Group 1 - The core idea is that despite a perceived economic downturn, certain industries are thriving and generating significant profits, particularly in Japan and China [2][3][29] - The concept of a "low-desire society" does not equate to a lack of opportunities; instead, it presents unique business prospects [3][29] - Consumption patterns are shifting, with a focus on second-hand markets and affordable luxury items, indicating a migration of demand [4][5][6][7][8] Group 2 - The second-hand economy is booming, with platforms like Xianyu and Zhuanzhuan seeing substantial growth in user activity and transaction volume [8][9] - The pet economy is flourishing, with brands like Inaba in Japan and Guobao in China experiencing strong sales, reflecting a shift in spending priorities towards pet care [10][11][12] - The adult care market is expanding, particularly in China, with products like adult diapers showing significant growth potential [13][14][15] Group 3 - Health food and beverage sectors are rising due to changing demographics and increased health awareness, with brands like Dongfang Shuye and Jianchun gaining traction [17][18][19] - The beauty and personal care market is thriving, with products like Ulike hair removal devices achieving substantial sales [20] - Outdoor and leisure products are seeing increased demand, with brands like Kailas and Camel experiencing rapid sales growth [21] Group 4 - The emotional economy is gaining traction, with brands like Labubu and Rio catering to consumers seeking comfort and enjoyment [22][23] - The convenience economy is on the rise, with frozen food brands and smart home appliances addressing the needs of younger generations who prioritize time-saving solutions [25][26][27][28] - The overall trend indicates that in a low-desire market, time-saving innovations may hold more commercial value than cost-saving measures [28][29]

Core Viewpoint - The article discusses the significant investment by Zhong Shanshan in the recombinant collagen protein sector, highlighting the strategic importance of this market and its potential for growth in the health industry [5][9][10]. Investment Details - Zhong Shanshan invested 3.4 billion yuan in Jinbo Biological, which is recognized as the "first stock" in recombinant collagen protein [5]. - Jinbo Biological's fundraising plan aims to raise 2 billion yuan for the development of a humanized collagen FAST database and product development platform, marking the largest cash private placement in the Beijing Stock Exchange's history [8]. - Zhong Shanshan's total stake in Jinbo Biological could reach 10.58%, making him the second-largest shareholder [8]. Market Potential - Jinbo Biological is a leading company in the domestic recombinant humanized collagen protein market, holding all three existing Class III medical device registration certificates in China [9]. - The market for recombinant collagen protein in China is projected to grow from 58.57 billion yuan in 2025 to 219.38 billion yuan by 2030, with a compound annual growth rate of nearly 45% [9]. Business Context - Zhong Shanshan's wealth primarily comes from his control of two listed companies: Nongfu Spring and Wantai Biological, both of which are facing growth challenges [10]. - Jinbo Biological is seen as a new "gold mine" for Zhong Shanshan, as he seeks new growth opportunities in the health sector [11]. Company Background - Jinbo Biological was founded in 2008 and specializes in the research, production, and application of recombinant humanized collagen protein, with products spanning medical devices and functional skincare [15]. - The company recently received approval for the world's first injectable recombinant type III humanized collagen gel, marking a significant technological breakthrough in the field of biomaterials [15]. Consumer Demand - The demand for recombinant collagen protein is driven by increasing consumer interest in anti-aging products, particularly as the population ages [16]. - Jinbo Biological's high gross margin of 92% and 95.03% for its core medical device business indicates the profitability of this sector [16]. Strategic Positioning - Zhong Shanshan's investment strategy favors high-barrier, high-margin businesses, as evidenced by the performance of his other companies [17]. - The collaboration between Jinbo Biological and Yangshengtang, which has a strong R&D system, is expected to enhance product development and expand the application of collagen-based materials across various sectors [21].

Core Insights - The medical beauty sector experienced a slight increase of 0.15% on September 30, with *ST Meigu leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Sector Performance - The closing prices and performance of key stocks in the medical beauty sector are as follows: - *ST Meigu (000615) closed at 3.34, up 1.83% with a trading volume of 122,900 shares and a turnover of 41.15 million yuan [1] - Huaxi Biological (688363) closed at 55.42, up 0.73% with a trading volume of 29,800 shares and a turnover of 164 million yuan [1] - Aimeike (300896) closed at 181.55, down 0.36% with a trading volume of 24,000 shares and a turnover of 43.5 million yuan [1] - Jinbo Biological (832982) closed at 281.59, down 0.95% with a trading volume of 5,375 shares and a turnover of 152 million yuan [1] Capital Flow - The medical beauty sector saw a net outflow of 23.11 million yuan from institutional investors, while retail investors contributed a net inflow of 31.04 million yuan [1] - Detailed capital flow for key stocks indicates: - Huaxi Biological experienced a net outflow of 9.59 million yuan, down 5.83% [2] - *ST Meigu had a net outflow of 1.25 million yuan, down 3.03% [2] - Aimeike faced a significant net outflow of 34.29 million yuan, down 7.89% [2]

Core Insights - The medical beauty sector experienced a slight increase of 0.36% on September 29, with Huaxi Biological leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Medical Beauty Sector Performance - Huaxi Biological (688363) closed at 55.02, with a gain of 0.86% and a trading volume of 26,100 shares, amounting to a transaction value of 142 million yuan [1] - *ST Meigu (000615) closed at 3.28, up 0.61%, with a trading volume of 123,800 shares and a transaction value of 40.03 million yuan [1] - Aimeike (300896) closed at 182.20, down 0.01%, with a trading volume of 26,700 shares and a transaction value of 481 million yuan [1] - Jinbo Biological (832982) closed at 284.30, down 0.65%, with a trading volume of 4,900 shares and a transaction value of 140 million yuan [1] Capital Flow Analysis - The medical beauty sector saw a net outflow of 21.53 million yuan from institutional investors and a net outflow of 12.84 million yuan from speculative funds, while retail investors had a net inflow of 34.37 million yuan [1] - Huaxi Biological had a net inflow of 1.59 million yuan from institutional investors, while it experienced a net outflow of 4.76 million yuan from speculative funds [2] - Aimeike faced a significant net outflow of 22.60 million yuan from institutional investors, but retail investors contributed a net inflow of 29.07 million yuan [2]

G E Y U A N 格 远 律 师 事 务 所 山西格远律师事务所 H 山西格远律师事务所 关于山西锦波牛物医药股份有限公司 2025 年第五次临时股东会的 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 波生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年第五次临时股东会(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律业务管理办法》 和《律师事务所证券法律业务执业规则(试行)》等规定及本《法律意 ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-166 山西锦波生物医药股份有限公司 2025 年第五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 9 月 24 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：董事唐梦华女士（公司董事长杨霞女士因出差未能出席现场 会议，本次股东会由过半数董事共同推举的董事唐梦华女士主持现场会议） 出席和授权出席本次股东会的股东共 20 人，持有表决权的股份总数 69,186,687 股，占公司有表决权股份总数的 60.13%。 其中通过网络投票参与本次股东会的股东共 13 人，持有表决权的股份总数 901,987 股，占公司有表决权股份总数的 0.78%。 公司全体高级管理人员列席会议。 二、议案审议情况 （一）审议通过《关于提名陈镔先生为公 ...

Group 1 - The medical beauty sector experienced a slight decline of 0.06% on September 26, with Jinbo Biological leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - The individual stock performance in the medical beauty sector showed mixed results, with Aimeike increasing by 1.31% to 182.21, while Jinbo Biological decreased by 1.43% to 286.15 [1] Group 2 - The net capital outflow from the medical beauty sector amounted to 23.59 million yuan, while retail investors saw a net outflow of 35.19 million yuan [1] - Institutional investors had a net inflow of 58.78 million yuan into the sector [1] - Detailed capital flow data for individual stocks indicated significant variations, with Aimeike experiencing a net outflow of 42.64 million yuan, while ST Meigu saw a net inflow of 4.09 million yuan [2]

Group 1 - The medical beauty sector experienced a slight increase of 0.05% on September 25, with *ST Meigu leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - The trading volume and turnover for *ST Meigu were 216,900 hands and 70.9732 million yuan, respectively, with a price increase of 3.14% [1] Group 2 - The medical beauty sector saw a net outflow of 26.412 million yuan from institutional funds, while retail investors contributed a net inflow of 10.4691 million yuan [1] - The individual stock performance showed *ST Meigu with a net inflow of 10.6411 million yuan, while Huaxi Biological and Aimeike experienced net outflows of 3.1146 million yuan and 26.2049 million yuan, respectively [2]

Core Viewpoint - The recent announcement by Jinbo Biotechnology regarding its plan to issue shares to Yangshengtang highlights the growing interest and investment in the recombinant collagen market, which is experiencing rapid growth in China's medical aesthetics sector [1][2]. Company Summary - Jinbo Biotechnology plans to issue up to 7.1756 million shares at a price of 278.72 yuan per share, raising a total of no more than 2 billion yuan for the development of a humanized collagen FAST database and product development platform [1]. - The company has received three Class III medical device registration certificates for its recombinant collagen products, positioning it as a leader in the medical aesthetics field [3]. - The recent transfer of shares from the controlling shareholder to Hangzhou Jiushi indicates a strategic move to strengthen ties with major players in the industry [1]. Industry Summary - The medical aesthetics market in China is experiencing strong and diverse demand, with the recombinant collagen product market projected to grow from 19.24 billion yuan in 2022 to over 58.57 billion yuan by 2025, and further to 219.38 billion yuan by 2030, reflecting a compound annual growth rate of 44.93% [2]. - The market is seeing an influx of new products, with multiple companies obtaining Class III medical device approvals, indicating a vibrant and competitive landscape [3][4]. - The prevalence of illegal medical aesthetics institutions has surpassed legal ones, with 22,000 illegal institutions compared to 20,000 legal ones, raising concerns about consumer safety and market integrity [6]. Market Dynamics - The high prices of medical aesthetics services in China are driving consumers towards illegal options, as many perceive the costs of legitimate services to be prohibitively high compared to those in markets like South Korea and Hong Kong [7]. - The introduction of competitively priced products, such as New Oxygen's "Miracle Youth 3.0" priced at 2,999 yuan, aims to make compliant medical aesthetics more accessible and reduce the appeal of illegal services [7]. - The industry is characterized by a "new is better" mentality, where new products can quickly saturate the market, leading to price reductions and potential volatility in consumer preferences [5].

Overview - The trend of public funds increasing their allocation to the Beijing Stock Exchange (BSE) continues, with significant entry of active equity public funds. As of H1 2025, the market value allocated by public funds to the BSE reached 22.383 billion, with an allocation ratio of 0.37%, up by 0.15 percentage points quarter-on-quarter. The allocation coefficient reached 0.59, an increase of 0.07. Public funds have continuously increased their allocation to the BSE for three consecutive half-year periods since H1 2024. Among them, the proportion of active equity public funds allocated to the BSE reached 0.46%, up by 0.26 percentage points quarter-on-quarter, with an allocation coefficient of 0.74, an increase of 0.24 [7][24][47]. Active Equity - Active equity public funds significantly increased their allocation to the BSE, with a total market value of 11.22 billion as of H1 2025, a substantial increase of 116% compared to H2 2024. The BSE's thematic products also saw a market value of 3.9 billion, up by 54% quarter-on-quarter, primarily due to net value growth and the opening of subscriptions for the "Taikang BSE Selected Two-Year Open" fund [24][25][28]. Index Investment - The scale of index investment in the BSE is steadily expanding. As of H1 2025, the market value held by BSE index funds reached 11.08 billion, an increase of 48% quarter-on-quarter. The BSE 50 index fund accounted for 10.5 billion, up by 46%, while other index funds reached 580 million, up by 90%. The scale of passive index funds was 10.02 billion, up by 42%, and the scale of index-enhanced funds reached 1.06 billion, up by 162% [47][48]. Allocation - The institutionalization trend is accelerating, with a focus on growth sectors. As of H1 2025, the concentration of active equity public fund allocations has increased, with key stocks like Jinbo Bio, Naconoer, and Tongli Co. accounting for about half of the total market value held. The report emphasizes the importance of sectors with sustained growth potential, such as Jinbo Bio and Minshida [24][38][39].