Core Insights - The company reported a stable growth trend in Q1 2025, with revenue of 10.736 billion yuan, a year-on-year increase of 3.12%, and a net profit of 915 million yuan, up 6.06% [1] - The pharmaceutical industrial sector continues to be a key growth driver, with core subsidiary China East Pharmaceutical achieving revenue of 3.621 billion yuan, a 6.52% increase, and a net profit of 843 million yuan, up 12.20% [2] - The company is focusing on innovation, with over 80 projects in its pipeline, and has significantly increased R&D investment by 49.60% to 880 million yuan in Q1 2025 [4] Business Segments - The innovative drug sales in the pharmaceutical industrial sector are gaining momentum, particularly with the expansion of reimbursement indications for the Bai Ling series products [2] - The CAR-T product, Zewokaiolun, has shown strong sales performance, with over 200 certified medical institutions and 154 effective orders placed by the partner company [3] - The company’s self-developed GLP-1 receptor agonist, HDM1002, has entered the final stages of clinical trials, indicating a robust pipeline in the endocrine field [5][6] Medical Aesthetics - The medical aesthetics segment is showing resilience, with the subsidiary Sinclair achieving approximately 238 million yuan in revenue, a 24.37% increase from the previous quarter [9] - The company has a portfolio of 40 high-end medical aesthetic products, with 26 already launched globally, indicating a strong market presence [9] - New products in the medical aesthetics field, including injectable products, are expected to drive further growth in 2025 [10] Future Outlook - The company aims to leverage its innovative capabilities and product differentiation to expand its market share in the medical aesthetics sector, which is projected to grow steadily [12] - The pharmaceutical industrial sector is expected to maintain a strong growth trajectory, supported by ongoing market expansion and product pipeline development [12] - The overall performance in Q1 2025 reflects the company's commitment to innovation and growth, positioning it for future success in the pharmaceutical and medical aesthetics industries [12]

□ 医美机构正遭遇业绩"卡壳"，平均客单价从2021年的6800元降至2023年的4200元，高值产品只能短暂 支撑收入，利润空间被压缩。 □ 医美机构经营能力面临迭代，要做好精细化经营。从投入产出最大化、人力产出最大化出发，做好客 户分级、品类精选、员工培训、服务标准化等工作，以效率制胜。 谈及医疗美容行业，不少人觉得一些项目动辄几千元甚至上万元，利润一定很高。但在日前召开的第八 届全球医学美容创新大会暨首届中国医美科普大会上，"利润持续走低"却成为高频词。 这一判断在几家医美上市公司财报中得到印证：瑞丽医美2024年亏损5921万元，公司归母净利润已连续 4年亏损；新三板华韩股份旗下有30家医美机构，华韩股份称，2024年预计净利润同比下降62%至 74%；ST美谷通过重大资产重组剥离房地产业务，开始了"中游切入，上游立足，下游卡位"的医美生态 集成商的场景化业务布局，2024年度，该公司归属于上市公司股东的净利润亏损3.2亿元至4.5亿元。 某连锁医美机构负责人表示，虽然客流量保持增长，但平均客单价从2021年的6800元降至2023年的4200 元，高值产品只能短暂支撑收入，利润空间被压缩。医美机构正 ...

Financial Performance - In 2024, the company achieved a revenue of CNY 41.906 billion, a year-on-year increase of 3.16% [4] - The net profit attributable to shareholders was CNY 3.512 billion, up 23.72% year-on-year [4] - The net profit after deducting non-recurring gains and losses was CNY 3.352 billion, reflecting a growth of 22.48% [4] - Compared to 2021, revenue and net profit grew by 21.24% and 52.59%, respectively [4] Business Segments Performance Pharmaceutical Industry - The pharmaceutical segment generated a revenue of CNY 13.811 billion, with a year-on-year growth of 13.05% [5] - The net profit for this segment was CNY 2.876 billion, increasing by 29.04% [5] - R&D investment in the pharmaceutical industry reached CNY 2.678 billion, a 16.77% increase [5] Aesthetic Medicine - The domestic aesthetic medicine subsidiary reported a revenue of CNY 1.139 billion, growing by 8.32% [6] - The UK subsidiary, Sinclair, generated approximately CNY 0.967 billion, a decline of 25.81% due to global economic challenges [6] Industrial Microbiology - The industrial microbiology segment achieved a revenue of CNY 0.711 billion, a significant increase of 43.12% [25] - Growth rates for specific areas included 38% for specialty raw materials and intermediates, 20% for xRNA, and 142% for health and biological materials [25] R&D and Product Development - The company has over 80 innovative drug candidates in its pipeline [5] - The oral small molecule GLP-1 receptor agonist HDM1002 has shown promising results in clinical trials, with over 800 participants [17] - The ADC pipeline includes more than 12 projects, with ongoing clinical trials for several candidates [14] Market Strategy and Future Outlook - The company plans to actively participate in medical insurance negotiations for new products [6] - There is a focus on expanding market presence in both domestic and international markets, particularly in the aesthetic medicine sector [26] - The company anticipates a gradual recovery in overseas aesthetic medicine markets [26] Investor Relations and Communication - The annual performance meeting was attended by 381 institutional and individual investors [2] - The chairman emphasized the commitment to high-quality development and strategic goals for the upcoming three-year plan [27]

主因产品原血白蛋白原产国瑞典奥地利德国和法国适用于低血溶量及低血溶量性休克力强高的颅内压水肿及腹血防止及治愈低蛋白血症及新生儿高胆红血红素血症注射用淘宝福星钠安可鑫原产国为塞浦路斯 好的各位投资人大家早上好下面由我为大家介绍一下公司的基本情况星科荣耀控股于2016年成立于在香港主板上市公司现在分为生物医药 医验美学及供应链平台三大业务板块2011年四川星科荣耀与成立获安可心麦道币中国的独家行销权 在12年获奥克特法马与中国24个省份的独家授权公司在2014年在四川成都双流保税区新建了链设施12年在香港主板上市公司在1920年分别获得奥地利德国及瑞典产人血白蛋白的全国独家授权21年集团确定建立的医美业务板块启动了具体内置PCL加X的产品性研发 22年公司获法国产人士白蛋白的独家授权同年新克隆医美产一员落户成都天府国际生物城并收购德杨德美医疗美容医院23年成都恒美盛生物科9000公司在少米针平华针等项目研究工作中强势推进24年新克隆国际生物医药供应链服务中心项目二期开工同年海口新克隆基地项目开工仪式顺利举行 以报告今年本集团收益增加11.1%或人民币2.81亿元至人民币28.21亿其中人血白蛋白注射液销售收入增加 ...

2025 年 04 月 14 日 投资策略 估值与盈利周观察——4 月第 2 期：估值普跌 ◼ 上证综合指数走势（近三年） (20%) (12%) (4%) 4% 12% 20% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 指数 PEG & PB-ROE: 红利 PEG 值最小，科创 50 风格 PB-ROE 值最小。 大类行业估值：原材料、设备制造、工业服务、交通运输、消费、科 技历史估值皆处于 50%以下，金融地产估值高于 50%历史分位。 一级行业估值：各行业估值分化，非银金融、煤炭、石油石化、有色 金属、公用事业、交通运输、农林牧渔估值处于近一年低位。 热门概念：华为鸿蒙、机器人、中字头央企等概念处于估值三年历史 较高分位。 盈利预期：各行业盈利预期普遍小幅下调，钢铁上调幅度最大；房地 产下调幅度最大. 市场估值普跌，消费、稳定 ...

21世纪传媒 · 公众号矩阵成员。 以下文章来源于21新健康 ，作者唐唯珂 作 者丨唐唯珂 编 辑丨季媛媛、江佩佩 21新健康 . 近日，网红主播李佳琦在直播中说不建议普通女生做医美。4月1 3日， 相关 话题词登顶热搜， 引发热议。 李佳琦称， 不建议普通女生做医美，因为做这个要花很多钱，还面临风险 ： "我说实话，有钱有闲去做医美，没钱没闲别做了。你一次想要一个水光针让你皮肤好到什么 程度，不可能。可能很多医美机构都会恨我，但是我就告诉你们不可能。 然后一些大动的东西，咱们不是做明星的，别做，有风险。什么垫鼻子、削骨、拉皮，别，你 只会后悔。" 李佳琦还表示："有些博主说现在去哪里好方便，周五下了班直接飞过去，落地签，去做一个 什么水光针好便宜，美眉们， 当你突然看到一个广告、一个项目飞起来的时候，都是有人推 的，有资本在后面推让你们去做各种东西，请理性消费，快乐购物 。" 起底跨境医美机构 返点高达2 0%—5 0% 近日，中国整形美容协会也发布重要警示，提醒消费者提高风险防范意识，切勿盲目被低价迷 惑，忽视医疗美容最关键的安全性与可靠性。 近年来，跨境医美机构乱象层出不穷，部分医美机构通过借助抖音、小 ...

锦波生物的主要产品是重组人源胶原蛋白、抗HPV生物蛋白，并在2024年开创性地将AI技术与重组人源化胶 原蛋白产业深度融合，旗下薇旖美注射级重组Ⅲ型人源化胶原蛋白取得了销量百万支的里程碑，近一年股价大 涨74.8%。 另一只重组胶原蛋白概念股巨子生物也是30只基金的心头好，包括郭杰管理的易方达核心优势、梁跃军管理 的朱雀恒心一年持有和朱雀产业臻选、宁君管理的富国沪港深业绩驱动等。 在AI赋能生物医药行业已经成为市场共识的同时，一个对科技与时尚浪潮尤为敏感的行业——医美也正在被AI重 塑。 据证券时报·券商中国记者不完全统计，截至目前，市场上已经有欧莱雅、贝泰妮、锦波生物、巨子生物等知 名医美或美妆企业宣布部署AI。受访基金经理认为，在可预见的未来里，AI将加速突破材料研发瓶颈，效果 模拟技术将替代传统医美咨询，"千人千面"的精准定制将取代标准化服务。 最新的2024年年报显示，基金已经提高对部分医美概念股的持仓，在这场技术变革中，机构投资者将 " AI赋 能 " 列为医美企业核心估值指标，率先打通AI在"实验室—临床—用户反馈"全链条应用的公司有望获得更多溢 价，一场从"经验科学"到"计算科学"的产业革命正在 ...

星标 ★ IPO日报 精彩文章第一时间推送 近期， 爱美客技术发展股份有限公司（下称" 爱美客"）发布公告，拟通过持股70%的子公司Imeik International Limited （ 下称" 爱美客国际" ） 收 购韩国REGEN Biotech，Inc．公司（下称"韩国REGEN"）85%的股权，交易金额约为1.90亿美元（约合人民币13.86亿元）。 收购完成后，爱美客将持有韩国REGEN59.5%股权，将后者纳入合并报表。值得注意的是，由于 江苏吴中医药发展股份有限公司（下称" 江苏吴中"） 拥有韩国REGEN 主要产品， 艾塑菲童颜针 在中国的独家代理权（有效期至2032年8月28日），这意味着，如果爱美客成功收购，它还将因代理权 的问题与江苏吴中打交道。 具体投资过程是，爱美客和首瑞香港分别出资70%和30%，成立了爱美客国际有限公司，作为本次交易的收购主体，股权穿透来看，爱美客实际花费1.33 亿美元（折合人民币9.7亿元）购买韩国REGEN公司59.5%股权，而公告中85%股权的剩余部分（约25.5%），则由首瑞香港出资0.57亿美元收购。 此外，公司还宣布，如果本次收购能够得到批准并完 ...

Core Viewpoint - The article discusses the rising concerns and incidents related to the use of botulinum toxin (commonly known as Botox) in cosmetic procedures, highlighting the risks associated with unregulated products and practices in the medical beauty industry. Group 1: Incidents and Risks - Recent incidents involving celebrities, such as actress Qi Wei and actor Du Chun's wife, illustrate the potential dangers of excessive botulinum toxin injections and allergic reactions [1][2] - There has been a noticeable increase in discussions about botulinum toxin poisoning on the internet, with legal consultations regarding such cases rising significantly [4] - Many cases of poisoning stem from excessive dosages or counterfeit products, with reports of severe reactions including dizziness, weakness, and swallowing difficulties [4][10] Group 2: Market Dynamics - The botulinum toxin market in China is experiencing rapid growth, with projections indicating an increase from 3.9 billion yuan in 2020 to 11.4 billion yuan by 2025 [22] - The market has evolved from a dual-competitor landscape to a more diversified one, with multiple companies entering the space, including Huons, Hugel, and others [22][23] - Despite strict regulatory policies, the prevalence of counterfeit products remains high, posing significant safety risks to consumers [25][10] Group 3: Consumer Awareness and Safety - Consumers are often misled by unqualified practitioners and may not be aware of the products being used or their potential side effects [28][29] - It is crucial for consumers to verify the qualifications of medical institutions and practitioners, as well as the legitimacy of the products being used [28] - Recommendations for safe practices include ensuring the use of licensed medical facilities, qualified physicians, and legitimate products to mitigate risks associated with botulinum toxin injections [28][30]

作 者丨韩利明 编 辑丨季媛媛 图 源丨IC "现在的医美博主真的太坏了， 居然鼓吹用CaHA菲林普利打泪沟这么容易显形的位置 …… 这玩意儿压根就没有通过械Ⅲ临床试验！"在社交平台上，这条编辑于2 0 2 4年9月的内容，已 经收获了1 2 0个赞和1 8 0条评论。 原本应用于骨科和牙科的羟基磷灰石，被打造成为面部填充塑形的热门"再生材料" 社交媒体截图 该分享中提及的CaHA，即羟基磷灰石，作为国际医美领域三大再生材料之一，与聚左旋乳酸 PLLA（童颜针主要成分）、聚己内酯 PLC（少女针主要成分）齐名。在童颜针、少女针市 场 教 育 的 带 动 下 ， 羟 基 磷 灰 石 也 热 度 渐 升 ， 昊 海 生 科 、 华 熙 生 物 、 巨 子 生 物 、 艾 尔 建 、 Me r z、睿合医药等国内外企业纷纷展开布局 。 " 羟 基 磷 灰 石 " 在 " 种 草 平 台 " 上 的 标 签 浏 览 量 超 5 0 0 万 社交媒体截图 今年1月，有医美领域资深人士向2 1世纪经济报道提供数据显示，根据一级市场调研以及部分 企业的业务数据来计算， 国内羟基磷灰石现在一年可能用掉了数十万只，最多可能会达 ...