证券研究报告·行业跟踪周报·商贸零售 商贸零售行业跟踪周报 5 月我国非美出口展现韧性，重视非美出口 枢纽小商品城的战略地位 增持（维持） [Table_Tag] [周观点（注：文中"本周"指的 Table_Summary] 6 月 9 日至 6 月 15 日） 2025 年 06 月 16 日 证券分析师 吴劲草 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 研究助理 王琳婧 执业证书：S0600123070017 wanglj@dwzq.com.cn 行业走势 -11% -4% 3% 10% 17% 24% 31% 38% 45% 52% 6/17/2024 10/15/2024 2/12/2025 ...

用户只需在唯芯美小程序内使用积分，即可完成与三大运营商的话费充值，全程自动处理，无需跳转、 无需等待，极大提升了积分使用效率和用户体验。 这不仅是技术上的一次跨越，更是积分生态迈向"生活支付化"的关键节点。唯芯美表示，未来积分将拓 展至更多公共支付场景，包括网费、电费、水费、燃气费等日常生活缴费系统，构建真正的"积分价值 闭环"。 2025年6月，唯芯美积分系统完成与中国移动（600941）BOSS系统、中国联通（600050）cBSS系统、 中国电信（601728）BS3.0系统的深度对接，通过"唯芯美积分池——API网关集群"架构，实现三网话费 的实时充值兑换。这标志着唯芯美成为首批将"消费医美积分"打通通信场景的创新品牌之一。 "这是消费医疗积分首次成为准通用货币。" ——中国电子商务创新推进联盟秘书长相关负责人 "唯芯美构建了'美丽—生活'的价值闭环，未来或可探索积分跨境兑换。" ——行业观察人士评论 "公用事业缴费是用户信任的终极试金石；当积分能交水电费，意味着品牌信用体系已比肩银行。" ——易观智库消费行业中心相关负责人 此次系统接入不仅提升了积分的价值感知，也增强了唯芯美品牌在用户信任与金融可拓 ...

Group 1 - The core viewpoint of the articles highlights the significant growth of Pop Mart, particularly its The Monsters series, which achieved sales exceeding 3.04 billion yuan in 2024, marking a year-on-year increase of 726.6% and surpassing the MOLLY series to become the most profitable IP for the company [1][5][19] - The recent surge in new consumption trends is attributed to the Z generation (born between 1995 and 2009), who represent 19% of China's population but account for 40% of total consumption power, indicating a strong willingness to spend on non-essential items like collectibles [5][19] - The consumption behavior of the Z generation reflects a shift towards emotional and social value, prioritizing identity and belonging over traditional material needs, which has led to a rise in products that cater to these desires, such as blind boxes and trendy toys [4][9][10] Group 2 - The Z generation's average disposable income reached 3,501 yuan in 2020, significantly higher than the national average of 2,682 yuan, enabling them to spend more on personal interests and emotional fulfillment [5][6] - The articles discuss the emergence of a "circle culture" among the Z generation, where purchasing items like blind boxes serves as a ticket to join specific social groups, enhancing their sense of belonging and identity [11][19] - Pop Mart's high gross margin of 63.9% in mainland China, along with the popularity of its products in the second-hand market, demonstrates the brand's ability to create high-value items that resonate with consumers' emotional and social needs [15][19]

Group 1: Consumer Trends - The demand side is expected to see weak consumption sentiment in 2024, with internal structural differentiation [1] - Investment opportunities in consumption are shifting from total volume to structure and even individual stocks, highlighting the emergence of new consumer groups and changing consumption psychology [1] - Companies can leverage social media for viral marketing effects, enhancing the spread and creating growth loops [1] Group 2: Gold and Jewelry Industry - The gold and jewelry industry is transitioning from a channel-driven era to a brand and product-driven era, influenced by innovations in craftsmanship and the rise of domestic brands [2] - Lao Pu Gold, as a pioneer in traditional gold, integrates cultural elements with modern aesthetics, benefiting from the rationalization of high-end consumption [2] Group 3: IP Toys - Demand for emotional value is driving the rise of IP-based cultural and toy consumption, particularly in character-based products [2] - Briklo adopts a standardized approach to create figurines, achieving high standardization and competitive pricing, leading to significant growth [2] Group 4: Medical Aesthetics - The medical aesthetics industry is characterized by high barriers and is driven by product and regulatory innovations, transitioning from hyaluronic acid to regenerative and collagen materials [3] - Jinbo Biotechnology, a key player in the collagen market, has seen growth following the approval of its recombinant collagen injection products, with a favorable competitive landscape [3] Group 5: New Tobacco Products - Innovations in new tobacco products are rapidly replacing traditional tobacco, driven by advancements in supply-side technologies [4] - Philip Morris International, as a pioneer in heated tobacco products, has seen significant user growth, with 32.2 million users expected by the end of 2024 [4]

Summary of Conference Call Notes Industry or Company Involved - Miniso (名创优品) - Top Toy - Yonghui Supermarket (永辉超市) - Baijiu Industry (白酒行业) - Express Delivery Industry (快递行业) - Weixing Precision (帏翔精密) - TCL Electronics (TCL 电子) - Aimeike (爱美客) Key Points and Arguments Miniso Performance and Strategy - Miniso achieved revenue of 400 million in 2024, a year-on-year increase of 23% and a net profit of 2.6 billion, up 16% [2] - The company opened 460 new stores in China, totaling 4,386 stores [2] - The SKU count increased to 12,600 with a monthly launch rate of 1,180 new products [2] - In overseas markets, particularly North America, 265 new stores were opened, with overseas GMV growth exceeding 50% and agency market growth at 17% [4] Top Toy Development - Top Toy opened 128 new stores last year, doubling its store count and achieving profitability with a pre-tax profit margin exceeding 9% [2][5] Yonghui Supermarket Acquisition - The acquisition of Yonghui Supermarket was completed in Q1, with expectations for it to break even this year, limiting its drag on Miniso [6] Baijiu Industry Trends - The baijiu industry is expected to see an upward turning point, with inventory decreasing year-on-year and improved demand during the Spring Festival [7] - High-end liquor demand remains stable, while mid-to-low price segments face challenges [7] Express Delivery Industry Insights - In early March, express delivery volume growth remained at 20%-21%, higher than expected [8] - A shift in the industry from peak to off-peak season is anticipated, with revenue growth expected to approach 15% [8] Weixing Precision Financials - Weixing Precision reported a net profit of 10.15 billion in 2024, a 12.7% year-on-year increase, meeting expectations [9] TCL Electronics Performance - TCL Electronics reported revenue of 99.32 billion HKD in 2024, a 25.7% increase, and a net profit of 1.61 billion HKD, up 100.1% [13] - The company expects a dividend payout ratio of 50% [13] - TV sales in China grew by 5.8%, while overseas sales increased by 17.6% [13] Aimeike's Financial Performance - Aimeike's revenue and net profit growth were approximately 5% in 2024, but Q4 saw a decline in revenue by 7% and net profit by 15% [17] - The company plans to focus on internal growth and external acquisitions, with several new products expected to launch in 2025 [18][20] Future Outlook for Aimeike - Aimeike's revenue and profit growth is projected to be around 11% in 2025, with potential acceleration in 2026 and 2027 due to new product launches and acquisitions [20] Other Important but Possibly Overlooked Content - The express delivery industry is facing a transition period, and companies like Zhongtong Express are setting ambitious growth targets of 20%-24% for parcel volume [10] - Yunda is under investigation by the National Postal Administration, which may affect its business relationships with major clients [11] - SF Express's strategic investment in Dekun Logistics aims to enhance cost efficiency through business collaboration [12] - TCL's other display and internet business segments showed steady growth, with significant contributions from innovative business areas [14][15]

同样，来历不明的玻尿酸产品或者是非正规渠道的玻尿酸产品，也容易引起过敏和排异反应，表现为 红、肿、痛，甚至引起感染。 如今，"轻医美"已被社会广泛接受，成为"颜值经济"的重要组成部分。但是，该行业的规范性短板，一 直未得到根本补齐。诸如虚假宣传、经营资质存疑、价格不透明等现象，屡被曝光。而医美产品走私案 件的频发，则更提醒另一重风险，即"原材料"的安全问题。 ▲部分走私的医美产品。图/央视新闻截图 "轻医美"是近年来流行的一种微创或无创医疗美容方式，市场上，与之相关的肉毒素、玻尿酸等医美产 品越来越火。但面对高额利润，不法分子也动起了歪心思。 据央视报道，在青岛、荣成等口岸，近期此类医美产品走私案件频发，一些不法分子将肉毒素、玻尿酸 等医美产品，夹藏在普通货物中走私入境，单案涉案数量高达数万支。 这些肉毒素和玻尿酸在入境后，被走私分子通过快递的方式发往全国各地，最终流入市场，直接影响到 医美消费者的安全。 以肉毒素为例，其属于毒麻类药品，是被严格管控的特殊药物。然而，走私入境的肉毒素产品，未经检 验检疫，其产品质量无法保证，消费者使用时，存在极大健康安全风险。 近年来，各地屡有消费者使用来历不明的肉毒素，导致 ...

Core Viewpoint - The article addresses misleading perceptions in the capital market regarding hyaluronic acid and recombinant collagen, emphasizing the need to correct these misconceptions to avoid resource misallocation and risks for companies like Huaxi Bio [1][2]. Industry Perspective - Recombinant collagen is a small branch of collagen research and industrial transformation, with the main advancements still held by life science research institutions and pharmaceutical companies [1]. - In 2024, China's hyaluronic acid exports reached 161 tons, with 11.8 tons being high-end pharmaceutical-grade, while recombinant collagen exports were less than 0.02 tons, indicating a lack of market support for the notion that recombinant collagen is replacing hyaluronic acid [2][3]. - The growth rate for hyaluronic acid in the domestic and international markets is over 10%, with Huaxi Bio's pharmaceutical-grade hyaluronic acid showing over 20% growth, contradicting claims of market pressure [3]. Company Performance - Huaxi Bio's performance decline is attributed to a drop in consumer goods business and one-time asset impairment losses, rather than competition from recombinant collagen [3]. - The company maintains a high profit margin of around 50% across its active ingredient and medical terminal businesses, with significant revenue contributions from hyaluronic acid [3]. Market Dynamics - Recent successful companies in the skincare sector are not solely due to the rise of recombinant collagen but are also driven by strong e-commerce capabilities and complex formulations [4]. - The article highlights the misuse of the term "recombinant collagen" by some companies, which may mislead consumers and investors, emphasizing the need for a credible market environment [5][8]. Regulatory and Scientific Standards - There is a lack of detection standards for recombinant collagen, leading to the misuse of the term and potential consumer deception [8]. - The company advocates for a collaborative approach among professionals, testing institutions, and media to enhance understanding and improve the industry ecosystem [7][9].

"轻医美"是近年来逐渐流行的一种微创或无创医疗美容方式，与之相关的肉毒素、玻尿酸等医美产品越来越火。面对高额利润，不法分子也动起了歪心思。 记者近日在青岛、荣成等口岸一线调查发现，非法走私医美产品现象频发，运输方式隐蔽。 青岛海关接连查获走私肉毒素与玻尿酸产品 近日，青岛海关所属黄岛海关的工作人员对货运渠道现场查验时，在进境货运集装箱内，发现大量未申报的注射用医美产品。经查实，该批货物共有注射用 玻尿酸针剂15337支、肉毒素制剂3380支、注射用溶解酶880支，总计19597支。目前，海关已暂扣该批货物，将依法进行处置。 夹藏医美产品数万支 海关查获特大走私案 荣成海关近期也查获类似案件。一票申报为"蜂蜜黄油味薯片""大麦茶"等15项食品的进口货物查验时，发现异常。 据了解，荣成海关工作人员查验时发现，集装箱内有一个箱子，不仅有重新打包的痕迹，而且大箱套小箱，箱体上无任何标识。经过彻底查验清点，海关工 作人员发现几千支未经报关的医美产品。通过外包装上标称的产品信息，初步确认这些都是来自韩国的肉毒素和玻尿酸。 记者在走访口岸发现，近期此类医美产品走私案件频发，一些不法分子将肉毒素、玻尿酸等医美产品，夹藏在普通 ...

以下文章来源于十点人物志 ，作者旺仔、芝士咸鱼 十点人物志 . 在这里，遇见每一个值得被记录的人 本文来自微信公众号： 十点人物志 ，作者：旺仔，编辑：芝士咸鱼、野格，题图来源：AI生成 "有钱有闲可以尝试医美，没钱没闲别试了。" 前阵子，李佳琦在直播中认真地劝普通女生不要轻易尝试医美，这句言论迅速在社交平台掀起水花， 也再次将医美话题推上风口浪尖。 长期以来，医美行业游走在光鲜与灰色地带之间。一面是广告中承诺的轻盈、无痕、速成的变美捷 径；另一面，是现实中潜藏的高风险与不可逆的代价。 不少女生在社交平台分享医美失败的经历 从"玻尿酸"到"肉毒素"，从"少女针"到"馒化针"，从"高颅顶"到"精灵耳"，每一次术语更替背后，都 是一代代消费者在焦虑中的反复试验与下注。 陈菲曾是医美消费者，后来成为一家私立机构的老板。十三年来，她亲历行业潮起潮落，也直面欲望 与风险的边界。齐铭供职于上游厂家，见证行业从粗放走向规范，感受到年轻消费者对品牌和安全的 反复追问。 他们都指出，所谓"轻医美"并不轻——它只是将风险包裹得更温和，将欲望包装得更柔软。 医美正悄然渗透进普通人生活，但它从不是一场无风险的游戏。人们用针头与光束勾 ...

Group 1 - The core point of the news is that Langzi Co., Ltd. plans to reduce its stake in Ruoyuchen by up to 3% within 15 trading days, following a previous cash-out of 217 million yuan, indicating a strategic move to support its expanding medical beauty business [1][4][6] - Ruoyuchen's stock price has surged by 534% over the past year, with a year-to-date increase of over 150%, prompting Langzi's decision to sell at a high point [1][4] - Langzi's investment in Ruoyuchen has yielded over 8 times returns, marking it as one of its most successful financial investments in recent years [4][6] Group 2 - Ruoyuchen, founded in 2011 and listed in September 2020, has seen a significant shift in its business structure, with traditional e-commerce operations declining while its own brand business is on the rise [4][5] - The revenue from Ruoyuchen's self-owned brands has grown from 73.97 million yuan in 2021 to approximately 263 million yuan in 2023, accounting for nearly 19.27% of total revenue [5] - The overall gross margin for Ruoyuchen reached 44.57% in 2024, with self-owned brands achieving a gross margin of 67%, significantly higher than its other business segments [5] Group 3 - Langzi's medical beauty business has become its main revenue driver, contributing 2.784 billion yuan in 2024, which is 48.92% of total revenue, surpassing its fashion women's wear segment [9][10] - Despite the growth, the gross margin for the medical beauty segment is only 54.42%, which is lower than the 63.45% margin for the women's wear segment [9][10] - Langzi's short-term borrowings have surged by 92.11% year-on-year, indicating increasing financial pressure as it expands its medical beauty operations [9][14] Group 4 - Langzi has faced compliance issues within its medical beauty operations, with several institutions under its umbrella encountering penalties for various violations [13] - The company is actively seeking funding to support its medical beauty expansion, which may include repaying upcoming debts and acquiring regional medical beauty institutions [13][14] - The medical beauty market in China has significant growth potential, with a penetration rate of only 3%-5%, compared to 20% in South Korea, but faces challenges from competitors and macroeconomic fluctuations [13][14]