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 ...

Market Overview - On December 1, the cosmetics sector rose by 0.26% compared to the previous trading day, with BAWI leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - BAWI shares closed at 15.93, up 2.38% with a trading volume of 16,900 lots and a transaction value of 26.70 million yuan [1] - Shanghai Jahwa closed at 23.61, up 1.77% with a trading volume of 49,400 lots and a transaction value of 116 million yuan [1] - Huachun Color closed at 28.22, up 1.00% with a trading volume of 16,000 lots and a transaction value of 45.40 million yuan [1] - Betaini closed at 41.52, up 0.56% with a trading volume of 27,900 lots and a transaction value of 116 million yuan [1] - Kohn shares closed at 16.44, up 0.55% with a trading volume of 161,900 lots and a transaction value of 263 million yuan [1] - Proya closed at 70.61, up 0.37% with a trading volume of 23,200 lots and a transaction value of 163 million yuan [1] - Qingdao King closed at 7.38, up 0.27% with a trading volume of 85,100 lots and a transaction value of 6.28 million yuan [1] - Marubi closed at 35.47, up 0.11% with a trading volume of 29,300 lots and a transaction value of 103 million yuan [1] - Lafang closed at 20.95, unchanged with a trading volume of 23,000 lots and a transaction value of 4.81 million yuan [1] - Qingsong shares closed at 7.53, down 0.13% with a trading volume of 129,100 lots and a transaction value of 96.89 million yuan [1] Fund Flow Analysis - The cosmetics sector experienced a net outflow of 49.52 million yuan from institutional funds, while retail investors saw a net inflow of 51.08 million yuan [2] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are increasing their positions [2] Detailed Fund Flow by Stock - Jiahen Home's main funds saw a net inflow of 7.25 million yuan, while retail funds had a net outflow of 19.70 million yuan [3] - Shanghai Jahwa experienced a net inflow of 3.64 million yuan from main funds, with retail investors contributing a net inflow of 348.90 million yuan [3] - Kohn shares had a net inflow of 3.35 million yuan from main funds, but retail investors saw a net outflow [3] - BAWI experienced a net outflow of 0.50 million yuan from main funds, while retail investors had a net inflow of 164.42 million yuan [3] - Qingdao King saw a net outflow of 0.83 million yuan from main funds, but retail investors contributed a net inflow of 238.25 million yuan [3]

Core Insights - The conference "2025 Listed Companies Sustainable Development Exchange Meeting" was held in Beijing, focusing on the theme "Practicing Corporate Mission, Co-creating a Sustainable Future" [1] - Yunnan Betaini Biotechnology Group Co., Ltd. was recognized in two categories: "2025 Best Practice Case for Sustainable Development of Listed Companies" and "2025 Best Practice Case for Board of Directors of Listed Companies" [1] - The dual recognition highlights Betaini's leadership in integrating board governance with sustainable development strategies [1] Company Initiatives - Betaini plans to enhance green innovation, biodiversity protection, and improve its ESG governance framework [1] - The company aims to deeply integrate sustainable development with its core business innovation [1] - Betaini's mission is to "create a healthy skin ecosystem in China," and it seeks to collaborate with various stakeholders for high-quality industrial development [1]

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a shift towards quality growth and long-term strategies, moving away from reliance on traffic bonuses [25][26] - The industry is focusing on emotional consumption themes, with high-quality companies in sectors like gold jewelry, offline retail, cosmetics, and medical aesthetics being highlighted as investment opportunities [5][29][30] Summary by Sections Retail Market Review - The retail industry index rose by 3.45% during the week of November 24-28, 2025, outperforming the Shanghai Composite Index by 2.05 percentage points [4][13] - The multi-format retail sector showed the highest growth this week, with a 6.18% increase, while the jewelry sector led the year-to-date performance with a 22.11% increase [18][19] Retail Insights: Brand Building and Technological Aesthetics - The 2025 Cosmetics Annual Conference highlighted the importance of brand building and technological aesthetics for domestic beauty brands to achieve growth [25][26] - Companies like Shiseido and Shanghai Jahwa are focusing on quality and profitability, while Elysian Group is transitioning from operational to technological drivers [26][27] Investment Recommendations - **Gold Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Chow Tai Fook and Lao Pu Gold [5][29] - **Offline Retail**: Highlighting companies adapting to trends and exploring AI-enabled cross-border e-commerce, with recommendations for Yonghui Supermarket and Aiyingshi [5][30] - **Cosmetics**: Emphasizing brands that meet emotional value and safety innovation, recommending companies like Maogeping and Proya [5][30] - **Medical Aesthetics**: Targeting differentiated product manufacturers and expanding medical chains, recommending companies like Aimeike and Kedi-B [5][30] Company-Specific Insights - **Chow Tai Fook**: Achieved revenue of HKD 38.986 billion in FY2026H1, with a slight decline in revenue but a stable profit margin [36][37] - **潮宏基 (Chao Hong Ji)**: Reported a revenue increase of 28.4% in Q1-Q3 2025, with a strong performance in Q3 [39][40] - **永辉超市 (Yonghui Supermarket)**: Experienced a revenue decline of 22.2% in Q1-Q3 2025, but is undergoing a transformation towards quality retail [43][44]

Group 1: Investment and Financing Activities - "Bixing Coffee" completed a Series B financing round of several tens of millions, led by Suzhou Agricultural Development Industry Science and Technology Fund, following previous rounds in 2022 and 2024 [4][5] - "Tuozhu Technology" is nearing completion of a new financing round with a valuation potentially reaching $10 billion, although the company has denied the accuracy of this information [6] - "Ruiyun Cold Chain" recently completed an A+ round financing of nearly 100 million RMB, aimed at enhancing cold chain logistics efficiency through digitalization [7] - "TianTian BaiYing" completed a Series A financing round of several tens of millions, focusing on providing intelligent maintenance services to B-end clients [8] - "Laimou Technology" completed a Series A+ financing round of several tens of millions, marking its fourth round of financing since 2025 [9] - "Hypershell" completed two financing rounds totaling $70 million, with a post-investment valuation approaching $400 million [10] - "Smart Doubling Digital Human" received strategic investment from Zhiyuan Robotics [11][12] Group 2: Company Performance and Market Trends - "Bawang Tea Ji" reported a GMV of 79.3 billion RMB in Q3 2025, with a year-on-year decline of 4.5%, while overseas GMV grew by 75.3% [13][14] - "Mandi International" submitted an IPO application to Hong Kong Stock Exchange, aiming to become the first stock focused on hair loss prevention, with a projected revenue growth from 9.82 billion RMB in 2022 to 14.55 billion RMB in 2024 [15] - "Jasmine Milk White" has expanded its overseas presence, opening new stores in Indonesia and the US, with total stores exceeding 2000 globally [16][17] - "Lucky Coffee" announced its global store count surpassed 10,000, achieving rapid growth in the coffee market [18] Group 3: Industry Insights and Future Projections - The instant retail market in China is projected to exceed 1 trillion RMB by 2026, with a compound annual growth rate of 12.6% during the 14th Five-Year Plan period [21] - Global luxury goods consumption is expected to grow at a rate between -1% and 1% in 2025, with a recovery anticipated in 2026 [22] - High-net-worth individuals are shifting their gift-giving behavior, with travel becoming the preferred way to celebrate success, rising from 50% in 2024 to 64% in 2025 [23]

Group 1 - The cosmetics sector increased by 0.29% on November 28, with Jiaheng Jiahua leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] - Jiaheng Jiahua's stock price rose by 6.45% to 40.28, with a trading volume of 67,100 shares and a transaction value of 266 million yuan [1] Group 2 - The cosmetics sector experienced a net outflow of 61.04 million yuan from institutional investors, while retail investors saw a net inflow of 76.64 million yuan [2] - Among individual stocks, Marubi Biological had a net outflow of 9.46 million yuan from institutional investors, while Shanghai Jahwa saw a net inflow of 5.63 million yuan [3] - The overall trading activity in the cosmetics sector indicates a mixed sentiment, with some stocks experiencing significant outflows while others attracted retail interest [2][3]