上 市 公 司 美容护理 2025 年 07 月 24 日 锦波生物 (832982) ——发布重磅新品，重新定义抗衰标准、引领自然美学 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 07 月 23 日 | | --- | --- | | 收盘价（元） | 341.80 | | 一年内最高/最低（元） | 589.98/150.10 | | 市净率 | 23.1 | | 股息率%（分红/股价） | 0.88 | | 流通 A 股市值（百万元） | 20,391 | | 上证指数/深证成指 | 3,582.30/11,059.04 | | 注："股息率"以最近一年已公布分红计算 | | 一年内股价与大盘对比走势： 07-23 08-23 09-23 10-23 11-23 12-23 01-23 02-23 03-23 04-23 05-23 06-23 07-23 -100% 0% 100% 200% 300% 锦波生️物 沪深300指数 (收益率) 相关研究 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A023052 ...

2025 年 07 月 23 日 公募配置系数创新高，增量资金入 市可期 ——北交所 25 年公募二季报重仓股点评 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 吕靖华 (8621)23297818× lvjh@swsresearch.com 策 略 研 究 股 策 略 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 A 证 券 研 究 报 告 ⚫ 事件：2025 年 7 月 21 日，公募基金二季报披露完成，按照前十大重仓股口径，截至 2025Q2，公募重仓北交所市值达 98.92 亿元，环比增长 56.0%；公募重仓北交所市值 占全 A 的比重达 0.38%，环比+0.14pct。 ⚫ 公募配置系数创新高，主被动资金对北交所的关注度均提升。2025Q2 以来，以万得微盘 股为代表的微盘成长风格表现亮眼，主动权益和指数型资金对北交所的关注度均大幅提 升。1）主动权益公募对北交所的配置系数创新高达 0.66、环比+0.2 ...

"锦波生物利用人体胶原蛋白自组装、自交联特性，成为全球首个实现注射用重组Ⅲ型人源化胶原蛋白 凝胶产品工业化生产的企业，开辟了'组织新生'的全新赛道。"杨霞表示，与传统填充材料相比，注射 用重组Ⅲ型人源化胶原蛋白凝胶在提高临床填充材料安全性、制造方式、作用机制三方面实现了创新突 破。 全新赛道的背后，是锦波生物十余年的攻关。"经过10余年的持续基础研究，锦波生物首次发现人体天 然164.88°三螺旋结构核心功能区(FD1)与人体天然胶原蛋白交联区(FD2)之间存在一种独特的'榫卯状'空 间结构精准匹配。"杨霞表示，2468个非氢原子、546对氢键、1800个结合水分子、3对二硫键、1467个 氨基酸，这是精准可量化、跨尺度的"蜂巢"胶原网状结构。 中证报中证网讯(王珞)7月21日，锦波生物在山西太原正式发布重源新生HiveCOL蜂巢胶原最新产品 ——注射用重组Ⅲ型人源化胶原蛋白凝胶，以100%人源化的技术突破，为全球胶原产业树立"从0到 1"的新标杆。 开辟"组织新生"新赛道 作为深耕生命材料领域17年的领军企业，锦波生物此次以"组织新生"赛道重构胶原应用逻辑，让生命材 料真正服务于人体本真需求。 在胶原抗衰的 ...

行业主要上市公司：华熙生物(688363.SH);昊海生科(688366.SH);爱美客(300896.SZ);创健医疗(873474.NQ);锦 波生物(832982.BJ);巨子生物(02367.HK)等 本文核心数据：区域竞争格局;细分市场竞争格局;国产替代 1、中国医美注射材料行业区域竞争格局 从我国医美注射材料产业链企业区域分布来看，山东省医美注射材料产业链企业数量较多，原材料生产企业 包括华熙生物、福瑞达、阜丰集团等;器械制造企业包括威高股份等;产品研发与制造企业包括华熙生物等。 转自：前瞻产业研究院 2、中国医美注射材料企业竞争格局 截至2025年5月，根据医美注射用材料NMPA获批情况及其他市场公开信息，中国医美注射用玻尿酸产品主 要竞争企业包括：华熙生物、爱美客及昊海生科;中国医美注射用胶原蛋白产品主要竞争企业包括：锦波生 物、巨子生物及斐缦;中国医美注射用再生材料产品主要竞争企业包括：长春圣博玛、爱美客及华东医药;中 国医美注射用肉毒素产品主要竞争企业包括：兰州生物(目前国内仅兰州生物一家国内企业获批，其余获批 产品均为进口)。 3、中国医美注射材料细分市场竞争格局 玻尿酸和肉毒素使用广泛 ...

证券之星消息，截止2025年二季度末，基金经理蔡丹旗下共管理26只基金，本季度表现最佳的为宝盈纳斯达克100指数发起(QDII)A美元现汇 (019738)，季度净值涨16.66%。 | 在任基金 | 规模(亿元) | 年化回报 | 2025年二季度涨幅 | 第一重合股 | 白净值比 | | --- | --- | --- | --- | --- | --- | | 宝盈纳斯达克100指数发起(QDII)A美元现汇 | 3.47 | 12.66% | 16.66% | 英伟达 | 8.56% | | 019738 | | | | NVDA | | | 宝盈纳斯达克100指数发起(QDII)A人民币 019736 | 3.47 | 17.89% | 16.43% | 英伟达 NVDA | 8.56% | | 宝盈纳斯达克100指数发起(QDII)C美元现汇 | 2.79 | 12.66% | 16.66% | 英伟达 | 8.56% | | 019739 | | | | NVDA | | | 宝盈纳斯达克100指数发起(QDII)C人民币 | 2.79 | 17.52% | 16.32% | 英伟达 | 8.5 ...

以最新收盘价计算，A股平均股价为12.12元，其中股价超过100元的有96只。 市场表现方面，收盘股价超百元股中，今日平均上涨0.55%，跑赢沪指0.04个百分点。今日上涨的有48 只，涨幅居前的有深信服、汇成真空等，下跌的有47只，跌幅居前的有春风动力、源杰科技等。 | 688608 | 恒玄科技 | 232.80 | 1.06 | 0.02 | 电子 | | --- | --- | --- | --- | --- | --- | | 688692 | 达梦数据 | 228.30 | 2.81 | 0.03 | 计算机 | | 300760 | 迈瑞医疗 | 225.32 | 3.75 | 0.93 | 医药生物 | | 603129 | 春风动力 | 214.13 | -7.46 | 2.93 | 汽车 | | 688498 | 源杰科技 | 208.00 | -6.73 | 0.05 | 电子 | | 300779 | 惠城环保 | 205.52 | -0.60 | 3.13 | 环保 | | 688279 | 峰岹科技 | 203.26 | -0.73 | 0.02 | 电子 | | 688068 | ...

Core Insights - The medical beauty injection collagen market in China is projected to reach approximately 6.7 billion yuan in 2024, an increase of 1.2 billion yuan from 2023, and is expected to grow to 8.1 billion yuan by 2025, driven by advancements in government, technology, capital, and market dynamics [1][9][18] Industry Characteristics and Classification - Medical beauty injection collagen is classified into three main types: animal-derived collagen, recombinant human collagen, and composite collagen, with animal-derived collagen being the mainstream but recombinant collagen showing faster growth and better future prospects [4][6][7] Industry Development Status - The demand for medical beauty services is increasing, particularly for non-surgical techniques like injections, which are gaining popularity due to their minimal recovery time and lower risk [7][9] - The overall market for medical beauty injection materials is expected to reach approximately 34.6 billion yuan in 2024, up by 7.7 billion yuan from 2023, with a forecast of 9.1 billion yuan by 2025 [7] Industry Value Chain - The upstream of the medical beauty injection collagen industry includes raw materials such as bovine/pig dermis, microbial strains, and chemical raw materials, with high technical barriers [11] - The midstream involves the production of collagen through processes like extraction and purification, dominated by leading companies leveraging patents and regulatory advantages [11] - The downstream applications are primarily in medical beauty institutions and public hospitals for anti-aging and skin repair treatments, characterized by intense competition [11] Competitive Landscape - The domestic market features both imported and local brands, with notable products including ArtcColl and Bellafill from international companies, and domestic brands like Wei Yi Mei and Xiu Li Ke [13][14] Representative Companies - Shanxi Jinbo Biological Medicine Co., Ltd. focuses on high-end implantable medical devices using recombinant human collagen, with projected revenues of 1.443 billion yuan and a net profit of 732 million yuan in 2024, reflecting a gross margin of 92.02% [16] Industry Development Trends - The medical beauty injection collagen industry is undergoing rapid transformation, with trends towards safer, longer-lasting, and smarter products, alongside advancements in technology and product innovation [18]

Core Insights - The article discusses how certain industries are thriving despite the prevailing narrative of economic hardship, highlighting eight sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - The second-hand economy is booming, with companies like Dabaiku in Japan and Hongbulin in China seeing substantial revenue growth as consumers turn to second-hand luxury goods [8][6]. - The pet economy is flourishing, with brands like Inaba and Guobao experiencing strong stock performance, as consumers prioritize spending on pet products over traditional family expenses [9][10]. - The adult care market, exemplified by Unicharm's success in Japan, is projected to grow significantly in China, driven by an aging population [14][16]. - Health food and beverage sectors are expanding, with brands like Dongfang Shuye and Jianchun capitalizing on the rising health consciousness among consumers [19][20]. - The beauty economy remains robust, with products like collagen supplements and home beauty devices achieving high sales, indicating a persistent demand for beauty solutions [23]. - Outdoor and leisure products are gaining traction, with brands like Snow Peak and Kailas seeing increased sales as consumers seek outdoor experiences [25]. - The emotional economy is on the rise, with brands like Labubu and Rio catering to consumers' desires for comfort and enjoyment [27][28]. - The convenience economy is thriving, with frozen food brands and smart home appliances addressing the needs of younger generations who prioritize time-saving solutions [32][33]. Group 2: Market Trends - The article emphasizes that even in a low-desire period, there are significant opportunities for companies that can identify and invest in counter-cyclical sectors [36]. - The upcoming seminar aims to provide insights into the methodologies of successful consumer giants in Japan and China, focusing on efficiency, demand reconstruction, and capital strategies [37].

Core Viewpoint - The article highlights the success story of Yang Xia, the founder of Jinbo Biological, who transformed a small startup with 500,000 yuan into a leading biological materials company valued at over 20 billion yuan, focusing on human-derived collagen protein for the medical aesthetics industry and beyond [4][6]. Company Overview - Jinbo Biological was established in 2008 with a mission to develop recombinant human-derived collagen protein, addressing a significant gap in the market due to the high costs and limitations of natural collagen [5][6]. - The company achieved a major breakthrough in 2014 by successfully developing the first recombinant type III collagen product, leading to the establishment of the world's first production line for recombinant human-derived collagen in 2019 [6][7]. Financial Performance - Jinbo Biological went public on the Beijing Stock Exchange on July 20, 2023, with an initial stock price of 49 yuan, raising 245 million yuan. The company's market capitalization reached 12 billion yuan on its first trading day [7]. - In 2024, the company reported a revenue of 1.443 billion yuan, a sixfold increase over three years, with a net profit of 732 million yuan, reflecting a year-on-year growth of 144.3% [7][11]. Product Development - The core product, "Wei Yimei," contributed 1.254 billion yuan to the revenue, accounting for 86.89% of total sales, and is used in over 4,000 medical institutions across China [7][11]. - Jinbo Biological has received three Class III medical device certifications for its recombinant collagen injection products, establishing a strong technical barrier in the industry [8][10]. Strategic Partnerships and Investments - In 2025, Jinbo Biological announced a significant capital operation, raising 2 billion yuan through a private placement to expand production capacity and develop a collagen protein database [9]. - The company also entered into a strategic partnership with Zhong Shanshan, acquiring a 10.58% stake, which aims to leverage distribution channels for functional foods and skincare products [9][10]. Future Outlook - Jinbo Biological is expanding its applications of collagen protein beyond medical aesthetics into fields such as gynecology and orthopedics, emphasizing the material's potential as a life material [11][12]. - The company is also focusing on maintaining its competitive edge through original innovation and establishing a functional protein research institute to foster long-term technological development [11][12].

G E Y U A N 格 远 律 师 事 务 所 Law Firm 关于山西锦波生物医药股份有限公司 2025 年第二次临时股东会的 法律意见书 世格 山西格远律师事务所 关于山西锦波生物医药股份有限公司 2025 年第二次临时股东会的 法律意见书 致:山西锦波生物医药股份有限公司 根据《中华人民共和国证券法(2019年修订)》(以下简称"《证券法》")《中 华人民共和国公司法(2023年修正)》(以下简称"《公司法》")《北京证券交易 所上市公司持续监管办法》《上市公司信息披露管理办法》等法律、法规和其他 有关规范性文件的要求,山西格远律师事务所(以下简称"本所")接受山西锦 波牛物医药股份有限公司(以下简称"锦波生物"或"公司")的委托,指派律 师参加公司 2025年第二次临时股东会(以下简称"本次股东会"或"本次会议")。 为出具本《法律意见书》,本所声明如下: 1、本所律师仅对本次股东会的召集程序、召开程序、出席会议人员资格、 召集人资格、表决程序、表决结果及会议决议发表法律意见,并不对本次股东会 所审议的议案、议案所涉及的数字及内容发表意见。 2、本所及经办律师依据《证券法》《律师事务所从事证券法 ...