金吾财讯 | 港股医美板块整体承压，截至发稿，昊海生物科技（06826）跌5.16%，时代天使（06699）跌2.53%，复星医药（02196）跌2.30%，四环医药（00460）跌2.29%，山东新华制药股份（00719）跌1.37%，现代牙科（03600）跌1.22%。消息面上，东吴证券认为，2025年以来代表性医美机构盈利修复已逐步在报表端体现，随着行业竞争由价格及流量争夺逐步转向服务质量和精细化运营，具备品牌、规模采购及运营效率优势的头部机构盈利韧性有望进一步增强。建议关注下游终端机构标的。华龙证券新近研究指，企业层面，国内医美企业持续突破海外监管认证，海外市场有望成为重要增长第二曲线，行业高质量发展态势明确。产品层面，国内创新管线通过对外授权借力海外合作方的成熟渠道，高效开拓海外市场，同时改善企业现金流、反哺本土研发，维持美容护理行业“推荐”评级。
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