医思健康是一家主要从事提供医疗及保健服务的投资控股公司。该公司主要通过三个业务分部进行运 营。医疗服务分部提供医疗服务及牙科服务等。美学医疗、美容及养生服务分部提供美学医疗、传统美 容、护发及辅助养生服务以及销售护肤、保健及美容产品。其他分部提供营销及相关服务以及兽医服 务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，1月8日南向资金减持3.9万股医思健康（02138.HK）。近5个交易日中，获南向资金减持 的有5天，累计净减持48.3万股。近20个交易日中，获南向资金减持的有20天，累计净减持118.5万股。 截至目前，南向资金持有医思健康（02138.HK）2019.4万股，占公司已发行普通股的1.7%。 ...

1月7日，韩国第一夫人金惠景抵达上海一美妆活动现场，现场体验多款产品。活动现场50多家韩妆品牌 搭台展出，产品包括护肤、彩妆、个护等全品类。金惠景谈及丈夫李在明，并说每晚都和丈夫一起敷一 片面膜。金惠景说这些品牌积极回应市场需求，她期待韩中美妆产业多交流、多合作。 ...

每经编辑｜段炼 近日，有网友称收到法国护肤品牌菲洛嘉Filorga的短信通知，称其天猫旗舰店即将停止营业，会员积分将清空。 Filorga 菲洛嘉（化妆品）源自法国，由米歇尔·托吉曼博士于1978年创立，定位院线级专业护肤。其护肤业务已于2019年被高露洁收购，现为高露洁旗下 的化妆品公司实体运营。 2015年，Filorga菲洛嘉正式进入中国市场，随后开启快速扩张之路，王俊凯、文俊辉等多位明星代言过该品牌。 公开数据显示，Filorga菲洛嘉入华后业绩3年增长约26倍，2018年全年销售额同比激增148%，并在当年双十一跻身天猫涂抹式面膜类目旗舰店销量榜首； 2019年，Filorga菲洛嘉在中国市场继续 "狂飙"，第一季度所有渠道销售额同比增长106%，延续高增长态势。 值得注意的是，据报道，菲洛嘉在线下曾有10多家专柜，目前已全部关停。 图片来源：经济日报 对于Filorga菲洛嘉停业，不少网友表示： 1月1日，菲洛嘉Filorga天猫官方旗舰店发布公告称，将于2026年1月31日正式停止营业，原因是公司经营策略调整。 目前，该店铺拥有303万粉丝。1月4日，Filorga菲洛嘉官方旗舰店客服表示，以店 ...

肤诺亮相北京第八届民族品牌全球大会 共话中国品牌高质量发展新机遇 近日，北京第八届民族品牌全球大会隆重举行。作为聚焦中国品牌建设与全球化发展的重要行业盛会，本届大会 汇聚了来自全国各地的优秀民族品牌代表、行业专家及企业领军人物，共同探讨中国品牌在新时代背景下的高质量发 展路径。 以国内市场为根基，稳步推进海外市场布局，逐步构建"国内稳盘、国际拓展"的双轮驱动发展模式。 2026年全球市场规划重点 肤诺作为国货护肤领域的代表品牌之一，受邀参加本届大会，与众多优秀民族品牌同台交流，围绕品牌创新、实 体经济发展、供应链建设及全球市场布局等议题，深入分享企业实践与发展思考。 深度参与国家级平台，明确全球发展方向 民族品牌全球大会不仅是展示中国品牌实力的重要平台，更是推动民族品牌走向世界的重要窗口。通过参与本次 大会，肤诺进一步加强了与行业资源的交流链接，也为品牌未来在国内市场深耕及国际化布局积累了宝贵经验。 在大会期间，肤诺系统展示了品牌在产品研发、供应链整合、线下实体布局及数字化运营等方面的探索成果。依 托稳健的实体基础与持续投入的产品研发体系，肤诺不断夯实品牌内功，推动护肤产品在品质、体验与服务层面的全 面升级， ...

Core Insights - The beauty retail landscape in 2025 has undergone a strategic transformation, with traditional department stores closing approximately 20 beauty counters daily, resulting in a net reduction of over 5,000 points throughout the year. In contrast, more than 80 new stores have opened across various formats, indicating a shift in the essence of store openings from mere locations to interactive "experience generators" [1][4][20]. Group 1: Changes in Retail Strategy - The focus of foreign brands has shifted from establishing static brand landmarks to creating dynamic operational "experience laboratories" that engage consumers [5][8]. - The concept of "first stores" has evolved, with brands now competing not just for geographical presence but for the best resources to launch globally, making China a key market for premier brand assets and innovative products [8][10]. - The traditional department store channel has seen a significant efficiency optimization, with a beauty brand counter opening and closing ratio of only 0.6, reflecting a strategic shift towards deeper experiential value creation [20][43]. Group 2: Local Brand Strategies - Local brands have completed a strategic evolution, moving beyond imitation to establish distinct paths in fragrance, color cosmetics, and skincare, focusing on systematic brand space construction rather than scattered store openings [22][38]. - Three distinct paths for local fragrance brands have emerged: cultural deepening, matrix penetration, and business model integration, each targeting unique market segments and consumer experiences [24][31]. - Local brands are also exploring international markets, with brands like JUDUO and JOOCYEE opening their first overseas stores, indicating a systematic exploration of international growth [32][33]. Group 3: Innovative Retail Formats - Pop-up stores have evolved from marketing events to "high-end experience laboratories," offering flexible themes and deep technological integration, exemplified by Lancôme and SkinCeuticals [11][13]. - Some foreign brands are merging retail with lifestyle solutions, as seen with HARNN's "SPA + retail" concept, allowing customers to experience the brand's culture and services in a holistic manner [15][16]. - The integration of various business models is becoming standard, with brands like MARCH creating multi-functional spaces that combine fragrance with cultural and lifestyle elements [29][41]. Group 4: Market Dynamics and Future Trends - The role of cities in brand strategy has been redefined, with high-tier cities serving as core battlegrounds for brand recognition and narrative development, while lower-tier cities are seen as growth areas for brand expansion [40][41]. - The future of beauty retail is shifting from geographical competition to the creation of mental and experiential spaces, emphasizing the importance of opening the "right" store in strategically chosen locations [43][44].

证券研究报告 | 公司点评 gszqdatemark 2025 12 22 年 月 日 青松股份（300132.SZ） 公司业绩回暖，盈利能力提升 公司营收、利润同步好转，盈利能力有所提升。公司在经历 2021-2024 年 四年的业绩调整后，业绩有所回暖，2025 年 Q1-3 实现营收 15.53 亿元 （yoy+12.0%），归母、扣非净利润分别为 1.11、0.75 亿元，分别同比 +247.0%、+146.5%。2025 年 Q1-3 毛利率为 19.2%，同比+2.6pcts， 扣非归母净利率回升至 4.9%。营运状况方面，公司 2025 年 Q1-3 经营性 现金流为 1.39 亿元，同比+50.1%，营运状况良好。单季度来看，2025 单 Q3 实现营业收入 6.16 亿元（yoy+16.6%），归母净利润、扣非归母净利 润分别为 0.83、0.49 亿元，分别同比+232.5%、+106.0%，非经常性损 益共 0.34 亿元，其中非流动资产处置损益为 0.38 亿元。2025 单 Q3 毛利 率为 21.8%，同比+2.8pcts，主要因收入增长及产能利用率提升带来经营 效率提升。费用端管 ...

Core Viewpoint - The article highlights the misuse of medical insurance personal accounts, where everyday products are disguised as medical devices to exploit insurance funds, threatening the integrity of healthcare financing [1][2][3]. Group 1: Misuse of Medical Insurance - Everyday items like toothbrushes and masks are being labeled as medical devices, allowing them to be sold in pharmacies and purchased with medical insurance cards [1]. - Some companies are packaging low-value daily products as "medical devices," leading to significant financial losses in medical insurance funds [2][3]. - The practice of using medical insurance cards for non-medical purchases is misleading, as these funds are intended for essential healthcare needs [3]. Group 2: Regulatory and Systemic Issues - The current regulatory framework allows for the misclassification of everyday products as medical devices, necessitating a revision of the medical device classification directory [4]. - There is a need to clarify the payment items in the medical insurance directory to ensure funds are used appropriately for medical purposes [4]. - Strengthening the governance of medical insurance funds is essential to prevent misuse and ensure that funds are directed towards genuine healthcare needs [4].

Core Insights - Multinational companies are increasingly choosing to invest in China, with 53,782 new foreign-invested enterprises established from January to October this year, representing a 14.7% year-on-year increase [12] - The investment strategies of these companies include opening new stores, building factories, and establishing R&D centers, reflecting their expanding footprint in the Chinese market [12] Group 1: L'Oréal - L'Oréal's China R&D and Innovation Center recently celebrated its 20th anniversary, highlighting the foresight of establishing beauty research in China [13] - The rapid changes in the Chinese market are driven by increasingly sophisticated consumers and a vibrant tech innovation ecosystem, which challenges and motivates L'Oréal to develop better products [13][14] - L'Oréal creates approximately 300 new formulas annually in China, aiming to leverage local consumer insights for global product innovation [14] Group 2: Blue Star Adisseo - Blue Star Adisseo's internationalization is evident in its management team, which now includes more Chinese members compared to when it was entirely French [15] - The company views China as a core market for growth in the animal nutrition sector, benefiting from a strong demand for animal protein [15][16] - Adisseo collaborates with local universities and businesses to develop customized solutions for the Chinese market, showcasing a successful integration of local expertise [16] Group 3: Ningbo Weinan - Ningbo Weinan specializes in the development and export of electrical products, with a focus on innovative socket designs led by Spanish expert Martínez [17] - The company has established a strong R&D presence in China, resulting in over 40 patents and a significant contribution to product innovation [17][18] - The Chinese market provides a wealth of inspiration for product development, with increasing consumer demand for environmentally friendly solutions [18] Group 4: Bosch Home Appliances - Bosch's market observations indicate a rising demand for "upgrading" home appliances, with consumers shifting from standalone products to integrated home solutions [19][20] - The company plans to upgrade its China R&D center to a global hub, reflecting China's central role in the home appliance industry and its capacity for innovation [20] - Bosch aims to respond to consumer demands for aesthetically pleasing and health-oriented home solutions, with a focus on smart technology [20] Group 5: Kärcher - Kärcher's new experience store in Shanghai exemplifies its commitment to engaging with the Chinese market, emphasizing the importance of product experience [21] - The company recognizes the dynamic nature of Chinese consumers, who prioritize product functionality and are open to new technologies [21][22] - Kärcher has invested in a global R&D center in Suzhou, focusing on cutting-edge technologies, which underscores its confidence in China's long-term growth potential [22]

DR PLANT植物医生IPO再迎新进展！2025年11月21日，其IPO状态正式更新为已问询，拟计划在深圳 证券交易所主板发行上市。标志着这家深耕高山植物护肤赛道的国货品牌即将迈入资本新阶段，更彰显 了其以"敬仰自然、崇尚科学、回馈社会"为核心的发展理念，在商业价值与社会责任之间实现了深度平 衡。 值得关注的是，植物医生的公益坚守与商业发展形成了良性循环。其"高山植物，纯净美肌"的品牌战 略，与生物多样性保护一脉相承。通过保护高山生态环境，为产品研发提供了源源不断的天然活性原 料；而依托"一个中心、五大基地"的专业研发体系（中国科学院昆明植物研究所联合设立的中科昆植植 物医生研发中心为核心，五大基地覆盖全链条研发），植物医生成功将高山植物中的珍稀成分转化为优 质护肤产品，截至2025年10月31日已取得专利223项，其中发明专利68项，更以"石斛活性精萃关键技 术"荣获全国商业科技进步一等奖。这种"保护-研发-转化"的闭环模式，既让品牌在市场中构建了差异化 竞争力，也为公益行动提供了持续的资金与资源支持。 此次植物医生IPO冲刺深交所主板，不仅是品牌经营规模与行业地位的认可，更是对其"商业+公益"可 持续发 ...

Group 1 - The core announcement is that Bright Sunny Holdings (stock code: 8603) plans to raise approximately HKD 50 million through the placement of new shares, issuing 18,920,000 shares at a price of HKD 2.61, which represents a discount of about 17.9% from the previous closing price of HKD 3.18 [1] - The placement shares account for approximately 2.4% of the existing issued share capital and will represent about 2.3% of the enlarged share capital after completion [1] - The funds raised will be used to supplement general working capital, including employee costs, rent expenses, and other business and company expenditures [1] Group 2 - Bright Sunny Holdings primarily provides medical beauty services in Hong Kong, operating medical beauty centers and selling skincare products [1]