Investment Rating - The report rates the investment outlook for the medical beauty regenerative anti-aging injection industry as "Positive" [5] Core Insights - The regenerative anti-aging injection agents are emerging materials that achieve facial rejuvenation through different mechanisms compared to hyaluronic acid and botulinum toxin [1] - The midstream of the regenerative anti-aging injection industry chain is identified as the segment with the highest added value, supported by regulatory compliance, technological innovation, and market demand [2] - Future trends in the industry include increased demand driven by an aging population, a shift towards non-surgical aesthetic procedures, and advancements in technology and materials that enhance product efficacy [3] Summary by Sections 1. Overview of the Medical Beauty Regenerative Anti-Aging Injection Industry - Medical beauty injection products are categorized into hyaluronic acid, botulinum toxin, and regenerative anti-aging materials, with the latter being newly introduced in the domestic market [11] - Regenerative anti-aging injections include subclasses such as microsphere regeneration, collagen, and PDRN, each with distinct mechanisms and benefits [12][13] 2. Industry Chain Analysis - The midstream segment is characterized by high added value, with companies leveraging compliance, innovation, and production capabilities to establish competitive barriers [2][29] - The upstream involves raw material suppliers, while the downstream focuses on the distribution to end consumers through various channels [26] 3. Regulatory and Policy Environment - The industry is regulated by key agencies including the National Health Commission and the National Medical Products Administration, ensuring compliance across all stages from development to sales [43][46] 4. Market Size and Growth Potential - The market for medical beauty injections in China is projected to grow from 21.2 billion RMB in 2023 to 65.3 billion RMB by 2028, with a CAGR of 25.3% [17] - The regenerative anti-aging segment is expected to see a significant increase, with its market share rising from 3% in 2019 to an estimated 31% by 2028 [20] 5. Investment Recommendations - Companies with a comprehensive industry chain layout and a strong product portfolio, such as Jinbo Biological and East China Pharmaceutical, are highlighted as having strong growth potential and investment value [3]

2025年，医美材料之战正式打响。 琼脂糖、羟基磷酸钙两大备受关注的新材料分别迎来首张三类证，其中羟基磷酸钙在一个月内连续获批一 款国产产品和一款进口产品。 高热度的材料中，重组Ⅲ型人源化胶原蛋白凝胶获批，成为锦波生物乃至整个重组胶原蛋白领域的第三张 三类证；四环医药、乐普医疗相继有少女针、童颜针产品获批，截至目前国内已获批7款童颜针、3款少女 针。 近两年相对冷门的动物源胶原蛋白也"卷土重来"——近日，珂瑞康生物注射用面部胶原蛋白植入剂获批。 | 类型 | 产品 | 企业 | | --- | --- | --- | | 玻尿酸 | 含利多卡因注射用交联透明质酸钠凝胶 | 瑞士Kylane | | | 注射用交联透明质酸钠凝胶 | 和康生物 | | | 注射用交联透明质酸钠凝胶 | 天菜雅生物 | | | 注射用交联透明质酸钠凝胶 | 键凯科技 | | | 含利多卡因注射用透明质酸钠溶液 | 华熙生物 | | | 注射用交联透明质酸钠凝胶 | 韩国JETEMA | | | 注射用交联透明质酸钠凝胶 | 韩国Dong Bang Medical | | | 注射用透明质酸钠复合溶液 | 华熙生物 | | | 注射 ...

200亿市值医疗器械上市公司，获批医美产品。 据东吴商社吴劲草团队介绍，医美再生注射通常使用生物医用高分子材料作为主要成分，通常以微球形 式注射到真皮层或皮下组织中，从而实现美容和抗衰的目的。 6月3日晚间，国内心血管器械龙头乐普医疗（300003.SZ）发布公告称，公司于今日获悉，自主研发的 聚乳酸面部填充剂获得国家药品监督管理局（NMPA）注册批准。 据介绍，聚乳酸面部填充剂，即"童颜针"，是一种真皮组织填充剂，通过将聚左旋乳酸（PLLA）注射 于真皮深层，起到修复外形，矫正轮廓以达到填充沟壑、皱纹的效果。 公告显示，其主要成分聚左旋乳酸（PLLA）是一种微粒注射型粉末，具有优异的生物相容性、可降解 性和安全性，可在生物体内降解为二氧化碳和水排出体外，不会对人体造成长期影响。 对于此次获批，乐普医疗表示，"产品的成功获批上市是公司在皮肤科领域的重要里程碑事件，标志着 公司正式进入皮肤科领域，进一步助力公司消费医疗事业的健康发展，预计将对公司业务发展产生积极 作用。" 不过，该公司也提示风险称，新产品上市后在推广过程中具体销售情况可能受到包括但不限于临床推 广、渠道开拓、竞争格局改变、宏观政策等因素影响，该 ...

医药生物/化学制药 华东医药（000963.SZ） 创新转型再出发，多产品步入收获期 2025 年 06 月 02 日 投资评级：买入（维持） | 日期 | 2025/5/30 | | --- | --- | | 当前股价(元) | 44.70 | | 一年最高最低(元) | 45.30/25.96 | | 总市值(亿元) | 784.07 | | 流通市值(亿元) | 783.12 | | 总股本(亿股) | 17.54 | | 流通股本(亿股) | 17.52 | | 近 3 个月换手率(%) | 50.78 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-06 2024-10 2025-02 华东医药 沪深300 相关研究报告 | ——公司深度报告 | | --- | | 余汝意（分析师） | 余克清（分析师） | 刘艺（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | yukeqing@kysec.cn | liuyi1@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S079052 ...

开源证券股份有限公司余汝意,余克清,刘艺近期对华东医药（000963）进行研究并发布了研究报告《公司深度报 告：创新转型再出发，多产品步入收获期》，给予华东医药买入评级。 公司聚焦肿瘤、内分泌及自免三大核心领域，差异化布局ADC和PROTAC技术，ROR1ADC以及HPK1PROTAC已 经进入临床阶段；治疗消化道肿瘤的自研Cpd3-ADC均计划2025Q2/Q3递交中国和美国的IND申请。公司降糖减重 管线布局口服小分子GLP-1药物HDM1002；GLP-1R/GIPR双靶点的HDM1005，其肥胖适应症已在2025年4月完成 全部受试者入组，2型糖尿病于2025年4月完成首例患者入组；FGF21R/GCGR/GLP-1R激动剂DR10624，预计 2025Q3获得重度高甘油三酯血症的2期顶线结果。公司有望在更多适应症上实现布局。 华东医药 创新转型再出发，多产品步入收获期，维持"买入"评级 医药工业经营趋势稳健，医美多产品矩阵有望保证公司长周期向上 风险提示：临床研发失败风险、竞争格局恶化风险、销售不及预期风险等。 最新盈利预测明细如下： 公司聚焦慢病、肿瘤以及免疫等领域，覆盖医药工业、医药商业、医美、 ...

每经记者｜鄢银婵 每经编辑｜陈俊杰 一家顶着123%资产负债率的医美新贵，正在冲刺港股IPO（首次公开募股）。 成立于2016年的东方妍美（成都）生物技术股份有限公司，凭借再生医学器械与特医食品两大业务，瞄 准千亿（元）级医疗市场。但其核心产品"童颜针"XH301预计2025年下半年才获批，而竞争对手爱美 客、圣博玛等企业早已在该细分赛道激烈"厮杀"。 招股书显示，公司不到1500万元的营收主要来自医药中间体、面膜等边缘产品，2024年亏损近7000万 元。更严峻的是，截至2024年底，公司现金及现金等价物余额仅3319万元，已有2002万元银行借款构成 违约。 对东方妍美而言，核心产品商业化和融资进程也显得更加紧迫。 值得注意的是，东方妍美创始人张新明与核心高管付劼、唐海威的交集可追溯至知原药业时期，三人不 仅曾共事多年，更在任职于知原药业期间便合伙成立知行医药，形成紧密的创业纽带。 创始人与核心高管多重交集 招股书显示，东方妍美最早可追溯至2016年成立的江苏西宏生物医药有限公司（以下简称江苏西宏）， 江苏西宏由东方妍美创始人、董事会主席、总经理兼公司总裁张新明所控制实体和其他初始股东创立。 值得一提的是 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue growth of 21.24% and a net profit growth of 52.59% compared to 2021, reaching historical highs [2] - The company completed its seventh three-year plan successfully and is now entering the eighth three-year plan with higher goals [14] Group 2: Innovation and R&D - The company has over 80 innovative drug pipelines, with nearly 50 self-developed projects, focusing on oncology, endocrinology, and immunology [3] - In 2024, the company received 4 NDA/BLA approvals and 14 clinical approvals in China and the U.S. [3] - The R&D team consists of over 330 members, with more than 60% holding advanced degrees [3] Group 3: Key Product Developments - The company launched several innovative products, including the first ADC drug for platinum-resistant ovarian cancer and the first biosimilar of ustekinumab in China [2] - The GLP-1 receptor agonist HDM1002 has over 800 participants in clinical trials, showing good safety and efficacy [5][6] - The ADC project HDM2005 for treating advanced malignancies has completed initial dosing stages without dose-limiting toxicity [9] Group 4: AI and Technology Integration - The company established an AI drug design platform, enhancing drug development efficiency through deep integration of AI and traditional methods [10] Group 5: Aesthetic Medicine Sector - The aesthetic medicine division has developed a comprehensive product matrix, covering various treatment methods and achieving significant growth since its inception [12][13] - The company aims to become a leading provider of comprehensive aesthetic solutions globally, with a focus on innovative product launches [12] Group 6: Market Strategy and Future Outlook - The company plans to balance R&D investments with revenue growth, focusing on enhancing project quality and efficiency [15][16] - The domestic aesthetic medicine market is expected to grow, supported by new product launches and increasing consumer demand [19] - The company is optimistic about its industrial microbiology segment, aiming for accelerated development in the next three years [20]

5月15日，*ST苏吴（600200）股价"一字跌停"，报收2.38元/股，跌幅为5.18%。 消息面上，5月14日晚，*ST苏吴发布公告称，公司董事长钱群山因涉嫌信息披露违法违规，收到 中国证监会的《立案告知书》，证监会决定对其立案调查。 早在今年2月27日，江苏吴中就因涉嫌信息披露违法违规被证监会立案调查。最新调查进展显示， 目前公司尚未收到就上述立案调查事项的结论性意见或决定，若后续经中国证监会行政处罚认定的事 实，触及《上海证券交易所股票上市规则》规定的重大违法强制退市情形，公司股票将被实施重大违法 强制退市。 此外，中兴财光华会计师事务所(特殊普通合伙)对公司2024年度出具了无法表示意见的财务报告审 计报告和内部控制审计报告。报告指出，公司贸易业务应收账款余额高达10.62亿元，其中10.27亿元逾 期未收回；应收票据1.9亿元全部逾期，审计机构无法对其可收回性作出评估。更为严重的是，该公司 还存在资金被占用的情况，经公司自查发现，控股股东浙江复基控股集团有限公司的其他关联方企业在 2024年度非经营性占用公司资金7.69亿元。这一系列负面消息，均加剧了公司退市风险。 回首江苏吴中的来路，自199 ...

证券代码：000963 证券简称：华东医药 华东医药股份有限公司投资者关系活动记录表 12.29%，环比2024年第四季度增长24.37%，整体经营符合第一季度计 划目标。国内医美全资子公司欣可丽美学积极拓展国内市场，报告期 内实现营业收入2.54亿元，同比下降1.36%，环比2024年第四季度增长 10.64% 。公司持续深化国内高端医美产品布局，高端玻尿酸 MaiLi®Extreme（商品名：魅俪®朔盈®）将于2025年5月正式实现商业化 销售；多功能面部皮肤管理平台Préime DermaFacial也将于2025年内正 式实现商业化销售。此外，重组A型肉毒毒素YY001、能量源设备V30 及Ellansé®伊妍仕®M型等核心医美产品国内上市申请均已获受理，有 望于2026年获批。依托国内差异化医美产品矩阵的持续丰富，叠加消 费升级带来的市场需求扩容，公司国内医美业务成长潜能将加速释放。 编号：2025-002 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □业绩说明会 □媒体采访 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 ☑其他 ...

Core Insights - The company reported a stable growth trend in Q1 2025, with revenue of 10.736 billion yuan, a year-on-year increase of 3.12%, and a net profit of 915 million yuan, up 6.06% [1] - The pharmaceutical industrial sector continues to be a key growth driver, with core subsidiary China East Pharmaceutical achieving revenue of 3.621 billion yuan, a 6.52% increase, and a net profit of 843 million yuan, up 12.20% [2] - The company is focusing on innovation, with over 80 projects in its pipeline, and has significantly increased R&D investment by 49.60% to 880 million yuan in Q1 2025 [4] Business Segments - The innovative drug sales in the pharmaceutical industrial sector are gaining momentum, particularly with the expansion of reimbursement indications for the Bai Ling series products [2] - The CAR-T product, Zewokaiolun, has shown strong sales performance, with over 200 certified medical institutions and 154 effective orders placed by the partner company [3] - The company’s self-developed GLP-1 receptor agonist, HDM1002, has entered the final stages of clinical trials, indicating a robust pipeline in the endocrine field [5][6] Medical Aesthetics - The medical aesthetics segment is showing resilience, with the subsidiary Sinclair achieving approximately 238 million yuan in revenue, a 24.37% increase from the previous quarter [9] - The company has a portfolio of 40 high-end medical aesthetic products, with 26 already launched globally, indicating a strong market presence [9] - New products in the medical aesthetics field, including injectable products, are expected to drive further growth in 2025 [10] Future Outlook - The company aims to leverage its innovative capabilities and product differentiation to expand its market share in the medical aesthetics sector, which is projected to grow steadily [12] - The pharmaceutical industrial sector is expected to maintain a strong growth trajectory, supported by ongoing market expansion and product pipeline development [12] - The overall performance in Q1 2025 reflects the company's commitment to innovation and growth, positioning it for future success in the pharmaceutical and medical aesthetics industries [12]