Group 1 - The beauty industry in China is witnessing a shift in the top 10 revenue rankings, with Proya leading at 10.778 billion, marking a significant milestone as the first domestic beauty brand to surpass 10 billion in revenue [1][8] - The entry of Mao Geping into the top 5 and the drop of Shanghai Jahwa from the top 10 indicates a dynamic change in the competitive landscape [1][3] - The revenue threshold for entering the top 10 has increased to nearly 2.5 billion, reflecting a more competitive environment compared to previous years [1] Group 2 - The top five companies have experienced a turnover, with companies like Shiseido and Juzhibio showing over 30% growth, while others like Huaxi and Beitaini have faced declines or stagnant profits [3] - Proya's main brand revenue ceiling has been raised to 8.581 billion, with a notable gap of nearly 3 billion between it and the next highest brand [8] - Han Shu has achieved a significant milestone by surpassing 5 billion in revenue, reaching 5.591 billion with an impressive growth rate of 80.9% [8] Group 3 - Online sales channels are crucial for the success of domestic beauty brands, with Proya, Shiseido, and Water Sheep achieving over 90% of their revenue from online sales [14] - Despite the strong online performance, the offline sales channels have seen a decline, with companies like Mao Geping and Shiseido managing to achieve double-digit growth in offline sales [15][14] - The overall sales structure indicates a need for brands to balance their online and offline strategies to sustain growth [11] Group 4 - Research and development (R&D) investments among the top 10 companies have increased, with total R&D spending rising from 1.559 billion to 1.753 billion [19] - Companies like Huaxi and Beitaini are leading in R&D expenditures, with Huaxi investing 466 million, representing 8.68% of its total revenue [19][20] - The competitive landscape is evolving, with an emphasis on scientific innovation and new product development becoming essential for maintaining market position [21][22] Group 5 - The beauty industry is expected to face challenges in 2024, with increased competition and a more complex market environment [21] - The competitive dynamics are shifting, as companies like Shiseido leverage innovative marketing strategies to secure their positions [22] - The future of the industry will require continuous evolution and adaptation from all players to remain relevant and competitive [23]

Group 1 - The core viewpoint of the articles highlights the rapid rise of recombinant collagen in the medical beauty and skincare industry, challenging the dominance of hyaluronic acid [1][2][16] - Jinjian Biological's stock price has surged over 100% since the beginning of the year, reaching a historical high of 442.00 yuan per share, with a listing price of 49 yuan per share in 2023 [1] - The founder of Jinjian Biological, Yang Xia, has seen a significant increase in wealth, ranking 2295th on the Hurun Global Rich List with a net worth of approximately 11.5 billion yuan, up 455 places year-on-year [1] Group 2 - The wealth of founders in the hyaluronic acid sector, such as Zhao Yan of Huaxi Biological and Jian Jun of Aimeike, has declined, indicating a shift in the industry landscape [2] - Huaxi Biological reported a revenue of 5.371 billion yuan in 2024, a year-on-year decrease of 11.61%, and a net profit decline of 70.59% [19] - Aimeike's revenue for 2024 was 3.026 billion yuan, with a slight growth of 5.45%, but faced a decline in net profit [19] Group 3 - Jinjian Biological's revenue for 2024 reached 1.443 billion yuan, a year-on-year increase of 84.92%, with a net profit of 732 million yuan, up 144.27% [6] - The company achieved a gross margin of 95.03% in its medical device segment, surpassing the gross margin of Kweichow Moutai [7] - Jinjian Biological's focus on medical devices and functional skincare products has positioned it as a strong competitor in the market [6][14] Group 4 - The competitive landscape is shifting, with Jinjian Biological and Juzhi Biological both expanding into medical beauty injections, potentially leading to direct competition [13][17] - Jinjian Biological has received approval for its injectable recombinant collagen gel, indicating ongoing product development and market expansion [14] - The industry is witnessing a trend towards international expansion, with companies like Jinjian Biological and Huaxi Biological exploring overseas markets [24][25] Group 5 - The financial performance of Chuangjian Medical has declined, with a revenue of 288.2 million yuan in 2024, a growth of only 1.82%, and a net profit drop of 50.84% [6][15] - Chuangjian Medical is attempting to pivot towards terminal products, including medical devices and cosmetics, but lacks strong competitive advantages [14][15] - The overall market for recombinant collagen is still in its early stages of international expansion, with companies planning to enhance their global presence [25]

2 0 2 4年在国货美妆发展史上是值得记录一年： 一方面，国内诞生首个突破百亿美妆企业，珀莱雅以1 0 7 . 7 8亿元营收首次跻身"百亿俱乐部"， 成 为 行 业 里 程 碑 事 件 ； 同 时 ， 十 强 门 槛 抬 高 至 近 3 0 亿 元 ， 前 十 总 营 收 规 模 扩 大 至 5 4 3 . 7 7 亿 元。 另一方面，前十座次发生较大变化，毛戈平首次闯入榜单，上海家化、华熙生物等企业持续步 入变革期深水区，迎来业绩"震荡"。 在"突飞猛进"与震荡调整并存的阶段，头部国货企业的发展预示着行业怎样的未来？ 综 合 2 0 2 1 年 至 2 0 2 4 年 国 货 美 妆 上 市 企 业 十 强 榜 单 情 况 来 看 ， 可 以 发 现 ， 名 次 发 生 了 较 大 变 化。每一年的前三名都不相同，并且持续有"突围者"闯入榜单，例如2 0 2 4年的毛戈平。 | | | | 2021年至2024年国货美妆上市企业十强榜单 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Financial Performance - Revenue for 2024 reached RMB 5,538.8 million, a 57.2% increase from RMB 3,524.1 million in 2023[6] - Gross profit for 2024 was RMB 4,546.9 million, reflecting a 54.3% growth compared to RMB 2,947.1 million in 2023[6] - Net profit attributable to shareholders for 2024 was RMB 2,062.3 million, up 42.1% from RMB 1,451.8 million in 2023[6] - The company achieved a total revenue of RMB 55.39 billion, representing a year-on-year growth of 57.2%[11] - Adjusted net profit reached RMB 21.52 billion, with a year-on-year increase of 46.5%[11] - Total revenue for the year ended December 31, 2024, reached RMB 5,538.8 million, a 57.2% increase from RMB 3,524.1 million for the year ended December 31, 2023[31] - Direct sales revenue grew over 70% year-on-year in 2024, becoming a major driver of business growth[10] - Direct sales and distribution channels generated revenues of RMB 4,134.2 million and RMB 1,404.6 million, accounting for 74.6% and 25.4% of total revenue, respectively[26] - Professional skin care products accounted for 77.7% of total revenue in 2024, with RMB 4,302.3 million in sales, up from 75.1% and RMB 2,647.3 million in 2023[32] - Total sales cost for 2024 was RMB 991.9 million, a 71.9% increase from 2023, primarily due to increased sales volume and material costs[43] - Gross profit for 2024 was RMB 4,546.9 million, a 54.3% increase from 2023, with a gross margin of 82.1%, down from 83.6% in 2023[44] Research and Development - Research and development investment increased by 42% in 2024, with 74 new patents and applications filed[9] - Research and development expenditure amounted to RMB 106.5 million, a 42.1% increase year-on-year, accounting for 1.9% of total revenue[13] - The company has 188 ongoing research projects and holds 167 patents, with 74 new patents granted during the reporting period[13] - The company plans to increase R&D investment and prepare for the commercialization of three categories of medical devices by 2025[30] Market Expansion and Product Development - The company established a multi-brand development matrix, launching innovative products that gained consumer favor[10] - The company is actively expanding its international market presence, aiming to bring its products to global consumers[11] - The company is focusing on the development of innovative and competitive products to meet diverse consumer needs[11] - The "可復美" brand has developed a comprehensive product matrix, including a major medical device series and four skincare series, enhancing its market presence[16] - The company launched the new "Kefumei Focus Series" targeting skin conditions such as dullness and acute fatigue, with the "Kefumei Focus Cream" achieving top rankings in sales during the 2024 Double Eleven shopping festival[19] - The company expanded its product offerings with the "Kefumei Order Series" and "Kefumei Ton Ton Series," addressing various consumer needs and enhancing brand reach[20] Sales and Distribution Channels - Online channel GMV growth during the 2024 618 promotion exceeded 60% for Kefu Mei and 100% for Keli Jin, and during the 2024 Double Eleven promotion, growth exceeded 80% and 150%, respectively[25] - Direct sales through DTC online stores generated revenue of RMB 3,587.2 million, a 66.5% increase from 2023, accounting for 64.8% of total revenue in 2024[34] - Revenue from online direct sales on e-commerce platforms reached RMB 377.1 million, up 112.5% year-over-year, representing 6.8% of total revenue in 2024[35] - Offline direct sales revenue was RMB 169.9 million, a 92.0% increase from 2023, making up 3.0% of total revenue in 2024[36] - Sales to distributors amounted to RMB 1,404.6 million, reflecting a 27.3% increase year-over-year, contributing 25.4% to total revenue in 2024[37] Corporate Governance and Management - The company has adopted the corporate governance code as per the Listing Rules Appendix C1 and has complied with all applicable code provisions during the reporting period, except for deviation from code provision C.2.1[150] - The board of directors consists of 4 executive directors and 3 independent non-executive directors, ensuring compliance with the requirement of having at least one independent non-executive director with appropriate professional qualifications or accounting expertise[151] - The company has established four board committees, including the audit committee, nomination committee, remuneration committee, and corporate governance committee[165] - The company has implemented a training program for directors and senior management regarding compliance with Chinese laws and regulations, with a specific training session held in July 2024[188] - The company has established an ESG governance committee to regularly report on ESG-related matters to the board[66] Employee and Shareholder Engagement - The company employed 1,758 full-time staff, with 37.0% in production, 10.6% in R&D, 32.2% in sales and marketing, and 20.2% in general and administrative roles[105] - The company emphasizes effective communication with shareholders through financial reports, annual general meetings, and timely disclosures on its website[196] - The company encourages shareholder participation in meetings and ensures proper notice is given at least 21 days before annual meetings[197] - The company provides communications in both English and Chinese to facilitate shareholder understanding[198] - The company has a dedicated website (www.xajuzi.com) for regular updates and communication with shareholders and investors[199] Social Responsibility and Community Engagement - The company engaged in social responsibility initiatives, donating products valued at over RMB 14 million during various charitable activities[28] - The "Kefumei" brand introduced a bottle recycling program and engaged in various community outreach activities to promote scientific skincare[23] Risk Management - The company faces various operational risks, including changes in the regulatory environment in China, the ability to provide quality products, and competition from other market participants[185] - The company has implemented a risk management and internal control system to address identified risks, which includes policies and procedures deemed suitable for its operations[185] - Financial risks faced by the company include foreign exchange risk, credit risk, and liquidity risk, with the main financial instruments being cash and cash equivalents[187] - The company conducts annual risk factor identification and assessment, reviewing the effectiveness of risk assessment and control measures[186] Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.6021 per share and a special dividend of RMB 0.5921 per share[6] - The company's undistributed profits available for distribution to shareholders amounted to RMB 4,057 million as of the reporting period end[75]

一直在路上，所以停下脚步，只在于分享 包括： 新 材料/ 半导体 / 新能源/光伏/显示材料 等 添加 小编微信 ，遇见 志同道合 的你 写在前面 （文末有惊喜） 正文 = 在 1 is fo 基础化工 点击 最 下方 "在看"和" "并分享，"关注"材料汇 行业专题 以生物造万物. 构建 Al+新质生产力新业态 合成生物深度系列报告之一 主要观点: ● 合成生物学是生产力转型升级新方向 合成生物学是一门基于工程化的设计理念,结合生物学、化学、医 学、农学、工程学、计算机与数据科学等交叉学科技术,旨在设计 和构建新的生物系统,以实现特定的功能,其本质是让细胞为人类 工作生产想要的物质。合成生物学和发酵工程的区别在于是否对细 胞进行定向性干预,大幅提升微生物细胞工厂效率。目前合成生物 学可合成的大宗化学品仅几十种,在整体基础化学品中的占比还非 常有限,还无法颠覆性替代传统化工,但在部分领域有比较好的应 用场景,具有战略与商业角度的优势,生物制造未来提升空间巨 大。 ● Al 赋能上游+政策推动落地,合成生物学东风将至 当前,国际合成生物学优势力量主要分布在美、欧等地,其政策对 我国来说具备一定参考意义,国内也正 ...

或许你已经发现，走进家里小区楼下的药店，第一眼看到的可能不是药品，而是薇诺娜、可复 美、绽妍等品牌的护肤产品，这一幕正悄然成为中国药店的"新常态"。 近日，福瑞达生物公布了年内覆盖1 0个千万级OTC连锁的大计划。无独有偶，百雀羚也于年 初宣布正式入驻北京同仁堂渠道。随着线上红利逐渐见顶，不少品牌开始瞄准线下OTC专业渠 道掘金。 《FBe a u t y未来迹》经过调研发现，美妆在OTC渠道的生意，比起未开发的蓝海，更像是一支 蓄势待发的弓箭。在已经跑出薇诺娜这个十亿级销售规模美妆品牌的情况下，依旧还有巨大的 想象空间。 OTC渠道可以说是目前在线下分布最广的一类渠道，正如居民楼附近不一定会有化妆品店，但 一定会有药店，而这不是错觉。 根据薇诺娜母公司贝泰妮集团发布的2 0 2 4年上半年财报，OTC分销渠道销售模式实现营业收 入人民币3 5 , 4 7 0 . 1 4万元，约占主营业务收入1 2 . 7 1%，同比增长约2 0 . 0 1%。 按照这一增速， 薇诺娜在OTC的年销售规模大概率已经迈过1 0亿门槛。 据公开资料，薇诺娜从2 0 1 6年开始与连锁药房合作，彼时市场体量只有5 0万左右；8年后 ...

Core Viewpoint - The controversy surrounding the skincare brand Kefu Mei, owned by Giant Bio (02367.HK), involves allegations of containing the banned ingredient EGF (Epidermal Growth Factor), leading to consumer complaints and regulatory scrutiny [2][3][6]. Company Overview - Giant Bio was established in 2000 and went public on the Hong Kong Stock Exchange in 2022. The company owns multiple brands, including Kefu Mei, Keli Jin, and Xin Gan [6]. - In 2024, the company reported a revenue increase of 57.2% to 5.539 billion yuan, with a net profit growth of 42.1% to 2.062 billion yuan. The gross margin decreased from 83.6% in 2023 to 82.1% [6]. Regulatory Actions - The Shaanxi Provincial Drug Administration conducted inspections in March and April 2024 and found no evidence of EGF being added during the production process, leading to a decision not to file a case [2][3]. - A follow-up inspection in April 2025 also did not reveal any violations regarding the addition of EGF. The agency employed liquid chromatography-mass spectrometry (LC-MS) for testing multiple batches of the product, which also did not detect EGF [3]. Product Safety and Compliance - The National Medical Products Administration stated in 2019 that EGF cannot be used as a cosmetic ingredient, and any product claiming to contain EGF is considered illegal. EGF is primarily used in medical fields for treating burns and wounds [6]. - The controversy began when a consumer reported adverse effects after using Kefu Mei's "Recombinant Collagen Repair Dressing (G-type)" and later found EGF in the product through independent testing [2].

Core Insights - On April 17, 2023, Juzibio made its debut on the Hong Kong Stock Connect active trading list for the first time in a month [2][3] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 382.32 billion, accounting for 42.41% of the day's total trading volume, with a net buying amount of HKD 5.99 billion [2] - Alibaba-W led the trading volume with HKD 65.85 billion, followed by Tencent Holdings and Xiaomi Group-W with HKD 59.17 billion and HKD 57.81 billion, respectively [2] Trading Activity Summary - The active stocks on April 17 included: - Tencent Holdings: Trading volume of HKD 59.17 billion, net buying of HKD 7.82 billion, and a closing price of HKD 458.00 with a daily increase of 2.23% [2] - Alibaba-W: Trading volume of HKD 65.85 billion, net buying of HKD 8.35 billion, and a closing price of HKD 108.70 with a daily increase of 3.13% [2] - Xiaomi Group-W: Trading volume of HKD 57.81 billion, net selling of HKD 13.43 billion, and a closing price of HKD 41.95 with a daily increase of 1.70% [2] - Juzibio: Trading volume of HKD 6.35 billion, net buying of HKD 4.16 billion, and a closing price of HKD 72.10 with a daily decrease of 2.10% [3] Recent Performance - Over the past month, Alibaba-W, Tencent Holdings, and Xiaomi Group-W have been the most frequently listed stocks on the active trading list, each appearing 22 times [2] - Juzibio's recent trading activity indicates a growing interest, as it was the only stock to debut on the active list on April 17 [2][3]

Group 1 - The company plans to raise approximately HKD 23.33 billion by placing 35 million existing shares at a price of HKD 66.65 per share, with a net amount of about HKD 22.94 billion expected after expenses [1] - The placement price represents a discount of 9.5% to the closing price prior to the announcement and a 6.78% discount to the average price over the past five days [1] - This is the second equity financing since the company's IPO, with total fundraising now nearing HKD 40 billion, significantly higher than the initial IPO amount of HKD 5.49 billion [1] Group 2 - In 2024, the company achieved revenue of approximately HKD 55.39 billion, a year-on-year increase of about 57%, and a net profit of approximately HKD 20.62 billion, up 42% year-on-year [2] - The gross profit margin stands at 82.1%, with the main product line, 可复美, generating sales of HKD 45.42 billion, a 62.9% increase, and accounting for 82.0% of total revenue [2] - The company faces challenges such as low R&D investment, which was only HKD 1.06 billion (1.9% of revenue) in 2024, compared to competitors with significantly higher R&D expense ratios [2]

Core Viewpoint - The company, Juzi Bio (02367.HK), has entered into a placement and subscription agreement to sell and issue shares at a price of HKD 66.65 per share, aiming to raise approximately HKD 23.33 billion for business development and general corporate purposes [1][2]. Group 1 - The seller has agreed to sell 35 million shares, which represents about 3.38% of the company's issued shares as of the announcement date [1]. - The total expected net proceeds from the placement and subscription are approximately HKD 22.94 billion, which will be used for core business development, marketing, and R&D investments [1]. - The placement is expected to enhance the company's financial strength, market competitiveness, and overall capabilities, promoting long-term sustainable development [2]. Group 2 - The placement will attract high-quality institutional investors, enriching the company's shareholder base and improving share liquidity [2]. - The subscription shares will be issued under general authorization, ensuring compliance with regulatory requirements [2].