Core Viewpoint - The medical beauty industry is experiencing a significant performance divergence among listed companies, driven by a shift from hyaluronic acid to collagen products, indicating a potential restructuring of industry value logic [1][3]. Group 1: Performance Analysis - In 2024, the performance of upstream medical beauty companies showed significant divergence, with companies like Juzi Biological and Jinbo Biological leading with high growth rates, while major hyaluronic acid players like Aimeike, Huaxi Biological, and Haohai Biological faced pressure [2][3]. - Aimeike's revenue growth slowed to 5.45%, the lowest since its listing, while Huaxi Biological's revenue declined by 11.61% and net profit dropped by 70.59% [3][5]. - Juzi Biological achieved revenue of 5.539 billion, a year-on-year increase of 57.2%, and a net profit of 2.062 billion, up 42.4% [5][7]. Group 2: Market Trends - The market for recombinant collagen products in China is projected to grow from 18.5 billion in 2022 to 108.3 billion by 2027, with a compound annual growth rate of 42.4% [7]. - Companies are increasingly entering the collagen market, including Aimeike and Huaxi Biological, which are exploring new opportunities in this segment [7][8]. - Huaxi Biological is developing proprietary recombinant human collagen products that have entered clinical trials, indicating a strategic shift towards innovative product development [7].

Core Insights - The analysis focuses on the inventory status of 14 representative listed companies in the daily chemical skincare sector for the year 2024, highlighting trends in inventory scale and turnover efficiency [1][2]. Inventory Scale and Proportion - Over half of the selected skincare companies experienced growth in inventory scale in 2024, with Chuang'er Biological showing the highest year-on-year increase of 62.44%, reaching an inventory scale of 0.35 billion [2][3]. - Other companies with significant inventory growth include Kesi Co. (0.97 billion, up 47.96%), Jinbo Biological (0.97 billion, up 45.68%), and Fulejia (1.6 billion, up 30.26%) [2][3]. - Water Sheep Co. has the highest inventory proportion relative to total assets at approximately 19.52% in 2024, indicating a notable increase from 19.32% in 2023 [4]. Inventory Turnover Efficiency - Among the analyzed companies, only Marubi and Qingsong Co. showed improvement in inventory turnover efficiency, while the remaining eight companies experienced an increase in inventory turnover days, indicating a decline in efficiency [1][5]. - Jinbo Biological, Huaxi Biological, and Beitaini reported inventory turnover days exceeding 270 days (approximately 9 months), with turnover days of 307.93 and 254.45 respectively for Jinbo and Huaxi [1][5]. - Eight out of the 14 companies improved their inventory turnover efficiency, while companies like Fulejia, Kesi Co., Marubi, Huaxi, Water Sheep, and Jiaheng Household experienced a decline in efficiency [7].

Summary of Key Points Core Viewpoint - The financing balance of the Sci-Tech Innovation Board (STAR Market) decreased by 4.07 billion yuan compared to the previous day, with 28 stocks seeing an increase in financing balance of over 10 million yuan, led by companies such as Huaxi Biological, Zhongwei Company, and Kingsoft Office [1][2]. Financing Balance Overview - As of May 15, the total margin financing balance on the STAR Market was 152.46 billion yuan, a decrease of 4.08 billion yuan from the previous trading day [1]. - Among the stocks, 382 had a financing balance exceeding 100 million yuan, with 16 stocks having balances over 1 billion yuan, and 134 stocks between 50 million to 100 million yuan [1]. Net Financing Inflows - A total of 298 stocks saw an increase in financing balance compared to the previous day, with 28 stocks having net inflows exceeding 10 million yuan [1]. - The stocks with the highest net financing inflows included Huaxi Biological (36.56 million yuan), Zhongwei Company (34.59 million yuan), and Kingsoft Office (34.56 million yuan) [2]. Stock Performance - The average decline for stocks with net inflows exceeding 10 million yuan was 1.71%, while notable gainers included Wanrun New Energy (6.92%), Huaxi Biological (6.26%), and Sanfu New Technology (5.28%) [2]. - The sectors attracting financing interest were primarily electronics, computers, and defense, with 8, 5, and 3 stocks respectively [2]. Financing Balance to Market Value Ratio - The average ratio of financing balance to market value for stocks with significant net inflows was 4.63%, with the highest ratio seen in Youfang Technology at 10.78% [2].

Group 1 - The concept of ergothioneine has gained significant attention in the A-share market, with stocks related to this concept experiencing strong price increases [2][3] - Key stocks in the ergothioneine sector include Tuoxin Pharmaceutical and Chuaning Biological, both of which reached their daily limit up, while other companies like Bawei Co., Xianle Health, and Huaxi Biological also saw gains [2][3] - The chairman of Kelun Pharmaceutical, Liu Gexin, has endorsed the company's anti-aging product "ergothioneine capsules," claiming to have used the product for three years, which has contributed to the product's popularity [2][3] Group 2 - Kelun Pharmaceutical reported a revenue of 4.39 billion yuan in Q1, a year-on-year decline of 29.42%, with a net profit of 584 million yuan, down 43.07% [2][4] - The decline in revenue and profit is attributed to high base effects from the previous year and the impact of centralized procurement on the infusion business [2][4] - The company aims to establish a new subsidiary, Kelun Yongnian, to focus on the sales of ergothioneine products, indicating a strategic shift towards the health industry [3][4] Group 3 - There are 14 stocks in the A-share market related to ergothioneine, with Huadong Medicine, Kelun Pharmaceutical, and Chuaning Biological having the largest market capitalizations [4] - The average stock price increase for ergothioneine-related stocks this year is 19.16%, with Ruoyuchen leading with a 104.62% increase [4] - Half of the ergothioneine concept stocks reported positive net profits in Q1, with companies like Changshan Pharmaceutical turning losses into profits [4] Group 4 - There was a significant net inflow of capital into ergothioneine concept stocks today, with Chuaning Biological, Jindawei, and Kelun Pharmaceutical seeing the highest net inflows of 563 million yuan, 153 million yuan, and 129 million yuan respectively [5]

证券时报•数据宝统计显示，今日科创板个股上涨的有88只，下跌的有487只。 资金流向方面，今日主力资金净流入的科创板股共有185只，其中，3只个股主力资金净流入超3000万 元，华熙生物主力资金净流入4047.09万元，净流入资金居首；光云科技、九号公司紧随其后，全天净 流入资金分别为3643.48万元、3420.34万元。主力资金净流出的有399只，净流出资金最多的是中芯国 际，该股今日下跌1.91%，全天主力资金净流出4.21亿元，其次是寒武纪、金山办公，主力资金净流出 分别为1.61亿元、1.21亿元。 从主力资金连续性进行观察，共有43只个股主力资金连续3个交易日以上持续净流入，连续净流入天数 最多的是瑞联新材、利扬芯片等2只股，主力资金均连续净流入9天。主力资金连续流出的个股有162 只，连续流出天数最多的是先锋精科，该股已连续21个交易日净流出；连续净流出天数较多的还有莱特 光电、三达膜等，主力资金分别连续流出14天、11天。（数据宝） 主力资金净流入排名 | 代码 | 简称 | 主力资金净流入（万元） | 主力资金流入率（%） | 涨跌幅（%） | 换手率（%） | | --- | --- | ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index (000680) decreased by 1.41% as of May 15, 2025, with mixed performance among constituent stocks [3] - Leading gainers included Junzhixing (688655) up 7.70%, Huaxi Biological (688363) up 6.56%, and Wanrun New Energy (688275) up 6.22%, while leading decliners were Changguang Huaxin (688048) down 8.10%, Huafeng Technology (688629) down 7.95%, and Aerospace Nanhu (688552) down 7.21% [3] - The Huaxia Sci-Tech Innovation Index ETF (589000) fell by 1.48%, with the latest price at 0.93 yuan, but showed a cumulative increase of 0.64% over the past two weeks as of May 14, 2025 [3] Group 2 - The Huaxia Sci-Tech Innovation Index ETF (589000) recorded a turnover rate of 3.73% during the trading session, with a transaction volume of 104 million yuan [3] - Over the past week, the average daily transaction volume of the Huaxia Sci-Tech Innovation Index ETF was 192 million yuan, ranking first among comparable funds [3] - In terms of scale and shares, the Huaxia Sci-Tech Innovation Index ETF saw an increase of 1.902 billion yuan in scale and 1.988 billion shares in volume over the past month, leading among comparable funds [3] Group 3 - The pharmaceutical sector is showing continuous signs of performance improvement for 2024 and Q1 2025, with overall profitability on the rise [4] - The sector is experiencing a gradual clearing of inventory and the impact of anti-corruption measures, with notable performance in sub-sectors such as chemical pharmaceuticals and medical consumables [4] - The overall R&D expense ratio for the pharmaceutical sector is expected to rebound year-on-year in 2024, laying a foundation for long-term stable development [4]

Core Insights - The 2025 China Beauty Expo (CBE) showcased the men's skincare brand "Kehan," co-developed by Huaxi Biological and New Seven Days Group, featuring its patented ingredient "Coresoy Essence" and a full product line [1] - Kehan won the "29th CBE Beauty Good Brand" award, establishing itself as a technological benchmark in the men's efficacy skincare sector with the brand philosophy "One Kehan, One Landing" [1][4] Product and Technology Highlights - Kehan's exhibition design was inspired by a "scientific laboratory," featuring interactive installations like the "Soybean Challenge" and "Capsule Toy Machine," which visually narrate the technology behind the core ingredient "Coresoy Essence" [2] - The "Soybean Challenge" game demonstrated the oil absorption process of Coresoy Essence, while the capsule machine introduced products like "Oil Control Cleansing Mousse" and "Lightweight Physical Sunscreen," distributing over 2000 samples on the first day [2][3] Ingredient Efficacy - Coresoy Essence, derived from non-GMO soybeans through patented fermentation, contains 14 amino acids and over 400 peptides, offering multiple benefits such as hydration, oil control, repair, anti-inflammation, whitening, antioxidant properties, and anti-aging [3] - In scratch tests, a concentration of 2.0%-4.0% of Coresoy Essence significantly accelerated skin healing, enhancing cell migration speed and reducing wound healing time, with a synergistic effect on hyaluronic acid (HA) of 13.64% [3] Market Positioning and Strategy - Kehan's product lineup, including the "Kehan Men's Three-in-One Multi-Effect Essence" and "Lightweight Physical Sunscreen," targets men's demand for efficient and simplified skincare, showcasing data like "12.5 hours of high-level sun protection" [4] - The brand emphasizes a scientific formula system "X+Y(y)+Z," aiming to break the traditional marketing-heavy approach in the men's skincare market, focusing on genuine, safe, and effective products [4][5] - With a comprehensive product range covering cleansing, sun protection, and essence, Kehan has established a full-chain barrier from raw material research to product innovation and precise marketing, currently available in offline channels like Watsons [4]

Core Viewpoint - The ChiNext Index and Shenzhen Component Index both fell over 1% on May 15, indicating a bearish trend in the market [1] Group 1: ETF Performance - The Sci-Tech Medicine Index ETF (588700) experienced a volatile trading session, closing down 0.42% with a premium rate of 0.04% [1] - Notable stocks within the ETF, such as Huaxi Biological and Huaheng Biological, saw gains exceeding 3%, while other stocks like Ailis, SanSheng GuoJian, BaiLi TianHeng, YiFang Biological-U, and RongChang Biological also experienced upward movement [1] Group 2: Fund Flows and Market Outlook - The Sci-Tech Medicine Index ETF (588700) recorded a net inflow of funds yesterday, reflecting investor interest [2] - The ETF closely tracks the Shanghai Stock Exchange Sci-Tech Board Biomedicine Index, which includes 50 large-cap companies in biomedicine, biomedical engineering, bio-agriculture, and other related sectors [2] - According to CITIC Securities research, the pharmaceutical, CXO, upstream, and scientific service sectors performed well last week, with a positive outlook for quality innovative drug companies through 2025 [2] - The report emphasizes the importance of focusing on cutting-edge technologies in pharmaceuticals and medical devices, while also acknowledging the challenges posed by international expansion [2]

Core Insights - Jinan is focusing on building a modern industrial system characterized by "four beams, three supports, and four pillars," which includes key industries such as automotive manufacturing, electronic information, high-end equipment, and biomedicine [1][13] - The city aims to cultivate ten iconic industrial clusters, forming a "10+N" industrial matrix, and is prioritizing emerging fields like artificial intelligence, quantum technology, and low-altitude economy [1][13] - Jinan's economic performance is projected to improve, with a GDP of 13,527.6 billion yuan in 2024, reflecting a 5.4% year-on-year growth [3] Industrial Structure and Economic Performance - Jinan's industrial structure is evolving, with the primary industry contributing 440.0 billion yuan (3.6% growth), the secondary industry at 4,519.2 billion yuan (5.8% growth), and the tertiary industry at 8,568.4 billion yuan (5.2% growth), leading to a service-oriented economy [3][5] - The city has implemented over 2,000 industrial investment projects, with a focus on automotive manufacturing and electronic information, resulting in a 6.5% increase in industrial output value for 2024 [5] Innovation and Technology Development - Jinan is enhancing its innovation capabilities, with 1,189 new innovative SMEs and 720 specialized and innovative enterprises established in 2024 [7][8] - The city has made significant progress in building high-energy innovation platforms, including the Chinese Academy of Sciences Jinan Innovation City and the Shandong Institute of Industrial Technology [7] New Quality Productive Forces - The concept of "New Quality Productive Forces" was introduced by President Xi Jinping, emphasizing innovation-driven development and advanced production characteristics [2][10] - Jinan's government has launched several policies to support the development of new quality productive forces, including action plans for aerospace information and innovative pharmaceuticals [10][11] Future Industry Layout - Jinan is actively positioning itself in future industries, particularly in aerospace information, low-altitude economy, and quantum technology, with plans for significant infrastructure development [28] - The city aims to create a national-level future industry innovation demonstration zone, focusing on high-tech sectors and sustainable development [28] Key Enterprises and Sectors - Major companies in Jinan include Inspur Group in information technology, Qilu Pharmaceutical in biomedicine, and China National Heavy Duty Truck Group in high-end equipment manufacturing [20][21] - The automotive sector is represented by companies like BYD and Geely, which are driving the growth of the new energy vehicle industry in the region [20][21]

Core Insights - The performance of domestic beauty companies in China is showing significant divergence, with some achieving remarkable growth while others face declines, indicating a reshaping of the market landscape [1][4][42] Group 1: Company Performance - Proya has become the first domestic beauty company to enter the 10 billion yuan club, with a revenue of 10.778 billion yuan, growing by 21.04% [2] - Other companies like Shangmei and Juzi Biological also reported substantial revenue increases of 62.08% and 57.17% respectively, while Shanghai Jahwa experienced a revenue decline of 13.93% [2][3] - Six beauty companies have revenues exceeding 5 billion yuan, suggesting that this threshold will soon become a significant benchmark for the top 10 domestic beauty brands [1] Group 2: Profitability Trends - Juzi Biological leads in profitability with a profit of 2.062 billion yuan, up 42.06%, while Proya's profit reached 1.552 billion yuan, growing by 30% [3] - In contrast, Shanghai Jahwa reported a loss of 833 million yuan, marking a 266.60% decline, highlighting the stark differences in profitability among companies [3][11] Group 3: Market Dynamics - The current market dynamics indicate a shift towards efficacy-driven products, with companies that successfully launched standout products seeing better performance [4][5] - The competition is intensifying, with new entrants emerging and established brands needing to adapt to changing consumer preferences and market trends [7][30] Group 4: R&D and Strategic Focus - Companies are increasingly focusing on R&D, with most reporting a rise in R&D expenditures, indicating a strategic shift towards innovation and efficacy [20][21] - The trend of acquisitions and investments in technology is becoming a key strategy for companies aiming to enhance market share and scale [23][24] Group 5: Emerging Opportunities - The male skincare market is growing rapidly, presenting new opportunities for brands to capture this segment [36] - The aging population is creating demand for products targeting older consumers, which remains largely untapped [39] - As online sales plateau, brands are shifting focus to offline channels, indicating a potential new battleground for market share [40]