Investment Dynamics - China Resources Holdings' subsidiary Huachuang Xinxin plans to reduce its stake in Shanxi Fenjiu by up to 16.20 million shares, representing a maximum of 1.33% of the company's total share capital. The company currently holds 10.50% of Shanxi Fenjiu [3] - Huachuang Xinxin has previously reduced its holdings, with a total of 6.30 million shares sold between December 2024 and February 2025. The parent company, China Resources, maintains confidence in Shanxi Fenjiu's future despite the reduction [3] Brand Dynamics - LVMH's beauty incubator Kendo has sold its vegan makeup brand KVD Beauty to private equity fund Windsong Global, marking Kendo's first brand sale. KVD will join the multi-brand beauty platform Belle Brands [11] - Netflix has signed a global co-marketing agreement with Anheuser-Busch, focusing on promotional activities for shows like "The Gentlemen" and "Culinary Class Wars," featuring Budweiser and other brands during major events [14] - McDonald's is launching a Mid-Autumn Festival campaign in collaboration with the game "Black Myth: Wukong," featuring themed products and events across over 7,100 restaurants [17] - Lanzhou Beef Noodle has entered a strategic partnership with Coca-Cola to promote cultural heritage and develop co-branded products through various marketing channels [20] - The tea brand "Bawang Chaji" is opening new stores in Hong Kong, expanding its market presence since entering in 2024 [23] - Alibaba's Amap has waived the annual entry fee for all restaurant merchants and is providing various support services to enhance business opportunities [26] - IKEA's parent company Inter IKEA Group announced a CEO transition, with Jakub Jankowski set to take over in January 2026, aiming to drive international manufacturing and digitalization [28]

证券研究报告 | 2025年09月27日 本年，港股精选组合绝对收益 72.29%，相对恒生指数超额收益 42.04%。 港股市场创新高热点板块跟踪 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，华虹半导体等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是医药板块，其次为周期、科技、消 费和制造板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周恒生大型股指数收益最高，累计收益-0.97%；恒生中型 股指数收益最低，累计收益-2.33%。 行业指数方面，本周原材料业行业收益最高，累计收益 2.53%；综合企业行 业收益最低，累计收益-3.92%。 **Acknowledgement** I am grateful to my supervisor, who has been a great advisor of my supervisor, who has been a great advisor of my supervisor. 港股精选组合绩效回顾 本周，港股精选组合绝 ...

Core Viewpoint - The company, Betaini, is focusing on expanding its product offerings in the skincare and medical device sectors, particularly targeting anti-aging and sensitive skin care, while also venturing into overseas markets, especially in Southeast Asia [2][3][7]. Group 1: Company Overview - Betaini Biotechnology Group Co., Ltd. is based in Kunming, Yunnan, and was established on May 13, 2010, with its stock listed on March 25, 2021 [7]. - The company primarily operates under the "Winona" brand, specializing in gentle and professional skincare products using natural plant active ingredients, focusing on sensitive skin [7]. - The revenue composition of the company includes skincare products (84.36%), makeup (10.07%), medical devices (4.88%), and other services (0.70%) [7]. Group 2: Financial Performance - For the first half of 2025, Betaini reported a revenue of 2.372 billion yuan, a year-on-year decrease of 15.43%, and a net profit attributable to shareholders of 247 million yuan, down 49.01% year-on-year [8]. - The company has distributed a total of 1.289 billion yuan in dividends since its A-share listing, with 844 million yuan distributed over the past three years [9]. Group 3: Market Position and Strategy - The company is actively developing its high-end anti-aging brand AOXMED, which aims to integrate medical aesthetics with home beauty care, achieving sales of approximately 59.92 million yuan in 2024, a year-on-year growth of about 65.59% [2]. - Betaini is expanding its overseas market presence, particularly in Southeast Asia, with trademark registrations and partnerships with local e-commerce platforms like Shopee and Lazada [3]. - The company is also involved in the research, production, and sales of skin care-related medical devices, including hyaluronic acid repair biological membranes and dressings [3]. Group 4: Stock Performance and Investor Sentiment - On September 4, Betaini's stock rose by 0.39%, with a trading volume of 228 million yuan and a market capitalization of 19.447 billion yuan [1]. - The stock has seen a net outflow of 4.7889 million yuan from major investors, indicating a lack of strong control by major shareholders and a dispersed chip distribution [4][5].

来源：新浪证券-红岸工作室 8月21日，贝泰妮涨0.64%，成交额3.21亿元，换手率1.61%，总市值198.71亿元。 异动分析 医美概念+三胎概念+跨境电商+医疗器械概念+西部大开发 1、2025年5月9日互动易：我们自有高端医美级抗衰品牌AOXMED有部分专妍线产品，串联医美+家 美。提供高效安全的院内械妆联合护理与居家医美级序贯护肤， 倡导以正确理念抵御皮肤老化，实现 身心内外年轻的全程抗衰品牌。2024年内，"瑷科缦（AOXMED）"品牌实现销售额人民币 5,992.21 万 元，同比增长约 65.59%，品牌全渠道业务矩阵已初具形态。"瑷科缦（AOXMED）"品牌坚持以循证医 学与先锋科研为根基，围绕灵魂专利成分"美雅安缇 MLYAAT1002?多维抗衰精萃"在抗衰领域发挥多靶 点功效和全层抗衰的核心优势，打造从医美到家美所需的全渠道产品矩阵，以满足消费者多场景下的皮 肤年轻化诉求。 2、公司塑造了专注于专业婴幼儿护理的"WINONA Baby" 品牌。 3、2023年11月16日互动易：公司于今年开始发力海外市场布局，重点布局东南亚地区，目前在"一带一 路"倡议的沿线国家已完成了薇诺娜等主要品 ...

Market Overview - The Hong Kong stock market continued its upward trend from the previous day, with the Hang Seng Index closing up 0.27%, and the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.19% and 0.33% respectively, indicating a sustained recovery in market sentiment [1] Technology Sector - Major technology stocks showed mixed performance, with NetEase rising by 1.17%, while Tencent and Xiaomi experienced slight increases. Conversely, JD.com, Baidu, Meituan, and Alibaba saw declines [1] Paper and Steel Industries - Leading paper companies initiated a new round of price increases, significantly boosting paper stocks, with Chenming Paper rising by 7.4% to reach a new high. Steel stocks also saw notable gains, with Maanshan Iron & Steel surging by 9.6%, followed by Ansteel and Chongqing Iron & Steel [1] Biopharmaceutical Sector - The National Healthcare Security Administration has established a new pricing mechanism for newly listed drugs, potentially ushering in a new pricing cycle for Chinese innovative drugs. Biopharmaceutical stocks became active again, with innovative drug companies seeing substantial gains, including a more than 11% increase for Genscript Biotech, along with rises for Ascentage Pharma, Innovent Biologics, WuXi AppTec, and Hansoh Pharmaceutical [1] Gaming and Gambling Sector - Citigroup raised its forecast for Macau's August gaming revenue to 21.5 billion Macanese Patacas, leading to a broad increase in gaming stocks [1] Automotive Sector - The automotive sector faced some declines, with NIO falling nearly 7%, and both Li Auto and BYD also experiencing decreases [1] Other Sectors - Lithium battery stocks, medical aesthetics, education, and tobacco-related stocks mostly declined [1]

Core Viewpoint - Langzi Co., Ltd. relies on capital-driven growth and rapid mergers and acquisitions to form a chain scale, neglecting the core of the medical beauty industry, which is "doctors and services" [1][30]. Financial Performance - Langzi Co., Ltd. reported a projected net profit of 220 million to 260 million yuan for the first half of 2025, representing a year-on-year growth of 31.74% to 55.69% [3][4]. - However, after excluding a 160 million yuan investment gain from the sale of Ruoyuchen, the actual operating net profit dropped to 90 million to 130 million yuan, a decline of 35.68% to 7.09% year-on-year [6][4]. - The first quarter of 2025 showed a decline in revenue, net profit, and cash flow from operating activities, indicating a downward trend [6][7]. Medical Aesthetics Business Challenges - The medical aesthetics segment, which was expected to be a new growth engine, has underperformed, with revenue and gross profit decreasing by 9.22% and 8.58% respectively in Q1 2025 [11][8]. - The gross profit margin of the medical aesthetics business is 55.05%, significantly lower than the traditional apparel and children's products segments, which have margins of 64.51% and 62.28% respectively [11][8]. - Among the seven medical aesthetics brands under Langzi, only the Jingfu Medical Beauty brand achieved positive growth in Q1 2025, while the other six brands experienced revenue and profit declines [13][11]. Industry Dynamics - The medical aesthetics industry has a complex value structure, with upstream pharmaceutical and equipment manufacturers capturing 50%-70% of the profits, while downstream service providers only retain 10%-25% [16][15]. - Operating a medical aesthetics institution is capital-intensive, requiring significant investment in equipment and facilities, with depreciation periods of 5-10 years [17][16]. - The industry faces increasing competition, with the number of specialized medical aesthetics institutions in China reaching 21,000 in January 2025, an increase of approximately 2,400 from the previous year [21][20]. Strategic Decisions and Market Trends - Despite the challenges, Langzi continues to invest in medical aesthetics, viewing it as a low-resistance entry point into the sector with high valuation potential [23][22]. - The medical aesthetics market in China has seen a compound annual growth rate of over 20% from 2011 to 2019, attracting significant capital investment [24][23]. - Langzi's strategy of rapid acquisitions in the medical aesthetics sector has not translated into sustainable growth, as the industry is moving towards a more decentralized model focused on individual practitioners and boutique institutions [30][29]. Conclusion - The fundamental conflict between capital-driven expansion and the intrinsic nature of the medical aesthetics industry may be the root cause of Langzi's current challenges [31][30].

Market Overview - The Hang Seng Index closed at 24,140, up 0.26% for the day and 20.65% year-to-date[3] - The Hang Seng China Enterprises Index rose by 0.52% to 8,688, with a year-to-date increase of 19.79%[3] - The Hang Seng Tech Index increased by 0.67% to 5,248, reflecting an 18.25% rise year-to-date[3] Stock Performance - Major tech stocks in Hong Kong saw gains, with Kuaishou up over 3% and Alibaba, Meituan, and Tencent rising within 1%[9] - Bitcoin reached a new high of $123,000, positively impacting cryptocurrency-related stocks in Hong Kong, such as OKC Cloud Chain, which surged 46.24%[9] - NIO's stock rose over 10% following positive pre-sale pricing news for its new model, indicating potential profitability in Q4 2025[9] U.S. Market Trends - The Dow Jones Industrial Average increased by 0.20% to 44,372, while the Nasdaq Composite rose by 0.27% to 20,586[9] - Notable movements included MicroStrategy up 3.78% and BIT Mining gaining over 10% amid a bullish cryptocurrency market[9] - Tech stocks showed mixed results, with Apple down 1.2% and Tesla up 1.08%[9] Japanese Market Insights - The Nikkei 225 index fell by 0.28% to 39,570, with declines in sectors like paper and transportation[12] - Long-term Japanese government bond yields rose to 2.620%, the highest since October 2000, indicating market concerns ahead of the upcoming elections[12] Economic Indicators - In June 2025, China's social financing scale increased by 22.83 trillion yuan, exceeding expectations[13] - The M2 money supply grew by 8.3% year-on-year, indicating a stable monetary environment[13] - China's trade with the U.S. saw a decline of 9.3% in the first half of 2025, reflecting ongoing trade tensions[13]

Core Viewpoint - Langzi Co., Ltd. is facing a dual dilemma of growth slowdown and profit pressure, with its market value plummeting over 70% from a peak of over 30 billion to 8.2 billion [1][26]. Group 1: Company Background and Business Structure - Founded in 2000, Langzi initially focused on high-end women's clothing and later expanded into the mother and baby, medical beauty, and internet sectors through acquisitions and investments [13][14]. - The company has three core business segments: women's clothing, medical beauty, and baby products, with a significant shift in market focus towards medical beauty since 2016 [13][14]. Group 2: Recent Stock Reduction Activities - On June 9, 2023, Langzi announced a plan to reduce its stake in Ruoyuchen by up to 4.7681 million shares, representing no more than 3% of the total share capital [1][3]. - The stock reduction comes at a time when Ruoyuchen's stock price has surged by 610% over the past year, indicating a strategic move to capitalize on high stock prices [1][3][10]. Group 3: Financial Performance and Challenges - Langzi's asset-liability ratio has increased significantly from 10.48% in 2011 to a historical high of 57.42% in 2024, indicating rising financial pressure [16][18]. - Despite high gross margins (around 59% in 2024), the net profit margin has drastically declined to 5.19%, highlighting the challenges in profitability within the medical beauty sector [20][21]. - The company has incurred substantial sales expenses, totaling 119 billion from 2017 to 2024, which represents approximately 39% of total revenue during that period [22][23]. Group 4: Market Trends and Future Outlook - The medical beauty industry is experiencing a decline in average customer spending, with reports indicating a nearly 40% drop in per capita spending, which could further impact Langzi's revenue [27]. - The company's goodwill has reached 1.781 billion, accounting for 64% of its net assets, posing a risk of impairment if acquired entities underperform [24][25].

Market Overview - A-shares experienced a strong upward trend, with significant gains in the pharmaceutical and financial sectors, while Hong Kong stocks also rose, with the Hang Seng Index and Hang Seng Tech Index both increasing by over 1% [1] - The Shanghai Composite Index closed up 0.43% at 3361.98 points, the Shenzhen Component Index rose 0.16% to 10057.17 points, and the ChiNext Index increased by 0.48% to 2002.7 points [1] Pharmaceutical Sector - The pharmaceutical sector saw a notable surge, particularly in innovative and weight-loss drug stocks, with Shuyou Shen (300204) hitting the daily limit and accumulating a nearly 190% increase over the past 10 trading days [3][4] - Other pharmaceutical stocks such as Huana Pharmaceutical and Kexing Pharmaceutical also reached new highs, with Kexing rising approximately 15% [3] - The National Medical Products Administration recently approved 11 new innovative drugs, which is expected to boost the performance of related companies [6] Medical Aesthetics Sector - The medical aesthetics sector also showed strong performance, with stocks like Guanhao Biological (300238) and Shuiyang Co. (300740) hitting the daily limit, and other companies like Langzi Co. and Jiuzhitang also experiencing significant gains [5] Gold Sector - The gold sector saw a notable rise, with stocks such as Mankalon (300945), Western Gold (601069), and Caibai Co. (605599) hitting the daily limit, while Chifeng Gold (600988) increased by over 4% [7][8] - COMEX gold futures rose by 2.74% to $3406.4 per ounce, marking a return above the $3400 level for the first time since May 8 [8][9] Digital Currency Sector - The digital currency sector was active, with stocks like Sifang Precision (300468) rising over 10%, and companies like Cuiwei Co. (603123) and Hengbao Co. (002104) hitting the daily limit [10][11] - The Hong Kong government recently enacted the "Stablecoin Ordinance," which aims to promote financial innovation while maintaining stability, marking a significant step in the digital asset field [11][12]

Group 1: Medical Aesthetics Sector - The medical aesthetics sector experienced a sudden surge, with the Wande Medical Aesthetics Index leading the market [3][4] - Several stocks, including Jieya Co., Furuida, Lafang Cosmetics, and Liangmian Needle, reached their daily limit, while Huaxi Biological and Marubi also saw significant gains [4] Group 2: Tencent's Strategic Moves - Tencent announced an organizational adjustment within its WeChat business group, establishing an e-commerce product department to enhance its trading infrastructure and ecosystem [6] - Following this announcement, Weimeng Group's stock surged over 15% shortly after the market opened, indicating strong market reaction to Tencent's strategic direction [5][6] - Tencent's president, Liu Chiping, downplayed the significance of the changes, stating that the e-commerce team was merely formalized as an independent department without major structural changes [6] Group 3: Shipping Sector Performance - The shipping sector showed strong performance, with multiple stocks such as Jinjiang Shipping, Ningbo Shipping, and COSCO Shipping reaching their daily limit [7] - Positive signals from the US-China Geneva trade talks have activated the overseas shipping market, leading to a "rush for shipping" and potential price increases in shipping lines through the second half of the year [7]