Group 1 - The stock price of Jinbo Bio has reached a new historical high, with 12 trading days in the past month where the stock price set new records [2] - As of 09:43, the stock is up 0.47% at 580.20 yuan, with a total market capitalization of 51.355 billion yuan and a circulating market value of 26.626 billion yuan [2] - The beauty care industry, to which Jinbo Bio belongs, has an overall increase of 0.79%, with 23 stocks rising and 10 stocks falling [2] Group 2 - The company reported a first-quarter revenue of 366 million yuan, a year-on-year increase of 62.51%, and a net profit of 169 million yuan, up 66.25% year-on-year [3] - The basic earnings per share are 1.9000 yuan, with a weighted average return on equity of 10.41% [3]

Core Viewpoint - The company, Jinbo Biotechnology, is actively expanding its market presence and product offerings in the biopharmaceutical sector, particularly focusing on recombinant human collagen products and their applications in medical devices and skincare. Group 1: Product Development and Production - The company utilizes advanced technologies such as structural biology and protein rational design for the production of recombinant human collagen, involving processes like strain cultivation, seed culture, fermentation, separation, homogenization, and purification [2] - The company has launched its new product, HiveCOL "honeycomb" collagen tissue gel, during the 78th Cannes Film Festival, indicating a strategic push for product promotion [5] Group 2: Market Expansion and Sales - Jinbo Biotechnology has established a partnership with L'Oréal Group for its raw materials, generating revenue and indicating successful market penetration [3] - The company is prioritizing market expansion in Southeast Asia for its Class III medical devices, considering factors like registration speed and customer demographics [3] Group 3: Financial Performance - In 2024, the company reported a net cash flow from operating activities of 6.7 billion, a year-on-year increase of 55%, attributed to growth in sales revenue and net profit [6] - The company's Q1 2025 report shows a main revenue of 366 million, a year-on-year increase of 62.51%, and a net profit of 169 million, up 66.25% [6] Group 4: Industry Policy and Strategy - Recent policy adjustments in the biopharmaceutical industry have provided development opportunities, with government support for innovation benefiting the company [4] - The company has enhanced communication with government bodies to stay updated on policy changes and has increased R&D investment to improve product quality and competitiveness [4]

Core Viewpoint - Jinbo Biological is a leading company in the recombinant collagen market, showcasing significant growth in revenue and profit, while emphasizing research and development as the foundation of its business strategy [3][5]. Group 1: Company Overview - Jinbo Biological was listed on the Beijing Stock Exchange in July 2023, recognized as the first A-share company focused on recombinant collagen [3]. - The company specializes in the research, development, production, and sales of high-end implantable medical devices using type A recombinant human collagen as a core material [3]. - Jinbo Biological has been designated as a national-level "specialized, refined, and innovative" small giant enterprise and a key player in the synthetic biology industry chain in Shanxi Province [3]. Group 2: Financial Performance - In 2024, Jinbo Biological reported an annual revenue of 1.443 billion yuan, representing a year-on-year increase of 84.92% [3]. - The net profit attributable to shareholders reached 732 million yuan, with a year-on-year growth of 144.27% [3]. - The growth in revenue is attributed to increases in medical devices, functional skincare products, and raw material sales, driven by sustained R&D investment and market expansion efforts [3]. Group 3: Product Development and Market Strategy - In April 2023, Jinbo Biological developed the world's first injectable recombinant type III human collagen gel using self-assembly and self-crosslinking technology, receiving a Class III medical device registration certificate from the National Medical Products Administration [4]. - The company emphasizes the importance of product effectiveness and safety over the rapid introduction of new products, focusing on quality to establish a strong market presence [5]. - Jinbo Biological aims to expand its international presence, having obtained a D-class medical device registration certificate in Vietnam and patents in multiple countries, including the US and Europe [6]. Group 4: Shareholder Engagement and Dividends - At the annual shareholder meeting, the company announced a cash dividend of 2 yuan per 10 shares and a capital reserve conversion of 3 shares for every 10 shares held, totaling 177 million yuan in cash dividends and 26.55 million shares for distribution [6].

Group 1: Investor Relations Activities - The company participated in the "2025 Online Collective Reception Day for Investors" on May 20, 2025, from 14:00 to 17:00 [3] - The event was held online in collaboration with the Shanxi Securities Regulatory Bureau and other organizations [3] - Attendees included investors participating through the online platform [3] Group 2: Company Overview and Leadership - The company is represented by key personnel including Chairwoman Yang Xia and Vice General Manager Tang Menghua [4] - The financial director is Xue Fangqin, who also participated in the investor relations activities [4] Group 3: Product Development and Market Expansion - The company utilizes advanced technologies for the production of humanized collagen, including structural biology and synthetic biology [5] - Collaboration with L'Oréal Group has generated revenue from raw material products, with a focus on expanding into Southeast Asian markets [6] Group 4: Policy Impact and Strategic Adaptation - Recent policy adjustments in the biopharmaceutical industry have created development opportunities for the company [7] - The company has enhanced communication with government departments to stay updated on policy changes [7] - Increased R&D investment and marketing efforts have been implemented to improve product quality and brand recognition [7] Group 5: Financial Performance - In 2024, the company achieved a net cash flow from operating activities of 767 million yuan, a year-on-year increase of 159.55% [8] - The increase in cash flow is attributed to higher sales revenue and net profit, along with improved cash collection practices [8] - Cost control measures have been adopted to ensure stable and sufficient cash flow [8]

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 昔日千亿巨头，华熙生物，急了。 最近，华熙生物发布了名为《概念总在重演，科技永远向前》的文章，节选了华泰证券、安信证券、西部证券等多家券商的研报，抨击这些券商 对于 "玻尿酸过时" 的市场观点。 在华熙生物发文的背后，是近几年来玻尿酸概念和重组胶原蛋白概念的对垒。 2019年上市以来，华熙生物顶着"医美茅"的名头，股价一度上涨至309元/股，市值超过1400亿元。 然而 2021年之后，华熙生物股价急转直下，至今已暴跌超80%，跌去超千亿市值，仅剩200多亿元。在近期医美板块的暴涨之中，华熙生物也 成为逐渐掉队的一批。 与之形成鲜明对比的是，北交所目前市值第一的锦波生物， 2023年北交所上市以来股价已经上涨超10倍，市值近500亿元。 目前，锦波生物股价已经超过 500元/股，仅次于贵州茅台和寒武纪。 如果从锦波生物 2015年在新三板挂牌时的最低价算起，锦波生物在这10年里更是已经暴涨约85倍。 因此，华熙生物这次声势浩大的 "指控"，更像是华熙生物为"玻尿酸"（也称"透明质酸"）概念的一次背书。 一边是狂涨40倍的重组胶原蛋 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 1.443 billion yuan, a year-on-year growth of 85%, and net profit of 730 million yuan, a year-on-year growth of 144% [2][4]. - In Q1 2025, the company achieved revenue of 366 million yuan, a year-on-year increase of 62.5%, and net profit of 169 million yuan, a year-on-year increase of 66% [2][4]. - The company is expected to continue its high growth trajectory, driven by high-value products and new product launches, particularly in the aesthetic medicine sector [9]. Summary by Sections Financial Performance - In 2024, the company's revenue from single materials and functional skincare products reached 1.128 billion yuan and 142 million yuan, respectively, with year-on-year growth of 99.7% and 86.8% [9]. - The gross profit margin for 2024 improved by 1.9 percentage points to 92%, while the net profit margin increased by 12.3 percentage points [9]. - For Q1 2025, the gross profit margin was 46%, continuing the upward trend [9]. Business Highlights - The company expanded its market presence, doubling the number of medical beauty institutions covered to 4,000, with clinical applications exceeding 2 million units [9]. - The new product "Recombinant Type III Humanized Collagen Gel for Injection" received regulatory approval, which is expected to enhance the company's market position in aesthetic applications [9]. Future Outlook - The company forecasts EPS of 13.00, 17.86, and 23.62 yuan per share for 2025, 2026, and 2027, respectively, indicating strong growth potential [9].

Core Viewpoint - Jinbo Biological, known as the "first stock of recombinant collagen," has seen its stock price surge significantly, reaching a new high of 577.5 yuan, with a cumulative increase of 140% over two months, reflecting strong market sentiment and investor interest in the North Exchange [2][6]. Company Performance - Jinbo Biological's stock price rose from 240 yuan in early March to 577.5 yuan by May 21, 2025, marking a 140% increase [6]. - The company reported a revenue of 1.443 billion yuan for 2024, a year-on-year increase of 84.92%, and a net profit of 732 million yuan, up 144.3% [6]. - In Q1 2025, Jinbo achieved a revenue of 366 million yuan, a 62.51% increase year-on-year, with a net profit of 169 million yuan, reflecting a 66.25% growth [6]. Market Dynamics - The North Exchange market has been buoyed by Jinbo Biological's performance, contributing to the North 50 Index reaching historical highs [5][9]. - The North Exchange has seen a significant increase in market activity, with nearly 90% of stocks rising and several stocks experiencing over 10% gains [4][5]. Regulatory Environment - The China Securities Regulatory Commission (CSRC) has expressed strong support for the reform of the North Exchange, aiming to enhance its role in serving innovative small and medium-sized enterprises [5][9]. - Recent regulatory changes have introduced mechanisms for expedited reviews of mergers and acquisitions, aimed at optimizing resource allocation and supporting high-quality development [10]. Future Outlook - Analysts believe that the North Exchange has further upward potential, with strong performance from quality stocks and ongoing market interest [11]. - Jinbo Biological plans to maintain its focus on innovation and core business development, aiming to enhance shareholder value and improve communication with investors [8].

截至5月21日收盘，重组蛋白概念上涨2.52%，位居概念板块涨幅第2，板块内，30股上涨，三生国健 20%涨停，西陇科学、*ST万方、*ST苏吴等涨停，赛升药业、洁雅股份、锦波生物等涨幅居前，分别 上涨16.37%、9.31%、9.17%。跌幅居前的有福瑞达、中源协和、丸美生物等，分别下跌2.25%、 1.92%、1.80%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 石墨电极 | 2.57 | PEEK材料 | -1.79 | | 重组蛋白 | 2.52 | 露营经济 | -1.56 | | 黄金概念 | 2.06 | 华为盘古 | -1.56 | | 兵装重组概念 | 1.99 | WiFi 6 | -1.55 | | 固态电池 | 1.86 | 共享单车 | -1.55 | | 钠离子电池 | 1.56 | AI语料 | -1.52 | | 供销社 | 1.53 | 工业母机 | -1.50 | | 草甘膦 | 1.44 | 华为欧拉 | -1.47 | | 创新药 | 1.42 | 柔性直流输电 ...

Group 1 - The core idea of the article is that Jinbo Biological is funding open research projects nationwide to promote innovative applications of recombinant collagen in the medical field [1] - The company has successfully developed various injectable recombinant collagen products and plans to expand their medical uses [1] - The research institute is soliciting collaborative projects in ten areas, including gastrointestinal post-operative repair, burn treatment, and post-operative repair for breast cancer [1] Group 2 - Collaborating parties must possess independent research capabilities, with negotiation periods set from May to December 2025 [1] - This initiative aims to accelerate the transformation of innovative results and promote the widespread clinical application of collagen technology [1]

Core Insights - As of May 20, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 5.531 billion yuan, an increase of 101 million yuan from the previous trading day, marking two consecutive days of increase [1] - The stocks with the highest margin financing balances include Jinbo Biological, Better Ray, and Airong Software, with latest financing balances of 313 million yuan, 147 million yuan, and 143 million yuan respectively [1] - A total of 137 stocks received net margin purchases on May 20, with 71 stocks having net purchases exceeding one million yuan, led by Wuxin Tunnel Equipment with a net purchase of 22.27 million yuan [1][2] Industry Analysis - The industries with the highest concentration of stocks receiving net margin purchases over one million yuan include machinery equipment, basic chemicals, and power equipment, with 17, 14, and 6 stocks respectively [2] - On average, stocks that received net margin purchases exceeding one million yuan rose by 3.52% on May 20, with notable gainers including Wuxin Tunnel Equipment, Donghe New Materials, and Driving Force, which increased by 30.00%, 14.48%, and 14.10% respectively [2] - The average turnover rate for stocks with net margin purchases over one million yuan was 10.19%, with the highest turnover rates seen in Baolijie, Huaguang Source Sea, and Micro-Innovation Optoelectronics at 38.59%, 38.14%, and 34.91% respectively [2]