证券研究报告 美容护理 | 医疗美容 北交所|公司点评报告 hyzqdatemark 2025 年 08 月 26 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： 投资要点： 公司持续拓展销售渠道，旗下"薇旖美"品牌产品已覆盖终端医疗机构超过 4000 家。随着"注射用重组 III 型人源化胶原蛋白凝胶"的获批，后续机构的覆盖会持续 扩大，销售团队也会进一步扩大。2025 上半年，公司在境内各地区营业收入较上年 同期均有所增加，主要系 A 型重组人源化胶原蛋白为核心成分的植入剂产品营业收 入增长所致，而境外业务增长主要系原料业务增长所致。公司运营策略多维度协同 推进，产品研发方面：公司于 2025 年 4 月获批"注射用重组 III 型人源化胶原蛋白 凝胶"三类医疗器械注册证，该产品通过自组装、自交联技术合成，实现了在制造 方式和作用机制上的创新 ...

中国化妆品原料信息平台上线，6个项目集中签约，北京"未来美城"、上海"东方美谷"、济南"北方美谷"、广州"白云美湾"、湖州"美妆小镇"共同发 布"美丽健康产业高质量发展北京宣言"……刚刚闭幕的中国化妆品原料创新大会暨北京"未来美城"发展大会上，昌平区推动多项利好美丽健康产业 发展的措施落地，释放信心足、前景好的积极信号。 化妆品是昌平区美丽健康产业三大赛道之一。2021年以来，昌平区重点布局医疗美容、化妆品、保健品三大赛道，全区美丽健康企业达到164家， 产业收入连续四年保持20%以上高速增长。昌平区不仅成为北京市美丽健康产业主阵地，在全国美丽健康产业版图中也愈发醒目。 未来美城产业创新基地 新质生产力成为产业新底色 即时查询各类化妆品原料、产品等信息，还能与厂商交流，一键安评，昌平区与中国香料香精化妆品工业协会共同建设的中国化妆品原料信息平台 上线后，化妆品行业的透明度、创新能力和监管效率进一步提升。 这是昌平区推动新质生产力成为产业主引擎迈出的重要一步。这些年，昌平区加速原始创新，尤其注重以原材料创新驱动全产业链创新，在医疗美 容、化妆品、保健品三大赛道描摹"新质底色"。 化妆品赛道上游原料创新研发优势明 ...

从资金流向上来看，当日医疗美容板块主力资金净流入1124.53万元，游资资金净流出4843.84万元，散户 资金净流入3719.31万元。医疗美容板块个股资金流向见下表： 证券之星消息，8月25日医疗美容板块较上一交易日上涨0.48%，华熙生物领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。医疗美容板块个股涨跌见下表： | 代码 | | | 名称 ｜主力净流入（元）｜主力净占比｜游资净流入（元）｜游资净占比｜散户净流入（元）｜散户净占比 | | | | | --- | --- | --- | --- | --- | --- | --- | | 300896 爱美客 | 572.73万 | 0.57% | -3609.35万 | -3.59% | 3036.62万 | 3.02% | | 688363 华熙生物 | 478.82万 | 1.20% | -1069.13万 | -2.69% | 590.30万 | 1.48% | | 000615 *ST美谷 | 72.97万 | 2.59% | -165.36万 | -5.87% | 92.38万 | 3 ...

行业主要上市公司：爱美客(300896)、昊海生科(688366)、华熙生物(688363)、奥园美谷(000615)、华东 医药(000963)、朗姿股份(002612)、华韩整形(430335)等 本文核心数据：医疗美容行业投融资规模;代表性企业融资事件;兼并重组 1、投融资规模先升后降 根据IT桔子，我国医美行业投融资热度较高，2013-2016年，医美行业热度不断上涨，投资事件和投资 金额均处于波动上涨趋势，2016年投资事件达到顶峰，全年共发生了19起投融资事件，投资金额达 13.53亿元;2018年投资金额达近十年来顶峰，为23.74亿元;2017年开始行业投融资热度开始消退，2017- 2025年投融资事件波动下降。2024年全年共发生了3起投融资事件，投资金额达1.5亿元。截至2025年6 月5日，2025年医美行业融资事件发生1起，投资金额为0.3亿元。 2、投融资轮次集中在早期 转自：前瞻产业研究院 从医美行业的投资轮次分析，行业投融资轮次以早期为主，主要集中于天使轮和A轮融资。医美行业涵 盖多个领域，如医美原料、器械、服务平台等，具有较强的创新性和技术壁垒。天使轮和A轮企业通常 专注于研 ...

Core Viewpoint - Langzi Co., Ltd. has approved a guarantee for its wholly-owned subsidiary, Sichuan Jingfu Medical Beauty Hospital, to secure a loan of 10 million yuan from China Bank, with a total external guarantee limit set at 3.05 billion yuan for 2025 [2][5]. Summary by Sections Guarantee Overview - The total external guarantee limit for Langzi Co. and its subsidiaries for 2025 is capped at 3.05 billion yuan, with 2.4 billion yuan allocated for subsidiaries with a debt-to-asset ratio below 70% and 650 million yuan for those above [2]. - As of the announcement date, the total external guarantee balance is 1.09216 billion yuan, representing 39.18% of the company's audited net assets for 2024 [2][7]. Details of the Guaranteed Party - Sichuan Jingfu Medical Beauty Hospital, wholly owned by Langzi Co., has a registered capital of 20 million yuan and was established on April 30, 2005 [6][7]. - The hospital is not listed as a dishonest executor [7]. Guarantee Agreement Main Points - The guarantee is a joint liability guarantee for a loan of 10 million yuan, with a guarantee period of three years from the debt performance deadline [7]. - The guarantee covers principal, interest, penalties, and other related costs [7]. Board of Directors' Opinion - The board believes that providing this guarantee will support the subsidiary's business development and will not negatively impact the company's operations or shareholder interests [7]. Cumulative External Guarantee Amount - The cumulative external guarantee amount for the company and its subsidiaries is 1.828 billion yuan, with no overdue guarantees or litigation-related guarantees reported [8].

昊海生科8月22日股价报收57.48元，较前一交易日下跌0.19%。当日成交量为11747手，成交金额达0.67 亿元。公司总市值为133.69亿元，市盈率为31.67倍。 昊海生科是一家专注于医疗器械、医疗美容等领域的生物科技企业。公司主要产品包括眼科、整形美容 与创面护理、骨科、防粘连及止血等四大治疗领域产品。作为上海板块上市公司，昊海生科同时被纳入 富时罗素指数和沪股通标的。 根据公司最新披露的半年报显示，2025年上半年实现营业收入13.04亿元，同比下降7.12%；归属于上市 公司股东的净利润2.11亿元，同比下降10.29%。其中第二季度业绩下滑更为明显，营收同比下降9.6%， 净利润同比下降12.3%。分业务来看，医疗美容与创面护理产品收入下降16.8%，眼科产品收入下降 18.61%，但防粘连及止血产品收入实现59.61%的增长。公司同时公告拟每10股派发现金红利4元，预计 总派发金额9149万元。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 来源：金融界 ...

Sisram Medical (01696) H1 2025 Earnings Call August 21, 2025 08:30 AM ET Speaker0And so good afternoon and good evening. Thank you everyone for joining us today. Welcome to Sisram Medical's first half twenty twenty five earnings call. This is Jinpeng He from Citi Securities, and joining me today is our chief analyst, Yifan Du. So now I would like to introduce our speakers on the call.So with us today on the line are mister Yi Liu, Sisram's chairman mister Liu Daiyan, Sisram's chief executive officer and mis ...

Sisram Medical 2025 Interim Earnings Presentation Stock Code: 1696.HK Disclaimer This presentation and the accompanying slides (the "Presentation") which have been prepared by Sisram Medical Ltd (the "Company") do not constitute any offer or invitation to purchase or subscribe for any securities, and shall not form the basis for or be relied on in connection with any contract or binding commitment whatsoever. This Presentation has been prepared by the Company based on information and data which the Company ...

美容护理/医疗美容 爱美客（300896.SZ） 2025 年 08 月 21 日 投资评级：买入（维持） | 日期 | 2025/8/20 | | --- | --- | | 当前股价(元) | 188.50 | | 一年最高最低(元) | 282.72/132.81 | | 总市值(亿元) | 570.39 | | 流通市值(亿元) | 393.20 | | 总股本(亿股) | 3.03 | | 流通股本(亿股) | 2.09 | | 近 3 个月换手率(%) | 94.36 | 股价走势图 数据来源：聚源 -24% 0% 24% 48% 72% 96% 2024-08 2024-12 2025-04 爱美客 沪深300 相关研究报告 《2024 年利润稳健，管线丰富叠加海 外收购助力增长—公司信息更新报 告》-2025.3.24 《三季度增长承压，期待后续管线落 地打开成长空间—公司信息更新报 告》-2024.10.24 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 事件：公司 2025H1 归母净利润同比下滑 29.6%，业绩有所承压 公司发布半年 ...

Core Viewpoint - Hong Kong Ferry (Group) Limited has seen its stock price rise to a near one-year high, indicating positive market sentiment and potential growth opportunities in its diversified business operations [1] Company Overview - Hong Kong Ferry (Group) Limited was established in 1923 and underwent a restructuring in 1989, changing its holding company name to its current title [1] - The company primarily engages in property development and investment, ferry services, shipbuilding, and related businesses, employing approximately 210 staff [1] Financial Performance - As of August 20, the stock closed at HKD 5.010, up 0.6% from the previous trading day, with an intraday high of HKD 5.040 [1] - The net capital inflow for the day was HKD 21.17 thousand, indicating a positive investment trend [1] Business Diversification - In 2022, the company expanded into specialized medical and beauty services, reflecting its strategy for diversification in response to future healthcare potential [1]