Core Insights - As of November 25, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 7.494 billion yuan, a decrease of 49.20 million yuan from the previous trading day, marking a continuous decline for six trading days [1] - The top three stocks by margin financing balance were Jinbo Biological, Shuguang Digital Innovation, and Better Energy, with balances of 413 million yuan, 352 million yuan, and 321 million yuan respectively [1] - A total of 114 stocks on the BSE had net margin purchases on November 25, with 16 stocks having net purchases exceeding 1 million yuan, led by Naconor with a net purchase of 13.03 million yuan [1][2] Margin Financing Overview - The margin financing balance was 7.493 billion yuan, down by 49.41 million yuan from the previous day, while the securities lending balance increased to 71.54 million yuan, up by 209,800 yuan [1] - The average margin financing balance as a percentage of market capitalization for the top stocks was 1.36%, with the highest ratios for Chenguang Cable, Audiwei, and Shisheng Intelligent at 4.86%, 4.47%, and 4.36% respectively [1] Industry Performance - The industries with the highest concentration of stocks with net margin purchases over 1 million yuan included machinery equipment, power equipment, and computers, with 4, 3, and 2 stocks respectively [2] - On November 25, stocks with net margin purchases over 1 million yuan had an average decline of 1.22%, with notable gainers including Anda Technology, Xingtou Measurement Control, and Wanda Bearings, which rose by 5.51%, 2.89%, and 2.26% respectively [2] Stock Activity - The weighted average turnover rate for stocks with net margin purchases over 1 million yuan was 6.82%, with the highest turnover rates for Dapeng Industrial, Chenguang Optical, and Gais Food at 83.87%, 12.37%, and 10.53% respectively [2] - The average daily turnover rate for BSE stocks on November 25 was 2.51% [2] Notable Stocks - Naconor had the highest increase in margin financing balance on November 25, with a balance of 148.15 million yuan, despite a price drop of 2.52% [2][3] - Other notable stocks with significant margin financing increases included Bond Shares, Xingtou Measurement Control, and Jinbo Biological, with increases of 5.15 million yuan, 5.14 million yuan, and 4.82 million yuan respectively [3][4]

证券代码：920982 证券简称：锦波生物 公告编号：2025-182 山西锦波生物医药股份有限公司 关于获得境外医疗器械注册证的公告 医疗器械所有人名称：山西锦波生物医药股份有限公司 医疗器械所有人地址：山西综改示范区太原唐槐园区锦波街18号 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、基本情况 山西锦波生物医药股份有限公司（以下简称"公司"）于近日获得菲律 宾主管当局颁发的一项D类医疗器械注册证，具体情况如下： 二、医疗器械注册证主要内容 医疗器械名称：重组Ⅲ型人源化胶原蛋白冻干纤维 品牌名称：Ayouth 规格：2mg/瓶，4mg/瓶，6mg/瓶，8mg/瓶，10mg/瓶 CMDR编号：CMDR-2025-06047 医疗器械分类：D类 适用范围：适用于面部真皮组织填充以纠正额部动力性皱纹（包括眉间 纹、额头纹和鱼尾纹） 三、对公司的影响 公司重组Ⅲ型人源化胶原蛋白冻干纤维在菲律宾获批上市，是我国高端 植入型医疗器械产品在国际市场上的又一重要成果，推动了我国原创核心技 术的出海。该产品的获 ...

Market Overview - The medical beauty sector experienced a decline of 2.01% on November 21, with *ST Meigu leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Key stocks in the medical beauty sector showed the following performance: - Huaxi Biological (688363) closed at 48.87, down 1.81% with a trading volume of 25,700 shares and a turnover of 126 million yuan [1] - Aimeike (300896) closed at 148.00, down 1.88% with a trading volume of 29,100 shares [1] - Jinbo Biological (920982) closed at 220.01, down 4.88% with a trading volume of 11,000 shares [1] - *ST Meigu (000615) closed at 3.89, down 4.89% with a trading volume of 217,100 shares and a turnover of 85.48 million yuan [1] Capital Flow - The medical beauty sector saw a net outflow of 87.65 million yuan from main funds, while retail investors contributed a net inflow of 83.50 million yuan [1] - Detailed capital flow for key stocks includes: - *ST Meigu: Main funds net outflow of 12.38 million yuan, retail net inflow of 9.03 million yuan [2] - Huaxi Biological: Main funds net outflow of 24.09 million yuan, retail net inflow of 26.09 million yuan [2] - Jinbo Biological: Main funds net outflow of 32.71 million yuan, retail net inflow of 340,200 yuan [2] - Aimeike: Main funds net outflow of 51.18 million yuan, retail net inflow of 48.38 million yuan [2]

证券代码：920982 证券简称：锦波生物 公告编号：2025-181 山西锦波生物医药股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 11 月 19 日 活动地点：山西锦波生物医药股份有限公司（以下简称"公司"）在全景网 （https://rs.p5w.net/html/176291485213286.shtml）举办本次业绩说明会。 参会单位及人员：通过网络方式参加 2025 年第三季度报告业绩说明会的投 资者。 上市公司接待人员：公司董事长、总经理杨霞女士，公司董事、副总经理、 董事会秘书唐梦华女士，公司副总经理、财务总监薛芳琴女士，公司保荐代表人 中信证券邓俊先生。 三、 投资者关系活动主要内容 问题 1：面对重组胶原蛋白行业未来可能加剧的竞争，除了先发优势，公司 认为自身最深的护城河 ...

Core Insights - The medical beauty sector experienced a slight increase of 0.23% on November 19, with Ai Meike leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Sector Performance - Ai Meike (300896) closed at 155.51, up 0.58% with a trading volume of 24,500 and a transaction value of 3.83 billion [1] - Huaxi Biological (688363) closed at 50.55, up 0.30% with a trading volume of 16,100 and a transaction value of 81.47 million [1] - Jinbo Biological (920982) closed at 232.56, down 0.97% with a trading volume of 5,813.42 and a transaction value of 136 million [1] - *ST Meigu (000615) closed at 4.14, down 3.72% with a trading volume of 402,400 and a transaction value of 1.671 billion [1] Capital Flow - The medical beauty sector saw a net inflow of 1.9441 million from institutional investors, while retail investors experienced a net outflow of 12.0117 million [1] - Detailed capital flow for individual stocks shows Ai Meike with a net inflow of 26.5772 million from institutional investors, while *ST Meigu had a significant net outflow of 24.8225 million [2]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Group 1 - The medical beauty sector experienced a decline of 1.28% on November 17, with *ST Meigu leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] - Major stocks in the medical beauty sector showed varying declines, with Huaxi Biological down 1.04%, Aimeike down 1.05%, and Jinbo Biological down 1.96% [1] Group 2 - The net outflow of main funds in the medical beauty sector was 80.81 million yuan, while retail investors saw a net inflow of 56.06 million yuan [1] - Specific fund flows indicated that Huaxi Biological had a net outflow of 9.16 million yuan, *ST Meigu had a net outflow of 12.64 million yuan, and Aimeike had a net outflow of 59.00 million yuan [2]

Investment Rating - The report suggests a positive investment outlook for the cosmetics industry, highlighting strong growth potential for specific companies [29]. Core Insights - The 2025 Double 11 event showed steady double-digit growth, with total GMV reaching RMB 1.695 trillion, a 14% increase from 2024. Instant retail demonstrated significant growth, with comprehensive e-commerce and community group buying also contributing positively [29][4]. - The beauty category maintained robust growth across multiple platforms, with skincare and makeup categories achieving growth rates between 5-15%. Domestic brands like PROYA and Winona performed particularly well, with PROYA maintaining the top position in Tmall's beauty rankings [29][14][17]. - The report emphasizes the trend of full-chain integration and one-stop services across platforms, with Tmall achieving its best growth in four years, driven by high-value user contributions from 88VIP [29][8]. Summary by Sections Double 11 Performance - The 2025 Double 11 event recorded a total GMV of RMB 1.695 trillion, marking a 14% increase from the previous year. Instant retail grew significantly, with GMV for comprehensive e-commerce at RMB 1.6191 trillion, and community group buying at RMB 90 billion [4][29]. - Tmall's performance was highlighted as the best in four years, with significant contributions from 88VIP and other platforms like JD.com and Douyin also showing strong growth [11][12]. Brand Performance - Companies such as Guangzhou Ruoyuchen Technology Co., Ltd. and Shanghai Chicmax Cosmetic Co., Ltd. reported impressive growth during Double 11, with Zhenjia's GMV increasing by 80% year-on-year and Feicui's GMV growing 35 times [25][29]. - The report notes that domestic brands excelled in the beauty category, with PROYA and other brands maintaining strong positions in the market [22][29]. Investment Recommendations - The report recommends focusing on high-growth brands such as Ruoyuchen, Chicmax, and Mao Geping, as well as companies with stable fundamentals like Dentium and Shanghai Jahwa United. It also identifies companies expected to bottom out, such as PROYA and Lafang [29][38].

Core Insights - As of November 13, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 7.894 billion yuan, an increase of 50.0693 million yuan from the previous trading day [1] - The stocks with the highest margin financing balances include Jinbo Biological, Shuguang Digital Creation, and Better Ray, with balances of 418 million yuan, 336 million yuan, and 292 million yuan respectively [1] - A total of 146 stocks received net margin purchases on November 13, with Tianhong Lithium Battery leading at 10.154 million yuan in net purchases [1][2] Margin Financing Overview - The margin financing balance increased by 497.195 million yuan to 7.893 billion yuan, while the securities lending balance rose by 349,800 yuan to 804,400 yuan [1] - The average margin financing balance as a percentage of market capitalization for the stocks with the highest balances is 1.31%, with Audiwei, Haidaer, and Juneng Co. leading at 4.18%, 3.79%, and 3.78% respectively [1][2] Industry Performance - The industries with the most stocks receiving net margin purchases over 1 million yuan include power equipment, basic chemicals, and machinery, with 10, 5, and 4 stocks respectively [2] - On average, stocks with net margin purchases over 1 million yuan rose by 2.99%, with Tianhong Lithium Battery, Taipeng Intelligent, and Rongyi Precision showing the highest increases of 29.97%, 11.80%, and 10.46% respectively [2] Trading Activity - The weighted average turnover rate for stocks with net margin purchases over 1 million yuan was 6.69%, with Tianhong Lithium Battery, Zhu Laoliu, and Taipeng Intelligent having turnover rates of 34.54%, 27.00%, and 24.20% respectively [2] - The average daily turnover rate for stocks on the Beijing Stock Exchange was 4.36% on November 13 [2]

山西锦波生物医药股份有限公司 关于召开 2025 年第三季度报告业绩说明会预告公告 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、 说明会类型 山西锦波生物医药股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日在北京证券交易所官网（www.bse.cn）披露了《2025 年第三季度报告》（公告 编号：2025-170），为方便广大投资者更深入了解公司 2025 年第三季度经营业绩 的具体情况，加强与投资者的交流互动，公司拟召开 2025 年第三季度报告业绩 说明会。 证券代码：920982 证券简称：锦波生物 公告编号：2025-180 本次说明会采用网络方式召开。 为充分尊重投资者、提升交流的针对性，现就公司本次业绩说明会提前向投 资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 11 月 19 日(星期三)10:00 前访问 http://ir.p5w.net/zj/，或扫描下方二维码，进入 问题征集专题页面。公司将在业绩说明会上，对投资者普遍关注的问题 ...