本报讯 （记者金婉霞）1月28日，上海家化联合股份有限公司（以下简称"上海家化"）发布2025年年度 业绩预盈公告。数据显示，2025年，上海家化预计实现归母净利润2.4亿元到2.9亿元之间，将实现扭亏 为盈。公告显示，2025年，上海家化主营业务增长、毛利率提升、非经常性收益增加等使得业绩预盈。 在亿元单品成功的基础上，上海家化于2025年第四季度成立了亿元单品俱乐部，旨在复用品牌资源和运 营经验，以爆品逻辑打造爆品矩阵，力争扩展亿元大单品矩阵，通过完整的孵化链路驱动公司发展。 （编辑 张伟） 2025年是上海家化战略改革的关键一年。在"聚焦核心品牌、聚焦品牌建设、聚焦线上、聚焦效率"的战 略指引下，公司多款亿元单品与潜力新品持续引爆市场，核心品牌竞争力持续增强、品牌势能加速释 放，共同推动全年业绩扭亏为盈。 上海家化董事长兼首席执行官林小海近日指出，在线上化时代，大单品是品牌走进消费者心智的关键入 口。通过以代表性单品建立认知，逐步构建产品矩阵，最终形成稳固的品牌心智，从而使品牌得以穿越 周期、实现长远发展。过去一年，公司已将这一方法论付诸实践，在聚焦核心品牌的基础上，进一步锚 定细分赛道，打造出全新升级 ...

从李佳琦直播间的一夜爆红，到年销十亿的卸妆油王者，逐本仅用三年时间便站上品类巅峰。然而，高光之下，利润稀薄、市场见顶的隐忧已 悄然浮现。如今，它正急切转身，试图洗去卸妆标签，奔向芳疗与生活方式的乌托邦。 2025年双十一，逐本登顶天猫卸妆品类销售冠军。据市场报道，这个以一瓶卸妆油打天下的品牌，2025年卸妆业务销售收入已突破十亿元大关，渗透率达 10%。 然而，就在攀上品类巅峰的同时，逐本内部正经历一场剧烈的身份焦虑和战略转向。它不仅大规模裁员、清理库存，更在公众视野中积极去卸妆化，将品 牌叙事引向更宽泛的芳疗与生活方式。 这形成了一个巨大的商业反差。一个依靠单一爆品在垂直赛道封王的品牌，却不愿承认自己的王者身份，反而急于摘下桂冠，奔向一个更广阔但更模糊的 新战场。 毕业于复旦大学财务管理专业的刘倩菲，起初在中金公司从事投行业务。 这段经历让刘倩菲早早接触到互联网与资本运作的浪潮。她参与过阿里巴巴红筹回归与支付宝分拆项目，随后投资重心逐渐转向美妆赛道。她不仅领投过 丽人丽妆的B轮融资，也见证了聚美优品开启的美妆垂直电商时代，亲身经历了从PC端到移动端、从内容社区到直播带货的渠道变迁。 当流量红利见顶，十亿营收 ...

证券之星消息，1月29日化妆品板块较上一交易日上涨1.12%，珀莱雅领涨。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603605 | 田菜雅 | 73.49 | 2.81% | 10.04万 | 7.29亿 | | 600315 | 上海家化 | 21.91 | 2.10% | 15.78万 | 3.45 Z | | 603983 | 丸美生物 | 31.62 | 1.35% | 2.57万 | 8137.01万 | | 002094 | 青岛金王 | 8.40 | 1.33% | 1 82.38万 | 6.92亿 | | 300957 | 贝泰妮 | 42.25 | 1.10% | 5.70万 | 2.40亿 | | 300856 | 科恩股份 | 13.67 | 0.96% | 7.60万 | 1.04亿 | | 301371 | 敷尔佳 | 24.44 | 0 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 33.34 [1]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of RMB 240 to 290 million in 2025, marking a turnaround from losses in the previous year. 2025 is viewed as a critical year for the company's strategic reform, focusing on core brands, brand building, online presence, and efficiency [1][6]. - The company has successfully developed three major products that have generated over RMB 100 million in sales each, demonstrating the effectiveness of its strategy combining category breakthroughs, major product cultivation, and marketing innovation [1][8]. - The company has adjusted its revenue forecasts for 2025-2027, now projecting revenues of RMB 6.407 billion, RMB 7.379 billion, and RMB 8.219 billion respectively, reflecting increases of 12.84%, 15.16%, and 11.38% [10]. Financial Performance - The company is projected to have a net profit of RMB 273.22 million in 2025, with an expected EPS of RMB 0.41. This is a significant recovery from a loss of RMB 833.09 million in 2024 [5][10]. - The company's return on equity (ROE) is expected to improve from -12.45% in 2024 to 3.93% in 2025, indicating a positive trend in profitability [5][10]. - The price-to-earnings (PE) ratio is projected to decrease from -17.32 in 2024 to 52.80 in 2025, reflecting a shift towards profitability [5][10]. Market Performance - The company's stock closed at RMB 21.46 as of January 28, with a market capitalization of RMB 14.426 billion. The stock has traded within a range of RMB 15.60 to RMB 28.92 over the past 52 weeks [2]. - The company has seen significant growth in its online sales channels, with notable performances on platforms like Douyin and Taobao, indicating strong brand momentum [7][9].

上海家化：预告25年归母净利2.4-2.9亿元，26年新品储备丰富、组织效率提升驱动经营改善【中金美护】 26年展望： 以聚焦亿元核心单品为策略，我们预计收入有望延续两位数增长，其中国内线下平稳，线上30-40%高增，汤美星 恢复至个位数增长，且利润增长快于收入，驱动来自： ①玉泽：25年干敏霜破亿基础上，26年油敏霜有望破亿，推出新品特润霜、青蒿素次抛、物理防晒等；②佰草 集：泥膜品类进行功效和价格带拓展，推出高端美白泥膜、清洁/抗老泥膜等，仙草油新品继续主推、目标破亿； ③六神：升级花露水包装、推新沐浴露、户外驱蚊、婴童花露水等。 公司发布25年业绩预告： 预计25年归母净利润2.4-2.9亿元，扣非净利润0.38-0.56亿元，同比均扭亏为盈，非经主要来自金融资产公允价值 变动损益及投资收益；对应单Q4归母净利-1.65至-1.15亿元，扣非净利-1.93至-1.75亿元，Q4利润端低于预期，主 因品牌建设投入增加，叠加联营公司（丝芙兰、片仔癀等）投资损益的拖累。 25年战略改革成效显著，带动收入达成两位数增长目标，剔除海外汤美星业务后，国内业务实现高两位数增长； 以区间中值测算，对应25年归母/扣非净 ...

上海家化25年业绩预告：25Q4持续投入品牌建设，期待26年盈利能力向好【东财新消费】 公司公告：25年实现归母净利润2.4-2.9亿元，实现扣非归母0.38-0.56亿元，同比均扭亏为盈；单季度来 看，25Q4实现归母净利润-1.65~-1.15亿元，扣非归母净利润-1.93~-1.75亿元，同比均亏损收窄，略低于此前预 期。 26年目标：收入实现10%+双位数增长，利润实现优于收入增速 ❶佰草集旗下大白泥、仙草油快速成长，驱动品牌增长； ❷玉泽旗下干敏霜（25年破亿）、油敏霜（25年接近亿元）均已成长为大单品，26年1月推出"特润霜"，添加独家 发酵青蒿油精华，后续还有大分子防晒、外泌体精华等产品储备，差异化产品线不断丰富； ❸六神在25年驱蚊蛋表现优异的基础上，后续预计继续拓展针对婴童、户外等细分场景场景的SKU，进一步推动 品牌年轻化、线上化。 26年目标：收入实现10%+双位数增长，利润实现优于收入增速的较快增长。 25Q4投入较多品牌费用，为长期增长蓄力。 Q3-Q4公司陆续发布佰草集仙草油、美加净蜂胶修护手霜等潜在大单品，在上市初期持续加码品牌宣传投入，为 品牌长期发展奠定基础。 展望后续，通过 ...

近期，国内化妆品行业一则IPO动态引发市场关注。国产功效护肤品牌HBN的母公司——深圳护家 科技(集团)股份有限公司(以下简称HBN)正式向香港联交所递交上市申请，计划以"真功效护肤理念第一 股"登陆港股市场。其招股书所呈现的"高研发投入—强产品转化—稳健财务回报"的发展路径，为观察 国货美妆产业升级提供了一个关键样本。 高用户复购率助力利润释放 招股书显示，HBN的增长明显兼具稳健性与高质量特征。营业收入从2023年的19.48亿元增长至 2024年的20.83亿元。2025年前三季度实现15.14亿元，同比增长10.2%。在营收增长的同时，公司的净 利润实现了从千万级到亿级的根本性跨越，净利润从2023年的0.39亿元跃升至2024年的1.29亿元，2025 年前三季度已达1.45亿元，净利润率从约2%提升至近10%。这标志着其商业模型完成了从规模优先到效 率与规模并重的关键转型。 这一利润释放的背后，或与HBN的坚实的用户基本盘相关。招股书显示，HBN积累了超过460万复 购用户，其在天猫及抖音平台的平均复购率分别达到35.4% 和44.0%，显著高于行业平均水平。行业人 士指出，较美妆行业20%的优秀 ...

Core Insights - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.27% and the Shenzhen Component Index increasing by 0.09%, while the ChiNext Index fell by 0.57%. The total trading volume in the Shanghai and Shenzhen markets reached 29,650.88 billion yuan [1][7] - In the industry sector, non-ferrous metals, oil and petrochemicals, and coal led the gains, while sectors such as comprehensive, media, and national defense and military industry lagged behind. Concept sectors like gold, lead, and zinc saw significant increases, while monkeypox, cell immunotherapy, and newly listed tech stocks experienced declines [1][7] Important News - The Federal Reserve maintained its benchmark interest rate at 3.50%-3.75%, following three consecutive rate cuts of 25 basis points. This decision aligns with market expectations. The Fed noted signs of stabilization in the unemployment rate, while inflation remains relatively high, and economic uncertainty persists [2][8] Industry Analysis - The media industry experienced a strong performance in 2025, with the Shenwan Media sector rising by 27.17%, ranking ninth among Shenwan's first-level industries and outperforming the CSI 300 Index. The industry valuation (PE-TTM) has shown fluctuations but remains above the average level of the past seven years. Revenue and net profit for the first three quarters of 2025 showed steady growth, with year-on-year increases in Q3 [9][10] - The dual focus on IP and AI is reshaping the media industry. As consumer preferences shift from "functional" to "emotional value," there is a growing market for IP content and its commercialization. AI is recognized as a transformative technology with vast potential across various media sub-industries, driving new market developments [9][12] Investment Highlights - IP is categorized into content-based and image-based types, both of which can interchange to explore higher value and enhance commercialization through derivative products. Content-based IP includes literary and film adaptations, while image-based IP focuses on recognizable visual symbols [10][11] - The market for IP derivatives is experiencing explosive growth, driven by the rise of Generation Z consumers and the popularity of "emotional value" economics. Key product categories include collectibles and toys, which resonate with younger audiences' social and entertainment needs [12] - AI applications are expanding across multiple media sectors, enhancing content production efficiency and reducing costs. In gaming, AI is revolutionizing narrative and gameplay experiences, while in advertising, traditional marketing models are being restructured to adapt to new consumer information-seeking behaviors [14][13]

记者 薛晶晶 记者登录国家药品监督管理局官网查询核实，"国妆特字G20200209"对应的产品名称为韩熙纤体霜，类 别为健美类，生产企业为广州市泊美化妆品有限公司，批准日期为2020年2月13日，批件有效期4年，目 前已过期。备注信息明确标注，该产品可销售至2025年12月31日止，逾期不得生产、进口、销售，且国 家药品监督管理局未组织对本产品所称功效进行审核，批件不作为对产品所称功效的认可。 根据《化妆品监督管理条例》，自2026年1月1日起，育发、脱毛、美乳、健美、除臭5类原特殊用途化 妆品5年过渡期正式终结，持有原国产特殊用途化妆品行政许可批件的化妆品被国家明令禁止生产、进 口、销售。《中国消费者报》此前已连续报道了除臭、育发、脱毛、美乳4类产品的市场乱象，健美类 产品的情况如何？1月下旬，记者调查发现，多款健美类产品仍存在违规销售现象，借"国妆特字"（国 家药品监督管理局核发的特殊用途化妆品批准文号，适用于有特定功效的化妆品）进行违规宣传的行为 依旧热度不减。 记者进一步调查发现，"国妆特字G20200209"这一过期批件已成为部分纤体产品的通用宣传道具。"多 麦国际化妆品专营店""诺维斯健康护理店" ...

Group 1: New Consumption - Beauty Industry Insights - The GMV of cosmetics on WeChat Video Account is projected to reach 12.18 billion yuan in 2025, with domestic brands expected to dominate the channel [5][6] - In 2025, domestic brands are anticipated to hold an 80.4% market share on WeChat Video Account, with top brands like Zheng Mingming and Lin Qingxuan leading the sales [6][7] - Skincare products are expected to capture 68.9% of the market share in the WeChat Video Account channel, indicating a higher premium potential compared to other categories [6][7] Group 2: WeChat Video Account as a Competitive Platform - WeChat Video Account is seen as a new battleground for beauty brands, offering a unique advantage by integrating public and private domains, allowing brands to retain users for long-term engagement [7] - The beauty-related voice volume in the WeChat ecosystem reached 10.39 million from October 2024 to September 2025, marking a 48% year-on-year growth, with video account voice volume increasing by 121.9% [7] - The platform's clear commercialization logic and empowerment system provide beauty brands with sustainable growth opportunities, making it crucial for brands to establish a presence on this platform [7] Group 3: Pharmaceutical Industry - Fuyuan Pharmaceutical Overview - Fuyuan Pharmaceutical, established in 1999 and listed in 2022, focuses on generic drugs and is expanding into innovative drugs, with a robust portfolio of 209 domestic drug registrations [13][14] - The company reported a revenue of 3.209 billion yuan from drug formulations in 2024, with a compound annual growth rate (CAGR) of 7.75% from 2019 to 2024, indicating stable growth [14][15] - Fuyuan is strategically investing in small nucleic acid innovative drugs, with 23 patents filed, and its core pipeline includes FY101, which is in Phase I clinical trials, targeting a large market of patients with dyslipidemia [15][16] Group 4: Financial Projections for Fuyuan Pharmaceutical - The company is expected to achieve net profits of 465 million yuan, 481 million yuan, and 520 million yuan from 2025 to 2027, with growth rates of -5%, 4%, and 8% respectively [16] - The current price-to-earnings (PE) ratios for these years are projected at 30X, 29X, and 27X, indicating a favorable valuation compared to peers [16]