证券分析师 证券研究报告 商贸零售 行业定期报告 hyzqdatemark 2026 年 01 月 24 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 板块表现： 泡泡玛特 2.5 亿港元回购；美丽田园 25 年业绩预告表现亮眼 投资评级： 看好（维持） ——新消费行业周报（2026.1.19-2026.1.23） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 泡泡玛特 2.5 亿港元回购，彰显公司信心。公司近期公告回购 140w 股，合计耗资 2.5 亿+港元。公司低 位回购彰显公司经营信心。近期发布马年新品—马力全开搪胶毛绒，发布当日一分钟内多个平台均显示 "已售罄"。1 月官宣星星人新品系列怦然星动。泡泡玛特新品表现及品牌势能持续强劲。老 IP 持续运 营，新 IP 逐步发力，产品形态从盲盒、毛绒拓展至可动玩偶、饰品等，带动品牌影响力持续破圈。公司 作为中国潮玩行业的头部企业，具备 IP 玩具全产业链运营能力，公司通过出众的 IP 创造、运营能力及渠 道端多样的消费者触达能力持续高质量发展，且伴随公司海外业务逐步扩大、产品海外影响力不断 ...

Core Insights - The article discusses the growing trend of domestic beauty brands entering the OTC (over-the-counter) channel in China, with 2025 being marked as a pivotal year for this transition [2][3] - Major players like Proya and other beauty companies are preparing to launch products in the OTC space, which is seen as a way to leverage the professional credibility of pharmacies and meet specific skincare needs [4][5] Group 1: Market Entry and Growth - By 2025, over six domestic cosmetic companies are expected to enter the OTC channel, expanding the current limited presence of leading brands [2] - Proya announced its entry into the OTC channel in January 2026, joining other brands that have already established a presence [2][4] - The OTC channel has seen significant sales, with brands like Winona achieving nearly 1 billion yuan in sales from this channel in 2023 [3] Group 2: Strategic Partnerships and Product Development - Companies are focusing on strategic partnerships and product development tailored for the OTC market, with Proya preparing multiple products aimed at post-operative recovery and daily skincare [4] - Winona and other brands are actively seeking to enhance their product offerings and market reach through collaborations with pharmacies [3][4] Group 3: Market Potential and Challenges - The OTC channel is projected to have about double the growth potential, with Winona aiming to cover 250,000 pharmacies [5] - The regulatory environment is becoming more favorable for pharmacies to sell cosmetic products, which aligns with the increasing demand for beauty products in these settings [6] - Despite the opportunities, there is a significant talent shortage in the OTC channel, as brands require personnel who are knowledgeable in both pharmaceuticals and cosmetics [7] Group 4: Financial Metrics and Profitability - The average gross margin for medical beauty products in the OTC channel is significantly higher than that of regular cosmetic products, with margins for medical dressings ranging from 77% to 83% [6] - Specific companies report high gross margins, such as 84.22% for Chuerjia's medical device products and 82% for Jinjian Biological's collagen products [6]

Core Viewpoint - The domestic personal care brand, Banmu Huatian, is preparing for an IPO in Hong Kong, amidst a competitive landscape in the personal care industry, particularly with the entry of leading companies like Proya into the hair care segment [1][6]. Company Overview - Banmu Huatian was established in 2010 in Shandong and is recognized as the leading domestic brand in body lotion, body scrub, and facial cleansing mousse, based on retail sales projections for 2024 [2]. - The company's revenue for the first nine months of 2023, 2024, and 2025 is reported at 1.199 billion, 1.499 billion, and 1.895 billion yuan respectively, with adjusted net profits of 24 million, 83 million, and 148 million yuan [2]. Product Structure - As of the first three quarters of 2025, Banmu Huatian's revenue from body care, hair care, and facial care products is 791 million, 482 million, and 463 million yuan, accounting for 41.8%, 25.4%, and 24.4% of total revenue respectively [2]. - The hair care segment has shown significant growth, with a year-on-year increase of 496.1%, becoming a second growth curve for the company [2]. Channel Strategy - The company initially focused on e-commerce channels, avoiding competition in traditional retail spaces, and has since expanded into content-driven e-commerce platforms like Xiaohongshu and Douyin [2]. - Online sales accounted for 76.3% of total sales in the first three quarters of 2025, while offline channel share increased from 13.9% in 2023 to 23.5% in the first three quarters of 2025 [3]. Marketing and R&D Expenses - Banmu Huatian's sales and marketing expenses are substantial, projected at 677 million yuan in 2024, representing 45.2% of revenue, and increasing to 896 million yuan (47.3% of revenue) in the first three quarters of 2025 [3]. - R&D expenses are relatively low, at 32.02 million and 28.14 million yuan for 2024 and the first three quarters of 2025, accounting for 2.1% and 1.5% of revenue respectively [3][4]. Profitability Challenges - The average selling prices for body care, hair care, and facial care products are 23 yuan, 20.8 yuan, and 16.5 yuan respectively, leading to lower net profit margins compared to competitors like Proya and Shiseido [5]. - Adjusted net profit margins for 2024 and the first half of 2025 are 5.5% and 7.8%, which are lower than Proya's margins of 14.7% and 15.4% during the same periods [5]. Industry Competition - The personal care market in China is projected to grow from 111 billion yuan in 2024 to 145.5 billion yuan by 2029, with a compound annual growth rate of 5.6% [6]. - Increased competition is noted as leading companies like Proya and Shiseido enter the personal care space, intensifying the market dynamics [6][7]. Future Development - Banmu Huatian is encouraged to enhance product innovation and expand its product range to improve competitiveness and mitigate risks [7]. - There is potential for the company to explore unique Chinese plant-based ingredients and invest in technological advancements in the personal care sector [7].

Core Viewpoint - The introduction of "3 degrees of electricity" combined with lithium batteries is becoming a watershed moment in the electric motorcycle market, reshaping product structures and user experiences [4]. Group 1: Market Strategy - Global two-wheeler manufacturers are refining their commercialization strategies for the electric motorcycle market, focusing on high-end, intelligent, and commuting experiences in domestic and European/American markets, while addressing "oil-to-electric" demands in Southeast Asia and Africa [2]. - The domestic market is expected to see a relaxation of motorcycle bans by 2025, with a more developed charging infrastructure and higher consumer capacity for electric motorcycles, emphasizing improved commuting experiences and entertainment [5]. Group 2: User Demands - Key user demands for electric motorcycles include range, fast charging, and safety, leading to a focus on high-capacity, high-safety, and ultra-fast charging technologies [3]. Group 3: Battery Technology - The "3 degrees of electricity" standard is crucial for achieving a 100-kilometer range, which is seen as a milestone for the widespread adoption of electric motorcycles [6]. - The 74V50Ah product defines the high-end electric motorcycle standard, achieving a real-world range of over 120 kilometers, while the 74V100Ah super large single cell targets high-performance electric motorcycles [7]. Group 4: International Market Potential - The overseas market is targeted by the company to penetrate countries along the "Belt and Road" initiative, focusing on regions where two-wheelers are essential for daily needs, with a significant emphasis on high-capacity batteries [10]. - In Africa, Asia, and Latin America, electric motorcycles must achieve breakthroughs in range to compete with gasoline motorcycles, with a vision to recreate a "new star" in these markets [11][12]. Group 5: Product Launches and Collaborations - The company has launched the Ranger series for overseas markets, featuring configurations like "dual 80" and "dual 100" for range and speed, positioning itself as a preferred solution for "oil-to-electric" transitions [14]. - Strategic partnerships have been established with leading domestic brands and top overseas companies to enhance market penetration and product offerings [14]. Group 6: Battery Innovation - To achieve the "3 degrees of electricity" capacity breakthrough, the company utilizes a dual-material approach with lithium manganese and lithium iron phosphate, alongside advanced stacking technology and GT-Force high-conductivity technology [15]. - The North Star battery is the first power-type 50Ah battery in the market, featuring a dual-material system [16]. - Innovations in stacking technology and the integration of advanced manufacturing processes have significantly improved battery performance, safety, and cost optimization [18][19]. Group 7: Performance Standards - The new standards for high-performance batteries include a 33% increase in package discharge performance, stable range breakthroughs exceeding 100 kilometers, and a comprehensive safety system [20].

Core Viewpoint - The company, 半亩花田, is preparing for an IPO in Hong Kong, aiming to become the leading domestic personal care brand in the market, with a strong revenue growth of 76.7% in the first nine months of 2025, driven largely by high marketing expenditures [4][6][7]. Financial Performance - The company's revenue for 2023 and 2024 is projected to be 1.199 billion RMB and 1.499 billion RMB, respectively, with a growth rate of 25.05% [6][7]. - In the first nine months of 2025, revenue reached 1.895 billion RMB, marking a year-on-year increase of 76.7% [6][7]. - Adjusted net profit (non-IFRS) is expected to grow from 23.71 million RMB in 2023 to 82.83 million RMB in 2024, and further to 148 million RMB in the first nine months of 2025, reflecting a growth of 197.41% [8]. Marketing and Sales Strategy - The company allocates a significant portion of its revenue to marketing, with expenses reaching 637 million RMB in 2023, 677 million RMB in 2024, and 896 million RMB in the first nine months of 2025, accounting for 53.2%, 45.2%, and 47.3% of total revenue, respectively [10][11]. - The marketing strategy includes collaborations with KOLs and celebrities, which has proven effective in driving sales, with monthly marketing expenses nearing 1 billion RMB in 2025 [16][17]. Product and Market Position - 半亩花田 is recognized as the leading domestic brand in body care products, with a strong market presence in body lotion, body scrub, and facial cleansing mousse [7][21]. - The company’s product pricing strategy remains competitive, with average prices around 20 RMB, while maintaining a gross margin above 60% [15][21]. Challenges and Risks - The company faces challenges due to a high dependency on online sales channels, which accounted for 85.7% of total revenue in 2023, making it sensitive to changes in platform policies and rising customer acquisition costs [20][21]. - R&D investment is notably low, with expenses constituting only 2.39% to 1.49% of total revenue from 2023 to 2025, raising concerns about the company's technological competitiveness [11][22]. Future Outlook - The company plans to use the funds raised from the IPO to expand sales channels, increase R&D investment, build a global talent team, and enhance digital and intelligent upgrades [28]. - The competitive landscape in the personal care market is intensifying, with both international giants and emerging domestic brands posing significant challenges [21][22].

Core Viewpoint - The article discusses the rising trend of peptide injections among Silicon Valley elites, highlighting the unregulated and experimental nature of this practice, which is largely driven by the desire for enhanced physical performance and anti-aging effects. Group 1: Peptide Injection Trend - Silicon Valley elites are purchasing peptide compounds from Chinese factories and self-administering them, often in social settings, reflecting a culture of experimentation and a desire for improved health and performance [2][3][5]. - The most popular peptide, Semaglutide, is known for its weight loss effects, attracting many users due to its affordability compared to FDA-approved products [6][8]. - Reports indicate that the import of hormones and peptide compounds from China to the U.S. reached approximately $328 million in the first three quarters of 2025, nearly double the amount from the same period in 2024, indicating strong market demand despite safety concerns [6][8]. Group 2: Market Dynamics in China - In contrast to the injection trend in the U.S., the Chinese market primarily focuses on topical peptide products, with skincare products accounting for 89.68% of the peptide market share [9][10]. - The Chinese peptide market is projected to grow from 2.17 billion yuan in 2024 to 4.67 billion yuan by 2029, indicating a significant growth phase for the industry [17]. - Major Chinese brands like Han Shu have successfully integrated peptides into their skincare lines, achieving a market share of 34.59% in the peptide skincare segment [11][13]. Group 3: Manufacturing and Innovation - China has established itself as the global manufacturing hub for peptide products, benefiting from technological advancements and a complete industrial chain [18][20]. - Companies like Hanyu Pharmaceutical and Jiangsu Nuotai Biotech are leading the way in peptide production, with Hanyu achieving a production capacity of over ten tons annually [22][20]. - The total output value of China's peptide industry is expected to reach 247.6 billion yuan by 2030, with a projected annual growth rate of 18.4% [22].

Group 1: Gold Market Analysis - The bull market for gold is not over, with macro factors remaining optimistic and short-term fluctuations driven by geopolitical events [3][11][13] - Key macro pricing factors for gold have not changed, indicating a sustained upward potential in the medium to long term [3][13] - Micro indicators show that while gold price deviations are high, the RSI is healthy, and ETF inflows continue to rise, suggesting no clear direction for gold prices [3][13] Group 2: Semiconductor Industry Insights - TSMC's revenue for December 2025 is projected to grow by 20.4% year-on-year, driven by high-margin advanced processes and strong demand from AI/HPC sectors [4][12] - The advanced process capacity is fully loaded, with HPC accounting for 55% of revenue and 3nm technology representing 28% of wafer revenue [4][12] - TSMC's guidance for Q1 2026 indicates revenue between $34.6 billion and $35.8 billion, with a gross margin of 63%-65%, reflecting strong demand visibility in AI [4][14] Group 3: Beauty Industry Trends - The South Korean beauty market has undergone several growth and decline phases, with the current phase focusing on global market expansion and reducing reliance on China [18][20] - New brands like APR and Silicon2 are outperforming traditional giants, indicating a shift in market dynamics and consumer preferences [20] - The report highlights the importance of innovation in product formulation and packaging, with South Korean brands leading in areas like cushion packaging and functional skincare products [20]

业 研 究 / 行 业 点 相关研究 行 业 及 产 业 美容护理 2026 年 01 月 22 日 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 聂霜 A0230524120002 nieshuang@swsresearch.com 品牌格局重塑，全球战略扩张 看好 ——从韩国美妆发展看如何重建新增长动能 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 ⚫ 韩国美妆市场相对成熟，进行国际化探索早，并随着自身国家综合实力、本土需求与国 际市场需求的变化，发展经历数次沉浮，其展现的发展路径值得国货公司参考借鉴。我 们通过对韩国美妆市场的研究，探索韩国美妆在不同的发展阶段，崛起的美妆集团组织 架构的特点，如何在需求端快速变化的产品领域加速推新，在新成分、新剂型等领域如 何走在全球市场前端，以及拥抱全球市场背后所需要的能力。 ⚫ 韩国美妆四大成长与衰退阶段，把握低谷紧抓转型，再临高峰。韩国 ...

Group 1 - The core viewpoint of the article highlights the active performance of the Hong Kong stock consumer sector, with the Hong Kong Stock Connect Consumer ETF (513230) rising over 1% during trading [1] - Key stocks that performed well include Samsonite, Maogeping, Chow Tai Fook, and Shangmei, while stocks like Guming, TCL Electronics, Laopu Gold, and Weilong were among the biggest losers [1] - The Ministry of Finance, the People's Bank of China, and the Financial Regulatory Bureau announced an extension of the personal consumption loan interest subsidy policy until the end of 2026, including credit card installment services in the subsidy scope [1] Group 2 - Caixin Securities predicts that by 2026, the related policies will deepen along two main lines: promoting employment for key groups and raising the minimum wage, while also replacing one-time fiscal stimulus with long-term arrangements like childcare subsidies [1] - The Hong Kong Stock Connect Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, bundling leading consumer stocks across various sectors, including Pop Mart, Yum China, Anta Sports, and Nongfu Spring [1]

Core Viewpoint - The Hong Kong stock market is experiencing a surge in listings from beauty companies, with Shandong Huawutang Cosmetics Co., Ltd. planning to go public, leveraging its popular brand "Banmu Huatian" known for affordable natural skincare products targeting young consumers [2][3]. Company Overview - Huawutang, established in 2018, focuses on a brand philosophy of "flower-based skincare" and has developed a comprehensive product matrix covering body, hair, and facial care [3]. - The brand "Banmu Huatian" has gained popularity due to its competitive pricing, with products averaging around 20 RMB, which has been crucial for capturing market share [5]. Market Position - According to Frost & Sullivan data, Huawutang has become the leading domestic brand in body lotion, body scrub, and facial cleansing mousse by retail sales in 2024, with significant sales figures: 37.7 million bottles of body scrub and 56.9 million bottles of body lotion sold cumulatively by September 2025 [3][4]. - The company has successfully diversified its product offerings, with hair care revenue reaching 482 million RMB in the first nine months of 2025, a nearly 500% increase year-on-year, now accounting for 25.4% of total revenue [3]. Financial Performance - Revenue has shown rapid growth, increasing from 1.199 billion RMB in 2023 to 1.499 billion RMB in 2024, and reaching 1.895 billion RMB in the first nine months of 2025, representing a year-on-year growth of 76.7% [8][9]. - Despite the growth in revenue, the company faces challenges with profitability, as its gross margin was only 62.3% in 2024, significantly lower than competitors like Maogeping and Linqingxuan, which exceed 80% [9][10]. Marketing Strategy - Huawutang's growth is heavily driven by substantial marketing investments, with expenses reaching 637 million RMB in 2023 and increasing to 896 million RMB in the first nine months of 2025, resulting in a marketing expense ratio of 47.3% [7][9]. - The company employs celebrity endorsements and social media marketing strategies to enhance brand visibility and consumer engagement [7]. Challenges Ahead - The company’s reliance on low-priced products and high marketing costs raises questions about the sustainability of its growth model, especially as competition intensifies in the beauty industry [10]. - Huawutang needs to address the declining growth in facial care products, which saw a revenue drop from 50.1% of total revenue in 2023 to 24.4% in the first nine months of 2025, indicating a need for product differentiation and innovation [4][10].