投资界消息，2026年1月7日，美丽田园医疗健康（02373.HK，以下简称"美丽田园"）宣布，公司12.5亿 元收购上海思妍丽实业股份有限公司（简称"思妍丽"）100%股权事项已顺利落定。至此，思妍丽正式 成为美丽田园旗下全资附属公司，其经营业绩及财务状况将并入集团综合财务报表。 值得一提的是，这是美丽田园自去年收购行业第二大品牌奈瑞儿之后又一次重大收并购行为。2025年上 半年，奈瑞儿经调整净利率由2023年的6.5%跃升至10.4%，以亮眼业绩印证了集团深度赋能的有效性。 依托于奈瑞儿整合经验，集团未来将从两大维度发力推动思妍丽实现"增收+增效"双突破： 其一，系统性输出医疗美容及亚健康医疗服务的成熟能力，覆盖客户美与健康全周期需求；其二，以客 户精细化运营、数智化转型及供应链整合三大抓手，优化运营效率，驱动盈利水平提升。 作为2025年美容行业最大收购案，此次项目收购落定也构建起"三强聚合"的新格局，为行业发展开启全 新篇章。 2024年，思妍丽实现收入8.5亿元，净利润8100万元。本次交易完成后，集团门店网络迅速扩张，总数 已达734家。此次扩张不仅推动了集团行业地位与市场影响力提升，也为集团收入 ...

2、公司前十大流通股东中包含中央汇金资产管理有限责任公司或中国证券金融股份有限公司。 3、公司采用施特劳斯的MAZE技术，在净水器市场中技术领先。 来源：新浪证券-红岸工作室 1月7日，海尔智家跌0.38%，成交额10.97亿元，换手率0.67%，总市值2466.32亿元。 异动分析 超级品牌+证金持股+净水概念+无线充电+家用电器 1、海尔集团创立于1984年，从开始单一生产冰箱起步，拓展到家电、通讯、IT数码产品、家居、物 流、金融、房地产、生物制药等领域，成为全球领先的美好生活解决方案提供商。2014年海尔品牌全球 零售量份额为10.2%，连续六年蝉联全球大型家电第一品牌。 主力没有控盘，筹码分布非常分散，主力成交额4.47亿，占总成交额的9.93%。 4、控股股东海尔集团旗下的海尔无线专注无线充电,参与制定了无线电能传输在电磁兼容性电磁辐射等 方面的国家行业标准,并投资前Intel无线充电技术团队成为其控股股东 5、公司的主营业务是家电的研发、生产及销售工作，涉及冰箱/冷柜、厨电、空调、洗衣设备、水家电 及其他智能家庭业务，以及提供智能家庭全套化解决方案。 (免责声明：分析内容来源于互联网，不构成投资 ...

(原标题:消费股的寒冬！A股2025年冷门板块一览) A 脚 2025年行情收官，据Choice金融终端，年度跌幅前十的板块/概念分别为：次新股跌 12.28%，MLOps概念跌 0.69%，租售同权跌9.99%，白酒 跌8.94%，体外诊断跌8.88%，超级品牌跌7.48%，REITs概念跌7.34%，屏下摄影跌4.19%，调味品概念跌3.22%，电子纸概念跌3.16%。 其中，白酒、超级品牌、调味品等消费股大跌的核心是需求端收缩叠加业绩走弱、估值与资金分流共振：白酒面临政商务消费受限、动销乏力、 库存高企与价盘松动，三季报多数酒企营收利润双降，区域与次高端酒企承压尤基；调味品受餐饮渠道复苏放缓、健康化转型竞争加剧影响，龙 头增长显著放缓。与此同时，市场资金集中涌入AI、机器人等科技高成长赛道，消费股估值持续下杀进一步放大了跌幅。(移降门 相关ETF | 食品饮料ETF | | --- | | (产品代码: 515170) | | ★ 跟踪：中证细分食品饮料产业主题指数 | | 近五日涨跌： -1.43% | | 市盈率:19.87倍 | | 资金流向: 最新份额为103.4亿份, 减 | | 少了4050 ...

Market Overview - The three major indices in the A-share market opened higher and closed positively, with the ChiNext Index rising over 2% [1][2] - The Shanghai Composite Index closed at 3917.36, up 0.69%, while the Shenzhen Component Index closed at 13332.73, up 1.47% [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.86 trillion, an increase of 136 billion compared to the previous trading day [4] Sector Performance - The top-performing sectors included Communication, which rose by 4.28%, and Comprehensive, which increased by 2.63% [1] - Conversely, sectors such as Media and Banking experienced declines, with drops of 0.61% and 0.52% respectively [1] - Notable concept indices that performed well included Hainan Free Trade Zone and Commercial Aerospace, while sectors like Hair Medical and Family Doctors lagged behind [2] Policy Impact - The People's Bank of China announced a one-time credit repair policy that will remove certain overdue credit information from the financial credit information database for eligible individuals [3] - The Loan Market Quote Rate (LPR) remained unchanged for the seventh consecutive month, with the one-year LPR at 3.00% and the five-year LPR at 3.50% [3] Future Outlook - The market is expected to maintain a loose liquidity environment until the first quarter of the following year, influenced by the Federal Reserve's interest rate decisions and domestic economic policies [4] - The report suggests that the recent market pullback provides a good opportunity for investors to position themselves ahead of the upcoming spring market [4] - Recommended sectors for investment include dividends, TMT (Technology, Media, and Telecommunications), and consumer sectors [4]

截至12月22日收盘，超级品牌概念下跌0.48%，位居概念板块跌幅榜前列，板块内，澳柯玛、中公教 育、TCL科技等跌幅居前，股价上涨的有13只，涨幅居前的有安孚科技、顺丰控股、东阿阿胶等，分别 上涨2.40%、1.22%、1.11%。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600941 | 中国移动 | -0.98 | 2.28 | -35945.03 | | 000100 | TCL科技 | -2.18 | 2.06 | -21980.97 | | 600519 | 贵州茅台 | -0.12 | 0.16 | -15596.29 | | 002594 | 比亚迪 | 0.15 | 0.59 | -13140.46 | | 000858 | 五粮液 | -0.18 | 0.28 | -12911.36 | | 000568 | 泸州老窖 | -0.62 | 0.55 | -12253.24 | | 000333 | 美的集团 | -0.37 | 0.35 | -10703.91 | | ...

增持奈瑞儿股权至90%，收购后整合提效明显。2024 年3 月，公司宣布收购奈瑞儿70%股权，总对价为 3.50 亿元。按收入计算，奈瑞儿为中国传统美容服务第二大品牌，主要业务网络分布广州和深圳。此 外，2024 年7 月，公司宣布通过特许经营的方式将奈瑞儿剩余的75 家门店纳入其业务网络，合计将新 增150 家门店。2025 年5 月，公司宣布以1.0 亿人民币收购广州奈瑞儿20%股权，持股比例提升至90%。 此外，今年11 月，公司宣布以4,000 万元收购珠海和东莞19 家奈瑞儿加盟门店，进一步强化大湾区布 局。2025 年上半年，奈瑞儿收入达到2.77 亿元，收购后整合提效明显，经调整净利率从收购前的6.5% 提升至10.4%。 聚焦三大超级战略，助力长期发展。11 月19 日，公司举行战略升级发布会，宣布未来三大超级战略： 超级品牌、超级连锁、超级数字化。超级品牌方面，目前公司已整合行业前三品牌，包括美丽田园、奈 瑞儿、思妍丽，持续强化品牌优势。超级连锁方面，以"双美 + 双保健"为核心模式，通过内生+外延双 轮驱动，计划国内过亿元收入城市数量达到20 个，实现北京、上海单城收入超10 亿。超级数字 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [4]. Core Insights - The company is focusing on a dual-driven strategy of organic growth and acquisitions, with a particular emphasis on three major strategic areas: Super Brand, Super Chain, and Super Digitalization [6]. - The acquisition of 100% of the shares of Siyanli for 1.25 billion RMB (approximately 1.369 billion HKD) is expected to enhance market share and accelerate the company's strategic layout [4]. - The company has increased its stake in Nairui to 90%, with significant improvements in operational efficiency post-acquisition, reflected in a rise in adjusted net profit margin from 6.5% to 10.4% [5]. Financial Data and Earnings Forecast - The company forecasts revenue growth from 2,145 million RMB in 2023 to 4,541 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 31.16% [8]. - Adjusted net profit is projected to increase from 241 million RMB in 2023 to 540 million RMB in 2027, with a notable growth rate of 53.18% in 2023 [8]. - The adjusted earnings per share (EPS) is expected to rise from 1.05 RMB in 2023 to 2.29 RMB in 2027, reflecting a strong upward trend in profitability [8].

Core Viewpoint - Haier Smart Home has shown a positive market performance with a 1.06% increase in stock price, reaching a market capitalization of 260.4 billion yuan [1] Company Overview - Haier Group, founded in 1984, has expanded from producing refrigerators to a wide range of sectors including home appliances, IT, logistics, finance, real estate, and biopharmaceuticals, becoming a global leader in providing solutions for a better life [2] - The company holds a 10.2% share of the global retail volume in 2014, maintaining its position as the world's largest home appliance brand for six consecutive years [2] Shareholder Structure - Among the top ten circulating shareholders, Central Huijin Asset Management and China Securities Finance Corporation are included [3] Technology and Product Focus - The company utilizes Strauss's MAZE technology, leading in the water purifier market [4] - Haier Wireless, a subsidiary of Haier Group, focuses on wireless charging and has participated in setting national industry standards for electromagnetic compatibility and radiation, also investing in Intel's wireless charging technology team [4] - The main business involves the research, production, and sales of home appliances, including refrigerators, kitchen appliances, air conditioners, washing machines, and smart home solutions [4] Financial Performance - For the period from January to September 2025, Haier Smart Home achieved a revenue of 234.05 billion yuan, a year-on-year increase of 15.31%, and a net profit attributable to shareholders of 17.37 billion yuan, up 14.64% year-on-year [8] Dividend Distribution - Since its A-share listing, Haier Smart Home has distributed a total of 48.66 billion yuan in dividends, with 24.27 billion yuan distributed over the past three years [9] Shareholder Changes - As of September 30, 2025, the number of shareholders decreased by 8.15% to 190,600, with an average of 0 circulating shares per person [8] - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder with 361 million shares, a decrease of 89.04 million shares from the previous period [9]

Investment Rating - The report assigns an "Outperform" rating to Beauty Farm Medical and Health Industry, expecting a relative return exceeding 10% over the next 12-18 months [24]. Core Insights - Beauty Farm has articulated a clear strategy centered around the "Three Super" initiatives: Super Brand, Super Chain, and Super Digitalization, aiming to build core competitive advantages in the beauty services industry [2][9]. - The company targets to establish operational entities with revenues exceeding RMB 100 million in 20 core cities, which contribute approximately 40% of the industry revenue, with a solid foundation already in place as 8 cities have achieved this target [3][10]. - Recent operational performance shows strong momentum, with same-store sales growth of 6-8% and collection growth accelerating to low double digits, indicating robust endogenous growth [4][11]. Summary by Sections Strategic Overview - The "Three Super" strategy focuses on enhancing brand value, expanding chain operations, and leveraging digitalization to deepen customer relationships and operational efficiency [2][9]. - The company has integrated three premium brands to secure a strong position in the high-end market and aims to enhance customer experience through personalized services [2][9]. Growth Strategy - The goal is to increase the number of cities generating over RMB 100 million in revenue from 8 to 20 in the near term, with a focus on developing Shanghai and Beijing into "super cities" with revenues exceeding RMB 1 billion each [3][10]. - The growth will be driven by both organic growth and strategic acquisitions, leveraging successful past experiences in markets like Chongqing and Xi'an [3][10]. Financial Performance - The company has demonstrated exceptional profit enhancement capabilities, with significant improvements in revenue per store and profit margins post-acquisition [4][11]. - Strong cash flow generation is projected, with estimated operating cash flow of approximately RMB 1 billion for FY25, supporting future shareholder returns and strategic acquisitions [4][11]. Industry Context - The beauty services industry in China is highly fragmented, with nearly 90% of operations being single-store, presenting significant opportunities for consolidation driven by branding, chainification, and digitalization [5][12]. - The company anticipates a decrease in the total number of industry stores, while the market share and profitability of leading players with strong branding and digital capabilities will increase significantly [5][12]. M&A Strategy - Proven M&A integration capabilities are a key engine for executing the Super Chain strategy, with over 30 successful transactions completed historically [6][13]. - The recent integration of Naturade has validated the effectiveness of the company's platform-based empowerment model, with expectations of similar success from the newly acquired DECLÉOR [6][13].

Core Viewpoint - Meili Tianyuan Medical Health Industry Co., Ltd. is positioning itself as a key player in the high-end beauty market, observing consumer trends through its extensive network of stores in major cities [1] Group 1: Super Brand Strategy - The beauty service industry is highly fragmented, with many regional and small brands lacking influence and consumer trust [2] - Differentiation through branding is essential for success in a mature and competitive market [3] - Meili Tianyuan's acquisition of 100% of Siyuanli for 1.25 billion yuan positions it among the top three beauty brands in China, alongside its existing brand Nairui [3] - National brand stores have a 2.1 times higher consumer recharge willingness compared to small brands, with an average recharge amount 60% higher [3] - Enhancing brand awareness can increase customer spending by 20% to 50% for each level of recognition [3] - The company aims to redefine customer experience by focusing on sensory engagement and establishing industry standards [4] Group 2: Super Chain Strategy - The beauty industry is characterized by a high degree of market fragmentation, with 89% of beauty institutions being single stores [5] - Meili Tianyuan's business model focuses on "Double Beauty + Double Health," aiming to create sustainable growth through both internal and external strategies [5] - The company currently has nine cities generating over 100 million yuan in revenue and plans to expand this to 20 core cities [5] - Supply chain capabilities are crucial for chain enterprises, and Meili Tianyuan will enhance partnerships with quality suppliers to offer high-quality products at better prices [5] Group 3: Super Digitalization Strategy - Many beauty service providers still rely on manual record-keeping, which limits data integration and business empowerment [7] - Digitalization is viewed as a critical tool for future decision-making, shifting from traditional customer acquisition to precise online targeting [7] - The company has invested over 200 million yuan in the past five years to build a 90-member IT team, focusing on digital integration across all operations [7] - Meili Tianyuan categorizes over 200 customer attributes and launches more than 2,000 targeted marketing campaigns annually, achieving double-digit growth in new memberships [8] - The company aims to leverage medical beauty resources and digital supply chain capabilities to create a transformative effect in the industry [8]