Investment Rating - The report maintains a "Buy" rating for the company with a target price of 112.78 CNY [3][4] Core Views - The company is positioned as a leading multi-brand beauty group in the new development stage, with strong competitive advantages in its main brands [2][8] - The company has a well-established multi-brand portfolio, including seven differentiated brands covering skincare, makeup, and hair care, and is the first domestic beauty company to exceed 10 billion CNY in revenue [8] - Concerns regarding the transition to the second generation of leadership are noted, but the report emphasizes the positive long-term impact of this change on the company's development [8] - The company is actively enhancing its product innovation, R&D investment, and digital transformation, indicating a strong commitment to future growth [8] - The report highlights the potential for international expansion and acquisitions as part of the company's growth strategy, particularly in new sectors such as children's products, perfumes, and men's skincare [8] Financial Forecasts - The company is projected to achieve earnings per share of 4.56 CNY, 5.36 CNY, and 6.06 CNY for the years 2025, 2026, and 2027 respectively [3][9] - Revenue is expected to grow from 8,905 million CNY in 2023 to 15,577 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [3][11] - Operating profit is forecasted to increase from 1,503 million CNY in 2023 to 2,923 million CNY in 2027, reflecting a strong growth trajectory [3][11] - The company's gross margin is expected to improve from 69.9% in 2023 to 73.0% in 2027, indicating enhanced operational efficiency [3][11]

Group 1: Policy Release - The report includes three domestic policies related to the bio-based industry released in May 2025, focusing on carbon reduction projects [7][18]. - Key projects include a 110,000-ton biodegradable polyester rubber demonstration project and a 1 million-ton waste oil processing sustainable aviation fuel project [8][19]. Group 2: Industry Dynamics - The report highlights two domestic bio-based chemical company updates, including a 120 million yuan investment in a lactic acid production demonstration line by Heilongjiang Guoke Bio-based New Materials [9][20]. - Wanhu Chemical has established a new company focusing on food additives, with a registered capital of 200 million yuan [10]. Group 3: Capital Events - Several financing events in the bio-based sector are reported, including a multi-million yuan investment in Senqi New Materials for bio-based high barrier film materials [11][22]. - Other notable investments include a joint investment exceeding 100 million yuan in Juyuan Bio for recombinant collagen [22]. Group 4: Scientific Research Progress - Significant breakthroughs in bio-based materials research are noted, including a study on lignin-derived carbon improving catalytic performance [12][23]. - Research on a new type of printable conductive "E-skin" with antibacterial properties has been developed, mimicking slime mold characteristics [12][23]. Group 5: Upcoming Events - The Fourth Synthetic Biology and Green Bio-manufacturing Conference will be held from August 20-22, 2025, in Jinan, Shandong, focusing on the development trends of the bio-manufacturing industry [25][26].

# SynBio团队 | 中科院苏州医工所马富强 在人工生命体精准编程的"黄金时代"，合成生物学作为融合工程学、计算机科学与分子生物学的交叉学科， 正通过"设计-构建-测试"的循环模式重塑生物制造范式。这一领域不仅被列为全球科技竞争的战略高地，更在 医药研发、碳中和、农业升级等关乎国计民生的赛道上展现出颠覆性潜力。 其核心突破点聚焦 三大支柱 ： 三大支柱技术如同精密咬合的齿轮，共同决定了细胞合成工厂的效率 。 【SynBioCon】 获 悉，近日， 苏州医工所马富强研究团队 围绕上述合成生物学三大支柱技术开展了系统工 作： 图2. 利用深度学习辅助生成新型启动子的两种方法 ： 左 图 ， 通过对现有启动子引入突变或随机生成新序列 来创建新的序列。这些新生成的序列通过启动子识别模型进行筛选，以验证其功能 ；右 图 ， 使用扩散模型 或生成对抗网络（GANs）来生成新的启动子。扩散模型通过添加高斯噪声逐步生成启动子序列。GANs 由生 成器和判别器组成，生成器负责生成假样本，而判别器用于区分真实样本和生成的假样本。通过训练过程不 断优化生成器的性能，使其能够生成更逼真的启动子序列。 工作1 ： 新型酶资源 的 ...

Group 1 - Institutional investors bought a total of 30 stocks, with net purchases in 9 stocks and net sales in 21 stocks on the day [1] - The top three stocks with the highest institutional purchases were: Limin Co., Ltd. (¥193 million), Anglikang (¥170 million over three days), and Aoyang Health (¥13.56 million) [1] - Limin Co., Ltd. saw a net purchase of ¥193 million from 5 institutions, benefiting from rising prices of key products such as Abamectin and Mancozeb, which is expected to enhance its profitability [3] Group 2 - The stock of Limin Co., Ltd. increased by 10.02% with 3 buyers and 2 sellers [2] - Anglikang's stock rose by 9.98% with 4 buyers and 2 sellers [2] - The automotive industry is experiencing a shift as major companies have committed to standardizing supplier payment terms to 60 days, which may alleviate profit pressures across the industry [3]

Core Insights - A team from Colorado State University has successfully synthesized a "gene switch" that allows for the flexible activation or deactivation of key genetic traits in mature plants, marking a significant advancement in synthetic biology [1][2] - This research provides a theoretical and technical foundation for the programmable regulation of plant gene functions, enabling tailored design of plant characteristics for various applications [2] Group 1: Research Significance - The study represents a milestone in synthetic biology, enabling the creation of a genetic "switch" that functions similarly to an electronic circuit, allowing precise control over gene expression in response to external signals [1] - Prior to this, gene regulation technologies were limited to single-celled organisms, making this achievement in complex multicellular plants particularly noteworthy [1] Group 2: Applications and Future Prospects - The "gene circuit" developed can regulate different stages of plant life cycles and has potential applications in agriculture and materials science, such as enhancing drought resistance in crops or optimizing growth cycles for better yield and nutritional value [2] - Future advancements may include the use of machine learning to further optimize the design process of gene circuits, potentially automating operations and accelerating research and development [2] - This breakthrough technology is expected to contribute to food security and open new possibilities in environmental restoration and sustainable materials development, representing a significant step towards the "programming" of plant modifications [2]

Core Insights - The Chinese beauty market is experiencing significant growth driven by ingredient-focused marketing, but there is a widening gap between consumer expectations and regulatory standards [1] - The complexity of new ingredients like bioactive peptides and plant extracts has outpaced existing national standards, leading to regulatory challenges [1][7] - Social media's promotion of high-concentration ingredients has resulted in consumer misconceptions about safety and efficacy, increasing the risk of health issues [1] Group 1: Medical Applications - Hyaluronic acid (HA) is primarily used for facial filling and shaping, addressing issues like wrinkles and volume loss, while collagen is crucial for skin firmness and elasticity [2][3] - HA provides immediate results and strong moisturizing effects, but its effects last only 6-12 months, requiring regular maintenance [4] - Collagen injections take longer to show results (1-2 weeks) but can stimulate the body's own collagen production, with effects lasting 6-18 months or longer [5] Group 2: Market Dynamics - HA dominates the aesthetic filler market due to lower production costs and widespread application, while collagen's market share is smaller but growing faster [8][9] - The production cost of collagen is 3-5 times higher than that of HA, which contributes to its higher retail price [8] - High prices for collagen may slow its market penetration, particularly in emerging markets, but some consumers view the cost as a reflection of quality [9] Group 3: Regulatory and Testing Standards - Current testing methods for HA include high-performance liquid chromatography (HPLC) and gel permeation chromatography (GPC), while collagen is tested using methods like the Kjeldahl method and BCA assay [6][7] - Regulatory focus is on purity, molecular weight distribution, and biological safety, with HA standards being more established than those for collagen [7] - The rapid development of new materials outpaces the evolution of traditional quality standards, posing challenges for regulatory compliance [7] Group 4: Future Trends - The next five years may see increased integration of HA and collagen in applications aimed at improving skin hydration and elasticity [10] - Innovations in synthetic biology could lead to breakthroughs in the use of collagen in tissue engineering and regenerative medicine [10] - As competition intensifies, prices for both HA and collagen products may decrease, driven by technological advancements and market entry of new players [11]

Core Viewpoint - The research group led by Yu Tao focuses on utilizing synthetic biology to address major issues such as sustainable manufacturing, green energy, and food security through innovative methods of converting CO2 into valuable compounds [1][2]. Group 1: CO2 Conversion and Sustainable Production - Significant progress has been made in converting CO2 into simple low-carbon compounds (C1-3) through various methods, but producing complex compounds remains challenging [1]. - The research group successfully demonstrated the conversion of CO2 into glucose and fatty acids using an electrochemical-coupled microbial cell factory, providing a viable method for sustainable production of sugar-derived food and chemicals [1]. - This achievement was recognized as one of the "Top Ten Scientific Advances in China" in 2022 [1]. Group 2: Synthetic Energy Systems - The research team constructed a synthetic energy system within yeast cells, supporting cell growth and efficient fatty acid synthesis [2]. - Low-carbon compounds such as methanol and ethanol were converted into sugars and sugar derivatives, including glucose and starch, through synthetic biology and metabolic engineering techniques [2]. Group 3: Upcycling Chemical Byproducts - The research group collaborated with other institutions to address the challenge of surplus byproducts in the chemical industry, specifically converting excess acetone into high-value natural products using a tandem electro-biosystem [3]. - The results of this work were published in Nature Sustainability, showcasing a novel approach to upcycling surplus acetone into long-chain chemicals [3][6]. Group 4: Electrochemical and Biological Catalysis - A synergistic strategy combining electrochemical and synthetic biology was proposed, where acetone is first converted into high-purity isopropanol (IPA) through electrochemical hydrogenation, followed by fermentation to produce high-value natural products [6][8]. - The research demonstrated a maximum IPA Faradaic efficiency of 95.6% and a current density of -240 mA cm-2 using a specially designed catalyst [8][10]. Group 5: Future Directions - Future research will focus on optimizing the bipolar membrane electrode reactor design, regulating metabolic pathways for fermentation, and expanding the application of electro-biosynthetic coupling systems [15].

Group 1: Core Insights - The article introduces the "Global Bio-based Industry Monthly Report," providing insights into the latest trends and opportunities in the bio-based sector [1][2][3] - The report is available for free to industry peers, highlighting the importance of collaboration and information sharing within the bio-based industry [1][3] Group 2: Policy Releases - The report includes three domestic bio-based related policies, emphasizing projects focused on carbon reduction and sustainable materials [7][19] - Key projects mentioned include a 110,000-ton biodegradable polyester rubber demonstration project and a 1 million-ton sustainable aviation fuel project [8][19] Group 3: Industry Dynamics - The report details two domestic bio-based chemical company updates, including a 120 million yuan investment in a lactic acid production demonstration line [9][10] - It also highlights the establishment of a new company focused on food additives, indicating growth in the bio-based chemicals sector [10] Group 4: Capital Events - The report outlines several financing events in the bio-based sector, including a multi-million yuan investment in a company specializing in bio-based high barrier film materials [11][22] - Notable investments include over 100 million yuan in a company focused on recombinant collagen and near 100 million yuan in a company producing bioactive ingredients [22] Group 5: Scientific Research Progress - The report presents significant research breakthroughs in the bio-based field, such as the development of a new method for synthesizing high-order carbohydrates from low-carbon molecules [12][23] - It also discusses advancements in bioremediation techniques using engineered bacteria to address environmental pollution [12][23] Group 6: Upcoming Events - The "Fourth Synthetic Biology and Green Bio-manufacturing Conference" is scheduled for August 20-22, 2025, in Jinan, Shandong, focusing on the future of bio-manufacturing [25][26] - The conference aims to foster collaboration among industry leaders, researchers, and investors to explore innovative technologies and applications in the bio-manufacturing sector [25]

Project Overview - The project is named "Baikaiseng (Jiangsu) Biotechnology Co., Ltd. New Green Biosynthesis Industrialization Project" with a total investment of 120 million yuan, including 6.13 million yuan for environmental protection [2] - The project will be located in Lianyungang City, Jiangsu Province, covering an area of 29,597 square meters (approximately 44.39 acres) [2] - Construction is planned to start in June 2025 and be completed by December 2025 [2] Production Capacity and Products - The project will establish an automated flexible fermentation production line with a total annual production capacity of: - Squalene: 180 tons - Ergothioneine: 10 tons - Rebaudioside M: 50 tons - Valencene: 20 tons - Ectoine: 40 tons [2][3] - The production lines will operate for varying hours annually, with Squalene production running for 4,728 hours and Ergothioneine for 600 hours [3] Product Applications - Squalene: Used as a dietary supplement to improve fatigue and enhance immunity, suitable for high-pressure or hypoxic environments [5] - Ergothioneine: A natural antioxidant used as a dietary supplement with anti-inflammatory and neuroprotective effects [6] - Ectoine: A natural amino acid derivative with antioxidant and anti-inflammatory properties, aiding in post-exercise recovery [6] - Rebaudioside M: A natural sweetener derived from stevia, approved as a food additive, suitable for various food and beverage applications [6][7] - Valencene: A food additive used to enhance citrus aroma in food products [7] Company Background - Baikaiseng (Jiangsu) Biotechnology Co., Ltd. is a subsidiary of Baikaiseng (Shanghai) Biotechnology Co., Ltd., established on March 15, 2024 [8] - The company focuses on the research and development of biomanufacturing technologies across pharmaceuticals, cosmetics, and food sectors [8]

Policy Developments - The Central Committee and State Council issued an opinion to improve the adjustment mechanism for the basic medical insurance drug catalog and to establish an innovative drug catalog for commercial health insurance [2] - The opinion aims to promote the sharing of high-quality medical resources and enhance the capacity of grassroots medical institutions [2] - The commercial health insurance sector is becoming a crucial lever for the high-quality development of commercial health insurance, helping to address the payment challenges for innovative drugs [3] Medical Device Approvals - DaAn Gene obtained a medical device registration certificate for six nucleic acid test kits for respiratory pathogens, expanding its product portfolio [5] - BGI Innovation received a medical device registration certificate for a human papillomavirus genotyping test kit, classified as Class III [6] - Shanghai Pharmaceuticals received approval for the production of Formoterol Fumarate inhalation solution, which is used for the maintenance treatment of chronic obstructive pulmonary disease [7] Corporate Transactions - Pilin Bio announced the resumption of trading after China National Pharmaceutical Group acquired 21.03% of its shares, changing the controlling shareholder [8] - China General Nuclear Power Corporation plans to inject 500 million yuan into its subsidiary for proton medical research and development [9] - Zhonghui Pharmaceutical completed two rounds of financing totaling nearly 50 million yuan, which will be used for the construction of a hollow microneedle medical device production base [10] Industry Developments - Dongxing Medical's subsidiary signed two contracts with Shanghai Jiao Tong University for synthetic biology technology development, totaling 6 million yuan [11] Regulatory Alerts - Huahai Pharmaceutical received a warning letter from the FDA regarding its production facility, which may affect future ANDA applications but will not significantly impact current performance [12]