Core Viewpoint - The article discusses the integration of effective skincare and medical aesthetics, highlighting the shift in consumer demand from visible results to verifiable and reproducible outcomes. The emergence of recombinant collagen as a "super ingredient" is noted, with retail scale surpassing 28.6 billion yuan, while the industry faces challenges of unregulated efficacy claims and inconsistent perioperative care standards [2][13]. Summary by Sections Standards and Guidelines - The first domestic standard for recombinant collagen penetration, titled "Detection of Penetration, Degradation, and Promotion of Collagen by Raman Spectroscopy in Humans," was released on September 5, 2025, with Furuida Bio Co., Ltd. as the main drafter [5][14]. - This standard addresses the credibility of ingredient efficacy and clinical care standardization, providing a technical and procedural foundation for the integration of effective skincare and medical aesthetics [3][14]. - The "Medical Aesthetic (Perioperative) Skin Care Guidelines" was also published around the same time, outlining comprehensive skin care protocols from pre-operative to post-operative stages [10][12]. Market Dynamics - The recombinant collagen market has become a core component of effective skincare and medical aesthetics, with a retail scale projected to reach 28.6 billion yuan by 2024, significantly outpacing industry growth rates [13][14]. - The lack of unified standards for product efficacy claims and the inconsistency in perioperative care processes have created a chaotic market environment, indicating a transition from unregulated growth to a more refined approach [13][15]. Furuida Bio's Role - Furuida Bio Co., Ltd. has positioned itself as a leader in the industry by establishing these standards, filling the gap of "no evidence for testing and no benchmarks for evaluation" in the recombinant collagen sector [3][16]. - The company’s strategy involves embedding its products into standardized clinical processes through the "Care Guidelines," while also leveraging the "Detection Standard" to gain consumer trust [16][24]. Brand Development - The high-end medical aesthetic brand "Key C" under Furuida is rapidly gaining market traction, utilizing a "standard + technology + platform" strategy to penetrate the market [17][24]. - Key C has developed a unique "Recombinant Membrane Penetration Engine" that significantly enhances the skin penetration rate of collagen, addressing long-standing industry challenges [19][24]. - The brand's flagship product, "Membrane Penetrating Collagen Essence," has achieved remarkable sales, further solidifying its market presence and brand recognition [19][23]. Future Outlook - With the establishment of these standards and the successful launch of Key C products, Furuida aims to create a comprehensive care solution that spans medical aesthetics and health, positioning itself for significant growth in the global beauty market [24].

Core Insights - The cosmetics sector experienced a slight decline of 0.13% on September 29, with Qingdao Jinhao leading the drop [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] Group 1: Stock Performance - The top-performing stocks in the cosmetics sector included: - Jinsong New Material (300849) with a closing price of 13.99, up 2.87% and a trading volume of 57,900 shares [1] - Shuiyang Co. (300740) closed at 21.36, up 2.69% with a trading volume of 116,500 shares [1] - Jiahen Home Care (300955) closed at 28.60, up 2.25% with a trading volume of 26,900 shares [1] - Qingdao Jinhao (002094) was the biggest loser, closing at 7.77, down 2.88% with a trading volume of 287,600 shares [2] - Other notable declines included: - Lafang Home Care (603630) down 1.66% [2] - Beitaini (300957) down 1.37% [2] Group 2: Capital Flow - The cosmetics sector saw a net outflow of 104 million yuan from major funds, while retail funds experienced a net inflow of 58.59 million yuan [2] - The capital flow for specific stocks showed: - Furuida (600223) had a net inflow of 9.18 million yuan from major funds [3] - Jinsong New Material (300849) saw a net inflow of 2.32 million yuan from major funds [3] - Beitaini (300957) experienced a net outflow of 2.96 million yuan from major funds [3]

Group 1 - The cosmetics sector experienced a slight increase of 0.1% on September 26, with Qingdao King leading the gains [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] - Key stocks in the cosmetics sector showed varied performance, with Qingdao King rising by 3.49% to a closing price of 8.00 [1] Group 2 - The cosmetics sector saw a net inflow of 55.80 million yuan from main funds, while retail investors experienced a net outflow of 30.36 million yuan [2] - Major stocks like Qingdao King and Shanghai Jahwa had significant net inflows from main funds, indicating investor interest [3] - The overall trading volume and turnover in the cosmetics sector reflected active market participation, with Qingdao King achieving a turnover of 3.83 billion yuan [1][2]

Market Overview - On September 25, the cosmetics sector declined by 0.34%, with Jiaheng Jiahua leading the drop [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] Individual Stock Performance - Notable gainers included: - Jinsheng New Material (300849) with a closing price of 13.42, up 1.82% [1] - Tiancaiya (603605) with a closing price of 80.50, up 1.31% [1] - Major decliners included: - Jiaheng Jiahua (300955) with a closing price of 27.90, down 2.04% [2] - Wanmei Biological (603983) with a closing price of 39.81, down 1.87% [2] Trading Volume and Capital Flow - The cosmetics sector experienced a net outflow of 49.89 million yuan from main funds, while retail investors saw a net inflow of 29.38 million yuan [2] - The trading volume for key stocks included: - Shanghai Jahwa (600315) with a trading volume of 37,100 shares and a turnover of approximately 96.45 million yuan [1] - Qingdao Kingway (002094) with a trading volume of 167,200 shares and a turnover of approximately 130 million yuan [2] Fund Flow Analysis - Main fund inflows and outflows for selected stocks: - Shanghai Jahwa had a main fund net inflow of 3.17 million yuan, while retail investors contributed a net inflow of 3.43 million yuan [3] - Jiaheng Jiahua saw a main fund net outflow of 393,800 yuan, with retail investors contributing a net outflow of 387,720 yuan [3]

Market Overview - The Shanghai Composite Index rose by 0.22% on September 22, with 11 sectors experiencing gains, led by the electronics and computer sectors, which increased by 3.71% and 1.70% respectively [1] - The total net outflow of capital from the two markets was 18.892 billion yuan, with only four sectors seeing net inflows [1] Sector Performance - The electronics sector had the highest net inflow of capital, amounting to 9.357 billion yuan, coinciding with its 3.71% increase [1] - The computer sector followed with a net inflow of 2.081 billion yuan and a daily increase of 1.70% [1] - The power equipment sector experienced the largest net outflow, totaling 4.662 billion yuan, while the pharmaceutical and biological sector saw a net outflow of 3.371 billion yuan [1] Beauty and Personal Care Industry - The beauty and personal care sector declined by 1.36%, with a net outflow of 223 million yuan [2] - Out of 29 stocks in this sector, 8 rose while 21 fell [2] - The top three stocks with the highest net outflow included Aimeike, Pola, and Qingdao King, with outflows of 73.5801 million yuan, 27.1153 million yuan, and 24.1188 million yuan respectively [2] Capital Flow in Beauty and Personal Care - The top stock with net inflow in the beauty sector was Shuiyang Co., with an inflow of 13.0672 million yuan [3] - Other notable inflows were from Runben Co. and Jinsong New Materials, with inflows of 4.8789 million yuan and 2.4414 million yuan respectively [3] - The overall capital flow data indicates a challenging environment for the beauty and personal care sector, with significant outflows from major companies [2][3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company Water Sheep Co., Ltd. [14] Core Insights - The cosmetics and medical beauty sector has underperformed the market, with the Shenwan Beauty Care Index declining by 2.5% from September 12 to September 19, 2025 [3][4] - The upcoming Double 11 shopping festival is expected to drive significant growth for domestic brands, with recommendations to focus on strong alpha stocks [9][10] - Water Sheep Co., Ltd. is highlighted for its dual business model of proprietary and CP brands, with stable revenue projections of 4-5 billion yuan from 2021 to 2024 and an expected gross margin of 63.01% in 2024 [10][11] Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with specific indices declining [3][4] - The Shenwan Cosmetics Index fell by 2.6%, while the Shenwan Personal Care Index decreased by 0.6% [4][6] Upcoming Events - The Double 11 shopping festival preparations are in full swing, with domestic brands like Up Beauty and Proya launching new products to capture market share [9] - Key influencers are negotiating promotional strategies to enhance sales during the festival [9] Company Focus: Water Sheep Co., Ltd. - Water Sheep Co., Ltd. is positioned as a leading tech-driven beauty company with a stable revenue forecast and improving profit margins [10][11] - The company has a well-structured brand matrix and is expanding its high-end product lines, with significant growth in its proprietary brands [11][12] - Expected net profits for Water Sheep Co., Ltd. are projected to be 258 million, 331 million, and 398 million yuan for 2025, 2026, and 2027, respectively, indicating substantial growth [14] Market Trends - The Chinese beauty market is witnessing a shift towards domestic brands, with significant market share gains for local players [27] - The overall retail sales of cosmetics showed a growth of 5.1% in August 2025, indicating a recovery in consumer spending [18][21] International Recognition - Chinese beauty brands performed notably at the IFSCC conference, showcasing their advancements in cosmetic science and securing significant awards [22][24]

Core Points - The company will hold its first extraordinary general meeting of shareholders in 2025 on October 10, 2025 [2][5] - The meeting will take place at 14:30 at the company's conference room located at 888 Xinluo Avenue, High-tech Zone, Jinan, Shandong Province [5][18] - Shareholders can vote through the Shanghai Stock Exchange's online voting system on the same day [3][5] Meeting Details - The meeting will combine on-site voting and online voting [5] - The online voting period is from 9:15 to 15:00 on October 10, 2025 [3][5] - Shareholders must register to attend the meeting, with registration available on October 9, 2025 [16][17] Voting Procedures - Shareholders can vote via the trading system or the internet voting platform [7][8] - Multiple accounts held by a shareholder will allow them to aggregate their voting rights [8][9] - Duplicate votes from the same shareholder will be counted based on the first vote cast [10][11] Attendance - Shareholders registered by the close of trading on the registration date are eligible to attend [12] - Company directors, senior management, and appointed lawyers may also attend [13][15] Other Information - The company will provide a reminder service for small and medium investors to ensure they can participate [8] - Contact information for inquiries includes a phone number and fax [19]

证券代码：600223 证券简称：福瑞达 编号：临 2025-027 鲁商福瑞达医药股份有限公司 关于续聘会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 拟续聘的会计师事务所名称：上会会计师事务所（特殊普通合伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 上会首席合伙人为张晓荣先生，截至 2024 年末，上会拥有合伙人 112 名、 注册会计师 553 名，其中签署过证券服务业务审计报告的注册会计师人数 185 人。 3.业务信息 上会 2024 年度业务收入（经审计）6.83 亿元，其中审计业务收入 4.79 亿 元，证券业务收入 2.04 亿元。2024 年度上会为 72 家上市公司提供年报审计服 务，审计收费总额 0.81 亿元，其中本公司同行业上市公司审计客户 4 家。 4.投资者保护能力 1 上会职业保险累计赔偿限额和计提的职业风险基金之和为 1 亿元，职业风险 基金计提和职业保险购买符合相关规定。近三年上会会计师事务所（特殊普通合 伙）无因在执业行为相关 ...

证券代码：600223 证券简称：福瑞达 公告编号：2025-028 鲁商福瑞达医药股份有限公司 关于召开2025年第一次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 一、召开会议的基本情况 （一）股东会类型和届次 2025年第一次临时股东会 （二）股东会召集人：董事会 （三）投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结 合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 10 日 14 点 30 分 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 （六）融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东会召开日期：2025年10月10日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 涉及融资融券、转融通业务、约定购回业务 ...

鲁商福瑞达医药股份有限公司 2025 年第一次临时股东会会议资料 2025 年 10 月 10 日 | | | | 议案一 | 关于取消公司监事会及修订《公司章程》的议案 3 关于修订、制定公司部分治理制度的议案 61 | | --- | --- | | 议案二 | | 议案一 关于取消公司监事会及修订《公司章程》的议案 各位股东及股东代表： 为贯彻落实自 2024 年 7 月 1 日起实施的《中华人民共和国公司 法》相关规定，根据中国证监会《关于新<公司法>配套制度规则实施 相关过渡期安排》等相关法律、法规及规章的规定，结合公司实际情 况，公司拟不再设置监事会、监事，由董事会审计委员会行使《公司 法》规定的监事会职权，同时废止《鲁商福瑞达医药股份有限公司监 事会议事规则》。 同时为进一步提高公司规范化运作水平，根据《中华人民共和国 公司法》《上市公司章程指引》《上海证券交易所股票上市规则》等相 关法律法规及规范性文件的最新规定，结合公司实际情况，依据《上 市公司章程指引》相关规定，对《公司章程》中相关条款作相应修订。 具体修订情况如下： | 序号 | 修订前 | 修订后 | | --- | --- | -- ...