Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.64 RMB, reflecting a 30x PE for 2026 [7][5]. Core Insights - The company's cosmetics business is showing signs of recovery, with revenue growth turning positive and accelerating since Q3 2024, achieving a year-on-year growth of 20.2% in Q4 2025 [1][2]. - The improvement in profitability is attributed to the recovery in domestic cosmetics consumption, optimization of customer structure, and enhanced operational efficiency [2][4]. - The company has established a diverse customer matrix, including international and domestic brands, which provides a stable foundation for long-term growth [3]. Summary by Sections Revenue and Profitability - The company forecasts a revenue of approximately 2.22 billion RMB for 2025, representing a year-on-year increase of 14.3%, with net profit expected to be between 130 to 165 million RMB, marking a significant increase of 138% to 202% [2][11]. - The revenue for Q4 2025 is projected at 665 million RMB, with a year-on-year growth of 20.2%, the first quarter since Q1 2021 to exceed 20% growth [2][11]. Customer Base and Market Position - The company serves a multi-tiered customer base, including renowned international brands like Procter & Gamble and Shiseido, as well as emerging e-commerce brands, which enhances its market position [3][4]. - The diverse customer structure is expected to provide stable support for the company's business operations and long-term sustainability [3]. Product Innovation and Supply Chain - The company has formed long-term partnerships with global raw material suppliers, enhancing its product innovation capabilities [4]. - New product launches, including a series of skincare and mask products, are expected to contribute to revenue growth and operational efficiency [4]. Financial Projections - The company anticipates net profits of 1.44 billion RMB, 1.82 billion RMB, and 2.20 billion RMB for the years 2025, 2026, and 2027 respectively [5][11]. - The projected revenue growth rates for the mask and skincare segments are expected to be 20%, 18%, and 15% for 2025 to 2027 [12].

公司持续投入研发，截至2025年12月31日，其在SCI索引期刊上以第一作者身份发表的论文数量位列国 产护肤品牌第一。护家科技自主研发了中国首个通过化妆品新原料备案的类A醇合成成分补骨脂酚阿魏 酸酯，并在多肽领域研究领先，成为国内第二个自主完成多肽新原料备案的中国品牌。截至2025年9月 30日，护家科技是唯一一个为全线产品进行由SGS等国际认可检测与认证机构开展真人功效检测的中国 市场主流护肤品牌。 护家科技向港交所主板递交上市申请，联席保荐人为摩根士丹利和中金公司（601995）。 该公司是中国领先的皮肤学级护肤品牌，也是最早提出"早C晚A"护肤理念的国产护肤品牌之一。按 2024年护肤品零售额计，护家科技是中国护肤品市场前十大国产品牌中最年轻的品牌，同时也是中国改 善型护肤品市场中最大的皮肤学级国产护肤品牌。 护家科技的HBN品牌专注于"看得见的真功效"。其A醇成分护肤品在2022年至2024年连续三年位居中国 销量第一；α-熊果苷焕颜精萃水在精华水品类中也连续三年排名第一(按销量计)。 中国化妆品市场规模稳步增长，预计到2029年将达到人民币9734亿元。中高端护肤品牌市场规模增长迅 速，预计到202 ...

Core Viewpoint - L'Oréal has launched a €100 million (approximately 8.11 billion RMB) sustainable innovation accelerator project called "L'AcceleratOR," aimed at investing in companies related to bio-based and bio-manufacturing sectors over the next five years [4][9]. Group 1: Investment and Companies - The first batch of 13 companies selected from nearly 1,000 applications across 101 countries focuses on sustainable innovations in packaging, materials, and data intelligence [4][6]. - The selected companies include: - **Kelpi (UK)**: Produces recyclable, low-carbon packaging from seaweed [8]. - **Bioworks (Japan)**: Develops new bio-plastics from sugarcane and other plant-based materials [8]. - **Blue Ocean Closures (Sweden)**: Manufactures fiber-based caps as alternatives to plastic [8]. - **PULPAC (Sweden)**: Innovates in low-carbon paper packaging [8]. - **Biosynthis (France)**: Produces renewable and biodegradable raw materials [8]. - These companies will undergo pilot projects supported by L'Oréal's global resources, with successful innovations potentially being scaled across L'Oréal's 37 global brands in over 150 countries [7][13]. Group 2: Broader Strategy and Future Outlook - L'Oréal's investment strategy extends beyond the L'AcceleratOR project, with over 10 investments made in the past three years, covering various regions and technologies [10][11]. - By 2030, L'Oréal aims for 90% of its formula ingredients and packaging to come from bio-based sources, indicating a significant market opportunity for suppliers in the bio-based materials sector [18][19]. - The company has established partnerships with various firms, including GS Caltex (Korea) for bio-based cosmetic ingredients and IBM for AI-driven formulation optimization [11][12]. Group 3: Market Implications - The successful implementation of innovations like Kelpi's seaweed packaging could lead to widespread application across different product lines, enhancing L'Oréal's market presence [15]. - Despite the absence of Chinese companies in the initial selection, L'Oréal's investment activities in China are accelerating, highlighting the potential for local bio-based material firms to engage with global markets [16][17]. - The "L'Oréal for the Future" strategy opens a significant market window for bio-based industries, emphasizing that sustainability is becoming essential for product development [19].

洞见（DJ00123987）——不一样的观点，不一样的故事，3000万人订阅的微信大号。点击标 题下蓝字"洞见"关注，我们将为您提供有价值、有意思的延伸阅读。 年末好货来袭！护肤品、儿童好物全都有 预约直播，抢新年好礼 最近翻出妈妈那个年代的照片，她们没有美颜，没有滤镜，没有整容，一个个却美得那么自然。 反观我们，补水防晒样 样 不落 ，脸上的斑却不见少，再加上天生 皮肤黑 ， 整个人 显得 脏兮 兮的… 为了 变白，几乎把网上流行的"秘方"试了个遍，不仅 钱花了 ，脸 折腾 红了， 斑却还在。 各种国外大牌、国货老牌也跟风买了不少，但要说真正有效果的 ，还得是咱们得 国牌老字号 「片仔癀」 。 片仔癀 作为"福建三宝"之一 ，放眼奶奶辈当年 也是和同仁堂齐名，和云南白药同为秘方。 效果不输大牌，却把成分、肤感越做越好， 到了我们这 一辈，也还是一堆人追捧！ 很多姐妹是直 接从国际大品牌掉头回来用它的！甚至有粉丝说，用了它， 性价比太香了！ 今天给大家挖到的这款 片仔癀皇后牌珍珠膏 （国妆特字G20203230）， 更是护肤品中的经典， 从奶奶辈开始..震惊几辈人、久火不衰，我家里长辈用了几十年了。 跟那些猛 ...

据港交所1月26日披露，深圳护家科技(集团)股份有限公司 (简称：护家科技)向港交所主板递交上市申请书，摩根士丹利、中金公司（601995）为 其联席保荐人。招股书显示，护家科技在中国改善型护肤领域的多个关键维度实现行业突破。该公司是最早提出"早 C晚A"护肤理念的国产护肤品 牌之一。 | [编纂]項下的[編纂]數目 | : [編纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | | | [編纂]數目 : [編纂]股H股(可予重新分配) | | | [編纂]數目 : [編纂]股H股(可予車新分配及視乎[編 | | | 纂 行使與否而定) | | | 最高[編纂]:每般H股[編纂]港元,另加1%經 | | | 紀佣金、0.0027％證監會交易徵 | | | 費、0.00015% 曾財局交易徵費及 | | | 0.00565% 聯交所交易費(須於[編纂] | | | 時繳足,多繳款項可予[編纂]) | | | 面值 每股H股人民幣0.20元 : | | | [編纂] : [編纂] | 公司简介 据招股书，护家科技是中国领先的皮肤学级护肤品牌，亦在改善型护肤品市场中位居前列。2019年，HBN品 ...

智通财经APP获悉，据港交所1月26日披露，深圳护家科技(集团)股份有限公司 (简称：护家科技)向港交 所主板递交上市申请书，摩根士丹利、中金公司为其联席保荐人。招股书显示，护家科技在中国改善型 护肤领域的多个关键维度实现行业突破。该公司是最早提出"早 C晚A"护肤理念的国产护肤品牌之一。 | 篇纂]項下的[编纂]數目 | | [編纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | --- | | [編纂]數目 | : | [編纂]股H股(可予重新分配) | | [編纂]數目 | : | [編纂]股H股(可予重新分配及視乎[编 | | | | 纂]行使與否而定) | | 最高[編纂] | : | 每股H股[編纂]港元,另加1%經 | | | | 紀佣金、0.0027%證監會交易徵 | | | | 費、0.00015%會財局交易徵費及 | | | | 0.00565%聯交所交易費(須於[編纂] | | | | 時繳足,多繳款項可予[編纂]) | | 面值 | | 每股H股人民幣0.20元 | | [編纂] | : | 【繼續】 | 公司简介 据招股书，护家科技是中国领先的皮肤学级护肤品牌，亦 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric, Anta Sports, and others, indicating a positive outlook for these stocks [1]. Core Insights - The gold and jewelry sector has emerged as the top performer this week, driven by new consumer sentiment and expectations of improved sales as the Spring Festival approaches. The sector saw a weekly increase of 12.9% [4][14]. - The report highlights a rebound in the new consumer sectors, with various segments such as gambling, overseas cosmetics, and retail also showing positive performance [4][14]. - The overall market sentiment is influenced by the performance of the MSCI China index, which has shown fluctuations in its weekly, monthly, and year-to-date performance [12][13]. Sector Performance Summary - **Gold and Jewelry**: Increased by 12.9%, with notable gains from Lao Pu Gold (20.5%) and Chow Tai Fook (5.9%) due to positive sales forecasts [6][14]. - **Gambling**: Rose by 2.9%, with MGM China and Galaxy Entertainment seeing increases of 4.0% and 3.6% respectively, attributed to market share gains [6][14]. - **Overseas Cosmetics**: Gained 2.1%, driven by E.L.F Beauty's strong performance and positive earnings outlook [6][14]. - **Retail**: Increased by 2.0%, with Wanchen Group rising 14.3% due to optimistic revenue forecasts [6][14]. - **Domestic Cosmetics**: Saw a modest increase of 0.9%, with companies like Proya and Runben showing positive trends [8][14]. - **Snacks**: Increased by 0.6%, with Youyou Foods and Qiaqia Foods showing gains [8][14]. - **Pet Sector**: Experienced a slight decline of 0.4%, with Zhongchong Co. facing market challenges [8][14]. - **Domestic Sportswear**: Decreased by 1.4%, with Li Ning showing a positive increase of 4.3% while Anta Sports faced a decline [8][14]. - **US Hotels**: Fell by 1.4%, with major hotel chains like Marriott and Hilton seeing declines [15][16]. - **Credit Card Sector**: Also decreased by 1.4%, with Visa and Mastercard facing market uncertainties [15][16]. - **Luxury Goods**: Declined by 1.6%, with Burberry experiencing a significant drop [15][16]. - **Overseas Sportswear**: Decreased by 1.8%, with Adidas facing a notable decline due to downgrades from investment banks [15][16]. Valuation Analysis - The report indicates that most sectors are currently undervalued compared to their historical averages, with expected PE ratios for various sectors such as overseas sportswear at 30.0x (56% of the past 5-year average) and domestic sportswear at 13.4x (70% of the past 5-year average) [10][17].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603630 | 拉芳家化 | 22.51 | -4.78% | 6.37万 | 1.45亿 | | 600315 | 上海家化 | 22.38 | -4.64% | 14.31万 | 3.24亿 | | 300740 | 水羊股份 | 23.72 | -3.58% | 15.25万 | 3.66亿 | | 300955 | 嘉亨家化 | 38.80 | -3.15% | - 3.76万 | 1.46亿 | | 300132 | 青松股份 | 8.72 | -2.46% | 25.95万 | 2.28亿 | | 300856 | 科思股份 | 13.97 | -2.31% | 8.37万 | 1.18亿 | | 300849 | 锦盛新材 | 18.90 | -2.28% | 3.62万 | 6821.46万 | | 920123 | 芭薇股份 | 15.72 | -2.24% | 1.53万 | 2404.55万 | | 002094 | 青岛金 ...

Group 1: Industry Insights - The Chinese潮玩 (trendy toys) industry is projected to exceed 100 billion yuan in total value by 2026, with an average annual growth rate of over 20% [2] - The cosmetics market in China is expected to surpass 1.1 trillion yuan in total transaction value by 2025, with domestic brands increasing their market share to 57.37% [13] Group 2: Company Developments - Xibei's founder, Jia Guolong, announced a return to frontline operations, focusing on core business rather than personal branding [3] - Luoyang Molybdenum has completed the acquisition of Brazilian gold mines, expecting to produce 6-8 tons of gold this year [6] - Aixin Yuanzhi has passed the Hong Kong Stock Exchange hearing and is on track to become the first "Chinese edge AI chip stock" [11] Group 3: Technological Advancements - A new type of "smart" chip developed by a research team, including the Milan Polytechnic University, significantly reduces energy consumption while enhancing data processing speed, with applications in AI and next-generation wireless communication [5] - Samsung Electronics is set to supply HBM4 chips to Nvidia and AMD starting in February, strengthening its position in the AI chip market [7] Group 4: Regulatory and Policy Changes - The implementation of protective farming practices for black soil in Northeast China is set to cover 11.2 million acres by 2025 [8] - Hong Kong has introduced new traffic safety regulations requiring all passengers in public transport and commercial vehicles to wear seatbelts, with penalties for non-compliance [10] - The regulatory environment for listed companies in China has tightened, with over 90 companies facing administrative penalties in 2025 [9]

2026年1月20日，玉泽「修屏障 稳到底」新品发布会在金山岭长城脚下举行。在这一承载着中华文明守 护精神的重要地标前，玉泽以"屏障"为核心命题，将皮肤屏障研究、产品创新与文化象征融为一体，完 成了一次兼具科学深度与精神高度的品牌表达。 长城，作为守护疆域与文明的伟大工程，象征着稳固、坚守与延续；皮肤，作为人体最大的器官与第一 道防线，同样承担着抵御外界刺激、维系内在稳定的重要使命。玉泽将新品发布会选址于此，正是希望 通过这一跨越宏观文明与微观生命的隐喻，让"皮肤屏障"这一医学概念，被更直观、更深刻地理解与认 知。 一、玉泽23载笃行医研初心：从"医研长征"到"医研长城" 发布会现场，上海家化董事长兼首席执行官林小海在致辞中表示，长城所代表的守护精神，与上海家化 百余年来始终坚持的匠心与责任高度契合。自1898年创立以来，上海家化始终以匠心为根基，以科研创 新为脉络，守护一代代中国家庭的健康与美丽，而玉泽正是这百年匠心在新时代的延续与创新。 玉泽对皮肤屏障的系统研究始于2003年。彼时，上海家化与上海交通大学医学院附属瑞金医院皮肤科展 开深度医研合作，围绕皮肤屏障这一基础而关键的医学课题持续探索。首款屏障修护 ...