Core Insights - The report highlights the performance of stock recommendations from various brokerages, with 10 brokerages achieving over 50% returns in 2025, showcasing their ability to identify and recommend stocks early in the market cycle [2][3]. Group 1: Brokerage Performance - The highest cumulative return was achieved by Guoyuan Securities at 83.73%, followed by Northeast Securities and Kaiyuan Securities with returns of 67.47% and 67% respectively [2]. - Other brokerages such as Dongxing Securities, Huaxin Securities, and China Merchants Securities also reported returns exceeding 60%, while Everbright Securities, Dongguan Securities, Guotai Junan, and Changcheng Securities had returns above 50% [2]. Group 2: Stock Selection Strategy - The success of these brokerages is attributed to their strategy of identifying stocks at low points and consistently recommending them, which has led to significant gains [4][5]. - For instance, Kaiyuan Securities recommended Xinyisheng for four consecutive months, resulting in a total increase of 440% from May to August [6]. Group 3: Popular Stocks - Tencent Holdings emerged as the most recommended stock, being favored by around seven brokerages each month, making it the most popular stock of the year [7]. - The report indicates that the most popular stocks varied throughout the year, with technology stocks dominating in the first quarter, consumer stocks in the second, financial stocks in the third, and a return to technology stocks in the fourth quarter [7].

Core Insights - The article highlights the performance of brokerage firms' recommended stocks, known as "golden stocks," which have achieved over 50% returns in 2025, with some firms excelling by identifying and recommending stocks early in their upward trends [1][3]. Group 1: Performance of Golden Stocks - As of December 29, 2025, 10 brokerage firms' golden stock portfolios recorded returns exceeding 50%, with the highest being 83.73% from Guoyuan Securities [3]. - Other notable performers include Northeast Securities and Kaiyuan Securities, with returns of 67.47% and 67%, respectively [3]. - The golden stock strategy has become a mature business for many brokerage firms, showcasing their research capabilities and market insights [3]. Group 2: Strategies for Success - Early identification of stocks at low prices and consistent recommendations have been key strategies for achieving high returns [4]. - For instance, Kaiyuan Securities recommended Xinyisheng for four consecutive months, resulting in a total increase of 440% from May to August [5]. - Guoyuan Securities focused on sectors like media, pharmaceuticals, and machinery, with significant monthly gains from stocks like Giant Network and JiBit [4]. Group 3: Popularity of Tencent - Tencent Holdings emerged as the most recommended stock, being favored by around seven brokerage firms monthly, making it the top "golden stock" of the year [2][6]. - The popularity of stocks varies by quarter, with technology stocks dominating in the first quarter, consumer stocks in the second, financial stocks in the third, and a return to technology stocks in the fourth quarter [6]. Group 4: Market Trends and Recommendations - The article notes that not all popular stocks achieve high success rates, with less than 40% of the most recommended A-share stocks showing gains in the same month they were recommended [7].

Group 1: Core Insights - Kexing Pharmaceutical is entering the rapidly growing recombinant collagen market, with a clinical trial for its type III humanized collagen product officially launched [1][2] - The recombinant collagen market in China is projected to reach 108.3 billion yuan by 2027, with a compound annual growth rate of 44.93% [1][2] - Kexing Pharmaceutical's revenue has stagnated around 1.2 billion yuan for several years, making this strategic shift a necessary move for growth [1][6] Group 2: Industry Trends - The recombinant collagen is becoming a new favorite in the medical aesthetics sector, with its market share expected to grow significantly, while hyaluronic acid's market share is declining [2][4] - Currently, only Jinbo Biotech has received approval for two type III medical devices in this space, indicating a competitive landscape that is likely to change as more companies enter [2][4] Group 3: Company Challenges - Kexing Pharmaceutical faces challenges in cash flow, with net cash flow being negative from 2022 to mid-2025, and cash reserves decreasing from 784 million yuan to 446 million yuan [4][11] - The company is also under pressure from increasing competition, with several firms, including major beauty brands, entering the recombinant collagen market [4][11] Group 4: Historical Context - Kexing Pharmaceutical and Kexing Biology share a common origin, having been established from the same foundational institutions, but have diverged significantly in their paths over the past 30 years [7][8] - Kexing Biology has faced governance issues and financial struggles, while Kexing Pharmaceutical has been criticized for its stagnant revenue and reliance on legacy products [8][11]

证券代码：688136 证券简称：科兴制药 科兴生物制药股份有限公司 科兴生物制药股份有限公司 2025 年第三次临时股东会会议资料 2025 年第三次临时股东会 会议资料 $$=0{\exists}\exists\neq+{\exists}$$ | 2025 | 年第三次临时股东会会议须知 1 | | --- | --- | | 2025 2025 | 年第三次临时股东会会议议程 3 年第三次临时股东会会议议案 4 | | | 关于续聘 2025 年度审计机构的议案 5 | 科兴生物制药股份有限公司 2025 年第三次临时股东会会议资料 2025 年第三次临时股东会会议须知 七、股东应在大会主持人点名后有序进行发言。发言内容应围绕股东会的议 案阐述观点和建议，每位股东发言的时间原则上不超过五分钟。 八、大会主持人可指定有关人员有针对性地回答股东提出的问题，与本次会 科兴生物制药股份有限公司 2025 年第三次临时股东会会议资料 为了维护科兴生物制药股份有限公司（以下简称"公司"或"本公司"）股 东的合法权益，确保股东会的正常秩序、议事效率，根据有关法律法规及《科兴 生物制药股份有限公司章程》（以下简称"《公 ...

Group 1 - The company will hold its third extraordinary general meeting on December 31, 2025, to review two proposals [1] - The first proposal involves reallocating 109.15 million yuan of raised funds and 15.87 million yuan of income from the "Drug Production Base Expansion Project" to the "R&D Center Upgrade Project," increasing the total fundraising amount to 472.48 million yuan and extending the implementation period to December 31, 2028 [1] - The second proposal is to reappoint Crowe Horwath as the auditing firm for the 2025 fiscal year, with the audit fee remaining at 1.3 million yuan, consistent with 2024 [1]

Core Viewpoint - Kexing Pharmaceutical's subsidiary has made significant progress in the field of recombinant type III collagen, with its product entering clinical trials, indicating a strong potential in the aesthetic medicine market [1][4]. Group 1: Product Development and Clinical Trials - Kexing Medical's recombinant type III humanized collagen product has passed clinical trial registration and has begun enrolling participants for its first trial [1]. - The product aims to treat dynamic wrinkles on the forehead through a clinical study designed to evaluate its effectiveness and safety [1][2]. - The company has also submitted a registration application for its second-class medical device, a collagen dressing [1]. Group 2: Technological Advantages and Market Potential - The recombinant type III collagen is derived from advanced biotechnology, ensuring high biocompatibility and bioactivity, which mitigates the risk of immune rejection associated with traditional animal-derived collagen [2]. - This collagen type is crucial for youthful skin and addresses aging signs such as wrinkles, making it a focal point in aesthetic medicine [2]. - The market for recombinant type III collagen in aesthetic applications is expanding rapidly, with a projected retail market size for aesthetic injectables in China expected to grow from 309 billion yuan in 2019 to 670 billion yuan in 2023, reflecting a compound annual growth rate (CAGR) of 21.4% [3]. Group 3: Strategic Positioning and Future Outlook - Kexing Medical has previously launched products in the consumer sector, including collagen masks and serums, which have gained popularity in Southeast Asia [4]. - The entry into clinical trials for the recombinant collagen product marks a significant milestone in the company's R&D and commercialization efforts in the aesthetic field [4]. - The company plans to continue focusing on the aesthetic medicine sector, emphasizing technological innovation and the development of high-quality products to meet market demands [5].

证券日报网讯 12月15日晚间，科兴制药发布公告称，公司将于2025年12月31日召开2025年第三次临时 股东会。 ...

关于科兴生物制药股份有限公司 变更部分募集资金用途及部分募投项目延期的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐人"）作为科 兴生物制药股份有限公司（以下简称"科兴制药"或"公司"）首次公开发行股 票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理办法》《上市公 司募集资金监管规则》《上海证券交易所科创板股票上市规则》和《上海证券交 易所科创板上市公司自律监管指引第1号—规范运作》等有关规定，对科兴制药 变更部分募集资金用途及部分募投项目延期事项进行了核查，具体情况如下： 一、变更募集资金投资项目的概述 经中国证券监督管理委员会出具的《关于同意科兴生物制药股份有限公司首 次公开发行股票注册的批复》（证监许可[2020]2655 号）同意，公司首次公开发 行人民币普通股 4,967.5300 万股，每股面值人民币 1.00 元，每股发行价为人民 币 22.33 元，本次发行募集资金总额为 1,109,249,449.00 元，扣除保荐承销等发 行费用 114,608,529.84 元，募集资金净额为 994,640,919.16 元。 上述募集资金已全部到位，经大华会计师事务所（特殊 ...

证券代码：688136 证券简称：科兴制药 公告编号：2025-100 科兴生物制药股份有限公司 关于变更部分募集资金用途及部分募投项目延期的 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、准确性和完整性承担法律责任。 重要内容提示： 拟变更的募集资金投资项目（以下简称"募投项目"）：科兴生物制药股 份有限公司（以下简称"公司"）拟将"药物生产基地改扩建项目"的部分募集资 金变更至"研发中心升级建设项目" 的研发项目临床试验投入。 本次拟变更的募投项目金额为 12,502.00 万元，包括 10,915.22 万元募 集资金及该项目募集资金产生的利息收入、理财收益净额 1,586.78 万元（截 至 2025 年 11 月 30 日的金额，实际金额以资金转出当日计算利息收入后的剩 余金额为准，下同）。 公司募集资金投资项目的募集资金投资总额、实施主体不变，本次变 更部分募集资金用途事项不构成关联交易，不涉及新增募投项目。 募集资金投资项目基本情况表 单位：万元 币种：人民币 | 发行名称 | 2020 年首次公开发行股份 | | | | --- | ...

证券代码：688136 证券简称：科兴制药 公告编号：2025-101 1、基本信息 会计师事务所名称：致同会计师事务所（特殊普通合伙） 成立日期：1981 年【工商登记：2011 年 12 月 22 日】 科兴生物制药股份有限公司 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： 拟聘任的会计师事务所名称：致同会计师事务所（特殊普通合伙）（以 下简称"致同所"） 科兴生物制药股份有限公司（以下简称"公司"）于2025年12月13日召开第 三届董事会第四次会议，审议通过了《关于续聘2025年度审计机构的议案》，同 意续聘致同会计师事务所（特殊普通合伙）为公司2025年度审计机构。前述议案 尚需提交公司股东会审议，具体情况如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 注册地址：北京市朝阳区建国门外大街 22 号赛特广场五层 首席合伙人：李惠琦 执业证书颁发单位及序号：北京市财政局 NO0014469 截至 2024 年末，致同会计师事务所（特殊普通合伙）（以下简称"致同所 ...