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 ...

Core Insights - The medical beauty sector experienced a 1.15% increase on November 13, with *ST Meigu leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Medical Beauty Sector Performance - *ST Meigu (000615) closed at 4.77, with a rise of 5.07% and a trading volume of 105,700 shares, amounting to a transaction value of 50.0584 million yuan [1] - Jinbo Biological (920982) closed at 238.31, up 2.24%, with a trading volume of 11,200 shares and a transaction value of 268 million yuan [1] - Aimeike (300896) closed at 159.60, up 1.22%, with a trading volume of 33,700 shares and a transaction value of 534 million yuan [1] - Huaxi Biological (688363) closed at 51.77, up 0.52%, with a trading volume of 19,300 shares and a transaction value of 9.9559 million yuan [1] Fund Flow Analysis - The medical beauty sector saw a net outflow of 48.455 million yuan from institutional investors, while retail investors contributed a net inflow of 20.9995 million yuan [1] - Specific fund flows for key companies include: - *ST Meigu: Institutional net outflow of 384,800 yuan, retail net inflow of 113,790 yuan [2] - Huaxi Biological: Institutional net outflow of 15.0817 million yuan, retail net inflow of 13.8661 million yuan [2] - Aimeike: Institutional net outflow of 32.9885 million yuan, retail net inflow of 599,550 yuan [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 1.296 billion yuan for Q1-Q3 2025, representing a year-on-year growth of 31.10%. The net profit attributable to the parent company was 568 million yuan, up 9.29% year-on-year. However, in Q3 alone, revenue was 437 million yuan, showing a growth of 13.36%, while net profit decreased by 16.24% year-on-year [2][4][11] - The revenue growth in the first three quarters was primarily driven by the sales of Class III medical devices and functional skincare products, particularly the implant products based on recombinant human collagen and the growth of the company's proprietary brand [11] - The company is expected to see a recovery in performance with the upcoming launch of new products, particularly the small-sized gel product WeaveCOL, which is anticipated to enhance market acceptance and circulation [11] Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 1.296 billion yuan, a 31.10% increase year-on-year, and a net profit of 568 million yuan, a 9.29% increase year-on-year. In Q3 alone, revenue was 437 million yuan, a 13.36% increase, while net profit fell by 16.24% year-on-year [2][4] - The gross profit margin decreased by 1.6 percentage points to 90.8%, and the net profit margin dropped by 8.7 percentage points to 43.9% due to increased sales, management, R&D, and financial expenses [11] Product Development - The company launched a new product, WeaveCOL, which is a small-sized gel targeting the periorbital area. This product is expected to have better market acceptance due to its smaller size and precise targeting compared to previous products [11] Future Outlook - The company is projected to have an EPS of 1.53, 2.35, and 2.60 yuan per share for the years 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [11]

证券简称：锦波生物 证券代码：920982.BJ 山西锦波生物医药股份有限公司 （山西综改示范区太原唐槐园区锦波街 18 号） 关于山西锦波生物医药股份有限公司 向特定对象发行股票申请文件的 审核问询函之回复 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二五年十一月 北京证券交易所： 贵所于 2025 年 9 月 30 日出具的《关于山西锦波生物医药股份有限公司向特 定对象发行股票申请文件的审核问询函》（以下简称"问询函"）已收悉。山西 锦波生物医药股份有限公司（以下简称"发行人""锦波生物"或"公司"）会 同保荐人中信证券股份有限公司（以下简称"中信证券"）、中汇会计师事务所 （特殊普通合伙）（以下简称"申报会计师"或"中汇"）、上海市锦天城律师 事务所（以下简称"发行人律师"或"锦天城"）等相关方对问询函所列问题进 行了逐项核查，现回复如下，请予以审核。 除特别说明，本问询函回复所使用的简称或名词释义与《山西锦波生物医药 股份有限公司 2025 年度向特定对象发行股票募集说明书（申报稿）》中的释义 相同。若出现合计数值与各分项数值之和尾数不符的情况，均为四舍五入 ...

山西锦波生物医药股份有限公司 Shanxi Jinbo Bio-Pharmaceutical Co., Ltd. 山西省转型综合改革示范区太原唐槐园区锦波街 18 号 募集说明书 （修订稿） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 签署日期：二零二五年十一月 证券简称：锦波生物 证券代码：920982.BJ 2025 年度向特定对象发行股票 保荐机构 声明 本公司及控股股东、实际控制人、全体董事、董事会审计委员会成员、高级管理人员承诺募集 说明书不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律 责任。 本公司负责人和主管会计工作的负责人、会计机构负责人保证募集说明书中财务会计资料真实、 准确、完整。 第一节 重要提示 注意下列重大事项或风险因素，并认真阅读本募集说明书相关章节。 一、本次向特定对象发行股票相关事项已经公司第四届董事会第十二次会议、2025 年第二次临 时股东会审议通过，尚需经北京证券交易所审核通过并经中国证监会作出同意注册的决定。 二、本次战略投资包括公司向养生堂有限公司特定对象发行股票并签署《股份认购协议》，以 及公司控股股东和实际控制人杨 ...

上海市锦天城律师事务所 关于山西锦波生物医药股份有限公司 2025 年度向特定对象发行股票的 补充法律意见书（一） 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 01F20251675-01-01 | 一、 | 问题 | 2.关于前次募投项目 | 4 | 二、 | 问题 | 3.关于本次募集资金使用 | 7 | | --- | --- | --- | --- | --- | --- | --- | --- | | 三、 | 问题 | 4.关于本次发行对象 | 11 | 四、 | 问题 | 5.其他问题 27 | | | 五、 | 补充说明 37 | | | | | | | 上海市锦天城律师事务所 补充法律意见书（一） 上海市锦天城律师事务所 关于山西锦波生物医药股份有限公司 2025 年度向特定对象发行股票的 补充法律意见书（一） 致：山西锦波生物医药股份有限公司 上海市锦天城律师事务所（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"发行人"或"公司"或"锦波生物"）的委托，并根据 ...