市文化旅游局介绍，2026年2月7日至8日，上海礼物马年新春市集将于浦东新区前滩公园巷钱家滩路限时步行街（耀龙路至前滩大道段）正式开市！市集 集结上海本土百家优质品牌，涵盖文创、美食、美妆、养生等多元品类。百余款重磅产品集中亮相，以马年生肖文化为纽带，让传统年货采购升级为沉浸 式文化消费体验。与此同时，巷里迎春·前滩新春大集也将同步展开，带你穿越回那个充满烟火气与期待的市集！详见↓ 尖货集结：海派好物解锁新春新味 上海礼物新春市集以销售与展示两大区域联动，全方位展现上海本土品牌的创新活力与文化底蕴，为市民打造一站式海派年货采购体验。 A 正 执 新 澳 方 o 0 8 60 限 好 110 # MS = 1 Shangha zerie l 正规方 (国际) 19997 每日餐茶 第2、第一种生活状态 (1) dd @ 孙佳沐客 SUN'S HUROKO . C. t from the state of the state of the state of the state of the state of the state of the station of the station of the state ...

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]

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].

Group 1 - The cosmetics sector increased by 1.63% on February 3, with Betaini leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Betaini's stock price rose by 4.14% to 44.01, with a trading volume of 132,000 shares and a transaction value of 585 million yuan [1] Group 2 - The cosmetics sector experienced a net outflow of 18.76 million yuan from institutional investors and 11.72 million yuan from retail investors, while individual investors saw a net inflow of 30.49 million yuan [2] - The trading data for various cosmetics stocks indicates mixed performance, with some stocks like Betaini and Lafang Jiahua showing significant trading activity [2][3] - Betaini had a net outflow of 43.13 million yuan from institutional investors, while retail investors had a net outflow of 25.40 million yuan [3]

Summary of Key Points from the Conference Call Records Industry Overview - The records focus on the cosmetics industry in China, specifically analyzing the Gross Merchandise Value (GMV) of various brands in January 2026 through data from the Douyin platform. Key Companies and Their Performance 1. 上美股份 (Shangmei Group) - Total GMV for 韩束 (Hansu) and its sub-brands in January was approximately 6.6 billion CNY, representing a 9% increase year-over-year [1] - 韩束 brand GMV was about 5.3 billion CNY, showing a decline of 3% [1] - NewPage brand GMV reached approximately 0.7 billion CNY, marking a significant increase of 120% [1] - 极方 (Jifang) achieved a GMV of 0.1 billion CNY, with rapid growth year-over-year [1] - 聚光白 (Juguangbai) also recorded a GMV of 0.1 billion CNY, indicating high growth [1] - 安敏优 (Anminyou) had a GMV of 0.3 billion CNY, with a remarkable year-over-year growth of 267% [1] 2. 珀莱雅 (Proya) - The three major brands under Proya had a combined GMV of 3.5 billion CNY in January, reflecting a 2% increase [1] - The main brand, 珀莱雅, generated a GMV of approximately 2.8 billion CNY, down by 2% [1] - 彩棠 (Caitang) brand GMV was 0.3 billion CNY, showing a decline of 12% [1] - OR洗护 (OR Hair Care) brand GMV reached 0.3 billion CNY, with a substantial increase of 148% [1] 3. 若羽臣 (Ruoyuchen) - The combined GMV for the brands 绽家 (Zhanjia), 斐萃 (Feicui), and Nuibay was 1.7 billion CNY [2] - 绽家 brand GMV was 0.7 billion CNY, increasing by 88% [2] - 斐萃 brand GMV was 0.8 billion CNY, showing a remarkable growth of 345% [2] 4. 丸美股份 (Marubi) - The total GMV for its two main brands was 2.6 billion CNY, reflecting a 1% increase [2] - 主品牌丸美 (Marubi) had a GMV of approximately 1.8 billion CNY, up by 5% [2] - 恋火 (Lianhuo) brand GMV was 0.8 billion CNY, down by 7% [2] 5. 毛戈平 (Mao Geping) - The brand achieved a GMV of approximately 2.9 billion CNY, with an increase of 78% [2] 6. 林清轩 (Lin Qingxuan) - The brand's GMV was 2.6 billion CNY, reflecting a significant increase of 145% [2] 7. 薇诺娜 (Winona) - The brand recorded a GMV of 1.0 billion CNY, with a growth of 156% [2] 8. 润本 (Runben) - The brand's GMV was approximately 0.4 billion CNY, showing a slight decline of 1% [2] 9. 福瑞达 (Furuida) - The two major brands under Furuida had a combined GMV of about 0.8 billion CNY, increasing by 12% [2] 10. 水羊股份 (Shuiyang) - The four major brands achieved a GMV of approximately 0.7 billion CNY, doubling year-over-year [2] 11. 上海家化 (Shanghai Jahwa) - The three skincare brands under Shanghai Jahwa had a combined GMV of about 0.9 billion CNY, reflecting a significant increase of 252% [2] 12. 植物医生 (Plant Doctor) - The brand's GMV in December was 0.1 billion CNY, showing a decline of 5% [2] 13. 拉芳 (Lafang) - The brand achieved a GMV of approximately 0.1 billion CNY, with an increase of 135% [2] Additional Insights - The data indicates a mixed performance across various brands, with some experiencing significant growth while others faced declines. - The overall trend suggests a competitive landscape in the cosmetics industry, with emerging brands showing strong growth potential, particularly in the Douyin channel. This analysis highlights the dynamic nature of the cosmetics market in China, emphasizing the importance of monitoring GMV trends for investment opportunities and risk assessment.

Investment Rating - The report maintains a "Recommended" investment rating for the beauty and personal care industry [5][26]. Core Insights - Betaini Group's brand Winona has officially entered the Middle East market, expanding its overseas footprint by opening its first offline store in Doha Mall, Qatar, marking it as the first Chinese functional skincare brand registered in Qatar [5][24]. - The report highlights the global development strategy of companies in the medical beauty sector, emphasizing a transition from single product output to a systematic compliance layout and the value output of "Chinese solutions" [5][26]. - The report suggests focusing on companies with core raw material technology advantages and a full industry chain matrix, such as Marubi Biotechnology, Huaxi Biological, and Juzhi Biological [5][26]. Summary by Sections Recent Market Performance - From January 26 to January 30, 2026, the Shenwan Beauty and Personal Care Index decreased by 3.92% [13]. - The top five gainers in the sector included companies like Four Seasons Medicine and Yisi Health, while the biggest losers included Lafang Cosmetics and Shanghai Jahwa [13]. Industry News - Time安生物's siRNA weight loss drug targeting ALK7 has achieved global simultaneous submission for clinical trials, showcasing the company's global development strategy [18][19]. - The customs authority has introduced nine measures to support the development of the beauty industry, focusing on building Guangzhou as a global cosmetics manufacturing and consumption center [20]. Key Company Announcements - Baiya Co., Ltd. announced plans for share reduction by major shareholders, while Jeya Co., Ltd. plans to recognize asset impairment losses to reflect its financial status accurately [21][22]. Weekly Insights - The opening of Winona's store in Qatar is a significant step in the brand's globalization strategy, receiving recognition from local medical and retail sectors [24][25]. - The report emphasizes the importance of systematic compliance capabilities and clinical validation in the development of medical beauty enterprises [26]. Investment Recommendations - The report recommends focusing on companies with strong R&D capabilities and market positioning, such as Betaini and Aimeike, while also considering traditional brands that are actively transforming [26].

Group 1 - The core idea of the articles highlights the increasing popularity of new year goods on JD.com, particularly the "Guangming Village" products, which have gained consumer attention and positive reviews, leading to significant sales growth [1][3][4] - JD.com launched the "I Send New Year Goods to My Hometown" campaign in 2026, which has contributed to the rising trend of purchasing these new year goods [1] - Sales data from JD.com indicates that from January 26 to 29, the sales of Baicaohui's facial mask set increased by 4.7 times, while Keep's fascia gun saw a more than 220% increase in sales [1] Group 2 - During the New Year shopping festival, JD.com collaborated with quality brands to offer promotional activities, making the "Guangming Village" products highly sought after [4] - Specific promotions include a buy one get three offer for Keep's fascia gun and significant discounts on Baicaohui's skincare set, along with exclusive price reductions for the red sock gift box from Jing Shun Cotton [4] - The New Year shopping demand is robust, with JD.com offering a wide range of fashion items across various categories, including clothing, beauty, and luxury goods, with discounts exceeding 50% [4]