北交所策略专题报告 2025 年 09 月 07 日 北交所融资余额新高后中枢上移显韧性, 融资数据成情绪风向标 ——北交所策略专题报告 北交所研究团队 风险提示：政策落地不达预期风险、数据统计误差风险、宏观环境风险。 开 源 证 券 证 券 研 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：北证融资余额创新高且中枢阶梯式上移，长期看融资额还有空间 截至 2025 年 9 月 4 日，北交所融资融券余额 73.64 亿元，其中融资余额 73.63 亿元。北交所融资融券余额与北证 50 指数走势较为一致，均在 2025 年 8 月末创 历史新高。从北交所融资余额趋势变化来看，1）2023 年 11 月、2024 年 9 月底 和 2025 年 2 月三轮北交所行情拉动了融资交易的活跃度；2）后两轮行情调整中 融资余额并未大幅回撤，反而实现平台突破与中枢上移，表明信心较强，持仓行 为更趋长期化。从融资买入额角度来看，随着 2024 年 9 月底北交所行情驱动成 交额改善，北交所融资买入额占成交额比重实现平台突破。2024 年 9 月 6 日至 2025 年 ...

| 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 300896 爱美客 | 2987.03万 | 3.48% | -263.98万 | -0.31% | -2723.05万 | -3.17% | | 688363 华熙生物 | 680.81万 | 2.55% | 988.79万 | 3.71% | -1669.60万 | -6.26% | | 000615 *ST美谷 | -30.09万 | -1.81% | 107.98万 | 6.48% | -77.89万 | -4.67% | | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300896 | 爱美客 | 190.83 | 3.67% | 4.59万 | | 8.58亿 | | 688363 | 华熙生物 | 57.14 | 3.23% | 4.75万 | | 2.671Z | | 000615 | *ST美谷 | 3.17 | 0.63% ...

证券之星消息，9月4日医疗美容板块较上一交易日下跌1.3%，锦波生物领跌。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。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 | 3.15 | 0.32% | 9.57万 | 3034.47万 | | 688363 | 华熙生物 | 55.35 | -0.66% | 4.67万 | 2.59 Z | | 300896 | 爱美客 | 184.07 | -1.83% | 4.12万 | 7.63亿 | | 832982 | 锦波生物 | 305.00 | -3.81% | 9732.97 | 3.01亿 | 从资金流向上来看，当日医疗美容板块主力资金净流出5863.91万元，游资资金净流入3415.42万元，散户 资金净流入2448.49万元。医疗美容板块个股资金流向见下表： 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310104 ...

上半年，北交所市值前50名的公司共计实现营业收入374.74亿元，同比增长6.97%；实现归母净利润 32.14亿元，同比增长2.66%，其营业收入和净利润分别占所有北交所上市公司的40.70%和54.39%，成为 市场稳定的"压舱石"。 【深圳商报讯】（记者陈燕青）根据Wind统计，274家北交所公司上半年营收同比增长逾6%，好于A股 整体水平。上半年共有贝特瑞、开发科技等7家公司净利润超过1亿元。 分季度来看，北交所上市公司第二季度经营呈现回暖迹象，共计实现营业收入505.47亿元，环比增长 21.75%，归母净利润31.33亿元，环比增长12.88%。 超过20家北交所公司拟中期分红。作为北交所第一大市值公司，锦波生物上半年实现营业收入8.59亿 元，同比增长42.43%；归母净利润为3.92亿元，同比增长26.65%。锦波生物还推出了中期分红，拟每10 股派现10元（含税），预计总分红金额为1.15亿元。 展望北交所后市，开源证券北交所研究中心总经理诸海滨表示，中报后建议关注科技成长+自主可控 +反内卷+军工+一贯强调的北交所稀缺性和专精特新小巨人所代表的新质生产力公司。部分稀缺性不 强、但高估值且业 ...

Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index closing above the six-month moving average, indicating potential bullish sentiment among investors [1] Group 1: Market Overview - As of 13:59 today, the Shanghai Composite Index stands at 3814.20 points, with a decline of 1.14% [1] - The total trading volume in the A-share market reached 1,878.28 billion yuan [1] Group 2: Stocks Breaking the Six-Month Moving Average - Thirteen A-shares have surpassed the six-month moving average today, with notable stocks including Renfu Pharmaceutical, Guofeng New Materials, and Zhizheng Co., which have deviation rates of 8.65%, 4.92%, and 4.08% respectively [1] - Stocks with smaller deviation rates that have just crossed the six-month moving average include Jinbo Biological, ST Huawen, and *ST Zhongzhuang [1] Group 3: Individual Stock Performance - Renfu Pharmaceutical (600079) experienced a price increase of 9.99% with a turnover rate of 8.87%, closing at 22.57 yuan, showing a deviation rate of 8.65% from the six-month moving average [1] - Guofeng New Materials (000859) rose by 6.13% with a turnover rate of 9.75%, closing at 7.10 yuan, reflecting a deviation rate of 4.92% [1] - Zhizheng Co. (603991) saw a 4.74% increase with a turnover rate of 4.15%, closing at 63.48 yuan, with a deviation rate of 4.08% [1]

| | | | 医美上市企业2025年期中业绩（节选,单位:亿元) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 2025年期中 营业总收入 | 2024年期中 营业总收入 | 同比 | 2025年期中 归母净利润 | 2024年期中 旧母浄利润 | 同比 | | 2367.HK | 巨子生物 | 31.13 | 25.58 | 21.66% | 11.82 | 9.83 | 20.23% | | 688363 CH | 半 生物 | 22.61 | 28.11 | -19.57% | 2.21 | 3.42 | -35.38% | | 688366. SH | 音海生材 | 13.04 | 14.04 | -7.12% | 2.11 | 2.35 | -10.29% | | 300896.SZ | 爰美客 | 12.99 | 16.57 | -21.59% | 7.89 | 11.21 | -29.57% | | 0460.HK | 四环医药 | 11.46 | 9.77 | 17.35% | 1.03 ...

Core Viewpoint - The performance of listed medical beauty companies in China shows significant divergence in the first half of 2025, with major players in the hyaluronic acid market facing growth bottlenecks while companies in the collagen reconstruction sector are experiencing substantial growth [1][2]. Group 1: Performance of Major Companies - Huaxi Biological reported revenue of 2.261 billion yuan, a year-on-year decline of 19.57%, and a net profit of 221 million yuan, down 35.38% [2]. - Haohai Biological achieved revenue of 1.304 billion yuan, a decrease of 7.12%, with a net profit of 211 million yuan, down 10.29% [2]. - Aimeike's revenue was 1.299 billion yuan, down 21.59%, with a net profit of 789 million yuan, a decline of 29.57% [2]. - In contrast, Jinbo Biological, the first stock of collagen reconstruction on the Beijing Stock Exchange, reported revenue of 859 million yuan, an increase of 42.43%, and a net profit of 392 million yuan, up 26.65% [1][2]. Group 2: Market Dynamics - The medical beauty industry is undergoing a transformation driven by increasing aesthetic demands and technological upgrades, necessitating higher core technology and product innovation capabilities from companies [3]. - The competition in the hyaluronic acid sector has intensified, with a significant increase in supply and aggressive pricing strategies from downstream medical beauty institutions [4]. - The market for collagen reconstruction products is rapidly growing, with projections indicating a compound annual growth rate of 44.93%, reaching 585.7 billion yuan by 2025 [9][10]. Group 3: Strategic Adjustments - Companies like Huaxi Biological are shifting from a traffic-driven sales model to a brand communication strategy based on scientific validation, aiming to enhance brand efficacy and customer acquisition [5][6]. - Haohai Biological is focusing on high-end hyaluronic acid products, with the "Haimeiyuebai" product showing promising market performance despite overall revenue declines in its hyaluronic acid segment [7]. - Aimeike acknowledges the shift towards a user-oriented market, emphasizing the importance of product innovation and systematized competition [8]. Group 4: Regulatory and International Expansion - The medical beauty industry is witnessing an increase in compliant products, with several companies obtaining third-class medical device registration certificates, enhancing market options [11][12]. - Companies are actively pursuing international markets, with Huaxi Biological reporting 331 million yuan in international raw material business revenue, accounting for 52.93% of its raw material income [12][13]. - Aimeike's acquisition of a majority stake in a South Korean company marks its strategic entry into the global regenerative injection market [13].

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 09 月 01 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 近半数企业 2025H1 归母净利润同比增长，2025Q2 业绩环比向好 ——北交所消费服务产业跟踪第二十九期（20250831） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2025 上半年 47%的北交所消费服务企业实现归母净利润正增长，2025Q2 营收和归 母净利润的中位数均同比提高。截至 2025 年 8 月 30 日，北交所消费服务产业 38 家企业已经全部发布 2025 年半年报。从 2025H1 营收 yoy 分布来看，大于 25%营 收同比增速的企业共有 7 家。从 2025H1 归母净利润 yoy 分布来看，47%的企业在 2025H1 实现归母净利润正增长，宏裕包材、龙竹科技、太湖雪共 3 家企业的归母净 利润 yoy 大于 50%，格利尔、颖泰生物归 ...

Core Viewpoint - The companies listed on the Beijing Stock Exchange (BSE) demonstrated strong resilience and vitality in their 2025 semi-annual reports, with a significant number achieving substantial revenue and profit growth despite a complex market environment [1][2]. Revenue Performance - A total of 208 companies reported revenues exceeding 100 million yuan, with 17 companies surpassing 1 billion yuan, marking them as the "revenue leaders" of the BSE [2]. - Among these, Better Ray (贝特瑞) led with a revenue of 7.838 billion yuan, a year-on-year increase of 11.36%, and a net profit of 479 million yuan [2]. - Other notable companies in terms of revenue include Yinuowei (一诺威) at 3.550 billion yuan, Tongli Co. (同力股份) at 3.169 billion yuan, and Ying Tai Bio (颖泰生物) at 2.966 billion yuan [2]. Profitability - Out of 223 companies, 82.29% reported positive net profits, indicating a robust profitability landscape [3]. - Seven companies achieved net profits exceeding 100 million yuan, with Better Ray again leading at approximately 479 million yuan, followed by Development Technology (开发科技) at 395 million yuan [3]. - Jinbo Bio (锦波生物) reported a revenue of 859 million yuan, a 42.43% increase year-on-year, and a net profit of 392 million yuan, reflecting a 26.65% growth [3]. Profit Growth - Approximately 50% of companies, or 136 in total, reported year-on-year growth in net profits, with 27 companies doubling their profits [4]. - Shibibai (拾比佰) turned a profit with a net profit of 29.226 million yuan, attributed to increased sales driven by government policies and improved internal management [4]. - Chuangyuan Xinke (创远信科) achieved a revenue of 111 million yuan, a growth of 18.44%, and a net profit of 6.3153 million yuan, marking a significant increase of 354.24% [4]. Dividend Distribution - Over 20 companies announced interim dividend plans, reflecting a commitment to returning value to investors [6]. - Jinbo Bio plans to distribute a cash dividend of 10 yuan per 10 shares, totaling approximately 115 million yuan [6]. - Guoxin Technology (广信科技) proposed its first dividend since listing, with a plan to distribute 6.56 yuan per 10 shares, amounting to around 60 million yuan [6].

证券代码：832982 证券简称：锦波生物 公告编号：2025-144 山西锦波生物医药股份有限公司 2025 年第三次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 8 月 28 日 2.会议召开地点：山西综改示范区太原唐槐园区锦波街 18 号公司九楼会议 室 3.会议召开方式：现场投票及网络投票 4.会议召集人：公司董事会 5.会议主持人：董事长杨霞女士 6.召开情况合法合规的说明： 本次股东会的召集、召开程序符合有关法律、行政法规、部门规章、规范性 文件和本公司章程的相关规定。本次会议召开不需要相关部门的批准或履行其他 必要的程序。 （二）会议出席情况 出席和授权出席本次股东会的股东共 25 人，持有表决权的股份总数 79,038,994 股，占公司有表决权股份总数的 68.69%。 其中通过网络投票参与本次股东会的股东共 17 人，持有表决权的股份总数 2,672,333 股，占公司有表决权股份总数的 ...