Core Viewpoint - On December 2, 2023, a block trade of 10,000 shares of Jinbo Biological (920982) was executed at a price of 283.00 CNY, representing a premium of 26.66% over the closing price of the day [2] Summary by Relevant Sections Block Trade Details - The transaction volume was 10,000 shares with a total transaction value of 2.83 million CNY [2] - The block trade price was 283.00 CNY, which is a 26.66% premium compared to the closing price of 223.43 CNY [2] - The buyer was CITIC Securities Co., Ltd. from the Dalian High-tech Zone Securities Branch, while the seller was Huatai Securities Co., Ltd. from the Nanjing Changjiang Road Securities Branch [2] Stock Performance - On the same day, Jinbo Biological's stock closed at 223.43 CNY, marking an increase of 2.42% [2] - The stock had a turnover rate of 2.05% and a total trading volume of 253 million CNY for the day [2] - Over the past five days, the stock has accumulated a rise of 3.07% [2] Company Background - Jinbo Biological Pharmaceutical Co., Ltd. was established on March 28, 2008, with a registered capital of 1.1506534 billion CNY [2]

国内商品期货收盘，互有涨跌。BR橡胶涨约4%，沪银、纸浆等涨逾2%，焦煤、纯碱等涨逾1%，甲 醇、短纤等小幅上涨；沥青、铂等跌超2%，液化气、鸡蛋等跌超1%，PP、氧化铝等小幅下跌。 文 | 张阳阳 12月2日，A股三大指数集体下跌，截至收盘，上证指数跌0.42%，深证成指跌0.68%，创业板指跌 0.69%；北证50跌0.76%。沪深两市成交额约15934.3亿元，较前一个交易日缩量约2805.08亿元。全市场 1544只股票上涨、3740只股票下跌，其中54只涨停、7只跌停。 板块方面，福建国资、林业、预制菜，煤炭采选、机场、轻工制造等行业以及概念涨幅居前；有色· 锑、MLCC、锂矿、能源金属、贵金属、生物制品等行业以及概念跌幅居前。 上涨个股中，山西板块有2只个股涨幅在5%以上，其中安泰集团为领涨股，且于上午10时15分许触及涨 停板，最终涨幅达到9.96%；太钢不锈涨幅达到7.06%。 除安泰集团和太钢不锈，山西板块还有3只个股涨幅在1%以上，其中华阳股份涨幅为3.57%，锦波生物 涨幅为2.42%，永泰能源涨幅为1.23%。 下跌个股中，东杰智能为领跌股，较前一交易日下跌3.62%。此外，第二至第五 ...

北京商报讯（记者王寅浩宋雨盈）11月24日，锦波生物发布公告称，公司重组Ⅲ型人源化胶原蛋白冻干 纤维获得菲律宾主管当局颁发的D类医疗器械注册证，根据公告，该产品适用于面部真皮组织填充以纠 正额部动力性皱纹（包括眉间纹、额头纹和鱼尾纹）。 （文章来源：北京商报） ...

从资金流向上来看，当日医疗美容板块主力资金净流出5875.57万元，游资资金净流入1690.61万元，散户 资金净流入4184.96万元。医疗美容板块个股资金流向见下表： 证券之星消息，11月24日医疗美容板块较上一交易日上涨0.27%，*ST美谷领涨。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。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 | 4.07 | 4.63% | 28.52万 | | 1.15亿 | | 688363 | 华熙生物 | 49.78 | 1.86% | 1.87万 | | 9268.75万 | | 300896 | 爱美客 | 66'56 | -1.36% | 2.41万 | | 3.52亿 | | 920982 | 锦波生物 | 216.59 | -1.55% | 7336.92 | | 1.60亿 | | 代码 | 名称 | 主力净流 ...

Core Viewpoint - The article highlights the rapid rise of Jinbo Biotechnology, a company founded by Yang Xia, in the biopharmaceutical industry in Shanxi, showcasing its innovative achievements in recombinant collagen products and its significant market presence after listing on the Beijing Stock Exchange [1][8]. Company Overview - Jinbo Biotechnology was established in 2008 by Yang Xia, who aimed to develop synthetic collagen to reduce the high costs and improve the success rates of organ transplants [3][4]. - The company successfully developed the world's first recombinant type III humanized collagen gel without cross-linking agents, marking a significant technological breakthrough [11][19]. Financial Performance - From 2021 to 2024, Jinbo Biotechnology's revenue increased from 233 million yuan to 1.443 billion yuan, and after its listing in July 2023, the company's market capitalization approached 30 billion yuan, making it a leading stock on the Beijing Stock Exchange [8][19]. Product Development - Jinbo's recombinant type III humanized collagen has identical amino acid sequences to natural type III collagen and is used in various applications, including advanced implant materials and skincare products [6][11]. - The company has developed a range of products, including the "Wei Yi Mei" series, which became the first injectable-grade human collagen product to be commercialized globally [6][8]. Technological Innovation - Jinbo Biotechnology emphasizes original innovation, having established a fully integrated production facility for humanized collagen products, utilizing advanced technologies such as industrial IoT and AI [11][19]. - The company has participated in setting industry standards for recombinant collagen, further solidifying its leadership position in the global market [13][19]. Strategic Partnerships - In June 2023, Jinbo Biotechnology attracted significant investment from strategic partners, including Nongfu Spring and Wantai BioPharma, indicating strong confidence in the company's growth prospects [18]. - The collaboration aims to enhance the company's capabilities and expand its market reach, particularly in the health and beauty sectors [18][19]. Future Outlook - Jinbo Biotechnology plans to continue advancing its research in recombinant collagen technology and expand its product offerings in the healthcare and life care sectors, aiming to become a leading innovative biopharmaceutical company [19][21].

Investment Rating - The report maintains an "Outperform" rating for Shanxi Jinbo Bio-Pharmaceutical, with a target price of RMB 297.04, indicating a potential upside of 16.3% from the current price of RMB 243.02 [2][15][16]. Core Insights - The core business growth has slowed, with revenue for 9M25 reaching RMB 1.296 billion, a year-on-year increase of 31.10%, while Q3 revenue was RMB 437 million, reflecting a slowdown to 13.36% year-on-year growth [3][12]. - The gross margin has declined, with a 9M25 gross margin of 90.8%, down 1.6 percentage points year-on-year, and a Q3 gross margin of 91.0%, down 2.6 percentage points year-on-year [3][12]. - Rising expenses are impacting profitability, with the sales expense ratio increasing to 22.3% in 9M25, up 5.0 percentage points year-on-year, and R&D expense ratio rising to 5.5%, up 1.1 percentage points year-on-year [3][12]. - The company is expanding production capacity significantly, with fixed assets under construction increasing by 1,074.29% from the beginning of the year, primarily for the production facility of injectable recombinant humanized collagen [4][13]. - The brand "Tongpin" achieved significant sales during the Double 11 shopping festival, generating approximately RMB 76 million in GMV, a 585% year-on-year increase [4][13]. Financial Summary - Revenue forecasts for 2025, 2026, and 2027 are RMB 1.863 billion, RMB 2.402 billion, and RMB 3.073 billion, with year-on-year growth rates of 29.1%, 28.9%, and 27.9% respectively [7][15]. - Net profit forecasts for the same period are RMB 820 million, RMB 1.067 billion, and RMB 1.362 billion, with growth rates of 12%, 30%, and 28% respectively [7][15]. - The report highlights a challenge in balancing cost control and growth quality, as sales expenses are growing faster than revenue [7][15].

Group 1: Industry Overview - The cosmetics retail sales in China grew by 3.9% year-on-year from January to September 2025, slightly underperforming the overall retail market by 0.6 percentage points, indicating a stable demand environment [4][14]. - Online platforms like Tmall and Douyin are experiencing a shift, with Tmall showing signs of recovery due to flash sales and member subsidies, while Douyin's growth has slightly slowed down [17][20]. - The demand for high-end and cost-effective products is increasing, while the mid-range segment is facing pressure due to a more conservative consumer environment [5][41]. Group 2: Competitive Landscape - The trend of domestic brands replacing foreign ones is slowing down, with leading foreign brands like L'Oréal and Estée Lauder showing signs of recovery in the Chinese market [23][24]. - The growth of domestic brands is becoming more differentiated, with some brands like Proya and Shiseido experiencing declines, while others like Youngor and Shanghai Jahwa continue to grow [23][24]. - The industry is witnessing an acceleration in the multi-brand matrix among leading companies, which is expected to increase market concentration [27][28]. Group 3: Key Companies - The report highlights several companies with strong growth potential, including Ruya Chen, Shumei Co., and Maogeping, which are expected to benefit from their brand strength and market positioning [3][54]. - Companies like Dekang Oral Care and Shanghai Jahwa are noted for their stable fundamentals and potential for marginal improvement, while others like Jinbo Biological and Huaxi Biological are anticipated to reach turning points [54]. - Ruya Chen's self-owned brand, Zhenjia, has shown significant growth, with a revenue increase of 345% year-on-year in Q3 2025, indicating strong brand development capabilities [60].

Group 1 - The medical beauty sector experienced a decline of 2.68% on November 4, with Jinbo Biological leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] - Major stocks in the medical beauty sector showed varied performance, with *ST Meigu closing at 3.74 (+0.27%), Huaxi Biological at 52.05 (-2.01%), Aimeike at 151.92 (-3.46%), and Jinbo Biological at 243.02 (-4.84%) [1] Group 2 - The medical beauty sector saw a net outflow of 101 million yuan from institutional investors, while retail investors had a net inflow of 79.55 million yuan [1] - The trading volume and turnover for key stocks included *ST Meigu with 140,600 shares traded and a turnover of 53.3 million yuan, Huaxi Biological with 29,200 shares and 153 million yuan, Aimeike with 43,500 shares and 669 million yuan, and Jinbo Biological with 15,400 shares and 378 million yuan [1]

Core Insights - The commercialization of Jinbo Bio (832982.BJ) remains a significant issue as the company faces industry-wide challenges despite maintaining revenue growth [1][12] - The third-quarter report indicates a revenue of 1.296 billion yuan, a year-on-year increase of 31.10%, and a net profit of 568 million yuan, up 9.29% [1] - The overall growth rate has noticeably slowed compared to previous years, reflecting a broader trend among collagen companies [1][12] Financial Performance - In Q1 2025, Jinbo Bio reported revenue growth of 62.51%, net profit growth of 66.25%, and a 70.92% increase in net profit excluding non-recurring items [3] - By Q2, these figures dropped significantly, with revenue growth at 30.44%, net profit growth at 7.36%, and net profit excluding non-recurring items at 6.96% [4] - The third quarter saw a revenue increase of 13.36%, but net profit excluding non-recurring items fell by 16.72%, and cash flow net amount decreased by 8.05% [6] Product and Market Dynamics - The performance fluctuations are attributed to changes in product contributions, particularly the decline in revenue from Wei Yimei, the only approved Class III recombinant collagen injection in China, which generated 645 million yuan in revenue, a 34.7% increase but a significant drop in growth rate [7] - Conversely, the functional skincare segment has emerged, achieving 121 million yuan in revenue, a 152.39% increase compared to the previous year, although its contribution to overall performance remains limited [8] Stock Market Performance - Jinbo Bio's stock price experienced significant volatility, peaking at 577.50 yuan per share on May 21, with a market capitalization exceeding 50 billion yuan, reflecting a nearly 180% increase for the year [9] - However, by October 31, the stock price had fallen to 251.28 yuan per share, with a market capitalization of 28.91 billion yuan, representing a decline of over 20 billion yuan from its peak [10] Strategic Adjustments - Jinbo Bio possesses a strong advantage in raw materials and technology, particularly with its recombinant human collagen technology, which has been validated through regulatory approvals [14] - The company has historically focused on B2B pharmaceutical and medical device development, neglecting brand building and channel expansion in the consumer market [15] - Recently, Jinbo Bio has begun to pivot towards the consumer market, with initiatives including collaborations with key opinion leaders and participation in e-commerce platforms, indicating a strategic shift to enhance brand recognition and market presence [15]

Core Viewpoint - The commercialization of Jinbo Biotechnology (832982.BJ) remains a significant issue as the company faces industry-wide challenges, with growth rates slowing down despite maintaining revenue and profit increases [1][3]. Financial Performance - In the first three quarters of 2025, Jinbo Biotechnology achieved revenue of 1.296 billion yuan, a year-on-year increase of 31.10%, and a net profit attributable to shareholders of 568 million yuan, up 9.29% [1]. - The company's revenue growth has significantly slowed compared to previous years, with the first quarter of 2025 showing growth rates above 60%, while the second quarter saw a drop to 30.44% for revenue and 7.36% for net profit [3]. - By the third quarter, revenue growth was only 13.36%, and the net profit decreased by 16.72%, indicating a decline in cash flow as well [3]. Market Dynamics - The collagen protein industry is experiencing a collective slowdown, with major players like Jinbo and Juzhi Biotechnology facing similar issues of declining growth rates and shrinking profit margins [1]. - Jinbo's stock price has also shown significant volatility, peaking at 577.50 yuan per share in May, with a market cap exceeding 50 billion yuan, but later dropping to 251.28 yuan per share by October, resulting in a market cap decline of over 20 billion yuan [4][6]. Strategic Adjustments - Jinbo Biotechnology has a strong technical advantage in the collagen protein sector, particularly with its unique recombinant human collagen products, but has lagged behind competitors like Juzhi in revenue and brand recognition [8][9]. - The company has historically focused on B2B sales in pharmaceuticals and medical devices, neglecting consumer market branding and channel development [9]. - In response to market dynamics, Jinbo has begun to pivot towards the consumer market, engaging in collaborations with influencers and launching brand campaigns to enhance its market presence [10].