Core Viewpoint - The Chinese beauty industry is experiencing a significant transformation driven by strategic investments in cutting-edge technology and content-driven brands, indicating a shift towards a more integrated and innovative market structure [4][25][28]. Investment Trends - In the first nine months of 2025, Chinese beauty companies completed 13 investments/acquisitions, with disclosed amounts exceeding 5.5 billion RMB, accounting for nearly 60% of the industry's capital flow [4][6]. - Major funding is concentrated in a few leading projects, indicating a selective investment phase, with the top three projects totaling nearly 5.2 billion RMB [6]. - The focus on technology and raw materials is evident, with regenerative medicine and RNA technology becoming key investment areas [7][24]. Strategic Investments - Huaxi Biological's investment in Saintno Pharmaceutical is a prime example of the focus on small nucleic acid drugs, which have significant potential despite the company currently lacking product sales [7][12]. - Proya's investment in Huazhi Xiao aims to build a business ecosystem, leveraging the brand's influence among young consumers and its potential for overseas expansion [10][13]. International Comparison - International giants like L'Oréal and Unilever are also active in the beauty investment space, with L'Oréal completing eight investments and Unilever seven in the first nine months of the year [14][19]. - The investment logic of international players tends to favor acquiring mature brands, while Chinese companies emphasize strategic collaboration and investment in technology [23][24]. Future Outlook - The current investment trends suggest a restructuring of the Chinese beauty industry, moving towards a model supported by technology, content, and global asset integration [25][30]. - The capital influx is raising industry standards, potentially eliminating smaller players lacking differentiation while providing growth opportunities for niche and innovative brands [24][25]. - The evolving landscape indicates that the future of the global beauty industry may be significantly influenced by the capital dynamics within China, potentially leading to the emergence of new world-class beauty giants from the Chinese capital ecosystem [30].

证券简称： 锦波生物 证券代码： 832982 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 山西综改示范区太原唐槐园区锦波街 18 号 山西锦波生物医药股份有限公司招股说明书（申报稿） 保荐人（主承销商） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律 效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 山西锦波生物医药股份有限公司 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文 件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价 值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责； 投资者自主判 ...

证券简称： 锦波生物 证券代码： 832982 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 山西锦波生物医药股份有限公司招股说明书（申报稿） 山西综改示范区太原唐槐园区锦波街 18 号 山西锦波生物医药股份有限公司 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 1-1-0 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 慎作出投资决定。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责 ...