行 业 及 产 业 美容护理 2025 年 09 月 07 日 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 换季护肤拉开板块消费旺季，上市公司交流会指引发展方向 研 究 / 行 业 点 看好 ——化妆品医美行业周报 20250907 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 行 业 评 - ⚫ 本周化妆品医美板块表现强于市场。2025 年 8 月 29 日至 2025 年 9 月 5 日期间，申 万美容护理指数下滑 0.8%，表现强于市场。其中，申万化妆品指数基本持平，强于申 万 A 指 1.4pct；申万个护用品指数下滑 1.8%，弱于申万 A 指数 0.3pct。 ⚫ 周观点：换季护肤拉开板块消 ...

快节奏的生活方式、不规律的作息以及环境污染等因素，导致痘肌人群日益增多。在"颜值经济"蓬勃发 展的当下，痘肌护理正从护肤领域的边缘品类向核心战场迈进。 针对痘肌核心痛点，敷尔佳清痘净肤修护贴2.0 版本构建了 "控油 - 祛痘 - 褪红" 全链路解决方案。控油 方面，通过石榴果皮提取物从前端抑制皮脂腺、中端减少过量分泌、末端改善皮脂质量，实现 "减油不 减水"，对多种痘痘类型改善效果显著，有效缓解痘肌泛红不适;在祛痘方面，核心成分"苦参碱水杨酸 盐"借助超分子技术提升渗透效率，深入肌肤发挥作用，搭配季铵盐-73可从根源抑制痘痘，再加上复合 抗痘因子和低聚果糖调节皮肤菌群平衡，促进有益菌生长，对红肿痘、脓包痘、闭口痘等多种痘痘有明 显改善，助力肌肤慢慢变平滑;褪红层面，松红梅复合精粹、积雪草苷Ⅱ和柑橘果提取物结合，能快速 舒缓痘痘引发的炎症红痛，减轻肌肤灼热感。长期使用可帮助淡化痘后留下的红色痘印，令肤色逐步趋 于均匀。产品适用于敏感肌，尤其针对面部泛油、突发痘痘、痘后泛红等肌肤问题，通过 "即时舒缓 + 长效修护" 双重机制，帮助用户打破 "油 - 痘 - 红" 恶性循环。 根据英敏特数据，2024年中国线上 ...

随着行业调整的深入，医美企业的发展路径正在分化。近日，华熙生物、巨子生物、敷尔佳三家头部医美企业的半年报交出截然不同的答卷：巨子生物以 31.13亿元营收、22.5%的同比增速领跑；华熙生物受战略转型拖累，上半年营利指标下滑明显；敷尔佳则受困于渠道顽疾与库存压力，同样出现明显的业绩 下滑。这场半年考不仅勾勒出三家企业各自的战略得失，更折射出行业从"流量红利"向"技术壁垒"转型的清晰轨迹。当重组胶原蛋白与玻尿酸的赛道之争白 热化，当"械三证"成为新的入场券，三家企业的不同选择也成为未来业绩走向的关键变量。 营销策略调整阵痛，两大巨头业绩承压 华熙生物交出上市以来"最差中报"。半年报显示，2025年上半年，华熙生物实现营业收入22.61亿元，同比下降19.57%；归属于上市公司股东的净利润为2.21 亿元，同比下降35.38%；归属于上市公司股东的扣除非经常性损益的净利润为1.74亿元，同比下降45%。 皮肤科学创新转化业务即原来的"功能性护肤品"业务，曾是华熙生物的业绩"主力"。半年报显示，上半年该业务实现收入9.12亿元，同比大幅下降33.97%。 敷尔佳同样对业绩作出了解释。营收下降，主要系报告期内敷尔佳优 ...

随着行业调整的深入，医美企业的发展路径正在分化。近日，华熙生物、巨子生物、敷尔佳三家头部医美企业的半年报交出截然不同的答卷：巨子生物以 31.13亿元营收、22.5%的同比增速领跑；华熙生物受战略转型拖累，上半年营利指标下滑明显；敷尔佳则受困于渠道顽疾与库存压力，同样出现明显的业绩 下滑。这场半年考不仅勾勒出三家企业各自的战略得失，更折射出行业从"流量红利"向"技术壁垒"转型的清晰轨迹。当重组胶原蛋白与玻尿酸的赛道之争白 热化，当"械三证"成为新的入场券，三家企业的不同选择也成为未来业绩走向的关键变量。 营销策略调整阵痛，两大巨头业绩承压 华熙生物交出上市以来"最差中报"。半年报显示，2025年上半年，华熙生物实现营业收入22.61亿元，同比下降19.57%；归属于上市公司股东的净利润为2.21 亿元，同比下降35.38%；归属于上市公司股东的扣除非经常性损益的净利润为1.74亿元，同比下降45%。 | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报 年目其 | | --- | --- | --- | --- | | 营业收入 | 2,260,691,517.33 | 2, 810, 742 ...

文丨毕艳红 公司产品毛利率维持高位，其中医疗器械类产品毛利率为84.22%，化妆品类产品毛利率为80.42%。并 且，公司持续丰富产品矩阵，推出了医用透明质酸钠修复液次抛、胶原蛋白抗皱修护次抛精华等新品， 满足消费者多样化的护肤需求。 盈利方面，公司上半年实现归属于上市公司股东的净利润2.30亿元。经营活动产生的现金流量净额为 1.62亿元，现金流状况保持稳定。截至报告期末，公司总资产达56.99亿元，归属于上市公司股东的净资 产为54.92亿元，财务结构保持稳健。 报告期内，敷尔佳主动推进线下渠道整合，将资源向高效益终端倾斜，提升整体运营效率。分业务板块 看，医疗器械类产品收入2.38亿元，企业在半年报中解释，这源于对经销体系的主动优化。 化妆品板块展现强劲韧性，收入同比增长29.95%至6.25亿元，占总营收比重提升至72.39%，长远期利于 公司健康发展。 化妆品业务稳健增长，研发投入持续加码 面对行业技术迭代加速和利润承压，敷尔佳上半年研发投入逆势同比增长47.65%至2333万元，研发人 员扩充至69人，增幅达18.97%。哈尔滨、上海双研发中心协同效应显现，聚焦创新原料开发与加速技 术转化，为产品 ...

证券之星消息，9月3日化妆品板块较上一交易日下跌1.93%，嘉亨家化领跌。当日上证指数报收于 3813.56，下跌1.16%。深证成指报收于12472.0，下跌0.65%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 837023 | 芭薇股份 | 20.17 | 2.86% | 7.00万 | | 1.39亿 | | 603630 | 拉芳家化 | 28.35 | 2.46% | 17.18万 | | 4.96亿 | | 603983 | 丸美生物 | 39.98 | 1.14% | 3.27万 | | 1.31亿 | | 600315 | 上海家化 | 26.38 | -1.68% | 11.86万 | | 3.16亿 | | 300957 | 贝泰妮 | 45.73 | -2.22% | 4.21万 | | 1.94亿 | | 600223 | 福瑞达 | 7.79 | -2.26% | 11.33万 | 8918.22万 | | | 6036 ...

Market Overview - The cosmetics sector experienced a decline of 0.97% on September 2, with Huaye Fragrance leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Jiahen Jiahua (300955) saw a significant increase of 7.16%, closing at 35.16 with a trading volume of 127,400 shares and a turnover of 437 million yuan [1] - Other notable gainers included Bawi Co. (837023) with a 3.87% increase and Lafang Jiahua (603630) with a 2.60% increase [1] - Conversely, Huaye Fragrance (300886) led the declines with a drop of 4.05%, closing at 31.55 [2] - The overall performance of the cosmetics sector showed mixed results, with several stocks experiencing declines [2] Capital Flow Analysis - The cosmetics sector saw a net outflow of 216 million yuan from institutional investors, while retail investors contributed a net inflow of 210 million yuan [2] - The table of capital flow indicates that Lafang Jiahua had a net inflow of 49.77 million yuan from institutional investors, despite a net outflow from retail investors [3] - Other companies like Jinxing New Materials (300849) and Shanghai Jahwa (600315) also experienced varying degrees of net inflows and outflows from different investor categories [3]

Group 1 - The cosmetics sector increased by 0.56% on September 1, with Lafang Jiahua leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Lafang Jiahua's stock price rose by 9.99% to 26.97, with a trading volume of 114,000 shares and a transaction value of 300 million yuan [1] Group 2 - The cosmetics sector saw a net inflow of 15.558 million yuan from institutional investors, while retail investors contributed a net inflow of 45.296 million yuan [2] - Major stocks in the sector experienced varied capital flows, with Lafang Jiahua having a net inflow of 75.247 million yuan from institutional investors [3] - Other companies like Jiahen Jiahua and Huaye Fragrance also saw significant net inflows, while stocks like Marubi Biological and Shanghai Jahwa experienced net outflows from institutional and retail investors [3]

纬德信息涨5.49%，报46.52元/股，股价再创新高，总市值突破38.97亿元，成交额达3515.31万元。（第 一财经AI快讯） ...

Core Viewpoint - The functional skincare industry in China is experiencing a rise of domestic brands, with various listed companies involved across the supply chain, including raw materials, packaging, and sales channels [1][2]. Group 1: Industry Overview - Functional skincare products are designed to address specific skin issues and possess certain pharmacological effects, indicating a growing market for targeted skincare solutions [1]. - The industry is characterized by a diverse range of companies, from raw material suppliers to online and offline sales channels [2]. Group 2: Company Distribution - Key companies in the raw materials segment include Kesheng Co., Qingsong Co., and Xinhang New Materials, while packaging material companies include Jiaheng Household and Jinsong New Materials [2][3]. - Major players in the functional skincare segment include Betaini, Huaxi Biological, Shanghai Jahwa, and Chuang'er Biological, with significant online sales channels represented by Alibaba, JD.com, and Pinduoduo [2][4]. Group 3: Financial Performance - Betaini leads the industry with a revenue of 57.36 billion yuan in 2024, followed by Huaxi Biological with 53.71 billion yuan and Shanghai Jahwa with 56.79 billion yuan [6][18]. - The gross profit margins for most companies in the functional skincare sector range from 70% to 85%, with Juzhi Biological achieving the highest margin at 82.09% [17][18]. Group 4: Business Strategies - Companies are focusing on R&D innovation, brand enhancement, and channel optimization to capture more market share and adapt to competitive pressures [19]. - Betaini plans to enhance its product offerings in the baby skincare segment and expand its online and offline presence, while Huaxi Biological is shifting towards anti-aging strategies and enhancing its technological capabilities [20][19]. Group 5: Market Positioning - Betaini has a dominant market position with 99.49% of its business in functional skincare, primarily targeting the Chinese market [16]. - Huaxi Biological and Shanghai Jahwa have also established strong brand identities with competitive product lines, while Chuang'er Biological focuses on collagen products [14][16].