Investment Rating - The industry rating is "Overweight" [3] Core Insights - The report highlights the ongoing active research in life sciences and the rapid integration of biotechnology into economic and social development, providing innovative solutions to major challenges such as health, climate change, resource security, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for the Development of the Bioeconomy," indicating a trillion-yuan market potential in the bioeconomy sector [3][4]. Industry Performance - The Huazhong Synthetic Biology Index increased by 0.11% to 1278.44 during the week of February 2-6, 2026, outperforming the Shanghai Composite Index by 1.39 percentage points and the ChiNext Index by 3.40 percentage points [4]. - The report notes that the synthetic biology sector is experiencing a policy dividend, with Shenzhen proposing up to 100 million yuan in support for R&D efforts in the field [8]. Company Developments - Beijing Huaguan Bio completed a multi-hundred million yuan C-round financing to enhance its R&D and production capabilities in the pharmaceutical and health sectors [32]. - Dejin Bio secured several million yuan in A-round financing to advance its recombinant botulinum toxin clinical research and international expansion [33]. - The report mentions that Impossible Foods is leveraging technology to reshape the plant protein market [11]. Market Dynamics - The report indicates that the synthetic biology sector is witnessing a surge in financing, with nearly a hundred companies completing new funding rounds since 2025 [31]. - The top five companies in the synthetic biology sector by stock performance during the week were Pingtan Development (+12%), Jinbo Bio (+12%), Huaxi Bio (+12%), Shandong Heda (+10%), and Yaxiang Co. (+10%) [17]. Policy and Regulatory Developments - The Ministry of Industry and Information Technology announced 35 examples of non-grain bio-based materials, marking a significant step towards establishing a new green development framework [7]. - The National Health Commission approved 22 new food items, including a significant breakthrough in domestic human milk oligosaccharides (HMOs) production [7]. Research and Innovation - Tsinghua University has initiated a national key R&D project focused on the intelligent design principles of efficient microbial chassis cells, aiming for breakthroughs in both fundamental theory and application demonstration [9]. - The report highlights the strategic cooperation between Tianjin University and China National Petroleum Corporation to expand efforts in synthetic biology and related fields [9].

Group 1 - The medical beauty sector experienced a decline of 2.82% compared to the previous trading day, with Huaxi Biological leading the drop [1] - On the same day, the Shanghai Composite Index closed at 4128.37, up by 0.13%, while the Shenzhen Component Index closed at 14210.63, up by 0.02% [1] - The net outflow of main funds in the medical beauty sector was 167 million yuan, while retail investors saw a net inflow of 113 million yuan [1] Group 2 - The net inflow of funds from speculative investors in the medical beauty sector was 53.75 million yuan [1] - Detailed fund flow data for individual stocks in the medical beauty sector is available in the accompanying table [1]

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty sector, indicating strong performance compared to the market [2][3]. Core Insights - Estee Lauder reported a double-digit growth in China, with net sales reaching RMB 29.35 billion, a year-on-year increase of 6%, and profits improving by 127% to RMB 1.12 billion [2][6]. - The Tmall beauty category saw a significant increase of 24% year-on-year in January 2026, indicating a strong start to the year for the beauty market [2][25]. - The report highlights the government's focus on promoting service consumption, which is expected to drive growth in key sectors, including beauty and personal care [7][8]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 3.7% from January 30 to February 6, 2026 [3]. - The top-performing stocks in the sector included Betaini (+13.5%), Huaxi Biological (+12.0%), and Beijia Clean (+10.8%) [3]. Company Performance - Estee Lauder's sales in mainland China surged by 13% to RMB 6.44 billion, confirming the recovery of international beauty brands in the Chinese market [2][6]. - The report notes that the overall retail sales of cosmetics in December 2025 grew by 8.8%, with a total retail sales of RMB 465.3 billion for the year, reflecting a steady recovery in consumer spending [18][19]. Market Trends - The report emphasizes the shift in consumer focus towards personalized and high-quality services, with emotional and experiential services becoming new consumption hotspots [8][10]. - The government is implementing measures to stimulate service consumption, which is expected to play a crucial role in driving economic growth [7][8]. E-commerce Insights - The report discusses the acquisition of Beijing Lianshi by Yiwang Yichuang, which aims to enhance AI-driven marketing capabilities, indicating a trend towards digital transformation in the industry [12][13]. - The report highlights the competitive landscape in the e-commerce sector, with domestic brands gaining market share against international competitors [26].

Investment Rating - The report indicates a positive outlook for the cosmetics and medical beauty sector, with strong performance compared to the market [2][3]. Core Insights - Estee Lauder reported double-digit growth in China, with net sales reaching RMB 29.35 billion, a year-on-year increase of 6%, and profits improving by 127% to RMB 1.12 billion [8][26]. - The Tmall beauty category saw a significant increase of 24% year-on-year in January 2026, indicating strong consumer demand and confidence in the market [8][29]. - The report highlights the government's focus on promoting service consumption, which is expected to drive growth in key sectors, including beauty and personal care [9][10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 3.7% from January 30 to February 6, 2026 [3]. - The Shenwan Cosmetics Index increased by 2.8%, outperforming the Shenwan A Index by 4.4 percentage points [3]. Company Highlights - Estee Lauder's sales in mainland China surged by 13% to RMB 6.44 billion, confirming the recovery of international beauty brands in the Chinese market [8][26]. - The report notes that the top-performing stocks in the sector included Betaini (+13.5%), Huaxi Biological (+12.0%), and Beijia Clean (+10.8%) [4]. E-commerce Insights - The report provides data on the performance of domestic brands on platforms like Douyin and Tmall, showing significant growth in GMV for several brands [20]. - For instance, the brand "毛戈平" saw a GMV increase of 298% in December 2025 [21]. Market Trends - The overall retail sales of cosmetics in December 2025 grew by 8.8%, with a total retail sales figure of RMB 465.3 billion for the year, reflecting a steady recovery in consumer spending [22][23]. - The report emphasizes the shift in consumer preferences towards personalized and high-quality products, indicating a strategic opportunity for brands to innovate [10][11].

Group 1: Medical Aesthetics Industry - The Chinese medical aesthetics market is expected to reach nearly 370 billion yuan by 2025, with a compound annual growth rate (CAGR) of approximately 10% projected until 2030, potentially reaching 600 billion yuan [2][8][36] - The trend of "self-pleasure consumption" is prominent, with about 50% of users indicating that the reason for choosing medical aesthetics is that "becoming beautiful makes them happier" [8][11][15] - The consumer demographic is shifting towards younger individuals, with the proportion of users under 25 years old increasing from 26% in 2022 to 35% by 2025 [20][22][36] - Light medical aesthetics are becoming mainstream, accounting for 52% of the market in 2022, with a growing preference for non-invasive procedures [16][17][36] - The market for recombinant collagen is expected to grow significantly, with a projected CAGR of 41.4% from 2023 to 2027, potentially reaching 114.5 billion yuan [8][45] Group 2: Beauty Industry - The retail sales of cosmetics in China are projected to grow at a CAGR of approximately 9% from 2016 to 2024, with a moderate recovery expected in 2025 [3][9] - The trend of "self-gifting" is becoming the primary scenario for beauty consumption, reflecting the strengthening of "self-pleasure consumption" [3][8] - The cosmetics raw materials market is expected to grow from 1147.8 billion yuan in 2019 to 1603.9 billion yuan by 2024, with a CAGR of 6.9% [3][9] - The ODM (Original Design Manufacturer) industry for cosmetics is projected to reach 62.29 billion yuan by 2025, with domestic brands gaining market share [3][9] Group 3: Related Companies on the Beijing Stock Exchange - Companies such as Jinbo Biological, which leads in recombinant collagen medical devices and is entering the functional skincare market, are expected to benefit from the ongoing growth in the beauty consumption sector [3][8] - Bawei Co., which provides ODM services for domestic and international cosmetic brands, is also positioned to gain from the industry's expansion [3][8] - Leading companies in cosmetic raw materials, such as Weiqi Technology and Jiakai Biological, are well-placed to capitalize on the industry's growth [3][8]

Investment Rating - The report assigns an "Accumulate" rating for the cosmetics industry, indicating a positive outlook for selected companies within the sector [5]. Core Insights - The beauty industry is expected to maintain steady growth in 2026, driven by product innovation and the rising trend of domestic brands. The report suggests a bottom-up selection of high-growth products and brands with strong potential, as well as companies that exhibit resilience amid product and channel changes [2][5]. Summary by Sections Industry Overview - The report highlights that the cosmetics sales during the off-peak season have shown marginal improvement. It suggests focusing on products and brands with strong growth momentum and resilience in the face of changing product and channel dynamics [2]. Key Investment Points - The report identifies two main lines of investment: 1. **High-Growth Companies**: Companies like RuYuchen, BeiJiaJie, MaoGePing, LinQingXuan, and ShangMei are expected to perform well due to strong fundamentals and product innovation [5]. 2. **Brands with Strong Asset Value**: Companies such as BeiTaiNi and PoLaiYa are anticipated to see marginal improvements following adjustments in their channels and product structures [5]. Market Performance - According to data from the National Bureau of Statistics, the retail sales of cosmetics in December 2025 grew by 8.8% year-on-year, significantly outpacing the overall retail growth of 0.9%. The annual retail sales for cosmetics in 2025 reached 465.3 billion yuan, reflecting a 5.1% year-on-year increase [5]. Company Valuations - The report provides a valuation table for key companies, indicating their earnings per share (EPS) and price-to-earnings (PE) ratios for 2025E, 2026E, and 2027E. For instance, RuYuchen has an EPS of 0.59 yuan for 2025E with a PE of 60, while BeiTaiNi has an EPS of 1.10 yuan for 2025E with a PE of 43 [7].

Core Viewpoint - Huaxi Biological (688363.SH) announced the resignation of key technical personnel, Mr. Zhou Xianlong, effective February 6, 2026, due to personal reasons, with no impact on the company's intellectual property rights or core competencies [1] Group 1 - Mr. Zhou Xianlong will no longer hold any position in the company or its subsidiaries after his resignation [1] - There are no disputes or potential disputes regarding intellectual property rights related to Mr. Zhou's position [1] - The company asserts that Mr. Zhou's departure will not significantly adversely affect its technological advantages, core competitiveness, business development, or product innovation [1]

Core Viewpoint - Huaxi Biological announced the resignation of key technical personnel, Zhou Xianlong, effective February 6, 2026, due to personal reasons, with no impact on the company's intellectual property rights or technological advantages [2] Group 1 - Zhou Xianlong will no longer hold any position in the company or its subsidiaries after his resignation [2] - There are no disputes or potential disputes regarding intellectual property rights related to Zhou Xianlong's position [2] - The company asserts that Zhou Xianlong's departure will not significantly adversely affect its technological advantages, core competitiveness, business development, or product innovation [2]

证券代码：688363 证券简称：华熙生物 公告编号：2026-004 华熙生物科技股份有限公司 关于核心技术人员离职的公告 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。 重要风险提示： 获得省级科技奖 3 项，市级科技奖 2 项；荣获省级中小企业创新英才、省级"三三 三层次人才"、市级青年拔尖人才、市管优秀专家等荣誉称号。2021 年 10 月加入 公司，离职前任子公司东营佛思特生物工程有限公司执行董事、总经理。截至其离 职日，周贤龙先生未直接持有公司股票。 公司核心技术人员周贤龙先生因个人原因自 2026 年 2 月 6 日起辞去公司 职务，辞职后其在公司及子公司将不再担任任何职务。 周贤龙先生与公司不存在涉及职务发明专利等知识产权权属纠纷或潜在 纠纷的情形，其离职亦不影响公司专利等知识产权权属的完整性。 周贤龙先生离职不会对公司的技术优势、核心竞争力、业务发展和产品 创新产生重大不利影响。 一、 核心技术人员离职的具体情况 华熙生物科技股份有限公司（以下简称"公司"）核心技术人员周贤龙先生因 个人原因自 2026 ...

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