从资金流向上来看，当日医疗美容板块主力资金净流出4981.38万元，游资资金净流出538.33万元，散户 资金净流入5519.71万元。医疗美容板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 000615 | *ST美谷 | 3.17 | -0.63% | | 6.67万 | | 2120.37万 | | 300896 | 爱美客 | 138.12 | -1.56% | | 2.98万 | | 4.13亿 | | 688363 | 华熙生物 | 45.64 | -1.70% | | 2.88万 | | 1.32亿 | | 920982 | 锦波生物 | 223.85 | -1.97% | | 7323.3 | | 1.65亿 | | 代码 | 名称 | | | 主力净流入（元） 主力净占比 游资净流入（元） 游资净占比 散户净流入 (元) 散户净占比 | | | | | --- | --- | --- | --- | --- | --- ...

| 1 | Carlos Controller | No. of Children | . Intellent within a | | 1188 | | | --- | --- | --- | --- | --- | --- | --- | | | . . . | 1 100 1 | | 三十八 | 1 | 11 | 2025年，在杨霞带领下，集团通过技术突破、产品创新、市场拓展及国际化布局，实现了业绩与品牌的 双重提升，成为重组人源化胶原蛋白领域的国产化标杆企业。 "2025年度医疗美容业十大杰出人物"榜单围绕专业能力、业绩表现、行业影响力等维度综合评选得出。 杨霞，女，1974年9月出生，硕士研究生学历。2008年1月至2016年11月，任山西医科大学讲师；2008年 3月至2011年5月，任锦波有限执行董事；2011年5月至2015年3月，任锦波有限监事；2016年12月至今， 任公司董事长；2019年12月至今任公司研究院院长。 | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 简军 | 爱美客董事长 | | 2 | 赵燕 | 华熙生物董事长 | | 3 | 严建 ...

近日，锦波生物发布公告称，收到证监会批复，同意公司向特定对象发行股票的注册申请，该批复自同 意注册之日起12个月内有效。据北交所官网，这是2024年以来北交所首个注册获批的定向发行股票项 目，能够为后续北交所企业再融资提供可复制、可借鉴的实践经验，也推动北交所进一步完善再融资制 度体系。 募资重点投向AI研发平台 ● 本报记者杨洁 持续完善再融资制度体系 中国证券报记者了解到，北交所自成立以来，坚持服务创新型中小企业的市场定位，构建了具有特色且 灵活多元的再融资机制。 再融资主要可以通过配股、增发和发行可转换债券三种方式进行，北交所再融资尚没有配股的案例出 现，近两年北交所再融资市场实践案例以定向可转债为主，定向发行股票的实践案例则主要集中于2022 年和2023年，2024年和2025年尚未有项目成功注册发行，锦波生物定增项目在2026年初取得注册批文实 现了近两年的破冰。 专家表示，从现实情况看，不少北交所上市公司IPO时募集资金量不大，再融资发展的需求逐步显现， 进一步打通再融资通道有利于公司聚集资源抓住发展机遇。 根据北交所官网，2025年以来，优机股份、万通液压、威博液压、克莱特四家公司披露定向可转 ...

根据公告，锦波生物此次发行对象为养生堂，拟发行股票不超过717.57万股，预计募集资金总额不超过 20亿元。据介绍，养生堂在工业化生产、严肃医疗产品转化及市场商业化方面积淀深厚经验，引入养生 堂作为战略投资者，有利于锦波生物突破发展瓶颈，对产业链上下游企业起到带动效应。 合成生物制造作为一种全新的"造物"技术，是代表新质生产力的新赛道和新业态，成为国际各方竞相抢 占的科技高地。公告介绍，锦波生物本次募集资金将重点投向"人源化胶原蛋白FAST数据库与产品开发 平台项目"。 FAST数据库基于公司自主研发的"AI胶原智脑系统"技术，是集人源化胶原蛋白"序列－结构－功能－应 用"于一体化的数据库，可提升功能区筛选和结构预测的效率，为公司人源化胶原蛋白的研发提供了全 面、精准、高效的解决方案。将AI技术运用于重组胶原蛋白行业深度契合新质生产力"创新主导、要素 重构、产业升级"的核心逻辑，有助于公司抢占国际合成生物技术制高点。 ● 本报记者 杨洁 近日，锦波生物发布公告称，收到证监会批复，同意公司向特定对象发行股票的注册申请，该批复自同 意注册之日起12个月内有效。据北交所官网，这是2024年以来北交所首个注册获批的定 ...

Core Viewpoint - The OTC channel presents significant opportunities for beauty brands, offering professional endorsements, precise targeting of skincare needs, and immediate product experiences, but it also poses challenges due to strict professional requirements and a talent shortage in the industry [1][2][3]. Group 1: Market Entry and Growth - By 2025, over six domestic cosmetic companies are expected to enter the OTC channel, marking it as the "Year of Domestic Beauty OTC Layout" [2]. - Leading domestic beauty brand Proya (603605.SH) announced its entry into the OTC channel in January 2026, joining a growing list of companies [2]. - Brands like Winona and Kefu Beauty have been early entrants into the OTC channel, with Winona's sales nearing 1 billion yuan in 2023, capturing over 60% of the market share in this channel [5]. Group 2: Strategic Developments - In April 2025, Furuida Bio announced plans to accelerate its OTC channel development, aiming to cover 10,000 drugstore chains and launch 100 "cosmetic and medicinal" SKUs [5]. - Companies are increasingly focusing on integrating with the professional environment of pharmacies rather than merely distributing products [5]. - Proya is preparing multiple products for the OTC channel, emphasizing the importance of medical device products as a foundation for entry [6]. Group 3: Market Potential and Challenges - The OTC channel has approximately double the growth potential, with Winona targeting to cover 250,000 pharmacies [8]. - As of December 2024, there are about 705,000 licensed drug retail enterprises in China, with Winona covering over 110,000, representing about one-seventh of the total retail pharmacy stores [9]. - The demand for beauty products in pharmacies is rising due to pressures on traditional pharmacy profits and the need for transformation [9]. Group 4: Profitability and Talent Shortage - Medical device products have a significantly higher gross margin, averaging 77%-83%, compared to regular cosmetic products [9]. - The beauty industry faces a talent shortage in the pharmacy channel, as many brands rely on pharmacists who must understand both pharmaceuticals and cosmetics [10]. - Companies like Betaini are addressing this by training pharmacy staff to enhance customer trust and provide professional consultations [10][11].

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 《上市公司向特定对象发行股票募集说明书（注册稿）》 《关于公司向特定对象发行股票获得中国证监会注册批复的提示性公告》 《中信证券股份有限公司关于山西锦波生物医药股份有限公司向特定对象发行股票之发行保荐书 （注册稿）》 《中信证券股份有限公司关于山西锦波生物医药股份有限公司向特定对象发行股票之上市保荐书 （注册稿）》 《最近2年的财务报告和审计报告及最近一期（如有）的财务报告（注册稿）》 《上海市锦天城律师事务所关于山西锦波生物医药股份有限公司2025年度向特定对象发行股票的 法律意见书（注册稿）》 最新公告列表 截至2026年1月23日收盘，锦波生物（920982）报收于229.45元，较前一交易日上涨1.08%，最新总市值 为264.02亿元。该股当日开盘230.0元，最高233.98元，最低229.0元，成交额达1.7亿元，换手率为 1.34%。 近日，锦波生物披露《关于公司向特定对象发行股票获得中国证监会注册批复的提示性公告》。公告显 示，山西锦波生物医药股份有限公司于2026年 ...

证券之星消息，1月22日医疗美容板块较上一交易日下跌1.35%，锦波生物领跌。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。医疗美容板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000615 | *ST美谷 | 3.34 | 1.52% | 6.09万 | 2015.48万 | | 688363 | 华熙生物 | 45.54 | -0.76% | 2.88万 | 1.32 Z | | 300896 | 爱美客 | 141.60 | -2.07% | 3.12万 | 4.46 乙 | | 920982 | 锦波生物 | 226.99 | -2.21% | 7993.54 | 1.83亿 | | 代码 | 名称 | | | 主力净流入（元） 主力净占比 游资净流入（元） 游资净占比 散户净流入 (元) 散户净占比 | | | | | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1 - The medical beauty sector increased by 0.06% on January 19, with Jinbo Biological leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - Jinbo Biological's closing price was 238.79, with a rise of 1.61%, while other companies like Aimeike and Huaxi Biological showed mixed performance [1] Group 2 - The medical beauty sector experienced a net outflow of 808.89 million yuan from main funds, while retail investors saw a net inflow of 5.19 million yuan [1] - Aimeike had a main fund net inflow of 16.01 million yuan, but also faced significant outflows from retail and speculative funds [2] - Jinbo Biological saw a main fund net inflow of 10.08 million yuan, with a notable retail net inflow of 4.28 million yuan [2]

Core Viewpoint - The report from CITIC Securities indicates a gradual recovery in high-end consumption in China since Q3 2025, driven by the wealth effect from rising stock markets, with positive signs from international luxury brands and high-end retail properties [1] Group 1: Recovery Indicators - International luxury brands have shown signs of recovery since Q2 2025, with revenue growth returning in the Asia-Pacific region by Q3 2025 [2] - High-end retail properties in China began to recover at the end of 2024 and early 2025, with improved occupancy rates and sales, particularly in top luxury malls [2] - The global luxury market also entered a recovery phase starting Q3 2025 [2] Group 2: Investment Opportunities in High-End Consumption - The recovery of high-end consumption is influenced by factors such as the proportion of VIC (Very Important Customer) groups, the sequence of consumption based on wealth increase, the elasticity of supply, and consumption trends [3] - Categories with strong initial demand, driven by social status and identity needs, are expected to recover first, while categories with a high proportion of VIC customers and good supply conditions will show more sustained growth [3] - The fastest-growing segments in the luxury market from 2019 to 2025 include luxury cruises, private jets, high-end dining, personal luxury goods, luxury hotels, and high-end home goods [3] Group 3: Recommended Investment Targets - The report recommends focusing on luxury jewelry and leather goods, high-end domestic beauty products, and high-end outdoor sports [4] - Specific companies to watch include gold and jewelry brands like Lao Pu Gold and Chow Tai Fook, beauty brands like Mao Ge Ping, and sportswear brands like Anta Sports [4] - Other areas of interest include high-end commercial real estate, high-end residential real estate, gaming, private aviation, high-end tourism and dining, and premium liquor [4]

在"消费新动能"圆桌讨论环节，锦波生物董事、副总经理、董事会秘书唐梦华详细阐述了技术驱动消费升级的实践路径。锦波生物作为2008年设立、2023年 北交所上市的科技创新型企业，专注于重组人源化胶原蛋白医疗器械及护肤品的研发生产，目前拥有三款处于世界领先地位的植入类重组人源化胶原蛋白产 品。 12月26日，由金融界主办的"启航·2025金融年会"系列活动在北京成功举办。作为年会重磅环节之一，"启航·2025上市公司高质量发展年会"以"穿越周期，韧 性成长"为主题，来自监管部门、行业协会、金融机构等相关领导和重磅嘉宾，以及来自200余家上市公司的优秀企业代表齐聚一堂，共话发展路径，为资本 市场高质量发展赋能，为中国式现代化建设注入持久动能。 当日，2025第十四届金融界"金智奖"年度评选也同步揭晓。该奖项旨在引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优质企业集聚，海尔 智家、利亚德、金龙鱼、东鹏饮料等140余家企业从超8000家A股、港股和中概股企业中脱颖而出，成为高质量发展典范。 在唐梦华看来，健康消费赛道要实现长效增长，仅靠技术壁垒远远不够，还需完成从技术壁垒到品牌壁垒的跨越，核心在于构建消费者 ...