赵燕表示："我觉得作为我们企业来说，最大的收获就是从单点能力的积蓄到了系统性能力的沉淀成 型，尤其是我们打通了生命健康、情绪价值和城市生活方式的融合。" "我们是全球第一个将一个生物科技公司的科技生命消费品的品牌去冠名了两地。"赵燕指出，将生命科 技和我们的现代生活方式、情绪价值结合在一起的目的都是为了大家来打造一种新的一种生活方式，使 大家不要认为科技都是高高在上的，它是走进了我们的生活，就在我们的身边，实际上是时时刻刻在关 注着大家。我觉得我们做事的最终的目标都是为了让人能够有质量的活得长，要健康美丽才能快乐。这 是我觉得2025年对我们来说是最重要的一年。真正的打通了从科技然后走向生活，让大众能够在身边能 感知得到。 专题：为中国经济点赞——企业家之夜2025盛典 "为中国经济点赞——企业家之夜"于1月29日在北京举行。回忆2025，展望2026，华熙国际投资集团有 限公司董事长、华熙生物科技股份有限公司董事长兼总裁赵燕指出，2025年是一个充满挑战但是也蛮有 收获的一年。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 ...

专题：为中国经济点赞——企业家之夜2025盛典 "为中国经济点赞——企业家之夜"于1月29日在北京举行。回忆2025，展望2026，华熙国际投资集团有 限公司董事长、华熙生物科技股份有限公司董事长兼总裁赵燕指出，2025年是一个充满挑战但是也蛮有 收获的一年。 赵燕表示："我觉得作为我们企业来说，最大的收获就是从单点能力的积蓄到了系统性能力的沉淀成 型，尤其是我们打通了生命健康、情绪价值和城市生活方式的融合。" "我们是全球第一个将一个生物科技公司的科技生命消费品的品牌去冠名了两地。"赵燕指出，将生命科 技和我们的现代生活方式、情绪价值结合在一起的目的都是为了大家来打造一种新的一种生活方式，使 大家不要认为科技都是高高在上的，它是走进了我们的生活，就在我们的身边，实际上是时时刻刻在关 注着大家。我觉得我们做事的最终目标都是为了让人能够有质量的活得长，要健康美丽才能快乐。这是 我觉得2025年对我们来说是最重要的一年。真正的打通了从科技然后走向生活，让大众能够在身边能感 知得到。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 ...

专题：为中国经济点赞——企业家之夜2025盛典 "为中国经济点赞——企业家之夜"于1月29日在北京举行。阿那亚创始人、CEO马寅出席接受致敬。华 熙国际投资集团有限公司董事长、华熙生物科技股份有限公司董事长兼总裁赵燕，乐刻运动联合创始 人、董事长韩伟，歌手、音乐制作人胡海泉，资深媒体人阿那亚业主何力为其见证荣誉。 致敬词： 他是中国最具艺术气息的"村长"，为中国当代生活重新定义了一种关于家园、社区与精神栖居的温暖可 能。他打造的那片土地奇迹，始于一场绝境中的"自救"，却最终升华为一场影响深远的社会实验。他 用"孤独图书馆"叩响了无数人的心门，也用"礼堂"的静谧光芒，照亮了现代人内心深处对仪式感与慰藉 的渴望。理想的疆域总会伴随现实的挑战，但他点燃的这把火，已然照亮了行业转型的方向，更照亮了 一个个年轻面庞的"诗与远方"。 赵燕表示，不能说马寅是房地产界的"硕果仅存"，而是现在越活越好的典范，也成为一个样板。 "希望马寅能够把现在这种创新延续，给大家带去的不光是一个房子，更多的是带去了一个让自己的心 灵的安放之处。原来可能觉得他慢，现在体现出来慢就是快，坚持坚守的力量。"她说。 胡海泉表示，马寅的理想、对理想的 ...

品牌剖析 深度报告 美周新品 数据榜单 行业扫描 成分专研 趋势洞察 ● > #趋势洞察 @ 0 @ � 4 . ● � � . . 66 . . o e . . . . | 0 . . . . 0 . . . . e e 0 . ● "美妆产业 全链逐鹿IPO" 2025年美妆行业资本化的浪潮未歇，2026年开年便呈现密集发力态势：1月内，国货个护龙头半亩花田母公司山东花物堂、功效护肤代表HBN母公司深圳 护家科技相继向港交所递交招股书，此外，多家媒体披露，零售巨头屈臣氏已确定本轮IPO承销商，也意味着港伦双重上市再迈进了一步。 这些最新动态，为早已硝烟弥漫的美妆行业IPO战场，再添了一把旺火。 据用户说不完全统计，2025年至2026年1月已有近40家美妆企业密集发力，剑指A股、港股及美股市场。此次冲刺呈现出全产业链集体出战的态势：从上 游的原料包材商，到中游的品牌与运营商，再到下游的零售及数字服务商，无一缺席。 但繁荣背后，现实却很骨感。成功敲钟者寥寥，绝大多数企业仍身处上市辅导或递交招股书的漫长候场，在资本门槛前徘徊。即便如此，这些先行探路者 的动作，仍为行业提供了关键参照——它们究竟踩准了怎样的资本 ...

Core Insights - The medical beauty sector experienced a rise of 2.96% on January 29, with Ai Meike leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Medical Beauty Sector Performance - Ai Meike (300896) closed at 144.38, with a gain of 4.53%, trading volume of 56,700 shares, and a transaction value of 803 million [1] - Huaxi Biological (688363) closed at 46.31, up 1.47%, with a trading volume of 45,900 shares and a transaction value of 211 million [1] - Jinbo Biological (920982) closed at 226.88, up 1.35%, with a trading volume of 8,287 shares and a transaction value of 1.86 billion [1] - ST Meigu (000615) closed at 3.13, down 1.26%, with a trading volume of 103,100 shares and a transaction value of 32.32 million [1] Capital Flow Analysis - The medical beauty sector saw a net inflow of 105 million from main funds, while retail investors experienced a net outflow of 33.44 million [1] - Ai Meike had a main fund net inflow of 103 million, representing 12.77%, with retail outflows of 38.71 million [2] - Huaxi Biological had a main fund net inflow of 10.25 million, representing 4.86%, with retail outflows of 1.15 million [2] - Jinbo Biological had a main fund net inflow of 9.45 million, representing 5.09%, with retail inflows of 1.25 million [2] - ST Meigu had a main fund net outflow of 7.90 million, representing -24.43%, with retail inflows of 4.02 million [2]

Core Insights - New Oxygen announced multiple strategic initiatives, including the establishment of the Youth Selection Alliance with 14 upstream manufacturers and a strategic partnership with Sota [1][4] - The company received several prestigious certifications from Euromonitor International, including recognition for having the largest number of light medical beauty chain stores [5] Group 1: Strategic Initiatives - The Youth Selection Alliance aims to achieve win-win outcomes for upstream companies and consumers through collaboration in areas such as price-volume linkage, tiered supply, training, and product traceability [5] - New Oxygen's partnership with Sota includes a guarantee for the traceability of each Thermage treatment head, with a compensation policy for non-compliant equipment [5] Group 2: Supply Chain and Expansion - Since 2021, New Oxygen has invested 1 billion yuan in building its supply chain system, establishing 9 medical device sales companies and a network of 1 central warehouse and 8 forward warehouses across the country [5] - As of January 8, 2026, New Oxygen's clinics have achieved a cumulative treatment volume of 1 million across 50 stores in 16 cities [5] Group 3: Future Plans - The company plans to continue its conservative product selection strategy and launch multiple new products in the fields of phototherapy, water light, large injections, and health by 2026 [6] - New Oxygen aims to accelerate its offline expansion and recruitment of medical staff, with plans to add 35 new stores and increase the number of doctors to 500 and nursing staff to 1000 by the end of 2026 [6]

Core Viewpoint - The CEO of New Oxygen Group, Jin Xing, stated that the friction with upstream suppliers has not significantly impacted the company's business, despite some suppliers expressing concerns about the company's pricing strategy and product sourcing [1][2][6]. Group 1: Pricing Strategy and Market Impact - In September 2025, New Oxygen launched the "Youth Needle" product priced at 2999 yuan, which is significantly lower than the market price of over 10,000 yuan, disrupting the existing pricing structure of upstream manufacturers [1][6]. - Despite backlash from several upstream manufacturers, including claims of unauthorized product sourcing and training issues, sales of the "Youth Needle" reportedly surged in October, November, and December 2025, indicating strong consumer acceptance [2][6][7]. Group 2: Business Expansion and Partnerships - As of January 8, 2026, New Oxygen has established 50 clinics across 16 cities and achieved a cumulative treatment volume of 1 million [3][6]. - New Oxygen announced the formation of the "Youth Premium Alliance" with 14 upstream manufacturers, aiming to enhance collaboration through price-volume linkage, tiered supply, training, and product traceability [3][6]. Group 3: Industry Dynamics and Future Outlook - The medical beauty industry is experiencing a shift towards a buyer's market, with an increasing number of suppliers providing more options for medical institutions, which can now select long-term partners and customize products based on their needs [4][7]. - The industry has seen a significant increase in the issuance of medical device certifications, with 52 Class III medical device certificates issued in 2025, suggesting a growing supply landscape [4][7].

Core Viewpoint - HBN's parent company, Shenzhen Hujia Technology Co., Ltd., has officially submitted an application for a mainboard listing on the Hong Kong Stock Exchange, indicating a continued interest in the Chinese skincare market and the potential for growth in domestic brands [1]. Group 1: Company Overview - HBN is recognized as the youngest player among the top ten domestic skincare brands in China, rapidly rising due to its "early C, late A" product strategy and precise online marketing [5]. - The company was founded in 2019 and has quickly established itself with a focus on "true efficacy," achieving significant market presence in the skincare sector [7]. Group 2: Financial Performance - Hujia Technology's total revenue is projected to increase from 1.948 billion RMB in 2023 to 2.083 billion RMB in 2024, reflecting a growth rate of 6.9%. For the first three quarters of 2025, revenue reached 1.514 billion RMB, a year-on-year increase of 10.2% [9]. - The net profit for 2023, 2024, and the first three quarters of 2025 is reported as 39 million RMB, 129 million RMB, and 145 million RMB, respectively, with a remarkable increase of 232.5% in 2024 compared to 2023 [9]. Group 3: Product and Market Strategy - HBN's primary revenue source is from "improvement-type skincare products," contributing approximately 80% of total revenue in recent years, with a steady increase in the share of "maintenance-type skincare products" [10]. - The company has a high repurchase rate and has seen its net profit double over three years, indicating strong customer loyalty and product effectiveness [7]. Group 4: Sales Channels and Marketing - Hujia Technology's sales are heavily concentrated online, with online channel revenue accounting for 98.6%, 97.7%, and 95.1% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [12]. - The reliance on online sales has led to high sales expense ratios, with sales and distribution expenses reaching 1.268 billion RMB, 1.238 billion RMB, and 871 million RMB, representing 65.1%, 59.4%, and 57.6% of total revenue [14]. Group 5: Research and Development - Despite HBN's emphasis on "true efficacy," the company's R&D investment is relatively low, with expenditures of 66 million RMB, 58 million RMB, and 40 million RMB for 2023, 2024, and the first three quarters of 2025, respectively, resulting in a decreasing R&D expense ratio [18]. - The majority of Hujia Technology's products are produced through contract manufacturing, raising questions about the extent of its proprietary technology and innovation capabilities [18][24].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 33.34 [1]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of RMB 240 to 290 million in 2025, marking a turnaround from losses in the previous year. 2025 is viewed as a critical year for the company's strategic reform, focusing on core brands, brand building, online presence, and efficiency [1][6]. - The company has successfully developed three major products that have generated over RMB 100 million in sales each, demonstrating the effectiveness of its strategy combining category breakthroughs, major product cultivation, and marketing innovation [1][8]. - The company has adjusted its revenue forecasts for 2025-2027, now projecting revenues of RMB 6.407 billion, RMB 7.379 billion, and RMB 8.219 billion respectively, reflecting increases of 12.84%, 15.16%, and 11.38% [10]. Financial Performance - The company is projected to have a net profit of RMB 273.22 million in 2025, with an expected EPS of RMB 0.41. This is a significant recovery from a loss of RMB 833.09 million in 2024 [5][10]. - The company's return on equity (ROE) is expected to improve from -12.45% in 2024 to 3.93% in 2025, indicating a positive trend in profitability [5][10]. - The price-to-earnings (PE) ratio is projected to decrease from -17.32 in 2024 to 52.80 in 2025, reflecting a shift towards profitability [5][10]. Market Performance - The company's stock closed at RMB 21.46 as of January 28, with a market capitalization of RMB 14.426 billion. The stock has traded within a range of RMB 15.60 to RMB 28.92 over the past 52 weeks [2]. - The company has seen significant growth in its online sales channels, with notable performances on platforms like Douyin and Taobao, indicating strong brand momentum [7][9].

作为生物制造领域的明星企业，华熙生物横跨活性物、医药医美、功能性护肤品和食品等众多赛道。过 去一年，华熙生物一直处于聚光灯下。 在政协北京市第十四届委员会第四次会议期间，来自经济界的市政协委员、华熙生物董事长赵燕围绕生 物制造产业发展、科技成果转化以及AI与产业融合等话题，接受了北京商报记者的专访。 而面对AI时代加速到来，赵燕表示，对于生物制造行业，AI不光是赋能，更是一个产业逻辑的重塑。 未来的企业能否存活，关键在于能否真正拥抱AI。要成为幸存者，企业必须重塑自身的业务逻辑与组 织架构，并配备相应的人才。 未来的团队中，管理者的能力将体现在如何管理两类人：一类是AI智能体，另一类是具有AI原生态思 维、善于运用AI的人。 与此同时，AI也拉近了我们与欧美在生物科技领域的距离。过去在从0到1的原始创新阶段，中国与发 达国家仍存在一定差距，但AI的到来实现了某种程度的"平权化"，重塑了创新逻辑。她坚信，只要在这 个时代"被重塑"，就能带来超预期的增长。 北京商报记者 陶凤 丁宁 随着透明质酸等成熟医美生物材料的市场竞争加剧，头部企业的技术积累与长期发展路径备受关注。与 此同时，各类再生材料等新兴赛道崛起，面对 ...