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].

Overview - The trend of public funds increasing their allocation to the Beijing Stock Exchange (BSE) continues, with active equity public funds significantly entering the market. As of H1 2025, the market value allocated by public funds to the BSE reached 22.383 billion yuan, 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 and a half consecutive half-years since H1 2024 [10][12]. Active Equity - Active equity public funds have significantly increased their allocation to the BSE. As of H1 2025, the total market value held by active equity funds in the BSE reached 11.22 billion yuan, a substantial increase of 116% compared to H2 2024 [29][30]. - The BSE theme products held a market value of 3.9 billion yuan as of H1 2025, 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" [30][34]. - The average net value growth rate of BSE theme funds was 69.9% from the beginning of 2025 to September 10, 2025, significantly outperforming the BSE 50 index by 14.8% [30][34]. 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 yuan, an increase of 48% quarter-on-quarter. The BSE 50 index fund accounted for 10.5 billion yuan of this, up by 46% [54][55]. - The number of BSE 50 index products has increased, with 28 products established as of now, including two newly established products in Q3 2025 [54][55]. Allocation - The trend of institutionalization in the BSE is accelerating, with a focus on growth sectors. As of H1 2025, the public fund holding ratio for the BSE 50 reached 8.8%, up by 1.8 percentage points quarter-on-quarter. The active equity holding ratio was 3.9%, an increase of 2.0 percentage points [19][20]. - The concentration of active equity public fund allocations has increased, with key stocks like Jinbo Bio, Nacono, and Tongli Co. accounting for about half of the total market value held [40][44].

Summary of Key Points Core Viewpoint - As of September 22, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 7.81 billion yuan, indicating an increase from the previous trading day, with notable activity in specific stocks and sectors [1]. Financing and Margin Activity - The margin financing balance was 7.81 billion yuan, up by 48.08 million yuan, while the securities lending balance was 43.47 million yuan, down by 69,700 yuan [1]. - The stocks with the highest margin financing balances included Better Ray (3.68 billion yuan), Shuguang Digital Innovation (3.65 billion yuan), and Jinbo Biological (3.52 billion yuan) [1]. - The average margin financing balance as a percentage of market capitalization for these stocks was 1.31%, with leading stocks like Juneng Co., Audiwei, and Jiaoda Tifa showing higher ratios of 3.98%, 3.85%, and 3.83% respectively [1]. Net Buying and Selling Trends - On September 22, 150 stocks experienced net margin buying, with 43 stocks having net buying amounts exceeding 1 million yuan [2]. - Shuguang Digital Innovation led with a net buying amount of 9.08 million yuan, followed by Jinbo Biological (8.74 million yuan) and Binhang Technology (7.99 million yuan) [2]. - The stocks with the highest net selling amounts included Kun Gong Technology, Litong Technology, and Kangle Health, with net selling amounts of 9.65 million yuan, 7.40 million yuan, and 6.76 million yuan respectively [1][2]. Industry Performance - The industries with the most stocks receiving net buying over 1 million yuan were machinery equipment (9 stocks), automotive (7 stocks), and electronics (5 stocks) [2]. - The average performance of stocks with net buying over 1 million yuan showed a decline of 1.21%, with notable gainers including Zhixin Electronics (up 12.64%), Shuguang Digital Innovation (up 9.90%), and Kaiter Co. (up 7.05%) [2]. Trading Activity - The weighted average turnover rate for stocks with net buying over 1 million yuan was 4.55%, with the highest turnover rates seen in Shichang Co. (52.17%), Zhixin Electronics (25.83%), and Sanwei Equipment (24.01%) [2]. - The average daily turnover rate for stocks on the Beijing Stock Exchange was 3.71% [2].

Group 1 - The medical beauty sector experienced a decline of 1.81% on September 22, with Ai Meike leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] - Major stocks in the medical beauty sector showed varied performance, with *ST Meigu closing at 3.20, up 3.56%, and Ai Meike closing at 182.95, down 2.03% [1] Group 2 - The net outflow of main funds in the medical beauty sector was 93.56 million yuan, while retail investors saw a net inflow of 57.63 million yuan [1] - Specific stock fund flows indicated that Ai Meike had a net outflow of 78.89 million yuan, representing a decrease of 13.97% [2] - Huaxi Biological had a net outflow of 17.17 million yuan, down 8.74%, while *ST Meigu saw a net inflow of 2.50 million yuan, up 3.23% [2]