Core Insights - The beauty industry is experiencing significant shifts, with a competitive landscape characterized by the rise of domestic brands and the stability of international brands [1][2][4] - The top beauty brands on Douyin are dominated by domestic players, with 韩束, 珀莱雅, and 欧莱雅 leading the rankings [2][9] - New entrants like 百雀羚 and 丸美 have made their way into the top 20, indicating a resurgence of domestic brands [9][11] Brand Performance - 韩束 has maintained its position as the top brand, followed by 珀莱雅 and 欧莱雅, while international brands like YSL and 兰蔻 have shown mixed results [2][9] - The emergence of brands like MEICHIC美诗 and 蒂洛薇 highlights the competitive nature of the market, with 蒂洛薇 recently achieving the top spot in the color cosmetics category [9][27] - The performance of brands such as 花西子 and 极萌 has declined, indicating a shift in consumer preferences [7][9] Influencer Ecosystem - The influencer landscape is shifting towards entertainment-oriented and comprehensive content creators, with traditional beauty influencers losing ground [1][44] - Influencers like 韦雪 have gained prominence, showcasing the changing dynamics in the beauty influencer market [44][48] - Brands are increasingly relying on a mix of influencer marketing and self-operated accounts to drive sales [41][42] Market Trends - The beauty market is seeing a trend towards self-operated models and direct-to-consumer strategies, with brands like 林清轩 and 百雀羚 successfully leveraging these approaches [14][20] - The reliance on heavy investment in advertising and low pricing strategies by brands like ELL and 三资堂 raises questions about long-term sustainability [37][39] - The competitive landscape is expected to evolve as brands focus on product development and brand strength to navigate market fluctuations [49]

Core Insights - The article discusses advancements in the field of cyclic peptide libraries, particularly focusing on the DNA-encoded library technology (DELT) which enhances the screening and discovery of novel cyclic peptides with superior properties [1][2]. Group 1: Technology and Methodology - DELT allows for the rapid construction and screening of large compound libraries by linking specific nucleic acid tags to peptide molecules, providing an efficient and cost-effective platform for high-throughput screening of cyclic peptides [1]. - Researchers designed and synthesized eight cyclic peptide sub-libraries, collectively forming a super library containing approximately 100 million different cyclic peptide molecules, utilizing various cyclization methods [2]. Group 2: Research Findings - In screening for the tumor-related protein MDM2, multiple sub-libraries exhibited a consistent enrichment pattern, with specific amino acid sequences showing high binding affinity, achieving a maximum binding activity (Ki) of 11 nM [2]. - The study revealed that some cyclic peptide combinations, which had low enrichment in single sub-libraries, demonstrated good activity after off-DNA synthesis, indicating that single sub-library screening may underestimate the potential of high-activity molecules [2]. Group 3: Specific Case Studies - For the GIT1 screening, no consistent enrichment pattern was observed across different sub-libraries, leading to the identification of two cyclic peptide compounds, one of which effectively blocked the interaction with β-PIX [3]. - The research emphasized the importance of using multiple methods, such as competitive screening and in vitro experiments, to comprehensively validate the authenticity and specificity of the screened compounds [3]. Group 4: Publication and Support - The research findings were published in JACS Au under the title "Influence of Macrocyclization Strategies on DNA-Encoded Cyclic Peptide Libraries," and the work received support from the National Natural Science Foundation of China [3].

Core Viewpoint - Hanyu Pharmaceutical is experiencing significant growth, with a projected net profit increase of 1470.82% to 1663.89% for the first half of 2025 compared to the same period last year [1][2] Group 1: Financial Performance - The company expects to achieve a net profit of between 142 million to 162 million yuan for the first half of 2025 [1] - This represents a substantial increase compared to the previous year's performance [1] Group 2: International Business Expansion - Hanyu Pharmaceutical's international business has expanded to core global markets, with APIs sold to over 20 countries and formulations licensed in more than 90 countries [1] - The company is accelerating its internationalization process, which is expected to enhance growth potential [2] Group 3: Innovation in Drug Development - The company focuses on innovative drug development, particularly in the field of peptides and small nucleic acids, with a rich pipeline of future products [2] - The HY3003 project, a GLP-1R/GIPR/GCGR receptor agonist, has completed preclinical candidate screening and is advancing to the pilot scale of API production [1] - The project employs a multi-formulation development strategy, including long-acting monthly injections to improve patient compliance [1] Group 4: Future Product Pipeline - Hanyu Pharmaceutical plans to launch no fewer than 20 formulations globally, including original innovative drugs and micro-innovative drugs [2] - The pipeline includes drugs for treating conditions such as high cholesterol, hypertension, and diabetes, featuring products like Inclisiran and Zilebesiran [2]

Core Viewpoint - Shengnuo Biotech (688117.SH) has reported significant growth in its half-year performance for 2025, with net profit expected to increase by 253.54% to 332.1% year-on-year, driven by strong performance in its peptide raw material business [1][3]. Financial Performance - The company anticipates a net profit of between 77.03 million yuan and 94.14 million yuan for the first half of 2025, with a year-on-year increase of 253.54% to 332.1% [1][3]. - The expected non-deductible net profit is projected to be between 77.35 million yuan and 94.53 million yuan, reflecting a year-on-year increase of 304.49% to 394.38% [1][3]. - In 2024, Shengnuo Biotech reported revenue of 456 million yuan, a year-on-year growth of 4.84%, while net profit decreased by 28.88% to 50.02 million yuan due to increased R&D investment and other factors [2]. Business Operations - Shengnuo Biotech is actively expanding its production capacity to meet market demand, with projects such as the "Annual Production of 395 kg Peptide Raw Material Production Line" and the expansion of raw material workshops [3]. - The company has successfully launched its 106 workshop and is in the equipment validation phase for workshops 107 and 108 [3]. Market Expansion - The global peptide CDMO market is projected to reach $11.8 billion by 2030, with the domestic market expected to reach 18.5 billion yuan, indicating a higher CAGR than the global market [4]. - Shengnuo Biotech's overseas revenue reached 148 million yuan in 2024, a significant increase of 73.93%, while domestic revenue decreased by 12.51% to 303 million yuan [4]. - The proportion of overseas revenue has increased to 32.52%, up 12.92 percentage points from 2023, reflecting the company's focus on expanding its international sales channels [4]. R&D and Product Development - The company is collaborating with external firms to develop various peptide products and has significantly increased its R&D investment, with expenses rising from 13.75 million yuan in 2021 to 49.17 million yuan in 2024 [5]. - Shengnuo Biotech provides CDMO services for over 40 peptide innovation drug projects, with two products approved for commercialization and two in the production application stage [5].

撰文丨王聪 编辑丨王多鱼 排版丨水成文 开发靶向治疗性蛋白质的大环结合剂 （例如 大环肽 ） ，通常依赖于大规模筛选方法，这种方法资源消耗大，且对结合模式的控制很少。尽管 蛋白质设计 领域 已取得重大进展，但目前仍缺乏从头设计结合蛋白质的大环化合物的可靠方法。 2025 年 6 月 20 日，诺贝尔奖得主、蛋白质设计先驱、华盛顿大学 David Baker 教授团队在 Nature 子刊 Nature Chemical Biology 上发表了题为 ： Accurate de novo design of high-affinity protein-binding macrocycles using deep learning 的研究论文。 该研究开发了一种 从头设计大环肽的新框架 —— RFpeptides ，实现了精确的从头设计与目标蛋蛋白质具有高亲和力的大环肽。 传统上，肽类药物的研发依赖于天然产物的发现，或者利用展示技术对数以万亿计的随机肽进行高通量筛选以寻找与靶点结合的肽。然而，天然产物的发现面临 诸多挑战，尤其是合成困难、稳定性差以及已发现的活性物质对突变的耐受性低等问题。尽管高通量筛选方法十分强 ...

Core Insights - Hanyu Pharmaceutical (300199) has recently conducted investor research, discussing the progress of the HY3003 new drug project, its layout in the innovative drug field, and overseas market expansion [1][2] Group 1: HY3003 New Drug Project - The HY3003 project has completed preclinical candidate compound screening and raw material process development, officially entering the raw material pilot scale-up phase, which validates the producibility of the molecular structure for subsequent IND application and clinical transformation [1] - HY3003 is a GLP-1R/GIPR/GCGR receptor agonist developed using AI peptide chip technology, aimed at weight loss indications [1] - The project employs a multi-formulation parallel development strategy, including weekly, ultra-long-acting monthly, and oral formulations, with the ultra-long-acting formulation designed to reduce dosing frequency and improve medication adherence [1] Group 2: siRNA and Other Drug Developments - The company is also developing siRNA drugs such as Inclisiran and Zilebesiran for treating high cholesterol and hypertension, as well as Pegcetacoplan for treating geographic atrophy [1] Group 3: Overseas Market Expansion - Currently, the company's raw materials are sold to over 20 countries and regions, with formulations licensed in over 90 countries and regions [2] - The company has signed cooperation agreements for the semaglutide injection (weekly formulation) and oral tablets in markets including China, Brazil, Egypt, Mexico, Eurasian Union, GCC member countries, and North Africa [2] - The company has completed the enrollment of all participants in the Phase III clinical trial for semaglutide injection as of January this year, with plans to submit for approval in China by 2026, followed by the US and other global markets [2] Group 4: Future Pipeline - Hanyu Pharmaceutical has a rich pipeline of peptide and small nucleic acid formulations, planning to launch no less than 20 formulations over the next 10 years, including innovative drugs, micro-innovative drugs, and ANDA [2]

证券研究报告：美容护理 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 24.10 | | --- | --- | | 总股本/流通股本（亿股）6.72 | / 6.72 | | 总市值/流通市值（亿元）162 | / 162 | | 52 周内最高/最低价 | 24.10 / 13.97 | | 资产负债率(%) | 32.7% | | 市盈率 | -19.44 | | 第一大股东 | 上海家化(集团)有限公 | | 司 | | 发布时间：2025-05-08 个护稳健，美妆海外承压。24 年分品来看：1）个护业务实现收 入 23.8 亿元，同比-3.42%，毛利率 63.59%，同比+2.6pct，六神升级 驱蚊蛋系列产品，整体表现稳健；2）美妆业务实现营收 10.5 亿元， 同比-29.81%，毛利率 69.67%，同比-2.7pct，主动去库及调整带动美 妆业务下降，玉泽将升级面霜与防晒产品，同时将推出械字号重组胶 原蛋白系列产品以及主打 17 型环肽的修护产品，丰富产品线；3）创 新业务实现营收 8.3 亿元，同比-19.38%，毛利率 40. ...

股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 24.10 | | --- | --- | | 总股本/流通股本（亿股）6.72 | / 6.72 | | 总市值/流通市值（亿元）162 | / 162 | | 52 周内最高/最低价 | 24.10 / 13.97 | | 资产负债率(%) | 32.7% | | 市盈率 | -19.44 | | 第一大股东 | 上海家化(集团)有限公 | | 司 | | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 上海家化(600315) 证券研究报告：美容护理 | 公司点评报告 发布时间：2025-05-08 主动调整 24 年业绩承压，25Q1 企稳，静待改善 l 事件回顾 公司公布 2024 年年报及 25Q1 季报，2024 年公司实现营收 56.79 亿元，同比-13.9%，实现归母净利润-8.33 亿元，同比-266.6%，扣非 归母净利润-8.38 亿元，同比-366.4%。2025Q1 实现营收 17.04 亿元， 同比-10.6%）， ...

连续两年蝉联国货美妆行业营收榜首，主导或参与制定国家标准19项，累计获得229项国家专利（2024 年财报报告期内）……珀莱雅化妆品股份有限公司自2003年成立以来，历经自主研发、A股上市、多品 牌矩阵构建等阶段，成长为中国美妆行业首家营收破百亿的企业。 如今，以科技创新为核心驱动力，珀莱雅正朝着"未来十年跻身全球化妆品行业前十"的目标迈进，不断 为科技强国建设贡献民企力量。从珀莱雅的发展历程，我们得以窥见民族品牌参与全球美妆产业竞争的 突围之路。 下好"硬功夫"：三大研发中心构建国际化研发格局 穿过杭州西郊龙坞茶镇的葱郁茶田，珀莱雅杭州龙坞研发中心的新中式建筑跃入眼帘。走进实验区，科 研人员正专注操作着精密仪器，对产品安全性进行检测。 "产品生产出来仅仅是起点，在顺利的情况下，产品从生产完成到消费者手中，需要经历成分分析、重 金属含量检测、微生物检测等十几道严苛的质检程序。"珀莱雅研发人员指着闪烁的仪器屏幕介绍道， 眼前这台价值百万的仪器精度可达到十的负九次方，其精准度相当于在堆满10亿个球的体育场里，准确 找到其中一个。 珀莱雅杭州龙坞研发中心研发人员正对产品进行检测。新华网发 珀莱雅化妆品股份有限公司供 ...

中国美妆品牌崛起，越来越受消费者的青睐。如今，中国已成为全球第二大化妆品市场。作为中国美妆 行业首家营收破百亿元的企业，珀莱雅化妆品股份有限公司通过持续的科技创新与战略布局，推动企业 朝着"未来十年跻身全球化妆品行业前十"的目标迈进，不断为品牌强国、科技强国建设贡献力量。 下好"硬功夫"：三大研发中心构建国际化研发格局 穿过杭州西郊龙坞茶镇的葱郁茶田，珀莱雅杭州龙坞研发中心坐落于此。走进实验区，科研人员正专注 地操作精密仪器，检测产品安全性。 "产品生产出来仅仅是起点，在顺利的情况下，产品从生产完成到消费者手中，还需要经过十几道严苛 的质检程序。"珀莱雅研发人员指着仪器屏幕介绍道，眼前这台价值百万元的仪器，其精准度相当于在 堆满10亿个球的体育场里，准确找到其中一个。 珀莱雅杭 州龙坞研发中心研发人员正对产品进行检测。新华网发 珀莱雅化妆品股份有限公司供图 在这个拥有国家CNAS认可的实验室、浙江省重点企业研究院的研发中心内，众多来自全球的高精尖检 测仪器，正为研发出品质更稳定、更高效、更安全的美妆产品而运转。 "科技力是品牌实现差异化竞争的核心要素。"珀莱雅化妆品股份有限公司创始人、董事长侯军呈从创业 之初 ...