Group 1 - The medical beauty sector increased by 0.16% on August 6, with Jinbo Biological leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] - Key stocks in the medical beauty sector showed varied performance, with Jinbo Biological closing at 328.28, up 0.90%, and Aimeike slightly down by 0.03% [1] Group 2 - The medical beauty sector experienced a net outflow of 171.11 thousand yuan from main funds, while retail funds saw a net outflow of 668.85 thousand yuan [1] - The table indicates that *ST Meigu had a main fund inflow of 145.78 thousand yuan but a significant outflow from retail investors [2] - Huaxi Biological and Aimeike also showed mixed fund flows, with Huaxi experiencing a net outflow from main funds and a small inflow from retail investors [2]

Core Viewpoint - The article emphasizes China's leading position in the hyaluronic acid industry, highlighting its transformation from a follower to a global leader through innovation and research, with Jinan recognized as a hub for this industry [2][5][10]. Industry Development - China holds over 82% of the global market share in hyaluronic acid production, becoming the largest producer and exporter [7][9]. - The industry has evolved from relying on animal tissue extraction to microbial fermentation technology, significantly increasing production efficiency from 3-5 grams per liter to 10-14 grams per liter [8][9]. - The establishment of a standard system has enhanced the quality recognition of Chinese products internationally, facilitating the acceptance of Chinese raw materials in global markets [9][27]. Economic Impact - The hyaluronic acid industry is projected to generate a trillion-level ecosystem, with Jinan's industry output expected to continue rapid growth, creating numerous job opportunities [11][10]. - The production cost of hyaluronic acid has drastically decreased, paving the way for explosive industry expansion [10][11]. - The industry is becoming a new growth engine for regional economies, significantly boosting employment and tax revenues in Jinan [11][12]. Social Value - Hyaluronic acid applications are deeply integrated into healthcare and public health, improving the quality of life for chronic joint disease patients and becoming part of daily health routines [12][10]. - The industry is shaping a new public aesthetic that combines beauty, health, and technology, fostering a cultural consensus around the integration of these elements [12][10]. Future Outlook - The future of the hyaluronic acid industry in China will focus on continuous technological breakthroughs, application expansion, and ecosystem development to achieve high-quality growth [5][12]. - The industry is transitioning from being a global manufacturing hub to a global leader, emphasizing the importance of standardization, technological innovation, and international collaboration [26][28]. - The potential for further development in areas such as medical-grade hyaluronic acid and immune-regulating products is significant, indicating a shift towards deeper applications [24][26].

证券之星消息，8月5日医疗美容板块较上一交易日上涨0.41%，锦波生物领涨。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。医疗美容板块个股涨跌见下表： | 代码 | | | 名称 主力净流入（元） 主力净占比 游资净流入（元） 游资净占比 散户净点比 | | | | | --- | --- | --- | --- | --- | --- | --- | | 000615 *ST美谷 | 271.70万 | 17.26% | -314.88万 | -20.00% | 43.17万 | 2.74% | | 300896 爱美客 | -244.71万 | -0.61% | 2272.19万 | 5.64% | -2027.48万 | -5.04% | | 688363 华熙生物 | -618.47万 | -4.84% | 768.54万 | 6.01% | -150.07万 | -1.17% | 从资金流向上来看，当日医疗美容板块主力资金净流出591.48万元，游资资金净流入2725.85万元，散户 资金净流出2134.38万元。医疗美容板块个股资金流向见下表： ...

证券之星消息，8月4日医疗美容板块较上一交易日下跌0.9%，*ST美谷领跌。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。医疗美容板块个股涨跌见下表： 从资金流向上来看，当日医疗美容板块主力资金净流出5284.74万元，游资资金净流入2440.66万元，散户 资金净流入2844.08万元。医疗美容板块个股资金流向见下表： 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310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300896 | 爱美客 | 183.25 | -0.69% | 2.05万 | 3.73 Z | | 832982 | 锦波生物 | 319.85 | -0.95% | 7186.67 | 2.30 Z | | 688363 | 华熙生物 | 51.35 | -1.15% | 2.85万 | 1.46 Z | | 000615 | *ST美谷 | 3.0 ...

转自：前瞻产业研究院 行业主要上市公司：爱美客(300896)、昊海生科(688366)、华熙生物(688363)、奥园美谷(000615)、华东 医药(000963)、朗姿股份(002612)、华韩整形(430335)等 本文核心数据：医疗美容行业全产业链;区域热力图;代表性企业产业链布局 1、医疗美容行业产业链全景梳理 我国医疗美容行业起步较晚，但发展迅速。中国医疗美容产业链上游主要包括医美原料供应商和医美器 材提供商;中游包括公立机构和民营机构，其中公立机构主要是指公立医院的整容科、专业医疗美容医 院等，民营机构是指大型连锁医美集团、中小型民营医美机构、私人诊所和美容院等;医美行业下游则 是消费者，主要可以根据需求分为多类。 我国医疗美容上游原料厂商主要有华熙生物、爱美客、昊海生科、华东医药、焦点生物等，医疗美容器 械主要是国外的医美器械龙头厂商;中游医美机构主要有华韩整形、丽都整形、瑞丽医美、鹏爱医疗等 机构，新兴的医美平台有新氧、更美、悦美等互联网平台;下游主要是广大的医疗美容消费者。 2、中国医疗美容产业链区域热力地图 从医疗美容行业产业链代表性企业分布来看，沿海地区代表企业分布较为密集，且产业链 ...

Investment Rating - The report suggests a positive outlook for domestic brands and a recovery for international beauty brands in the Chinese market, indicating potential investment opportunities in the cosmetics and medical beauty sectors [2][3]. Core Insights - The cosmetics and medical beauty sector underperformed the market, with the Shenwan Beauty Care Index declining by 3.3% from July 25 to August 1, 2025, while the Shenwan Cosmetics Index fell by 2.6% [3][4]. - Domestic brands showed strong growth during the off-season, with notable increases such as Han Shu up 58%, Proya up 23%, Marubi up 72%, and Kefu Mei up 28%, indicating resilience in the market [7][17]. - International beauty brands, represented by L'Oréal, are recovering in the Chinese market, with a 3% growth in Q2 2025, supported by promotional events like the 618 shopping festival [7][24]. - The report highlights the success of Lin Qingxuan, a high-end domestic skincare brand, which saw revenue grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, showcasing the potential of domestic brands [13][14]. Summary by Sections Industry Performance - The beauty and medical aesthetics sector has shown weaker performance compared to the overall market, with specific indices declining [3][4]. - The report notes that the cosmetics market is transitioning from quantity to quality, with a significant increase in e-commerce sales, which accounted for 47% of cosmetics sales in 2024, up from 22% in 2016 [9][30]. Key Company Highlights - L'Oréal's sales in China for H1 2025 reached approximately 186.19 billion yuan, with a 3% year-on-year increase, indicating a recovery in the Chinese market [24]. - Procter & Gamble reported a record net sales of approximately 604.95 billion yuan for the 2025 fiscal year, with the beauty segment achieving a net sales of approximately 107.66 billion yuan, reflecting a 2% growth [25]. - Lin Qingxuan's product matrix includes 188 SKUs, with a focus on high-quality natural ingredients, and it has established a strong supply chain and distribution network [14][16]. Market Trends - The report emphasizes the growing market for high-end skincare products, with the market size expected to increase from 749 billion yuan in 2019 to 1,144 billion yuan by 2024, indicating a compound annual growth rate (CAGR) of 13.8% [14][15]. - The domestic brands are gaining market share, with the top ten brands in the skincare market now evenly split between domestic and international brands, reflecting a shift in consumer preferences [30][31].

Core Viewpoint - Huaxi Biological is facing significant challenges from both internal and external sources, including allegations of financial fraud from a former executive, declining sales of key products, and increased competition in the beauty industry [1][3][10]. Internal Challenges - A former core executive of Huaxi Biological has accused the company of financial fraud, claiming to have compiled 450,000 words of internal complaints, although specific details were not disclosed [3][4]. - Huaxi Biological responded by revealing that the accuser had previously been investigated for embezzling 9 million yuan and had written a letter of apology [2][4]. - This incident marks the fourth time in recent years that Huaxi Biological has faced internal accusations, indicating a pattern of internal strife [3][6]. - The company has experienced significant personnel changes, with entire departments being dissolved and key brands like "Kuaidi" suffering from management instability [7][8]. Financial Performance - Huaxi Biological reported a substantial decline in revenue and net profit, with a year-on-year revenue drop of 11.6% and a net profit decrease of 70.59% for 2024 [6][8]. - The company's flagship brands, "Runbaiyan" and "Kuaidi," saw revenue declines of 22.7% and 41.6%, respectively, in 2024 [6][8]. - In the first quarter of the current year, revenue continued to decline by 20.77% year-on-year, indicating ongoing financial pressure [6]. External Competition - Huaxi Biological is facing increased competition from competitors like Juzhi Biological, which specializes in collagen products, while Huaxi's hyaluronic acid products are being labeled as "outdated" by market analysts [10][11]. - The company has publicly criticized these market reports, arguing that they misrepresent the value of hyaluronic acid [10][11]. - There is a growing skepticism regarding the efficacy of both hyaluronic acid and collagen in skincare products, with recent consumer reports questioning the scientific basis for their benefits [13][14]. Strategic Adjustments - In response to internal and external pressures, Huaxi Biological is focusing on restructuring and anti-corruption measures, aiming to stabilize its operations and improve performance [9][15]. - Despite financial challenges, the company has maintained its investment in research and development, with a reported R&D expenditure of 466 million yuan in 2024, which is 8.68% of its revenue [9].

证券之星消息，8月1日医疗美容板块较上一交易日上涨0.06%，*ST美谷领涨。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。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 | 3.12 | 2.30% | 11.73万 | 3619.67万 | | 688363 | 华熙生物 | 56'15 | 0.25% | 3.01万 | 1.57 Z | | 300896 | 爱美客 | 184.53 | -0.20% | 2.32万 | 4.31亿 | | 832982 | 锦波生物 | 322.91 | -3.46% | 1.04万 | 3.39亿 | 从资金流向上来看，当日医疗美容板块主力资金净流出1180.44万元，游资资金净流入977.47万元，散户 资金净流入202.97万元。医疗美容板块个股资金流向见下表： | 代码 | | | 名称 主力净流入（元） 主力净占比 游资净流入（元 ...

Core Viewpoint - The Ministry of Industry and Information Technology of China has officially announced the first batch of "Biomanufacturing Iconic Products," which includes 36 products from various companies, marking a significant step in technological innovation and industrial upgrading in the biomanufacturing sector [1]. Summary by Relevant Sections Biomanufacturing Iconic Products - The list includes 36 companies such as Beijing Shulang Biotechnology, Micro Yuan Synthesis, and Qilu Pharmaceutical, showcasing the diversity and innovation within the biomanufacturing industry [1]. - The products range from biopharmaceuticals to food additives, indicating a broad application of biomanufacturing technologies across different sectors [1]. Notable Products - Ethanol Clostridium protein produced by Beijing Shulang is a feed protein supplement derived from microbial fermentation using industrial waste gases [4]. - Alotose, produced by Micro Yuan Synthesis, is a low-calorie sweetener that enhances production efficiency through microbial fermentation [4]. - Polyhydroxyalkanoate (PHA) from Beijing Microstructure is a biodegradable material that can replace plastics, reducing environmental pollution [4]. - CAR-T cell therapy product, Nakiolun, developed by Huyuan Biotechnology, shows significant advancements in cancer treatment [4]. - Various other products include natural extracts, amino acids, and vaccines, highlighting the innovative approaches in biomanufacturing [4][5][6][7]. Industry Significance - The announcement reflects the government's commitment to promoting the biomanufacturing industry, which is crucial for technological advancement and economic growth [1]. - The diversity of products indicates a growing trend towards sustainable and environmentally friendly manufacturing practices within the industry [1].

| 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 000615 *ST美谷 | 214.37万 | 7.42% | -53.63万 | -1.86% | -160.74万 | -5.57% | | 688363 华熙生物 | -420.73万 | -2.05% | 659.31万 | 3.22% | -238.58万 | -1.16% | | 300896 爱美客 | -7982.73万 | -13.22% | 2959.66万 | 4.90% | 5023.07万 | 8.32% | | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000615 | *ST美谷 | 3.05 | 1.33% | 9.42万 | 2888.14万 | | 832982 | 锦波生物 | 334.50 | -0.26% | 6835.71 | 2.28亿 | | 688363 | 华熙生物 | 51.82 | -2.04% | 3 ...