专题：《钱道》：对话上市公司掌门人 去年，华熙生物发文驳斥"透明质酸过时论""炮轰"券商研报一事，引发巨大争议，华熙生物董事长赵燕 在《钱道》栏目中表示，其实到现在也没后悔过，目的是让行业回到理性的时代。 专题：《钱道》：对话上市公司掌门人 去年，华熙生物发文驳斥"透明质酸过时论""炮轰"券商研报一事，引发巨大争议，华熙生物董事长赵燕 在《钱道》栏目中表示，其实到现在也没后悔过，目的是让行业回到理性的时代。 "我一直认为，它不是说一个新的物质出现，你就要把另外一个物质给它踩到脚底下，事实证明，今天 市场上，很少有人说重组胶原蛋白就是未来，它和透明质酸，它两者是协同的作用，现在要回归到科学 的本身来做产品，企业要重视研发，要有自己的底层逻辑，不要盲目地去内卷。"她说。 由@新浪财经、微博联合打造，@微博财经 #达芬奇live# 出品的对话栏目#钱道# 第一期，邀请华熙生 物董事长赵燕，与英才元投资管理有限公司董事长@宋立新 在15分钟精华对话中，坦诚分享如何识别 组织衰老、推动认知对齐、重建执行逻辑。#透过财经看世界# 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 ...

月24日，位于一师阿拉尔市的新疆锦域纺织有限公司纺纱生产线高效运转，工人加紧赶制订单产品。兵 团日报全媒体记者 王志清 摄 ●兵团日报全媒体记者 沈元赓 王素凡 刘美惠子 人勤春早 沃野欢歌 这个春节假期，香甜可口的草莓备受消费者青睐，成为不少家庭餐桌上的节日"标配"。 2月24日一大早，十二师农科所检测中心主任史芳芳便一头扎进了草莓种植大棚，查看草莓长势，指导 种植户科学管护。研究草莓14年的史芳芳及其团队攻克的草莓脱毒种苗繁育及高效栽培技术，已带动 300余户种植户实现增收致富，相关产业综合产值突破4000万元。 "科技护航、品质为先，我们就是要让消费者的'菜篮子''果盘子'更丰富，吃得更安心。"史芳芳说道。 人勤春来早，奋进正当时。 气温日渐回暖，十四师二二四团三连党支部书记、连管会指导员陈宏一大早就直奔枣园，拿起修剪工 具，为枣树整形修剪、疏密改造。 陈宏介绍，眼下正是枣树生长关键期，连队将组织开展农业技术培训，在耕、种、管、收等各生产环节 下功夫，帮助更多职工群众掌握种植技术，稳步提升红枣产量和品质。 2月24日上午，二师三〇团八连退休职工谢瑞银送走一批购买农资的顾客后，拿出账本细细盘点收支情 况。 ...

Group 1: Medical Aesthetics Industry - The Chinese medical aesthetics market is expected to reach nearly 370 billion by 2025, with a high growth outlook for the recombinant collagen segment [2][35] - The trend of younger consumers in medical aesthetics is evident, with light medical aesthetics gradually becoming mainstream, accounting for 52% of the market in 2022 [7][12] - Approximately 50.90% of users choose medical aesthetics because "becoming beautiful can make oneself happier," indicating a strong emotional value associated with beauty [4][8] Group 2: Beauty Industry - The retail sales of cosmetics in China are projected to grow at a CAGR of about 9% from 2016 to 2024, with domestic brands expected to maintain growth momentum [2][3] - The Chinese cosmetics market is entering a phase of high-quality development, with trends leaning towards scientific beauty and Eastern philosophies [3][19] - The market for cosmetic raw materials is expected to grow from 1147.80 billion in 2019 to 1603.90 billion by 2024, with a CAGR of 6.9% [2][3] Group 3: Related Companies on the Beijing Stock Exchange - Companies such as Jinbo Biological, which leads in recombinant human collagen medical devices, and Bawei Co., which provides ODM services for domestic and international cosmetic brands, are expected to benefit from the ongoing beauty consumption boom [2][3] - The market for functional skincare products is also seeing new entrants, with companies like Jinbo Biological expanding into this segment [2][3] - The beauty industry is experiencing a transformation driven by technological innovations, including synthetic biology and the application of new materials [2][3]

Core Viewpoint - China Resources Biopharma (华润医药) announced a significant decline in the net profit of its subsidiary, China Resources Boya Biopharma (华润博雅生物), for the fiscal year ending December 31, 2025, primarily due to market challenges and the impact of acquisitions [1][2] Group 1: Financial Performance - The net profit attributable to shareholders of China Resources Boya Biopharma is expected to be approximately RMB 105 million to RMB 136.5 million, a substantial decrease from RMB 397 million in the previous year [1] - The expected net loss, after excluding non-recurring items, is projected to be between RMB 7.5 million and RMB 15 million, compared to a net profit of RMB 302 million in the prior year [1] - The anticipated impact of non-recurring items on net profit is about RMB 120 million, influenced by government subsidies, asset sales, and wealth management income [2] Group 2: Business Challenges - The decline in net profit is largely attributed to a downturn in the market for hyaluronic acid products distributed by Anhui Greenke Pharmaceutical Co., Ltd., a wholly-owned subsidiary of Green Cross Hong Kong Holdings, which was acquired in November 2024 [2] - The acquisition of Green Cross Hong Kong Holdings has led to impairment losses on intangible assets and goodwill totaling approximately RMB 300 million [2] - The blood products business of China Resources Boya Biopharma has faced challenges due to expanded centralized procurement, DRG/DIP reforms, medical insurance cost controls, and increased regulatory scrutiny, resulting in reduced clinical prescriptions and demand [2] Group 3: Strategic Initiatives - China Resources Boya Biopharma is committed to implementing the "1246" model and is focusing on "four remolds" (value remolding, business remolding, organizational remolding, and spiritual remolding) to navigate the complex market environment [1] - The company anticipates a year-on-year increase in operating revenue of 10% to 25%, primarily driven by the acquisition of Green Cross Hong Kong Holdings [1]

Core Viewpoint - China Resources Pharmaceutical (华润医药) announced a significant decline in the net profit of its subsidiary, China Resources Boya Bio (华润博雅生物), for the fiscal year ending December 31, 2025, primarily due to market challenges and the impact of acquisitions [1][2] Group 1: Financial Performance - The net profit attributable to shareholders of China Resources Boya Bio is expected to be approximately RMB 105 million to RMB 136.5 million, a substantial decrease from the previous year's net profit of approximately RMB 397 million [1] - The expected net loss attributable to shareholders, after excluding non-recurring gains and losses, is projected to be between RMB 7.5 million and RMB 15 million, compared to a net profit of approximately RMB 302 million in the previous year [1] - The anticipated impact of non-recurring gains and losses on net profit is about RMB 120 million, influenced by government subsidies, asset sales, and wealth management income [2] Group 2: Business Challenges - The decline in net profit is largely attributed to the underperformance of aesthetic medical products, specifically hyaluronic acid, distributed by Anhui Greenke Pharmaceutical Co., which is a wholly-owned subsidiary of Green Cross Hong Kong Holdings, acquired by China Resources Boya Bio in November 2024 [2] - The company faced significant impairment losses on intangible assets and goodwill totaling approximately RMB 300 million due to the market downturn [2] - The blood products business of China Resources Boya Bio has been adversely affected by intensified market competition, expanded centralized procurement, and reforms in medical insurance, leading to a decrease in clinical prescriptions and demand, as well as a decline in gross margin year-on-year [2] Group 3: Strategic Initiatives - During the reporting period, China Resources Boya Bio is committed to implementing the "1246" model and focusing on "four remolds" (value remolding, business remolding, organizational remolding, and spiritual remolding) to navigate the complex market environment and drive academic development [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：3320） 公告 華潤博雅生物截至2025年12月31日止年度的 業績預告 於 2026 年 1 月 30 日， 華 潤 博雅 生 物 公 佈其 截 至 2025 年 12 月31 日 止年 度 的 業績 預 告。 華潤博雅生物製藥集團股份有限公司（「華潤博雅生物」）為一家於中華人民共和國 註 冊 成 立 的 公 司 。 華 潤 博 雅 生 物 的 股 份 於 深 圳 證 券 交 易 所 上 市 。 截 至 本 公 告 日 期，華潤醫藥集團有限公司（「本公司」，連同其附屬公司合稱為「本集團」）間接持 有華潤博雅生物總股本約30.48 %及總股本約41.79 %表決權，因此華潤博雅生物為 本公司的附屬公司。 於 2026 年 1 月 30 日 ， 華 潤 博 雅 生 物 公 佈 其 截 至 2025 ...

Group 1 - The "Top Ten Outstanding Figures in the Medical Aesthetics Industry for 2025" list was announced by Rui Finance, highlighting Zhao Yan, the Chairman of Huaxi Biological, as a notable figure [1] - The selection criteria for the list included professional ability, performance, and industry influence [1] - Zhao Yan has been instrumental in the strategic transformation, R&D investment, and technological innovation of the group, solidifying its leading position in hyaluronic acid globally and expanding into cutting-edge fields like synthetic biology and regenerative medicine [2] Group 2 - Zhao Yan was born in July 1966 and holds a bachelor's degree in biology and an MBA from Fordham University [2] - She served as the General Manager of Huaxi Xinyu Investment Co., Ltd. from 2000 to 2002 and was a board member of Huaxi Furuida Biopharmaceutical Co., Ltd. from 2003 until March 2019 [2] - Currently, she holds the positions of Chairman and General Manager of the company [2]

Core Viewpoint - Huaxi Bio, a leading company in the biomanufacturing sector, emphasizes the importance of innovation and collaboration among research institutions, enterprises, and government to drive the development of the biomanufacturing industry and achieve market transformation [3][8]. Industry Insights - The competition in the hyaluronic acid market is intensifying, with a focus on technological accumulation and long-term development paths among leading companies [3]. - The industry is shifting from a focus on single products to systemic solutions, highlighting the need for creativity and responsible marketing practices [6]. - The current market is characterized by a lack of innovation, with many companies resorting to imitation rather than developing unique solutions [6]. Talent Development - The biomanufacturing sector requires talent with interdisciplinary knowledge, including biology, engineering, AI, and bioinformatics, to meet the demands of future industry growth [7]. - Attracting creative and self-driven talent in synthetic biology is essential, necessitating a collaborative effort from government, enterprises, and individuals [7]. Policy and Government Role - Beijing has implemented policies to accelerate the innovation and market transformation of the synthetic biology manufacturing industry, demonstrating a strong governmental commitment [8]. - Local initiatives, such as those in Changping District, aim to attract relevant enterprises and talent, creating a multi-layered support system for the industry [8]. Market Transformation Challenges - The main challenge for innovative companies is the effective market transformation of new products, often hindered by strict intellectual property protection and insufficient collaboration mechanisms with research institutions [9]. - A call for government intervention to establish rules and standards for better cooperation between researchers and enterprises is emphasized, aiming to increase the current low conversion rate of research outcomes [9]. AI's Impact on Biomanufacturing - AI is becoming a foundational capability in the biomanufacturing and biotechnology sectors, with companies needing to embrace AI to survive and thrive [10]. - The integration of AI is expected to reshape business logic and organizational structures, potentially leading to exponential growth in the industry [11]. - AI has the potential to bridge the gap between China and developed countries in the biotechnology field, facilitating innovation and enhancing data-driven decision-making [11].

Core Viewpoint - The survival of future enterprises hinges on their ability to truly embrace AI, which is seen as a transformative force in the industry [2][12]. Group 1: Company Overview - Huaxi Biological is a prominent player in the biomanufacturing sector, spanning various fields including active substances, pharmaceuticals, medical aesthetics, functional skincare, and food [2]. - The company has been in the spotlight over the past year, particularly during the Fourth Session of the 14th Beijing Municipal Committee of the Chinese People's Political Consultative Conference [2]. Group 2: Industry Insights - The market for hyaluronic acid and other regenerative materials is becoming increasingly competitive, with a focus on innovation rather than mere imitation [3][5]. - The industry is shifting from single-product offerings to systemic solutions that address consumer needs, emphasizing the importance of scientific backing and social responsibility [5]. Group 3: Talent and Innovation - The transition from manufacturing to creation in biotechnology requires talent with interdisciplinary knowledge, including biology, engineering, AI, and bioinformatics [6][8]. - Attracting creative and self-driven talent in synthetic biology is a collaborative effort involving government, enterprises, and the talent pool itself [8]. Group 4: Policy and Market Transformation - Beijing has implemented policies to accelerate the innovation and market transformation of synthetic biology, demonstrating a strong governmental commitment to this sector [8][9]. - The current bottleneck in innovation lies in the tight control of early-stage intellectual property by academic researchers, which hinders collaboration with enterprises [9]. Group 5: AI's Impact on the Industry - AI is becoming a foundational capability in biomanufacturing, with companies needing to adapt their business logic and organizational structures to survive [10][12]. - The advent of AI is seen as a means to level the playing field in biotechnology, potentially leading to exponential growth through redefined innovation logic [12].

Core Insights - The study published in Nature reveals that fibroblastic reticular cells (FRC) guide the initiation of T cell responses via CD44, and that cytomegalovirus (CMV) can disrupt this process by producing the m11 protein, which interferes with CD44 function, thereby weakening antiviral responses [4][11]. Group 1: Mechanism of Immune Response - FRC networks are crucial for the movement and interaction of dendritic cells and T cells, supporting effective T cell responses through structural and functional cues [7]. - The research indicates that m11 protein from mouse cytomegalovirus (MCMV) targets FRC networks and disrupts the key function of CD44, inhibiting antiviral immunity [8][10]. Group 2: Implications of Findings - The findings suggest a new mechanism of viral immune evasion, fundamentally altering the understanding of signals that shape immune function [5]. - CD44 is identified as an essential molecule for the normal operation of the FRC network, highlighting a previously unrecognized matrix-based mechanism critical for effective T cell responses [9]. Group 3: Potential Therapeutic Applications - The study implies that insights gained from viral mechanisms could inform the design of therapeutic molecules targeting CD44 to mitigate excessive immune activation in autoimmune diseases [11].