美容护理 2026 年 03 月 19 日 医美化妆品 2 月月报：锦波生物、华熙生物、上美股 份发布年度业绩快报，38 大促国货美妆表现亮眼 ——行业点评报告 | 行业走势图 | | --- | 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2025-03 2025-07 2025-11 美容护理 沪深300 相关研究报告 《医美化妆品 1 月月报：美丽田园发 布盈喜公告，美护迎来上市潮，半亩 花田与 HBN 母公司均递表港交所— 行业点评报告》-2026.2.5 《医美化妆品 12 月月报：山茶花专家 林清轩港交所上市，新增重点推荐美 丽田园医疗健康—行业点评报告》 -2026.1.10 | 黄泽鹏（分析师） | 李昕恬（分析师） | | --- | --- | | huangzepeng@kysec.cn | lixintian@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790526030002 | 板块行情回顾 医美（选取 13 家上市公司）：2 月个股涨幅靠前为华韩股份（+3.4%）、普门科 技（+2.5%）；化妆品（选取 21 家上市公 ...

美容护理 2026 年 03 月 19 日 医美化妆品 2 月月报：锦波生物、华熙生物、上美股 份发布年度业绩快报，38 大促国货美妆表现亮眼 ——行业点评报告 | 黄泽鹏（分析师） | 李昕恬（分析师） | | --- | --- | | huangzepeng@kysec.cn | lixintian@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790526030002 | 板块行情回顾 医美（选取 13 家上市公司）：2 月个股涨幅靠前为华韩股份（+3.4%）、普门科 技（+2.5%）；化妆品（选取 21 家上市公司）：2 月个股涨幅靠前为青松股份 （+16.6%）、贝泰妮（+12.5%）、上海家化（+7.1%）。 医美：锦波生物、华熙生物发布 2025 年度业绩快报 （1）2 月 27 日，锦波生物发布 2025 年度业绩快报，公司全年实现营业收入 15.95 亿元（同比增长 10.57%）；归母净利润 6.51 亿元（同比下降 11.08%）。收入端 三类医疗器械及功能性护肤品业务亮眼，利润端承压主要受增值税政策调整、低 毛利率功能性护肤品占比提升、新品推广费 ...

Core Viewpoint - A beauty brand has been fined for false advertising regarding the efficacy of its product, specifically the "MAOGEPING BEAUTY Luxury Caviar Mask," which claimed to have a "soothing" function not included in its official registration [2][5]. Group 1: Company Actions and Penalties - Beijing Wugeng E-commerce Co., Ltd., operating the WeChat video account "BaiJiaErJie Ai FenXiang," was fined 4,539 yuan and had the same amount confiscated for selling the mask with misleading claims [2][5]. - The administrative penalty was based on the "Consumer Rights Protection Law of the People's Republic of China," which prohibits false or misleading advertising [6][7]. Group 2: Product Information and Misrepresentation - The "MAOGEPING BEAUTY Luxury Caviar Mask" is officially registered with claims of "repair," "moisturizing," "anti-wrinkle," and "firming," but does not include "soothing" as a function [6][8]. - The product was marketed as suitable for pregnant women, which contradicts its registration that specifies the user group as "ordinary people" [5][6]. Group 3: Industry Context and Trends - The issue of false advertising in the domestic beauty industry is not isolated, with many brands exaggerating or misrepresenting product efficacy to meet consumer demand for effective skincare [8]. - Previous cases include Lin Qingxuan and Proya, which faced penalties for similar misleading claims regarding "anti-aging" effects that exceeded regulatory definitions [8].

Group 1: IPO Market - In the first half of the year, 134 companies were accepted for IPOs in A-shares, a year-on-year increase of 362.07% [1] - The Beijing Stock Exchange was the main contributor with 83 companies accepted, followed by the ChiNext (19), Sci-Tech Innovation Board (15), Shenzhen Main Board (9), and Shanghai Main Board (8) [1] - June was a significant month for IPOs, with 107 companies accepted, accounting for 79.85% of the total for the first half of the year [1] Group 2: Solar Glass Industry - Leading domestic solar glass companies plan to collectively reduce production by 30% starting in July to alleviate "involution" competition [1] - This reduction is expected to lead to a rapid decline in domestic solar glass supply, improving the supply-demand imbalance [1] - Domestic glass production is projected to decrease to approximately 45 GW in July [1] Group 3: Global Server Market - IDC forecasts that the global server market will reach $366 billion by 2025, representing a year-on-year growth of 44.6% [1] - The x86 server market is expected to grow by 39.9% to $283.9 billion, while the non-x86 server market is projected to grow by 63.7% to $82 billion [1] - Arm architecture servers are anticipated to grow at a rate of 70%, accounting for 21.1% of total shipments [1] Group 4: Automotive LED Market - The automotive LED and lighting market is expected to grow to $3.451 billion and $35.729 billion, respectively, by 2025 [2] - The recovery in the automotive market is anticipated in the second half of 2025, driven by the introduction of advanced technologies in new vehicle models [2] Group 5: Tesla Charging Stations - Tesla has launched its first batch of V4 supercharging stations, which are now operational in various locations including Shanghai and Gansu [2] - These charging stations feature multiple safety mechanisms and are now open to non-Tesla vehicles [2] Group 6: Market Performance - The A-share market saw a 2.76% increase in the Shanghai Composite Index in the first half of the year, while the North Exchange 50 Index surged by 39.45% [6] - Various sectors, including AI, humanoid robots, new consumption, innovative drugs, and solid-state batteries, attracted significant investment [6] - Over 3,700 stocks in the market rose in the first half, with more than 100 stocks increasing by over 100% [6]