Core Viewpoint - The strategic partnership between Jinbo Biotechnology and Meituan marks a significant shift from previous conflicts, indicating a new approach to market control and pricing stability in the medical aesthetics sector [2][5][22]. Group 1: Company Overview - Jinbo Biotechnology specializes in recombinant humanized collagen and anti-HPV biological proteins, with its flagship product, Wei Yimei, contributing over 90% of its revenue [6][8]. - Wei Yimei, launched in 2021, is the first injectable recombinant humanized collagen product approved in China, achieving sales of 2 million units and generating 2 billion yuan in revenue [8][12]. Group 2: Market Dynamics - The pricing of Wei Yimei has seen a significant decline since its launch, dropping from 16,800 yuan per unit to as low as 1,399 yuan, leading to a chaotic pricing environment [9][12]. - The competitive landscape is changing, with multiple companies expected to receive approvals for similar products by 2025, potentially eroding Jinbo's market dominance [20][21]. Group 3: Strategic Moves - The partnership with Meituan aims to stabilize pricing and expand market reach by leveraging Meituan's extensive network of 14,000 medical aesthetic institutions [24][25]. - Jinbo's collaboration with Yangshengtang, which includes a significant capital investment, is intended to enhance its product development and distribution capabilities [30][33]. Group 4: Future Prospects - Jinbo Biotechnology is positioned for potential growth, with a market capitalization of 38.5 billion yuan and aspirations to compete with leading companies like Aimeike, which has a peak market value of 170 billion yuan [35]. - The company's ability to transition from reliance on regulatory approvals to a focus on product and channel strength will be crucial for its future success [35].

Core Viewpoint - The article discusses the strategic shift of Jinbo Biotechnology from confrontation with online platforms to collaboration, highlighting its partnership with Meituan and the implications for its flagship product, Wei Yimei [2][21]. Group 1: Company Overview - Jinbo Biotechnology specializes in recombinant human collagen and anti-HPV biological proteins, with its star product Wei Yimei contributing over 90% of its revenue since its launch [7][8]. - Wei Yimei, the first injectable recombinant human collagen product in China, has seen a significant price decline from 16,800 yuan per unit at launch to as low as 1,399 yuan in the market [8][12]. Group 2: Market Dynamics - The price chaos surrounding Wei Yimei has led to consumer confusion, with prices ranging from hundreds to thousands of yuan, prompting Jinbo to protest against unauthorized low pricing by platforms like Meituan and Xinyang [12][25]. - The competitive landscape is changing as other companies, such as Juzhi Biotechnology and Chuangjian Medical, are accelerating their product approvals, potentially eroding Jinbo's market exclusivity [18][19]. Group 3: Strategic Partnerships - The partnership with Meituan aims to stabilize Wei Yimei's pricing and expand its market reach by leveraging Meituan's network of 14,000 medical beauty institutions [23][24]. - Jinbo's collaboration with Yangshengtang, which involves significant capital investment, is expected to enhance its distribution channels and R&D capabilities, allowing for the development of differentiated products [29][32]. Group 4: Future Prospects - Jinbo Biotechnology is positioned for potential growth, with a market valuation of 38.5 billion yuan and aspirations to transition to a higher stock exchange, potentially rivaling the market cap of major competitors like Aimeike [33]. - The success of Jinbo in navigating the challenges of price control and regulatory changes will determine its ability to evolve from a research-focused entity to a mature enterprise with robust product and channel capabilities [33].

证券之星消息，8月1日医疗美容板块较上一交易日上涨0.06%，*ST美谷领涨。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。医疗美容板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000615 | *ST美谷 | 3.12 | 2.30% | 11.73万 | 3619.67万 | | 688363 | 华熙生物 | 56'15 | 0.25% | 3.01万 | 1.57 Z | | 300896 | 爱美客 | 184.53 | -0.20% | 2.32万 | 4.31亿 | | 832982 | 锦波生物 | 322.91 | -3.46% | 1.04万 | 3.39亿 | 从资金流向上来看，当日医疗美容板块主力资金净流出1180.44万元，游资资金净流入977.47万元，散户 资金净流入202.97万元。医疗美容板块个股资金流向见下表： | 代码 | | | 名称 主力净流入（元） 主力净占比 游资净流入（元 ...

日前，作为北交所重组胶原蛋白第一股的锦波生物（832982.BJ）和美团医药健康在太原官宣了合作。 这是继去年9月两家矛盾公开化后，首度向外界释放了"和解信号"。 从争议到携手的转变背后，是医美市场的供应链正在发生新变化。 事实上，锦波生物不是唯一一家与美团合作的上游医美材料商，华熙生物（688363.SH）、科医人等更 多上游的医美材料商正在加大与美团的合作。 这是医美供应链与渠道的又一次升级。 过去，上游医美材料商主要通过对接下游医美机构完成销售，与消费者的接触程度有限。 但现在上游医美材料商正借助美团走向台前。润百颜、嗨体等众多上游医美材料品牌旗舰店纷纷跻身美 团APP的"找品牌"项目下。 虽然美团模式解决了真实性背书，但当前医美行业竞争激烈，下游医美机构不得不在美团平台以低价引 流的形式获客，导致部分上游医美材料商亦在承受破价的压力。 平台、消费者、上游医美材料商、下游医美机构四方的现状能够维持多久，值得持续关注。 "握手言和"的得与失 锦波生物与美团的矛盾爆发于去年9月。 更多的变化则发生在后端。 美团正在成为不少下游中小型医美机构的供货方。即由美团成为这些机构向上游医美材料商集采的"代 理人"，进 ...

| 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 000615 *ST美谷 | 214.37万 | 7.42% | -53.63万 | -1.86% | -160.74万 | -5.57% | | 688363 华熙生物 | -420.73万 | -2.05% | 659.31万 | 3.22% | -238.58万 | -1.16% | | 300896 爱美客 | -7982.73万 | -13.22% | 2959.66万 | 4.90% | 5023.07万 | 8.32% | | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000615 | *ST美谷 | 3.05 | 1.33% | 9.42万 | 2888.14万 | | 832982 | 锦波生物 | 334.50 | -0.26% | 6835.71 | 2.28亿 | | 688363 | 华熙生物 | 51.82 | -2.04% | 3 ...

证券之星消息，7月30日医疗美容板块较上一交易日上涨0.5%，爱美客领涨。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。医疗美容板块个股涨跌见下表： | 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 688363 华熙生物 | 209.44万 | 0.80% | -309.19万 | -1.19% | 99.75万 | 0.38% | | 000615 *ST美谷 | -221.92万 | -10.61% | -76.08万 | -3.64% | 298.00万 | 14.25% | | 300896 爱美客 | -1295.20万 | -1.73% | 3414.81万 | 4.56% | -2119.61万 | -2.83% | 从资金流向上来看，当日医疗美容板块主力资金净流出1307.69万元，游资资金净流入3029.54万元，散户 资金净流出1721.85万元。医疗美容板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104 ...

截至7月29日，北交所融资融券余额合计63.34亿元，较前一交易日增加4640.92万元，其中，融资余额 63.34亿元，较前一交易日增加4646.27万元，为连续2个交易日增加；融券余额为36.93万元，较前一交 易日减少5.35万元。 证券时报·数据宝统计显示，截至7月29日，北交所股票中，融资余额居前的为锦波生物、艾融软件、贝 特瑞，最新融资余额分别为3.78亿元、1.70亿元、1.67亿元，从最新融资余额占流通市值比例看，算术 平均值为1.17%，最新融资余额占流通市值比例居前的有胜业电气、科拜尔、万源通等，占比分别为 5.18%、3.63%、3.55%。 北交所股票中，7月29日共有139只股获融资净买入，净买入金额在百万元以上的有51只，锦波生物融资 净买入额居首，当日净买入1187.58万元，其次是沪江材料、恒立钻具，融资净买入金额分别为834.66万 元、670.35万元，融资净买入金额居前的还有德源药业、万源通、天润科技等。融资净卖出金额居前的 股票为骑士乳业、华岭股份、五新隧装等，融资净卖出金额分别为1603.35万元、735.71万元、439.10万 元。 分行业统计，获融资净买入超百万 ...

Group 1 - The medical beauty sector experienced a decline of 0.17% on July 29, with Ai Meike leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] - Major stocks in the medical beauty sector showed mixed performance, with Jinbo Biological up 1.82% and Ai Meike down 0.73% [1] Group 2 - The medical beauty sector saw a net outflow of 37.97 million yuan from main funds, while retail investors contributed a net inflow of 56.99 million yuan [1] - Specific stock performances included Huaxi Biological with a net outflow of 1.47 million yuan and *ST Meigu with a net inflow of 0.55 million yuan [2]

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][29]. Core Insights - The beauty care sector is highlighted with the launch of the world's first "honeycomb collagen" gel product by Jinbo Biological, which shows significant advancements in cell adhesion and collagen retention [3][23]. - The report notes a general increase in the performance of retail, social services, and beauty care sectors, with respective weekly gains of +2.65%, +2.30%, and +5.42% [14][16]. - Key companies such as Proya and Huaxi Hospital are collaborating on mitochondrial anti-aging research, indicating a trend towards scientific advancements in beauty products [3][23]. Summary by Sections Market Performance - For the week of July 21-25, 2025, the retail, social services, and beauty care sectors saw increases of +2.65%, +2.30%, and +5.42%, ranking 14th, 17th, and 6th among 31 primary industries [14][16]. - Sub-sectors such as personal care products, tourism, and cosmetics experienced notable gains of +7.74%, +3.93%, and +3.39% respectively [16][19]. Key Industry Events and News - The National Development and Reform Commission announced that the Hainan Free Trade Port will officially close on December 18, 2025, which is expected to enhance trade conditions [3][23]. - Jinbo Biological launched a new injectable collagen gel product, which is expected to significantly improve skin treatment outcomes [3][23]. - Proya and Huaxi Hospital have partnered to focus on mitochondrial anti-aging research, which may lead to innovative product developments [3][23]. Investment Recommendations - The report recommends focusing on companies within the beauty care, IP derivatives, and gold jewelry sectors, suggesting specific stocks such as Proya, Giant Biological, and Marubi [5][29]. - The report emphasizes the potential for growth in these sectors, particularly in light of recent product innovations and market trends [5][29].

Investment Rating - The report initiates coverage with an OUTPERFORM rating, setting a target price of Rmb 419.80, indicating a potential upside of 25.5% from the current price of Rmb 338.65 [2][9]. Core Insights - Shanxi Jinbo Bio-Pharmaceutical is a leading domestic company in the industrialization of recombinant human collagen, holding three Class III medical device certificates for its products, which positions it favorably in the market [3][11]. - The company reported a revenue of Rmb 1.44 billion in 2024, reflecting a year-on-year growth of 84.92%, driven by significant increases in its medical devices, functional skincare products, and raw materials segments [3][8]. - The report anticipates revenue growth for 2025-2027 to reach Rmb 2.17 billion, Rmb 2.92 billion, and Rmb 3.72 billion, respectively, with growth rates of 55%, 37%, and 29% [9]. Summary by Sections Company Overview - Shanxi Jinbo Bio-Pharmaceutical specializes in recombinant collagen medical devices, with a focus on injectable products that are classified as Class III medical devices, which have stringent approval processes and high technical barriers [3][11]. - The company has established a significant market presence with its proprietary brand Wei Yimei and has also engaged in contract manufacturing for L'Oréal's SkinCeuticals brand [3][27]. Financial Performance - The company has shown consistent revenue and profit growth over the past five years, with a net profit of Rmb 732 million in 2024, up 144% year-on-year [8][9]. - The gross profit margin for 2024 was reported at 92.02%, with the medical device segment achieving a margin of 95.03% [8][9]. Product and Market Position - The medical device segment accounted for 87% of total revenue in 2024, with a compound annual growth rate (CAGR) of 94% from 2020 to 2024 [25][27]. - Jinbo Bio's main products include recombinant collagen injectables, which are primarily used in aesthetic medicine and surgical repair treatments [23][27]. Strategic Partnerships - The company has formed a strategic partnership with Yangshengtang, leveraging its extensive retail network of over 3 million outlets to enhance market penetration and brand visibility [4][20]. - This collaboration is expected to facilitate the application of Jinbo's collagen products across various sectors, including skincare and health products [4][20]. Research and Development - Jinbo Bio is actively investing in R&D, with a focus on its new drug EK1, which is in the pre-clinical stage and aims to address broad-spectrum antiviral needs [5][9]. - The company holds multiple patents for its core ingredients, enhancing its competitive edge in the high-end skincare market [4][20].