Core Viewpoint - The era where upstream medical beauty supply chain manufacturers rely solely on price control to maintain high profits may be coming to an end, as evidenced by recent collaborations between New Oxygen and 14 upstream manufacturers, including major players like Sota, Allergan, Aimeike, Huaxi Biology, Jinbo Biology, and Sihuan Pharmaceutical [1] Group 1 - New Oxygen has reached agreements with 14 upstream manufacturers, indicating a shift in the dynamics of the medical beauty industry [1] - Previous conflicts over pricing between New Oxygen and several suppliers, which even led to supply disruptions, appear to have been temporarily resolved with these new partnerships [1] - Industry insiders believe that this collaboration reflects a restructuring of power between upstream and downstream players in the medical beauty sector, signaling a significant change in the industry's development logic [1]

Core Viewpoint - The Chinese medical beauty industry is transitioning from chaotic growth to a more regulated, rational, and value-focused era [1][11] Group 1: Industry Dynamics - The era of upstream medical beauty suppliers relying solely on price control to maintain high profits is likely over, as evidenced by recent collaborations between New Oxygen and 14 upstream manufacturers [2] - The pricing power dynamics within the industry are shifting, with New Oxygen gaining leverage to negotiate prices due to its expanding network of stores [7] - The rapid development of the medical beauty industry has led to improved policy approval efficiency, resulting in a significant increase in the number of approved products [9] Group 2: Pricing Strategies - New Oxygen's founder, Jin Xing, aims to lower the prices of medical beauty projects, challenging the traditional high-price system that has persisted in the industry [3] - The introduction of New Oxygen's "Miracle Youth Needle" project at a price of 4,999 yuan per unit significantly undercuts the established market price, leading to backlash from suppliers [4] - The company has continued to innovate with pricing strategies, launching further iterations of its youth needle products at even lower prices, such as 2,999 yuan and 999 yuan [4] Group 3: Supplier Relationships - Despite previous conflicts, some brands that had publicly opposed New Oxygen have recently reconciled and entered into partnerships, indicating a shift in industry relationships [5] - New Oxygen's purchasing volume has reached significant levels, with some suppliers relying on the company for a substantial portion of their sales, fostering stable partnerships [9] Group 4: Future Outlook - The medical beauty industry is moving towards a model that emphasizes value over price competition, as the previous pricing wars have disrupted the long-standing pricing power of upstream manufacturers [10] - New Oxygen plans to expand its store presence significantly in key cities, aiming for a total of at least 35 new stores in 2026 [8] - The company remains optimistic about the future, believing that increased supply and improved technology will lead to more affordable services for consumers [8]

Core Viewpoint - The medical beauty sector experienced a slight increase of 0.31% on February 4, with Jinbo Biological leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4102.2, up by 0.85% [1] - The Shenzhen Component Index closed at 14156.27, up by 0.21% [1] - Jinbo Biological's stock price rose to 222.64, reflecting a gain of 3.55% [1] Group 2: Individual Stock Performance - Jinbo Biological led the medical beauty sector with a trading volume of 9236.31 hands and a transaction value of 2.02 billion yuan [1] - Aimei Ke's stock price increased by 0.51% to 148.32, with a trading volume of 42,100 hands and a transaction value of 6.20 billion yuan [1] - Huaxi Biological's stock price slightly decreased by 0.02% to 48.80, with a trading volume of 58,100 hands and a transaction value of 282 million yuan [1] Group 3: Capital Flow - The medical beauty sector saw a net outflow of 1.2797 million yuan from main funds, while retail investors experienced a net outflow of 2.70494 million yuan [1] - Jinbo Biological had a net inflow of 33.9145 million yuan from main funds, accounting for 16.83% of its trading volume [2] - Aimei Ke experienced a net outflow of 127.67 million yuan from main funds, with a net inflow of 22.7409 million yuan from retail investors [2]

Investment Rating - The industry maintains a "Recommended" rating, with a focus on service consumption, beauty care, IP derivatives, and new consumption sectors such as gold and jewelry [6][27]. Core Insights - The report highlights the implementation of a government plan to accelerate the cultivation of new growth points in service consumption, focusing on key areas such as transportation services, domestic services, and cultural tourism [3][25]. - The beauty care sector is expected to see significant profit growth, with companies like Shanghai Jahwa and Huaxi Bio projecting substantial increases in net profits for 2025 [4][25]. - The travel sector anticipates a 16.2% year-on-year increase in domestic travel, with 6.30 trillion yuan in spending, indicating a strong recovery in consumer spending [5][26]. Summary by Sections Market Performance - During the week of January 26 to January 30, 2026, the retail, social services, and beauty care sectors experienced declines of 4.18%, 3.45%, and 3.76% respectively, ranking 26th, 23rd, and 25th among 31 primary industries [16][18]. Key Industry Events and Information - The State Council issued a plan to enhance service consumption, proposing three support policies aimed at stimulating development in various service sectors [3][25]. - The Ministry of Culture and Tourism launched a national cultural and tourism consumption month, featuring around 30,000 events and distributing over 360 million yuan in consumer vouchers [3][25]. Investment Recommendations - The report emphasizes a focus on service consumption and highlights specific companies for investment, including Ruoyuchen, Maogeping, Shangmei, Pop Mart, Chaohongji, and Laopu Gold [6][27].

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 2026 年 02 月 04 日 b l [Table_Title] 国务院印发《加快培育服务消费新增长点工 e _ M 作方案》，HBN 母公司港交所递表 ——商社美护行业周报 [Table_Summary] 报告要点： 市场表现 ] 本周（2026.01.26-2026.01.30），商贸零售/社会服务/美容护理分别- 4.18%/-3.45%/-3.76%，在 31 个一级行业中排名第 26/23/25，同期上 证综指-0.44%，深证成指-1.62%，沪深 300+0.08%。 本周行业重点事件及资讯 国务院办公厅印发《加快培育服务消费新增长点工作方案》。提出 3 方面支持政策，包括聚焦交通服务、家政服务、网络视听服务、旅居 服务、汽车后市场服务、入境消费等重点领域激发发展活力；聚焦演 出服务、体育赛事服务、情绪式体验式服务等潜力领域培育发展动能。 1 月 29 日，文化和旅游部在福建省泉州市正式启动 2026 年全国春节 文化和旅游消费月。消费月将从 1 月底持续至 3 月初，其间各地将推 出丰富多彩的应季文旅产品和活动，举办约 ...

Core Viewpoint - The report from Huayuan Securities indicates that Furida has streamlined its operations by divesting its real estate business, leading to stable growth in its cosmetics segment. The company is building core competitive advantages through a combination of products, research and development, and distribution channels [1] Group 1: Business Strategy - The company is actively promoting innovations in synthetic biological materials and terminal pharmaceuticals, as well as beauty applications, while continuously increasing R&D investment to strengthen its core business competitiveness [1] - The divestiture of the real estate business allows the company to focus on its core operations, enhancing its growth potential in the cosmetics and pharmaceutical sectors [1] Group 2: Market Position and Comparables - Comparable companies in the domestic market, such as Proya, Shanghai Jahwa, and Huaxi Biological, are expected to have an average PE ratio of 28 times by 2026 according to Wind consensus forecasts [1] - Given the company's strategic focus on optimizing its product mix and deepening its multi-channel layout in the cosmetics business, a positive long-term performance outlook is anticipated [1] Group 3: Investment Rating - The report initiates coverage of the company with a "Buy" rating, reflecting optimism about its mid-to-long-term performance following the strategic changes [1]

Group 1 - The report highlights that the new consumption sector performed well, with service consumption policies expected to continue catalyzing growth in 2026 [2][27] - In 2025, the overall performance of the optional consumption sector was weak, but sub-sectors like new consumption showed significant gains, particularly in the first half of the year [16][21] - The retail sales of consumer goods grew moderately, with service retail growth outpacing that of goods retail, indicating a shift towards service consumption [21][27] Group 2 - The tourism sector is expected to benefit from extended holiday periods and improved vacation policies, with companies like Trip.com and Tongcheng Travel being key focuses [3] - The hotel market is showing signs of recovery, with a narrowing decline in RevPAR and increasing leisure demand, highlighting companies like Jin Jiang Hotels and Huazhu Group [3] - The duty-free sector is experiencing a boost from new policies, particularly in Hainan, with a focus on high-end consumption recovery [3] Group 3 - The cosmetics industry saw a slight growth of 6.18% in 2025, with domestic brands continuing to gain market share [4][30] - The medical beauty market is projected to reach approximately 366.6 billion in 2025, with a K-shaped consumption differentiation emerging [4][30] - Innovations in core ingredients and the integration of biotechnology are driving brand growth in the cosmetics sector [4][36] Group 4 - The IP derivative market is expanding due to a flourishing supply of IP and commercial operations, with domestic policies expected to further mature the industry ecosystem [5] - Key players in the IP space include Shanghai Film, Light Media, and Pop Mart, with a focus on both domestic and international market expansion [5] Group 5 - The gold and jewelry sector saw a cumulative growth of 12.78% in retail sales from January to December, with a focus on brand premium capabilities and international expansion [6][9] - The rise of "self-wearing" scenarios is driving gold jewelry sales, with brands like Chao Hong Ji and Lao Pu Gold being highlighted for their international strategies [9]

专题：为中国经济点赞——企业家之夜2025盛典 文|闫妍 "为中国经济点赞——企业家之夜"于1月29日在北京举行。阿那亚创始人、CEO马寅出席接受致敬。华 熙国际投资集团有限公司董事长、华熙生物科技股份有限公司董事长兼总裁赵燕，乐刻运动联合创始 人、董事长韩伟，歌手、音乐制作人胡海泉，资深媒体人阿那亚业主何力为其见证荣誉。 见证嘉宾致辞： 赵燕：希望马寅能够把现在这种创新延续，给大家带去的不光是一个房子，更多的是带去了一个让自己 的心灵的安放之处。原来可能觉得他慢，现在体现出来慢就是快，坚持坚守的力量。 胡海泉：马寅的理想、对理想的实践改变了很多人的生活，而且所有人都很佩服他，因为做任何商业的 背后其实是文化和审美，他也代表了真正中国未来的生活方式。 韩伟：他以一己之力让钢筋水泥体现出艺术之美，这是一件非常牛的事情。希望能够继续再发展，让大 家更多的在生活当中能够体现出思考之美来。让大家从只能够购买钢筋水泥，到能购买到有建筑之美的 东西。 何力：作为阿那亚的十年的老村民，特别为我们村长（马寅）感到高兴。阿那亚有一个口号叫生活可以 更美，更重要的是在阿那亚的人变得越来越年轻，越来越美。 马寅荣誉感言： 马寅：过 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook following the divestiture of its real estate business and steady growth in the cosmetics segment [5][42]. Core Insights - The company has transitioned its main business focus to cosmetics and pharmaceuticals after divesting its real estate operations in 2023. The cosmetics segment has shown resilience, contributing over 52.8% of total revenue [10][41]. - The company is leveraging a "product + R&D + channel" strategy to build competitive advantages, focusing on marketing synergies, innovation in product development, and a comprehensive online and offline sales network [8][30][34]. - Revenue projections for 2025-2027 are estimated at RMB 38.1 billion, RMB 39.3 billion, and RMB 43.0 billion, with corresponding growth rates of -4.3%, +3.1%, and +9.5% respectively. Net profit is expected to reach RMB 2.4 billion, RMB 2.7 billion, and RMB 3.1 billion during the same period [9][41]. Summary by Sections Market Performance - The closing price of the stock is RMB 7.36, with a total market capitalization of RMB 7,481.95 million and a circulating market value of RMB 7,481.95 million [3]. Financial Data - The company reported a gross margin of 46.49% in 2023, a significant increase of 21.84 percentage points from the previous year, primarily due to the strategic shift away from low-margin real estate operations [21]. Revenue and Profit Forecast - The company anticipates a decline in revenue for 2023, followed by a gradual recovery, with net profit growth projected at +0.2%, +8.8%, and +15.3% for the years 2025 to 2027 [9][41]. Business Segments - The cosmetics segment is expected to see revenue growth of -5%, +6%, and +14% from 2025 to 2027, while the pharmaceutical segment is projected to grow at -5%, -3%, and +5% during the same period [10][41]. - The raw materials and additives segment is forecasted to grow steadily, with revenue increases of +3%, +4%, and +5% from 2025 to 2027 [10]. Competitive Positioning - The company is positioned favorably against comparable domestic brands, with a projected price-to-earnings (P/E) ratio of 28 times for 2026, aligning with industry averages [42]. Marketing and R&D Strategy - The company has invested significantly in R&D, with a budget of RMB 1.16 billion for the first three quarters of 2025, representing a research expense ratio of 4.47% [30]. - New product launches and marketing initiatives are focused on enhancing brand visibility and consumer engagement across various channels, including e-commerce and physical retail [28][34]. Sales Channels - The cosmetics segment's revenue is heavily driven by online sales, contributing 84.2% of total revenue, while offline sales account for 15.8% [34]. - The company is expanding its presence in both online and offline markets, establishing flagship stores on major e-commerce platforms and increasing the number of physical retail locations [34].

Economic Performance - In 2025, the GDP of Tianjin Economic Development Zone grew by 5.1% year-on-year, accounting for 14% of the total GDP of Tianjin [1] - Fixed asset investment reached 72.53 billion yuan, a year-on-year increase of 39.5%, representing 15% of the city's total [1] - General budget revenue was 16.01 billion yuan, with a year-on-year growth of 5.1%, and tax revenue accounted for 91% [1] - Retail sales of consumer goods increased by 15.1%, while the accommodation and catering industry saw a revenue growth of 14.7% [1] Industrial Development - In 2025, the zone attracted 78.35 billion yuan in domestic investment, making up 22% of Tianjin's total [1] - A total of 321 key projects were launched with a total investment of 111.8 billion yuan [1] - New projects included Shanhe Optoelectronics and SEW Intelligent Manufacturing Phase II, as well as new supply chain projects from companies like FAW Toyota and Yanshan Petrochemical [1] - 25 new advanced intelligent factories were established, with Otis Elevator and Nestlé recognized as national-level excellent intelligent factories [1] Asset Activation - The zone activated 2,670 hectares of land and 624,300 square meters of state-owned enterprise properties, generating 5.379 billion yuan in revenue [2] - The TaiDa MSD activated 194,400 square meters of buildings, achieving over 40% area clearance [2] - Notable companies such as JD Finance and FAW Toyota established headquarters in the zone, with JD MALL's first store in Binhai opening during the National Day holiday, generating over 100 million yuan in quarterly revenue [2] Innovation and R&D - The zone was approved as one of Tianjin's first future industry pilot areas, establishing 201 provincial-level R&D institutions [2] - 46 companies were recognized as national specialized and innovative "little giants," and 28 as single champions, leading the city with respective shares of 16.1% and 11.6% [2] - R&D investment exceeded 10 billion yuan, and technology contract transaction volume surpassed 22.3 billion yuan, both ranking first in the city [2] Foreign Investment and Trade - In 2025, the zone hosted the first investment promotion event for the Shanghai Cooperation Organization, resulting in 18 projects signed [3] - Actual foreign investment reached 986 million USD, a growth of 15.4%, accounting for 24% of the city's total [3] - The zone's import and export volume was 255.53 billion yuan, with a year-on-year growth of 7.3%, and exports increased by 20.7% [3] Reforms and Talent Development - The zone opened a channel for employee transfer to salaried personnel, completing the selection of the first batch of 30 employees [3] - A "培优计划" (Talent Cultivation Plan) was implemented to recruit 20 outstanding young talents [3] - State-owned enterprise market-oriented reforms were deepened, with five major groups achieving revenues of 23.851 billion yuan and profits of 745 million yuan [3] Environmental and Social Development - The "泰达工改" (Taida Industrial Reform) 5.0 showed effectiveness, completing the city's first project with all four certificates issued for immediate construction [4] - The PM2.5 concentration decreased to 35 micrograms per cubic meter, with the number of good air quality days increasing to 280 [4] - The zone established a balanced function layout in the "于响" area, showing initial results in balancing residential and employment needs [4] Party Building and Governance - The zone conducted in-depth education on the spirit of the Central Eight Regulations and cooperated with the municipal inspection to address issues [4] - A comprehensive party organization coverage rate of 81.6% was achieved through the establishment of a new party committee for the green chemical new materials industry [4] - The "渐进式党建" (Gradual Party Building) and "三个一" (Three Ones) work methods were recognized as innovative cases in grassroots party building [4]