Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the beauty and medical aesthetics industry, focusing on two companies: 毛戈平 (Mao Ge Ping) and 美丽田园 (Meili Tianyuan) [1][2][3]. Mao Ge Ping (毛戈平) Customer Engagement and Sales Strategy - Mao Ge Ping enhances customer loyalty through counter experiences and makeup services, with online channels attracting new customers and driving them to offline stores, achieving brand rejuvenation. Online new customer consumption accounts for over 75%, with 25%-30% converting to offline repeat purchases [1][2]. - The membership system is differentiated, with online members enjoying points and discounts, while offline members receive personalized beauty services, effectively guiding high-spending customers to offline stores and increasing overall sales. Same-store growth rate reached 18% in the first half of 2025, with a repurchase rate of 30% [1][2][6]. Product Line Expansion - Mao Ge Ping has expanded its product line to include skincare products (caviar masks, black cream) and perfumes, targeting younger consumers. The skincare category is developing steadily, with the caviar series performing exceptionally well [1][4][9]. Online and Offline Development - As of the first half of 2025, online channels surpassed offline for the first time, accounting for 25% of sales. The company aims to use online channels to attract younger customers, with the 25-30 age group increasing from 12% to 19% [5][6]. Meili Tianyuan (美丽田园) Growth Strategy - Meili Tianyuan is expanding through both organic growth and acquisitions, acquiring leading brands in the industry and adopting a "dual beauty and health" model to drive customers from lifestyle beauty to medical aesthetics, increasing average transaction value and customer lifecycle [1][3][16]. - The company has a remarkably low customer acquisition cost of about 1%, significantly lower than the industry average of 30-40%, attributed to membership asset acquisitions and cross-selling strategies [1][16][17]. Membership and Customer Retention - The company enhances membership assets through acquisitions of related businesses (e.g., yoga studios, gyms) and refined operations to improve member engagement. They have implemented over 200 standard operating procedures (SOPs) to enhance service quality and customer satisfaction [3][18]. Market Position and Future Goals - Meili Tianyuan aims to double profits in the next three years and revenues in five years, relying on both internal growth and external acquisitions to achieve these targets [20][21]. - The current landscape of the lifestyle beauty industry shows low chain penetration, with 90% of companies operating only one store, which presents opportunities for Meili Tianyuan to consolidate its market position through acquisitions [22]. Challenges and Market Dynamics - The collagen market faces challenges such as increased competition and market saturation, with many brands entering the space and consumer sensitivity to product differentiation decreasing [14]. - The profit distribution between upstream medical material suppliers and downstream medical institutions is changing, with suppliers relying more on institutions for sales, leading to a decrease in their control over pricing [15]. Conclusion - Both Mao Ge Ping and Meili Tianyuan are leveraging unique strategies to enhance customer engagement, expand product lines, and optimize membership operations, positioning themselves for growth in the competitive beauty and medical aesthetics market.

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: Core Issues - The company has officially paused its IPO journey due to unresolved shareholder equity freeze issues, which has hindered its access to capital markets [1][2] - The second-largest shareholder, Ding Yumei, holds approximately 3.65 million shares (4.30% of total equity), which are currently under judicial freeze due to legal complications related to asset recovery actions against her and her ex-husband, Xu Jiayin [2][7] - The prolonged equity freeze reflects potential governance risks, which have been a key concern for advisory institutions and ultimately contributed to the failure of the IPO process [2][7] Group 2: Financial Performance - In the first half of 2025, the company reported revenue of 214 million yuan, a year-on-year increase of 16.98%, but the net profit attributable to shareholders plummeted by 55.99% to 13.21 million yuan [3][8] - The company heavily relies on a single product line, with collagen products accounting for 87.83% of its revenue, indicating a lack of diversification [3][8] - Historical performance shows that the company withdrew its application for the Sci-Tech Innovation Board in December 2021 due to anticipated revenue not meeting the required growth rates, and similarly terminated its application for the Beijing Stock Exchange in March 2024 for failing to meet revenue growth criteria [4][9] Group 3: Industry Dynamics - The company's struggles reflect broader structural changes in the industry, including tightening regulatory policies that have altered the market environment significantly since 2020 [5][9] - The collagen product market has become increasingly competitive, with rivals like Juzhi Biotechnology and Fuirjia successfully listing and expanding their market presence, while the company has lagged in technological innovation and capitalizing on new trends [5][10] - The company has not adapted to the shift towards recombinant collagen technology, which has been embraced by competitors, leading to a decline in its market position [5][10]

Group 1: Macro Economic Outlook - The report indicates that China's economy is expected to enter a phase of prosperity in 2026, with a strong ability to create wealth reflected in a projected GDP growth of 5.0% for 2025, supported by a 5.5% increase in exports despite global trade barriers [6][7] - Nominal GDP growth is under pressure but shows signs of marginal improvement, with a quarterly growth of 3.8% in Q4 2025, indicating a recovery in cash flow and potential for further recovery in 2026 due to capital repatriation and monetary easing [7][9] - Consumer spending is identified as a key area for growth, with significant potential for recovery as policies to support consumption are expected to be optimized, although the consumer balance sheets remain under pressure [8][11] Group 2: Investment Opportunities - The report maintains a positive outlook on major assets such as AH shares and government bonds, suggesting that A-shares will reach new highs post "spring excitement," with recommended sector allocations in non-ferrous metals, consumer goods, and high-end manufacturing [6][12] - The acquisition of a 11.94% stake in Shengang Securities by Ruida Futures is seen as a strategic move to enhance wealth management capabilities and strengthen the synergy between securities and futures, with a projected net profit increase of 30.1% to 498 million yuan by 2025 [2][15] - In the beauty and healthcare sector, Juzi Bio is positioned for growth with the approval of innovative medical devices, projecting EPS growth from 1.82 yuan in 2025 to 2.46 yuan in 2027, maintaining a "buy" rating [3][19] Group 3: Market Trends and Sector Analysis - The North Exchange market is experiencing a rotation with a focus on sectors like commercial aerospace and technology, suggesting structural opportunities in specialized sectors such as semiconductors and robotics, driven by favorable policies and liquidity changes [4][24] - The report highlights the importance of monitoring liquidity changes and market style shifts, recommending investments in leading companies within sectors that benefit from clear policy support [4][24] - The beauty and healthcare industry is entering a new growth phase driven by technological advancements and a strong product pipeline, with Juzi Bio leveraging its platform for competitive advantage [3][19]

Core Viewpoint - The company has received regulatory approval for two key Class III medical devices, enhancing its position in the recombinant collagen market and addressing diverse aesthetic needs through innovative product offerings [1][2][3]. Group 1: Product Approvals - On January 15, 2026, the company received a Class III medical device registration certificate from the National Medical Products Administration of China for the "Recombinant Type I α1 Collagen and Sodium Hyaluronate Composite Solution" [1]. - The first approved product, "Recombinant Type I α1 Collagen Lyophilized Fiber," was the first recombinant collagen injection approved in China, designed for treating dynamic facial wrinkles [1]. Group 2: Product Innovation - The newly approved "Recombinant Type I α1 Collagen and Sodium Hyaluronate Composite Solution" is an injectable pre-mixed solution that combines equal concentrations of recombinant collagen (4.5 mg/mL) and sodium hyaluronate (4.5 mg/mL) [2]. - This product aims to improve skin smoothness through dermal injections, targeting the popular demand for skin quality improvement and hydration [2]. Group 3: Competitive Advantage - The company has established a strong competitive edge through a comprehensive "technology-brand-channel" strategy, supported by its proprietary recombinant collagen and synthetic biology technology platform [3]. - The approval of two Class III medical devices validates the platform's compliance and advanced nature, paving the way for future product expansion [3]. - The dual-brand strategy ("Kefumei" and "Keli Jin") and established hospital channels enhance the penetration of medical aesthetic products, transitioning the brand from skincare to medical-grade [3]. Group 4: Financial Projections - The company projects EPS of 1.82, 2.12, and 2.46 yuan for the years 2025 to 2027, with corresponding latest P/E ratios of 17.2, 14.8, and 12.8 times [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company has received approval for the world's first injectable recombinant collagen and hyaluronic acid composite solution, marking a significant milestone in its product offerings [8] - The company is expected to see a compound annual growth rate (CAGR) in revenue of 49.0% in 2023, followed by 57.2% in 2024, and a more moderate growth of 15.8% and 14.7% in 2026 and 2027 respectively [6][8] - The company has a strong pipeline in the aesthetic medicine sector, with two approved recombinant collagen products, which are anticipated to drive substantial revenue growth [8] Financial Summary - Closing price is HKD 35.40, with a market capitalization of HKD 37.91 billion [6][7] - Projected revenue for 2023 is RMB 3,524.14 million, increasing to RMB 7,428.23 million by 2027 [6] - Projected net profit for 2025-2027 is RMB 19.3 billion, RMB 22.6 billion, and RMB 25.4 billion respectively, with a notable decline of 6.3% in 2025 followed by growth in subsequent years [8] - The company maintains a low debt-to-asset ratio of 18.58% [7]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company has received approval from the National Medical Products Administration of China for its "Recombinant Type I α1 Collagen and Sodium Hyaluronate Composite Solution," marking a significant milestone in its product development [1][2]. - The company has successfully launched two key Class III medical devices, enhancing its competitive edge in the recombinant collagen sector [3]. - The dual product strategy addresses both wrinkle reduction and skin quality improvement, catering to diverse consumer needs in the aesthetic medicine market [2][3]. Financial Projections - Revenue is projected to grow from 3,524 million in 2023 to 7,204 million in 2027, with a peak growth rate of 57.2% in 2024 [4]. - Net profit is expected to increase from 1,452 million in 2023 to 2,630 million in 2027, with a notable growth rate of 44.9% in 2023 [4]. - Earnings per share (EPS) are forecasted to rise from 1.49 in 2023 to 2.46 in 2027, reflecting a strong upward trend in profitability [4]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 21.1 in 2023 to 12.8 in 2027, indicating an improving valuation as earnings grow [4]. - The price-to-book (P/B) ratio is expected to decline from 7.2 in 2023 to 2.7 in 2027, suggesting a more favorable valuation relative to book value over time [4].

Investment Rating - The report maintains an "Overweight" rating for the industry, focusing on service consumption, beauty care, IP derivatives, and new consumption sectors such as gold and jewelry [6][27]. Core Insights - The report highlights a significant increase in consumer activity during the upcoming Spring Festival, with travel bookings and hotel reservations showing substantial year-on-year growth [4][25]. - Notable developments in the beauty care sector include the approval of a new medical device by Juzi Biotechnology and strategic partnerships between companies like Ruoyuchen and Meisidike [3][25]. - The retail sector is experiencing mixed results, with Chaohongji expected to report a net profit increase of 125% to 175% for 2025, while Chongqing Department Store anticipates a revenue decline [5][26]. Summary by Sections Market Performance - During the week of January 12-16, 2026, the performance of the commerce retail, social services, and beauty care sectors was -1.47%, +1.53%, and -0.21%, respectively, ranking them 23rd, 6th, and 14th among 31 primary industries [15][18]. Key Industry Events and News - The State Council, led by Premier Li Qiang, discussed measures to boost consumption and develop new growth points in service consumption [3][25]. - In the beauty care sector, Juzi Biotechnology's new product received regulatory approval, and several companies are pursuing strategic partnerships and IPOs [3][25]. - Travel bookings for the Spring Festival are significantly higher than last year, with a 70% increase in hotel reservations for popular cities [4][26]. - The retail sector is seeing varied performance, with Chaohongji projecting substantial profit growth while Chongqing Department Store reports a revenue decline [5][26]. Investment Recommendations - The report suggests focusing on companies such as Ruoyuchen, Maogeping, Shangmei, Pop Mart, Chaohongji, and Laopu Gold as potential investment opportunities within the highlighted sectors [6][27].

Group 1 - The core viewpoint of the article highlights that Pop Mart has conducted its first share buyback in nearly two years, leading to a significant increase in its stock price and positively impacting the Hong Kong stock market for new consumer stocks [1] - Pop Mart repurchased 1.4 million shares at a price range of HKD 177.7 to HKD 181.2, totaling over HKD 250 million, marking the company's first buyback in two years [1] - The collaboration between Pop Mart and Honor resulted in the launch of the "潮玩手机" (Trendy Toy Phone), specifically the Honor 500 Pro Molly 20th Anniversary Limited Edition, priced at RMB 4,499, with a net price of RMB 3,999 after subsidies [1] Group 2 - Morgan Stanley noted that Pop Mart's share buyback is expected to attract more investor attention, particularly from those looking for stock price catalysts, and emphasized the company's strong growth and clear driving factors [1] - The firm projects that Pop Mart's net profit will reach RMB 12.6 billion by 2025, and the company had RMB 20 billion in net cash at the end of last year, indicating ample financial resources to provide returns to shareholders [1] - As of the latest data, Pop Mart's stock price increased by 8.57%, leading the market, with a total market capitalization of HKD 2,633.45 million and a year-to-date increase of 4.58% [2]