中国北京建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-14th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于华熙生物科技股份有限公司 2025 年第一次临时股东会的法律意见书 致：华熙生物科技股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）等法律、法规及规范性文件和《华熙生物科 技股份有限公司章程》（以下简称"《公司章程》"）的规定，北京市通商律 师事务所（以下简称"通商"或"本所"）接受华熙生物科技股份有限公司 （以下简称"公司"）委托，指派本所律师出席了公司于 2025 年 10 月 27 日召 开 ...

Core Insights - Huaxi Biological's core brand, Runbaiyan, has named two venues in Beijing and Chongqing as "Huaxi Biological・Runbaiyan ECM Center" [1] - The ECM Center integrates sports events, performing arts, and leisure commerce, becoming a cultural landmark and urban vitality center [1] - Huaxi Biological is one of the few companies globally that has a comprehensive layout in the ECM (extracellular matrix) field, focusing on the overall synergy of key ECM substances [1] Company Overview - Huaxi Biological is engaged in the research and development of key ECM substances, establishing a unified underlying technology and product planning for oral, external, and medical applications [1]

Market Overview - The Shanghai Composite Index is at 3981.95 points, above the annual line, with an increase of 0.80% [1] - The total trading volume of A-shares is 12,201.25 billion yuan [1] Stocks Breaking Annual Line - A total of 44 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Weiston (5.84%) - Yongfu Co., Ltd. (5.49%) - Zhixiang Jintai (4.58%) [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Weiston: Today's increase of 13.21%, turnover rate of 19.88%, latest price at 55.62 yuan [1] - Yongfu Co., Ltd.: Today's increase of 8.21%, turnover rate of 2.57%, latest price at 26.37 yuan [1] - Zhixiang Jintai: Today's increase of 6.55%, turnover rate of 5.49%, latest price at 30.10 yuan [1] - Other stocks with lower deviation rates include: - Qiyuan (0.77%) - Hars (0.71%) - Huaxi Biological (0.66%) [2]

Core Insights - The Chinese beauty industry has reached a milestone with Huaxi Biological's core brand, Runbaiyan, officially naming two landmark venues in Beijing and Chongqing as Huaxi Biological·Runbaiyan ECM Centers, marking the brand's significant exposure and strategic extension into urban markets [1][4] Group 1: Brand Strategy and Market Positioning - Runbaiyan's naming of the venues signifies its status as a domestic skincare brand that has successfully branded two major city landmarks [1] - The brand aims to transition from mere brand exposure to a scientific narrative, emphasizing the importance of ECM (extracellular matrix) in both biological and urban contexts [1][8] - The integration of cultural and sports events within these venues is expected to foster emotional connections and commercial prosperity, akin to how ECM supports cellular functions [8][11] Group 2: Scientific Foundation and Innovation - ECM is recognized as a fundamental component for life, influencing cellular organization and communication, and has been identified as a key factor in aging and tissue regeneration by international research [3][9] - Huaxi Biological has invested years in ECM research, aiming to translate scientific understanding into urban living experiences, thereby creating a connection between individuals and cities [3][9] - The scientific insights provided by experts highlight the role of hyaluronic acid in ECM, which is crucial for cellular signaling and regeneration, reinforcing the brand's commitment to scientific innovation [9] Group 3: Consumer Engagement and Experience - The newly established ECM Centers in Beijing and Chongqing will offer a unique blend of sports, entertainment, and leisure, creating vibrant cultural landmarks [11] - Runbaiyan plans to develop a multi-dimensional membership system that enhances consumer experiences by leveraging the foot traffic and cultural engagement at these venues [11][13] - Interactive elements, such as product sampling and exclusive event experiences, are designed to enrich consumer participation and connection with the brand [13][15]

Core Insights - The article discusses how Huaxi Biotechnology, a leading hyaluronic acid company, is overcoming the "valley of death" in the biotechnology sector through strategic investments and innovations [1][3] Group 1: Strategic Decisions - Huaxi invested 3 billion yuan to build the world's largest pilot testing platform, which is a critical strategic decision for the company [3] - This pilot platform serves as a "translator" and "accelerator" that connects scientific research with industrial application, allowing for the verification of new processes and materials at a lower cost and risk [3] Group 2: Business Model and Synergy - The platform creates strong strategic synergy between Huaxi's B-end raw material business and C-end brand business, enabling continuous exploration of cutting-edge technology and direct capture of consumer demand [3] - The pilot platform acts as a hub that facilitates the rapid transformation of advanced technologies into marketable products, while also allowing market feedback to drive research and development [3] Group 3: Competitive Advantage - This strategic move lays a solid foundation for Huaxi's transformation from a leading hyaluronic acid company to a biotechnology platform enterprise, ensuring a continuous flow of technological reserves to the market [3] - The company is positioned to maintain dynamic competitiveness through ongoing innovation and leadership in the industry [3]

Core Insights - The collagen market is experiencing significant growth driven by increasing consumer focus on efficacy and ingredients, with two main growth drivers: professional skin care and aesthetic injection applications [1][3] - The collagen market in China is projected to exceed 16 billion yuan at the raw material level and approach 270 billion yuan at the retail level by 2030 [1] - The industry is currently in a phase of policy refinement, accelerated technological iteration, and tight collaboration across the supply chain [1] Industry Structure - The collagen industry has a high degree of integration between raw material supply and end product manufacturing, with upstream suppliers, midstream manufacturers of recombinant collagen, and downstream sales channels [2] - The market is characterized by significant growth potential, high technological barriers, and intense competition [2] End-User Applications - The demand for professional skin care products that combine medical safety and cosmetic efficacy is rapidly increasing, particularly in the aesthetic medicine sector [3] - Applications of collagen products are expanding from traditional moisturizing and nourishing functions to include core roles in aesthetic injection materials [3] Recommended Companies - Companies to watch include: Giant Bio (02367), Jinbo Bio (920982.BJ), Marubi Bio (603983.SH), Huaxi Bio (688363.SH), Fulejia (301371.SZ), Novozymes (688105.SH), Baipusais (301080.SZ), and Betaini (300957.SZ) [4]

Group 1 - The medical beauty sector experienced a decline of 0.12% on October 23, with Jinbo Biological leading the drop [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] - Key stocks in the medical beauty sector showed mixed performance, with Aimeike rising by 0.64% and Jinbo Biological falling by 2.84% [1] Group 2 - The net outflow of main funds in the medical beauty sector was 32.09 million yuan, while retail funds saw a net inflow of 10.22 million yuan [1] - Specific stock fund flows indicated that *ST Meigu experienced a main fund outflow of 6.29 million yuan, while retail funds had a net inflow of 6.18 million yuan [2] - Huaxi Biological also faced a main fund outflow of 10.03 million yuan, with retail funds showing a net inflow of 4.67 million yuan [2]

Core Insights - The medical beauty sector experienced a slight decline of 0.17% on October 22, with Ai Meike leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Sector Performance - The closing prices and performance of key stocks in the medical beauty sector are as follows: - *ST Meigu: Closed at 3.69, up 4.53% with a trading volume of 293,600 shares and a transaction value of 108 million yuan [1] - Huaxi Biological: Closed at 53.70, up 0.45% with a trading volume of 20,500 shares and a transaction value of 1.1017 million yuan [1] - Jinbo Biological: Closed at 262.87, down 0.38% with a trading volume of 6,168 shares and a transaction value of 163 million yuan [1] - Ai Meike: Closed at 166.15, down 0.98% with a trading volume of 17,500 shares and a transaction value of 292 million yuan [1] Capital Flow - The medical beauty sector saw a net outflow of 20.9685 million yuan from main funds, while retail investors contributed a net inflow of 11.5985 million yuan [1] - Detailed capital flow for key stocks: - Huaxi Biological: Main funds net inflow of 10.7629 million yuan (9.81% of total), retail net outflow of 8.6171 million yuan (-7.86% of total) [2] - *ST Meigu: Main funds net inflow of 719,200 yuan (0.66% of total), retail net outflow of 2.7039 million yuan (-2.49% of total) [2] - Ai Meike: Main funds net outflow of 32.4506 million yuan (-11.11% of total), retail net inflow of 22.9195 million yuan (7.84% of total) [2]

Group 1 - The medical beauty sector increased by 0.63% on October 21, with Jinbo Biological leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] - Key stocks in the medical beauty sector showed varied performance, with Jinbo Biological closing at 263.87, up 1.10%, and Aimeike at 167.80, up 0.46% [1] Group 2 - The medical beauty sector experienced a net outflow of 127.96 thousand yuan from main funds and 928.94 thousand yuan from speculative funds, while retail investors saw a net inflow of 1,056.9 thousand yuan [1] - Aimeike had a main fund net inflow of 503.62 thousand yuan, but a net outflow of 971.83 thousand yuan from speculative funds [2] - Huaxi Biological faced a net outflow of 291.25 thousand yuan from main funds and 55.17 thousand yuan from speculative funds, with a net inflow of 346.42 thousand yuan from retail investors [2]

Market Overview - The Shanghai Composite Index rose by 0.63% on October 20, with 26 out of 28 sectors experiencing gains, led by the communication and coal industries, which increased by 3.21% and 3.04% respectively [1] - The market saw a net outflow of 4.601 billion yuan in major funds, with 12 sectors recording net inflows, primarily in the communication sector, which attracted 4.397 billion yuan [1] Sector Performance - The communication sector had the highest net inflow of funds, contributing to its 3.21% increase, while the coal sector followed with a net inflow of 1.148 billion yuan [1] - Conversely, the non-ferrous metals sector experienced the largest net outflow, totaling 4.699 billion yuan, followed by the computer sector with a net outflow of 2.390 billion yuan [1] Beauty and Personal Care Industry - The beauty and personal care sector declined by 0.38%, with a net outflow of 24.996 million yuan [2] - Among the 29 stocks in this sector, 15 saw gains while 12 experienced declines [2] - The top net inflow stock was Shanghai Jahwa, with an inflow of 22.996 million yuan, followed by Liangmianzhen and Jiaheng Jiahua with inflows of 12.992 million yuan and 6.235 million yuan respectively [2] Individual Stock Performance - The stocks with the highest net outflows included Proya, Aimeike, and Huaxi Biology, with outflows of 26.186 million yuan, 23.826 million yuan, and 9.397 million yuan respectively [2] - A detailed table of stock performance indicates various changes in price and turnover rates, highlighting the dynamics within the beauty and personal care sector [3]