Market Overview - The medical beauty sector experienced a decline of 1.41% on January 27, with *ST Meigu leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - Aimei Ke (300896) closed at 140.31, down 1.20% with a trading volume of 31,300 shares and a transaction value of 439 million [1] - Jinbo Biological (920982) closed at 228.34, down 1.31% with a trading volume of 5,531 shares and a transaction value of 127 million [1] - Huaxi Biological (688363) closed at 46.43, down 1.59% with a trading volume of 49,700 shares and a transaction value of 229 million [1] - *ST Meigu (000615) closed at 3.19, down 2.15% with a trading volume of 108,900 shares and a transaction value of 34.8 million [1] Capital Flow Analysis - The medical beauty sector saw a net outflow of 41.32 million from main funds and a net outflow of 3.13 million from speculative funds, while retail investors had a net inflow of 44.45 million [1] - For *ST Meigu, the main funds had a net outflow of 9.71 million, accounting for -27.91% of the total, while retail investors had a net inflow of 7.40 million, representing 21.26% [2] - Huaxi Biological experienced a net outflow of 14.32 million from main funds, with a net inflow of 4.64 million from retail investors [2] - Aimei Ke had a net outflow of 17.28 million from main funds, with a net inflow of 32.41 million from retail investors [2] - Jinbo Biological saw a net outflow of 19.33 million from main funds, with a net outflow of 188,440 from retail investors [2]

Core Viewpoint - The closure of the Taobao store "Dai Gua Xiao Huo Ban," a personal beauty agent shop with 450,000 followers, highlights the increasing challenges faced by e-commerce businesses in the beauty industry due to intensified competition, regulatory pressures, and rapid changes in e-commerce strategies [2][3][14]. Group 1: Store Performance and Closure - "Dai Gua Xiao Huo Ban" announced it will completely delist all products by the end of February, with remaining inventory being cleared at a 30% discount [2][26]. - The store has a diverse product range, including popular domestic beauty items, with prices mostly between tens to hundreds of yuan, targeting a budget-conscious consumer base [4][28]. - Despite being a top performer with 458,000 followers and over 300,000 annual sales, the store's overall rating is only 4.5, lagging behind 88% of its peers, primarily due to low logistics speed [8][32][34]. Group 2: Industry Challenges - The beauty e-commerce sector is experiencing a wave of store closures, with many previously successful shops shutting down due to economic and psychological pressures [14][38]. - The operational environment for e-commerce is becoming increasingly difficult, with many merchants forced to sell products at cost price to attract customers, leading to unsustainable revenue [16][40]. - Issues such as high return rates and strict consumer protection policies are exacerbating the challenges for small beauty shops, making it hard to maintain profitability [17][41]. Group 3: Market Dynamics and Future Outlook - Despite the closures, the overall potential for the Chinese cosmetics market remains strong, with projections indicating a market size exceeding 170 billion yuan by 2028, maintaining a compound annual growth rate of over 8% [20][44]. - The market is witnessing a polarization, with large brands like Proya and Han Shu continuing to grow, while smaller players struggle unless they find a unique positioning [21][45]. - Strategies for survival in the current market include focusing on product quality, offering tailored solutions, and targeting niche markets to build a loyal customer base [22][46].

Group 1 - The medical beauty sector experienced a slight decline of 0.03% on January 26, with *ST Meigu leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Key stocks in the medical beauty sector showed mixed performance, with Huaxi Biological up 1.03% and *ST Meigu down 1.81% [1] Group 2 - The medical beauty sector saw a net outflow of 14.71 million yuan from main funds, while retail investors contributed a net inflow of 8.53 million yuan [1] - Detailed fund flow data indicates that Huaxi Biological had a main fund net inflow of 5.91 million yuan, while *ST Meigu experienced a significant main fund net outflow of 7.46 million yuan [2] - Retail investors showed a positive net inflow in several stocks, with Love Beauty seeing a retail net inflow of 26.41 million yuan despite a main fund outflow [2]

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, indicating strong performance compared to the market [2]. Core Insights - The cosmetics and medical beauty sector has outperformed the market recently, with the Shenwan Beauty Care Index rising by 2.0% from January 16 to January 23, 2026, surpassing the Shenwan A Index by 0.8 percentage points [4][5]. - December 2025 saw a significant increase in social retail sales for cosmetics, reaching 38 billion yuan, with a growth rate of 8.8%, indicating robust demand even in the off-season. The overall growth rate for Q4 was 9.9%, significantly higher than the annual growth of 5.1% for 2025, driven by promotional events like Double 11 [10][17]. - The report anticipates continued high consumer demand in Q1 2026, supported by new product launches and regulatory approvals in the medical beauty sector [10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown strong performance, with the Shenwan Cosmetics Index increasing by 2.6% and the Shenwan Personal Care Index rising by 4.2%, both outperforming the Shenwan A Index [4][5]. Key Company Reviews - Lin Qingxuan (2657HK) is highlighted as a benchmark in the high-end domestic skincare market, with revenue projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, representing a CAGR of 32.7%. The company is expected to turn a profit of 187 million yuan in 2024, a 120% increase year-on-year [11][12]. - Langzi Co., Ltd. (002612.SZ) forecasts a net profit of 900 million to 1.05 billion yuan for 2025, reflecting a year-on-year growth of 245.25% to 302.80% [4]. - Qingsong Co., Ltd. (300132.SZ) anticipates a net profit of 130 million to 165 million yuan for 2025, with a growth rate of 137.73% to 201.74% [4]. Market Trends - The report notes that the high-end skincare market is expanding, with the market size expected to reach 218.5 billion yuan by 2029. The concept of "oil-based skincare" is becoming mainstream, driving growth in the facial oil segment, which is projected to grow at a CAGR of 42.8% from 2019 to 2024 [12][14]. - E-commerce channels are increasingly important, with Lin Qingxuan achieving a 65.4% online revenue share in H1 2025, leveraging platforms like Douyin and Tmall for growth [13]. Sales Data - In December 2025, the total retail sales of cosmetics reached 38 billion yuan, with a year-on-year growth of 8.8%. The overall retail sales for cosmetics in 2025 were 465.3 billion yuan, reflecting a 5.1% increase [17][21].

| 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 散户净流入 (元) 散户净占比 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 920982 锦波生物 | | | 777.78万 | 4.57% | -145.86万 | -0.86% | 838.00 | 0.00% | | 688363 华熙生物 | | | 486.39万 | 2.47% | -2118.96万 | -10.76% | 1632.57万 | 8.29% | | 000615 *ST美谷 | | | -501.91万 | -21.98% | 111.70万 | 4.89% | 390.21万 | 17.09% | | 300896 | 爱美客 | | -567.61万 | -1.31% | -1527.19万 | -3.53% | 2094.79万 | 4.84% | 证券之星消息，1月23日医疗美容板块较上一交易日上涨1.5%，华熙生物领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收 ...

Core Viewpoint - The medical beauty sector experienced a decline of 1.35% on January 22, with Jinbo Biological leading the drop, while the overall market indices showed slight increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4122.58, up 0.14% - The Shenzhen Component Index closed at 14327.05, up 0.5% [1]. Group 2: Individual Stock Performance - ST Meigu closed at 3.34, with an increase of 1.52% and a trading volume of 60,900 shares, totaling a transaction value of 20.15 million yuan - Huaxi Biological closed at 45.54, down 0.76% with a trading volume of 28,800 shares, totaling a transaction value of 13.2 million yuan - Aimeike closed at 141.60, down 2.07% with a trading volume of 31,200 shares, totaling a transaction value of 44.6 million yuan - Jinbo Biological closed at 226.99, down 2.21% with a trading volume of 7,993.54 shares, totaling a transaction value of 183 million yuan [1]. Group 3: Capital Flow Analysis - The medical beauty sector saw a net outflow of 66.31 million yuan from main funds, while retail investors contributed a net inflow of 45.07 million yuan - The detailed capital flow for individual stocks shows: - ST Meigu: Main funds net inflow of 1.81 million yuan, retail net outflow of 759,000 yuan - Huaxi Biological: Main funds net outflow of 24.14 million yuan, retail net inflow of 8.44 million yuan - Jinbo Biological: Main funds net outflow of 35.10 million yuan, retail net inflow of 313,600 yuan - Aimeike: Main funds net outflow of 43.98 million yuan, retail net inflow of 37.39 million yuan [2].

Group 1 - The core issue facing Huaxi Biological is a dual challenge of capital and performance, with frequent shareholder sell-offs, declining performance, and significant market value reduction [1][6] - The second-largest shareholder, Guoshou Chengda, has reduced its stake from 7.15% to 4.01% since October 2024, cashing out approximately 769 million yuan through two large-scale sell-offs, signaling a strong capital exit and reflecting cautious sentiment from institutional investors [2][7][8] - The company's market value has shrunk to about 22.2 billion yuan, far from its peak of over 100 billion yuan, indicating a loss of market confidence [8] Group 2 - Huaxi Biological's revenue and net profit have entered a downward trend, with a reported revenue decline of 11.61% and a net profit drop of 70.59% in 2024, followed by an 18.36% revenue decline and a 30.29% net profit decrease in the first three quarters of 2025 [3][9] - The company has initiated a series of business contraction actions, including the closure of several sub-brands and focusing resources on core brands like "Runbaiyan" and "Kuaidi," which highlights the challenges faced in previous diversification efforts [3][9] - Despite some recovery in net profit in the second and third quarters of 2025 due to cost-cutting measures, the overall revenue scale continues to shrink, indicating ongoing struggles [3][9] Group 3 - The return of founder Zhao Yan has led to initial success in cost control, achieving a temporary halt in losses, but the company has yet to demonstrate sustainable revenue generation capabilities [4][10] - Huaxi Biological is advancing research projects in synthetic biology, including injectable recombinant collagen and VAHA, which are in trial production stages, potentially opening a new growth avenue if these products can achieve market competitiveness [4][10] - The transition from research and development to market success involves overcoming multiple technical, market, and cost barriers, which remains a significant challenge for the company [4][10] Conclusion - The difficulties faced by Huaxi Biological reflect typical challenges for high-growth companies entering an adjustment phase, including a retreat of capital enthusiasm, a shift in growth models, and a gap between old and new business lines [5][11] - While the company has taken critical steps towards focusing its operations, moving from cost-cutting to revenue generation and achieving breakthroughs in core brand competitiveness and commercialization of R&D results remains essential for future recovery [5][11]

Core Insights - The Ministry of Industry and Information Technology has announced the first batch of "Biomanufacturing Pilot Capacity Construction Platform List," with Huaxi Biological Technology (Tianjin) Co., Ltd. being recognized for its leading synthetic biology pilot platform and awarded the highest "five-star" certification [1][2] - Huaxi Biological is one of only five companies in the country to receive this five-star rating, achieving the highest certification in three core areas: cosmetics, food additives, and biopharmaceuticals, marking a significant breakthrough in China's biomanufacturing infrastructure [1][2] Company Summary - Huaxi Biological's synthetic biology pilot transformation platform has a total investment exceeding 3 billion yuan, with a building area of 40,000 square meters and equipped with 64 pilot production lines [1] - The platform can simultaneously conduct large-scale transformation experiments for six categories of bioactive substances, serving multiple strategic emerging industries, including pharmaceuticals, health, and personal care [1] Industry Summary - The pilot platform is crucial for bridging the "valley of death" in the transformation of biomanufacturing research achievements, as China's technology achievement conversion rate is only about 10%, significantly lower than that of developed countries [1][2] - The platform innovatively creates a "cell factory" industrial debugging center, utilizing an intelligent central control system for real-time monitoring and early warning analysis of production processes, and employs a "flexible production line" design to quickly adapt to different pilot needs [2] - The establishment of this five-star certification is a significant signal of the national acceleration of biomanufacturing industry layout, with plans to cultivate over 20 biomanufacturing pilot platforms by 2027 [2]

Market Overview - The medical beauty sector experienced a decline of 1.35% on January 20, with *ST Meigu leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Key stocks in the medical beauty sector showed the following performance: - Huaxi Biological (688363) closed at 45.82, down 0.82% with a trading volume of 35,000 shares and a turnover of 161 million yuan [1] - Aimeike (300896) closed at 144.82, down 1.59% with a trading volume of 30,000 shares and a turnover of 436 million yuan [1] - Jinbo Biological (920982) closed at 234.11, down 1.96% with a trading volume of 6,327 shares and a turnover of 149 million yuan [1] - *ST Meigu (000615) closed at 3.24, down 2.70% with a trading volume of 106,900 shares and a turnover of 34.95 million yuan [1] Capital Flow - The medical beauty sector saw a net outflow of 100 million yuan from main funds, while retail investors contributed a net inflow of 74.88 million yuan [1] - Detailed capital flow for key stocks includes: - *ST Meigu: Main funds net outflow of 11.12 million yuan, retail net inflow of 6.93 million yuan [2] - Jinbo Biological: Main funds net outflow of 25.90 million yuan, retail net outflow of 1.30 million yuan [2] - Huaxi Biological: Main funds net outflow of 31.89 million yuan, retail net inflow of 22.38 million yuan [2] - Aimeike: Main funds net outflow of 57.26 million yuan, retail net inflow of 45.57 million yuan [2]

Core Insights - The article emphasizes the rising importance of biomanufacturing as a strategic and innovative sector, which is seen as a new growth point that can help optimize industrial structures and transform economic models [1]. Group 1: Current State and Trends - The "2025 China Synthetic Biomanufacturing Industry Development White Paper" was officially released on August 1, highlighting the current status and trends in biomanufacturing [1]. - The report analyzes the global biomanufacturing industry, including key platform facilities and a comparative study of the US and China in this field [5]. Group 2: Policy Landscape - The white paper discusses major policies affecting biomanufacturing both domestically and internationally for the years 2024-2025 [5]. Group 3: Industry Map and Applications - It provides a comprehensive map of the Chinese biomanufacturing industry and analyzes the industry chain along with key application directions, including biomanufacturing in pharmaceuticals, food, personal care, agriculture, chemicals, materials, and energy [5]. Group 4: Key Enterprises - The report identifies ten leading enterprises in the Chinese biomanufacturing sector, detailing their contributions and roles within the industry [5][6]. Group 5: Company Strategies - It outlines the synthetic biology strategies of 15 listed companies, summarizing their development approaches and corresponding popular products [5][6]. Group 6: Investment and Challenges - The white paper reviews the investment and financing situation in domestic synthetic biology from 2024 to mid-2025 and discusses the challenges faced by the biomanufacturing industry in China, along with proposed countermeasures [5][6].