从资金流向上来看，当日医疗美容板块主力资金净流出5875.57万元，游资资金净流入1690.61万元，散户 资金净流入4184.96万元。医疗美容板块个股资金流向见下表： 证券之星消息，11月24日医疗美容板块较上一交易日上涨0.27%，*ST美谷领涨。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。医疗美容板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000615 | *ST美谷 | 4.07 | 4.63% | 28.52万 | | 1.15亿 | | 688363 | 华熙生物 | 49.78 | 1.86% | 1.87万 | | 9268.75万 | | 300896 | 爱美客 | 66'56 | -1.36% | 2.41万 | | 3.52亿 | | 920982 | 锦波生物 | 216.59 | -1.55% | 7336.92 | | 1.60亿 | | 代码 | 名称 | 主力净流 ...

11月24日，华熙生物盘中上涨2.03%，截至13:15，报49.86元/股，成交6169.62万元，换手率0.26%，总 市值240.16亿元。 资金流向方面，主力资金净流出106.80万元，大单买入810.65万元，占比13.14%，卖出917.46万元，占 比14.87%。 截至10月31日，华熙生物股东户数3.06万，较上期增加0.86%；人均流通股15749股，较上期减少 0.85%。2025年1月-9月，华熙生物实现营业收入31.63亿元，同比减少18.36%；归母净利润2.52亿元，同 比减少30.29%。 分红方面，华熙生物A股上市后累计派现11.38亿元。近三年，累计派现5.28亿元。 机构持仓方面，截止2025年9月30日，华熙生物十大流通股东中，易方达上证科创板50ETF（588080） 位居第三大流通股东，持股696.42万股，相比上期减少101.36万股。华夏上证科创板50成份ETF （588000）位居第四大流通股东，持股681.95万股，相比上期减少382.34万股。华宝中证医疗ETF （512170）位居第七大流通股东，持股537.40万股，相比上期减少105.90万股。南方中 ...

Core Insights - The core viewpoint of the articles emphasizes Huaxi Biological's strategic adjustments and focus on synthetic biology as a key growth area, aiming for high-quality development through technological innovation and organizational restructuring [1][4][12] Company Strategy - Huaxi Biological is actively adjusting its business and organizational structure to enhance its long-term competitiveness, focusing on core advantages and technological innovation [1][4] - The company is prioritizing C-end business development, aiming to create value for consumers by accurately defining brand positioning and target demographics [4][5] - The strategic focus on synthetic biology, particularly glycomics, is seen as a critical area for future growth and innovation [1][6] Financial Performance - In Q3 2025, Huaxi Biological reported a net profit of 0.32 billion yuan, a year-on-year increase of 55.63%, and revenue of 9.03 billion yuan, indicating sustained improvement following strategic reforms [4] - The company has successfully reduced its sales expense ratio to 34.26%, the lowest level in five years, while still achieving significant profit growth despite asset impairment provisions [5] Research and Development - Huaxi Biological is building an integrated platform for research and development, focusing on glycomics and cell biology to provide systematic solutions for aging intervention [6][9] - The company has developed a synthetic biology system supported by two core platforms: a biocatalyst library and a pilot-scale conversion platform, which facilitate rapid molecule screening and scaling [6][10] Technological Advancements - The company has achieved global leadership in technologies such as the precise synthesis of heparin through enzyme methods, moving towards "green biological manufacturing" [7] - Huaxi Biological's pilot-scale platform is crucial for validating technologies and facilitating the transition from laboratory breakthroughs to industrial applications [10][11] Future Outlook - The company aims to deepen its "pilot-scale foundation, AI efficiency enhancement" model, aligning with national strategies to solidify its position in the synthetic biology industry [12]

Core Insights - The company is actively adjusting its operations and organizational structure to enhance its long-term competitiveness through technological innovation, focusing on synthetic biology as a core strategic direction [1][2][4] Group 1: Strategic Adjustments and Financial Performance - The company has seen a profit growth trend, achieving a net profit of 0.32 billion yuan in Q3 2025, a year-on-year increase of 55.63%, with operating revenue reaching 9.03 billion yuan [1] - The decline in revenue during the first three quarters was primarily due to a decrease in skin science innovation conversion business, which is viewed as a temporary outcome of the ongoing adjustments [2] - The company has reduced sales expenses to 34.26%, the lowest level in five years, while still achieving approximately 55% profit growth year-on-year [3] Group 2: Focus on C-end Business - The C-end business is a key focus of the company's adjustments, emphasizing the need to accurately define brand positioning and target demographics to create consumer value [2] - The company is building an ecosystem that fosters collaboration with users, platforms, and partners to strengthen its C-end business foundation [2][3] Group 3: Synthetic Biology and Research Platforms - The company is centered on synthetic biology, particularly in glycoscience and cell biology, aiming to provide systematic solutions for delaying aging [4][5] - The synthetic biology system is supported by two core platforms: a biocatalyst library and a pilot transformation platform, which facilitate rapid molecular screening and scale-up verification [5][7] - The company has developed leading technologies, such as the precise synthesis of heparin through an enzyme-based method, moving towards "green biological manufacturing" [5] Group 4: Pilot Testing and AI Integration - The pilot platform is crucial for connecting research, validation, and transformation, and is seen as a strategic asset in the innovation chain [7][8] - The company has invested in a pilot transformation platform in Tianjin, equipped with fermentation systems and production lines to support scaling and standardization [7] - The pilot platform is open to collaboration with universities and research institutions, providing low-cost support for technology validation and process development [8][9]

在生物科技产业快速演进、创新驱动成为高质量发展核心动能的当下，华熙生物正以"主动调整谋突 破、技术深耕筑根基"的系统思路，在合成生物这一生命科学新赛道上加速布局，探索生物制造产业的 高质量发展路径。 日前，华熙生物董事长赵燕在接受中国证券报记者专访时表示，公司正在通过主动调整经营与组织结 构，理顺发展逻辑、聚焦核心优势，以科技创新夯实企业长期竞争力。此次调整虽带来短期业绩波动， 但改革成效已逐步显现。当前，公司聚焦C端精准定位与生态构建，预计经下半年调整后，明年初有望 进入积极、稳定的发展阶段。长期来看，华熙生物将以合成生物作为核心战略方向，其中糖生物学是研 发端的重点发力领域，公司正依托中试平台破解技术规模化难题，并借助AI提升研发与生产效率，通 过C端反馈验证科技价值，夯实产业竞争力，履行龙头企业的社会责任。 赵燕指出，公司B端业务板块保持稳健增长，但企业必须着眼未来。"C端是验证科技创新市场应用的关 键环节，只有通过C端，才能检验技术是否真正贴合用户需求，能否转化为有竞争力的产品。"她进一 步表示，今年C端处于深度调整期，预计经过下半年优化后，明年初有望进入积极稳定的发展阶段。 打造衰老干预系统性方案 ...

2025 年 11 月 23 日 需求端稳健发展，业绩端分化加剧 美容护理行业 25Q3 业绩回顾 本期投资提示: 版表 行业 相关研究 t 美研究院 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 聂霜 A0230524120002 nieshuang@swsresearch.com 申万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 看好 25Q3 需求端淡季不淡，国货概念与个护崛起持续发力。据国家统计局，7-9 月化妆品 ● 社会零售额 982 亿元，同比高个位数增长，相比 25H1 增长提速。同时大促带动 10 月 继续高增长，增速超 9%，跑赢社零整体。在需求端回暖背景下，国货崛起概念持续， 25 年双 11 大促, 珀莱雅卫冕天猫渠道美妆 GMV 销售榜 TOP1, 韩束继续位居抖音美 妆榜销售榜首，印证国货化妆品相对高景气度。 ● 化妆品板块业绩表现：由于港 ...

行 业 及 产 业 美容护理 2025 年 11 月 23 日 需求端稳健发展，业绩端分化加剧 看好 ——美容护理行业 25Q3 业绩回顾 本期投资提示： 研 究 / 行 业 点 评 聂霜 A0230524120002 nieshuang@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 行 业 - ⚫ 25Q3 需求端淡季不淡，国货概念与个护崛起持续发力。据国家统计局，7-9 月化妆品 社会零售额 982 亿元，同比高个位数增长，相比 25H1 增长提速。同时大促带动 10 月 继续高增长，增速超 9%，跑赢社零整体。在需求端回暖背景下，国货崛起概念持续， 25 年双 11 大促，珀莱雅卫冕天猫渠道美妆 GMV 销售榜 TOP1， ...

Investment Rating - The report maintains a "Positive" investment rating for the retail industry [1] Core Insights - The retail industry is experiencing a significant transformation, with a focus on emotional consumption and innovative product offerings driving growth [6][32] - Companies like Liufu Group and Meili Tianyuan are implementing strategic upgrades to enhance brand value and market presence [27][29] Summary by Sections Retail Market Overview - The retail index reported a decline of 7.24% during the week of November 17-21, 2025, underperforming the Shanghai Composite Index by 3.34 percentage points [5][14] - The retail index has increased by 0.58% year-to-date, lagging behind the overall market performance [14][18] Company Performance Highlights - Liufu Group anticipates a revenue increase of approximately 20%-30% and a net profit growth of 40%-50% for the six months ending September 30, 2025, driven by effective product differentiation and sales strategies [27] - Meili Tianyuan is focusing on three major strategic initiatives: building a super brand through acquisitions, establishing a super chain for quality growth, and enhancing digital capabilities for precise marketing [29] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuang and Chaohongji [6][35] - **Offline Retail**: Emphasize companies adapting to market changes, recommending Yonghui Supermarket and Aiyingshi [6][32] - **Cosmetics**: Highlight domestic brands that cater to emotional value and safety innovations, recommending companies like Maogeping and Pola [6][33] - **Medical Aesthetics**: Target differentiated product manufacturers and expanding medical chains, recommending Aimeike and Kedi-B [6][34] Key Company Updates - Chaohongji reported a revenue increase of 28.4% year-to-date, with a focus on expanding its franchise model and product innovation [38][40] - Yonghui Supermarket's revenue decreased by 22.2% year-to-date, but the company is undergoing a transformation to improve its supply chain and store optimization [41][43]

Market Overview - The medical beauty sector experienced a decline of 2.01% on November 21, with *ST Meigu leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Key stocks in the medical beauty sector showed the following performance: - Huaxi Biological (688363) closed at 48.87, down 1.81% with a trading volume of 25,700 shares and a turnover of 126 million yuan [1] - Aimeike (300896) closed at 148.00, down 1.88% with a trading volume of 29,100 shares [1] - Jinbo Biological (920982) closed at 220.01, down 4.88% with a trading volume of 11,000 shares [1] - *ST Meigu (000615) closed at 3.89, down 4.89% with a trading volume of 217,100 shares and a turnover of 85.48 million yuan [1] Capital Flow - The medical beauty sector saw a net outflow of 87.65 million yuan from main funds, while retail investors contributed a net inflow of 83.50 million yuan [1] - Detailed capital flow for key stocks includes: - *ST Meigu: Main funds net outflow of 12.38 million yuan, retail net inflow of 9.03 million yuan [2] - Huaxi Biological: Main funds net outflow of 24.09 million yuan, retail net inflow of 26.09 million yuan [2] - Jinbo Biological: Main funds net outflow of 32.71 million yuan, retail net inflow of 340,200 yuan [2] - Aimeike: Main funds net outflow of 51.18 million yuan, retail net inflow of 48.38 million yuan [2]

Core Insights - The 24th Chinese Orthopaedic Association (COA) conference showcased significant advancements in orthopedic technology, emphasizing the integration of robotics, navigation, imaging, and biomaterials under the theme "Digital Intelligence in Orthopedics" [2] - The conference attracted 20,188 registered participants and received 37,222 submissions, indicating a strong interest in orthopedic innovations [2] Group 1: Robotics and Navigation Systems - Surgical robots and navigation systems are expanding across various orthopedic fields, moving beyond joint surgeries to include spine, trauma, and sports medicine, focusing on precision and standardization [4] - Companies like Stryker, Tianzhihang, and others are presenting comprehensive orthopedic platforms that integrate imaging, navigation, and robotic arms, forming a closed-loop system for enhanced surgical outcomes [4] - The Trinity system by Tuo Dao Medical demonstrates a unified platform for rapid switching between surgical procedures, showcasing advancements in AI planning and real-time navigation [19] Group 2: Biomaterials and Bone Repair - The competition in bone repair and biomaterials is intensifying, with companies offering innovative solutions such as absorbable screws and 3D-printed bioceramics, focusing on osteogenic activity and infection resistance [4] - Smartbone and other manufacturers are introducing advanced materials that not only fill defects but also promote bone regeneration and integration [4] Group 3: Domestic Innovations - Domestic companies are accelerating the development of high-end joint prosthetics and key materials, with a focus on integrating materials, prosthetic design, and manufacturing processes [4] - The collaboration between local firms and international companies is shifting from product showcases to establishing standards and ecosystems, enhancing the overall orthopedic landscape [4] Group 4: Key Product Launches - Stryker highlighted its latest products, including the Mako robotic system, which integrates multiple surgical techniques for hip and knee replacements, enhancing precision and efficiency [5][7] - Rosenboht signed a strategic partnership with the Chinese University of Hong Kong to advance intelligent surgical technologies, aiming for more precise and minimally invasive orthopedic procedures [12][14] - The launch of the "Panshi Self-Pressing 3D Partition Bone Trabecular Biological Knee Prosthesis" by Jiashite Medical showcases advancements in mechanical stability and biological fixation [40][42] Group 5: Technological Integration - Companies are increasingly focusing on integrating AI and imaging technologies to enhance surgical precision and safety, as seen in the solutions presented by Meiya Optical and other firms [46][50] - The introduction of AR navigation systems by Linyan Medical represents a significant technological advancement, improving the visibility and accuracy of spinal surgeries [53][55] Group 6: Comprehensive Solutions - The conference highlighted the importance of comprehensive solutions that encompass preoperative planning, intraoperative guidance, and postoperative evaluation, as demonstrated by various exhibitors [4][60] - Companies like Weigao and others are showcasing integrated solutions that leverage digital technologies to enhance the entire orthopedic treatment process [100][102]