Core Insights - The rise of the "silver economy" indicates that the high-net-worth elderly population is expected to become a significant growth engine for the market [1][5]. Group 1: Market Dynamics - Goldman Sachs reports that the medical expenditures of individuals aged 50 and above with net assets exceeding 3 million yuan will be a key driver for the growth of the high-end medical market in China [2]. - This demographic, while only representing 3% of the population over 50, currently contributes 5% of total medical expenditures, which is projected to increase to 13% by 2035 as their population share grows to 5% [3][8]. - The medical spending of this group is expected to rise from 221 billion yuan in 2024 to 963 billion yuan by 2035, reflecting a compound annual growth rate (CAGR) of 14.3%, significantly higher than the overall elderly population growth rate of 5.3% and the all-age growth rate of 4.7% [3][7]. Group 2: Self-Payment Market - As national health insurance budgets tighten, the role of out-of-pocket (OOP) medical expenses is becoming increasingly important, with the self-payment ratio expected to rise from 65% in 2024 to 86% by 2035 [4][9]. - This shift indicates that traditional models reliant on insurance reimbursements are inadequate for meeting the needs of this affluent elderly demographic, which prefers high-quality, elective medical services [9]. Group 3: Health Trends and Opportunities - The report highlights a rising incidence of diseases such as tooth loss, cataracts, and diabetes among the over-50 population, suggesting a growing demand for early screening, preventive care, and high-quality treatment options [10]. - Companies that offer high-end and self-paid medical products are expected to benefit significantly, with revenue growth projected at 13%-21% CAGR, outpacing other business segments [11]. Group 4: Emerging Technologies - The report emphasizes the potential of cutting-edge technologies such as brain-machine interfaces, gene therapies, and rehabilitation robotics to reshape the healthcare industry [4][12]. - The global market for gene medicine is estimated to reach $4.8 trillion, driven by advancements in CRISPR/Cas9 technology and decreasing gene sequencing costs [12]. - Although these technologies are still in early stages, their early applications in healthcare present significant opportunities for growth in the high-end self-pay medical market [13].

Group 1 - The company has completed the repurchase and cancellation of H shares, resulting in a reduction of total share capital from 233,193,695 shares to 232,581,095 shares [1][2] - The repurchase was authorized during the 2023 annual general meeting and subsequent shareholder meetings, allowing the board to proceed with the cancellation of H shares [1] - Following the cancellation, the structure of the share capital has changed, with A shares increasing from 83.2149% to 83.4341% of total shares, while H shares decreased from 16.7851% to 16.5659% [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Shanghai Haohai Biological Technology Co., Ltd.* 上海昊海生物科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6826） 证券代码：688366 证券简称：昊海生科 公告编号：2025-035 海外監管公告 本公告乃由上海昊海生物科技股份有限公司（「本公司」）根據《香港聯合交易所有 限公司證券上市規則》第13.10B條的規定刊發。 茲載列本公司在上海證券交易所網站刊登之《上海昊海生物科技股份有限公司關 於註銷已回購H股股份的公告》，僅供參考。 承董事會命 上海昊海生物科技股份有限公司 主席 侯永泰 中國上海，2025年7月28日 於本公告日期，本公司之執行董事為侯永泰博士、吳劍英先生、陳奕奕女士及 唐敏捷先生；本公司之非執行董事為游捷女士、黃明先生及魏長征先生；及本公 司之獨立非執行董事為沈紅波先生、姜志宏先生、蘇治先生及楊玉社先 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 证券代码：688366 证券简称：昊海生科 公告编号：2025-035 上海昊海生物科技股份有限公司 关于注销已回购 H 股股份的公告 三、本次注销完成后的股本结构情况 | 股份类别 | 本次注销前 | | 本次注销后 | | | --- | --- | --- | --- | --- | | | 股份数（股） | 占总股份数比 | 股份数（股） | 占总股份数比 | | | | 例（%） | | 例（%） | | A 股股份总数 | 194,051,855 | 83.2149 | 194,051,855 | 83.4341 | | H 股股份总数 | 39,141,840 | 16.7851 | 38,529,240 | 16.5659 | | 总股份数 | 233,193,695 | 100.0000 | 232,581,095 | 100.0000 | 特此公告。 上海昊海生物科技股份有限公司董事会 2025 年 7 月 29 日 一、本次回购的基本情况 上海昊海生物科 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 上海昊海生物科技股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期： 2025年7月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 第 2 頁 共 6 頁 v 1.3.0 FF305 確認 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06826 | 說明 H 股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 上海昊海生物科技股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期： 2025年7月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06826 | 說明 H 股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份） ...

Group 1 - The article provides an overview of the Chinese medical beauty industry, highlighting key listed companies and their performance metrics [1][5][9] - Major players in the industry include Aimeike, Huaxi Biological, and Haohai Biological, with Aimeike maintaining the highest market share in the sodium hyaluronate filler market since 2018 [3][5] - The industry is characterized by a diverse supply chain, with upstream raw material manufacturers, midstream medical institutions, and downstream consumers [1][7] Group 2 - In 2024, Aimeike reported a revenue of 30.26 billion, while Huaxi Biological achieved 53.71 billion, indicating strong performance among leading companies [5][10] - The article notes that Aimeike has a gross profit margin exceeding 90%, outperforming other companies in the sector [9][10] - Companies are focusing on R&D innovation and brand building to enhance market competitiveness and meet evolving consumer demands [11][13] Group 3 - The geographical distribution of companies shows a concentration in coastal regions, particularly in major cities like Beijing, Shanghai, and Guangzhou, which host top research institutions and production companies [7] - Companies like Huadong Pharmaceutical and Huaxi Biological primarily focus on domestic sales, while others like Langzi and Huakan have diversified regional strategies [9][10] - Future plans for companies include enhancing R&D capabilities, expanding production projects, and improving customer service to create a win-win ecosystem [11][13]

Core Viewpoint - The micro-plastic surgery industry is rapidly expanding globally, particularly in China, driven by advancements in medical technology and a growing societal emphasis on beauty, leading to a shift from luxury consumption to mass demand. The market size in China is projected to reach 122.52 billion yuan in 2024, reflecting a year-on-year increase of 13.5% [1][14]. Industry Overview - Micro-plastic surgery refers to minimally invasive procedures aimed at enhancing specific facial features, typically involving local anesthesia and resulting in minimal recovery time. It is characterized by lower risks compared to traditional surgeries, although it may require multiple sessions within a year for sustained effects [3][5]. - The industry includes various procedures, primarily categorized into injection and light-based treatments, with common injection materials being botulinum toxin, hyaluronic acid, and collagen [6][10]. Market Dynamics - The average disposable income and consumer spending in China have been steadily increasing, with disposable income rising from 32,189 yuan in 2020 to 41,314 yuan in 2024. This growth enhances consumer spending capacity on non-essential items, including micro-plastic surgery [8]. - The consumer demographic is primarily aged 18-35, viewing micro-plastic surgery as an advanced skincare option. Additionally, there is a notable increase in interest from the 55+ age group, with their share of new customers rising from 5% to 19% between 2019 and 2024 [16]. Competitive Landscape - The micro-plastic surgery market is becoming increasingly diversified, with numerous domestic and international companies entering the space. Major players include Langzi Co., Modern Health Technology, Shanghai Haohai Biotechnology, Huaxi Biotechnology, and Aimeike Technology [18][19]. Industry Trends - The emergence of regenerative materials is identified as a new growth point, with the market for such materials expected to exceed 5.5 billion yuan in 2024, marking a year-on-year increase of 89%. This shift indicates a transition from traditional fillers to materials that stimulate the body's collagen production [23]. - There is a growing trend of male consumers in the micro-plastic surgery market, particularly among younger males born after 1995, indicating a significant shift in societal perceptions and expanding market potential [24]. Regulatory Environment - The industry faces challenges related to pricing transparency and service quality. The National Healthcare Security Administration is implementing guidelines to standardize pricing and improve market conditions, aiming for a more regulated and transparent environment [25].

Group 1 - The core viewpoint of the article highlights the competitive landscape of the Chinese medical beauty injection materials industry, focusing on regional distribution, market competition, and domestic substitution [1][2][5][6][8]. Group 2 - In terms of regional competition, Shandong Province has the highest number of enterprises in the medical beauty injection materials industry, including raw material producers like Huaxi Biological and equipment manufacturers like Weigao [1]. - The main competitors in the medical beauty injection materials market include Huaxi Biological, Aimeike, and Haohai Biological for hyaluronic acid products, while Jinbo Biological and Juzhi Biological lead in collagen products [2]. - The market structure for medical beauty injection materials in 2024 shows that hyaluronic acid accounts for approximately 36% and botulinum toxin for about 29% of the market [5]. Group 3 - As of May 2025, the number of domestic approvals for hyaluronic acid is comparable to imports, while domestic approvals for regenerative materials exceed imports; however, domestic approvals for botulinum toxin and collagen are lower than imports [6]. - The competition in the industry is intense, with hyaluronic acid and botulinum toxin dominating the market; foreign companies hold an advantage in the high-end market, while domestic companies like Huaxi Biological and Aimeike lead in the mid-to-low-end market through cost-effectiveness and technological innovation [8]. - The threat of substitutes is significant, with non-surgical options like phototherapy and topical skincare products capturing part of the market demand [8].

Core Insights - The medical beauty injection collagen market in China is projected to reach approximately 6.7 billion yuan in 2024, an increase of 1.2 billion yuan from 2023, and is expected to grow to 8.1 billion yuan by 2025, driven by advancements in government, technology, capital, and market dynamics [1][9][18] Industry Characteristics and Classification - Medical beauty injection collagen is classified into three main types: animal-derived collagen, recombinant human collagen, and composite collagen, with animal-derived collagen being the mainstream but recombinant collagen showing faster growth and better future prospects [4][6][7] Industry Development Status - The demand for medical beauty services is increasing, particularly for non-surgical techniques like injections, which are gaining popularity due to their minimal recovery time and lower risk [7][9] - The overall market for medical beauty injection materials is expected to reach approximately 34.6 billion yuan in 2024, up by 7.7 billion yuan from 2023, with a forecast of 9.1 billion yuan by 2025 [7] Industry Value Chain - The upstream of the medical beauty injection collagen industry includes raw materials such as bovine/pig dermis, microbial strains, and chemical raw materials, with high technical barriers [11] - The midstream involves the production of collagen through processes like extraction and purification, dominated by leading companies leveraging patents and regulatory advantages [11] - The downstream applications are primarily in medical beauty institutions and public hospitals for anti-aging and skin repair treatments, characterized by intense competition [11] Competitive Landscape - The domestic market features both imported and local brands, with notable products including ArtcColl and Bellafill from international companies, and domestic brands like Wei Yi Mei and Xiu Li Ke [13][14] Representative Companies - Shanxi Jinbo Biological Medicine Co., Ltd. focuses on high-end implantable medical devices using recombinant human collagen, with projected revenues of 1.443 billion yuan and a net profit of 732 million yuan in 2024, reflecting a gross margin of 92.02% [16] Industry Development Trends - The medical beauty injection collagen industry is undergoing rapid transformation, with trends towards safer, longer-lasting, and smarter products, alongside advancements in technology and product innovation [18]