行 业 及 产 业 美容护理 2025 年 09 月 07 日 相关研究 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 换季护肤拉开板块消费旺季，上市公司交流会指引发展方向 研 究 / 行 业 点 看好 ——化妆品医美行业周报 20250907 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 评 - ⚫ 本周化妆品医美板块表现强于市场。2025 年 8 月 29 日至 2025 年 9 月 5 日期间，申 万美容护理指数下滑 0.8%，表现强于市场。其中，申万化妆品指数基本持平，强于申 万 A 指 1.4pct；申万个护用品指数下滑 1.8%，弱于申万 A 指数 0.3pct。 ⚫ 周观点：换季护肤拉开板块消 ...

Core Insights - A-share mid-year report shows revenue and net profit growth remains positive, but the proportion of loss-making stocks is still high [2][10] - The overseas revenue share of A-shares reached a record high of 13.4% in 2025, indicating a trend towards internationalization [10] - The pet food industry is experiencing a trend towards "micro-innovation" and "precision nutrition," with a focus on premium products [3][16] A-share Market Analysis - A-share revenue growth peaked in Q1 2021 at 44.8% and has been on a downward trend for 14 consecutive quarters, with a slight recovery in 2025 [10] - The proportion of loss-making companies in A-shares reached 29.4% in Q2 2025, the highest since 2008 [10] - The profitability of the main board is under pressure, while the Sci-Tech Innovation Board is showing signs of recovery [10] Pet Food Industry Insights - The 27th Asia Pet Expo in 2025 saw a record number of exhibitors but a decline in the number of participating brands, indicating increased industry concentration [12][3] - Major brands like Guibao Pet and Zhongchong Co. are focusing on product upgrades and expanding their market presence [3][12] - The trend of "small dog economy" is rising, with leading brands increasing their focus on dog food products [16] Financial Performance of Key Companies - The report highlights that companies like Boss Electric and Wanhe Electric are maintaining stable profitability despite market challenges [22][24] - The pet food sector is seeing significant product innovation, with brands launching new premium products to cater to evolving consumer preferences [3][16] - The overall cash flow and operating cash return in A-shares have improved, indicating better financial health among companies [13]

线上增长势能仍强，线下新模式待启。1）线上渠道：25H1 营收38.09 亿元，同比+20.1%，占总营收 92.7%，其中线上自营收入34.21 亿元，同比+24.6%，受益于韩束在抖音渠道的头部优势，同时快手、 拼多多等平台布局成效显现；2）线下渠道：25H1 营收2.69 亿元，同比-10.6%，战略转型深化，未来线 下也将成为发力点，以新模式突破。 机构：申万宏源研究 研究员：王立平/王盼 投资要点： 业绩符合预期，盈利弹性显著释放。1）整体表现：25H1 实现营业收入41.08 亿元，同增17.3%；净利 润5.56 亿元，同增34.7%，逆势强劲增长；2）分红预案：每10 股派5 元，现金分红约1.99 亿元，分红 比例约38%。 盈利能力维持高位，研发投入加码技术壁垒。1）盈利水平：25H1 毛利率75.5%，同比-1pct，小幅下滑 但仍位于行业高位；净利率13.5%，同比+1.75pct；2）费用水平：销售费用率56.9%，同比-0.7pct；管 理费用率3.7%，同比+0.5pct；研发费用率2.5%，同比+0.3pct，期内新申请专利27 项，基础研究与应用 转化能力持续强化。 多品牌矩 ...