Group 1 - The core investment strategy of the company involves participating in the angel round financing of Suzhou Zisong Medical Technology Co., Ltd., a high-end optoelectronic equipment enterprise, with an investment amount in the range of tens of millions [1] - The investment aligns with the company's long-term strategy to expand into cutting-edge technology fields and enhance its technical reserves [2][3] - The company sees significant potential in the medical beauty equipment sector, driven by increasing consumer acceptance, accelerated domestic production, and rapid growth in the home beauty market [3][5] Group 2 - The global energy-based medical beauty equipment market is projected to reach USD 10.33 billion by 2030, with a compound annual growth rate (CAGR) of 10.3% in the coming years [5] - The company has been actively investing in the medical beauty equipment sector, indicating a strategic focus on this area as a key component of its growth strategy [6][8] - The company emphasizes a multi-faceted approach to its investment strategy, including strategic investments, partnerships, and independent research and development [8][12] Group 3 - The company is committed to ensuring safety and compliance in the medical beauty equipment sector, focusing on clinical validation for product upgrades [12][13] - The company employs a rigorous due diligence process before investments, assessing core technology barriers, R&D progress, and compliance capabilities of target companies [13]

Core Insights - The 19th Huaxia Institutional Investor Annual Conference and Huaxia Financial (Insurance) Technology Forum was successfully held in Beijing, focusing on the theme "Vitality and Resilience, Innovation and Empowerment" [1] Group 1: Awards and Recognitions - Institutions awarded the "2025 Annual Green Finance Practice Typical Case" include Agricultural Bank of China, Bank of China Beijing Branch, Industrial Bank, China International Capital Corporation, Xinwang Bank, and Huatai Securities [3] - Institutions recognized for the "2025 Annual Financial Assistance for the Disabled Typical Case" are Agricultural Bank of China and Yunnan Trust [3] - Institutions awarded the "2025 Annual Smart Elderly Care Financial Typical Case" include China Minsheng Bank, CITIC Bank, Agricultural Bank of China Wealth Management, New China Life Insurance, Harmony Health, Beijing Bank, and others [3] - Institutions recognized for the "2025 Annual Green Finance Innovation Typical Case" include Agricultural Bank of China Credit Card, People's Insurance Company of China, and Ping An Group [3] - Institutions awarded the "2025 Annual ESG Practice Typical Case" include Yirun Zhike, Dajia Investment Holdings, China Life, and others [3] - Institutions recognized for the "2025 Annual Institutional Investor Education Content Creative Communication Typical Case" include Minsheng Jianyin Fund, Zhejiang Merchants Securities, and others [3] - Institutions awarded the "2025 Annual Financial Empowerment for Rural Revitalization Typical Case" include China Post Insurance, Tianjin Bank Beijing Branch, and others [3] - Institutions recognized for the "2025 Annual Inclusive Finance Digital Transformation Typical Case" include CITIC Baixin Bank, Lexin, and others [3] - Institutions awarded the "2025 Annual Intelligent Risk Control Technology Innovation Application Typical Case" include Foreign Trade Trust, Orange Data Science, and others [3][4] - Institutions recognized for the "2025 Annual Community Elderly Service Typical Case" include Industrial and Commercial Bank of China, ICBC-AXA Life Insurance, and Tianjin Binhai Rural Commercial Bank [5] - Institutions awarded the "2025 Annual Internet Medical Innovation Practice Case" include ZhongAn Insurance [5] - Institutions recognized for the "2025 Annual Technology Financial Typical Practice Case" include Changjiang Securities, Yixin, and others [5] - Institutions awarded the "2025 Annual Listed Company Board of Directors Typical Practice Case" include Annai'er, Bailian Co., Hai Liang Co., and Tianqi Lithium [5]

Core Viewpoint - The article emphasizes the growing importance of ESG (Environmental, Social, and Governance) practices among Chinese beauty companies, highlighting their commitment to sustainable development and social responsibility through innovative practices and reporting [2][3]. Group 1: ESG Practices and Reporting - The "Sustainable Innovation Laboratory" by Southern Metropolis Daily is collaborating with Shanghai University of Finance and Economics to evaluate and recognize outstanding ESG practices among companies, culminating in the release of the "2025 ESG Sustainable Innovation Trend Insight Report" [3]. - Major Chinese beauty companies, including Up Beauty, Proya, and Huaxi Biological, are increasingly focusing on "green packaging" as a key ESG issue, with a consensus emerging on carbon reduction and product circular consumption [3][4]. - Proya has provided detailed disclosures regarding its green packaging initiatives, including a 20% increase in sustainable materials and a 15% reduction in packaging usage intensity [4]. Group 2: Specific Initiatives by Companies - Up Beauty has implemented eight guidelines for sustainable packaging, including using FSC-certified paper and eco-friendly inks, while Huaxi Biological has improved packaging processes to minimize waste [4]. - Beitaini reported a significant increase in its bottle recycling program, achieving 2.67 million bottles recycled in 2024, which is eight times the amount from 2023 [5]. - L'Oréal has committed to ensuring that 100% of its plastic packaging is refillable, reusable, recyclable, or compostable by 2025, promoting refillable options for its products [6]. Group 3: Emerging Trends in ESG Reporting - Chinese beauty companies are beginning to incorporate "Chinese characteristics" into their ESG narratives, such as employee welfare initiatives and rural revitalization projects [7][8]. - The trend of "pure beauty" is gaining traction, with companies focusing on the safety and transparency of product ingredients, responding to consumer demand for cleaner products [14][15]. - Companies are increasingly establishing anti-corruption mechanisms, with some, like Mao Geping, including anti-corruption training in their ESG reports [10]. Group 4: Challenges and Opportunities - There is a notable lack of quantifiable targets in ESG reporting among Chinese beauty companies, particularly regarding greenhouse gas emissions and sustainable sourcing [16][19]. - The complexity of supply chains poses challenges for accurate carbon emission reporting, with many companies struggling to obtain reliable data from suppliers [19]. - The regulatory environment in China is less stringent compared to Western markets, leading to a reliance on voluntary commitments rather than mandatory compliance for ESG goals [19].

Core Insights - The cosmetics sector experienced a decline of 0.37% on December 9, with Jiaheng Jiahua leading the drop [1] - The Shanghai Composite Index closed at 3909.52, down 0.37%, while the Shenzhen Component Index closed at 13277.36, down 0.39% [1] Company Performance - Qing Song Co. (300132) saw a closing price of 8.17, with an increase of 4.34% and a trading volume of 475,200 shares, amounting to a transaction value of 383 million [1] - Kesheng Co. (300856) closed at 15.70, up 3.36%, with a trading volume of 158,000 shares and a transaction value of 252 million [1] - Jiaheng Jiahua (300955) closed at 36.00, down 2.91%, with a trading volume of 64,600 shares and a transaction value of 23.4 million [2] Capital Flow - The cosmetics sector experienced a net outflow of 88.18 million from main funds, while retail investors saw a net inflow of 55.04 million [2] - Main funds showed a net inflow in Qing Song Co. of 20.05 million, while Jiaheng Jiahua experienced a net outflow of 2.01 million [3] - Retail investors contributed a net inflow of 804.95 million to Shuiyang Co. (300740), while Qingdao Jinwang (002094) saw a net outflow of 264.27 million [3]

Industry Overview - Collagen masks are mainstream skincare products focused on anti-aging and repair, utilizing collagen as the core ingredient along with auxiliary components to achieve hydration and skin barrier repair [1][2] - The Chinese mask industry is expected to reach a market size of 72.986 billion yuan in 2024, entering a period of adjustment and transformation, facing growth slowdown and intensified competition [1][6] - The collagen market is experiencing explosive growth, with a compound annual growth rate (CAGR) of 41.9% from 2020 to 2023, and retail scale expected to exceed 269.5 billion yuan by 2030 [1][7] Market Dynamics - The market structure in China shows that sheet masks remain dominant, while cream masks are rapidly growing, focusing on hydration and repair needs [1][7] - The competitive landscape features local leaders dominating, niche players breaking through, and international brands penetrating the market, with a clear price gradient and significant differentiation between high, medium, and low-end markets [1][8] Industry Chain - The upstream of the collagen mask industry primarily uses animal-derived collagen, while recombinant collagen is rapidly developing due to its high purity and compatibility with mask formulations [6][10] - The manufacturing process involves various technologies to convert raw materials into different forms and functions of mask products, with sales channels dominated by online e-commerce and deepening offline professional channels [6][10] Current Development - The Chinese mask industry is transitioning into a phase of deep integration after rapid growth, with three emerging drivers leading market changes: consumption upgrades, male skincare market expansion, and personalized demand fostering innovative scenarios [6][7] - The market size is projected to steadily grow to 76.79 billion yuan by 2025 and potentially exceed 146.42 billion yuan by 2030, indicating robust long-term growth prospects [6][7] Key Players - Major companies in the collagen mask industry include Juzi Biotechnology, Huaxi Biotechnology, and Marubi Biotechnology, leveraging differentiated technologies and channel advantages to lead the market [2][10] - The industry is characterized by a multi-faceted competitive ecosystem, with local leaders, niche players, and international brands all contributing to the market dynamics [10] Future Trends - The industry is expected to advance towards high-end technology, refined products, and standardized ecosystems, with a focus on cross-disciplinary technology integration and precise formulations [10][12] - Regulatory tightening is anticipated to accelerate the elimination of smaller brands, increasing market concentration, while leading companies will strengthen their market positions through R&D innovation and global expansion [10][14]

Group 1 - The core point of the article is that Beitaini has reported its shareholder count as of November 28, 2025, which stands at 39,093 households [2]

Core Insights - The "South Asia Southeast Asia International Intellectual Property Innovation Cooperation Seminar" was held during the "Tengchong Scientist Forum," where Dr. Qu Liping from Yunnan Betaini Biotechnology Group shared insights on the innovative development and industrialization practices of Yunnan's unique plant resources [1][5]. Group 1: Plant Resource Development - Yunnan, known as the "Kingdom of Plants," possesses 63% of China's higher plant resources, with nearly 19,000 species having potential biological activity, providing a strong foundation for the development of beauty, food, and pharmaceutical products [5]. - Betaini has established a systematic plant raw material research and development system by screening over 2,000 unique plants from texts like "Yunnan Natural Medicine Atlas" and research institutions, focusing on soothing anti-inflammatory and barrier repair effects [5]. - The company has successfully registered 17 new plant raw materials, with 3 included in the international cosmetics ingredient directory, highlighting the international recognition of Chinese raw material innovation [5]. Group 2: Product Application and Market Impact - Seven of the new raw materials have been applied in products under brands like Winona and Aikeman, covering core efficacy areas such as soothing, moisturizing, and anti-aging [5]. - The core ingredient, Qingci fruit, has been deeply developed into oil, flavonoids, and polysaccharides, with the polysaccharide used in Winona's second-generation soothing and moisturizing cream, achieving sales exceeding 1 billion yuan [5]. - The flavonoid from Qingci fruit is set to empower Winona's Silver Core Cream, which will be launched in April 2025, continuing to lead the plant skincare trend [5]. Group 3: Research and Development Infrastructure - Betaini has established the Yunnan Characteristic Plant Extraction Laboratory, focusing on the research and development of functional cosmetics, functional foods, and pharmaceuticals, providing comprehensive services from top-level design to commercialization [14]. - The laboratory has obtained dual qualifications from CMA and CNAS, offering professional testing services for raw materials and products, thus becoming a significant force in promoting the standardization of Yunnan's plant industry [14]. Group 4: Sustainable Development Initiatives - Betaini adheres to sustainable development principles, creating a virtuous ecosystem of "resource protection - research and development innovation - industrial transformation" [18]. - The company collaborates with local planting bases and communities to build raw material bases, forming a full-chain traceability system from germplasm resource research to breeding optimization [18]. - Betaini has received ESG ratings of "AAA" from Huazheng and "AA" from Wind, and was included in the top 100 list of A-share companies for outstanding ESG performance in 2025 [19].

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, despite recent underperformance compared to the market [4][5]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance, with the Shenwan Beauty Care Index declining by 2.0% from November 28 to December 5, 2025, underperforming the market [4][5]. - Douyin's performance in November met expectations, with domestic brands preparing actively for the upcoming Double 12 sales event, indicating a strong competitive landscape for domestic products [4][10]. - The report highlights the leading market share of Minoxidil products, particularly from Mandi International, which has established itself as a top brand in the hair growth sector [11][12]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index fell by 2.2%, while the Shenwan Personal Care Index also dropped by 2.0%, both underperforming against the Shenwan A Index [4][5]. - The top-performing stocks in the sector included Juzhibio (+5.9%) and Hongmian Co. (+3.5%), while the worst performers were Kelao Co. (-7.6%) and Baiya Co. (-4.8%) [6]. Key Market Developments - Mandi International has dominated the Minoxidil market, achieving a revenue growth from 982 million yuan in 2022 to approximately 1.455 billion yuan in 2024, with a CAGR of 21.7% [12][13]. - The company has maintained a leading position in the market for ten consecutive years, with a market share of about 57% in the hair loss treatment sector and 71% in the Minoxidil product market as of 2024 [12][14]. E-commerce Insights - In November 2025, Douyin's domestic brand GMV showed significant growth, with brands like Han Shu and New Page experiencing double-digit increases [15][18]. - The overall retail sales of cosmetics in October 2025 grew by 9.6%, driven by the Double 11 shopping festival, indicating a robust recovery in consumer spending [18][20]. Company Announcements - Lin Qingxuan updated its IPO prospectus for the Hong Kong market, reporting a revenue of 1.052 billion yuan in the first half of 2025, a year-on-year increase of 98.3% [22][19]. - The company plans to expand its research and development team and explore international markets in Southeast Asia [22][19]. Market Trends - The Chinese consumer healthcare market is projected to grow from 9.313 billion yuan in 2018 to 16.420 billion yuan in 2024, with a CAGR of 9.9% [13]. - The report emphasizes the increasing market share of domestic brands in the skincare sector, with a notable rise in the competitive landscape against international brands [24].

Group 1 - The cosmetics sector experienced a decline of 1.35% on December 5, with Qingdao Jinhao leading the drop [1] - The Shanghai Composite Index closed at 3902.81, up 0.7%, while the Shenzhen Component Index closed at 13147.68, up 1.08% [1] - Notable gainers in the cosmetics sector included Jinsong New Materials, which rose by 4.27% to a closing price of 16.10, and Qingsong Co., which increased by 4.10% to 7.61 [1] Group 2 - The cosmetics sector saw a net outflow of 58.93 million yuan from institutional investors, while retail investors had a net inflow of 101 million yuan [2] - Key stocks with significant retail inflows included Shanghai Jahwa, which had a retail net inflow of 8.45%, and Qingsong Co., with a retail net inflow of 6.08% [3] - Qingdao Jinhao experienced a net outflow of 59.69 million yuan from institutional investors, indicating a negative sentiment towards the stock [3]

（来源：贝泰妮集团） 转自：贝泰妮集团 近日，中国上市公司协会"2025上市公司董办最佳实践"评选结果正式揭晓，贝泰妮集团董事会办公室凭借在公司治理领域的系统性创新与卓越实践，荣 获"2025 年上市公司董办最佳实践"称号。这一荣誉不仅是对贝泰妮董办团队专业能力的高度认可，也体现了其在推动上市公司治理现代化、以创新引擎 驱动企业长效价值增长方面的标杆作用。 2025上市公司董事会办公室 最佳实践 云南贝泰妮生物科技集团股份有限公司: 荣获2025年上市公司董事会办公室最佳实践, 特发此证。 关注@青刺果雪山小院 直达旷野之外的自然世界 在治理结构创新上，董办团队通过优化成员结构、深度挖掘提升专业委员会职能、打通治理边界，推动董事会从"会议机构"向"行动中枢"转型，显著提升 了决策的科学性与前瞻性。在ESG治理领域，团队助力董事会构建了"顶层设计—执行落地—价值传递"的三级ESG治理体系，推动贝泰妮ESG从"软性约 束"升级为"硬性战略"，将ESG深度融入企业战略与运营。在风控体系建设中，董办团队组织实施董事会制定的"数字化、系统化、前置化"方向及策略， 成功推动了公司风控体系从"成本中心"向"价值创造中心"转 ...