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 ...

韩国童颜针，在中国掀起两大上市公司的生死对决。 2025年7月18日，江苏吴中（*ST苏吴（维权））控股孙公司达透医疗收到韩国Regen公司发来的《解约 函》，要求撤销艾塑菲（AestheFill）"童颜针"在中国大陆的独家经销权。而就在两周前，Regen已被爱 美客以13.86亿元收购85%股权完成控股。 这意味着江苏吴中失去了一季度贡献35.55%营收、45.77%毛利的核心产品。截至8月25日，其股价较解 约前暴跌超40%，市值仅剩7.68亿元，处于退市边缘。 Regen在解约函中提出两大理由： 业务违规转移：指责达透医疗将经销权转让给母公司吴中美学； 声誉风险加剧：江苏吴中因财务造假被证监会处罚，触发退市风险警示，恐损害产品形象。 爱美客进一步声明，达透医疗违约导致经济和商誉损失，"解约是法律赋予的权利"。 8月7日，达透医疗向深圳国际仲裁院提起仲裁，索赔金额高达16亿元，包括：已投入的4亿元临床注册 与市场开拓成本；因断供导致的客户违约赔偿；剩余8年独家代理期内的预期利益损失。 吴中在《严正宣告》中控诉爱美客**"资本霸凌，出尔反尔"** ，导致"千名员工生计悬于一线，千家合 作机构损失惨重"。 艾 ...

商贸零售 《武商集团布局仓储会员店，探索本 土化成长路径—行业周报》-2025.8.10 中报发布进行时，珠宝、美护优质品牌验证高景气 ——行业周报 黄泽鹏（分析师） 姚慕宇（联系人） huangzepeng@kysec.cn 商贸零售 2025 年 08 月 24 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2024-08 2024-12 2025-04 商贸零售 沪深300 相关研究报告 《7 月社零同比+3.7%，老铺黄金官宣 产品调价计划—行业周报》-2025.8.17 《7 月社零同比+3.7%，金银珠宝和化 妆 品 环 比 改 善 — 行 业 点 评 报 告 》 -2025.8.15 yaomuyu@kysec.cn 证书编号：S0790125040021 中报发布进行时，珠宝、美护优质品牌验证高景气 （1）黄金珠宝：从黄金珠宝板块标的中报来看，老铺黄金、潮宏基、莱绅通灵、 周六福、英皇钟表珠宝实现亮眼增长，其中老铺黄金实现营收 123.54 亿元 （+251.0%），归母净利润 22.68 亿元（+285.8%），潮宏基实现营收 41. ...

Core Viewpoint - The domestic medical beauty industry is undergoing significant changes, with major players experiencing a decline in performance due to market shifts and increased competition from new regenerative materials like collagen and "童颜针" (youthful needle) [4][7][14]. Group 1: Industry Performance - The three major companies in the medical beauty sector, including 华熙生物, 爱美客, and 昊海生科, reported substantial declines in revenue and net profit, with 爱美客's revenue dropping by 21.59% to 12.99 billion yuan and net profit decreasing by 29.57% to 7.89 billion yuan in the first half of 2024 [7][8]. - 爱美客's core products, including "嗨体" and "濡白天使," saw revenue declines of 23.79% and 23.99%, respectively, despite maintaining high gross margins of over 90% [6][7]. Group 2: Market Trends - The introduction of "童颜针," particularly the imported product 艾塑菲, has gained rapid popularity, with sales reaching 20,000 units and contributing over 800 million yuan in revenue within two months of its launch [5][17]. - The shift towards regenerative materials is evident, as "童颜针" offers longer-lasting effects and a different mechanism compared to traditional hyaluronic acid fillers, which are facing price declines due to increased competition [16][17]. Group 3: Strategic Moves - 爱美客's acquisition of REGEN, a Korean medical beauty company, for 1.386 billion yuan marks the largest cross-border acquisition in the domestic medical beauty industry, aiming to enhance its product portfolio and market presence [5][9]. - The ongoing dispute between 江苏吴中 and 爱美客 over the distribution rights of 艾塑菲 highlights the competitive landscape and the challenges of dependency on agency models in the medical beauty sector [19][20]. Group 4: R&D and Innovation - 爱美客 has increased its R&D investment to 1.57 billion yuan, representing 12.05% of its revenue, indicating a focus on enhancing its competitive edge through innovation [8]. - The company holds 182 valid patents, including 53 invention patents, showcasing its commitment to developing proprietary technologies [8].

2025年上半年，爱美客营收净利双降，同比降幅分别为21.59%和29.57% 投资时间网、标点财经研究员 吕贡 爱美客技术发展股份有限公司（下称爱美客，300896.SZ）童颜针代理权之争有了新进展。 2025年7月18日，爱美客控股子公司REGEN向*ST苏吴控股孙公司达透医疗送达《解约函》，宣布解除双方此前签订的独家经销协议，并撤销达透医疗 作为AestheFill（下称艾塑菲）产品在中国大陆地区独家经销商所有相关授权。 近日，爱美客公告称，2025年8月13日，REGEN向深圳国际仲裁院主动获取《仲裁通知》。该通知显示，达透医疗就这一经销纠纷提起仲裁申请，深 圳国际仲裁院于同年8月7日受理。 根据公告内容，达透医疗在仲裁申请中提出多项请求，一是裁决确认《独家代理权协议》有效，即达透医疗在独家代理权有效期（至2032年8月28日） 内享有艾塑菲产品的独家代理权；二是裁决REGEN继续履行《独家代理权协议》，特别是按约向达透医疗供应艾塑菲产品。 达透医疗进一步提出，若上述仲裁请求未得到仲裁庭支持，则要求裁决REGEN赔偿损失，暂计为16亿元。而达透医疗因本案支出的律师费、保全费等 全部法律费用，也要求由R ...

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 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6][17]. Core Views - The company is experiencing a temporary pressure on performance in H1 2025, with a revenue of 1.299 billion yuan, down 21.59% year-on-year, and a net profit of 789 million yuan, down 29.57% year-on-year. The second quarter of 2025 also shows a decline in revenue and net profit [1][2]. - Despite the current challenges, the company has a rich pipeline of products and strong R&D capabilities, with several products in various stages of development, including the injection of botulinum toxin type A and minoxidil lotion [4]. - The acquisition of Korean company REGEN is a key strategic move for the company's international expansion, enhancing its position in the aesthetic injection market and facilitating the entry of its products into international markets [5]. Financial Performance - In H1 2025, the gross margin was 93.44%, a decrease of 1.48 percentage points year-on-year, while the net profit margin was 60.77%, down 6.88 percentage points year-on-year. The R&D expense ratio increased to 12.05%, up 4.46 percentage points year-on-year [2]. - The revenue from solution-type injection products was 744 million yuan, down 23.79% year-on-year, while gel-type injection products generated 493 million yuan, also down 23.99% year-on-year [3]. - The company expects revenues for 2025-2027 to be 2.724 billion yuan, 3.190 billion yuan, and 3.715 billion yuan respectively, with net profits of 1.630 billion yuan, 1.942 billion yuan, and 2.343 billion yuan respectively [5]. Market Position - The company is facing a slowdown in industry growth and intensified competition, which is impacting the growth of its core products [3]. - The company maintains a leading position in the aesthetic medical market, supported by its strong product pipeline and recent acquisitions [5].

Core Viewpoint - The growth myth of Aimeike (300896.SZ), known as the "beauty medical king," is collapsing as the company faces significant revenue and profit declines amid intensified competition in the medical aesthetics industry [1][2][3]. Financial Performance - In the first half of this year, Aimeike's revenue dropped by 21.59% to 1.299 billion yuan, and net profit attributable to shareholders fell by 29.57% to 789 million yuan, marking the first time the company experienced a dual decline in mid-year performance since its listing [3][4]. - The second quarter saw a dramatic decline in net profit, plummeting by 41.75% to 346 million yuan, with revenue down 25.11% to 636 million yuan [3][4]. - Aimeike's cash flow from operating activities also showed a warning sign, decreasing by 43.06% from 1.15 billion yuan in the same period last year to 655 million yuan [3]. Market Competition - The medical aesthetics industry is entering a fully competitive phase, with numerous new entrants, including Huaxi Biological, which has disrupted Aimeike's monopoly on its flagship product "Haitai" [1][5]. - The core product "Haitai," which was once the market leader, is now facing declining sales and market share due to increased competition and the introduction of new products [5][6]. Product Performance - Aimeike's solution injection products generated revenue of 744 million yuan in the first half of the year, a decline of 23.79% year-on-year, primarily due to intensified industry competition [4][6]. - The revenue from gel injection products, represented by "Ruhua Tianzi," also showed signs of slowing growth, with a 23.99% decline in the first half of the year [6]. Strategic Moves - To overcome growth bottlenecks, Aimeike invested heavily in acquiring the Korean company REGEN, aiming to enter the "youthful needle" market [1][7]. - However, the acquisition has led to a significant arbitration dispute over agency rights, with potential financial implications of up to 1.6 billion yuan [8][9]. Industry Outlook - According to a report, the Chinese medical aesthetics industry is expected to experience continuous market growth but with a slowdown in growth rates, indicating a strategic transition from scale expansion to value reconstruction [5].

Group 1: Company Insights - The report initiates coverage on Mai Fushi (2556.HK) with a "Buy" rating, projecting a target market value of 18.65 billion RMB, indicating a 50% upside potential from current levels [2] - Mai Fushi's revenue is expected to grow significantly, with forecasts of 2.31 billion, 2.97 billion, and 3.82 billion RMB for 2025-2027, reflecting year-on-year growth rates of 48%, 29%, and 29% respectively [13] - The company has a strong execution capability, with an average revenue per employee of 997,000 RMB in 2024, indicating effective operational management [13] Group 2: Industry Trends - The report discusses the ongoing trend of "residential deposit migration," which is expected to accelerate as the equity market's fundamentals improve, with A-shares currently positioned favorably [12] - The report highlights that the equity market is likely to become the next destination for residential asset allocation, as the previous "stock-property seesaw" effect is no longer a constraint [15] - The report notes that by Q4 2025, the real risk-free interest rate for residents is expected to decline significantly, which will further drive the migration of deposits into the equity market [15] Group 3: Competitive Landscape - The competitive landscape for Mai Fushi is characterized by a focus on mid-to-large enterprises, which enhances customer retention and bargaining power [13] - The report emphasizes the differentiation of Mai Fushi's products compared to competitors like Weimeng and Youzan, particularly in terms of comprehensive service offerings and a full-link marketing approach [13] - The report indicates that the AI commercialization acceleration is a key catalyst for growth, with a notable increase in KA customer numbers and order sizes [13] Group 4: Market Performance - The report notes that the A-share market has shown signs of recovery, with a significant increase in the Shanghai Composite Index by 5.46% over the past month [1] - The report identifies sectors such as black home appliances and animal health as having strong recent performance, with respective increases of 12.36% and 47.87% over the past month [4] - Conversely, sectors like medical services and aviation equipment have underperformed, with declines of 10.77% and 21.91% over the same period [4]

Core Insights - The company reported its 2025 mid-year results, showing revenue and profit under pressure, with performance below expectations [1] - The core injection product revenue declined, indicating challenges in the product line [2] - The company is increasing R&D investment and has a robust pipeline of products in development, which may drive future growth [3] Financial Performance - For the first half of 2025, revenue was 1.299 billion yuan, a year-on-year decrease of 21.59%; net profit attributable to shareholders was 789 million yuan, down 29.57%; and net profit excluding non-recurring items was 722 million yuan, down 33.70% [1] - In Q2 2025, revenue was 636 million yuan, a year-on-year decline of 25.11%; net profit attributable to shareholders was 346 million yuan, down 41.75%; and net profit excluding non-recurring items was 320 million yuan, down 42.83% [1] - The gross margin for H1 2025 was 93.44%, down 1.48 percentage points, and the net margin was 60.90%, down 6.78 percentage points [1] Product Performance - Revenue from solution injection products was 744 million yuan, accounting for 57.27% of total revenue, with a year-on-year decline of 23.79% [2] - Revenue from gel injection products was 493 million yuan, accounting for 37.95% of total revenue, also down 23.99% year-on-year [2] Strategic Developments - The company has expanded its product matrix through acquisitions, including a 1.9 billion USD acquisition of 85% of REGEN, enhancing its product offerings in the aesthetic field [2] - The digital platform "全轩课堂" serves 29,000 certified doctors, strengthening customer loyalty [2] R&D and Future Outlook - The company launched a new chin filler product "嗗科拉" in May 2025, enhancing its facial shaping offerings [3] - Several products are in the pipeline, including A-type botulinum toxin in the registration phase and others in clinical trials, indicating a strong commitment to R&D [3] - The company aims to leverage its strong market position and product matrix to return to growth, despite short-term performance fluctuations [3]