国货美妆借势中国供应链的成熟与社交媒体的红利，完成了从追随者到挑战者的角色转换。 战果渐显后，国货美妆行业顺势迎来了资本化的密集兑现期。 这是继毛戈平、林清轩等之后，又一家向IPO发起冲刺的国货美妆公司。 尽管护家科技在市场间知名度有限，但其核心品牌HBN已然成为国货护肤品赛道的重要玩家。 凭借HBN在线上渠道的"披荆斩棘"，护家科技2024年收入已经突破20亿元大关，同期净利润为1.29亿 元。 但依靠线上流量极速狂奔的护家科技正站在"网红"向"长红"转型的十字路口：流量见顶后的增长焦虑与 渠道博弈的阵痛，成为了其招股书中最隐秘的注脚。 2024年，护家科技收入的同比增速仅为6.93%，落后于同业中位值超10余个百分点。 为此，护家科技正在加码线下渠道，但这也给其管控渠道价格带来更多挑战。 如果说十年前是外资大牌的独角戏，那么近几年则是国货品牌凭借对本土市场的敏锐洞察，从外资巨头 手中抢下市场份额的"替代战"。 日前，深圳护家科技（集团）股份有限公司（下称"护家科技"）向港交所递交了IPO申请。 "全仓"线上渠道 HBN系护家科技的核心品牌。 截至2025年9月末，护家科技共拥有36个品类，均是以HBN的品 ...

Core Viewpoint - The beauty industry is expected to maintain steady growth in 2026, driven by product innovation and the rise of domestic brands, with Douyin's beauty GMV projected to grow over 20% year-on-year in January 2026, reflecting a marginal improvement during the off-season due to brand efforts in daily sales and self-broadcasting, alongside the impact of the Spring Festival timing [1][2]. Group 1: Strong Product and Brand Momentum - Companies with strong product and brand momentum are expected to achieve high growth through new product launches and category expansions, such as Ruoyuchen, which is focusing on high-end household cleaning and health products [3]. - Beijiaojie is maintaining stable performance in oral care and is expected to benefit from the trend of AKK ingredients in its probiotic raw material business [3]. - Maogeping is positioned as a high-end brand with ongoing expansion in offline counters and online sales, anticipating rapid growth across multiple product lines [3]. - Linqingxuan is benefiting from the trend of oil-based skincare, with its flagship essence oil performing well and new products showing promise [3]. - Shangmei Co. is expanding its main brand Han Shu and sub-brands, with strong growth expected from key products [3]. Group 2: Leading Brands with Strong Asset Value - Beitanie has been actively adjusting its channel and inventory mechanisms since 2025, leading to product structure upgrades and profit recovery, with strong GMV growth in January 2026 [4]. - Proya is expected to have a clear new product strategy in 2026, launching several key products and expanding its sub-brands to drive steady growth [4]. Investment Recommendations - Companies with strong fundamentals and high growth potential recommended for increased holdings include Ruoyuchen, Beijiaojie, Maogeping, Linqingxuan, and Shangmei Co. [5]. - Companies showing signs of bottom improvement include Beitanie, Proya, Dengkang Oral, Shanghai Jahwa, and Runben Co. [5].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights Meituan's acquisition of Dingdong Maicai for approximately $717 million, aiming to enhance its instant retail supply chain efficiency. Dingdong Maicai has achieved profitability for 12 consecutive quarters and operates over 1,000 front warehouses in China, with a monthly purchasing user base exceeding 7 million [4][24][27] - The report emphasizes the importance of supply chain efficiency and product quality in the competitive landscape of the instant retail industry, suggesting that the focus will shift towards these aspects post-acquisition [27] Summary by Sections Industry Dynamics - Meituan's acquisition of Dingdong Maicai is expected to create synergies in supply chain, regional layout, and warehouse scale, enhancing operational efficiency in the East China region [24][27] - Dingdong Maicai's established direct sourcing and self-operated production capabilities are anticipated to be preserved and amplified within Meituan's platform [27] Investment Themes - Investment Theme 1: Focus on high-end and fashionable gold jewelry brands, recommending companies like Laopuhuangjin and Chaohongji, which are expected to benefit from the emotional consumption trend [6][29] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Pola [6][29] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading chain medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][29] Market Performance - The retail and social service indices reported a slight decline of 0.34% and a slight increase of 0.02% respectively during the week of February 2 to February 6, 2026 [14][15] - The brand cosmetics sector showed the highest weekly increase of 4.99%, while the watch and jewelry sector led with a year-to-date increase of 16.56% [16][19] Company Highlights - Laopuhuangjin reported a significant revenue increase of 250.9% in FY2025H1, driven by brand expansion and customer base growth [31][32] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in 2025, supported by differentiated product strength and multi-channel marketing [31][32] - Meilitiantian Medical Health anticipates a net profit increase of at least 34% in 2025, driven by both internal growth and acquisitions [39][40]

商贸零售 行 业 研 究 2026 年 02 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-02 2025-06 2025-10 商贸零售 沪深300 相关研究报告 《功效护肤品牌 HBN 母公司护家科 技递表港交所—行业周报》-2026.2.1 《老铺黄金 SKP 活动开启，关注春节 销售超预期催化 — 行 业 周 报 》 -2026.1.25 《2025 年社零同比+3.7%，海南封关 首 月 表 现 亮 眼 — 行 业 点 评 报 告 》 -2026.1.19 行业关键词：霸王茶姬、琳朝珠宝、阿嬷手作、壹网壹创、千问等 【霸王茶姬】霸王茶姬开设首家泰国旗舰店。 【琳朝珠宝】琳朝珠宝全国第二家门店落子南京德基广场。 【阿嬷手作】阿嬷手作跨界试水餐饮，推出高端广西风味螺蛳粉。 【壹网壹创】壹网壹创拟并购 AI 营销公司。 【千问】千问 APP 上线 AI 请奶茶活动引爆流量。 板块行情回顾 本周（2 月 2 日-2 月 6 日），商贸零售和社会服务指数分别报收 2426.99 点/9285.47 点，分别下跌 0.34%/上涨 ...

Investment Rating - The report assigns an "Accumulate" rating for the cosmetics industry, indicating a positive outlook for selected companies within the sector [5]. Core Insights - The beauty industry is expected to maintain steady growth in 2026, driven by product innovation and the rising trend of domestic brands. The report suggests a bottom-up selection of high-growth products and brands with strong potential, as well as companies that exhibit resilience amid product and channel changes [2][5]. Summary by Sections Industry Overview - The report highlights that the cosmetics sales during the off-peak season have shown marginal improvement. It suggests focusing on products and brands with strong growth momentum and resilience in the face of changing product and channel dynamics [2]. Key Investment Points - The report identifies two main lines of investment: 1. **High-Growth Companies**: Companies like RuYuchen, BeiJiaJie, MaoGePing, LinQingXuan, and ShangMei are expected to perform well due to strong fundamentals and product innovation [5]. 2. **Brands with Strong Asset Value**: Companies such as BeiTaiNi and PoLaiYa are anticipated to see marginal improvements following adjustments in their channels and product structures [5]. Market Performance - According to data from the National Bureau of Statistics, the retail sales of cosmetics in December 2025 grew by 8.8% year-on-year, significantly outpacing the overall retail growth of 0.9%. The annual retail sales for cosmetics in 2025 reached 465.3 billion yuan, reflecting a 5.1% year-on-year increase [5]. Company Valuations - The report provides a valuation table for key companies, indicating their earnings per share (EPS) and price-to-earnings (PE) ratios for 2025E, 2026E, and 2027E. For instance, RuYuchen has an EPS of 0.59 yuan for 2025E with a PE of 60, while BeiTaiNi has an EPS of 1.10 yuan for 2025E with a PE of 43 [7].

Investment Rating - The investment rating for the industry is "Positive" (maintained) [4][29] Core Viewpoints - Huangshan Tourism plans to invest 530 million yuan in a hotel project to enhance its tourism product offerings, with a projected payback period of 16.14 years [5] - In January 2025, Tmall's beauty sales grew by 24% year-on-year, indicating a strong performance in the beauty sector [5] - The report emphasizes the importance of understanding new consumer narratives to capture growth opportunities in emerging consumer goods [18] Summary by Relevant Sections Industry Performance - The new consumption sector saw a weekly performance with the beauty care index up by 3.69%, while the retail index decreased by 0.34% [8] Key Industry Data - In December, retail sales of cosmetics in China increased by 8.8% year-on-year, while jewelry sales rose by 5.9% [11][12] Investment Analysis Opinions - The report suggests focusing on high-quality domestic brands in beauty and skincare, such as Maogeping and Shangmei, as well as head brands in gold jewelry and trendy toys that appeal to younger consumers [18]

Group 1: Medical Aesthetics Industry - The Chinese medical aesthetics market is expected to reach nearly 370 billion by 2025, with a high growth outlook for the recombinant collagen segment [2][35] - The trend of younger consumers in medical aesthetics is evident, with light medical aesthetics gradually becoming mainstream, accounting for 52% of the market in 2022 [7][12] - Approximately 50.90% of users choose medical aesthetics because "becoming beautiful can make oneself happier," indicating a strong emotional value associated with beauty [4][8] Group 2: Beauty Industry - The retail sales of cosmetics in China are projected to grow at a CAGR of about 9% from 2016 to 2024, with domestic brands expected to maintain growth momentum [2][3] - The Chinese cosmetics market is entering a phase of high-quality development, with trends leaning towards scientific beauty and Eastern philosophies [3][19] - The market for cosmetic raw materials is expected to grow from 1147.80 billion in 2019 to 1603.90 billion by 2024, with a CAGR of 6.9% [2][3] Group 3: Related Companies on the Beijing Stock Exchange - Companies such as Jinbo Biological, which leads in recombinant human collagen medical devices, and Bawei Co., which provides ODM services for domestic and international cosmetic brands, are expected to benefit from the ongoing beauty consumption boom [2][3] - The market for functional skincare products is also seeing new entrants, with companies like Jinbo Biological expanding into this segment [2][3] - The beauty industry is experiencing a transformation driven by technological innovations, including synthetic biology and the application of new materials [2][3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海上美化妝品股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02145 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 206,354,542 | RMB | | 1 RMB | | 206,354,542 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 206,354,542 | RMB | | 1 RMB | | 206,354,542 | | 2. ...

Group 1 - The Hong Kong stock market saw a rise in new consumer stocks, with Pop Mart leading the gains at nearly 5% [1] - Other notable performers included Blukoo, Maogeping, and Guming, which all rose over 3% [1] - Companies such as Laopu Gold, Shangmei Group, Mixue Group, Miniso, Weilon Delicious, and others also experienced increases of over 2% [1] Group 2 - Pop Mart's stock rose by 4.81%, reaching a latest price of 248.600, with a total market capitalization of 333.08 billion and a year-to-date increase of 32.45% [2] - Blukoo's stock increased by 3.84%, with a latest price of 72.950 and a market cap of 18.13 billion, showing a year-to-date rise of 8.96% [2] - Maogeping's stock rose by 3.83%, priced at 89.350, with a market cap of 43.798 billion and a year-to-date increase of 9.36% [2] - Guming's stock increased by 3.58%, with a latest price of 29.500 and a market cap of 70.156 billion, reflecting a year-to-date rise of 19.05% [2] - Laopu Gold's stock rose by 2.91%, priced at 759.500, with a market cap of 134.237 billion and a year-to-date increase of 22.90% [2] - Shangmei Group's stock increased by 2.92%, with a latest price of 67.000 and a market cap of 26.673 billion, showing a year-to-date decline of 7.97% [2] - Mixue Group's stock rose by 2.80%, priced at 396.600, with a market cap of 150.557 billion, reflecting a year-to-date decline of 3.22% [2] - Miniso's stock increased by 2.43%, with a latest price of 37.100 and a market cap of 44.916 billion, showing a year-to-date increase of 1.92% [2] - Weilon Delicious's stock rose by 2.63%, priced at 12.470, with a market cap of 30.316 billion and a year-to-date increase of 10.84% [2] - Hushang Ayi's stock increased by 1.28%, with a latest price of 86.750 and a market cap of 9.126 billion, reflecting a year-to-date increase of 1.34% [2] - Chazhidao's stock rose by 1.11%, priced at 6.370, with a market cap of 9.413 billion, showing a year-to-date decline of 3.19% [2] - Wuwu Hen Mang's stock increased by 0.90%, with a latest price of 403.000 and a market cap of 86.851 billion, reflecting a year-to-date increase of 70.33% [2]

Group 1 - The Hong Kong stock market saw new consumer stocks rise against the trend, with Pop Mart leading the gains at nearly 5% [1] - Other notable gainers included Blukoo, Maogeping, and Gu Ming, which rose over 3% [1] - Additional companies such as Laopu Gold, Shangmei, Mixue Group, Miniso, Weilon Delicious, and others experienced increases of over 2% [1] Group 2 - Pop Mart's stock increased by 4.81%, reaching a latest price of 248.600, with a total market capitalization of 333.08 billion and a year-to-date increase of 32.45% [2] - Blukoo's stock rose by 3.84% to a price of 72.950, with a market cap of 18.131 billion and a year-to-date increase of 8.96% [2] - Maogeping's stock increased by 3.83%, reaching 89.350, with a market cap of 43.798 billion and a year-to-date increase of 9.36% [2] - Gu Ming's stock rose by 3.58% to 29.500, with a market cap of 70.156 billion and a year-to-date increase of 19.05% [2] - Laopu Gold's stock increased by 2.91% to 759.500, with a market cap of 134.237 billion and a year-to-date increase of 22.90% [2] - Shangmei's stock rose by 2.92% to 67.000, with a market cap of 26.673 billion and a year-to-date decrease of 7.97% [2] - Mixue Group's stock increased by 2.80% to 396.600, with a market cap of 150.557 billion and a year-to-date decrease of 3.22% [2] - Miniso's stock rose by 2.43% to 37.100, with a market cap of 44.916 billion and a year-to-date increase of 1.92% [2] - Weilon Delicious's stock increased by 2.63% to 12.470, with a market cap of 30.316 billion and a year-to-date increase of 10.84% [2] - Hushang Ayi's stock rose by 1.28% to 86.750, with a market cap of 9.126 billion and a year-to-date increase of 1.34% [2] - Chabaidao's stock increased by 1.11% to 6.370, with a market cap of 9.413 billion and a year-to-date decrease of 3.19% [2] - Wuwu Hen Mang's stock rose by 0.90% to 403.000, with a market cap of 86.851 billion and a year-to-date increase of 70.33% [2]