Investment Rating - The report initiates coverage with a "Buy" rating for the company [12]. Core Insights - The company achieved a revenue of 515 million yuan in H1 2025, representing a year-on-year growth of 43.76%, and a net profit attributable to shareholders of 78.32 million yuan, up 432.14% year-on-year [1]. - The packaging segment generated 479 million yuan in revenue, a 52.85% increase year-on-year, driven by market expansion and significant growth in the packaging printing business [2]. - The cosmetics segment reported a revenue of 42.29 million yuan, down 13.52% year-on-year [2]. - The company has signed strategic cooperation agreements with several new clients, including major cosmetics and health companies, and has successfully developed new products in its subsidiaries [2]. Financial Summary - The company's gross margin improved to 28.40% in H1 2025, an increase of 7.37 percentage points year-on-year [3]. - Revenue projections for 2025-2027 are estimated at 1.117 billion yuan, 1.426 billion yuan, and 1.769 billion yuan, respectively, with net profits expected to be 152 million yuan, 204 million yuan, and 267 million yuan [3][4]. - The report indicates a significant increase in earnings per share, projected to rise from 0.31 yuan in 2024 to 0.88 yuan in 2027 [4]. Market Data - As of September 4, 2025, the company's closing price was 17.63 yuan, with a 12-month price range of 13.28 to 37.43 yuan [5]. - The total market capitalization is approximately 5.33 billion yuan [5]. Performance Metrics - The company has shown strong absolute returns of 80% over the past 12 months, outperforming the market [8]. - The projected price-to-earnings ratio is expected to decrease from 83.39 in 2024 to 19.97 in 2027, indicating improved valuation over time [4].

Market Overview - On September 5, the cosmetics sector rose by 0.61% compared to the previous trading day, with Beitaini leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Beitaini (300957) closed at 46.93, with a gain of 2.22% and a trading volume of 43,900 shares, amounting to a transaction value of 203 million yuan [1] - Other notable performers included: - Jiahen Home (300955) at 33.67, up 1.91% [1] - Kesheng Co. (300856) at 14.28, up 1.35% [1] - Qing Song Co. (300132) at 6.61, up 1.07% [1] - Conversely, LaFang Home (603630) saw a significant decline of 4.68%, closing at 29.73 [2] Fund Flow Analysis - The cosmetics sector experienced a net outflow of 107 million yuan from institutional investors, while retail investors saw a net inflow of 66.81 million yuan [2] - The detailed fund flow for individual stocks showed: - Jiahen Home had a net inflow of 5.16 million yuan from retail investors [3] - Beitaini experienced a net outflow of 9.28 million yuan from retail investors despite a net inflow of 5.03 million yuan from institutional investors [3] - Qingdao King (002094) had a net outflow of 11.19 million yuan from institutional investors [3]

Core Viewpoint - The conference highlighted the resilience and potential of the Chinese consumer market amidst global economic adjustments and uncertainties, emphasizing the importance of domestic demand as a key growth engine for the economy [4]. Group 1: Conference Overview - The 15th Consumer Goods Annual Conference hosted by Guotai Junan took place in Shanghai, focusing on the theme of "New Consumption Era" and gathering industry experts, executives from listed companies, and investment institutions to discuss various topics related to consumer behavior and investment opportunities [2]. - Nearly 20 prominent guests from the consumer industry and around 100 listed companies participated, showcasing a rich exchange of investment research ideas [2]. Group 2: Key Insights from Presentations - The consumer landscape is undergoing significant changes driven by the younger generation, with evolving consumption behaviors leaning towards personalization, refinement, and emotional engagement, creating numerous niche opportunities [4]. - The traditional consumption sector is expected to reach a turning point by the end of the year, with stable categories like beverages, beer, and condiments presenting long-term investment opportunities [7]. - Emotional and experiential consumption is accelerating, with industries focusing on emotional value and experience addressing consumer pain points, leading to rapid realization of commercial value [9]. - The home appliance sector is witnessing a shift towards high-value product designs that cater to emotional recognition and lifestyle needs, alongside advancements in AI and robotics transforming product forms [12]. - The furniture sector is experiencing marginal improvements in revenue growth due to supportive policies and a strengthening housing market, while export performance is beginning to show signs of differentiation [13]. Group 3: Future Outlook - Guotai Junan Securities aims to leverage its professional advantages and platform resources to enhance market influence and pricing capabilities, aspiring to build a globally impactful investment research platform [4]. - The conference serves as a significant platform for understanding industry trends and capturing investment opportunities, having gained widespread attention and recognition in the capital market over the past fourteen years [22].

9 月1日起，小红书 「种草直达」广告外链跳转淘宝天猫功能正式面向全行业品牌零门槛开放，该功能此前已全量开放跳转京东、拼多多的链路。 今年618期间，敷尔佳通过「种草+种草直达」组合投放策略，在竞争激烈的面膜市场成功突围。敷尔佳针对祛痘人群、精致妈妈等不同消费者的需求，通 过投放种草笔记精准传递产品卖点、快速积累兴趣人群，在大促销售期投放「种草直达」，承接转化。最终，该策略贡献生意增量超千万，相比纯种草的效 果提升28%，为其天猫旗舰店进店人群带来54%的全新增量。 同样借助组合投放实现增长的还有百词斩Ace单词机。品牌此前发现，许多用户的末次阅读以种草广告笔记为主，且种草后会前往天猫下单。基于这一洞 察，品牌优化投放策略，围绕目标人群、产品亮点、博主类型匹配产出精准内容，并在种草广告笔记中直接投放「种草直达」 ，让用户从看到笔记种草到 完成购买的路径更顺畅，最终高效推动了销量提升与转化增长。最终，品牌整体月销售额实现5倍增长，「种草直达」直接促成的销售额占比达72%。 此次「种草直达」向全行业品牌零门槛开放，给即将到来的双11再添利好，助力更多商家高效地将小红书的种草内容转化为品牌增长的切实销量，进一步放 ...

9月4日，捐赠仪式在青海三江源民族中学正式拉开帷幕。仪式现场，片仔癀化妆品工会主席谢阿贵先生 同与会领导、行业同仁共同见证了爱心传递的重要时刻：从捐赠助学金，到发放爱心礼包以及护肤关 怀，结合自身深耕中式护肤的专业优势，为西部孩子们的肌肤健康保驾护航。每一个环节都满含对青海 学子的期许。这份"美丽+实用"的双重关怀，让公益不止于物资捐赠，更添一份贴心守护。 近日，由中国香料香精化妆品工业协会联合中国妇女发展基金会主办的"走进青海——香妆行业爱心公 益活动"捐赠仪式，在青海省西宁市圆满举行。福建片仔癀化妆品股份有限公司作为连续十年参与爱心 公益活动的企业受邀出席捐赠仪式，以实际行动为青海困难中小学学生送去关怀，让"美丽"真正成为温 暖人心的力量。 从草本匠心到公益暖心，片仔癀化妆品始终坚信：真正的"美丽"，不仅是肌肤的健康光彩，更是社会责 任的坚定践行。此次青海之行不是终点，而是爱心续航的新起点——未来，将继续以力量传递温暖，让 每一份匠心都带着温度，让每一次守护都充满力量！ ul 书 fill ye ye 福建片仔擴化妆品股份有限公司: 50 感谢你公司向"'香'遇英好 · '妆'点生活"公 益项目"走进青海 ...

今年夏天"广州美妆"备受海外市场欢迎，防晒喷雾、控油轻薄底妆、清凉护理等防晒美妆产品源源不断 输往东盟、欧盟、拉美等海外市场。据广州海关统计，今年前7月，广州市出口化妆品约64.3亿元，同 比增长约45%。 广州是化妆品产业大市，具有头部企业集聚、科技创新能力强、市场辐射范围广等特点，年产值超过 1000亿元，产业规模占广东省70%以上。 为支持化妆品产业高质量发展，广州海关所属广州车站海关依托"关长联系企业""政策直通车"等机制， 加强原产地政策宣讲与出口目的国家（地区）关税享惠指导，针对性推送化妆品出口通关最新政策和国 外相关技术标准，面对面解答企业政策咨询及困难诉求，打造政策扶持惠企快车道。同时，优化取样送 样流程，推动样品检测、报告出具、证书打印等流程快速衔接，助力夏日防晒美妆产品顺畅出口。 地处广州北部的花都区也是全国重要的化妆品产业集群和生产基地之一，现有化妆品生产企业300余 家，自主品牌商标及专利数量稳居全国前列。据统计，今年前7月，白云区出口化妆品约22亿元，同比 增长32.1%。 为助力防晒化妆品等"清凉经济"火热出海，广州海关所属花都海关开设"夏日专窗"，安排专员对出口防 晒产品开展申报 ...

智通财经APP获悉，巨子生物(02367)早盘涨超5%，截至发稿，涨4.68%，报58.1港元，成交额3.51亿港 元。 中金发布研报称，据该行监测数据，可复美品牌7-8月抖音自播+商品卡GMV增速均超50%，同时复购 率较事件前亦保持较高水平，显示忠诚老客受影响幅度有限。达人直播短期受事件影响较大，对拉新层 面带来压制，但亦逐步恢复，据该行监测数据，7-8月行业淡季期间，可复美抖音达播占比约23%，环 比事件影响阶段有所回升。该行指出，随着双十一旺季临近，后续达播频次增加有望带动营销种草预 热，推动拉新层面较快恢复，品牌成长势能有望重回较快轨道。 消息面上，巨子生物此前发布业绩，上半年收入约31.13亿元，同比增长22.5%；归属于母公司持有者盈 利约11.82亿元，同比增长20.2%。美银证券发布研报称，巨子生物上半年业绩略超预期，总收入31.13 亿元人民币，同比增长22.5%。该行基于上半年表现及今年7月强劲的线上表现，上调旗下品牌可复美 的收入预测，并将2025至2027年的总收入预测各上调1.9%。 ...

中金主要观点如下： 中金发布研报称，维持巨子生物(02367)25-26年净利润25/32亿元盈利预测，当前股价对应25-26年 21/17xP/E。维持跑赢行业评级和目标价82港元，对应25-26年32/25xP/E，有50%的上行空间。该行重申 看好公司作为重组胶原蛋白龙头的广阔前景，建议前瞻布局双十一旺季修复机会。 短期事件影响逐步消退，品牌拉新、达播逐步恢复 上半年公司自播层面持续优化自播号矩阵、强化选品策略，在短期事件影响下仍保持着良好的增长态 势，据该行监测数据，可复美品牌7-8月抖音自播+商品卡GMV增速均超50%，同时复购率较事件前亦 保持较高水平，显示忠诚老客受影响幅度有限。达播短期受事件影响较大，对拉新层面带来压制，但亦 逐步恢复，据该行监测数据，7-8月行业淡季期间，可复美抖音达播占比约23%，环比事件影响阶段有 所回升。 产品推新及培育有序推进，底层研发及营销链路持续夯实 公司近况 短期看，公司事件影响逐步消退，自播延续健康强劲增长，同时品牌拉新、达播逐步恢复，该行认为后 续进入双11旺季，达播进一步修复有望带动品牌势能重回轨道;中长期看，公司底层研发及产品开发能 力优势突出，产品推新 ...

短期看，公司事件影响逐步消退，自播延续健康强劲增长，同时品牌拉新、达播逐步恢复，该行认为后续进入双11旺季，达播进一步修复有望带 动品牌势能重回轨道;中长期看，公司底层研发及产品开发能力优势突出，产品推新及培育顺利推进，该行认为产品矩阵有望持续丰富，打开品牌 中长期成长空间。 （原标题：中金：维持巨子生物(02367)跑赢行业评级 目标价82港元） 智通财经APP获悉，中金发布研报称，维持巨子生物(02367)25-26年净利润25/32亿元盈利预测，当前股价对应25-26年21/17xP/E。维持跑赢行业评 级和目标价82港元，对应25-26年32/25xP/E，有50%的上行空间。该行重申看好公司作为重组胶原蛋白龙头的广阔前景，建议前瞻布局双十一旺季 修复机会。 中金主要观点如下： 公司近况 公司持续保持与头部达人的沟通，亦取得积极成效。考虑达播对拉新的带动更为明显，该行认为随着双十一旺季临近，后续达播频次增加有望带 动营销种草预热，推动拉新层面较快恢复，品牌成长势能有望重回较快轨道。中长期看，公司在三类医疗器械取证方面年初以来不乏积极进展， 该行认为后续亦有望形成增量贡献。 风险提示：行业竞争持续加剧; ...

9月4日消息，香奈儿两款轻盈蜜粉产品的定价，近日引发了消费者的关注和质疑。其中，正装30克的售 价为600元，随行装6克的售价同样为600元，而且没有补充装。 有网友认为，6克装的价格偏贵；也有网友认为，这个价格很正常，"香奈儿卖的不是散粉，而是盒 子"。 据红星资本局，香奈儿的客服对此回应，这两款产品属于同款产品(即粉质相同)，净含量不同。"轻盈 蜜粉(随行装)是精致小巧随行的设计，自带化妆镜，且内附精致粉扑，方便日常携带上妆。普通款(正 装)没有镜子。" 智通财经查询香奈儿官方小程序发现，两款产品的成分也略有差异。除了几项同款成分之外，30克装的 蜜粉含有硅石，6克装的蜜粉里则含有纤维素。 我国化妆品消费近几年增速放缓，今年以来略有上升。7月，国家统计局数据显示，2025年上半年我国 社会消费品零售总额达245458亿元，同比增长5.0%。其中，限额以上单位化妆品类消费品零售额2291 亿元，同比增长2.9%。 据悉，2021-2024年1-6月，化妆品类零售额分别为1917亿元、1905亿元、2071亿元、2168亿元，同比变 化分别为26.6%、-2.5%、8.6%、1.0%。 在此背景下，奢侈品品牌 ...