Gelonghui, November 9 | Caixin Securities Research Report points out that the logic of the rapid rise in volume and price in the medical and aesthetic business sector of Huaxi Biotech (688363.SH) is still being interpreted. On the one hand, the company's strategy to increase the coverage rate and repurchase rate of terminal institutions has had remarkable results, and the market penetration rate is likely still on the upward path. On the other hand, the micro-communication system has shown that the Runzhi Doll Needle continues to gain strength with the logic of complying with major single products. In the field of fillers, the company has adjusted its previous approach of promoting traffic products to providing overall facial solutions. The product portfolio strategy may further increase overall sales volume. In the raw materials business sector, based on deep cultivation of sodium hyaluronate, the company not only achieved the preparation of macromolecular recombinant collagen, but also completed the launch of recombinant type III human collagen raw materials in August this year, which is expected to bring new growth points in the future. Maintain the company's “buy” rating.