证券研究报告 爱美客 (300896 CH) 26 年新品放量可期 2026 年 3 月 21 日│中国内地 化妆品 | 2025 年全年公司实现营收 24.53 亿/yoy-18.94%，归母净利 12.91 亿 | | --- | | /yoy-34.05%，主因医美行业进入成熟规范期，行业有竞争加剧/增速放缓趋 | | 实现营收 势；25Q4 5.88 亿元，yoy-9.61%，营收同比降速自 25Q2 以来持 | | 续收窄，环比增长 3.87%，边际有改善。2025 年 4 月通过控股子公司收购 | | 并控股韩国 REGEN 公司，冻干粉类产品有并表贡献，伴随产能瓶颈解除， | | 我们预计 26 年有望继续放量；26M1 独家代理的注射用 A 型肉毒毒素产品 | | 获证，我们预计 26H2 有望贡献业绩。我们认为公司存量管线价格有韧性， | | 销量伴随新品协同推广或有回暖可能；冻干粉类/肉毒/米诺地尔等新品带来 | | 新增长点，26 年有望恢复增长，迎来拐点，维持买入评级。 | 冻干粉类产品表现亮眼 2025 年全年溶液类注射产品收入 12.65 亿元/yoy-27.48%，占比 51.5 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 11, 2025 [1]. Core Insights - The A-share innovative drug sector saw a weekly increase of 2.33%, outperforming the CSI 300 index by 0.33 percentage points, while the biopharmaceutical sector rose by 0.75% [2][17]. - In the past six months, the A-share innovative drug sector has cumulatively increased by 5.43%, outperforming the CSI 300 index by 9.13 percentage points, whereas the biopharmaceutical sector has decreased by 10.55% [2][17]. - The Hong Kong innovative drug sector experienced a decline of 2.14%, underperforming the Hang Seng Index by 3.75 percentage points, with a cumulative increase of 22.08% over the past six months [2][20]. - The XBI index in the US fell by 8.59% this week, with a cumulative decline of 22.72% over the past six months [2][23]. Summary by Sections Domestic Key Innovative Drug Progress - In May, one new drug was approved for market launch in China, with no new indications approved [3][41]. Overseas Key Innovative Drug Progress - In May, there were no NDA or BLA approvals in the US, Europe, or Japan for innovative drugs [4][45]. Global Key Innovative Drug Transaction Progress - A total of 12 key transactions occurred globally this week, with one disclosed transaction amounting to 415 million USD between Alchemab Therapeutics and Eli Lilly [5]. Market Performance - The report indicates that 39 stocks in the innovative drug sector rose while 67 fell during the week, with the top gainers being HaiChuang Pharmaceutical-U (22.76%), Changchun High-tech (8.99%), and Zhongsheng Pharmaceutical (8.98%) [2][16]. - The top decliners included Fuhong Hanlin (-12.64%), Connaught-B (-12.40%), and Boan Biotechnology (-11.77%) [2][16]. Clinical Trials and Approvals - In May, there were 23 newly announced clinical trials in China, including 17 in BE/I phase, 4 in II phase, and 2 in III phase [31].