| 昨日涨跌幅后五行业 | | --- | 2025 年 07 月 02 日 他 研 究 开源晨会 0702 ——晨会纪要 沪深300 及创业板指数近1年走势 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-07 2024-11 2025-03 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 综合 | 2.601 | | 医药生物 | 1.804 | | 银行 | 1.535 | | 有色金属 | 1.489 | | 公用事业 | 1.046 | | 数据来源：聚源 | | | 行业名称 | 涨跌幅(%) | | --- | --- | | 计算机 | -1.182 | | 商贸零售 | -0.788 | | 通信 | -0.452 | | 传媒 | -0.376 | | 电力设备 | -0.373 | 数据来源：聚源 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】"两重"接力支撑 PMI，预计 Q2 GDP 约 5.2%——兼评 6 月 PM ...

■ 目前的"以旧换新"政策效果较好，中央财政的补贴力度不断加大，且补贴范围扩展到更多产品，如 家电、净水器、洗碗机等。这一政策继续加码可能促进消费品的更新换代，并提前释放消费需求。 ■ 服务消费相较于商品消费的恢复还存在较大空间，未来政策可扩展至服务类消费，如文旅、餐饮、 娱乐等领域。 ■ 提高养老金、推动育儿补贴、完善社会保障等政策，尤其在对"一老一小"等关键人群的精准支持 上，能够在中长期推动消费增长。 ■ 根据不同地区的消费结构特点，通过地方财政和专项转移支付支持特定消费领域（如母婴、医疗保 健等），促进区域性消费增长。 3、 《 黄金戴维斯双击 库存周期继续上行》摘 要 ■ 美国关税政策可能促进铜补库需求，同时中国稳内需政策的持续发力和美联储降息将进一步推动铜 价上涨。 ■ 随着中国政府推动房地产市场回稳及城市更新项目推进，铝需求下降幅度减缓，尤其在交通和光伏 等领域的需求将继续增加，铝的供需矛盾将逐渐加剧。 ■ 黄金在大类资产配置中的需求增加，叠加黄金股的业绩即将迎来兑现期，黄金板块或迎来"戴维斯 双击"效应。 ■ 中国对钨钼等战略物资实施出口管制，且首批2025年钨矿开采指标同比减少6%，强需求和 ...

Core Viewpoint - The strategic investment by Zhong Shanshan, the founder of Nongfu Spring, in Jinbo Biological represents a significant shift in the competitive landscape of the medical beauty industry in China, aiming to leverage the growing market for recombinant collagen products and enhance market presence through collaboration with established brands [1][36][37]. Group 1: Investment Details - Jinbo Biological announced a strategic partnership with Yangshengtang, raising 2 billion yuan through a private placement, marking a record for cash capital increases on the Beijing Stock Exchange [3][4]. - The investment will be used for developing a humanized collagen FAST database and product development, with 1.15 billion yuan allocated for this purpose and 850 million yuan for working capital [3]. - Following the announcement, Jinbo Biological's stock price surged, closing at 355.96 yuan per share, with a market capitalization of 40.96 billion yuan [6]. Group 2: Company Backgrounds - Zhong Shanshan, aged 71, is a legendary entrepreneur who founded Nongfu Spring and Yangshengtang, creating a business empire valued over 400 billion yuan [11]. - Yang Xia, the 51-year-old founder of Jinbo Biological, transitioned from academia to entrepreneurship, focusing on synthetic collagen for medical applications after identifying challenges in organ preservation [12][13]. Group 3: Market Potential - The recombinant collagen product market in China is projected to grow at a compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 and exceeding 219.38 billion yuan by 2030 [25][26]. - Jinbo Biological's revenue is expected to reach 1.443 billion yuan in 2024, reflecting an 84.92% year-on-year increase, with a net profit of 732 million yuan, up 144.27% [18]. Group 4: Strategic Synergies - The partnership is expected to enhance Yangshengtang's product line with high-end collagen ingredients, while Jinbo Biological can leverage Yangshengtang's extensive retail network of over 300,000 outlets to penetrate the consumer market [29][36]. - The collaboration aims to transform Jinbo Biological from a technology leader to a market leader, with the anticipated launch of new products in the third quarter [31]. Group 5: Competitive Landscape - The medical beauty industry is highly competitive, with Jinbo Biological facing challenges from established players like Huaxi Biological and Aimeike, which are also expanding into recombinant collagen [34]. - Jinbo Biological's dynamic price-to-earnings ratio of over 50 requires sustained high growth to maintain investor confidence, especially as sales expenses are projected to rise significantly [34][35].

以下文章来源于投资界 ，作者吴琼 投资界 . 清科创业旗下创业与投资资讯平台 美容针。 作者：吴琼 来源：投资界 一个意想不到的赛道，钟睒睒出手了。 近日北交所上市公司锦波生物宣布两笔交易——引入养生堂作为公司的战略投资者；同时公司 创始人杨霞将其持有的575.33万股转让给杭州久视。合计下来，交易总金额将达34亿元。 穿透两家受让方背后，都是钟睒睒。 在外界的印象里，钟睒睒总离不开与农夫山泉。但他这次投资的，却是一个医美新晋女王—— 曾是山西医科大学老师的杨霞带队创办锦波生物，如今凭借重组胶原蛋白产品（美容针），撑 起400亿市值。 01 刚刚，钟睒睒出手34亿 投向重组胶原蛋白 根据公告，锦波生物拟以引入战略投资者方式，向养生堂发行不超过717.57万股，占其发行 前总股本的6.24%，融资金额不超过20亿元。若成功实施，这将是北交所史上最大金额的现金 定增。 同时，锦波生物控股股东和实控人杨霞与杭州久视签署了《股份转让协议》，将其持有的 575.33万股转让给杭州久视，转让价格为243.84元/股，交易总金额达14.03亿元。 股权穿透下来，受让方养生堂和杭州久视的实控人均为钟睒睒——钟睒睒持有养生堂9 ...

行 华福证券 潮玩：LABUBU 二手价格基本企稳，关注暑期旺季带动板块营收预期 提升。 行业监管风险、二手市场价格波动等因素共振导致估值回调：《人 民日报》点名盲盒盲卡乱象引发市场担忧，泡泡玛特官方大量补货后 本周二手交易价格基本企稳，泡泡玛特周波动幅度 7.6%，布鲁可为 -3.9%。根据 Google Trend 近 90 日搜索指数，当前 LABUBU 热度已超 过任天堂 Switch2 和 LOL（英雄联盟），在流行文化中表现强势。长 期看好中国软实力提升带动文化消费品出海，海外扩张与新兴市场消 费升级仍存较大赛道红利。 黄金珠宝：建议关注终端店效高增及门店拓展空间大的品牌。 金价持续上涨，一口价产品增长表现较好，面向高端客群及年轻 客群的品牌终端店效有望持续高增且门店拓展空间大，建议关注潮宏 基、莱绅通灵、老铺黄金；传统黄金批发品牌此前多季度出货下滑， 消费者逐步接受高金价后克重黄金消费量有望企稳，终端库存消化后 预计 Q2 陆续补货，主要品牌出货有望改善，建议关注老凤祥、周大福、 周大生；北京地区金银珠宝社零数据高增，建议关注北京区域龙头且 纯直营模式的菜百股份。 华福证券 社会服务 2025 ...

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Views - The report highlights the strong performance of high-end brands and emerging effective brands in the beauty and medical aesthetics sectors, particularly during the 618 shopping festival, which saw a total e-commerce sales of 8,556 billion yuan, a year-on-year increase of 15.2% [8][36] - The medical aesthetics market is expected to grow significantly with the approval of new products, such as the first compliant lipolytic injection in China, which is projected to expand the market from 135 million yuan in 2023 to 805 million yuan by 2025 [31][32] Summary by Sections Market Review - The beauty care index rose by 2.55% in May 2025, ranking 14th among all primary industries, underperforming the overall market [16] - In May, the top performers in the medical aesthetics sector included Kedi-B (+61.3%), Sihuan Pharmaceutical (+36.1%), and East China Pharmaceutical (+15.1%) [21][26] - In the cosmetics sector, the leading companies were Lafang Jiahua (+28.0%), Shuiyang Co. (+24.5%), and Babi Co. (+19.1%) [27][29] Medical Aesthetics - The approval of Mai Nuo Wei's "Xian Su" injection marks a significant breakthrough in the domestic lipolytic market, with a projected market size increase to 8.05 billion yuan by 2025 [31][32] - The exit of CPE as a major shareholder in Meili Tianyuan is expected to optimize the company's governance structure and enhance its market position [32] Cosmetics - The 618 shopping festival saw a total GMV of 659.09 billion yuan in the beauty category, with international high-end brands showing resilience and growth due to strong brand effects [8][41] - Domestic brands like Pechoin and Han Shu led the sales on platforms like Tmall and Douyin, with significant growth rates for new brands [44] Investment Recommendations - The report recommends focusing on strong domestic beauty brands and those benefiting from high-growth segments, highlighting companies like Shangmei Co., Maogeping, and Pechoin as key investment opportunities [47][48] - In the medical aesthetics sector, companies like Aimeike and Kedi-B are recommended for their potential growth driven by new product launches and market expansion [47][48] Market Trends - The report notes a shift towards "emotional consumption" in the beauty sector, with consumers increasingly seeking products that offer aesthetic and therapeutic benefits [48] - The overall market is expected to continue evolving with new product introductions and innovative marketing strategies as the industry enters a seasonal transition [49]

以下文章来源于投资界 ，作者吴琼 投资界 . 清科创业旗下创业与投资资讯平台 爱美的生意，向来伴随着造富盛宴。 文 ｜ 吴琼 来源｜ 投资界（ID：pedaily2012） 封面来源 ｜ 锦波生物官网 一个意想不到的赛道，钟睒睒出手了。 近日北交所上市公司锦波生物宣布两笔交易——引入养生堂作为公司的战略投资者；同时公司创始人杨霞将其持有的575.33万股转让给杭州久视。合计下 来，交易总金额将达34亿元。 穿透两家受让方背后，都是钟睒睒。 在外界的印象里，钟睒睒总离不开与农夫山泉。但他这次投资的，却是一个医美新晋女王——曾是山西医科大学老师的杨霞带队创办锦波生物，如今凭借 重组胶原蛋白产品（美容针），撑起400亿市值。 刚刚，钟睒睒出手34亿 投向重组胶原蛋白 根据公告，锦波生物拟以引入战略投资者方式，向养生堂发行不超过717.57万股，占其发行前总股本的6.24%，融资金额不超过20亿元。若成功实施，这 将是北交所史上最大金额的现金定增。 同时，锦波生物控股股东和实控人杨霞与杭州久视签署了《股份转让协议》，将其持有的575.33万股转让给杭州久视，转让价格为243.84元/股，交易总金 额达14.03亿元。 ...

证券代码：688363 证券简称：华熙生物 公告编号：2025-024 华熙生物科技股份有限公司 关于 2024 年年度报告的信息披露监管问询函的回复 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 华熙生物科技股份有限公司（以下简称"公司" "华熙生物"）于近日收到 上海证券交易所科创板公司管理部下发的《关于华熙生物科技股份有限公司 （上证科创公函【2025】0245 号，以 下简称" 《问询函》"）。公司对上述《问询函》提到的问题高度重视，公司与致 同会计师事务所（特殊普通合伙） （以下简称"年审会计师"或"会计师"）对 《问询函》所涉及的问题进行了审慎核查，现就相关问题回复如下： 问题一、关于公司主营业务和经营业绩。年报披露，2024 年度，公司营 业收入 53.71 亿元，同比下滑 11.61%，其中功能性护肤品业务收入同比下滑 肤品业务收入下滑、期间费用增加及资产减值损失等因素影响，公司实现净利 润 1.74 亿元，同比下滑 70.59%。公司近年从产品、渠道、组织、品牌等方面 进行调整以夯实业务基础，20 ...

Group 1 - The core point of the news is that Zhong Shanshan, the actual controller of Jiangsu Jinbo Biological Pharmaceutical Co., Ltd., has decided to invest 3.4 billion yuan in the company through his strategic investor, Yangshengtang Co., Ltd. [1] - The total transaction amount for the share transfer is 3.4 billion yuan, with Zhong Shanshan becoming the second-largest shareholder of Jinbo Biological after the investment [1][3] - Jinbo Biological's core business focuses on high-end implantable medical devices made from recombinant human collagen, primarily used in aesthetic medicine and surgical repairs [4] Group 2 - Jinbo Biological's sales of its core product "Wei Yimei" doubled in 2024, generating revenue of 1.443 billion yuan and a net profit of approximately 732 million yuan, with a gross margin of 92.02% [4] - The company has faced challenges with channel partners, including accusations against Xinyang and Meituan for unauthorized promotions and pricing issues [5] - The partnership with Yangshengtang is expected to leverage Zhong Shanshan's extensive retail network of 3 million terminals to enhance brand promotion and market expansion [5] Group 3 - The vaccine industry is currently undergoing a painful transition, with many companies, including Wantai Biological Pharmacy, seeking new growth avenues beyond traditional models [7] - Companies like Zhifei Biological and Watson Bio are diversifying their business by entering new therapeutic areas, such as metabolic diseases and gut microbiome therapies, in response to declining vaccine sales [7][8] - Watson Bio has signed an exclusive licensing agreement to develop and commercialize core microbiome analysis and targeted transplantation technologies, indicating a strategic shift towards microbiome health [9]

Core Viewpoint - The article discusses the rise and influence of the "Putian system" in the medical aesthetics industry, highlighting the complex relationships and business strategies employed by four prominent families within this sector [1][2][3]. Group 1: Overview of the Putian System in Medical Aesthetics - The Putian system has significant involvement in various branches of private healthcare, particularly in the lucrative medical aesthetics sector [1]. - The push for popularizing conventional aesthetic procedures like breast augmentation, liposuction, and facial surgeries was initially driven by the "Putian system" [2]. - Four major families dominate the Putian medical aesthetics landscape: the Chen Jinxi family of Meilai, the Chen Guoxing and Chen Guoxiong brothers of Yixing, the Zhan Zongyang family of Weilin, and the Huang Defeng family, formerly of Meilian [3][4]. Group 2: Historical Context and Development - The origins of these families can be traced back to Chen Deliang, the "founding father" of the Putian medical system, who established a significant medical faction through low-cost treatments [5][6]. - The early expansion model involved setting up clinics near transportation hubs and using street advertising to attract patients, leading to a "point-based expansion + advertising" strategy [7]. - The Putian system officially entered the medical aesthetics industry in the first decade of the 21st century, motivated by the potential for high profits [8]. Group 3: Business Strategies and Operations - The Putian system merchants adapted and expanded their medical model, focusing on aggressive marketing, self-branded products, and deep ties with industry associations [9]. - The four families have seen significant growth, although many have begun to withdraw from the increasingly regulated medical aesthetics market [10]. Group 4: Case Studies of Major Families - **Meilai (Chen Jinxi Family)**: Meilai has grown to encompass 108 member enterprises and employs over 12,600 people, offering a wide range of aesthetic services [17]. The family has faced controversies regarding its advertising practices and has been involved in numerous administrative penalties [25][24]. - **Yixing (Chen Guoxing Family)**: This family has established a significant presence in the medical aesthetics sector, with Yixing being ranked second among private medical aesthetics chains in China as of 2017 [45]. However, they faced challenges in their IPO attempts due to concerns over compliance and sustainability [48][49]. - **Weilin (Zhan Zongyang Family)**: Weilin has positioned itself as an international brand and has been involved in the medical aesthetics installment loan market, which has raised regulatory concerns [75][86]. - **Meilian (Huang Defeng Family)**: This family has divested from Meilian and has seen a decline in its operations, with the company facing multiple medical disputes and administrative challenges [93][102]. Group 5: Industry Trends and Future Outlook - The medical aesthetics market is entering a phase of slower growth and increased regulation, which may limit the previously unchecked expansion of the Putian system [106]. - The article suggests that the era of the "four families" is coming to an end as they face increasing scrutiny and operational challenges, marking a significant shift in the industry landscape [107][108].