minutes of opening on Tmall [29] - The beauty category's GMV reached 132.5 billion yuan, with domestic brands capturing significant market share, particularly in skincare and cosmetics [32] Focus on High-Growth Sectors - Investment recommendations include focusing on high-quality companies in sectors driven by emotional consumption themes, such as gold jewelry, offline retail, cosmetics, and medical aesthetics [6][48] - Specific companies highlighted for investment include Lao Pu Gold, Proya, and Aimeike, among others, which are expected to benefit from current market trends [49]

证券日报网讯 11月13日晚间，爱美客（300896）发布公告称，选举简军为董事长。 ...

每经头条（nbdtoutiao）——"银行直供房，不计成本卖！"有的半价出售，众多刚需还不知道！银行用 过的房很抢手，有人加价100万元抢拍 2024年1至12月份，爱美客的营业收入构成为：医疗器械行业占比99.9%，其他行业占比0.1%。 截至发稿，爱美客市值为483亿元。 每经AI快讯，爱美客（SZ 300896，收盘价：159.6元）11月13日晚间发布公告称，公司第四届第一次董 事会会议于2025年11月13日在公司会议室以现场与通讯相结合方式召开。会议审议了《关于聘任公司高 级管理人员的议案》等文件。 （记者 王晓波） ...

张仁朝先生符合《公司法》《深圳证券交易所创业板股票上市规则》《深圳证券 交易所上市公司自律监管指引第2号——创业板上市公司规范运作》等相关法律法规及 《公司章程》规定的任职资格，不存在《公司法》规定的不得担任公司董事的情形。 本次选举完成后，公司第四届董事会成员中兼任公司高级管理人员以及由职工代表担 任的董事人数总计未超过公司董事总数的二分之一。 一、选举职工董事情况 爱美客技术发展股份有限公司（以下简称"公司"）于2025年10月28日召开第三 届董事会第二十一次会议，于2025年11月13日召开2025年第三次临时股东会，审议通 过了《关于修订〈公司章程〉并授权办理市场主体变更登记的议案》。根据最新修订 的《公司章程》，公司董事会由九名董事组成，应包含一名职工代表董事。 根据《中华人民共和国公司法》等相关法律法规及《公司章程》的要求，公司于 2025年11月13日召开第二届职工代表大会第四次会议，选举张仁朝先生（简历详见附 件）为公司第四届董事会职工代表董事，任期至公司第四届董事会任期届满之日止。 证券代码：300896 证券简称：爱美客 公告编号：2025-054号 爱美客技术发展股份有限公司 关于选举 ...

2025 年第三次临时股东会决议公告 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。 特别提示： 证券代码：300896 证券简称：爱美客 公告编号：2025-051 号 爱美客技术发展股份有限公司 1、本次股东会没有出现否决议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议通知： （1）公司董事会分别于 2025 年 10 月 29 日和 2025 年 11 月 11 日在中国证 监会指定的创业板信息披露网站巨潮资讯网（www.cninfo.com.cn）上刊登了《关 于召开 2025 年第三次临时股东会的通知》（公告编号 2025-049）和《关于召开 2025 年第三次临时股东会的提示性公告》（公告编号 2025-050）。 2、会议召开时间： （1）现场会议召开时间：2025 年 11 月 13 日 14:00 （2）网络投票时间：通过深圳证券交易所交易系统投票的时间为 2025 年 11 月 13 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00；通过深 ...

爱美客技术发展股份有限公司 关于董事会换届完成并选举董事长、董事会各专门委员会 委员及聘任高级管理人员、证券事务代表的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 爱美客技术发展股份有限公司（以下简称"公司"）于2025年11月13日召开 的2025年第三次临时股东会审议通过了关于董事会换届选举的相关议案，选举产 生了5名非独立董事、3名独立董事，与公司职工代表大会选举产生的1名职工代表 董事共同组成公司第四届董事会。 同日，公司召开第四届董事会第一次会议及各专门委员会会议，审议通过了 选举董事长、董事会专门委员会委员及聘任高级管理人员、证券事务代表等相关 议案。现将有关情况公告如下： 一、公司第四届董事会、董事会专门委员会人员组成情况 （一）第四届董事会组成情况 证券代码：300896 证券简称：爱美客 公告编号：2025-053号 1、非独立董事：简军、石毅峰、简青、林新扬、陈重 2、职工代表董事：张仁朝 3、独立董事：陈刚（会计专业人士）、朱大旗、于玉群 第 四 届 董 事 会 成 员 简 历 详 见 公 司 于 2025 年 10 月 29 日 在 ...