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].

郭晨凯 制图 ◎记者 张问之 2026年以来，上市公司的回购热潮仍在持续。1月以来，多家A股公司"真金白银"实施回购。其中：步 长制药、兴发集团等在1月披露回购计划后便火速实施；华盛锂电、荣昌生物、依依股份等则因近期公 司股票价格持续超出回购价格上限，为保障回购方案顺利实施而大幅上调回购价格。 梳理可见："基于对公司未来发展前景的信心和对公司内在价值的基本判断"成为多家公司实施回购的重 要缘由；公司回购的股份，多计划用于员工持股计划或股权激励。 以家电龙头美的集团为例，公司最新公告显示，截至1月31日，公司已斥资19.98亿元回购A股股份 2694.37万股。回溯至2025年12月底，公司累计回购股份数量为2056.46万股，支付总金额约为15.10亿 元。这意味着，2026年1月，美的集团回购金额约为4.88亿元。 果链龙头歌尔股份2月2日晚披露，其回购股份比例达到1%。公告显示，截至2月2日，歌尔股份累计回 购股份4054.81万股，斥资约11.08亿元。而截至2025年12月底，其回购股份数量为3449.70万股，支付金 额约9.50亿元。 步长制药、珀莱雅、兴发集团等回购动作则颇为迅速。2月2日晚，步 ...

Group 1 - The company, Proya, announced that as of January 31, 2026, it has repurchased a total of 290,800 shares through centralized bidding, which represents 0.07% of the company's current total share capital [2]

Group 1 - The cosmetics sector experienced a decline of 1.5% on February 2, with Proya leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] - Key individual stock performances in the cosmetics sector included Jinsong New Material up 2.33% and Beitaini up 0.88%, while several others like Fuhua and Bawei saw declines of 1.87% and 1.77% respectively [1] Group 2 - The cosmetics sector saw a net outflow of 75.895 million yuan from main funds, while retail funds experienced a net inflow of 77.0999 million yuan [2] - The individual stock fund flow data indicated that Water Sheep Co. had a main fund net inflow of over 5.3075 million yuan, while Shanghai Jahwa had a net outflow of 2.71908 million yuan from retail investors [3] - The overall market sentiment reflected a mixed response, with some stocks like Beitaini and Shanghai Jahwa attracting different levels of investment from main and retail funds [3]

Group 1 - The company Proya announced on February 2 that as of January 31, 2026, it has repurchased approximately 290,000 shares through centralized bidding, accounting for 0.07% of the company's total share capital [1] - The highest repurchase price was 73 RMB per share, while the lowest was 69.76 RMB per share, with a total expenditure of approximately 20.5 million RMB [1] Group 2 - The automotive sales giant Baolide, known for selling luxury cars such as Rolls-Royce and Porsche, is now undergoing bankruptcy liquidation, with its headquarters in Hangzhou reportedly abandoned and its subsidiary in Yiwu sealed [1]

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 珀莱雅化妆品股份有限公司 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，公司在回购股份期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况，现将回购进展情况公告如下： 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/12/31 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 12 月 | 年 | 12 | 月 | 30 | 日~2026 | 年 | 29 日 | | 预计回购金额 | 8,000万元~15,000万元 | | | | | | | ...

Group 1 - The company, Proya (603605.SH), announced that as of January 31, 2026, it has repurchased a total of 290,800 shares through centralized bidding, representing 0.07% of the company's current total share capital [1] - The highest price for the repurchased shares was 73.00 CNY per share, while the lowest price was 69.76 CNY per share [1] - The total amount of funds used for the share repurchase was 20,497,169.00 CNY, excluding transaction costs such as stamp duty and commissions [1]

Group 1 - The company, Proya (603605.SH), announced a share buyback program, having repurchased a total of 290,800 shares as of January 31, 2026, which represents 0.07% of its total share capital [1] - The highest price paid for the repurchased shares was 73.00 CNY per share, while the lowest price was 69.76 CNY per share [1] - The total amount spent on the share buyback was 20,497,169.00 CNY, excluding transaction costs such as stamp duty and commissions [1]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary consumption sector, including Nike, Li Ning, Midea Group, JD Group, Haier Smart Home, Gree Electric Appliances, Anta Sports, and many others [1]. Core Insights - The discretionary consumption sector has experienced a significant pullback due to the hawkish stance of the Federal Reserve, leading to a decline in global asset prices [4][13]. - The report highlights that the domestic sportswear sector outperformed other segments, while luxury goods and cosmetics faced notable declines [4][13]. - The report provides a detailed analysis of the performance of various sub-sectors, indicating that gold and jewelry, overseas cosmetics, and snacks have shown resilience compared to the MSCI China index [4][11]. Summary by Relevant Sections Weekly Performance Review - The domestic sportswear sector increased by 0.6%, while other sectors such as credit cards, U.S. hotels, and retail saw declines ranging from -0.4% to -5.8% [4][13]. - The report notes that the gold and jewelry sector has outperformed the MSCI China index, with a monthly increase of 14.8% [4][13]. Sector Analysis - The domestic sportswear sector's growth is attributed to increased demand for warm clothing due to colder weather and positive media coverage of brands like Bosideng [15]. - The credit card sector saw mixed results, with Mastercard rising by 2.7% while Visa and American Express declined [15]. - The retail sector's performance was driven by specific companies like China Resources Mixc Lifestyle, which saw a 10.8% increase due to favorable policies [15]. Valuation Analysis - The report indicates that the expected PE ratios for various sectors in 2025 are below their historical averages, suggesting potential investment opportunities [11][18]. - For instance, the expected PE for the domestic sportswear sector is 13.4 times, which is 70% of its past five-year average [18]. Conclusion - Overall, the report emphasizes the impact of macroeconomic factors on the discretionary consumption sector and identifies specific companies and sub-sectors that may present investment opportunities amidst the current market volatility [4][11][18].

行 业 及 产 业 美容护理 2026 年 02 月 01 日 行 业 研 究 / 行 业 点 评 相关研究 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 A0230511040052 wanglp@swsresearch.com 业绩预告彰显板块景气度，建议关注节前促销 看好 ——化妆品医美行业周报 20260201 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 证 券 研 究 报 告 - ⚫ 本阶段化妆品医美板块表现弱于市场。2026 年 1 月 23 日至 2026 年 1 月 30 日期间， 申万美容护理指数下滑 3.8%，表现弱于市场。其中，申万化妆品指数下滑 3.6%，弱于 申万 A 指 1.9pct；申万个护用品指数下滑 4.6%，弱于申万 A 指数 3.0pct。 ⚫ 周观点：业绩预告彰显板块景气度 ...