Group 1 - The 2025 Golden Bull Enterprise Sustainable Development Forum and the third National New Cup ESG Golden Bull Award ceremony were held in Suzhou, Jiangsu, focusing on the theme "Governance for a Sustainable Future" [1] - The ESG Golden Bull Award, organized by China Securities Journal, evaluates corporate ESG performance and aims to recognize leaders in ESG practices within the capital market [1][2] - This year's awards included seven categories: "Top 100 ESG Golden Bull Awards," "Outstanding Central Enterprise ESG Golden Bull Award," "Carbon Neutrality ESG Golden Bull Award," "Technology Leadership ESG Golden Bull Award," "Governance ESG Golden Bull Award," "Rural Revitalization ESG Golden Bull Award," and "Emerging ESG Golden Bull Award" [1] Group 2 - The evaluation committee utilized the China National New ESG evaluation methodology and research outcomes from the State-owned Assets Supervision and Administration Commission, assessing corporate ESG performance based on financial significance and impact importance [2] - The assessment process involved a systematic evaluation of ESG risk events, public sentiment, and the quality of ESG disclosures, adhering to principles of classification, diversity, and avoidance of duplication [2]

12月4日，玻尿酸龙头华熙生物（688363.SH）举行2025年第三季度业绩说明会期间，公司股价震荡下跌，盘中一度跌至45.25元/ 股(后复权47.62元/股)，较发行价47.79元/股破发。 行业竞争格局的变化更让华熙生物承压。今年5月，作为玻料酸龙头的华熙生物与巨子生物就"透明质酸是否过时"展开激烈争 论，华熙生物在官方公众号发文称，重组胶原蛋白概念是资本构建的题材"幻象"，强调透明质酸在衰老干预中的关键地位。但 市场趋势似乎偏向后者，弗若斯特沙利文数据预测，2026年基于胶原蛋白的皮肤护理市场份额将超过透明质酸，年复合增长率 达52.6%，2027年国内胶原蛋白整体市场规模将达1738亿元。 面对多重压力，华熙生物表示，公司已推出组织架构变革，管理团队已重回业务一线。同时，公司也在战略性前沿领域持续投 入，基于合成生物技术平台研发的PDRN、麦角硫因等新一代生物活性物质，有望为公司2026年原料业务业绩带来增量空间。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 作为2019年11月登陆科创板的"玻尿酸第一股"，华熙生物曾创下辉煌战绩。上市后股价最高飙涨至308.77元/股 ...

12月4日，华熙生物举办2025年第三季度业绩说明会。会上有投资者询问，"赵董今年重回一线后能否扭 转公司经营的颓势，实现经营业绩止跌回升？" 对此，华熙生物方面回复，2025年3月份以来，公司董事长兼总经理带领管理团队重回业务一线、重返 创业状态，持续对经营理念、业务方向及人才组织模式进行系统性调整，推动经营质效持续显著改善。 还有投资者就股价下跌进行询问。对此，华熙生物方面回应，公司管理层高度重视股东利益，始终致力 于通过稳健经营和持续创新为股东创造长期价值。二级市场股价受外部环境、行业政策变化、市场情绪 波动、资金面偏好等多重复杂因素综合影响，存在短期波动性。 公司以合成生物制造能力为基础， 构建 "原料-终端产品" 一体化业务布局， 聚焦衰老干预领域，提供 涵盖医药、医美、营养科学、皮肤科学的整合解决方案，围绕生命科学核心物质拓展产业生态，推 动"中国制造"向"中国前沿研发+中国品牌"升级。 无论是医美还是功能性护肤，核心本质都在于生命科学对衰老机制的理解及其干预手段的探索。在多组 学交叉、多靶点、全链路协同成为行业趋势的背景下，华熙生物的增长点正来源于这一整合能力。 公司从三个方向展开布局：一是细胞 ...

2025年的商业世界正站在新旧转换的十字路口。在商业叙事重构、科技浪潮席卷的当下，WISE2025商业之王大会以"风景这边独好"为基调，试 图在不确定中锚定中国商业的确定性的未来。我们在此记录这场思想盛宴的开篇，捕捉那些在变局中依然坚定前行的声音。 我们将在接下来的内容中，逐帧拆解这些"爽剧"背后的真实逻辑，一起看尽2025年商业的"风景独好"。 11月28日上午，华熙集团董事长、华熙生物董事长兼总裁赵燕发表题为《共生的力量，中国制造与生命再生》主题演讲。 华熙集团董事长、华熙生物董事长兼总裁赵燕 以下为赵燕的演讲实录，经36氪整理编辑： 在中国，我是利用生物制造技术来生产生命活性物质的人，这个行业通常被称为"未来产业"或"新兴产业"。即利用"细胞工厂"生产人类所需的生命活性物 质。 我是华熙生物的赵燕，很荣幸来到36氪的大会现场。今天我分享的主题是《共生的力量，中国制造与生命再生》。 提到华熙生物，大家往往会联想到一个学术名词——透明质酸，也就是市场上俗称的"玻尿酸"。大众对它的第一印象通常停留在医美领域，认为是填充剂、 是让女性变美的手段。但我想强调的是，透明质酸在很大程度上被大众片面误读了。 在今天探讨 ...

【#华熙生物被调出科创50指数# 去年已无10亿元级护肤品牌】上海证券交易所与中证指数有限公司11 月28日发布关于上证50、上证180、上证380等指数定期调整结果的公告。根据指数规则，经指数专家委 员会审议，上海证券交易所与中证指数有限公司决定调整上证50、上证180、上证380、科创50等指数样 本，于2025年12月12日收市后生效。其中上证50指数更换4只样本，上证180指数更换7只样本，上证380 指数更换38只样本，科创50指数更换2只样本。 科创50指数样本调整名单显示，华熙生物被调出名单。（中国经济网） | 调出名单 | | 调入名单 | | | --- | --- | --- | --- | | 证券代码 | 证券名称 | 证券代码 | 证券名称 | | 688363 | 华熙生物 | 688220 | 翱捷科技 | | 688563 | 航材股份 | 688702 | 盛科通信 | ...

Core Viewpoint - Huaxi Bio's nutrition science segment has achieved a breakthrough, maintaining revenue growth while achieving quarterly profitability for the first time in Q3 [1] Short-term Outlook - Business recovery and expansion are expected in the short term, with skin science innovation and transformation business anticipated to continue adjustments, leading to gradual revenue recovery [1] - The raw materials business, leveraging commercialized synthetic biological new materials like PDRN and PQQ, is expected to achieve steady growth and become a significant growth engine for the company [1] Long-term Strategy - The company focuses on aging intervention, building an integrated solution covering raw materials, medical aesthetics, skincare, and nutrition, based on its leading synthetic biological manufacturing capabilities [1] - The business ecosystem is designed to enhance the company's cutting-edge R&D influence and drive brand value enhancement [1] Financial Projections - The expected EPS for the company from 2025 to 2027 is projected to be 0.81, 1.08, and 1.30 yuan respectively, maintaining a "buy" rating [1]

科创50指数样本调整名单显示，华熙生物被调出名单。 上海证券交易所与中证指数有限公司11月28日发布关于上证50、上证180、上证380等指数定期调整结果 的公告。根据指数规则，经指数专家委员会审议，上海证券交易所与中证指数有限公司决定调整上证 50、上证180、上证380、科创50等指数样本，于2025年12月12日收市后生效。其中上证50指数更换4只 样本，上证180指数更换7只样本，上证380指数更换38只样本，科创50指数更换2只样本。 | 调出名单 | | 调入名单 | | | --- | --- | --- | --- | | 证券代码 | 址寿名称 | 证券代码 | 址芬名称 | | 688363 | 华熙生物 | 688220 | 翱捷科技 | | 688563 | 航材股份 | 688702 | 盛科通信 | 新京报11月28日发布标题为《华熙生物旗下又一护肤品牌店铺清空，皮肤科学创新转化业务遇瓶颈》的 文章。文章称，皮肤科学创新转化业务"失速"，去年已无10亿级护肤品牌。华熙生物的调整早有苗头。 在今年半年报中，该公司指出，2024年是华熙生物组织变革元年，2025年继续推进变革。今年3月 ...

科创50指数样本调整名单显示，华熙生物被调出名单。 在2024年年报中，华熙生物表示，公司已将"个人健康消费品事业线"更名为"皮肤科学创新转化事 业线"，这一年，其皮肤科学创新转化业务实现收入25.69亿元，同比下降31.62%，占公司主营业务收入 的比例进一步降至47.92%。分品牌来看，润百颜、夸迪、米蓓尔、BM肌活的营收分别为9.23亿元、 6.49亿元、2.9亿元和2.79亿元，已无10亿级护肤品牌。 （责任编辑：华青剑） | 调出名单 | | 调入名单 | | | --- | --- | --- | --- | | 证券代码 | 证券名称 | 证券代码 | 证券名称 | | 688363 | 华壁生物 | 688220 | 翱捷科技 | | 688563 | 航材股份 | 688702 | 盛科通信 | 新京报11月28日发布标题为《华熙生物旗下又一护肤品牌店铺清空，皮肤科学创新转化业务遇瓶 颈》的文章。文章称，皮肤科学创新转化业务"失速"，去年已无10亿级护肤品牌。华熙生物的调整早有 苗头。在今年半年报中，该公司指出，2024年是华熙生物组织变革元年，2025年继续推进变革。今年3 月，公司董事长 ...

Core Insights - The medical beauty sector experienced a decline of 0.65% on December 2, with Huaxi Biological leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Sector Performance - The closing prices and performance of key stocks in the medical beauty sector are as follows: - Jinbo Biological: Closed at 223.43, up 2.42% with a trading volume of 11,300 hands and a transaction amount of 253 million [1] - *ST Meigu: Closed at 4.17, up 0.97% with a trading volume of 91,900 hands and a transaction amount of 37.83 million [1] - Aimeike: Closed at 145.06, down 0.64% with a trading volume of 16,000 hands and a transaction amount of 233 million [1] - Huaxi Biological: Closed at 46.57, down 0.89% with a trading volume of 20,600 hands and a transaction amount of 96.12 million [1] Capital Flow - The medical beauty sector saw a net outflow of 1.145 million from main funds, while retail investors had a net inflow of 1.233 million [1] - Detailed capital flow for key stocks is as follows: - Jinbo Biological: Main funds net inflow of 25.696 million, retail net inflow of 636,300 [2] - Huaxi Biological: Main funds net inflow of 4.2399 million, retail net inflow of 939,100 [2] - *ST Meigu: Main funds net inflow of 857,200, retail net inflow of 2.3685 million [2] - Aimeike: Main funds net outflow of 6.2421 million, retail net inflow of 9.0204 million [2]

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]