本周关注点 截至2025年6月6日收盘，稳健医疗（300888）报收于49.59元，较上周的48.38元上涨2.5%。本周，稳健 医疗6月4日盘中最高价报53.78元。6月3日盘中最低价报48.5元。稳健医疗当前最新总市值288.78亿元， 在个护用品板块市值排名1/13，在两市A股市值排名510/5148。 2025年，公司两大主业的盈利能力整体呈现出稳中向好的提升态势。2024年，医疗业务整体营业利润率 为7.6%；全棉时代营业利润率为12.1%，自2022年起持续上升。展望2025年，医疗业务受公共卫生事件 影响的阶段已基本结束，防护产品去产能去库存工作已经完成，营业利润率有望同比提升。全棉时代品 牌势能上升，消费者认可度提高，产品结构优化，降本增效成果显著，毛利率预期向好；营销投放更加 精准，管理费率预计下降，消费品业务整体营业利润率有望继续提升。 当前，棉柔巾市场整体呈现增长态势，行业规模已达百亿级，市场空间广阔，增长潜力大。棉柔巾作为 全棉时代最重要的品类之一，我们已制定了一体化的经营计划，涵盖商品、营销和渠道建设。营销层 面，我们将持续做好消费者沟通工作，帮助消费者分辨全棉和化纤材质的区别，了解 ...

公告显示，丝域实业成立于2014年7月1日，长期专注深耕个护行业，成为细分行业龙头企业。丝域实业 以科技为驱动，致力于创新研发，并建立了严格的质量管理体系，依托现代化工厂，确保产品从研发到 生产的全链路品质控制，保障产品安全与效能。在专注产品研发生产的同时，丝域实业积极布局线下门 店，成功打造了"产品+服务+渠道"一体化运营的商业模式，为客户提供养发护理、防脱生发、乌发黑 发等头发健康一整套解决方案。 本次交易完成后，丝域实业将成为公司的控股子公司，公司线上及线下渠道将进一步增强、业务规模将 进一步扩大。 智通财经APP讯，孩子王(301078.SZ)公告，公司拟受让关联方五星控股集团有限公司(简称"五星控 股"或"五星集团")持有的江苏星丝域投资管理有限公司(简称"江苏星丝域")65%股权。为强化产业协同 和资源整合，西安巨子生物基因技术股份有限公司(简称"巨子生物")、自然人陈英燕、王德友拟同时受 让五星控股持有的江苏星丝域10%、8%及6%的股权，本次股权转让完成后，江苏星丝域将成为公司的 控股子公司，鉴于本次股权转让前江苏星丝域的注册资本尚未实缴，且无实际经营活动，因此本次股权 转让中，公司、巨子生物 ...

孩子王（301078）公告，公司拟通过控股子公司江苏星丝域现金收购珠海市丝域实业发展有限公司 100%股权，交易价格为人民币16.5亿元。本次交易完成后，丝域实业将成为公司的控股子公司。丝域 实业成立于2014年7月1日，长期专注深耕个护行业，成为细分行业龙头企业。交易完成后，双方将在会 员运营、市场布局、渠道共享、产业协同、业态拓展等方面充分发挥协同效应，进一步强化公司在本地 生活和新家庭服务领域的领先优势。 ...

Core Insights - In 2024, China's total retail sales of consumer goods reached 48.79 trillion yuan, growing by 3.5%, marking the first time it fell below the GDP growth rate of 5% [1] - The fast-moving consumer goods (FMCG) industry is transitioning into a phase dominated by "stock competition," focusing on efficiency improvement, brand optimization, and structural adjustments [1] FMCG Company Performance - **Master Kong**: Achieved revenue of 806.51 billion yuan, a slight increase of 0.30%, with net profit rising by 19.80% to 37.34 billion yuan [2][6] - **Nongfu Spring**: Reported revenue of 428.96 billion yuan, up by 0.50%, and net profit of 121.23 billion yuan, a marginal increase of 0.40% [2][6] - **Uni-President**: Generated revenue of 303.32 billion yuan, a growth of 6.09%, with net profit of 18.49 billion yuan, increasing by 10.90% [2][6] - **China Foods**: Recorded revenue of 214.92 billion yuan, up by 0.20%, and net profit of 8.61 billion yuan, a growth of 3.40% [2][6] - **Eastroc Beverage**: Achieved significant growth with revenue of 158.39 billion yuan, up by 40.63%, and net profit of 33.27 billion yuan, increasing by 63.09% [2][6] - **Three Squirrels**: Reported revenue of 106.22 billion yuan, a substantial increase of 49.30%, with net profit rising by 85.51% to 4.08 billion yuan [2][6] Industry Trends - The FMCG sector is experiencing a shift towards efficiency and brand optimization as the era of rapid market growth driven by demographic dividends comes to an end [1] - Companies are adapting to market changes through product innovation, structural optimization, and brand rejuvenation to establish new growth curves and core competitiveness [13] - The beverage segment is seeing strong performance from Nongfu Spring's tea drinks, which have become a major revenue source despite challenges in the bottled water segment [8][13] - The snack segment is witnessing varied performance, with companies like Qinqin Foods achieving profitability through export and OEM manufacturing, while others like Liuyifei face challenges due to strategic adjustments [13] Dairy Industry Performance - **Yili Group**: Maintained its position as Asia's leading dairy company with revenue of 1,157.80 billion yuan, despite a decline of 8.24% [15][16] - **Mengniu Dairy**: Experienced a revenue drop of 10.09% to 886.75 billion yuan, with net profit significantly declining by 97.83% [15][16] - **Bright Dairy**: Reported revenue of 242.78 billion yuan, down by 8.33%, and net profit of 7.22 billion yuan, a decrease of 25.36% [15][16] - The dairy industry is facing challenges with supply-demand imbalances and declining consumer demand, leading to revenue declines for many traditional dairy giants [18]

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3376 | 0.42 | 2.96 | 1.09 | | 深证综指 | 2000 | 0.92 | 4.38 | 1.74 | | 5 | F | œ | | | --- | --- | --- | --- | | 1 | > | - | STATISTICS. | 今日重点推荐 2025 年 06 月 05 日 诺邦股份（603238）深度：个护家清行业机遇期，高端水刺无 纺布打开成长空间 | 大盘指数 | 0.4 | 2.51 | -1.28 | | --- | --- | --- | --- | | 中盘指数 | 0.85 | 1.8 | -5.52 | | 小盘指数 | 0.87 | 2.42 | -0.61 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | 饰品 | 5.95 | 33.71 | 41.29 | | 休闲食品 | 4.45 | 10.97 | 18.43 | | 个护用品 ...

Core Viewpoint - The cosmetics retail sales in China for January to April 2025 showed a year-on-year increase of 4%, underperforming the overall retail market by 0.7 percentage points, but this represents an improvement compared to 2024. The industry is characterized by four key trends: innovation in personal care products, breakthroughs in ingredient technology, rising emotional consumption, and the continuation of affordable consumption [1][3]. Investment Recommendations - The company recommends increasing holdings in the personal care sector, highlighting quality companies that benefit from product innovation and opportunities in Douyin channels, with key recommendations including Ruoyuchen (003010), Dengkang Oral (001328), and Runben Co. [2] - In the beauty sector, structural opportunities are identified, with key recommendations for companies like Jinbo Biological, Juzi Biological, and Marubi Co. that are positioned to benefit from the collagen restructuring trend. Additionally, brands like Maogeping, Shumei Co., Proya (603605), and Shanghai Jahwa (600315) are expected to gain from the overall increase in domestic market share [2]. - Companies expected to bottom out and potentially see a turning point include Lafang Household (603630), Shuiyang Co. (300740), Betaini (300957), Furuida (600223), Huaxi Biological, Fulejia (301371), Meilitiantian Medical Health, and Qingsong Co. (300132) [2]. Industry Overview - Demand remains stable, with the rise of domestic brands in the beauty and personal care sectors accelerating. The cosmetics retail sales for January to April 2025 increased by 4% year-on-year, which is a 0.7 percentage point underperformance compared to the overall retail market, but shows improvement from 2024. The overall demand is stable, with leading domestic brands performing well and the rise of new domestic brands spreading from beauty to personal care categories [3][4]. Trends - The industry is witnessing several trends: 1) Personal care transformation with new products in traditional categories, supported by content e-commerce creating a favorable environment for new product launches [4]. 2) Ingredient innovation, particularly in collagen restructuring, with various types and structural innovations expanding application scenarios [4]. 3) Emotional consumption, where cultural, stylistic, and experiential demands are driving the growth of domestic trends in cosmetics and fragrances [4]. 4) Affordable consumption, where the trend for cost-effectiveness continues under supply-demand resonance, benefiting strong supply chains and well-operated brands [4]. Key Companies - Looking ahead to 2025, the market risk appetite is expected to recover significantly. The beauty sector is characterized by substantial changes and a clear trend of rising domestic brands, indicating strong growth potential and leadership in new consumption [5]. The differentiation among brands is increasing, emphasizing the selection of high-growth targets driven by product innovation and attention to marginal improvements [5].

洗澡应该是一天当中最享受的时刻吧。 累了一天回到家，洗个热乎乎的澡， 压力、疲惫、烦恼一点点地释放。 有时候，洗个澡可不是冲冲水那么简单，要洗干净全身、包括手够不着的后背，这可是个力 气活儿。 为了解决这个问题，想必很多人都用过搓澡巾这种神器。 "搓澡得下狠劲，不搓得身上红彤 彤，这澡就白洗了！" 这就是许多中国人洗澡方式的真实写照。 很少人知道，搓澡虽然爽，却会让你的皮肤越来越差。 有医生指出，经常使用粗糙的搓澡巾搓澡，把皮肤搓红、搓痛了，对皮肤屏障是一种机械性损伤，很可能 破坏这层保护膜，让皮肤变得敏感脆弱，除了容易干痒。 那有什么可以替代搓澡巾的方法呢？ 小仙女帮大家找到了，不伤皮肤的"搓澡好物"—— 匹奇电动洗澡 刷。 蹭，ta全程自动替你刷背！ 像一些搓澡巾深入不到的缝隙，也能清洁得到。 完全不需要摁着来回揉搓，伤害娇嫩的肌肤屏障引发干燥、瘙痒等问题。 搓澡巾，漏过缝隙 里的"肌肤垃圾"。 3 0 0 0 0 根 柔 软 尼 龙 刷 毛 齐 上 阵，不 用 力 搓 洗，也 会 不 会 伤 肌 肤，轻 松 扫 除 角 质 垃 圾，好 好 洗 个 澡！ 匹奇洗澡刷的刷头上一共均匀分布着足足3万根尼龙刷毛 ...

Group 1 - The core viewpoint of the articles highlights the significant rise of Pop Mart's stock, attracting numerous fund managers who previously invested heavily in traditional consumer stocks like Kweichow Moutai, leading to a search for new consumer investment opportunities [2][3][4] - As of the end of Q1 2025, 207 funds were heavily invested in Pop Mart, a substantial increase from 62 funds six months prior, indicating a growing interest in the stock [3] - Pop Mart's stock price began to rise in early 2024, following the founder's announcement of plans to replicate the brand overseas, prompting fund managers to shift their investments from Kweichow Moutai to Pop Mart [3][4] Group 2 - The new consumer sector has shown remarkable performance in both A-share and Hong Kong markets, with several stocks doubling in value, such as Ruoyuchen and Wancheng Group, with some stocks increasing over four times [5] - Funds focused on new consumer stocks have reported impressive returns, with some achieving over 50% returns year-to-date as of May 28, 2025 [5][6] - The current consumer cycle is expected to last longer, driven by a younger demographic with higher consumption willingness and a focus on technological innovation [6] Group 3 - Institutions are increasingly interested in consumer companies, with many receiving significant attention from fund managers, as evidenced by the high number of institutional surveys conducted in May [7][8] - Notable consumer companies like Zhou Dashing and Reliable Co. have received over 130 and 50 institutional surveys respectively, indicating strong market interest [7] - Some fund managers express caution regarding the current valuation levels of new consumer stocks, suggesting potential short-term price adjustments while maintaining a positive long-term outlook [8]

为进一步助力经济高质量发展、提振消费信心，南方都市报近日启动"高品质消费观察"系列专题，聚焦颜值经济、运 动户外、食品康养、智能消电、宠物经济、体验经济、兴趣消费、跨境出海、消费科技九大热门赛道，展开系列调 研、走访和报道。 同时，南方都市报将联合广东连锁经营协会等多个省市的连锁协会成立组委会，举办"2025高品质消费生态大会"，组 委会将从企业品质力、成长性、创新性、社会责任等方面综合评定"2025高品质消费品牌TOP100"。 在筛选入围品牌的过程中，我们发现人工智能在消费领域的创新应用案例已涵盖智能零售、智能客服、智能推荐、智 能物流等多个方面，"AI＋消费"深入供应链的多个环节，助力行业的转型升级。尤其是营销环节，在激活提振消费新 模式新场景，有效促进消费市场提质扩容方面，AI已成为主角。 618前哨战已经打响数日，各大电商平台在营销环节都开始让AI充当主角。其中，淘宝旗下阿里妈妈提出"AI驱动质赢 618"的主张，也就是从定价到宣传创意，再到模拟投放环境，让AI参与商家经营的全流程。 京东云同样宣布，618期间向POP商家开放五大免费AI营销产品，包括直播数字人、商家客服智能体、短视频生成、 京点点 ...