Core Viewpoint - Shenzhen Weiqi Technology Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, driven by the rising popularity of peptide-based cosmetics and a strong performance in recent years [1][7]. Company Overview - Weiqi Technology is a supplier of cosmetic raw materials, primarily focusing on peptide cosmetics. The company is controlled by Ding Wenfeng and Lai Yanmin, who together hold 62.0687% of the shares [1][2]. - Ding Wenfeng, the actual controller, has a PhD and extensive experience in research and development within the pharmaceutical and cosmetic industries [1][2]. Financial Performance - The company's revenue for the years 2022 to 2024 is projected to grow from 135 million yuan to 248 million yuan, with net profits increasing from approximately 35.13 million yuan to 70.64 million yuan [7]. - The growth is attributed to the increasing application of active peptide ingredients in well-known cosmetic brands, enhancing consumer awareness and demand [7]. Client Dependency - The revenue contribution from the top five clients has shown a decline, with percentages of 36.14%, 29.48%, and 38.76% for the respective years [7][8]. - Notably, the second to fifth largest clients in 2022 have exited the top five list by 2023, raising concerns about client retention and dependency [7]. Market Trends and Risks - The cosmetic industry is subject to rapid changes in consumer preferences, as evidenced by the decline of hyaluronic acid products. This raises questions about the sustainability of the current demand for peptide ingredients [8][9]. - Weiqi Technology acknowledges the potential volatility in its business due to reliance on a single category of products, emphasizing the need for continuous market promotion and brand support [9][10]. Business Strategy - The company is increasing its share of finished cosmetic products, with ODM (Original Design Manufacturer) products contributing 47.05% of its main revenue by 2024 [9][10]. - The ODM business is strategically positioned to promote the sale of raw materials, indicating a dual focus on both raw material supply and finished product development [10].

Core Viewpoint - Domestic beauty brands are entering a new stage of scientific research competition, with Shiseido's revenue reaching 6.793 billion yuan in 2024, a year-on-year increase of 62.1%, and a net profit of 800 million yuan, up 74% [2][3] Group 1: Research and Development Initiatives - Shiseido has initiated a series of R&D advancements focusing on scientific transformation, communication, and system upgrades, paving a new path for domestic brands' R&D layout [3][5] - The establishment of the "Kanshu Transformation Medical Fund" in 2024 aims to provide financial support for promising research projects in hospitals and universities, accelerating the conversion of scientific achievements into clinical applications [5][7] - The fund plans to allocate millions in funding for the 2024-2025 period, collaborating with several hospitals to conduct clinical research on skin anti-aging and sensitive skin care [7][9] Group 2: Market Trends and Competitive Landscape - The peptide cosmetic raw material market in China reached 1.45 billion yuan in 2021 and is projected to grow to 2.32 billion yuan by 2025, with a compound annual growth rate of 12.5%, significantly outpacing the overall beauty industry growth [13] - The competition surrounding peptide ingredients has evolved into a comprehensive contest of "research" and "communication," necessitating brands to establish their unique peptide communication systems [14][18] Group 3: Brand Development and Consumer Engagement - Shiseido's recent marketing efforts, including a collaboration with influencer Li Jiaqi, highlight the brand's advancements in peptide research and its commitment to educating consumers about ingredient technology [15][16] - The brand's narrative emphasizes its journey from reliance on imported ingredients to achieving technological breakthroughs in peptide research, enhancing consumer recognition and confidence in domestic products [16][31] Group 4: Future Strategies and Innovations - Shiseido aims to build a scientific brand strategy driven by four core areas: technological insight, scientific technology, scientific products, and scientific communication [25][28] - The company is committed to creating a dual-driven innovation R&D system that integrates market needs and technological advancements, ensuring efficient operation and collaboration across disciplines [27][29]