Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][29]. Core Insights - The report highlights significant market performance for the week of June 23-27, 2025, with retail, social services, and beauty care sectors increasing by 4.56%, 4.61%, and 1.04% respectively, outperforming the Shanghai Composite Index which rose by 1.91% [14][17]. - Key events include the strategic investment of 3.4 billion yuan by Jianbo Biological into Yangshengtang, and the successful IPO of Yingtong Holdings on the Hong Kong Stock Exchange [3][28]. Summary by Sections Market Performance - The retail, social services, and beauty care sectors ranked 9th, 8th, and 24th among 31 primary industries, with notable increases in sub-sectors such as education, professional chains, and trade, which rose by 7.47%, 7.42%, and 5.2% respectively [14][17]. Key Industry Data and News - In the beauty care sector, significant developments include the entry of Kefu Mei into Malaysia's Watsons, becoming the first Chinese efficacy skincare brand in the region, and the announcement by the National Medical Products Administration regarding the management of cosmetic raw materials [23][24]. - Jianbo Biological's restructuring of its collagen product to a medical device category and the successful listing of Yingtong Holdings are also noteworthy [3][24]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Ltd., Juzhi Biological, Marubi Biological, Runben Co., Ltd., Proya, Chaohongji, Blukoo, and Furuida as potential investment targets within the highlighted sectors [5][29].

或许你已经发现，走进家里小区楼下的药店，第一眼看到的可能不是药品，而是薇诺娜、可复 美、绽妍等品牌的护肤产品，这一幕正悄然成为中国药店的"新常态"。 近日，福瑞达生物公布了年内覆盖1 0个千万级OTC连锁的大计划。无独有偶，百雀羚也于年 初宣布正式入驻北京同仁堂渠道。随着线上红利逐渐见顶，不少品牌开始瞄准线下OTC专业渠 道掘金。 《FBe a u t y未来迹》经过调研发现，美妆在OTC渠道的生意，比起未开发的蓝海，更像是一支 蓄势待发的弓箭。在已经跑出薇诺娜这个十亿级销售规模美妆品牌的情况下，依旧还有巨大的 想象空间。 OTC渠道可以说是目前在线下分布最广的一类渠道，正如居民楼附近不一定会有化妆品店，但 一定会有药店，而这不是错觉。 根据薇诺娜母公司贝泰妮集团发布的2 0 2 4年上半年财报，OTC分销渠道销售模式实现营业收 入人民币3 5 , 4 7 0 . 1 4万元，约占主营业务收入1 2 . 7 1%，同比增长约2 0 . 0 1%。 按照这一增速， 薇诺娜在OTC的年销售规模大概率已经迈过1 0亿门槛。 据公开资料，薇诺娜从2 0 1 6年开始与连锁药房合作，彼时市场体量只有5 0万左右；8年后 ...