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 ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-091 山西锦波生物医药股份有限公司 2025 年第二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 7 月 14 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 42 人，持有表决权的股份总数 81,182,513 股，占公司有表决权股份总数的 70.55%。 其中通过网络投票参与本次股东会的股东共 20 人，持有表决权的股份总数 4,010,562 股，占公司有表决权股份总数的 ...

以最新收盘价计算，A股平均股价为12.05元，其中股价超过100元的有92只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至7月14日 收盘，沪指报收3519.65点，上涨0.27%，A股平均股价为12.05元，个股股价分布看，股价超过100元的 有92只，股价在50元至100元的有318只，股价在30元至50元的有725只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1423.60元，下跌0.24%，其次是寒武纪、锦波 生物等，最新收盘价分别为565.06元、360.87元。 市场表现方面，收盘股价超百元股中，今日平均下跌0.04%，跑输沪指0.31个百分点。今日上涨的有37 只，涨幅居前的有石头科技、思看科技等，下跌的有55只，跌幅居前的有C同宇、惠城环保等。 追溯发现，最新百元股近一个月平均上涨5.58%，其间沪指上涨4.22%，涨幅居前的有涛涛车业、胜宏 科技、源杰科技等，涨幅分别为49.84%、37.33%、33.65%，今年以来平均涨幅为30.14%，强于沪指 25.13%，累计涨幅居前的有联合化学、胜宏科技、热景生物等，涨幅分别为425.39%、2 ...

Core Viewpoint - The recent share transfer by the controlling shareholder of Jinbo Bio, Yang Xia, at a significant discount raises concerns about the company's future prospects and the strategic partnership with Yangshengtang [2][3]. Group 1: Share Transfer and Ownership Structure - Yang Xia transferred 5% of Jinbo Bio's total shares (5.75 million shares) to Hangzhou Jiushi, controlled by Zhong Shanshan, for 1.4 billion yuan, at a price of 243.84 yuan per share, which is nearly a 25% discount to the market price [2]. - Following the transaction, Yang Xia's shareholding was diluted from 58.9% to 50.7%, while Zhong Shanshan's stake through Jiushi and Yangshengtang reached 10.58%, making him the second-largest shareholder [2]. Group 2: Financial Performance and Sales Expenses - Jinbo Bio's sales expenses surged to 259 million yuan in 2024, a year-on-year increase of 56.73%, with online promotion and advertising costs rising significantly [6][7]. - The company reported a cash balance of only 959 million yuan at the end of Q1 2025, indicating potential liquidity pressures [4]. - The ratio of sales expenses to R&D expenses has increased from 2.33 times in 2022 to 3.65 times in 2024, highlighting a shift towards marketing over research and development [9]. Group 3: R&D Investment and Industry Position - Jinbo Bio's R&D expenses decreased by 16.2% in 2024 to 71.21 million yuan, resulting in a R&D expense ratio of 4.93%, the lowest in five years [8][9]. - Compared to industry peers, Jinbo Bio's R&D spending is significantly lower, with leading companies like ShenZhou Cell and WanTai Bio investing much more [8][9]. Group 4: Revenue Dependence and Growth Rate - The company heavily relies on a single product, the "Wei Yi Mei" collagen freeze-dried fiber, which contributed 86.89% of its revenue in 2024 [10]. - Jinbo Bio's revenue for 2024 was 1.443 billion yuan, a year-on-year growth of 84.92%, but this growth rate has been declining, with projections for Q1 2025 showing further slowdown [10][11]. - The net profit for 2024 was 732 million yuan, reflecting a growth of 144.27%, but also indicating a downward trend in growth rates compared to previous years [11].

Core Insights - The strategic cooperation between Jinbo Bio and Yangshengtang involves a stock issuance and share transfer agreement totaling 3.403 billion yuan [1][2] - If the transaction is completed, Zhong Shanshan, the founder of Nongfu Spring, will become the indirect second-largest shareholder of Jinbo Bio [2] - Jinbo Bio aims to leverage Yangshengtang's strengths in consumer channels, production capacity, and brand recognition to enhance its market presence and product development [2] Company Developments - Jinbo Bio's revenue exceeded 100 million yuan, with net profits ranging between 30 million to 40 million yuan during its listing on the Beijing Stock Exchange [2] - The company views the Beijing Stock Exchange as the most suitable trading venue for its development, benefiting from flexible financing options and enhanced market image [3] Industry Context - The collaboration highlights the growing trend of synergies between biotechnology firms and consumer health companies, aiming to capitalize on each other's strengths in market channels and production capabilities [2]

Industry Overview - The medical beauty injection materials industry in China has a limited number of publicly listed companies, primarily including Huaxi Biological, Haohai Biological, Aimeike, and Juzhi Biological, with most companies involved in the supply of upstream raw materials [1][7]. Company Summaries - Huaxi Biological is a global leader in hyaluronic acid, with a projected revenue of 53.71 billion yuan in 2024, and has expanded into collagen products through acquisitions [2][9]. - Haohai Biological has secured exclusive rights for domestic and international botulinum toxin products and is focusing on a dual product line of hyaluronic acid and botulinum toxin [6][15]. - Aimeike is expected to generate approximately 29.60 billion yuan in sales for its medical beauty injection materials in 2024, emphasizing high-end products [9][15]. - Juzhi Biological is projected to achieve sales of around 55.20 billion yuan in 2024, focusing on collagen products and leading the industry in standard-setting [9][15]. Sales and Production Data - Huaxi Biological has sold over 10 million units of its products, while Haohai Biological and Aimeike have sales around 7 million units each [13]. - Juzhi Biological's collagen products have a sales volume of approximately 55.20 billion yuan, indicating a strong market presence [11][13]. Business Strategies - Huaxi Biological is focusing on core technologies in glyco-biology and cell biology, aiming to enhance its position in the extracellular matrix and anti-aging sectors [15]. - Haohai Biological is pursuing international collaborations and technology imports to strengthen its product offerings and market competitiveness [15]. - Aimeike is developing a high-end product matrix centered on regenerative materials, with significant investments in training and technology [15]. - Juzhi Biological is leading the development of industry standards and expanding its product offerings in the collagen segment [15]. Regional Distribution - The majority of medical beauty injection material companies are concentrated in Shandong Province, with key players in raw material production and equipment manufacturing [7].

Summary of Key Points Core Viewpoint The trading activity on the Beijing Stock Exchange (BSE) showed a decrease in transaction volume and value compared to the previous trading day, with a notable number of stocks experiencing price increases. Trading Volume and Value - On July 10, the total trading volume on the BSE reached 1.064 billion shares, with a total transaction value of 21.134 billion yuan, reflecting a decrease of 1.321 billion yuan from the previous trading day [1]. - Among the traded stocks, 158 stocks closed higher, accounting for 59.40% of the total [1]. Stock Performance - The stocks that hit the daily limit up included Guoyi Bidding and Guangzi International, while the top gainers were Zhongshe Consulting, Jiuling Technology, and Kaida Catalysis, with increases of 13.16%, 9.67%, and 9.09% respectively [1]. - Conversely, 104 stocks closed lower, with the largest declines seen in Jinbo Biology, Shengnan Technology, and Wanda Bearings, which fell by 3.58%, 3.20%, and 2.99% respectively [1]. Active Stocks - A total of 64 stocks had transaction values exceeding 10 million yuan, with the highest transaction values recorded for Ainengju, Jiuling Technology, and Guoyi Bidding at 537.48 million yuan, 517.52 million yuan, and 438.50 million yuan respectively [1]. - The trading activity was characterized by 27 stocks having a turnover rate exceeding 10%, with 7 stocks exceeding 20% [1]. Notable Stocks - The top stocks by turnover rate included Zhongshe Consulting (44.00%), Huawi Design (31.54%), and Ainengju (28.31%) [1]. - The detailed performance of selected stocks is as follows: - Ainengju: Closing price 22.77 yuan, increase 4.45%, turnover rate 28.31%, transaction value 537.48 million yuan [1]. - Jiuling Technology: Closing price 72.60 yuan, increase 9.67%, turnover rate 20.05%, transaction value 517.52 million yuan [1]. - Guoyi Bidding: Closing price 19.11 yuan, increase 30.00%, turnover rate 16.63%, transaction value 438.50 million yuan [1].

Summary of Key Points Core Viewpoint - As of July 9, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 5.92 billion yuan, indicating a slight increase from the previous trading day, with notable activity in specific stocks and sectors [1][2]. Financing and Margin Data - The margin financing balance was 5.92 billion yuan, up by 0.49 million yuan, marking three consecutive days of increase, while the securities lending balance decreased to 1.05 million yuan, down by 0.10 million yuan [1]. - The stocks with the highest margin financing balances included Jinbo Biological (399.15 million yuan), Airong Software (171.00 million yuan), and Better Energy (154.00 million yuan) [1]. Sector Performance - The sectors with the most stocks receiving net margin purchases over 1 million yuan were power equipment, machinery, and electronics, with 5, 4, and 4 stocks respectively [2]. - On July 9, stocks with net margin purchases over 1 million yuan experienced an average decline of 1.61%, with notable gainers including Zhongke Meiling (up 6.67%), Jinbo Biological (up 3.04%), and Wanda Bearings (up 2.94%) [2]. Trading Activity - The average turnover rate for stocks with net margin purchases over 1 million yuan was 6.21%, with the highest turnover rates seen in Zhongke Meiling (33.40%), Tonghui Information (24.64%), and Guangxin Technology (17.61%) [2]. - The average daily turnover rate for all stocks on the Beijing Stock Exchange was 4.29% [2]. Notable Stocks - Jinbo Biological had the highest net margin purchase amount on July 9, totaling 12.52 million yuan, followed by Wuxin Tunnel Equipment (11.51 million yuan) and Xingtou Measurement and Control (7.36 million yuan) [1][2]. - Stocks with significant net margin sales included Dingzhi Technology (8.10 million yuan), Yuanhang Precision (7.40 million yuan), and Hualing Co. (4.26 million yuan) [1].