美护商社行业周报：多部门印发消费贷贴息方案，毛戈平盈喜-20250820

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [7][30]. Core Insights - The report highlights the implementation of a personal consumption loan interest subsidy policy, which aims to stimulate consumer spending and support various sectors, including daily consumption and major purchases [4][24]. - In the first seven months of 2025, the total retail sales of consumer goods reached 28.42 trillion yuan, reflecting a year-on-year growth of 4.8%. The retail sales in July were 3.88 trillion yuan, with a growth of 3.7%, which was below market expectations [4][24]. - The beauty care sector is expected to see significant growth, with companies like Maogeping projecting a revenue increase of 30.4% to 31.9% and a net profit growth of 35.0% to 37.0% for the first half of 2025 [5][28]. Summary by Sections Market Performance - During the week of August 11-15, 2025, the retail trade, social services, and beauty care sectors saw increases of 0.98%, 0.40%, and 0.07%, respectively, ranking 18th, 20th, and 22nd among 31 primary industries [3][15]. - The hotel and restaurant sector led the gains with a 2.06% increase, while the jewelry and tourism sectors experienced declines of -1.17% and -0.54% [3][17]. Key Industry Data and News - The Ministry of Finance and other departments announced a subsidy policy for personal consumption loans, with a subsidy rate of 1 percentage point, capped at 50% of the loan contract interest rate, effective for one year [4][24]. - The retail sales of goods reached 25.23 trillion yuan in the first seven months, growing by 4.9%, while dining revenue was 3.2 trillion yuan, up by 3.8% [4][24]. Company Announcements - Maogeping expects to achieve revenue of approximately 25.7 billion to 26.0 billion yuan for the first half of 2025, with a net profit of about 6.65 billion to 6.75 billion yuan [5][28]. - Baiya's revenue for the first half of 2025 was 17.64 billion yuan, a year-on-year increase of 15.1%, with a net profit of 1.88 billion yuan, up by 4.6% [5][28]. - The company Xiaoshangpin achieved a revenue of 77.13 billion yuan in the first half of 2025, reflecting a growth of 13.99% [5][28].