2）代工业务方面，公司提供基于益生菌的专业全链路一站式解决方案和技术支持，凭借自有炎黄菌株 库平台和产品创新平台以及20 余年的行业积淀，提供从产品概念孵化、研发设计、生产制造到市场营 销推广的全流程高效赋能； 3）自有品牌业务方面，To C 是公司益生菌板块未来重点发展的方向，目前公司主要有普瑞宝、普瑞纤 宝、普瑞畅宝等几款产品，持续推出适合国人体质的全方位、功能性益生菌解决方案。 戒烟市场前景广阔，新品"乐速克"即将上市。公司旗下的戒烟新品"乐速克"酒石酸伐尼克兰片具备产品 稀缺性及差异化： 事件：2025 年9 月4 日，公司举行上市两周年庆暨新品发布会，对于公司益生菌、戒烟、医美业务做了 详细介绍及未来规划。我们看好公司新品的差异化布局，有望借助自身品牌及渠道优势打开市场。 益生菌业务多引擎驱动，积极拓展海外市场。公司通过菌株原料、ODM/OEM 代工、自有品牌等三大 业务板块协同发展： 1）原料业务方面，公司近期重点推广五大主推菌株，分别涵盖体重管理、缓解疲劳、便秘和精神等领 域，民生中科拥有自研自建的"炎黄菌株库"，经鉴定为国际先进水平，目前团队已踏遍中国多样生态 区，累计筛选入库6500 余株极 ...

2025年上半年，医美行业"双姝对决"成为资本市场的热门话题。 一边是陕西新首富范代娣掌舵的巨子生物（02367）以31.13亿元营收、11.82亿元净利润交出双增答卷，净利润率高达38%，赚钱能力稳 定；另一边是山东女首富赵燕旗下的华熙生物（688363）营收同比下滑19.57%至22.61亿元、净利润下滑35.38%至2.21亿元，创下上市7年以 来最差半年业绩。 矛盾背后既是资本与利润的博弈，也是研发与长期主义的考验。 巨子生物：增长动能与潜在隐忧 财报表明，巨子生物业绩增长源于产品、渠道、品牌协同发力。然而，毛利率微降、研发投入收缩、应收款及销售费用增长等问题，正对 公司长期增长质量构成考验。 从产品端看，专业皮肤护理产品占总营收99.7%，是增长核心引擎，其中占比77.4%的功效性护肤品收入24.10亿元，同比增长24.2%，主要 依赖可复美焦点面霜持续放量、可丽金蘊活系列渗透。然而，公司上半年总体毛利率81.7%，同比微降0.7个百分点，因高毛利医用敷料占 比下滑，功效性护肤品面临竞品压力，同期净利润率从38.6%微降至38%。 | | | 截至6月30日止六個月 | | | | --- | -- ...

Core Insights - The Chinese medical beauty market is projected to reach a scale of 265 billion yuan by 2024, with a CAGR of 15% from 2017 to 2024 [1] - The number of medical beauty consumers in China is expected to reach 31 million by 2024, with a CAGR of 9% from 2022 to 2024 [1] - The average number of medical beauty treatments per person in China is significantly lower than in developed markets such as South Korea, the United States, and Japan, indicating substantial growth potential [1] Industry Growth Potential - The medical beauty industry is anticipated to maintain steady growth in the high single digits over the next three years, with notable structural opportunities [1] - Certain medical beauty materials still present track dividends, particularly in areas such as natural and recombinant collagen, regenerative microspheres, and emerging materials like PDRN, ECM, silk protein, and PHA [1] - Companies with platform capabilities in upstream product development and downstream medical beauty institutions that possess high reputation and integrated resources are expected to thrive [1]

证券代码： 301507 证券简称：民生健康 杭州民生健康药业股份有限公司 投资者关系活动记录表 编号：2025-010 | 投资者关系活动 | □ 特定对象调研 □ | 分析师会议 | | --- | --- | --- | | 类别 | 媒体采访 □ □ | 业绩说明会 | | | 新闻发布会 □ □ | 路演活动 | | | 现场参观 □ | | | | ☑ 其他 （上市两周年庆暨新品发布会） | | | 参与单位名称及 | 参与单位/人员详见附件 | | | 人员姓名 | | | | 时间 | 2025 年 9 月 4 日 (周四) | 14:00-17:00 | | 地点 | 杭州西溪 | | | 上市公司接待人 | 董事长 | 竺福江 | | 员姓名 | 董事 | 竺昱祺 | | | 董事兼总经理 | 张海军 | | | 董事会秘书 | 陈稳竹 | | | 财务负责人 | 朱文君 | | | 市场部总监 | 李瑞雪 | | | 品牌经理 | 缪芊如、符俊杰 | | | 民生中科总经理 | 司书锋 | | | 民生中科副总经理 | 叶金丽 | | | 民生中科应用研发经理 | 韩小龙 | | | 民 ...

Group 1 - The medical beauty industry is expected to maintain robust growth in the high single digits over the next three years, with significant structural opportunities within the sector [1] - Certain medical beauty materials still present track dividends, such as natural and recombinant collagen, as well as regenerative microspheres, and materials like PDRN, ECM, silk protein, and PHA that have yet to see the first certification [1] - Companies with platform capabilities in upstream product development and downstream medical beauty institutions that possess high reputation, integrate upstream resources, and maintain differentiation through comprehensive solutions are highlighted as key players [1]

Core Viewpoint - The medical aesthetics industry is expected to maintain robust growth in the high single digits over the next three years, with significant structural opportunities within the industry [1] Group 1: Industry Growth - The medical aesthetics industry is projected to experience high single-digit growth in the next three years [1] Group 2: Structural Opportunities - There are notable structural opportunities in the industry, including: - Certain medical aesthetic materials still benefiting from market advantages [1] - Upstream companies with platform capabilities that empower product offerings [1] - Downstream medical aesthetic institutions that possess high reputation, integrate upstream resources, and maintain differentiation through comprehensive solutions [1]

Core Viewpoint - The influx of southbound capital has turned Hong Kong stocks into a "reservoir" for Asian capital, with significant investments flowing into the healthcare sector, particularly in companies like Four Seasons Pharmaceutical [1][3]. Group 1: Capital Inflow and Market Performance - As of September 3, 2025, southbound funds through the Hong Kong Stock Connect have totaled approximately 935.997 billion RMB, with the Hang Seng Healthcare sector seeing a net inflow of 163.683 billion RMB [1]. - Four Seasons Pharmaceutical has experienced a substantial increase in stock holdings via Hong Kong Stock Connect, rising from 528 million shares at the beginning of the year to 1.321 billion shares by September 3, representing an increase in ownership from 8.83% to 14.15% [1][3]. Group 2: Financial Performance and Business Segments - Four Seasons Pharmaceutical reported a revenue of approximately 1.146 billion RMB for the first half of 2025, marking a year-on-year growth of 20.7%, and achieved a net profit of approximately 103 million RMB, indicating a turnaround from previous losses [3][4]. - The medical aesthetics segment is the primary revenue driver, generating around 580 million RMB in the first half of 2025, a year-on-year increase of 81.3%, with segment profit soaring by 215.3% [4][5]. - The innovative drug segment also showed significant growth, with revenues reaching 58 million RMB, a 96.6% increase, primarily driven by the sales of diabetes medications [4][5]. Group 3: Strategic Developments and Future Outlook - The company has a robust cash reserve of nearly 3.9 billion RMB, and its current valuation is below the combined value of its medical aesthetics and cash reserves, suggesting that the market is undervaluing its innovative drug business [3][5]. - Four Seasons Pharmaceutical has announced a mid-term cash dividend of 0.99 RMB per share, continuing its history of consistent dividends since its listing in 2010, which reflects management's confidence in future cash flows and profitability [5][6]. - The company is actively expanding its product matrix in the medical aesthetics sector, with a comprehensive range of products and a focus on AI-driven development in collaboration with biotechnology firms [6][7]. Group 4: Innovation and Market Position - The innovative drug business is entering a harvest phase, with several key drugs approved for market, including those targeting cancer and diabetes, which are expected to significantly enhance revenue streams [8][10]. - The company is also exploring international markets, with a focus on emerging regions, which could provide additional growth opportunities [13][14]. - The current market valuation of Four Seasons Pharmaceutical is significantly lower than the combined value of its medical aesthetics and cash, indicating a potential for substantial valuation recovery as the innovative drug segment matures [12][16].

爱美客 202509004 摘要 艾美克凭借 Hi-Tech 系列（尤其是颈纹针）在细分市场占据领先地位， 并通过不断推出新适应症产品（如熊猫针、泰国泡泡针）巩固了技术和 渠道优势，叠加医美市场整体向好趋势。 自 2023 年一季度起，艾美克业绩增速放缓，估值下降，主要原因是缺 乏重磅新品，消费需求疲软，以及玻尿酸等上游产品供给增加导致市场 竞争加剧，凝胶类和溶液类产品均出现 20%以上的下滑。 艾美克于今年 3 月收购 Regen，短期内提升产能并拓展国际渠道，中期 优化生产效率和盈利能力（Regen 2023 年营收 8,000 万人民币，利润 5,000 万人民币），长期增强在再生材料领域的竞争力。 收购 Regen 后，其原厂产能并表预计可使 S-FILM 产品产能扩大五倍， 推动产品端快速增长；爱美客正推进国内经销权收回，SFE 产品国内外 市场增长势头良好，Po Life 产品在国外有一定需求。 爱美客计划依托 Region 公司的国际产能和渠道，将嗨体、宝尼达等产 品推向全球市场，实现国际化。肉毒类产品预计今年四季度或明年一季 度获批并销售。 Q&A 艾美克在过去几年中的表现如何？ 收购 Reg ...

9月4日晚间，朗姿股份（002612）公告，公司全子公司四川米兰柏羽医学美容医院有限公司（简称"四川米兰"）收到国家税务总局成都市税务局稽查局发 来的《税务处理决定书》，四川米兰需补缴2021年～2023年所得税1653.14万元，增值税及附加税573.95万元，合计2227.09万元。 四川米兰补缴税款及滞纳金将计入2025年度当期损益，预计将减少公司2025年度归母净利润约3082.14万元。 朗姿股份表示，公司管理层对上述事项高度重视，将持续加强公司管理工作，组织和加强相关部门及人员的业务培训学习，强化责任和税法意识，切实维 护公司及股东的利益。该事项不会对公司的正常经营产生重大影响。 今年上半年，朗姿股份实现营业收入27.88亿元，同比下降4.30%；实现归母净利润2.74亿元，同比增长64.09%；扣非净利润1.36亿元，同比下降2.70%。 另外，今年上半年，朗姿股份通过二级市场减持若羽臣（003010）部分股票，累计成交金额21704.50万元，扣除成本和相关交易税费后确认投资净收益 16640.58万元，影响当期净利润14144.50万元，占公司最近一个会计年度经审计归属于上市公司股东净利润的 ...

Core Viewpoint - The stock price of Jinfa Labi has shown significant volatility despite a substantial increase in revenue, leading to confusion among industry experts regarding the company's financial health and future prospects [1][2][3]. Financial Performance - In the first half of 2025, Jinfa Labi achieved a revenue of 158 million yuan, representing a year-on-year growth of 101.99% [1]. - The revenue from maternal and infant products was 123 million yuan, accounting for 77.64% of total revenue, with a year-on-year increase of 62.34% [1]. - The medical beauty segment generated 33 million yuan, contributing to 21.03% of total revenue, with a year-on-year growth of 100% [1][2]. Cost and Profitability - The company's operating costs surged to 100 million yuan, a year-on-year increase of 183.11%, primarily due to the expansion of e-commerce channels and the consolidation of the medical beauty business [2]. - Sales expenses rose by 72.52% to 37.78 million yuan, while management expenses increased by 11.45% to 20.19 million yuan [2]. - Jinfa Labi reported a net loss attributable to shareholders of 17.92 million yuan, worsening from a loss of 2.75 million yuan in the same period of 2024 [2][5]. Market Dynamics - The stock price fluctuations are influenced by market sentiment and speculative trading, particularly in light of government policies promoting childbirth and the growth of the maternal and infant sectors [3]. - The integration of the medical beauty business is seen as a strategic move to create a dual growth engine alongside maternal and infant products, which has garnered market interest [3][5]. Company History and Challenges - Jinfa Labi, listed in June 2015, has faced a prolonged period of declining profits, with significant losses reported in recent years, raising concerns about its potential delisting [4]. - The company has seen a reduction in its store count from 1,133 in 2019 to 587 in 2024, indicating operational challenges [4].