Investment Rating - The report indicates that the cosmetics and medical beauty sector is currently underperforming compared to the market, with the Shenwan Beauty Care Index rising by 2.6% from December 31, 2025, to January 9, 2026, which is lower than the overall market performance [1][2]. Core Insights - 毛戈平 has initiated an international strategic partnership with L Catterton, a leading global consumer investment firm, focusing on global market expansion, acquisitions, strategic investments, capital structure optimization, and talent introduction [1][6][17]. - The approval of products such as 爱美客's botulinum toxin and 奇璞生物's collagen implant signifies ongoing advancements in the medical beauty supply chain, enhancing competitive diversity for 2026 [1][6][18][19]. - The report highlights the robust foundation of 壹网壹创's e-commerce operations, leveraging AI to enhance performance and expand its market reach, particularly in the consumer goods sector [1][7][8][10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with specific indices underperforming against the Shenwan A Index [2][4]. - The top-performing stocks in the sector include 力合科创 (+14.7%), 毛戈平 (+8.6%), and 水羊股份 (+7.6%), while the underperformers include 嘉亨家化 (-3.9%) and 百亚股份 (-2.8%) [2][5]. Recent Developments - 毛戈平's strategic collaboration with L Catterton aims to enhance its brand's presence in high-end retail channels globally and establish a joint investment fund focused on premium beauty products [1][6][17]. - The approval of 爱美客's botulinum toxin and 奇璞生物's collagen implant reflects a significant push in the medical beauty equipment supply chain, contributing to competitive advantages in the upcoming year [1][6][18][19]. E-commerce Insights - 壹网壹创's e-commerce operations are well-established, with a comprehensive coverage of consumer goods categories and a strong partnership with Alibaba, which is expected to drive revenue growth through AI integration [1][7][8][10]. - The e-commerce sector is witnessing a resurgence in attention, with Alibaba's platform traffic rebounding, indicating a potential recovery in the performance of e-commerce operations [1][8][10]. Market Data - The report notes that the retail sales of cosmetics in China for November 2025 grew by 6.1%, supported by promotional events like Double 11, indicating a robust recovery in consumer spending [13][15]. - The overall retail sales of consumer goods in China reached 45.6 trillion yuan in the first eleven months of 2025, with a year-on-year growth of 4.0% [13][15].

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, despite recent underperformance compared to the market [2][3]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance than the market, with the Shenwan Beauty Care Index rising by 2.6% from December 31, 2025, to January 9, 2026, which is lower than the Shenwan A Index by 2.8 percentage points [3][4]. - 毛戈平 has initiated an international strategic partnership with L Catterton, focusing on global market expansion, acquisitions, and strategic investments, which is expected to enhance its high-end retail channels and operational optimization [9][21]. - Recent approvals for products such as 爱美客's botulinum toxin and 奇璞生物's collagen implant highlight the ongoing advancements in the medical beauty supply chain, supporting diversified competition in 2026 [9][22][23]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has underperformed the market, with specific indices showing lower growth rates compared to the overall market [3][4]. - The top-performing stocks in the sector include 力合科创 (+14.7%), 毛戈平 (+8.6%), and 水羊股份 (+7.6%), while the worst performers were 嘉亨家化 (-3.9%) and 百亚股份 (-2.8%) [5]. Recent Developments - 毛戈平's strategic partnership with L Catterton aims to enhance its brand's global presence and operational capabilities [9][21]. - The approval of 爱美客's botulinum toxin and 奇璞生物's collagen implant signifies a robust supply chain in the medical beauty sector [22][23]. Investment Recommendations - Recommended companies include 毛戈平, 上美股份, and 上海家化 for their strong brand matrices and growth potential. Companies like 爱美客 and 朗姿股份 are highlighted for their strong profitability and product pipeline [3][10]. - The report suggests focusing on companies with high R&D barriers and strong profitability in the upstream medical beauty segment [3][10].

Group 1 - The core viewpoint of the article is that Guosen Securities has given a "better than market" rating to Aimeike (300896.SZ) based on recent developments in its product pipeline and market potential [1] - Aimeike's exclusive distribution of Huons BioPharma's injectable botulinum toxin product has received regulatory approval for sale in China, including Hong Kong and Macau, filling a gap in its product line [1] - The company is expected to enhance its core competitiveness by offering comprehensive solutions through the combination of new and existing products, with ongoing research and development in weight management and submental fat products [1] Group 2 - The medical aesthetics consumption penetration rate still has significant room for improvement, indicating potential growth opportunities for the industry [1] - Aimeike is investing in self-research to develop new product lines while also pursuing mergers and acquisitions to enrich its product pipeline and expand international business [1] - The company’s performance growth is supported by these strategies, although there are potential risks related to project progress and market competition [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the successful IPO of Shaanxi Tourism, which leverages its rich tourism resources and strong operational experience to build competitive advantages through a combination of performance-driven tourism, cable car operations, and dining services [22][24][34] - The report emphasizes the resilience of the cultural tourism industry amid ongoing trends to expand domestic demand and promote consumption, suggesting that Shaanxi Tourism's future growth will be supported by new performance projects and cable car capacity upgrades [36] Summary by Sections Retail and Social Services Market Review - The retail and social services indices rose by 4.23% and 4.71% respectively during the week of January 5 to January 9, 2026, with the Shanghai Composite Index increasing by 3.82% [12][14] - Among the sub-sectors, the supermarket segment showed the highest growth, with an increase of 8.18% year-to-date [15][17] Industry Dynamics: Shaanxi Tourism - Shaanxi Tourism, a leading regional tourism company, successfully listed on the Shanghai Stock Exchange on January 6, 2026, becoming the first A-share listed company of the year [22] - The company reported significant revenue contributions from its tourism performance and cable car operations, with a net profit margin and gross profit margin remaining high post-pandemic [24][27] - Revenue breakdown for the first half of 2025 shows that tourism performance accounted for 60.2%, cable car operations for 35.8%, and dining services for 4.0% [24] Investment Recommendations - The report recommends focusing on high-end gold and fashion jewelry brands, highlighting companies like Chow Tai Fook and Chao Hong Ji, which are expected to benefit from market trends [39] - It also suggests monitoring offline retail companies adapting to market changes and AI-enabled cross-border e-commerce leaders, with specific recommendations for Yonghui Supermarket and Aiying Room [39] - In the cosmetics sector, the report emphasizes brands that capture emotional value and innovate with safe ingredients, recommending companies like Mao Ge Ping and Proya [40]

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].

Core Viewpoint - Aimeike has received approval for its injectable type A botulinum toxin product, marking its first such product and the seventh in China, indicating a strategic expansion into the botulinum toxin market [1][2]. Group 1: Product Development and Market Position - Aimeike's foray into botulinum toxin began in 2021 with the acquisition of a 25.42% stake in Huons BioPharma for 856 million yuan [1]. - The newly approved product is positioned as a conventional offering in a market already populated by six established competitors, including Allergan's Botox and domestic brands like Hengli and LeTibao [2][4]. - The approval of Aimeike's botulinum toxin product is seen as a potential third growth driver for the company, although its market differentiation remains uncertain [2][5]. Group 2: Competitive Landscape - The competitive landscape for botulinum toxin products is characterized by established players with clear differentiation and market positioning, making it challenging for Aimeike to carve out a unique space [5][6]. - Aimeike's pricing strategy will significantly influence its market performance, as it may need to align closely with mainstream market prices to achieve sales targets [6][7]. - The existing products in the market have established brand loyalty and clinical advantages, particularly Allergan's Botox, which dominates the high-end market with multiple approved indications [6][7]. Group 3: Financial Performance and Market Trends - Aimeike's core products, including Hyaluronic Acid and PLLA-based fillers, have experienced slowing growth, reflecting increased competition in the aesthetic medicine sector [7][10]. - The revenue from Aimeike's Hyaluronic Acid products is projected to decline, with a significant drop of 23.79% expected in the first half of 2025 [13]. - The market for aesthetic injectables is becoming increasingly competitive, with over 40 brands of hyaluronic acid products approved in China, leading to price pressures and declining profit margins [18][19].

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。 ...