华龙证券发布研报称，在当前消费市场对功效与成分关注度持续提升的背景下，胶原蛋白凭借明确的生 物活性与修复功能，正形成专业皮肤护理与医美填充注射两大主线驱动市场增长：前者以高复购的医用 敷料满足术后修复与功能护肤需求，后者则以自然填充与肤色提亮优势加速渗透注射领域。当前行业整 体处于政策规范完善、技术迭代加速、产业链协同紧密的发展阶段，建议关注在重组胶原蛋白领域具备 核心技术、产品管线完整及强医学转化能力的企业。 华龙证券主要观点如下： 从结构分析到政策护航：见证重组胶原蛋白的蓬勃发展 胶原蛋白是人体中含量最丰富的蛋白质，具有独特的三股螺旋结构，广泛分布于皮肤、骨骼和软骨等组 织。目前已知胶原蛋白有29 种类型，结构上可分为纤维型、FACIT、网状型和MACITs四类，来源上包 括重组、动物源和化学合成三类。胶原蛋白市场空间持续增长，预计2030年中国原料端规模将超160亿 元，零售端接近2700亿元。目前国内获批注射类重组产品仍较少，以锦波生物"薇旖美"为代表推动技术 升级与市场拓展。 胶原蛋白产业：上下游协同，技术驱动高速增长 胶原蛋白原料及终端产品生产一体化程度高，产业链上游为核心原材料供应商，中游为重组 ...

证券之星消息，10月22日化妆品板块较上一交易日下跌0.72%，拉芳家化领跌。当日上证指数报收于 3913.76，下跌0.07%。深证成指报收于12996.61，下跌0.62%。化妆品板块个股涨跌见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002094 | 青岛金王 | 3074.03万 | 6.83% | -407.02万 | -0.90% | -2667.01万 | -5.93% | | 300132 青松股份 | | 1427.69万 | 7.73% | -2606.26万 | -14.11% | 1178.57万 | 6.38% | | 300849 锦盛新材 | | 449.78万 | 5.82% | -311.49万 | -4.03% | -138.30万 | -1.79% | | 300957 | 贝泰妮 | 236.31万 | 1.93% | 185.90万 | 1.52% | -422 ...

Core Insights - The cosmetics sector experienced a slight decline of 0.03% on October 21, with Lafang Jiahua leading the drop [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Group 1: Stock Performance - Jinsheng New Material (300849) saw a significant increase of 7.74%, closing at 14.76 with a trading volume of 103,000 shares and a turnover of 148 million yuan [1] - Jiaheng Jiahua (300955) rose by 4.90%, closing at 30.62 with a trading volume of 45,700 shares and a turnover of 137 million yuan [1] - Qing Song Co. (300132) increased by 3.71%, closing at 6.43 with a trading volume of 266,600 shares and a turnover of 170 million yuan [1] - Lafang Jiahua (603630) declined by 2.67%, closing at 22.97 with a trading volume of 61,500 shares and a turnover of 141 million yuan [2] - Shanghai Jahwa (600315) fell by 1.85%, closing at 27.09 with a trading volume of 96,400 shares and a turnover of 262 million yuan [2] Group 2: Capital Flow - The cosmetics sector experienced a net outflow of 11.49 million yuan from institutional investors, while retail investors saw a net inflow of 19.36 million yuan [2] - The main capital inflow was observed in brands like Banlaya (603605) with a net inflow of 10.38 million yuan, while Jinsheng New Material (300849) had a net outflow of 11.78 million yuan [3] - Retail investors showed a significant net inflow in Furuida (600223) with 7.23 million yuan, while the outflow from institutional investors was 3.19 million yuan [3]

T a [ 行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 10 月 20 日 b l [Table_Title] 双十一预售开启，海南离岛免税政策调 e _ M 整落地 ——美护商社行业周报 [Table_Summary] 报告要点： 市场表现 ] 本周（2025.10.13-2025.10.17），商贸零售/社会服务/美容护理分别- 0.45%/-1.72%/-2.53%，在 31 个一级行业中排名第 6/11/17,同期上证 综指-1.47%，深证成指-4.99%，沪深 300-2.22%。 细分子板块来看，本周饰品和一般零售行业表现较好，分别 +1.44%/+1.01%，贸易/互联网电商/教育板块跌幅居前，分别-4.83%/- 4.14%/-3.84%。 本周行业重点事件及资讯 财政部、海关总署、税务总局发布《关于调整海南离岛旅客免税购物 政策的公告》，定于 11 月 1 日起实施。政策调整包括扩大离岛免税 商品范围，允许国货入店免税销售，将离岛旅客免税购物年龄由年满 16 周岁调整为年满 18 周岁，允许离境旅客享受离岛免税政策等。 （1）美护：10 月 15 日晚 8 点天 ...

EMBA 培训业务受中美贸易摩擦影响，三季度报单率和收款改善，预计 全年业绩超 3 亿，估值 15-16 倍，股息率超 6%，明年百校计划预计贡 献 10%以上营收增量。 首旅酒店逐季数据改善，开店数量提升，推进 260 万间客房目标。预计 今年业绩 9 亿，估值 17-18 倍；明年 10 亿，估值 16 倍。内需消费改 善预期带来业绩和估值弹性。 小商品城市值回调后具布局价值，前三季度业绩超预期，三季度归母净 利润超 17 亿，新业务保持中高双位数增长。上调全年利润预期至 47- 48 亿，明年至 58 亿甚至更高，目前估值 16-17 倍。 永辉超市调整门店，日销逐步稳定，早期调整门店已盈利，关店计划减 少利润拖累。预计明年减亏甚至扭亏为盈，自有产品推进有望带来流量 增长，股价恢复前景可观。 美妆板块受双十一催化，珀莱雅和薇诺娜表现突出。珀莱雅估值具性价 比，薇诺娜改善显著，值得重点关注。珀莱雅 2025 年估值不超过 20 倍，2026 年 16-17 倍。 积极看好低位消费股布局机会 20251017 摘要 Q&A 目前消费板块在市场表现中相对较弱，您认为未来有哪些可能的催化因素和性 价比较高的公司 ...

2025 年 10 月 19 日 版 公司 相关研究 若研究祝 证券分析师 王立平 A0230511040052 wanqlp@swsresearch.com 干盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 于立平 (8621)23297818× wanqlp@swsresearch.com 申万宏源研究微信服务 天猫双 11 国货开门红，毛戈平上美强者恒强 -化妆品医美行业周报 20251019 本期投资提示: O 风险提示：宏观不确定性加剧；市场需求变动；行业竞争加剧；医美监管趋严。 1. 行业观点 1.1 化妆品医美板块：本周化妆品医美板块表现强于市场 本周化妆品医美板块表现强于市场。2025 年 10 月 10 日至 2025 年 10 月 17 日期间, 申万美容护理指数下滑 2.5%，表现强于市场。其中，申万化妆品指数下滑 1.1%，强于申 万 A 指 2.3pct; 申万个护用品指数下滑 2.1%，强于申万 A 指数 1.5pct｡ 本周板块表现前三的个股：嘉亨家化 ...

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry [2]. Core Views - The cosmetics and medical beauty sector has shown stronger performance than the market, with the Shenwan Beauty Care Index declining by 2.5% from October 10 to October 17, 2025, which is better than the overall market performance [4][5]. - The Tmall Double 11 event has seen significant success for domestic brands, with brands like Maogeping experiencing high demand and sold-out products [10]. - The overall performance for Q3 2025 is expected to meet expectations, with a continued upward trend into Q4, driven by promotional events [11][12]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market during the specified period, with the Shenwan Cosmetics Index down by 1.1%, which is 2.3 percentage points better than the Shenwan A Index [4][5]. - Key stocks in the sector included Jiaheng Jiahua (+35.0%), Yiyi Co. (+18.6%), and Yanjing Co. (+15.6%) [6]. Market Trends - The Tmall Double 11 event on October 15 attracted over 10 million viewers, with domestic brands like Maogeping experiencing supply shortages due to high demand [10]. - The overall sales performance is expected to improve in the coming weeks, particularly with the upcoming Douyin Double 11 event [10]. Q3 Performance Outlook - The demand for cosmetics remains robust, with retail sales growth in July and August outpacing the overall market [11]. - The total retail sales of cosmetics for the first eight months of 2025 reached 291.5 billion yuan, a year-on-year increase of 3.3% [11]. - Domestic brands are leveraging online channels effectively, with Han Shu achieving over 2 billion yuan in GMV in Q3 [12]. Company Highlights - Han Shu announced a global partnership with Wang Jiaer, enhancing its international presence and brand recognition [19][22]. - The report recommends focusing on companies with strong channel and brand matrices, such as Maogeping, Shanghai Jahwa, and Up Beauty [14]. E-commerce Data - The report highlights significant growth in e-commerce sales for various brands, with Han Shu achieving a 37% increase in GMV [15]. - The overall e-commerce landscape for domestic brands is expected to continue thriving, supported by promotional events and strategic partnerships [15][18]. Market Dynamics - The report notes that the Chinese skincare market is projected to reach 271.2 billion yuan in 2024, despite a slight decline in growth [26]. - Domestic brands are increasingly capturing market share, with a notable presence in the top ten rankings [26][27]. Investment Recommendations - The report suggests investing in companies with strong growth potential and robust product pipelines, particularly in the cosmetics and medical beauty sectors [14]. - Specific recommendations include Maogeping, Up Beauty, and Shanghai Jahwa for cosmetics, and Aimeike for medical beauty [14].

Core Viewpoint - Betaini plans to invest 50 million yuan as a limited partner in the establishment of the Wuxi Jinyu Maowu Medical Health Industry Investment Partnership, aiming to deepen cooperation in the health ecosystem and enhance its competitive edge and profitability [1][5]. Investment Details - The total committed capital for the Jinyu Fund is 1 billion yuan, with Betaini holding a 5% partnership share after the investment [1]. - The fund's primary investment focus includes consumer healthcare, national health quality improvement, pharmaceuticals, medical devices, and AI in pharmaceuticals [2][6]. Historical Investment Background - Jinyu Maowu Investment Management Co., Ltd., the fund manager, has previously invested over 100 million yuan in Betaini since 2015 [6]. - Betaini has established and invested in nine fund companies since its listing in 2021, with planned investments exceeding 700 million yuan across various sectors including AI and consumer healthcare [7]. Financial Performance of Fund Manager - Jinyu Maowu reported a revenue of 84.46 million yuan in 2024, a year-on-year increase of 4.51%, while its net profit decreased by 68.21% to 51.61 million yuan [6]. - For the first half of 2024, the company achieved a revenue of 42.97 million yuan, a decrease of 2.36%, but its net profit rose by 75.35% to 44.24 million yuan [6]. Industry Trends - The medical beauty market in China is projected to grow significantly, reaching 399.8 billion yuan by 2026, indicating a strong growth potential in this sector [10]. - Betaini has formed a strategic partnership with Lumenis Group to develop home medical beauty devices, integrating its R&D capabilities with Lumenis' technology [11]. Recent Developments - Betaini's brand AOXMED has seen rapid growth, achieving a revenue of 51.47 million yuan in the first half of 2025, a year-on-year increase of 93.90% [11]. - The company has actively engaged in the medical beauty sector, with multiple investments and product launches aimed at enhancing its market presence [12].

Core Viewpoint - Betaini (300957.SZ), known as the "first stock in functional skincare," is intensifying its capital market strategy by investing in a new healthcare fund, aiming to diversify its business beyond its core beauty segment [1][11]. Investment Strategy - On October 13, Betaini announced plans to invest as a limited partner in the Wuxi Jinyu Maowu Medical Health Industry Investment Partnership (referred to as "Jinyu Fund"), with a total fund size of CNY 1 billion [1][7]. - The fund will focus on sectors such as consumer healthcare, medical aesthetics, specialty foods, pharmaceuticals, medical devices, and AI-driven drug development [1][7]. Financial Commitment - Betaini intends to contribute CNY 50 million, which will account for a 5% stake in the Jinyu Fund [1][7]. - Other partners in the fund include Jiangsu Wuxi Biomedical Industry Special Mother Fund (CNY 300 million), and Jiangyin High-tech Zone Financial Investment Co., Ltd. (CNY 250 million) [7]. Previous Investments - Over the past few years, Betaini has invested in several funds, including Sequoia Fund, San Zheng Fund, and Jinguo Fund, totaling approximately CNY 280 million across various sectors [1][11]. - Specific investments include CNY 100 million in the Sequoia Fund in June 2022, CNY 100 million in the San Zheng Fund in April 2023, and CNY 30 million in the Jinguo Fund in October 2023 [6][8]. Business Performance - Betaini's revenue growth has been declining, with revenues of CNY 40.22 billion, CNY 50.14 billion, CNY 55.22 billion, and CNY 57.36 billion from 2021 to 2024, showing a decreasing growth rate [11]. - The net profit has also decreased significantly, from CNY 8.63 billion in 2021 to CNY 5.03 billion in 2024, indicating a trend of increasing revenue but declining profitability [11]. Market Context - The beauty industry is witnessing a trend where major brands, including Betaini, are increasingly investing in capital markets to seek growth opportunities amid slowing core business performance [11][12]. - Competitors like Proya and Marubi are also exploring similar investment strategies to enhance their market positions and seek new growth avenues [12][13].

Core Viewpoint - Betaini, known as the "first stock in functional skincare," is increasing its capital investments to explore new business opportunities amid declining performance in its core skincare segment [1][9]. Investment Strategy - On October 13, Betaini announced plans to invest as a limited partner in the Wuxi Jinyu Maowu Medical Health Industry Investment Partnership, with a total fund size of 1 billion CNY, focusing on consumer healthcare, pharmaceuticals, medical devices, and AI in drug development [1][5]. - Betaini will contribute 50 million CNY, holding a 5% stake in the fund, which aims to enhance the company's competitive edge and profitability through strategic partnerships in the health ecosystem [5][9]. Financial Performance - Betaini's revenue from 2021 to 2024 showed a declining growth trend, with revenues of 40.22 billion CNY, 50.14 billion CNY, 55.22 billion CNY, and 57.36 billion CNY, reflecting year-on-year growth rates of 52.57%, 24.65%, 10.14%, and 3.87% respectively [9][10]. - The net profit during the same period was 8.63 billion CNY, 10.51 billion CNY, 7.57 billion CNY, and 5.03 billion CNY, with year-on-year growth rates of 58.77%, 21.82%, -28.02%, and -33.53%, indicating a trend of increasing revenue but decreasing profit [10]. Brand Dependency - The company's revenue heavily relies on its core brand "Winona," which contributed 48.85 billion CNY, 51.92 billion CNY, and 49.09 billion CNY from 2022 to 2024, accounting for approximately 97%, 94%, and 86% of total revenue respectively [10]. Diversification Efforts - To mitigate risks associated with reliance on a single brand, Betaini is developing a multi-brand strategy, acquiring stakes in other brands such as "Za" and "PURE&MILD" to expand its business portfolio [10][11]. - The company has invested approximately 280 million CNY in various funds over the past three years, indicating a proactive approach to diversify its investment portfolio beyond its primary beauty business [5][9]. Market Trends - The beauty industry is witnessing a trend where leading brands, including Betaini, are increasingly investing in capital markets to seek growth opportunities amid slowing sales in their core businesses [9][12].