证券代码：301371 证券简称：敷尔佳 哈尔滨敷尔佳科技股份有限公司 投资者关系活动记录表 编号：2026-004 投资者关系活 动类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称 及人员姓名 国联基金管理有限公司 吴刚 梁勤之 裴慧宇 长江证券股份有限公司 罗祎 曾维朵 时间 2026 年 3 月 3 日 15：00-16：00 地点 电话会议 上市公司接待 人员姓名 邓百娇女士 董事、董事会秘书 吴 弘先生 证券事务代表 齐鑫鑫女士 投资者关系管理 IR 投资者关系活 动主要内容介 绍 Q1、想了解一下公司 2025 年 4 季度的销售情况以及 2026 年度的经营目标？ A：目前 2025 年度的财务数据还在审计中，具体销售情况 还请大家关注公司将于 2026 年 4 月 23 日披露的《2025 年年 度报告》。 2026 年度，公司将继续做好线上、线下销售业务，持续 发挥南北联动的研发优势，在加大研发力度的同时，持续推进 产品上新节奏，进一步完善公司产品矩阵，通过精细化运营持 续提高线上、线下盈利 ...

Group 1: Industry Overview - The semiconductor industry is expected to maintain a high growth trend, driven by increased demand for optical modules, as evidenced by NVIDIA's investment of $2 billion each in Lumentum Holdings Inc. and another company to support new product development [4] - Price increases in the semiconductor sector are becoming widespread, with companies like STMicroelectronics raising prices by 20% for certain products due to rising raw material costs [4] Group 2: Company Performance - Ninebot Company reported a revenue of 21.325 billion yuan for 2025, a year-on-year increase of 50.2%, and a net profit of 1.755 billion yuan, up 61.8% year-on-year, driven by strong sales in electric two-wheelers and service robots [7] - The company faced temporary profit pressure in Q4 2025 due to currency exchange losses and tax provisions, but anticipates a recovery in Q2 2026 with plans to launch new electric products [7] Group 3: Cosmetics Industry Insights - The cosmetics industry in 2025 showed moderate domestic demand recovery and strong export performance, with retail sales reaching 465.3 billion yuan, a year-on-year increase of 5.1% [8] - The total import and export value of cosmetics was $24 billion, with exports at $7.82 billion, reflecting a year-on-year increase of 9.2%, indicating a robust growth trajectory in emerging markets [8]

两会前瞻与消费地产动向 20260302 摘要 地缘冲突对市场的影响通常是短暂的，中期趋势由宏观基本面决定。油 价上涨引发的通胀预期更具持续性，取决于霍尔木兹海峡的油运状况和 伊朗原油的供应。 霍尔木兹海峡出现船只积压，形成"半堵塞"状态，市场对"可能封 锁"持观望态度。OPEC+确认 4 月增产 20.6 万桶/日，目前该状态对油 价的影响大致对应 10-15 美元的溢价。 若霍尔木兹海峡被完全封锁，油价可能冲击 100 美元以上。新兴市场跌 幅通常更大，港股调整大于 A 股，避险资产相对占优。MSCI 中国指数 中，能源受益，公用事业跌幅较小，成长板块跌幅较大。 恒生科技指数跑输主要受情绪和趋势拖累，美债利率下滑提供支撑。头 部权重股拖累明显，若剔除这些股票，指数表现可能改善。 港股资金面逆风包括美联储政策担忧、港股 IPO 与再融资活跃。人民币 升值并非直接利好港股，可能影响南向资金吸引力。 2026 年港股资金面预计紧平衡，南向资金规模或难超 2025 年。外资 流入取决于基本面改善，资金需求端 IPO、解禁与再融资规模上升。 北京和上海二手房挂牌去化周期已接近或低于历史上房价能够稳住的区 间水平，库 ...

Summary of China Cosmetics Conference Call Industry Overview - The focus is on the **anti-aging beauty market** in China, which includes traditional anti-aging skincare, medical aesthetics (MA), and dermocosmetics. - The market is expected to grow at a **high single-digit CAGR** over the period from 2025 to 2030, with medical aesthetics and dermocosmetics leading at **9%** and anti-aging skincare at **6%** [1][22]. Key Insights Market Penetration and Demographics - The current penetration of the MA market in China is low, estimated at **5%** for the core consumer group aged **20-60**, compared to **10%-20%** in developed markets. It is expected to rise to **8%** by **2030E**, supporting a **10% CAGR** for MA users [2][22]. - Anti-aging skincare is seeing earlier adoption among younger consumers, with approximately **40%** of this demographic engaging with the category, which is expected to drive further expansion [2][22]. Pricing Dynamics - More resilient pricing is anticipated from **2026E** due to stricter regulations and healthier competition, with limited supply tailwinds favoring recombinant collagen. The MA market has experienced sharp price reductions due to intense competition, but future pricing is expected to stabilize [3][22]. - Factors contributing to this stabilization include more accessible pricing in China and a narrower price gap with Korea following recent policy changes [3][22]. Company Recommendations - **Forest Cabin** is initiated with a **Buy** rating, expected to benefit from growth in oil-based anti-aging skincare, with a projected **48% sales CAGR** from **2022-2025E** and **32%/29% sales/NP CAGR** from **2025-2028E** [4][22]. - **Giant Biogene** is also rated **Buy** due to its integrated value chain from MA to dermocosmetics, enhancing R&D and brand recognition [4][22]. - **Proya** is viewed as a domestic leader in the anti-aging sector but is rated **Neutral** pending further evidence of the new management's execution track record [4][22]. Market Growth Projections - The overall anti-aging market in China is projected to grow from **RMB 214 billion** in **2024E** to **RMB 398 billion** by **2030E**, reflecting a **CAGR of 8%** [20][22]. - Medical aesthetics is expected to contribute significantly to this growth, with a **10.3% volume CAGR** over the same period, despite ongoing pricing pressures in certain categories [17][22]. Additional Insights - The report emphasizes the importance of companies with larger sales exposure to growth segments, stronger market positions, and better operational execution, including R&D capabilities [10][22]. - The anti-aging skincare segment is projected to see a shift towards functionalities beyond basic moisturizing, with penetration expected to increase from **25.6% to 29.0%** from **2025 to 2030E** [19][22]. Conclusion - The anti-aging beauty market in China presents significant growth opportunities driven by demographic shifts, evolving consumer perceptions, and technological advancements. Companies like Forest Cabin and Giant Biogene are well-positioned to capitalize on these trends, while pricing dynamics and market penetration will play crucial roles in shaping the competitive landscape.

Summary of Conference Call Records Industry Overview - **Consumer Sector**: The consumer sector, particularly mass dining and service consumption, continues to show a recovery trend. High-end consumption, including luxury goods and high-end jewelry, is performing even stronger, with some indicators exceeding expectations, reflecting a structural recovery in the consumer market [1][2]. Key Insights and Arguments - **Travel and Hospitality**: The travel chain significantly benefited from the longest Spring Festival in history, with hotel Average Daily Rate (ADR) increasing. Family travel demand is prominent, driven by the return home trend, quality scenic dining, and "reverse New Year" celebrations in first-tier cities [1][2]. - **Luxury Goods and Jewelry**: There is a clear differentiation in jewelry and luxury goods consumption, heavily influenced by high gold prices. Luxury goods consumption is relatively stronger, with high-end shopping district data exceeding expectations. The focus is on brand share improvement opportunities, as some brands are pressured by gold prices, creating structural opportunities for share changes [1][3]. - **Medical Aesthetics**: During the Spring Festival, medical aesthetics saw a double-digit increase in customer flow, although average prices were under pressure. Products like collagen water light and related offerings are expected to benefit from a robust pipeline and expanding market size. High-demand categories are likely to continue benefiting, necessitating tracking of certification rhythms and profit balance in the supply chain [1][3]. - **Cosmetics Sector**: The cosmetics sector is expected to see an upward trend around the March 8th node. Notable performance was observed in the China Resources system, particularly with the brand Mao Ge Ping. The investment strategy leans towards "momentum varieties" and "bottom stocks with share improvement," focusing on key companies [1][4]. Additional Important Insights - **Export Chain Dynamics**: The export chain is expected to see excess growth driven by "new products + new capacity deployment." The short-term key factor is the RMB exchange rate, which influences month-on-month changes. Companies with new capacity or product lines are prioritized for attention [2][4]. - **Tobacco Sector Changes**: The tobacco sector is undergoing significant changes due to adjustments in the international system by China National Tobacco. The removal of intermediaries in the domestic duty-free market is expected to enhance profits by approximately 3-5 percentage points [5]. - **Carbon Trading Opportunities**: The importance of carbon trading is increasing, driven by initiatives in Europe and the introduction of carbon tax mechanisms in domestic industries like steel and cement. Companies involved in carbon trading development, such as Yueyang Forest Paper and Yong'an Forestry, are worth monitoring for new business growth opportunities [6]. - **Pork Price Trends**: As of February 26, 2026, the average price of pork is approximately 10.7 CNY/kg, down 1 CNY from pre-Spring Festival levels. The market is expected to stabilize between 10.5-11.5 CNY/kg in the coming months, supported by potential state stockpiling and market entry by new players [10][11]. Investment Recommendations - **Consumer Sector**: Focus on the restaurant chain as a core direction, recommending companies like Anjiu and Yihai, while also considering those with accelerated store opening expectations. The snack sector remains promising, particularly in volume sales channels, with companies like Weilong and Salted Fish being highlighted for their investment value [14]. - **Medical Aesthetics and Cosmetics**: Companies with robust pipelines and market expansion potential should be closely monitored, particularly in the medical aesthetics sector [3][4]. This summary encapsulates the key points from the conference call records, providing insights into the consumer sector's recovery, investment opportunities, and market dynamics.

行 业 及 产 业 美容护理 2026 年 03 月 01 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 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 38 大促进行时，国货经典大单品合作超头主播 看好 ——化妆品医美行业周报 20260301 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 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 - ⚫ 本阶段化妆品医美板块表现弱于市场。2026 年 2 月 6 日至 2026 年 2 月 27 日期间， 申万美容护理指数下滑 0.9%，表现弱于市场。其中，申万化妆品指数下滑 0.9%，弱于 申万 A 指 4.9pct；申万个护用品指数上涨 2 ...

行业研究丨深度报告丨零售业 [Table_Title] 化妆品掘金增长系列：品类视角拆解竞争格局 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 我们认为对美妆竞争格局的判断，如细致拆解为品类和渠道，则可得出两方面结论：其一，对 于已建立领先优势的品牌，乳液面霜、面部精华为其品类基本盘，前者头部效应显著、后者更 易实现品类间连带；天猫为其渠道基本盘，在该渠道占据头部地位的品牌公司更易实现"强者 恒强"。其二，对于寻求增量、力求拓品类的品牌，抖音渠道尚处格局成长期，更易依托运营及 产品力实现排名突破。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 2 李锦 罗祎 曾维朵 [Table_Title2] 化妆品掘金增长系列：品类视角拆解竞争格局 [Table_Summary2] 总量：行业增速平稳，核心品类仍具国产化空间 护肤行业增速平稳 ...

商贸零售 2026 年 03 月 01 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% 2025-03 2025-07 2025-11 商贸零售 沪深300 相关研究报告 《马年春节消费稳健恢复，老铺黄金 宣 布 2 月 底 调 价 — 行 业 周 报 》 -2026.2.23 投资主线一（黄金珠宝）：关注具备差异化产品力和消费者洞察力的黄金珠宝品 牌，重点推荐潮宏基、老铺黄金、周大福等，受益标的周生生等； 投资主线二（线下零售）：关注顺应趋势变革探索的线下零售企业和 AI 赋能跨 境电商龙头，重点推荐永辉超市、爱婴室、吉宏股份、赛维时代等； 投资主线三（化妆品）：关注满足情绪价值和安全成分创新的国货品牌，重点推 荐毛戈平、珀莱雅、上美股份、巨子生物、润本股份，受益标的林清轩等； 投资主线四（医美）：关注差异化医美产品厂商和持续并购扩张的连锁医美机构， 重点推荐美丽田园医疗健康、爱美客、科笛-B、朗姿股份等。 《美团拟收购叮咚买菜，打造即时零 售供应链优势—行业周报》-2026.2.8 《功效护肤品牌 HBN 母公司护家科 技递表港交所—行业周报》-2 ...

商贸零售 2026 年 03 月 01 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% 2025-03 2025-07 2025-11 商贸零售 沪深300 相关研究报告 《马年春节消费稳健恢复，老铺黄金 宣 布 2 月 底 调 价 — 行 业 周 报 》 -2026.2.23 《美团拟收购叮咚买菜，打造即时零 售供应链优势—行业周报》-2026.2.8 《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 老铺黄金调价幅度超预期，巩固品牌高端调性 ——行业周报 | 黄泽鹏（分析师） | 李昕恬（联系人） | | --- | --- | | huangzepeng@kysec.cn | lixintian@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790125100021 | 老铺黄金调价幅度超预期，巩固品牌高端调性 2 月 28 日老铺黄金启动 2026 年首次调价，多数产品涨幅集中在 20%至 30%区间， 对比 2025 年三次调价，提价幅度明显放大。调价落地前，提价预期叠加大 ...

Key Takeaways EL posted 6% organic Skin Care sales growth in Q2, among its strongest categories. Strength in Mainland China and brands like Estee Lauder and La Mer drove gains.Better inventory alignment and improved Asia/Pacific retail trends aided resilience.The Estee Lauder Companies’ (EL) Skin Care remained a key bright spot in second-quarter fiscal 2026, supported by stronger retail trends in select markets. Performance in Mainland China and continued brand momentum helped steady the category amid an ev ...