香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表明概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Guangdong Marubi Biotechnology Co., Ltd. 廣東丸美生物技術股份有限公司 1 (a) 在聯交所網站登載本公告，並不會引致本公司、其聯席保薦人、整體協調 人、顧問或承銷團成員須於香港或任何其他司法權區進行發售或配發活動的 任何責任。概不保證本公司將會進行發售或配發； (b) 本公告所涉及的上市申請並未獲批准，聯交所及證監會或會接納、發回或拒 絕有關的公開發售及╱或上市申請； (c) 本公告不應被視為勸誘認購或購買任何證券，亦不擬構成該等勸誘； (d) 本公司或其任何聯屬人士、顧問或承銷團成員概無透過刊發本公告而於任何 司法權區發售任何證券或招攬要約認購或購買任何證券； (e) 本公告（及其所載資料）僅供參考，並不構成或組成在美國（包括其領土及屬 地、美國任何州及哥倫比亞特區）或有關要約或出售即屬違法的任何其他司 法權區發行或出售本公司任何證券的任何要約，或招攬購買、認購 ...

Core Viewpoint - The article emphasizes the importance of drug safety and regulatory reforms in China, highlighting achievements during the 14th Five-Year Plan and outlining strategies for the 15th Five-Year Plan to enhance drug safety and support innovation in the pharmaceutical industry [1][2]. Achievements During the 14th Five-Year Plan - The national drug regulatory system has adhered to the "four strictest" requirements, leading to a stable drug safety situation and significant progress in building a strong pharmaceutical nation [2]. - Continuous strengthening of regulation has ensured drug quality and safety, with over 200,000 batches of drugs and 20,000 batches of medical devices tested annually, resulting in an overall drug inspection pass rate increase from 97.8% to 99.4% [2][3]. Innovation and Development Support - A series of measures have been implemented to promote innovation in the pharmaceutical and medical device sectors, with 220 innovative drugs and 282 innovative medical devices approved, marking increases of 6.2 times and 3.1 times, respectively, compared to the previous five-year period [3][4]. - The approval of 415 children's drugs and 155 rare disease drugs has further enhanced the vitality of innovation in the pharmaceutical industry [3]. Regulatory Capacity Enhancement - Revisions to key regulatory laws and the establishment of a comprehensive legal framework for drug regulation have been prioritized, alongside significant advancements in drug regulatory information technology [4]. - The establishment of specialized inspection centers and regional review centers has strengthened the capacity for drug regulation [4]. Transition to Proactive Drug Safety Management - The regulatory approach is shifting from "passive defense" to "active prevention," focusing on risk identification and responsibility enforcement to maintain drug safety [5][6]. - A dynamic safety supervision mechanism covering the entire lifecycle of drugs is being developed to address new challenges in product and technology innovation [5]. Support for Innovative Drug and Medical Device Development - The regulatory body aims to enhance the clinical value and technological content of innovative drugs and medical devices, supporting enterprises in their research and development efforts [7]. - Policies will be optimized to facilitate faster market entry for innovative products, including the implementation of a national drug standard improvement plan [8]. Ensuring Public Benefit from Regulatory Reforms - The regulatory work will prioritize enhancing public satisfaction and safety, ensuring that the benefits of reforms reach all citizens [9]. - Efforts will be made to expedite the approval of urgently needed drugs and improve the quality and efficacy of generic drugs [9]. Strengthening Social Cooperation and Public Awareness - Increased efforts in policy interpretation and public education on drug safety and regulatory measures are planned to enhance societal understanding and support for innovation in the pharmaceutical sector [10].

Core Viewpoint - The article systematically reviews the global development history of peptide research, particularly focusing on skin-active peptides, their discovery, mechanisms, clinical applications, and future research directions, highlighting significant milestones and breakthroughs in the field [3][7][43]. Development History of Peptides - The concept of "peptide" was first proposed by Hermann Emil Fischer in 1902, laying the foundation for peptide chemistry and subsequent research in skin-active peptides [9][10]. - In 1922, insulin became the first peptide drug extracted from animal pancreas, demonstrating the biological activity and therapeutic potential of peptides [11]. - The 1950s saw significant breakthroughs in peptide synthesis techniques, including the total synthesis of oxytocin and vasopressin, which opened new avenues for peptide production [12][13]. Key Discoveries and Applications - The discovery of GHK-Cu (blue copper peptide) in 1973 marked a turning point in skin-active peptide research, proving the biological basis for small peptides in skin regulation and repair [17]. - The introduction of palmitoyl tripeptide-1 and palmitoyl hexapeptide-12 in 1992 represented a shift towards biomimetic signaling functions in cosmetic applications [29][31]. - The 2000s saw the emergence of neuropeptide inhibitors like acetyl hexapeptide-3, which mimic the effects of botulinum toxin without the need for injections, becoming popular in anti-aging products [33]. Current Research Trends - AI-assisted peptide design and transdermal delivery technology are at the forefront of current research, significantly shortening development cycles and improving delivery efficiency [37][38]. - The use of enzymatic hydrolysis and recombinant DNA technology has become prevalent in producing bioactive peptides, enhancing the feasibility of large-scale production [28][39]. Future Directions - Future research is expected to focus on overcoming challenges related to synthesis complexity, stability, and regulatory compliance, with an emphasis on personalized skincare solutions based on individual skin characteristics [45][47]. - The rise of Chinese research teams, exemplified by Han Shu's development of ring hexapeptide-9, signifies a growing presence in the global peptide market, showcasing innovation in cosmetic ingredients [39][41][42].

证券之星消息，12月10日化妆品板块较上一交易日下跌0.15%，青松股份领跌。当日上证指数报收于 3900.5，下跌0.23%。深证成指报收于13316.42，上涨0.29%。化妆品板块个股涨跌见下表： 从资金流向上来看，当日化妆品板块主力资金净流出2731.95万元，游资资金净流入97.64万元，散户资 金净流入2634.3万元。化妆品板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Core Viewpoint - The company, Chando Global Holdings, has submitted its prospectus to the Hong Kong Stock Exchange, marking a significant step towards capitalization, but faces multiple structural issues that could hinder its path to listing. Group 1: Financial Performance - From 2022 to the first half of 2025, the company's revenue is projected to grow from 4.29 billion yuan to 2.42 billion yuan, indicating steady growth [1]. Group 2: Brand Structure - The company heavily relies on its flagship brand "Chando," which accounts for approximately 95% of its revenue, while other brands contribute only about 5%, posing significant risks in a rapidly changing cosmetics market [2]. Group 3: Research and Development - The company has adopted a "heavy marketing, light R&D" approach, with sales and marketing expenses consistently around 55% of revenue, while R&D investment has decreased from 2.8% to 1.7%, potentially undermining long-term competitiveness [3]. Group 4: Consumer Trust Issues - There have been 1,229 complaints on the Black Cat Complaint platform, with 607 directly pointing to the company, highlighting issues such as severe allergic reactions, quality defects, and poor customer service [4]. Group 5: Compliance and Governance - The company has faced labor disputes, including a case where it was listed as a "dishonest executor" for failing to pay 404,200 yuan in labor dispute compensation, raising concerns about its governance and legal integrity [7][9]. Group 6: Listing Challenges and Opportunities - The upcoming listing is seen as a chance for the company to reassess its value and governance structure, with recommendations to optimize brand structure, balance R&D and marketing investments, enhance quality management, and strengthen corporate governance [10][11][12][13]. Group 7: Industry Trends - The listing journey reflects broader challenges in the Chinese cosmetics industry, emphasizing a shift from marketing-driven to innovation-driven growth, and the importance of sustainable competitive advantages [14].

Core Insights - The article discusses the November complaint handling red and black list released by the Black Cat Complaint platform, highlighting the effectiveness of companies in resolving consumer complaints [1][19] - As of the end of November 2025, the platform has received over 31.16 million valid consumer complaints, with more than 800,000 complaints recorded in November alone [1][19] Group 1: Complaint Statistics - The Black Cat Complaint platform has accumulated over 31.16 million valid consumer complaints by the end of November 2025 [1][19] - In November 2025, the platform recorded over 800,000 valid complaints [1][19] Group 2: Red and Black Lists - The red and black lists categorize companies based on their complaint handling performance across various industries [1][19] - The lists include a "most concerned areas list" to provide consumers with valuable references based on recent hot consumer events [1][19] Group 3: Specific Complaints Against NARS - Multiple consumers reported issues with the NARS Douyin official flagship store regarding the refusal to accept returns for unopened or unused cosmetics, citing that the products were claimed to have been used [2][20] - Consumers expressed frustration over the lack of proper handling of their return requests, with some experiencing delays due to the platform's customer service and the merchant's refusal to upload required unboxing videos [2][20]

天眼查App显示，近日，郑州沐莹化妆品有限公司成立，法定代表人为李星辰，注册资本50万人民币， 经营范围为一般项目：化妆品批发；个人卫生用品销售；美发饰品销售；美甲服务；化工产品销售（不 含许可类化工产品）；互联网销售（除销售需要许可的商品）；技术服务、技术开发、技术咨询、技术 交流、技术转让、技术推广；信息咨询服务（不含许可类信息咨询服务）；新材料技术研发；货物进出 口；技术进出口；供应链管理服务；市场营销策划；会议及展览服务；针纺织品销售；服装服饰批发； 母婴用品销售；日用百货销售；电子产品销售；日用家电零售；家居用品销售；体育用品及器材批发； 工艺美术品及收藏品零售（象牙及其制品除外）；国内贸易代理（除依法须经批准的项目外，凭营业执 照依法自主开展经营活动）。 ...

"十五五"规划建议明确提出"加快高水平科技自立自强"，并将"科技自立自强水平大幅提高"列入"十五 五"时期经济社会发展的主要目标之一，始终把科技创新摆在国家战略核心位置。而科技创新也正是珀 莱雅公司自创立以来持续深耕的核心驱动力。 "十五五"规划建议将"加快经济社会发展全面绿色转型，建设美丽中国"列为"十五五"时期核心战略任 务。珀莱雅股份始终将绿色可持续发展作为企业责任与战略，深度锚定"美丽中国"建设要求，全面推进 从生产到消费的全链条绿色发展。 数据显示：2024年，公司研发投入达2.1亿元，同比增长21.21%，研发团队的人数达389人。目前，公司 已在杭州、上海和巴黎设立三大研发与科创中心，逐步构建起"本土需求响应+国际技术协同"的创新网 络，持续夯实全球科研根基。 据2025年半年报披露，公司已累计拥有专利240项，其中包括国家授权发明专利124项、实用新型专利22 项及外观设计专利94项。在行业标准建设方面，公司至今已参与制定国家标准21项、行业标准6项，持 续引领行业规范与发展。 党的二十届四中全会审议通过的"十五五"规划建议，明确提出"坚持把发展经济的着力点放在实体经济 上，坚持智能化、绿色化 ...

天眼查App显示，近日，滕州奢养悦颜化妆品有限公司成立，法定代表人为刘燕，注册资本10万人民 币，经营范围为一般项目：化妆品零售；日用百货销售；卫生用品和一次性使用医疗用品销售；互联网 销售（ 除销售需要许可的商品）；食品销售（仅销售预包装食品）；保健食品（预包装）销售；远程 健康管理服务；健康咨询服务（不含诊疗服务）；食品互联网销售（仅销售预包装食品）；信息咨询服 务（不含许可类信息咨询服务）；包装服务；办公设备销售。（ 除依法须经批准的项目外，凭营业执 照依法自主开展经营活动）许可项目：生活美容服务；食品销售。（依法须经批准的项目，经相关部门 批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

Core Insights - The article highlights the November complaint handling red and black list released by the Black Cat Complaint platform, reflecting the complaint resolution status of various companies [1][14]. Group 1: Complaint Statistics - As of the end of November 2025, the Black Cat Complaint platform has received over 31.16 million valid consumer complaints, with more than 800,000 valid complaints in November alone [1][14]. - The red and black lists categorize companies based on their complaint handling performance and include a "most concerned areas list" to provide consumers with valuable references [1][14]. Group 2: Notable Complaints - Consumers reported issues with Taobao's promotional mechanisms, citing complex rules, frequent price changes, and difficulties in applying for price protection [2][15]. - CHIGO's small freezer was criticized for falsely advertising a capacity of 72 liters, while the actual measured capacity was less than 35 liters, leading to 1,217 complaints with a response rate of only 37.93% [3][16]. - NewBalance faced complaints regarding shoes that showed quality issues after minimal use, with a total of 1,910 complaints and a response rate of 0% [4][17]. - NARS was reported for refusing to accept returns of unopened cosmetics, with consumers facing obstacles in the refund process due to lack of proper communication from the seller [5][18][19]. - Consumers reported difficulties with NVC lighting products, where the company shifted the burden of quality issues onto consumers, requiring them to handle product returns and installation risks [6][20]. - Jitu Express was criticized for failing to provide pickup codes, leading to poor customer experiences and a response rate of 0% in the last 30 days [7][21]. Group 3: Industry Performance Rankings - The November red and black lists for various industries included: - **Shared Services**: Blacklist included companies like Guangyu Koste and Wisdom Xiaolian, while the whitelist featured companies like Hello and Monster Charging [8][22]. - **Shopping Platforms**: Taobao Mall and Tmall were on the blacklist, while Heart Joy Mall and Tmall Supermarket were on the whitelist [8][22]. - **Travel and Accommodation**: Companies like Shenzhen Airlines and Agoda were blacklisted, while Chengdu Ocean Travel and Ctrip were recognized on the whitelist [8][22]. - **Entertainment and Lifestyle**: WeChat and Tencent were blacklisted, while iQIYI and Cloud Technology were on the whitelist [8][22]. - **Education and Training**: Companies like Zhonggong Education and Duolingo were blacklisted, while companies like Henan Zhong'an and Yuantong were on the whitelist [8][23].