1、?盟?S01?DATE?2022?9?1?0UOZWZ2V2UpNtRaQ9R9PtRqQpNtRfQpPxOlOrRoMbRnMoOxNmMpONZmPqQ?n?-?&?/?p 9?映?Q3?/?务?Q3?+?+?务?23?/PO/?/?C?/?EHT/PA?n?-?/?/?p 7?25.38%?37.83%?4?47?1?CVD?的?务?2?p?/?/?/?撰?22?模?告?的?/?n?-7?+22%?20?/?/?p 7?22.1%?6?+8.1%?1?7?+?夫?2?p?7?&?7?2%?0.5%?23%?6?4.7%?8.1%?3%?7?p?7?2020?撰?务

2、?Q2?Q3?u?/?/?导?/?的?/?/务?研?/?导?n?-?&?/?p Q3?/?Q3?+?务?23?128?26%?n?-?/?/?p?的?&?务?/?/?n?-?/?/?p?7?2020?撰?务?Q3?务?/?6?7?p 3?6.3%?4?/5?22.3%/?11%?6?8.10%?撑?7?0.7%?1H22/1-7M22?2.5%/?2.1%?22Q1?1.8%?p?务?/?研?研?2.3%-2.1%1.5%0.6%1.4%6.6%-5.6%-8%-6%-4%-2%0%2%4%6%8%10%12%限额企业化妆品金银珠宝体育、娱乐用品类家用电器和音像器材类文化办公用品类服装鞋帽针纺

3、织品类1Q221H221-7M227.5%0.7%-30%-20%-10%0%10%20%30%40%50%----------042022-06限额以上企业化妆品?9?p 7?2%?/?7?+?+?249?2.0%?Q1/Q2?Q1/Q2?2.4%/1.7%?6.18?p 7?/?/?&?&?67%/22%/11%?-8.6/+11.4/-

4、2.8PCT?/?研?研?研?平台品类22-0422-0522-0622-0722Q122Q2护肤（亿元）8.7432525护肤yoy-16.9%-16.1%-5.4%-9.1%-12.0%-11.0%彩妆（亿元）42507448.3190165彩妆yoy-35%-27%-20%-21.5%-13%-26%护肤（亿元）39.649.750.938.6108.6140.2护肤yoy216%213%156%97%268%181%彩妆（亿元）10.515.115.116.335.040.7彩妆yoy146%189%171%117%249%180%美妆（亿元）25.639.252

5、.427.2114.191.6yoy-16%-10.5%22.8%-22.0%3%6%护肤32.8%39.4%18.3%32.5%25.2%26.7%彩妆25.2%30.4%20.5%33.7%18.4%24.6%护肤（亿元）160.1175.8329.4157.3540.2665.3护肤yoy1.6%5.8%4.8%4.7%3.9%4.3%彩妆（亿元）52658964.6225.17206彩妆yoy-23.8%-11.3%-9.2%-6.4%-1.2%-14.0%美妆（亿元）238280471249879963yoy-7.3%-1.1%3.5%-2.0%2.4%1.7%淘系+京东+抖音淘系抖

6、音京东抖音占淘系比重淘系+抖音?/?&?n?Q2Q2?4 4-5 5?/?Q1Q1的?的?p?1Q22?10.6%?3.8?封?2Q22?3.1%?/?/?务?p?1Q22/2Q22?16.2%/?47.7%?务?研?Wind?研?Wind?-10%-5%0%5%10%15%20%25%30%35%40%005006002002020211Q21 2Q21 3Q21 4Q21 1Q22 2Q22化妆品板块营收（亿元）yoy（右轴）-70%-60%-50%-40%-30%-20%-10%0%10%20%30%40%05000250

7、03000350040002002020211Q212Q213Q214Q211Q222Q22化妆品板块净利（百万元）yoy（右轴）?/?&?n?1H221H22?p 2Q22?-1.75PCT?务?/?/?/?+5.2/-10.7/-11.1/-1.5PCT?SKU?/?&?p 2Q22?-4.42PCT?务?/?/?/?-2.2/-11.6/-17.4/+1.6PCT?研?Wind?研?Wind?(6.0)(5.0)(4.0)(3.0)(2.0)(1.0)0.01.00%2%4%6%8%10%12%2002020211Q212Q213Q214Q21

8、1Q222Q22化妆品板块净利率净利率变动（PCT，右）(2.0)(1.0)0.01.02.03.04.041%42%43%44%45%46%47%48%49%2002020211Q212Q213Q214Q211Q222Q22化妆品板块毛利率毛利率变动（PCT，右）?/?&?n?1H221H22?p?2Q22?+0.7PCT?务?/?/?封?-0.03/+0.48PCT/0.79PCT?2Q22?/?/?/?+0.2/+1.3/+3.3/-1.7PCT?/?夫?2Q22?/?/?封?+0.9/+2/+0.2PCT?研?Wind?研?Wind?(6.0)(5.0)(4.0)

9、(3.0)(2.0)(1.0)0.01.00%2%4%6%8%10%12%2002020211Q212Q213Q214Q211Q222Q22化妆品板块净利率净利率变动（PCT，右）(2.0)(1.0)0.01.02.03.04.028%29%30%31%32%33%34%35%36%37%38%39%2002020211Q212Q213Q214Q211Q222Q22化妆品板块费用率费用率变动（PCT，右）?/?p?2Q22?/?/?/?+3%/-14.4%/-29%/+24.5%?务?/?封?/?务?/?63%/9.1%?p?2Q22?/?/?/?-

10、23%/-83%/-183%/+48%?务?/?务?2Q22?131%?研?Wind?研?Wind?-1000%-800%-600%-400%-200%0%200%200211Q212Q213Q214Q211Q222Q22代运营美妆原料商生产商-40%-30%-20%-10%0%10%20%30%40%200211Q212Q213Q214Q211Q222Q22代运营美妆原料商生产商?n?Q2Q2?1Q/2Q1Q/2Q?21%/3%21%/3%?25.1%/25.1%/?22.6%22.6%p?壹?/?2Q22?/?35%/19%?/?37%/34%?

11、p?1H22?封?/?62%/77%?p?/?/?/?/?/?远?+?2Q?/?11%/?42%?研?Wind?1?封?/?2?1Q21-2Q22?研?Wind?200211Q212Q213Q214Q211Q222Q22上海家化10%6%-7%9%27%4%-3%9%0%-24%珀莱雅32%32%20%23%49%30%21%11%39%35%丸美股份17%14%-3%2%9%11%-23%7%-5%-7%水羊股份36%7%54%35%58%45%29%24%28%-11%贝泰妮55%57%36%53%59%45%47%57%59%37%华熙生物205%119%112%1

12、47%-77%鲁商发展39%42%120%117%-130%53%95%45%品牌商22%18%17%33%37%31%17%23%21%3%200211Q212Q213Q214Q211Q222Q22上海家化39%3%-23%51%42%82%5%94%18%-136%珀莱雅43%37%21%21%41%15%30%11%44%19%丸美股份33%24%-10%-47%-16%-40%-168%-16%-35%-42%水羊股份-18%-79%415%69%1040%89%49%32%36%-29%贝泰妮70%58%32%59%46%75%64%55%86%34%品牌商35

13、%17%8%25.2%31%25%-6%38%25.1%-22.6%?n?/?封?封?2Q?+5.2PCT?-2.2PCT?p?2Q22?5.5PCT?/?封?/?-1.4PCT?/?p?1H22?封?/?-0.86/+0.02PCT?p?+?1H22?-1.35PCT?/?2Q22?/?+7.2/+1.8PCT?研?Wind?务?1Q22/2Q22?&?研?Wind?20Q212Q213Q214Q211Q222Q22上海家化-0.9%-1.9%-1.2%3.4%1.5%-1.9%-9.2%-2.1%-7.5%珀莱雅-0.1%-0.4%2.9%4.5%3.2%1.6%3.

14、5%3.2%5.5%丸美股份-0.2%-2.0%-2.2%-1.6%-5.1%-9.9%2.8%2.8%7.2%水羊股份-0.6%-1.8%2.9%1.6%1.9%-0.1%5.6%2.3%1.8%贝泰妮-0.9%-4.0%-0.2%-0.1%-7.2%9.6%-0.6%-0.3%-0.4%华熙生物-5.1%3.4%-2.9%鲁商发展-1.1%-2.0%4.5%品牌商0.2%-1.3%1.7%2.4%-4.1%0.6%0.6%0.8%5.2%20Q212Q213Q214Q211Q222Q22上海家化-0.2%-1.2%2.4%0.8%2.4%0.6%5.5%1.4%-8.

15、2%珀莱雅0.4%0.1%-0.3%-0.6%-1.5%0.9%0.0%0.5%-1.4%丸美股份2.2%-2.0%-12.7%-7.3%-16.3%-38.2%-4.5%-7.7%-7.1%水羊股份-4.7%2.6%0.9%3.2%1.0%0.7%0.3%0.2%-0.9%贝泰妮0.2%-0.6%0.8%-1.4%3.5%1.3%-0.3%2.6%-0.5%品牌商0.1%-0.4%0.3%-0.4%0.3%-1.5%1.7%0.6%-2.2%?n?/?封?封?p?/?1Q/2Q22?+0.7/+0.3PCT?+2.1/-0.9PCT?p?/?1Q/2Q22?+8.4/+7.9PCT?远?务?

16、1Q/2Q22?+3.1/+2PCT?研?Wind?研?Wind?20Q212Q213Q214Q211Q222Q22上海家化1.3%-2.8%-3.3%3.2%-2.1%-4.0%-11.0%-6.0%-1.5%珀莱雅1.1%-0.6%2.7%7.3%7.9%1.4%-1.1%-0.2%-0.9%丸美股份-3.9%0.1%11.5%5.8%9.2%29.4%11.1%12.1%11.8%水羊股份5.1%-5.6%2.2%-1.2%1.1%-0.4%5.6%2.1%2.4%贝泰妮-0.9%-2.4%-0.3%-1.0%-11.0%7.3%2.6%0.8%2.0%品牌商0.9

17、%-2.9%0.7%3.3%-0.6%1.4%-0.3%-0.9%0.6%20Q212Q213Q214Q211Q222Q22上海家化1.5%-0.6%-3.0%3.4%0.2%-6.2%-10.4%-3.6%-2.9%珀莱雅1.6%0.7%3.1%9.3%8.9%1.7%-1.4%0.7%0.3%丸美股份-3.9%2.3%9.2%5.6%5.8%24.4%8.7%8.4%7.9%水羊股份5.4%-4.4%1.8%-2.2%-0.9%-1.6%7.2%3.1%2.0%贝泰妮2.9%-1.4%-0.2%0.7%-8.4%8.4%0.6%2.1%-0.9%品牌商1.6%-0.7

18、%0.8%3.8%0.3%0.5%-0.3%0.5%-0.5%?n?/?封?封?p?封?2Q22?封?0.9PCT?务?/?/?/?封?+0.33/+0.91/+1.06/+1.74PCT?p?夫?2Q22?+0.2PCT?封?封?研?Wind?研?Wind?20Q212Q213Q214Q211Q222Q22上海家化0.0%-2.1%0.1%-0.3%-0.7%2.8%-1.3%-1.7%1.3%珀莱雅-1.0%-0.8%-0.3%-1.6%-0.8%0.0%0.1%-0.6%-1.8%丸美股份0.4%-0.5%1.1%1.2%0.9%3.2%0.8%1.2%1.7%水羊

19、股份-0.4%-1.0%0.6%0.0%1.3%2.0%-0.9%-0.2%-0.2%贝泰妮-2.9%-0.6%-0.3%-2.6%-2.0%0.1%1.0%-0.4%0.8%品牌商-0.6%-1.8%-0.1%-0.7%-0.4%1.3%-0.4%-1.1%0.2%202020211Q212Q213Q214Q211Q222Q22上海家化-0.22%0.08%-0.02%0.00%-0.19%0.51%-0.48%0.33%珀莱雅-0.46%-0.27%-0.67%-0.70%-0.48%0.22%0.44%0.91%丸美股份0.38%-0.05%0.21%-0.52%1.87%-0.59%0

20、.55%-0.11%水羊股份-0.54%0.04%0.59%-0.07%-0.19%0.00%-0.30%1.06%贝泰妮-0.38%0.41%0.96%0.05%-1.10%1.03%-0.67%1.74%品牌商-0.31%0.03%0.09%-0.19%-0.22%0.32%-0.12%0.90%?&?&?/?n?/?p?/?21?映?21?/1Q22/2Q22?6.5%/?0.8%/?14.4%?1%/?55%/?83%?p?/?1H?+30%?/?研?Wind?研?Wind?200211Q212Q213Q214Q211Q222Q22壹网壹创44%43%-10%-1

21、3%4%-23%-9%-14%20%39%丽人丽妆6%7%19%-10%16%-4%-2%-23%-5%-23%若羽臣39%3%18%13%15%3%26%14%6%-24%凯淳股份34%3%15%-6%4%-3%-14%-9%-17%-19%代运营17.8%11.9%12.3%-6.5%12.0%-6.4%-0.5%-16.1%-0.8%-14.4%200211Q212Q213Q214Q211Q222Q22壹网壹创18%35%42%5%12%20%39%-16%-2%-28%丽人丽妆11%13%19%21%5%49%36%1%-71%-104%若羽臣34%12%3%-6

22、7%38%-27%-71%-172%-81%-73%凯淳股份14%-5%27%-43%-12%-13%-63%-71%-165%-127%代运营16%17%25%-1%9%25%8%-24%-55%-83%?&?&?/?n?&?/?的?的?p 2Q22?/?的?p 21?/1Q22/2Q22?-0.5PCT/-4.5PCT/-10.7PCT?+0.6PCT/-5PCT/-11.6PCT?研?Wind?研?Wind?20Q212Q213Q214Q211Q222Q22壹网壹创0.4%4.8%-0.2%4.0%6.3%3.0%-8.6%-4.4%-13.5%丽人丽妆-1.0%0

23、.3%0.6%2.0%3.8%5.0%-5.3%-7.3%-15.0%若羽臣1.5%0.4%-3.0%-1.3%6.4%-1.1%-13.8%-0.6%-5.0%凯淳股份0.6%-2.1%-0.7%-1.7%1.7%0.5%-2.7%-1.0%0.1%代运营0.2%0.4%-0.5%1.2%4.1%2.9%-6.4%-4.5%-10.7%20Q212Q213Q214Q211Q222Q22壹网壹创-1.0%8.8%4.9%1.7%10.1%10.9%-0.5%-4.4%-13.3%丽人丽妆0.4%0.0%2.5%-0.6%5.2%2.4%2.1%-4.1%-15.4%若羽臣

24、0.7%-1.2%-5.5%1.2%-2.6%-7.6%-11.0%-5.7%-4.2%凯淳股份-0.7%0.9%-3.7%-1.6%-1.1%-4.4%-6.7%-14.6%-12.6%代运营0.4%1.1%0.6%-0.2%3.6%0.9%-1.0%-5.0%-11.6%?n?/?p?封?21?/1Q22?19.9%/0.6%?22Q2?/?/?-21%/-40%?p?+?/?务1H?23.74%?1.03?研?Wind?研?Wind?202020211Q212Q213Q214Q211Q222Q22青松股份32.9%-4.4%20.7%-2.8%-21.3%-7.5%-19.7%-30.9

25、%嘉亨家化23.3%19.9%91.8%0.8%15.7%9.1%0.6%-21.3%生产商30.9%-24.1%31.8%-2.1%-13.1%-3.9%-15.1%-29.0%202020211Q212Q213Q214Q211Q222Q22青松股份1.7%-297.8%8.8%-37.1%-147.0%-1101.2%-167.2%-208.7%嘉亨家化47.5%4.0%270.6%-52.1%1.6%22.5%-19.5%-40.3%生产商7.3%-247.0%25.2%-40.0%-121.9%-869.8%-139.7%-182.6%?n?p?2Q22?1Q22/2Q22?-1/+1

26、.6PCT?-1.7/-1.5PCT?p?/?/21?的?/?/?研?Wind?研?Wind?202020211Q212Q213Q214Q211Q222Q22青松股份-5.6%-12.7%-2.5%-8.4%-22.8%-18.2%-19.0%-14.7%嘉亨家化-3.5%-1.5%2.4%-6.7%-1.2%1.1%-1.0%1.6%生产商-5.1%-9.2%-1.8%-8.0%-16.5%-13.4%-14.2%-11.1%202020211Q212Q213Q214Q211Q222Q22青松股份-3.7%-48.3%-1.2%-4.6%-22.0%-109.4%-19.6%-21.8%嘉亨

27、家化1.6%-1.3%4.0%-6.9%-1.2%1.1%-1.7%-1.5%生产商-2.5%-33.7%-0.5%-5.1%-16.1%-82.6%-14.8%-17.4%?&?&?p?1Q22/2Q22?59.6%/63%?Q2?21%/130.6%?Q2?+53.1%?14.05%/21.8%?Q2?+7.75PCT?Q2?/?+7.78PCT?-1.86PCT?p?2Q22?告?2Q22?/?+9.1%/-42.4%?研?Wind?研?Wind?202020211Q212Q213Q214Q211Q222Q22科思股份-8.4%8.1%-14.3%-6.2%21.5%40.5%59.6%

28、63.0%丽臣实业18.9%15.9%18.1%7.2%10.1%9.1%原料商9.2%13.6%18.9%15.6%25.3%24.5%202020211Q212Q213Q214Q211Q222Q22科思股份6.4%-18.7%1.9%-17.1%0.5%-52.8%21.0%130.6%丽臣实业69.1%-19.6%-49.9%-28.7%-49.3%-42.4%原料商35.3%-19.2%-36.3%-38.1%-18.1%48.1%?&?&?p?+?+?壹?&?2Q22?34.04%?+2.1PCT?+7.8PCT?8.8%?-6.67PCT?-1.86PCT?21.8%?+6.4PC

29、T?+7.75PCT?p?2Q22?/?Q3?导?研?Wind?研?Wind?202020211Q212Q213Q214Q211Q222Q22科思股份2.2%-6.2%2.2%-7.5%-12.2%-5.9%-7.0%2.1%丽臣实业0.0%-3.4%-6.5%-5.0%-8.0%-5.9%原料商0.0%-4.4%-7.8%-4.9%-6.6%-1.5%202020211Q212Q213Q214Q211Q222Q22科思股份2.2%-4.0%2.9%-2.0%-2.3%-12.0%-4.5%6.4%丽臣实业2.8%-2.9%-6.1%-3.2%-5.5%-2.7%生产商2.2%-3.3%-5.

30、2%-5.4%-4.4%1.6%?n?Q2?63%?130.57%?+53.1%?21.8%?+7.75PCT?p 1?Q3?撑?+?+?2?务?23?/PO/?/?C?/?EHT/PA?3?p?22-24?3.27/4.26/5.35?3?CAGR?59.1%?23?30?PE?128?26%?8.31?101?研?Wind?20202020202120212022E2022E2023E2023E2024E2024E?1,008?1,090?1,707?2,812?3,797?-8.35%8.13%56.52%64.74%35.05%?163?133?327?426?535?6.35%-18

31、.72%146.04%30.39%25.43%?1.448?1.177?1.93?2.52?3.16?11.08%8.36%18.31%20.88%22.63%?37.68?53.67?30.99?23.77?18.95?4.18?4.49?5.67?4.96?4.29?n?2Q?/?37.26%/33.6%?/?0.35/0.55PCT?封?封?+1.74PCT?4.07%?封?1H?/?30%+/40%+?+36.93%?OTC?p?6.18?TOP5?22?1.5?20%?AOXMED?9?22?2000-3000?22?2000?p?Q3?20%30%+?22-24?11.97/15.

32、93/20.66?3?CAGR?34%?22-24?PE?66/50/38?研?Wind?20202020202120212022E2022E2023E2023E2024E2024E?2,636?4,022?5,676?7,628?9,957?35.64%52.57%41.12%34.38%30.53%?544?863?1,197?1,593?2,066?31.94%58.77%38.75%33.05%29.66%?1.510?2.037?2.826?3.761?4.876?45.33%18.15%21.87%24.78%26.93%?0.00?94.39?65.88?49.51?38.19?

33、0.00?17.13?14.41?12.27?10.29?n?Q2?/?35.5%/19.2%?10.1%?-1.38PCT?Q2?2000+?Q2?1.59?36%+?11.56%?+0.08PCT?p?1H22?43.12%?35%/撑?25%?261?21?205?257?70%+?+?封?78%?28%?/?1H22?68.12%?+4.39PCT?p?20%-30%?模?/?25%+?p?Q2?22-24?7.49/9.58/11.68?22?PE?61?20202020202120212022E2022E2023E2023E2024E2024E?3,752?4,633?6,058?

34、7,706?9,655?20.13%23.47%30.76%27.20%25.29%?476?576?749?958?1,168?21.22%21.03%30.07%27.89%21.89%?2.367?2.866?2.663?3.406?4.151?19.90%20.03%22.83%24.84%25.63%?75.21?72.68?61.14?47.80?39.22?14.97?14.55?13.96?11.88?10.05?研?Wind?1H22?Q2?p Q2?30%?1Q22?105%?82%?1Q22?77%?p 7?25%?38%?2Q22?4-7?4?1?CVD?的?务?2?研

35、?GJEPC?研?GJEPC?-200%-100%0%100%200%300%400%500%600%700%800%20-0120-0320-0520-0720-0920-1121-0121-0321-0521-0721-0921-1122-0122-0322-0522-07培育钻进口yoy培育钻出口yoy-100%0%100%200%300%400%500%600%700%1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q22培育钻进口yoy培育钻出口yoy?1H22?21?p?2021?2021.4-2020.3?4%?+1PCT?务?2%?-PCT?8%?-1

36、PCT?p 2021?67%?+9PCT?140%?57%?务?14%?-6PCT?10%?-2PCT?研?GJEPC?研?GJEPC?0%10%20%30%40%50%60%70%80%90%100%200021United States Of AmericaHongkongUnited Arab EmiratesIsraelBelgiumChina P.Rpothers0%10%20%30%40%50%60%70%80%90%100%200021United States Of AmericaHongk

37、ongUnited Arab EmiratesBelgiumIsraelChina P.Rpothers?1H22?p 2021?98.6?务?/?90/8.9?+52%/140%?9.0%?+3.1PCT?p?16?映?2021?140%?15?178?21?5.5?CAGR6?160%?20?告?106%?p?2019?19?1.9PCT?2.6%?2021?3.1PCT?9.0%?/?研?GJEPC?研?GJEPC?0%100%200%300%400%500%600%700%800%005006007008009001,000200182019

38、20202021培育钻进口额（百万美元）yoy（右轴）0.03%0.20%0.44%0.74%2.57%5.87%8.98%0%1%2%3%4%5%6%7%8%9%10%200021?1H22?务?19?21?p 2021务?1.65?务?/?1.6/573?+21%/+192%?2.4%?+0.9PCT?p 务?19?2021?192%?15?0.2?21?573?CAGR6?226%?19?347.4%?85?20?130.6%?p?19?2021?3.5%?18?务?18?0.1%?务?务?务?务?/?研?GJEPC?研?GJEPC?0%500

39、%1000%1500%2000%2500%3000%3500%02001920202021培育钻进口额（百万美元）yoy（右轴）0.00%0.07%0.10%0.12%1.07%1.46%3.46%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%200021?1H22?务?16?20?21?p 2021?务?64?务?/?62/1.8?+17%/+40%?2.6%?+0.6PCT?p?16?20?2021?撑?15?0.2?21?1.8?CAGR6?45%?p?15?20?2021?

40、2.8%?0.4PCT?务?务?务?务?/?研?GJEPC?研?GJEPC?-50%0%50%100%150%200%250%300%0204060800001920202021培育钻进口额（百万美元）yoy（右轴）0.24%0.76%0.97%1.32%2.62%2.36%2.81%0.0%0.5%1.0%1.5%2.0%2.5%3.0%200021?2Q22?p?2Q222Q22?11%11%?的?的?p 18-19?20?21?1H22?49?+11.44%?p?1Q21?54%

41、?2Q21-1Q22?2Q22?17.46%?务?/?/务?+91%/-3%/+20%?/?/?%?%?研?研?0%5%10%15%20%25%30%35%02040608000211H22板块总营收（亿元)yoy（右轴）0%10%20%30%40%50%60%055401Q212Q213Q214Q211Q222Q22板块总营收（亿元)yoy（右轴）?2Q22?p?1H221H22?120%120%p 17-20?18?20?20?21?p 1H22?10?120%?1?的?2?夫?3?务?1-2Q22?4/6?+178%/97

42、%?Q2?50%?%?%?研?研?-80%-60%-40%-20%0%20%40%60%80%100%120%140%(8)(6)(4)(2)02468820H22板块总净利（亿元)板块剔除明匠净利yoy（右轴）剔除明匠后yoy（右轴）-150%-100%-50%0%50%100%150%200%(1)012345671Q212Q213Q214Q211Q222Q22板块总净利（亿元)yoy（右轴）!#$%&()*+!#$%&()*+,-./0./011!#$%&()*+,-./012345!6789%(2345!6789%(2345!:$%&;()*

43、2345!:$%&;()*?2Q22?p?1H221H22?p?1Q22?+14PCT?38.4%?2Q22?39.8%?6.6PCT?1.5PCT?务?/?/?36%/40%/68%?7/5/1PCT?p?1H22?-0.05PCT?-0.PCT?封?+0.39PCT?p?1H22?20.5%?+10.14PCT?务?/?/?+11/4/4PCT?务?-6%-4%-2%0%2%4%6%8%10%12%0%10%20%30%40%50%2016 2017 2018 2019 2020 2021 1H22毛利率变动（右轴）板块总体毛利率-15%-10%-5%0%5%10%15%20%-10%-5

44、%0%5%10%15%20%25%2016 2017 2018 2019 2020 2021 1H22净利率变动（右轴）板块总体净利率-5%-4%-3%-2%-1%0%1%2002020211H22销售费用率变动管理费用率变动研发费用率变动?2Q22?p?1H221H22?p?1H22?1.22?/?0.03?/?务?+0.09?/?/?0.05/0.14?/?p?1H22?2.5?/?0.18?/?0.44?/?/务?3.32/0.61?/?/?/?研?研?0.00.51.01.52.02.5002020211H22板块应收账

45、款周转率同比变动（右轴）(0.2)(0.1)0.00.10.20.30.40.50.60.70.00.51.01.52.02.53.03.54.02002020211H22板块存货周转率同比变动（右轴）?2Q22?p?2021&1H22?的?p 21?务?/?/?2.8/7.9/3.3?1H22?的?200?2021?1.98?1.96?务?-0.09?p 1H22?务?/?/?1.9/2.0/2.0?导?研?研?-8-6-4-20246802020211H22力量钻石黄河旋风中兵红箭024680H22力量

46、钻石黄河旋风中兵红箭?n?2Q22?2.56?91%?34%?1.38?105%?36%?53.89%?+3.66PCT?+1.11PCT?p?的?1H22?200?2H22?23?的?400/1000?2?+?24h模?48h?40?的?p?盛?22/23/24?5.31/7.3/9.51?6.02/10.5/11.84?22?PE?42?20202020202120212022E2022E2023E2023E2024E2024E?245 498 1,085 1,823 2,197?10.67%103.50%117.75%67.99%20.51%?73 240 602 1,050 1,184

47、?15.64%228.17%151.24%74.49%12.73%?1.612 3.968 0.00 8.70 9.80?16.40%25.00%40.13%43.23%34.80%?72.25 42.4524.3321.58?18.0617.0310.527.51?研?Wind?n务?务?2Q22?18.22?20%?32%?4.2?82%?49%?35.8%?+6.6PCT?-0.9PCT?Q2?23.1%?+7.9PCT?+2.7PCT?-2.8PCT?p?+?夫?HPHT?/?/?MPCVD?10?1H22?16?18%?53%?6.8?99%?116%?42.4%?+17PCT?+1

48、3PCT?1H22?13.39?17%?p?+?2H22?22-24?13.32/17.31/19.89?3?CAGR?60%?22?PE?38?务?务?20202020202120212022E2022E2023E2023E2024E2024E?5,322 6,463 7,514 8,919 10,723?0.00%21.45%16.26%18.71%20.22%?255 275 485 1,332 1,731?-26.49%7.58%76.77%174.42%29.95%?0.183 0.197 0.349 0.956 1.243?3.12%3.22%5.39%13.67%16.05%?4

49、1.58 50.82 76.52 38.16 29.37?1.30 1.64 4.12 5.22 4.71?研?Wind?n?1H22?12.75?-3.49%?0.7?+192.22%?1Q22/2Q22?6.05/6.7?-4.04%/-2.98%?0.29/0.41?+179.05%/+202.13%?4.8%/6.1%?2Q22?/?+10.7%/+41.4%?+1.3PCT?p?20?90%?D?务?D/F?50%?p 1H22?36.55%?+4.82PCT?1Q22/2Q22?32.53%/40.17%?+4.86/+4.73PCT?Q2?7.64PCT?/?/?封?2.4%/1

50、0.8%/3.6%?+0.6/+0.8/+0.7PCT?p 1H22?175?10?105?5?p?8.11?2020?8%?1H22?50%+?Q1/Q2?n?2Q22?1.36?+28%?0.48?+83.3%?0.45?0.53?p Q2?/?+7.5%/+16.5%?55.6%?+1.9PCT?35%?+2PCT?撑?p?1H22?/?1.52/0.92?+31.74%/26.47%?62.5%/39.6%?+0.13/-0.39PCT?p?CVD?封?E/F?1H22?100?400?23?1000?CVD?务?p 1H22?/?/?封?6.7%/21.2%/10.5%?+0.3/-

51、2.2/-0.2PCT?/?154/128?3?/?2?p?+?CVD?1H22?6-7?p?1H221H22?6 6?7 7?p?1619?撑?11%?20?1%?21?撑?34%?映?务?1H22?3.07%?p?1Q22?3?+13%?2Q22?4.5%?4-5?6?8%?7?22%?%?%?研?研?-15%-10%-5%0%5%10%15%20%25%30%35%40%005006001Q212Q213Q214Q211Q222Q22板块总营收（亿元)yoy（右轴）-10%-5%0%5%10%15%20%25%30%35%05001,0001,5002,0002,5

52、003,0003,5002002020211H22板块总营收（亿元)yoy（右轴）金银珠宝零售额增速（右轴）?1H22?6-7?p?1H221H22?6 6?7 7?p?1H22?42?18.48%?p?1Q22/2Q22?-12.1%/-24.2%?2Q22?的?%?%?研?研?-30%-20%-10%0%10%20%30%40%50%020406080020H22板块总净利（亿元)yoy（右轴）-50%0%50%100%150%200%055401Q212Q213Q214Q211Q

53、222Q22板块总净利（亿元)yoy（右轴）!#$%&()*+!#$%&()*+,-./0./011!#$%&()*+,-./01!6789%(!6789%(!:$%&;()*!:$%&;()*?1H22?6-7?p?1H221H22?p?18-20?21?17.2%?2PCT?21.8?1H22?-0.4PCT?15%?p?1H22?/?+0.17/-0.07PCT?1?+10PCT?2?3?封?1H22?/?-4/-1PCT?p?1H22?-1.04PCT?-3%-2%-1%0%1%2%0%5%10%15%20%25%2001920202021 1H22毛利率变动（右

54、轴）黄金珠宝板块毛利率-1.5%-1.0%-0.5%0.0%0.5%1.0%2002020211H22销售费用率变动管理费用率变动研发费用率变动-1.5%-1.0%-0.5%0.0%0.5%1.0%1.5%2.0%0%1%2%3%4%5%6%7%2016 2017 2018 2019 2020 2021 1H22净利率变动（右轴）净利率?1H22?6-7?p?p?1H22?18?/?3.3?/?p?1H22?1.3?/?0.1?/?/?/?研?研?-4.0-2.00.02.04.06.08.005540452002020211H

55、22应收账款周转率同比变动（右轴）-0.8-0.6-0.4-0.20.00.20.40.00.51.01.52.02.53.02002020211H22存货周转率同比变动（右轴）?p?p?1H22?/?+3.7%/-5.4%?/?/?+7%/+4%/+2%?83%?务?12%?/?-5%/-10%?p?1H22?/?-10.4%/-21.6%?19-21?研?研?0%5%10%15%20%25%30%35%-10%0%10%20%30%40%50%60%70%2002020211H22时尚珠宝传统黄金-40%-20%0%20%40%60%80%100

56、%120%140%2002020211H22传统黄金时尚珠宝?p?p?40%-50%?1H22?46.6%?-2.1PCT?10%-20%?1H22?12.6%?-0.2PCT?1?1Q22?2Q22?2?封?p?1H22?15.4%?-3.2PCT?3.32%?-0.88PCT?研?研?0%10%20%30%40%50%60%2002020211H22板块总体传统黄金时尚珠宝0%2%4%6%8%10%12%14%16%18%2002020211H22板块总体传统黄金时尚珠宝?p?p?20%-25%?/?1H22?/?+3.7/

57、+0.6PCT?p?3%-4%?2%-3%?1H22?/?研?研?0%5%10%15%20%25%30%2002020211H22板块总体传统黄金时尚珠宝0%1%2%3%4%5%2002020211H22板块总体传统黄金时尚珠宝?1H22?3?务?/?p?1H221H22?务?务?/?3 3?p?1H22?2%?/?/?务?/?83%?1Q22/2Q22?+13%/-4.5%?Q2?的?p?1H22?-19%?务?/?3?Q1?1/0.7PCT?+326%/72%?1H22?+9%/+26%?1Q22?/?12%?2Q22?24%?研?研?-20%0

58、%20%40%60%80%100%2002020211H22黄金板块周大福老凤祥豫园股份中国黄金周生生菜百股份周大生-50%0%50%100%150%200%250%300%350%2002020211H22黄金板块周大福老凤祥豫园股份中国黄金周生生菜百股份周大生?1H22?3?务?/?p?2121?/?-0.47/0.47/-1PCT1PCT?p?1Q22/2Q22?-0.3/-0.98PCT?Q1?5.9%?务?/?+0.5/2.5PCT?Q2?0.6%?务?/?+1.3/-2.3PCT?务?p?1Q22/2Q22?-1.05/-0.53PCT?

59、/?1.6PCT?2.2PCT?研?研?-15%-10%-5%0%5%10%15%黄金板块周大福老凤祥豫园股份 中国黄金周生生菜百股份周大生200211H22-8%-6%-4%-2%0%2%4%6%黄金板块周大福老凤祥豫园股份 中国黄金周生生菜百股份周大生200211H22?1H22?3?务?/?p?p?18-20?21?2PCT?-6PCT?1H22?+0.6PCT?/?+3/1PCT?1Q22/2Q22?+0.2/+0.3PCT?p?18-20?21?1PCT?/?-0.8/0.9PCT?1H22?+0.3PCT?+3PCT?1Q22/2Q22?

60、-0.07/+0.02PCT?研?研?-6%-5%-4%-3%-2%-1%0%1%2%3%4%黄金板块周大福老凤祥豫园股份 中国黄金周生生菜百股份周大生200211H22-1.5%-1.0%-0.5%0.0%0.5%1.0%1.5%2.0%2.5%3.0%黄金板块周大福老凤祥豫园股份 中国黄金周生生菜百股份周大生200211H22?1H22?3?务?/?p?1H221H22?p?1H22?1.28?/?0.13?/?0.77?/?p?1H22?12.73?/?1.48?/?务?20.34?/?6?/?/?研?研?(5)(4)(3)(2)(1)0123

61、45黄金板块周大福老凤祥豫园股份 中国黄金周生生菜百股份周大生200211H22(50)050100150200黄金板块周大福老凤祥豫园股份 中国黄金周生生菜百股份周大生200211H22?1H22?/?5%/22%?p?1Q22/2Q221Q22/2Q22?+9.6%/+9.6%/-19.8%19.8%?+9.2%/+9.2%/-48%48%?Q2Q2?p?21?+62%?/?/?44%/88%/55%?1Q22?2Q22?1H22?/?-5%/-10%?+12%?p?1Q22?+9%?+17%?/?9%/?12%?2Q22?-48%?/?研?研?

62、-10%0%10%20%30%40%50%60%70%80%90%2002020211H22时尚珠宝板块潮宏基迪阿股份曼卡龙-90%-40%10%60%110%160%2002020211H22时尚珠宝板块潮宏基迪阿股份曼卡龙?1H22?/?5%/?22%?p?1H221H22?p?1Q22?-1PCT?-5PCT?/?+1/3PCT?2Q22?-3PCT?/?-5PCT?1H22?-1.4PCT?/?/?-2.6/+0.6/-1PCT?p?1Q22?0.1PCT?/?2/0.4PCT?+1PCT?2Q22?-6.9PCT?/?/?-2/-10/-4

63、PCT?研?研?-9%-7%-5%-3%-1%1%3%5%时尚珠宝板块潮宏基迪阿股份曼卡龙200211H22-9%-7%-5%-3%-1%1%3%5%7%9%时尚珠宝板块潮宏基迪阿股份曼卡龙200211H22?1H22?/?5%/?22%?p?1H221H22?/?+4/+4/-0.05PCT0.05PCT?p?1Q22?+1.6PCT?/?+5/1PCT?-2PCT?2Q22?+0.27PCT?/?/?+1/+17/-1PCT?1H22?10PCT?p?1H22?-0.05PCT?/?/?+0.9/-0.01/-0.4PCT?研?研?-9%-4%1

64、%6%11%16%时尚珠宝板块潮宏基迪阿股份曼卡龙200211H22-4%-3%-2%-1%0%1%2%时尚珠宝板块潮宏基迪阿股份曼卡龙200211H22?1H22?/?5%/?22%?p?p?1H22?0.12?/?p?1H22?4.14?/?/?/?研?研?(0.09)0.110.310.510.710.911.11时尚珠宝板块潮宏基迪阿股份曼卡龙200211H22(0.09)0.911.912.913.914.915.916.917.918.91时尚珠宝板块潮宏基迪阿股份曼卡龙200211H22?n务

65、?务?Q2?109.63?-18%?Q2?-12%?1.87?-4%?1.83?-6%?1.71%?+0.23PCT?p Q2?108.9?-18%?4.1%?+0.9PCT?+1.1PCT?618?研?6?/2Q22?187%/160%?1Q22?130%?21?9?p?3-5?p?/?22-24?EPS?0.55/0.77/1.10?CAGR3?53%?22?32?PE?17.6?务?务?20202020202120212022E2022E2023E2023E2024E2024E?33,78850,75853,97069,92989,129?-11.72%50.23%6.33%29.57%

66、27.46%?5007949201,2921,853?10.79%58.84%15.83%40.40%43.40%?0.3330.4730.5480.7691.103?9.62%12.12%13.04%16.58%20.75%?0.00 29.04 30.54 21.76 15.11?0.00 3.52 3.98 3.61 3.13?研?Wind?n?2Q22?9.21?21.7%?5485.75?43.27%?5.96%?-2.27PCT?Q2?1H22?45.42%?3-5?p?务?务?1-7?3.4?研?25?务?89?11.7%?21-25?CAGR?54%?p?夫?的?封?2224?

67、3.64/4.78/5.61?2224?PE?13/10/8?20202020202120212022E2022E2023E2023E2024E2024E?3,543 3,215 4,636 4,927 5,883?0.00%-9.24%44.20%6.27%19.40%?81 140 351 364 478?14.28%72.05%151.03%3.85%31.26%?0.090 0.154 0.387 0.410 0.538?2.40%4.07%9.96%9.48%11.58%?44.94 26.57 14.23 12.83 9.78?1.08 1.08 1.42 1.22 1.13?研?

68、Wind?n?1H22?51?+82.8%?/?/?5.7/6/38?-12%/+39%/+140%?29%/31%/17%?-0.5/-5/-24PCT?11.3?+0.1%?22.2%?-18PCT?5.6?-3.4%?11.5%?-8PCT?p?模?1H22?26?4290?1Q22/2Q22?9/17?1H22?89?+124%?1Q22/2Q22?+204%/+71%?IP?模?封?400%+?7.4?-14.5%?p?封?22-24?13.2/16.6/18.3?+8%/26%/10%?eps?1.21/1.52/1.67?22?PE?11?20202020202120212022

69、E2022E2023E2023E2024E2024E?5,439 5,084 9,155 12,170 14,753?0.00%-6.53%80.07%32.93%21.22%?991 1,013 1,225 1,322 1,662?22.99%2.21%20.85%7.97%25.68%?1.356 1.387 1.117 1.206 1.516?21.05%18.81%21.16%20.37%21.85%?14.04 19.22 15.92 10.84 8.63?2.95 3.62 3.37 2.21 1.88?研?Wind?n?p?的?p务?研?务?研?务?务?研?A?封?p?18?20?9.66%?n?p?p?p?/?封?告?p?/?n?p?21?导撑?封?p?盟?告?p?务?务?盟?盟?盟?盟?告?模?盟?导?盟?盟?盟?盟?务?导?盟?导?盟?盟?盟?盟?盟?盟?盟?盟?盟?盟?务?盟?务?盟?务?撰?盟?盟?盟?盟?研?盟?务?C3?(?C3?盟?盟?务?盟?盟?盟?盟?盟?盟?务?