Investment Rating - The report maintains a "Buy" rating for the high-end domestic cosmetics brand Mao Geping, projecting a net profit of 1.184 billion, 1.542 billion, and 1.953 billion yuan for 2025-2027, with year-on-year growth rates of +34%, +30%, and +27% respectively [15]. Core Insights - The cosmetics and medical beauty sector underperformed the market, with the Shenwan Beauty Care Index growing by only 0.1% from August 8 to August 15, 2025, lagging behind the Shenwan A Index by 3.0 percentage points [6][7]. - Domestic brands are actively preparing for the upcoming consumption peak, with significant announcements from brands like Proya and Up Beauty, indicating a strategic focus on high-end markets [12]. - Mao Geping's performance in H1 2025 shows a strong revenue forecast of 2.57 billion to 2.6 billion yuan, reflecting a year-on-year growth of 30.4% to 31.9%, and a net profit of 665 million to 675 million yuan, indicating robust profitability in the high-end domestic makeup segment [13][14]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector's performance was weaker than the overall market, with specific indices showing minimal growth [6][7]. - The top-performing stocks in the sector included Baiya Co. (+11.0%) and Nuobang Co. (+6.0%), while the worst performers were Beijia Co. (-13.1%) and Mao Geping (-9.4%) [8]. Recent Developments - The report highlights the upcoming earnings season for key domestic brands, with expectations for significant financial disclosures from companies like Runben Co. and Marubi Biological [12]. - New Oxygen Group reported a Q2 revenue of 379 million yuan, with its light medical beauty chain business showing a remarkable year-on-year growth of 426% [24][25]. E-commerce and Market Trends - The report provides insights into the e-commerce performance of domestic brands, with notable growth in GMV for brands like Proya and Up Beauty, indicating a strong online presence [18]. - The retail sales of cosmetics in July 2025 showed a year-on-year growth of 4.5%, suggesting a recovery in consumer spending [19][22]. Market Share and Competitive Landscape - The domestic cosmetics market is becoming increasingly competitive, with local brands gaining market share against international competitors, as evidenced by the performance of brands like Proya and Natural Hall [31][36]. - The report notes that the market for skincare products is projected to reach 271.2 billion yuan in 2024, despite a slight decline in growth [31].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail sector shows steady recovery with a year-on-year increase of 4.8% in total retail sales from January to July 2025, and a 3.7% increase in July alone [5][25] - Online channels continue to grow, while offline growth rates are marginally slowing down; specific categories like gold and jewelry, as well as cosmetics, show significant improvement [5][30] - The report emphasizes the importance of consumer sentiment and suggests focusing on high-growth segments such as gold jewelry and domestic beauty brands [8][34] Summary by Sections Retail Market Overview - The retail index closed at 2214.55 points, up 0.44% for the week, underperforming the Shanghai Composite Index which rose by 0.86% [7][16] - The commercial property management sector saw the highest increase this week, while the jewelry sector has led the gains since the beginning of 2025 with a 30.19% increase [20][22] Retail Sales Data - In July 2025, retail sales reached 38,780 billion yuan, with a year-on-year growth of 3.7% [25] - Online retail sales for the first seven months of 2025 reached 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods online sales at 70,790 billion yuan, up 6.3% [27][28] Key Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuangjin and Chaohongji [8][34] - **Cosmetics**: Highlighting the rise of domestic brands and the need for innovation in product offerings, with recommendations for brands like Maogeping and Pola [8][35] - **Offline Retail**: Emphasizing the transformation of retail enterprises to adapt to changing consumer behaviors, recommending companies like Yonghui Supermarket and Aiyingshi [8][34] - **Medical Aesthetics**: Suggesting investment in companies with differentiated product lines, recommending Aimeike and Kedi-B [8][36] Company Performance Highlights - Laopuhuangjin reported a revenue of 85.06 billion yuan in 2024, with a net profit increase of 253.9% [40] - Maogeping achieved a revenue of 38.85 billion yuan in FY2024, with a growth of 34.6% [36] - Yonghui Supermarket's revenue for Q1 2025 was 174.79 billion yuan, reflecting a decline of 19.3% [36]

Core Viewpoint - Huaxi Biological has successfully registered its fermentation-derived sodium chondroitin sulfate with the National Medical Products Administration, marking it as the first company in China to achieve compliance for this product [1][4] Company Announcements - Huaxi Biological's fermentation-derived sodium chondroitin sulfate has completed the main document registration for medical devices, allowing it to be used in Class II and III medical devices, potentially providing core materials for high-end medical equipment [1][4] - The controlling shareholder, Huaxi Xinyu Investment Co., Ltd., plans to increase its stake in Huaxi Biological by investing between RMB 200 million and RMB 300 million over the next six months, with a maximum purchase price of RMB 70 per share [3][4] Market Context - Traditional chondroitin sulfate is extracted from animal cartilage, which poses issues such as immunogenicity, unsustainable sourcing, and high pollution from extraction processes. The company aims to leverage synthetic biology technology to develop chondroitin sulfate raw materials for ophthalmology, orthopedics, and medical aesthetics [2]

从资金流向上来看，当日医疗美容板块主力资金净流出1.09亿元，游资资金净流入3976.24万元，散户资 金净流入6952.12万元。医疗美容板块个股资金流向见下表： 证券之星消息，8月15日医疗美容板块较上一交易日上涨0.43%，*ST美谷领涨。当日上证指数报收于 3696.77，上涨0.83%。深证成指报收于11634.67，上涨1.6%。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 | 3.20 | 1.59% | 12.51万 | 4001.05万 | | 688363 | 华熙生物 | 53.30 | 1.52% | 3.30万 | 1.75 Z | | 832982 | 锦波生物 | 297.75 | 0.34% | 7423.21 | 2.20亿 | | 300896 | 爱美客 | 181.89 | -0.37% | 4.26万 | 7.72亿 | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备3101043 ...

这里是《21健讯Daily》，欢迎与21世纪经济报道新健康团队共同关注医药健康行业最新事件！ 政策动向 黔南州医疗监测上半年医疗追溯救助1600余人 贵州日报8月14日消息显示，今年上半年，黔南州城乡居民参保347.13万人，其中119.07万特殊困难群众 实现参保全覆盖。 今年1月至6月，黔南州特殊困难群众住院发生医疗总费用2.82亿元，三重医疗保障报销达2.44亿元。黔 南州医疗监测预警的7233人次均反馈到农业农村部门纳入监测范围，经认定符合政策的及时纳入民政救 助和医疗救助范围，其中医疗追溯救助1671人，共计679.35万元。 天津医保拟发新规：黄牌警示，红牌"罚下" 8月12日，天津市医保局网站发布"关于征求《天津市定点医药机构实施预警亮牌管理机制(试行)（征求 意见稿）》意见的通知"。天津拟对定点医药机构实施预警亮牌管理机制。 医保经办机构每季度对被警示机构出示黄牌。对被黄牌警示机构，医保经办机构加大管理力度，暂停拨 付费用一至三个月。 对于一个自然年度内累计受到两次黄牌警示的机构，医保经办机构出示红牌，中止医保协议一至三个 月，中止期间发生的医保费用不予结算，并向社会公示。 被警示机构应按照相 ...

Group 1 - Tongda Power achieved a net profit of 42.64 million yuan in the first half of 2025, a year-on-year increase of 32.49% [1] - The company reported an operating income of 971 million yuan, up 22.07% year-on-year [1] - Basic earnings per share were 0.26 yuan [1] Group 2 - Hengshen New Materials reported a net loss of 36.70 million yuan in the first half of 2025, compared to a loss of 10.37 million yuan in the same period last year [2][3] - The company's operating income decreased by 24.84% to 1.22 billion yuan [2] Group 3 - Yiming Pharmaceutical's net profit was 37.56 million yuan, down 5.27% year-on-year [4] - The company experienced an 11.52% decline in operating income, totaling 311 million yuan [4] - Basic earnings per share were 0.20 yuan [4] Group 4 - Wangsu Technology achieved a net profit of 37.30 million yuan, a year-on-year increase of 25.33% [5] - The company's operating income was 2.35 billion yuan, up 2.19% year-on-year [5] - Basic earnings per share were 0.1524 yuan [5] Group 5 - Alloy Investment reported a net profit of 4.58 million yuan, a year-on-year increase of 44.12% [6] - The company achieved an operating income of 164 million yuan, up 73.46% year-on-year [6] - Basic earnings per share were 0.0119 yuan [6] Group 6 - Yifan Pharmaceutical's net profit was 30.40 million yuan, a year-on-year increase of 19.91% [8] - The company's operating income was 2.635 billion yuan, up 0.11% year-on-year [8] - Basic earnings per share were 0.25 yuan [8] Group 7 - Guoyao Yizhi reported a net profit of 66.60 million yuan, a year-on-year decrease of 10.43% [9] - The company's operating income was 36.797 billion yuan, down 2.62% year-on-year [9] - Basic earnings per share were 1.20 yuan [9] Group 8 - Hanjia Design expects a net profit of 15 to 16.5 million yuan, a year-on-year increase of 303.20% to 343.52% [10] - The company anticipates a net profit excluding non-recurring gains and losses of 14.5 to 17.5 million yuan, a year-on-year increase of 867.05% to 1067.13% [10] Group 9 - Gansu Energy Chemical announced the resumption of production at its Jinhe Coal Mine after passing safety inspections [16] Group 10 - Chuanjin Nuo reported a net profit of 177 million yuan, a year-on-year increase of 166.51% [18] - The company's operating income was 1.744 billion yuan, up 27.91% year-on-year [18] - Basic earnings per share were 0.6457 yuan [18] Group 11 - Yachuang Electronics achieved a net profit of 40.82 million yuan, a year-on-year increase of 1.47% [19] - The company's operating income was 2.847 billion yuan, up 125.74% year-on-year [19] - Basic earnings per share were 0.29 yuan [19] Group 12 - Yiheda reported a net profit of 282 million yuan, a year-on-year increase of 26.49% [14] - The company's operating income was 1.461 billion yuan, up 18.70% year-on-year [14] - Basic earnings per share were 0.44 yuan [14] Group 13 - Hatao Technology reported a net profit of 38 million yuan, a year-on-year increase of 233.08% [33] - The company's operating income was 1.475 billion yuan, up 1.12% year-on-year [33] - Basic earnings per share were 0.18 yuan [33] Group 14 - Anlu Technology announced that shareholders plan to reduce their holdings by no more than 3.25% of the company's shares [35] Group 15 - Baolidi reported a net profit of 63.81 million yuan, a year-on-year increase of 15.19% [36] - The company's operating income was 676 million yuan, up 1.47% year-on-year [36] - Basic earnings per share were 0.36 yuan [36] Group 16 - Harta Technology reported a net profit of 33.50 million yuan, a year-on-year increase of 55.61% [38] - The company's operating income was 335 million yuan, up 22.54% year-on-year [38] - Basic earnings per share were 0.0698 yuan [38] Group 17 - Huaxia Biological's controlling shareholder received a loan commitment of up to 250 million yuan from China Merchants Bank [58]

从资金流向上来看，当日医疗美容板块主力资金净流出1.01亿元，游资资金净流入4340.59万元，散户资 金净流入5715.55万元。医疗美容板块个股资金流向见下表： 证券之星消息，8月14日医疗美容板块较上一交易日下跌1.86%，华熙生物领跌。当日上证指数报收于 3666.44，下跌0.46%。深证成指报收于11451.43，下跌0.87%。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 | 3.15 | 0.00% | 10.44万 | 3292.65万 | | 832982 | 锦波生物 | 296.75 | -1.57% | 1.06万 | 3.15 Z | | 300896 | 爱美客 | 182.56 | -1.85% | 3.60万 | 6.66 Z | | 688363 | 华熙生物 | 52.50 | -2.05% | 4.12万 | 2.19亿 | | 代码 | | | 名称 | | | | | --- | --- | ...

Summary of Key Points Core Viewpoint - On August 13, Huaxi Bio disclosed a shareholding increase, while 34 A-share listed companies announced shareholding reductions, indicating a mixed sentiment in the market regarding stock investments [1]. Group 1: Shareholding Increases - Huaxi Bio's controlling shareholder, Huaxi Xinyu, obtained a special loan commitment of 250 million yuan for share acquisition [2]. Group 2: Shareholding Reductions - Yida Co.'s executives plan to reduce their holdings [2]. - Yuhuan CNC's actual controller intends to reduce no more than 1% of the company's shares [2]. - Tianli Technology's shareholder plans to reduce no more than 3% of the total share capital [2]. - Heshun Technology's shareholder plans to reduce no more than 0.82% of the company's shares [2]. - Quandan Technology's director plans to reduce 1.5 million shares [2]. - Zhengxue New Materials' controlling shareholder plans to reduce no more than 1% of the company's shares [2]. - Haodian Technology's shareholder intends to transfer 3.88% of shares through inquiry [2]. - Zhongying Long's director reduced 6.092 million shares between July 18 and August 12 [2]. - Aileda's senior management plans to reduce their holdings [2]. - Hongtong Gas's executive reduced 119,600 shares during abnormal trading fluctuations [2]. - Caesar Fire's shareholder plans to reduce no more than 3% of the company's shares [2]. - Wanda Information's Harmony Health Insurance's shareholding dropped below 5% [2]. - Cold South Holdings' deputy general manager plans to reduce no more than 19,500 shares [2]. - Allianz Jinsight's controlling shareholder and actual controller plan to reduce no more than 1.42% of the company's shares [2]. - Lijun Co.'s shareholders and their concerted actions are reducing their holdings [2]. - Zhang Xiaoqin's specific shareholder plans to reduce no more than 0.36% of shares [2]. - Shiji Tianhong's controlling shareholder plans to reduce no more than 3% of the company's shares [2]. - Shoupeng Medical's senior management reduced 119,200 shares between August 8 and August 12 [2]. - Xueda Gene's shareholder plans to reduce no more than 1.5% of the company's shares [2]. - Delong Boguang's controlling shareholder plans to reduce no more than 2% of the company's shares [2]. - Click Micro's National Integrated Circuit Fund's shareholding dropped to 6.99% [2]. - Geoduck Storage's parent company Integrated Circuit Fund Phase II plans to reduce no more than 2% of the company's shares [2]. - Sanyou Medical's actual controller's concerted actions plan to reduce no more than 2% of the company's shares [2]. - Jizuo Electric's shareholder plans to reduce no more than 1% of the company's shares [2]. - Lixiu Logistics' controlling shareholder and actual controller plan to reduce no more than 1% of the company's shares [2]. - Weipai Ge's shareholder plans to reduce no more than 0.7521% of the company's shares [2]. - Jialitu's controlling shareholder plans to reduce no more than 1% of the company's shares [2]. - Anbiping's shareholder plans to reduce no more than 1.79% of the company's shares [2]. - Guangge Technology's shareholder plans to reduce no more than 2% of the company's shares [2]. - Anlu Technology's deputy general manager actively reduced no more than 5,000 shares [2]. - Zhaoshang New Drug's former vice chairman plans to reduce no more than 3.5245 million shares [2]. - Laimu Co.'s controlling shareholder plans to reduce no more than 3% of the company's shares [2].

（文章来源：证券日报） 证券日报网讯 8月13日晚间，华熙生物发布公告称，公司近日收到控股股东华熙昕宇投资有限公司（简 称"华熙昕宇"）通知，华熙昕宇已经取得招商银行股份有限公司北京分行（简称"招商银行北京分行"） 出具的《贷款承诺函》，招商银行北京分行在总行授权范围内，拟为华熙昕宇提供不超过2.5亿元人民 币的贷款额度，贷款专项用于华熙昕宇增持华熙生物A股无限售条件流通股票，贷款期限不超过3年。 ...

证券代码：688363 证券简称：华熙生物 公告编号：2025-030 华熙生物科技股份有限公司 关于控股股东取得增持股份专项贷款承诺函的公告 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。 二、贷款承诺函的主要内容 根据华熙昕宇已经取得的招商银行北京分行出具的《贷款承诺函》（编号： 准，招商银行北京分行在总行授权范围内，为华熙昕宇增持公司股票提供不超过 人民币 2.5 亿元的贷款额度，主要要素包括： 借款主体：华熙昕宇投资有限公司 华熙生物科技股份有限公司（以下简称"华熙生物" "公司"）近日收到控股 股东华熙昕宇投资有限公司（以下简称"华熙昕宇"）通知，华熙昕宇已经取得 招商银行股份有限公司北京分行（以下简称"招商银行北京分行"）出具的《贷 （编号：2025 华熙昕宇承诺函 001），招商银行北京分行在总行授权范 款承诺函》 围内，拟为华熙昕宇提供不超过 2.5 亿元人民币的贷款额度，贷款专项用于华熙 昕宇增持华熙生物 A 股无限售条件流通股票，贷款期限不超过 3 年。现将有关 情况公告如下： 一、增持计划的主要内容 ...