事实上，将时间拉长，在今年1-11月中，获得投融资的美妆企业/品牌也不足2成，大量的热钱均流向了美妆原料上游企业。这背后折射出怎样的行业变 化？ 美妆投融资，品牌商受冷 据青眼不完全统计，今年1-11月，国内化妆品相关领域共发生了71起投融资、收并购事件。而从被投资的品牌/企业的类型来看，数量最多的即是原料企 业，共有43起，占比超过60.6%。这充分说明，化妆品上游原料成为了资本市场争相加码的赛道。 美妆品牌不"香"了。 近日，欧莱雅集团对中国纯净护肤品牌LAN兰进行少数股权投资一事，在业内引发了广泛的关注。然而，这也是上月唯一一家已公开的美妆品牌融资案 例，其余获投企业均为上游原料公司，上周刚刚官宣获得A+轮投资的巨微生物，也是一家合成生物原料制造商。 与美妆上游企业备受资本青睐有所不同的是，今年以来，国内美妆品牌商获投的现象则稍显冷清。在上述梳理的71起投融资、收并购事件中，仅有14个美 妆品牌商，占比不足两成。 | 品牌/食物 | 轻次 | | Hose T | | --- | --- | --- | --- | | 2023年 롭溢 个护品牌 | 种子轮 | 100万元 | 未披露 | | 香夏 南 ...

Core Insights - Dongxing Medical (301290) reported a revenue of 284 million yuan for the first three quarters of 2025, a year-on-year decline of 10.21%, with a net profit attributable to shareholders of -70 million yuan, down 263% year-on-year, primarily due to a goodwill impairment loss of approximately 100 million yuan recognized in the third quarter [1] Group 1: Business Performance - The company focuses on surgical medical devices, particularly in the field of anastomosis devices, and has two main business segments: surgical instruments represented by anastomosis devices and surgical equipment represented by operating tables and shadowless lamps [1] - In the anastomosis device sector, Dongxing Medical has emphasized the electric anastomosis device, achieving over 130% year-on-year revenue growth in 2024 [1] - The company has obtained a Class III medical device registration certificate for its self-developed fully electric laparoscopic anastomosis device, further solidifying its market position [1] Group 2: Market Trends - Industry data indicates that the anastomosis device market in China is expected to grow from 9.82 billion yuan in 2024 to 16.67 billion yuan by 2030, with electric laparoscopic anastomosis devices being a major growth driver, projected to have a compound annual growth rate of 16% during this period [1] Group 3: Strategic Initiatives - Dongxing Medical is actively expanding into synthetic biology by collaborating with research institutions such as Changzhou University and Shanghai Jiao Tong University to develop high-tech barrier materials like recombinant humanized collagen and mussel adhesive protein, aiming to launch innovative medical consumables for hemostasis and scar repair [2] - The company announced a significant advancement in its platform strategy by planning to acquire 90% of Wuhan Yijiaobao, which will allow it to enter the high-end orthopedic market and extend its industrial chain in surgical medical devices [3] - The acquisition is expected to accelerate the commercialization of synthetic biological materials and enhance the company's platform development [3]

Core Insights - The article highlights the rapid development of the robotics industry in Shenzhen, particularly through the innovative efforts of companies like Pashini, which has developed advanced tactile sensors and robotic hands that can delicately handle objects like strawberries [1][2]. Group 1: Company Innovations - Pashini has developed a bionic robotic hand equipped with over a thousand high-precision multi-dimensional tactile sensors, capable of sensing temperature and pressure across 15 dimensions [1]. - The company has achieved a leading position in the global market for tactile sensors, with significant output since its establishment just four years ago [1]. - Shenzhen Bay Area's innovation ecosystem allows for seamless integration of research and industry, exemplified by the rapid testing and deployment of Pashini's dual-modal robotic hand in collaboration with local tech firms [2]. Group 2: Industry Growth and Support - Shenzhen's strategic emerging industries are projected to reach a value of 1.56 trillion yuan in 2024, accounting for 42.3% of the city's GDP, marking a consistent annual growth of over 100 billion yuan [1][2]. - The city has established a robust policy framework to support the robotics industry, including a three-year action plan and various funding initiatives, resulting in over 74,000 related enterprises and a total output exceeding 200 billion yuan [2]. - Shenzhen is home to over 25,000 national high-tech enterprises, averaging 12 per square kilometer, indicating a dense concentration of innovation and technology [3]. Group 3: Research and Development Infrastructure - Shenzhen has accelerated the construction of national-level innovation platforms, focusing on synthetic biology, brain research, and materials genomics, with over 4,000 innovation carriers established [4]. - The city has built significant research facilities, including the Pengcheng Laboratory and multiple national key laboratories, to foster original innovation [4]. Group 4: Application of New Technologies - The integration of AI in healthcare is exemplified by the use of a large model developed by Tencent and Mindray in critical care settings, showcasing Shenzhen's role as a testing ground for new technologies [5]. - Shenzhen has released nearly 200 "city + AI" application scenarios, promoting the dual advancement of technological and industrial innovation [5][6].