未平仓空单比（绝对值）较上一次减少最多为远东宏信（03360）、众安在线（06060）、荣昌生物 （09995），分别减少-1.62%、-1.55%、-1.32%。 前10大未平仓空仓比 | 股票名称 | 前次空仓数 | 本次空仓数 | 最新空仓比↓ | | --- | --- | --- | --- | | 药明康德(02359) | 8717.47 万股 | 8734.54 万股 | 22.57% | | 宁德时代(03750) | 2631.99 万股 | 2768.85 万股 | 17.76% | | 中远海控(01919) | 4.06 亿股 | 4.11 亿股 | 14.27% | | 赣锋锂业(01772) | 5001.51 万股 | 5166.20 万股 | 12.80% | | 山东黄金(01787) | 1.09 亿股 | 1.10 亿股 | 12.77% | | 绿叶制药(02186) | 4.62 亿股 | 4.75 亿股 | 12.64% | | 协鑫科技(03800) | 33.24 亿股 | 35.43 亿股 | 12.44% | | 万科企业(02202) | 2.80 亿股 ...

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].

Core Insights - The skincare industry is experiencing intense competition in technology, with numerous suppliers showcasing unique ingredients and certifications at a recent cosmetics trade show [1][2][3] - The trend of emphasizing active ingredients and technical claims on product packaging is prevalent, as brands seek to carve out market positions by replicating successful commercial models [4][5] - The lack of authoritative industry standards and clarity on ingredient efficacy is causing confusion and skepticism among consumers [6][7][8] Group 1: Active Ingredients and Technology Trends - Active proteins and plant extracts remain core competitive areas in the skincare industry, with leading brands continuing to invest heavily in research and development [10][11] - The popularity of active proteins is driven by their previous applications in medical and aesthetic fields, which lend credibility to their use in consumer products [15][20] - New technologies in plant extraction are emerging, aiming to address traditional challenges such as stability and absorption rates [18][19] Group 2: Marketing and Industry Challenges - The rapid iteration of core ingredients in domestic beauty brands has outpaced normal industry evolution, leading to communication gaps between technology, products, and consumers [22][23] - The absence of unified national standards for new ingredients has resulted in market confusion and potential harm to consumers [24][26] - Overemphasis on marketing claims has led to exaggerated efficacy narratives, causing consumer dissatisfaction and adverse reactions [30][31][33] Group 3: Future Directions and Brand Strategies - The skincare industry is entering a period of deep adjustment, with competition shifting from ingredient-based to ecosystem-building capabilities [37][39] - Brands must find new competitive advantages beyond ingredient efficacy, such as emotional value and consumer experience [41][42] - The rise of niche markets, including male skincare and elderly care, presents new opportunities for growth and diversification [48][49]

Group 1 - The MSCI China Healthcare Index has increased by 41.4% year-to-date, outperforming the MSCI China Index which rose by 25.2% [1] - The upcoming implementation of commercial insurance for innovative drugs is expected to have limited short-term impact but will open up long-term payment opportunities for innovative drugs [1] - The National Healthcare Security Administration has introduced measures to support the high-quality development of innovative drugs, emphasizing comprehensive policy support [1] Group 2 - The commercial health insurance premium income in China is projected to reach CNY 9.773 billion in 2024, reflecting an 8.2% year-on-year growth [2] - The low claims ratio of commercial health insurance, with claims amounting to CNY 3.848 billion in 2023, indicates potential for significant growth in both premium income and claims ratio under supportive policies [2] - The consumption medical sector presents valuation recovery opportunities, with key companies such as Giant Bio, Guoshengtang, and Times Angel being highlighted for their strong product performance and growth potential [3] Group 3 - Recommended stocks for investment include 3SBio (01530), Giant Bio (02367), Guoshengtang (02273), Times Angel (06699), BeiGene (ONC.US), and Innovent Biologics (01801) [4]

风波后，李吉感觉到货物渐渐卖不动了，接到的订单销量相比 今年4月下滑了60%至70%，胶原棒2.0在风波前平均一天能 卖200盒，到现在平均一周只能走几盒。 作者：罗文利 封图：图虫创意 7月1日，一款原本在市面上热卖的护肤产品，同行在群里喊出了一盒只卖150元，这个价格低于李 吉的拿货价格，他坚决不能接受。 李吉是做护肤品生意的个体户，这款产品为可复美重组胶原蛋白御肌修护次抛精华液（下称"可复 美胶原棒2.0"），每盒包含30支1.5ml的胶原棒，在京东官方旗舰店的价格为379元/盒。胶原棒2.0 此前卖得好，李吉囤了不少货。 可复美是巨子生物控股有限公司（02367.HK，下称"巨子生物"）旗下核心品牌，以重组胶原蛋白 为主要成分，主要产品涵盖次抛精华、敷料面膜等。2024年，可复美的销售收入为45.4亿元，占 巨子生物营收的82%。 然而在过去约40天内，可复美胶原棒2.0遭遇外界对其重组胶原蛋白成分含量的质疑，引发了市场 对巨子生物产品质量及宣传真实性的怀疑，风波至今未平。 也是从5月24日开始，李吉作为可复美的下游个体经销商，生意遭受重创： 可复美胶原棒2.0的销 量相较今年 4月份下滑了60%至7 ...

可复美是巨子生物控股有限公司（02367.HK，下称"巨子生物"）旗下核心品牌，以重组胶原蛋白为主要成分，主要产品涵盖次抛精华、敷料面膜等。2024 年，可复美的销售收入为45.4亿元，占巨子生物营收的82%。 然而在过去约40天内，可复美胶原棒2.0遭遇外界对其重组胶原蛋白成分含量的质疑，引发了市场对巨子生物产品质量及宣传真实性的怀疑，风波至今未 平。 7月1日，一款原本在市面上热卖的护肤产品，同行在群里喊出了一盒只卖150元，这个价格低于李吉的拿货价格，他坚决不能接受。 李吉是做护肤品生意的个体户，这款产品为可复美重组胶原蛋白御肌修护次抛精华液（下称"可复美胶原棒2.0"），每盒包含30支1.5ml的胶原棒，在京东官 方旗舰店的价格为379元/盒。胶原棒2.0此前卖得好，李吉囤了不少货。 也是从5月24日开始，李吉作为可复美的下游个体经销商，生意遭受重创：可复美胶原棒2.0的销量相较今年4月份下滑了60%至70%。 这个时间段正好赶上了美妆品牌重要的销售节点——"6·18"。 在2023年和2024年，可复美的"6·18"GMV（商品交易总额）在天猫、抖音电商平台的排名中逐年攀升，但今年是其近三年首次排名 ...

以下文章来源于无冕财经 ，作者无冕财经团队 无冕财经 . 奉守"专业主义，内容为王"，为优质的商业阅读而生。多次获评"年度财经自媒体"，入选胡润百富"广 州最值得投资的企业"榜单50强，广州市新阶联自媒体分会副会长单位，入驻全网20多个平台，覆盖 1000万+商务人群，中国财经新媒体的中坚力量之一。 来源|无冕财经 作者| 郭俊宇 编辑|陈涧 "大嘴博士打假可复美重组胶原蛋白添加事件"发酵月余，巨子生物（02367.HK）终于低头了。 6月23日晚，巨子生物（02367.HK）发声明承认："我公司现有的质量标准、检测方法和标签标识 在某些方面已逐渐显现出其局限性，难以完全适配行业发展与技术进步的高标准和高要求。" ▲ 巨子生物在声明中承认"局限性"，图片来自该公司公众号。 这番表态，被外界视为巨子生物"变相认输"。 在此之前，巨子生物对"大嘴博士"关于产品成分的质疑始终保持强硬回击姿态，而此次却首次主动 承认自身体系存在问题，释放出罕见的示弱信号。 第二天，巨子生物还举办了内部投资者交流会，表示尽管618受到短期影响，公司有信心在第三、 四季度弥补此前的生意损失，相信此次舆情事件仅为短期影响，不会阻碍公司的长 ...

Industry Overview - The medical beauty injection products mainly include hyaluronic acid, collagen, regenerative materials, and botulinum toxin, with hyaluronic acid and collagen being classified as medical devices, while botulinum toxin is categorized as a toxic medical drug [1][2][5] Industry Chain Analysis - The upstream of the medical beauty injection materials includes raw materials and equipment manufacturing, while the midstream focuses on product research and manufacturing, and the downstream consists of sales channels such as public hospitals and private chains [2][5] Industry Development History - The Chinese medical beauty injection materials market has evolved from reliance on imports to self-innovation, with significant milestones including the approval of the first domestic hyaluronic acid filler in 2009 and the emergence of domestic leaders like Huaxi Biological, Aimeike, and Haohai Biological by 2015 [6][8] Industry Policy Background - Regulatory measures have been strengthened since 2019, with guidelines issued for the clinical trial of hyaluronic acid products and stricter management of medical beauty injection materials to enhance product quality and safety [9][11][12] Current Industry Status - The market size of China's medical beauty injection materials is projected to reach approximately 34.6 billion yuan in 2024, reflecting a year-on-year growth of 28.6% and a CAGR of 31.3% from 2021 to 2024 [14][16] Market Structure - Hyaluronic acid and botulinum toxin dominate the market, with hyaluronic acid accounting for about 36% and botulinum toxin for about 29% of the total market share [17][19] Competitive Landscape - Major competitors in the hyaluronic acid market include Huaxi Biological, Aimeike, and Haohai Biological, while the botulinum toxin market is primarily represented by Lanzhou Biological, which is currently the only domestic company with approved products [23][25] Future Industry Outlook - The medical beauty injection materials market is expected to reach 93.7 billion yuan by 2030, driven by technological advancements, compliance, and the rise of male consumers [28][30] Industry Development Trends - Key trends include the long-lasting and precise application of materials, the rise of intelligent and customized solutions, and increased regulatory scrutiny leading to higher approval thresholds for injection materials [32]

Core Viewpoint - The ongoing debate between two major companies regarding the restructuring of collagen detection methods highlights the industry's need for standardized testing protocols and the challenges posed by varying product quality in the market [1][4][6]. Group 1: Company Actions and Statements - Huaxi Biological published an article asserting the need for industry standards based on testing results, revealing that their product "Runbaiyan" was tested for collagen content using advanced HPLC-HRMS technology, yielding a result of 0.60 mg/g (0.06%) for type III collagen [2][3]. - Huaxi Biological emphasized that their testing method effectively eliminates matrix interference and ensures accurate detection of recombinant collagen, addressing concerns about the reliability of their results [2][3]. - Juzhi Biological acknowledged the limitations of their existing quality standards and testing methods, stating the need for continuous optimization to meet industry advancements and consumer expectations [5][6]. Group 2: Industry Implications - The debate over collagen measurement methods has been ongoing since May, with Huaxi Biological criticizing misleading conclusions from industry reports and calling for a unified testing standard [4][6]. - Juzhi Biological has committed to collaborating with research institutions to enhance detection methods and to gradually disclose key technical parameters and quality control data to foster industry development and transparency [5]. - The lack of a unified detection method has been described as a strategy to evade scrutiny, highlighting the industry's regulatory challenges and the necessity for verifiable solutions [6].

Investment Rating - The report rates the cosmetics and medical beauty industry as "Positive" [2][3] Core Viewpoints - The cosmetics retail sales growth for January to May 2025 is 4.1%, an increase of 2 percentage points compared to the same period last year, indicating a steady recovery in demand [3] - The performance of leading brands remains strong, with double-digit growth, supported by the theme of self-care in new consumption trends, leading to a positive outlook for the first half of 2025 [3] - The 618 shopping festival saw strong performances from domestic brands, with notable rankings on platforms like Tmall and Douyin [3] Summary by Sections Cosmetics Industry Outlook - The report anticipates significant revenue and net profit growth for major companies in Q2 and H1 2025, with specific forecasts: - Up Beauty Co. is expected to see a revenue increase of 16% and a net profit increase of 25% [3] - Marubi is projected to grow revenue by 22% and net profit by 28% in Q2 2025 [3] - Proya is expected to achieve a revenue growth of 10% and net profit growth of 15% in Q2 2025 [3] Key Companies Performance - Notable companies and their expected performance include: - Mao Geping is projected to have a revenue increase of 38% and net profit increase of 35% in H1 2025 [3] - Ruibin is expected to see a revenue increase of 15% and net profit increase of 15% in Q2 2025 [3] - Huaxi Biological is expected to maintain stable performance with a 0% revenue growth and a 10% net profit increase in Q2 2025 [3] Investment Recommendations - The report recommends focusing on companies with strong brand matrices and comprehensive product layouts, such as Up Beauty Co., Marubi, and Proya, which are expected to benefit from the live e-commerce traffic [3] - It also highlights the importance of niche market players like Ruibin and Mao Geping, who are positioned to capitalize on the rise of personal care and domestic beauty trends [3] - For the medical beauty sector, the report suggests focusing on companies with high R&D barriers and strong profitability, recommending companies like Aimeike and Langzi [3] E-commerce and Other Segments - The report suggests monitoring e-commerce companies like Ruibin, which is expected to see significant growth in revenue and net profit [3] - In the maternal and infant sector, Kid King is projected to exceed market expectations with a revenue increase of 10% and a net profit increase of 70% in Q2 2025 [3]