从资金流向上来看，当日医疗美容板块主力资金净流出1.06亿元，游资资金净流入3662.82万元，散户资 金净流入6979.17万元。医疗美容板块个股资金流向见下表： 证券之星消息，9月2日医疗美容板块较上一交易日下跌2.94%，华熙生物领跌。当日上证指数报收于 3858.13，下跌0.45%。深证成指报收于12553.84，下跌2.14%。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 | 3.09 | -1.28% | 10.52万 | 3245.80万 | | 832982 | 锦波生物 | 308.17 | -1.57% | 9259.42 | 2.84亿 | | 300896 | 爱美客 | 191.44 | -2.77% | 4.00万 | 7.73 Z | | 688363 | 华熙生物 | 56.95 | -3.31% | 5.37万 | 3.10亿 | | 代码 | | | 名称 | | | | | --- | --- ...

Macro and Strategy - The report discusses the internal tension between investment and consumption in China's economy, highlighting that the concentration of capital income among high-income groups leads to a low marginal propensity to consume, which is a primary source of investment [10][11] - It emphasizes that the imbalance between capital income and consumption demand has resulted in a continuous rise in China's capital-output ratio and a decline in capital return rates, making investment-driven growth unsustainable [10][11] Industry and Company - The automotive industry saw a 12% year-on-year increase in wholesale sales of passenger vehicles from August 1 to 24, 2025, with the collaboration between Huawei and SAIC for the H5 model opening for pre-orders [14][15] - The media and internet sector reported a 2.99% increase in industry performance, with OpenAI launching the GPT-Realtime voice model and the summer box office surpassing 11.8 billion yuan [18][21] - The public utility and environmental protection sector is focusing on the ongoing construction of a national carbon market, which is expected to drive urban green and low-carbon transformation [22][23] - The fluorochemical industry is experiencing a price increase in mainstream refrigerants, with R32 and R134a expected to see stable price growth due to limited supply and strong demand [25][29] - Yili Group reported a 5.9% year-on-year increase in revenue for Q2 2025, with improvements in profitability driven by a decrease in raw milk prices and better cost management [31][33] - Huadian International's revenue decreased by 8.98% in H1 2025 due to lower electricity prices and generation, but net profit increased by 13.15% due to reduced fuel costs [34]

Market Performance - The medical beauty sector increased by 2.03% on September 1, with Huaxi Biological leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Huaxi Biological (688363) closed at 58.90, with a rise of 2.97% and a trading volume of 82,200 shares, totaling a transaction value of 478 million yuan [1] - Aimei Ke (300896) closed at 196.90, up 1.51%, with a trading volume of 45,400 shares and a transaction value of 882 million yuan [1] - Jinbo Biological (832982) closed at 313.10, with a slight increase of 0.20%, trading 9,349.66 shares for a total of 291 million yuan [1] - *ST Meigu (000615) remained unchanged at 3.13, with a trading volume of 79,500 shares and a transaction value of 2.49 million yuan [1] Capital Flow Analysis - The medical beauty sector saw a net inflow of 65.1 million yuan from main funds, while retail funds experienced a net outflow of 32.6 million yuan [1] - Aimei Ke had a main fund net inflow of 45.58 million yuan, but retail funds saw a net outflow of 20.84 million yuan [2] - Huaxi Biological experienced a main fund net inflow of 25.20 million yuan, with retail funds also showing a net outflow of 15.53 million yuan [2] - *ST Meigu had a net outflow of 5.68 million yuan from main funds, but retail funds showed a net inflow of 3.74 million yuan [2]

证券研究报告 | 2025年09月01日 华熙生物（688363.SH） 优于大市 二季度利润端重回增长，积极变革调整效果初现 核心观点 公司研究·财报点评 美容护理·医疗美容 | 证券分析师：张峻豪 | 证券分析师：柳旭 | | --- | --- | | 021-60933168 | 0755-81981311 | | zhangjh@guosen.com.cn | liuxu1@guosen.com.cn | 单二季度营收降幅收窄，利润实现增长。公司 2025 上半年实现营收 22.61 亿元，同比-19.57%，归母净利润 2.21 亿元，同比-35.38%，实现扣非归母 净利润 1.74 亿元，同比-45%。非经常性损益主要政府补助 4786.8 万元等。 单二季度看，营收同比-18.44%至 11.83 亿元，降幅较一季度收窄 2.33pct， 归母净利润同比+20.89%至 1.19 亿元，扣非归母净利润同比+8.75%至 0.92 亿元，较一季度下滑 65%的数据实现显著好转。公司收入端在核心功能护肤 业务调整期仍有所承压，但二季度利润实现正增长，反映组织管理调整及业 务提效优化等措施已逐步见 ...

智平方近期完成由深创投领投的新一轮A系列融资，深创投单家超过亿元投资。据了解，本轮除了深创 投之外，还有老股东敦鸿资产、国投的持续加码，以及吸引了华熙生物和一家大型零售企业以产业资本 的身份参与。 ...

Company Overview - Huaxi Biological Technology Co., Ltd. is located in Jinan, Shandong Province, established on January 3, 2000, and listed on November 6, 2019. The company specializes in microbial fermentation and cross-linking technology platforms, developing bioactive materials that benefit human health. It has established a full industry chain from raw materials to medical terminal products, functional skincare products, and functional foods, serving global pharmaceutical, cosmetic, food manufacturing companies, medical institutions, and end-users [2]. Financial Performance - As of July 31, the number of Huaxi Biological shareholders reached 32,500, an increase of 1.78% from the previous period. The average circulating shares per person decreased by 1.75% to 14,799 shares [2]. - For the first half of 2025, Huaxi Biological reported operating revenue of 2.261 billion yuan, a year-on-year decrease of 19.57%. The net profit attributable to the parent company was 221 million yuan, down 35.38% year-on-year [2]. Stock Performance - Huaxi Biological's stock price has increased by 14.59% year-to-date, with a 1.81% rise over the last five trading days, a 13.65% increase over the last 20 days, and a 6.69% increase over the last 60 days [2]. - On September 1, the stock price rose by 2.03%, reaching 58.36 yuan per share, with a trading volume of 246 million yuan and a turnover rate of 0.89%. The total market capitalization stood at 28.111 billion yuan [1]. Shareholder Structure - As of June 30, 2025, the top ten circulating shareholders included various ETFs, with notable changes in holdings. For instance, Huaxia SSE Sci-Tech Innovation Board 50 ETF held 10.6429 million shares, down 244,800 shares from the previous period. Meanwhile, the E Fund SSE Sci-Tech Innovation Board 50 ETF increased its holdings by 227,800 shares to 7.9777 million shares [3].

5 diff r t a status and manufacturer u V S de / 技术路径上，智平方作为国内最早提出端到端VLA（视觉-语言-行动）技术的企业，今年4月，公司发布了全球首个全域全身VLA大模型（GOVLA）。该大 模型突破常规VLA模型仅控制机械臂的局限，实现了更好的感知能力、全身与轨迹控制能力，并全球首次输出快慢系统融合的端到端大模型。此外，智平 方还与北京大学等机构推出开源版本FiS-VLA，在三方权威评测中综合性能超越国际标杆Physical Intelligence Introduces π0 (pi-zero)达30%。 落地成果方面，智平方透露，公司已在工业、生物科技、公共服务等多领域落地并实现大规模部署，并坚持"智能驱动、商业闭环"，打造出具备复利效应的 成长路径。 9月1日消息，笔者获悉，具身智能机器人公司智平方（AI² Robotics）近期完成新一轮A系列融资，规模为数亿元。 本轮由深创投超过亿元领投，老股东敦鸿资产、国投的持续加码，还吸引华熙生物和一家大型零售企业以产业资本的身份参与投资。 智平方表示，这是该公司半年以来完成的7轮数亿级融资中规模较大的一轮。 ...

证券时报·数据宝以股权变动日为基准进行统计，近5个交易日（8月25日~8月29日）共有16家公司股份 获重要股东增持，累计增持数量达8080.91万股，增持金额合计7.92亿元。同期共有131家公司重要股东 涉及减持，合计减持金额96.88亿元。 从增持金额看，近5日增持金额在5000万元以上的有6家，增持金额最多的是同济科技，其间累计增持 2606.99万股，增持金额合计2.92亿元；其次是华熙生物，增持量为211.77万股，增持金额1.22亿元；汇 成股份近5日获股东增持8352.53万元，增持金额位居第三。 增持次数方面， 近5日获重要股东增持两次以上的共有4家公司， 分别是陆家嘴（增持7次）、华熙生物 （增持3次）、成都银行（增持2次）等。 板块分布显示，近5个交易日重要股东增持股中，创业板有2只，主板包含11只，科创板有3只，增持金 额上，创业板增持6616.85万元，主板增持5.18亿元，科创板增持2.08亿元。行业方面，重要股东增持股 主要集中在机械设备、公用事业等行业，分别包含2股、2股。 从资金流向看，股东增持股中，近5日净资金流出居前的有际华集团、三峡能源等，净流出资金分别为 2.75亿元 ...

26 August 2025 | 10:28PM HKT Bloomage Biotechnology Corp. (688363.SS): First Take: 2Q25 NI miss mainly on weaker medical aesthetics product sales; Sell Bloomage reported 2Q25 results after market close on Aug 26. 2Q25 NI (+21% yoy) missed expectations coming in 52%/43% lower than GSe/VA consensus, due to 1) 29%/22% lower sales (-18% yoy) vs. GSe/VA consensus driven by weak medical devices/raw materials sales; and 2) lower GPM likely due to step up discount, and lower-than-expected mix from high margin MA bu ...

Industry Overview - The beauty industry is witnessing significant developments, including financial reports from various companies and the successful registration of new raw materials like Ursolic Acid [1] - Major brands are launching new products and entering new markets, indicating a dynamic and evolving landscape [1] Company Performance - Up Beauty reported a record revenue of 4.108 billion yuan for the first half of 2025, a year-on-year increase of 17.3%, with a net profit of 556 million yuan, up 34.7% [2] - Giant Biological achieved a revenue of 3.113 billion yuan in the first half of 2025, reflecting a 22.5% year-on-year growth, with a net profit of 1.182 billion yuan, up 20.6% [21] - Huaxi Biological reported a revenue of 2.261 billion yuan, with net profit figures showing no growth, but signs of strategic adjustments beginning to take effect [22] - Marubi Biological's revenue for the first half of 2025 reached 1.769 billion yuan, a 30.83% increase year-on-year, with a net profit of 186 million yuan, up 5.21% [23] New Product Developments - Up Beauty is preparing to launch a new makeup brand called "Dan Cai" in collaboration with a renowned makeup artist [2] - COSMAX announced breakthroughs in anti-aging and whitening products, including a new NAD-based anti-aging cosmetic and a new whitening powder [3] - LV Cosmetics has begun global pre-sales, indicating a strong push into the market [15] Executive Changes - Proya appointed new executives, including Xue Xia as the board secretary and Guo Xiao as the Chief Marketing Officer, both bringing extensive experience in the consumer sector [4] - Givaudan announced a leadership change, with Gilles Andrier stepping down as CEO in March 2026, to be succeeded by Christian Stammkoetter [5] Market Trends - The beauty and skincare market saw sales of 235.23 billion yuan in the first half of 2025, a 10.1% year-on-year increase, with anti-aging products showing a significant growth of 30.3% [24] - The introduction of innovative products and strategic partnerships, such as COSMAX's collaboration with Korea University for climate-proof cosmetics, reflects the industry's adaptability to changing consumer needs [15]