本报（chinatimes.net.cn）记者于娜 见习记者 赵文娟 北京报道 近日，圣诺医药宣布与华熙生物科技（香港）有限公司等四家投资者签订认购协议，以每股12港元的价 格配售约1735.24万股新股。此次配售股份数量相当于公司当前已发行股本约16.50%，配发完成后预计 占总股本约14.16%。 参与本次认购的投资者包括华熙生物科技（香港）有限公司（华熙生物全资子公司）、谢硕豪、 BambooBloomLimited及CapstoneResourcesHoldingLimited。配售价较圣诺医药9月5日收盘价14.97港元/ 股折让约19.84%。通过此次配股，圣诺医药预计可募集资金总额约2.08亿港元，净额约2.06亿港元。此 次交易完成后，股权结构将发生显著变化。华熙生物科技的持股比例将达到9.44%，正式成为圣诺医药 的第二大股东。 圣诺医药的商业化难题：资金短缺+未盈利 作为中国核酸药物领域的先行者，圣诺医药自2007年成立，于2021年登陆港交所，享有"中国核酸药物 第一股"之称。公司核心聚焦于RNAi技术的新药研发，其核心候选药物STP705是一种针对两种肿瘤适 应症的多靶点siRNA疗法 ...

Core Viewpoint - Sanofi Pharmaceutical has signed a subscription agreement with four investors, including Huaxi Biotechnology, to issue approximately 17.35 million new shares at a price of HKD 12 per share, raising around HKD 208 million, which is crucial for addressing its commercialization challenges and funding needs [2][6]. Group 1: Investment Details - The share placement represents about 16.50% of the current issued share capital and is expected to account for approximately 14.16% of the total share capital post-placement [2]. - The subscription price reflects a discount of approximately 19.84% compared to Sanofi Pharmaceutical's closing price of HKD 14.97 per share on September 5 [2]. - Huaxi Biotechnology will hold a 9.44% stake in Sanofi Pharmaceutical, becoming its second-largest shareholder after the transaction [2][6]. Group 2: Company Background and Challenges - Sanofi Pharmaceutical, established in 2007 and listed on the Hong Kong Stock Exchange in 2021, focuses on RNAi technology for drug development, with its lead candidate STP705 targeting two tumor indications [2][6]. - The company has not yet commercialized any products and has been operating at a loss, with net losses narrowing from USD 216 million in 2021 to USD 50 million in 2024, but still recording a loss of USD 3.49 million in the first half of 2025 [6]. - As of June 30, 2025, the company's current assets were only USD 14 million, highlighting the need for sufficient funding to support clinical pipelines and market preparations [6]. Group 3: Strategic Implications for Huaxi Biotechnology - Huaxi Biotechnology's investment is not merely financial but a strategic move to position itself in the small nucleic acid and RNAi technology sectors, with potential applications in targeted fat reduction [7][8]. - The investment aims to open new growth avenues for Huaxi Biotechnology, which has faced declining revenues, with a 19.57% year-on-year drop in the first half of 2025 [8]. - The collaboration is expected to enhance clinical progress for Sanofi Pharmaceutical's core pipeline while also allowing Huaxi Biotechnology to explore further investments and partnerships if market and technology validations are successful [7][8]. Group 4: Market Context and Future Outlook - The investment reflects Huaxi Biotechnology's response to increasing competition in the cosmetic market, particularly in traditional areas like hyaluronic acid, which has seen a decline in growth [8][10]. - The strategic partnership aims to leverage Sanofi Pharmaceutical's innovative technology to create synergies, although challenges remain in integrating the distinct business models and technologies of both companies [14]. - The success of this collaboration will depend on the clinical validation of Sanofi Pharmaceutical's technology and the ability to commercialize products effectively [7][14].

Core Viewpoint - The article discusses the significant organizational changes and strategic shifts at Huaxi Biological, particularly focusing on the recent layoffs and the company's investment in Saint Nor Pharmaceutical, indicating a transition from a "traffic empire" to a "technology engine" in the biopharmaceutical sector [3][4][5]. Group 1: Layoff Turmoil - Huaxi Biological has undergone substantial layoffs and internal investigations, with teams like "Muscle Vitality" and "Mibelle" shrinking from over a hundred to just a few members, and compensation standards set at N+1 [4][6]. - CEO Zhao Yan has initiated a "clean-up" campaign, emphasizing zero tolerance for corruption and restructuring the company's power dynamics, leading to significant turnover in the executive team [4][5]. - The layoffs have created organizational instability, risking knowledge leakage and hindering product development and market responsiveness [6]. Group 2: Shift to Small Nucleic Acids - Huaxi Biological has invested approximately HKD 139 million to acquire a 9.44% stake in Saint Nor Pharmaceutical, aiming to leverage its RNA interference technology for weight loss treatments [8][9]. - Saint Nor is recognized as the first small nucleic acid drug company listed in the Asia-Pacific region, with a robust pipeline targeting various diseases, including cancer and metabolic disorders [9][10]. - The investment is seen as a strategic move to enter the innovative drug sector, with Huaxi planning to collaborate on clinical and commercial efforts for the STP705 targeted weight loss project [11]. Group 3: The Weight Loss Drug Market - The weight loss drug market is projected to grow significantly, with estimates suggesting it could reach CNY 800-1000 billion by 2030, capturing over one-third of the global market share [13][14]. - The increasing prevalence of obesity in China, with over 200 million individuals classified as obese, presents a substantial market opportunity for weight loss solutions [13]. - Regulatory support and advancements in drug technology are expected to facilitate market entry for new weight loss drugs, enhancing the competitive landscape [12][14]. Group 4: Future Market Dynamics - The article highlights the potential for the weight loss drug market to evolve into a comprehensive metabolic management ecosystem, integrating various therapeutic approaches and technologies [16]. - By 2035, advancements in drug delivery and treatment methodologies could significantly expand the market, with the potential for annual customer value to increase from CNY 10,000 to CNY 50,000 [16]. - The narrative emphasizes the need for stakeholders to view the weight loss drug market as part of a larger metabolic revolution, rather than merely a series of individual product launches [16].

Core Viewpoint - The 2025 CAME (China Aroma and Cosmetic Industry Annual Conference and Expo) held in Nanjing focused on "Technology, Brand, and Co-prosperity," showcasing over 500 brands and more than 1,000 new products, emphasizing the integration of government, industry, academia, research, and investment [2][5][38]. Group 1: Event Overview - The event featured high-quality, high-standard, and professional exhibitions, attracting leading beauty companies such as L'Oréal, Procter & Gamble, and Unilever, along with top raw material suppliers like BASF and DSM, creating an "all-star" lineup [5][10]. - CAME has evolved into a "core technology release conference" for domestic and international beauty brands and raw material companies, highlighting its significance in the industry [8][10]. Group 2: Technological Innovations - Numerous innovative technological achievements were showcased, with a strong emphasis on "Chinese-style innovation," including Proya's mitochondrial anti-aging technology and Shiseido's research on the hidden skincare benefits of fermented natto bacteria [10][11][17]. - Shanghai Jahwa introduced the industry's first non-invasive skin glycation quantification and imaging device, filling a gap in the cosmetic field [12]. Group 3: Industry Trends - The event highlighted a shift in the cosmetics industry from "scale expansion" to "value enhancement," with raw material innovation becoming a strategic pivot for this transformation [23][38]. - The demand for diverse consumer needs is pushing upstream supply chain companies to continuously innovate in technology research and scientific communication [23][26]. Group 4: Collaboration and Future Outlook - CAME serves as a bridge for collaboration among raw material suppliers, brands, distributors, and technology companies, accelerating technology transfer and commercial cooperation [34][37]. - The conference is viewed as a crucial opportunity for enhancing the global competitiveness of domestic brands, with a focus on high-quality innovation and development [38].

Core Insights - The global beauty industry is projected to exceed $677 billion by 2025, indicating strong growth, while the Chinese cosmetics market is undergoing significant structural changes, moving away from reliance on single blockbuster products or marketing gimmicks to a focus on genuine brand strength [1][2]. Market Performance - The Chinese cosmetics retail market is expected to maintain moderate growth in the first half of 2025, with retail sales reaching 2.291 billion yuan, a year-on-year increase of 2.9%, although this is below the overall retail growth rate of 5.0% [2][4]. - International beauty giants are facing pressure in the Chinese market, with L'Oréal leading with sales of 186.19 billion yuan, a 3% increase year-on-year, while Estée Lauder reported a 10.88% decline in net sales, marking its lowest sales in five years [4][6]. Domestic Brand Performance - Domestic brands are showing resilience, with the retail scale of the Chinese cosmetics market reaching 1.0738 trillion yuan in 2024, and domestic brands capturing 55.2% of the market share [6][8]. - The top ten domestic beauty companies reported a total revenue growth of 11.72% in the first half of 2025, with Proya, Shiseido, and Shanghai Jahwa leading the rankings [7][8]. Consumer Trends - The beauty market is witnessing a shift towards rational consumption, with consumers increasingly sensitive to price and favoring cost-effective products. The sales of beauty and skincare products reached 235.23 billion yuan in the first half of 2025, a 10.1% increase year-on-year [12][13]. - The anti-aging market is experiencing significant growth, with total sales reaching 65.49 billion yuan, a 30.3% increase year-on-year, and the demand for anti-aging products is expanding to younger demographics [13][14]. Brand Strategies - Brands are increasingly adopting multi-brand strategies to address diverse consumer needs, moving from a single product focus to a more comprehensive brand matrix [14][19]. - Investment in research and development is on the rise among leading domestic brands, with a focus on building technological barriers and enhancing product efficacy [15][16]. Marketing and Distribution - Douyin (TikTok) has solidified its position as a growth engine for the beauty industry, with daily views of beauty videos exceeding 2.5 billion, reflecting a shift towards more refined and systematic marketing strategies [17][18]. - The competition is evolving from a focus on single-channel strategies to an integrated approach that balances online and offline resources, emphasizing the importance of brand experience and customer loyalty [18][19].

Core Viewpoint - The strategic partnership between Huaxi Bio and LG Household & Health Care focuses on synthetic biology technology to address skin aging and develop innovative solutions for the beauty industry [2][9]. Group 1: Partnership Details - Huaxi Bio and LG Household & Health Care signed a Memorandum of Understanding (MOU) on September 22, 2025, in Seoul, aiming to tackle skin aging through collaborative research [2]. - The partnership emphasizes the shift in the beauty industry from merely improving wrinkles to a new focus on "skin longevity," which aims to extend the healthy lifecycle of skin [2]. Group 2: Company Strengths - Huaxi Bio leverages its leading synthetic biology and biomanufacturing platform, along with advanced pilot conversion facilities, to develop bioactive substances closely related to human health [4]. - The company maintains a global leading position in hyaluronic acid while actively expanding into areas such as glycoscience, cell biology, and regenerative medicine for anti-aging technologies [4]. Group 3: LG Household & Health Care Innovations - LG Household & Health Care is recognized for its strong research capabilities in the beauty sector, focusing on cellular-level anti-aging and the efficacy of wild ginseng [6]. - The company has introduced innovative anti-aging research outcomes, such as NAD Power24, integrating cutting-edge research into high-end skincare products [6]. Group 4: Future Outlook - The collaboration aims to develop competitive innovative products that provide effective anti-aging solutions for global consumers [9]. - Both companies believe that combining their expertise will lead to groundbreaking anti-aging products for the global market [9].

Core Insights - The 2025 China Spice and Fragrance Cosmetics Industry Annual Conference and Boutique Expo (2025CAME) attracted major beauty and skincare brands, indicating a vibrant industry event [2] Company Insights - Zhao Yan, Chairman of Huaxi Biological, shared insights on skincare innovations and personal success during an interview at the event, highlighting the company's focus on new content in skincare [2]

Investment Rating - The report does not explicitly provide an investment rating for the beauty industry Core Insights - The beauty industry is experiencing a significant transformation driven by consumer preferences for high-quality, effective products and the integration of technology in skincare and cosmetics [4][6][10] Industry Trends - The high-end fragrance segment is witnessing robust growth, with the Chinese perfume market projected to reach 24.9 billion yuan by 2025 and exceed 33.9 billion yuan by 2028, reflecting a compound annual growth rate of 8% [4] - Domestic beauty brands are focusing on scientific innovation, market segmentation, and globalization to enhance competitiveness [6][7] - The integration of medical aesthetics and beauty is becoming a trend, with a projected annual growth rate of 10%-15% for the medical aesthetics market from 2024 to 2027 [10] - The beauty market is seeing a shift towards multi-brand strategies, with companies like Proya and Shiseido leading the way [6][11] Market Environment - Douyin e-commerce is revitalizing the perception of "Chinese good ingredients," enhancing consumer trust in domestic skincare products through educational campaigns [4] - The domestic beauty market grew by 3.1% in the first half of 2025, with significant performance disparities among companies [6] - The trend of "reverse export" to South Korea is emerging, as domestic brands seek to penetrate the Korean market through differentiated product offerings [6] Top Brand Dynamics - Proya leads the domestic beauty market with a revenue of 5.36 billion yuan, followed closely by other major players [11] - The report highlights the rise of makeup artist brands, with Unilever investing in Hung Vanngo Beauty, indicating a growing interest in professional makeup lines [13] - L'Oréal is accelerating its presence in the fragrance market with the launch of high-end perfumes, reflecting a strategic shift towards premium products [14] - The beauty industry is witnessing a surge in e-commerce, with platforms like JD.com reporting double-digit growth in beauty sales [18]

Core Viewpoint - The ongoing discussion in the medical aesthetics industry regarding recombinant collagen and hyaluronic acid (HA) has been fueled by a recent article from Huaxi Biological, which challenges the one-sided views presented in some research reports about HA's efficacy and market value [1][2]. Industry Discussion - The debate began when a collagen company compared recombinant collagen and HA in its IPO prospectus, leading to a perception that recombinant collagen has advantages, which was echoed in various research reports [2]. - This perception has caused a misalignment in consumer understanding of HA's benefits and has impacted the market trust in HA, a sector where China holds a competitive edge [2]. - Huaxi Biological emphasizes that the scientific value and anti-aging properties of HA have been validated by numerous studies published in top journals, with a significant increase in research output since 2010 [2]. Research Report Critique - Industry experts note that while it is normal for research reports to focus on emerging technologies, they must be grounded in scientific analysis to avoid skewing perceptions and affecting industry development [3]. - Huaxi Biological's response to certain reports aims to uphold the scientific foundation of the industry and prevent speculative trading from disrupting technological advancements [3]. Challenges in Research Reports - The rapid evolution of capital market trends has led to challenges in the independence and professionalism of some research reports, which may deviate from objective principles [4]. - Some reports exhibit limitations in understanding the HA and collagen industries, lacking thorough analysis of core product mechanisms and scientific validation [4]. - There is a noticeable issue of content homogenization among reports, with many relying on mutual citations rather than original research, which undermines the credibility of their conclusions [4]. Market Influence on Research Independence - Research institutions play a crucial role in information dissemination, and their objectivity is vital, especially when market trends create hot concepts that may lead to superficial analyses [5]. - The balance between short-term market demands and long-term industry growth remains a challenge for research reports [5]. Collaborative Efforts for a Rational Capital Ecosystem - Huaxi Biological advocates for the improvement of research report quality to foster a rational discussion in the capital market and promote scientific rigor [6]. - Enhancing report quality requires collaborative efforts across the industry, emphasizing the need for in-depth field research and firsthand data collection [6]. - Reports should establish a comprehensive analytical framework that includes various data sources to avoid one-sided conclusions and provide investors with a holistic view [6]. Upholding Professional Independence - The core value of research reports lies in their ability to connect industry innovation with value investment through professional analysis [7]. - Reports must respect scientific principles and market dynamics, avoiding oversimplification of complex technologies and refraining from promoting short-term speculation [7].

Group 1: 康恩贝 - The company aims to acquire potential large products that align with its strategic direction, with ongoing discussions for relevant targets [1] - The acquisition strategy considers strategic fit, revenue and profit potential, growth opportunities, and compatibility with existing treatment areas and marketing channels [1] - The company has strengthened its business development (BD) system, with a recently approved modified new drug for throat relief as an example of a more efficient and asset-light "acquisition" [1] Group 2: 甘李药业 - The company signed a technology transfer and supply agreement with Fundação Oswaldo Cruz-Bio-Manguinhos and BIOMM for the production of insulin in Brazil [2] - The total amount of the supply framework agreement is expected to be no less than 3 billion RMB, with actual order amounts to be determined [2] - The agreement includes technology transfer for insulin and commitments for future procurement by FZ over the next 10 years [2] Group 3: 天目药业 - The company is focused on the inheritance and innovation of traditional Chinese medicine, accelerating the resumption of production for quality products like pearl eye drops [3] - It has made significant progress in drug re-registration, with 53 drugs receiving approval notifications since the beginning of 2025, surpassing the total for 2024 [3] - The company is leveraging existing product advantages to launch new products to meet diverse consumer needs [3] Group 4: 济民健康 - The company plans to enhance cooperation and increase investment in innovative drug research, aiming to establish Boao International Hospital as a high-level clinical research center [4] - The company holds a 51% stake in Boao International Hospital, with various stakeholders involved in the remaining shares [4] Group 5: 恒瑞医药 - The company signed a licensing agreement with Glenmark Specialty for its innovative drug SHR-A1811, with potential earnings exceeding 1.1 billion USD [5][6] - The drug targets HER2 and is designed to induce apoptosis in tumor cells, enhancing anti-tumor efficacy [5] - Glenmark Specialty will pay an upfront fee of 18 million USD and is eligible for milestone payments based on registration and sales [6] Group 6: 华熙生物 - The company’s strategic investment in Sanofi Pharmaceuticals is aimed at enhancing its presence in the biopharmaceutical sector [7] - The investment allows for collaboration in the development of small nucleic acid innovative drugs, creating synergies across its main business areas [7] - The company is exploring the role of hyaluronic acid and other substances in advanced medical research and applications [7]