Core Viewpoint - Meituan Medical Beauty is focusing on upstream supply chain solutions rather than establishing its own medical beauty clinics, emphasizing its platform identity and ecosystem role [1] Group 1: Company Strategy - Meituan Medical Beauty will not open its own medical beauty clinics, which is a long-term strategic direction [1] - The company is enhancing its supply chain by providing traceable solutions to address issues in the medical beauty industry, such as counterfeit products and lack of logistics traceability [1] - Meituan Medical Beauty aims to increase the penetration rate of medical beauty users among its members, with only 2.2% of its platinum-level users currently engaged in medical beauty services [3][4] Group 2: Industry Insights - The Chinese medical beauty industry is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 13.2% over the next five years, although this is a slowdown compared to the previous decade [3] - The number of illegal practitioners in the medical beauty industry is nine times that of compliant practitioners, and the number of black clinics is six times that of regular clinics [2] - Water light needles are the most popular injection project, with a monthly verification growth rate exceeding 106.89% [3] Group 3: Marketing and Brand Promotion - Meituan Medical Beauty is increasing its brand awareness through promotional activities, including partnerships with variety shows and dramas, which marks a shift from its previous lack of brand promotion [4] - The company is providing free medical beauty project benefits to its high-tier members to boost engagement [4]

Core Insights - The medical beauty industry is undergoing transformation driven by technological advancements and evolving aesthetic perceptions, with non-surgical procedures becoming increasingly popular, particularly in anti-aging treatments [1] - Injection-based aesthetic procedures are gaining traction due to their effectiveness, short recovery times, and high repeat purchase rates, positioning the injection market as a new growth area within the medical beauty sector [1] Injection Aesthetic Concepts and Classification - Injection aesthetic procedures are minimally invasive treatments primarily categorized into hyaluronic acid, botulinum toxin, collagen, regenerative injectables, lipolytic injections, and thread lifting [2] - The market is dominated by hyaluronic acid and botulinum toxin, with botulinum toxin leading globally with 8.878 million treatments in 2023, followed by hyaluronic acid with 5.565 million treatments [2] Market Heat Analysis - The synthetic regeneration field is becoming an investment hotspot, with new materials and combinations expanding market boundaries [5] - By November 2024, 15 injectable products have been approved, primarily hyaluronic acid, with several others including polylactic acid and botulinum toxin [5] Hyaluronic Acid Development Status and Trends - Hyaluronic acid maintains its leading position, with a growth rate of 29.1% from 2022 to 2023, driven by diverse applications and combination treatments [11] - The industry faces challenges such as product homogenization and safety concerns, but innovation and differentiation present opportunities for growth [14][15] Botulinum Toxin Development Status and Trends - The botulinum toxin market is evolving towards a coexistence of natural and recombinant products, with recombinant botulinum toxin expected to penetrate the market due to its safety and customization potential [17] Regenerative Materials Development Status and Trends - Regenerative injectable products, particularly polylactic acid (PLA) and polycaprolactone (PCL), are gaining attention, with hydroxyapatite emerging as a potential market player [23] Collagen Development Status and Trends - The application of collagen in medical aesthetics is expanding, with various types being explored for their unique benefits, particularly types I and III for skin support and hydration [31] User Preferences and Trends - Users increasingly prioritize skin quality and overall facial harmony, with a shift towards personalized beauty standards [39] - The demand for skin improvement remains strong, with private care and hair transplant services emerging as new market opportunities [42] User Decision-Making and Experience - Safety and effectiveness are the primary concerns for users, with a growing emphasis on the qualifications of medical personnel and the quality of procedures over cost [45][60] - Users exhibit a cautious approach to decision-making, with a significant portion requiring thorough research before engaging in aesthetic procedures [47] Market Trends and Future Outlook - The injection aesthetic market is transitioning from simple filling procedures to a focus on long-lasting, precise, and personalized treatments, driven by technological advancements and consumer expectations [68] - Chinese companies are increasingly looking to international markets for growth, with a focus on regulatory compliance and brand recognition to overcome market entry barriers [71]

[Table_Reportdate] 2025年08月08日 [证券分析师： Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20250808 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.燕京啤酒（000729）：内外兼修，焕发新机——公司深度报告 ➢ 2.胶原蛋白：成分崛起，美丽新生——美容护理行业深度报告 ➢ 1.国务院政策吹风会：免保育教育费政策将适时完善 ➢ 2.央行开展7000亿元买断式逆回购操作 ➢ 3.日本政府下调2026财年GDP增长预测 | 1.1. 燕京啤酒（000729）：内外兼修，焕发新机——公司深度报告 | 3 | | --- | --- | | 1.2. 胶原蛋白：成分崛起，美丽新生——美容 ...

Group 1: Collagen Industry Insights - Collagen is a vital component in the human body, providing strength, flexibility, and structural support to various tissues, including skin and bones [5][6] - The domestic recombinant collagen market is expected to grow significantly, with a projected CAGR of 41.4% from 2023 to 2027, surpassing the growth rate of animal-derived collagen at 27.7% [6][7] - The application of recombinant collagen spans various sectors, including aesthetic medicine, skincare, intimate health, and hair health, with significant market growth anticipated in each area [7][8] Group 2: Investment Recommendations - The report suggests focusing on companies like Jinbo Biological, which leads in recombinant collagen medical products, and Juzi Biological, known for its strong presence in the beauty market [8] - The domestic beauty care market is rapidly evolving, with increasing consumer acceptance of new products and a growing focus on efficacy and core ingredients [8] Group 3: Changan Automobile Company Overview - Changan Automobile reported a wholesale sales volume of 210,600 vehicles in July 2025, reflecting a year-on-year increase of 23.43% [11][12] - The establishment of the China Changan Automobile Group aims to enhance the integration of the industry chain and promote the development of new energy vehicles [13] - The company plans to launch over 50 global new energy products in the next five years, indicating a strong commitment to innovation and market expansion [13][14]

Group 1: Collagen Industry Insights - Collagen is a vital component in the human body, providing strength, flexibility, and structural support to various tissues, with low immunogenicity and good biocompatibility [6][7] - The domestic recombinant collagen market is expected to grow significantly, with a projected CAGR of 41.4% from 2023 to 2027, surpassing the growth of animal-derived collagen at 27.7% [7][8] - The application of recombinant collagen spans various sectors, including medical aesthetics, skincare, intimate health, and hair health, with substantial market growth anticipated in these areas [8][9] Group 2: Chang'an Automobile Overview - Chang'an Automobile reported a wholesale sales volume of 210,600 vehicles in July 2025, reflecting a year-on-year increase of 23.43% [12][13] - The establishment of the China Chang'an Automobile Group aims to enhance the integration of the industry chain and promote the development of over 50 global new energy products in the next five years [14][15] - The company is expected to see a significant increase in net profit from 8.448 billion yuan in 2025 to 13.531 billion yuan by 2027, indicating a strong growth trajectory [15] Group 3: Yingzi Network Performance - Yingzi Network achieved a revenue of 2.827 billion yuan in the first half of 2025, marking a year-on-year increase of 9.45%, with a net profit of 302 million yuan [16][17] - The company maintains a leading position in the smart home camera market, with a revenue of 1.548 billion yuan from this segment in the first half of 2025 [16][17] - The overseas revenue accounted for 37.64% of total revenue, reflecting a year-on-year growth of 25.42%, indicating successful international expansion [18] Group 4: Chemical Industry Trends - The Chinese government is focusing on reducing "involution" in market competition, which may lead to structural optimization in the chemical supply side [21][25] - The semiconductor and robotics sectors are experiencing strong demand, with significant growth expected in the AI and new materials fields [22][30] - The chemical industry is anticipated to benefit from domestic production capabilities, with a focus on high-end materials and technology-driven growth [25][26]

Investment Rating - The report suggests a focus on companies in the recombinant collagen sector, highlighting their potential for growth and market leadership [5][6]. Core Insights - Collagen is essential for human health, providing structural support and biological functions [11][14]. - The domestic recombinant collagen technology is advanced, with a complete industrial chain and supportive policies driving growth [6][31]. - The market for recombinant collagen is expected to grow significantly, with a projected CAGR of 41.4% from 2023 to 2027, surpassing the growth of animal-derived collagen [6][27]. - The applications of collagen are diverse, including medical aesthetics, skincare, intimate health, and hair health [6][33]. Summary by Sections 1. Collagen as a Vital Component - Collagen constitutes 30%-40% of human protein and is crucial for skin, bones, tendons, and ligaments [11][14]. - There are at least 29 types of collagen in the human body, with types I and III being the most common in the skin [14][15]. 2. Production: Recombinant vs. Animal-Derived Collagen - Recombinant collagen is produced using gene engineering, offering advantages such as no virus risk and better biocompatibility compared to animal-derived collagen [19][26]. - The market for recombinant collagen is expected to reach 286.3 billion yuan in 2023, with a significant growth trajectory [27][28]. 3. Policy Support for Market Development - The regulatory framework for recombinant collagen has been improving, with various guidelines issued since 2021 to standardize the industry [31][32]. 4. Diverse Applications of Recombinant Collagen - **Medical Aesthetics**: The market for recombinant collagen in medical aesthetics is projected to grow from 43 billion yuan in 2023 to 143 billion yuan by 2027, with a CAGR of 35.4% [6][42]. - **Skincare**: The market for functional skincare products containing recombinant collagen is expected to grow from 115 billion yuan in 2023 to 665 billion yuan by 2027, with a CAGR of 54.9% [47][49]. - **Intimate Health**: The market for intimate health products is anticipated to grow significantly, driven by increasing consumer awareness and demand [51][52]. 5. Key Companies in the Industry - **Jinbo Biological**: A leader in recombinant collagen with unique medical aesthetic products [5][40]. - **Juzi Biological**: Known for its brands Kefu Mei and Keli Jin, actively expanding its medical aesthetic pipeline [5][40]. - **Marubi Biological**: Accelerating its research in collagen, with significant product launches [5][40].

Summary of Pro Pharmaceutical Conference Call Company Overview - Pro Pharmaceutical is a leading pharmaceutical integration platform under the Hongdian Group, established in 1989 and headquartered in Dongyang, Zhejiang [4][5][16] - The company has developed a significant business scale over 30 years, focusing on CDMO, APIs, and formulations, with global competitiveness [4][5] Strategic Focus - The company has launched a 2030 strategy focusing on four key areas: raw materials, CDMO, pharmaceuticals, and medical aesthetics, with CDMO identified as the core growth driver [2][4] - CDMO business is currently in an explosive growth phase, benefiting from years of accumulation and expanding into cutting-edge technologies like ADC and peptides [2][6] Financial Performance - In 2024, the revenue from the three main segments is projected to be: raw materials and intermediates at 8.651 billion yuan, CDMO at 1.884 billion yuan, and formulations at 1.256 billion yuan [4] - Gross profit margins for these segments are expected to be 45.17%, 26.98%, and 26.63% respectively, indicating a strong performance in raw materials [4] CDMO Business Development - Pro Pharmaceutical has established itself as a core player in the global innovative drug CDMO market, with over 600 R&D personnel and a significant increase in project numbers [5][6] - The number of API projects in the R&D phase has grown from 28 in 2021 to 79 in 2024, with commercialized human drug projects increasing from 74 to 262 [6] Domestic Innovation Drug Industry - The domestic innovative drug industry is experiencing rapid growth, with significant revenue increases reported by leading biotech companies [7] - Pro Pharmaceutical has established partnerships with 572 domestic and international innovative drug companies, with over 300 agreements signed with leading domestic firms [7] International Market Performance - The overseas market remains a major revenue source, with expectations of achieving over 10 commercialized projects annually through strategic partnerships with international pharmaceutical companies [8] - The company has a long-standing presence in the CDMO sector, contributing to stable revenue growth [8] API Commercialization - Key products entering the API commercialization phase include Donafenib tosylate, Paltomide mesylate, and Fuzuloparib, with expected demand reaching ton-level [9] - These products are crucial growth drivers for the company, supported by their inclusion in national insurance directories and treatment guidelines [9] Collaborations with Multinational Companies - Pro Pharmaceutical has established close collaborations with major multinational pharmaceutical companies, including Pfizer and Merck, focusing on early-stage development orders [10][11] - The company has also built strong relationships in the veterinary medicine sector, with consistent growth in commercialized projects [11] Formulation Business Outlook - The formulation business is expected to enter a rapid growth phase starting in 2026, driven by increased approvals and a focus on market demand [13][14] - The company anticipates approval for approximately 10 formulations in 2025, with a target of over 15 by 2026 [13] Raw Materials and Intermediates Business - The raw materials and intermediates segment is the core revenue and profit contributor, with projected revenue of 8.651 billion yuan in 2024 [15] - The company is diversifying its raw material offerings across antibiotics, veterinary drugs, chronic disease medications, and medical aesthetics [15] Future Growth Expectations - Pro Pharmaceutical is expected to enter a new growth cycle starting in 2025, with a projected compound profit growth rate of over 20% [16] - The company is considered to have a favorable valuation, encouraging investors to pay attention to related assets [16]

Core Insights - The medical beauty industry is undergoing transformation driven by technological advancements and evolving aesthetic perceptions, with non-surgical procedures becoming increasingly popular, particularly in anti-aging treatments [1] - Injection-based aesthetic procedures are gaining traction due to their effectiveness, short recovery times, and high repeat purchase rates, positioning the injection market as a new growth area within the medical beauty sector [1] Group 1: Injection Aesthetic Concepts and Classification - Injection aesthetic procedures are primarily categorized into hyaluronic acid, botulinum toxin, collagen, regenerative injectables, lipolytic injections, and thread lifting, with hyaluronic acid and botulinum toxin dominating the market [2] - In 2023, botulinum toxin treatments led globally with 8.878 million procedures, followed by hyaluronic acid with 5.565 million procedures, indicating a strong preference for these two categories [2] Group 2: Market Heat Analysis - The injection aesthetic market is experiencing rapid growth, driven by advancements in materials and techniques, with synthetic regenerative materials becoming a focal point for investment [6] - By 2024, approximately 60% of investments in injection materials are expected to be directed towards regenerative biological materials, highlighting a shift towards innovative solutions in the market [6] Group 3: Hyaluronic Acid Market Development - Hyaluronic acid maintains a strong market position, with a growth rate of 29.1% from 2022 to 2023, indicating its resilience and adaptability in the face of emerging competition [12] - The market faces challenges such as product homogenization and safety concerns, but opportunities exist for differentiation through innovation and new applications [14][15] Group 4: Botulinum Toxin Market Trends - The botulinum toxin market is evolving towards a dual existence of natural and recombinant products, with recombinant botulinum toxin expected to gain market share due to its safety and customization potential [17] - The market is characterized by intense competition, necessitating a focus on product differentiation and strategic positioning to navigate challenges [19] Group 5: Regenerative Materials Market Insights - The regenerative materials market is currently focused on polylactic acid (PLA) and polycaprolactone (PCL), with significant growth potential in the coming years [23] - New entrants are encouraged to explore innovative technologies and applications, particularly in areas like hydroxyapatite, which is gaining traction for its structural support in aesthetic procedures [27] Group 6: Collagen Market Trends - The collagen market is expanding with various types being explored for aesthetic applications, particularly types I and III, which are popular for their skin-supporting properties [31] - The market is expected to see increased competition as more types of collagen are developed and their applications are diversified [33] Group 7: User Preferences and Trends - Users are increasingly focused on skin quality and overall facial harmony, with a shift towards personalized aesthetic solutions [39][42] - Safety and effectiveness remain the top concerns for users, with a growing emphasis on the qualifications of medical professionals and the quality of procedures over cost [45][60] Group 8: Market Expansion and Internationalization - Chinese medical beauty companies are increasingly looking to international markets, with a focus on regulatory compliance and brand recognition to overcome challenges in foreign markets [70] - The injection aesthetic products are leading the charge in this internationalization effort, with significant investments in regions like Southeast Asia and the Middle East [70]

Core Insights - The medical beauty industry in China is experiencing a significant increase in male consumers, with a 27% rise in spending in 2023 compared to the previous year, indicating a growing acceptance of aesthetic procedures among the general public [3] - However, this surge in demand is accompanied by a rise in marketing pitfalls, as many consumers fall into traps set by aggressive sales tactics and misleading information [3][12] Industry Challenges - The medical beauty sector is facing severe challenges, with market growth rates declining from 30% in 2021 to just 15% in 2023 due to increased regulation and scrutiny following past market excesses [4] - The total financing in the medical beauty industry dropped to 10.3 billion yuan in 2023, a 64% decrease from the peak of 28.6 billion yuan in 2021, with the number of financing events falling by 76% [5] - The average price of hyaluronic acid raw materials has decreased by 40.95% from 210 yuan per gram in 2017 to 124 yuan in 2021, while the price of end products has dropped by 28.64% from 1557 yuan per bottle to 1111 yuan during the same period [5] Marketing Trends - The industry is increasingly relying on various marketing strategies, including commission-driven models that incentivize referrals from social influencers and high-pressure sales tactics [13][14] - A notable trend is the emergence of strategic alliances between medical beauty institutions and high-end brands, which allows for resource sharing and targeted marketing to affluent consumers [15] - Online marketing has become a crucial battleground, with 84% of light medical beauty orders being placed online by 2022, up from 62% in 2017 [8][11] Product Shifts - There is a growing preference for composite products containing collagen or regenerative materials over pure hyaluronic acid, as these alternatives are perceived to be more stable and have fewer long-term side effects [6] - The market for regenerative medical beauty injectables is projected to reach 11.52 billion yuan by 2027, with a compound annual growth rate of 54.73% [6] Consumer Concerns - Consumers are increasingly facing privacy risks and lack of transparency regarding the sourcing and quality of self-branded hyaluronic acid products offered by medical beauty institutions [19] - The reliance on aggressive marketing tactics and the potential for misleading information raises concerns about the sustainability of the industry's growth and consumer trust [19][20]

Group 1 - The core focus of the news is on the role of party-building initiatives in driving technological advancements and operational efficiency in companies like Baotou Yinstar Rare Earth Magnetic New Materials Co., Ltd. and Baotou Dongbao Biotechnology Co., Ltd. [2][3] - Yinstar is working on a complex magnetic component that requires precise assembly of three differently shaped products, highlighting the company's commitment to innovation in the electronics sector [2] - Dongbao has established a three-tier responsibility system for party leadership, integrating party assessments with business performance metrics to enhance operational effectiveness [3] Group 2 - Dongbao emphasizes the importance of collaboration with academic institutions, such as the Chinese Academy of Sciences, to facilitate the practical application of theoretical research, thereby accelerating technology transfer [5] - The company has successfully transitioned from traditional manufacturing to intelligent manufacturing, achieving significant breakthroughs in gelatin and collagen production [5] - The Baotou Rare Earth High-tech Zone is leveraging party-building to reconstruct industrial, innovation, and talent chains, enhancing the overall development efficiency of the region [6]