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].

Market Performance - As of July 25, 2025, the North Exchange A-share component stocks totaled 268, with an average market capitalization of 3.184 billion yuan[16] - The North Exchange 50 Index rose by 2.85% to close at 1458.98 points, compared to the previous week's closing[16] - The average daily trading volume for North Exchange A-shares reached 31.082 billion yuan, an increase of 41.81% from the previous week[16] Sector Comparison - The PE ratios for North Exchange A-shares, ChiNext, Shanghai Main Board, Shenzhen Main Board, and Sci-Tech Innovation Board are 55.14, 38.43, 21.81, 23.69, and 35.79 respectively as of July 25, 2025[25] - The North Exchange A-share turnover rate was 7.04%, up by 1.83 percentage points from the previous week, indicating improved liquidity[16] Investment Insights - The report suggests focusing on sectors with strong mid-year report expectations and high thematic interest[25] - The North Exchange continues to expand, with a total of 11 new companies listed in April 2024 and 12 in July 2025, reflecting a trend of increasing average net profit among new listings[16] Risks - Potential policy risks may affect investor enthusiasm and market heat[26] - Liquidity risks exist due to smaller trading volumes compared to other boards, which could negatively impact the market[26] - There is a risk of companies not meeting profit expectations due to external market changes, potentially affecting stock prices[26]

Group 1 - A total of 12 stocks received buy ratings from institutions today, with Baolingbao, Puluo Pharmaceutical, and Xinyuanwei being newly covered by institutions [1] - Among the stocks rated, the average increase was 1.14%, outperforming the Shanghai Composite Index, with notable gainers including Xinyuanwei, Shantui, and Hanyi, which rose by 5.56%, 4.41%, and 4.09% respectively [1] - The stocks with the largest declines included Jinbo Biological, Baofeng Energy, and Miao Exhibition, which fell by 2.14%, 1.70%, and 1.60% respectively [1] Group 2 - The newly rated stocks include Puluo Pharmaceutical with a strong buy rating from Huachuang Securities, and Baolingbao with an increase rating from Guotai Haitong [2] - The target price for Puluo Pharmaceutical is set at 22.00 yuan, while Baolingbao has a target price of 16.30 yuan [2] - Other stocks receiving buy ratings include Miaokelan Duo, Tielong Logistics, and Gole Technology, with target prices of 33.00 yuan, 7.09 yuan, and unspecified respectively [2]

Group 1 - The average stock price of A-shares is 12.39 yuan, with 99 stocks priced over 100 yuan, an increase of 4 from the previous trading day [1] - The Shanghai Composite Index closed at 3605.73 points, up 0.65%, while stocks priced over 100 yuan had an average increase of 1.24%, outperforming the index by 0.58 percentage points [1] - The highest closing price among stocks over 100 yuan is Kweichow Moutai at 1491.50 yuan, up 1.08%, followed by Cambrian and BYD at 600.23 yuan and 342.72 yuan respectively [1] Group 2 - In the past month, stocks priced over 100 yuan have averaged a 12.79% increase, compared to a 6.63% rise in the Shanghai Composite Index [2] - The top performers in this category include Borui Pharmaceutical, New Yisheng, and Jingpin Special Equipment, with increases of 77.87%, 61.07%, and 59.38% respectively [2] - Year-to-date, the average increase for these stocks is 33.45%, outperforming the Shanghai Composite Index by 25.87% [2] Group 3 - The electronic, pharmaceutical, and computer industries are the most concentrated among stocks priced over 100 yuan, with 30.30% from electronics, 15.15% from pharmaceuticals, and 14.14% from computers [2] - Among the stocks priced over 100 yuan, 25 are from the main board, 27 from the ChiNext board, 3 from the Beijing Stock Exchange, and 44 from the Sci-Tech Innovation Board, making up 44.44% of the total [2] - Two stocks, Chip Source Micro and Jinbo Biological, received buy ratings from institutions today, with Chip Source Micro being newly covered [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company recently launched its new product, HiveCOL, which is a recombinant type III human collagen gel, aiming to redefine anti-aging standards and lead natural aesthetics [5][8]. - HiveCOL is designed to fill tissue volume loss quickly and promote the adhesion, migration, and proliferation of fibroblasts, ensuring sustained ECM regeneration for at least six months [8]. - The product targets high-consumption medical beauty consumers, with a peak sales potential exceeding 10 billion yuan, based on market analysis [8]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,443 million yuan in 2024 to 3,952 million yuan by 2027, with a compound annual growth rate (CAGR) of 22.5% [7][10]. - Net profit attributable to the parent company is expected to increase from 732 million yuan in 2024 to 1,934 million yuan in 2027, reflecting a CAGR of 25.6% [7][10]. - The company's gross margin is forecasted to remain high, around 90%, indicating strong profitability [7][10].

Group 1 - The report highlights that as of Q2 2025, the market value of public funds heavily invested in the Beijing Stock Exchange (BSE) reached 9.892 billion, a 56.0% increase quarter-on-quarter, representing 0.38% of the total A-share market [2][3][4] - The public fund allocation coefficient for the BSE has reached a record high of 0.66, up 0.23 from the previous quarter, indicating increased attention from both active and passive funds [2][5][11] - The BSE 50 index products have seen significant net subscriptions, with the total scale reaching 11.162 billion, an increase of 1.905 billion, driven by net subscriptions and the establishment of new products [2][16] Group 2 - The report notes that the average net value growth rate of thematic funds since Q2 2025 is 20.0%, outperforming the BSE 50 index's growth of 14.3% [2][16] - Active equity public funds have increased their concentration in holdings, with the top five stocks accounting for 60.8% of the total market value, up 10.3 percentage points from the previous quarter [2][17] - The report identifies a shift in industry allocations, with increased investments in beauty care, electrical equipment, and machinery, while allocations to automotive and electronics sectors have decreased [2][23][24]

Core Viewpoint - Jinbo Biotech has launched a new product, HiveCOL collagen gel, which represents a significant breakthrough in the collagen industry by utilizing 100% human-derived technology, setting a new benchmark globally [1] Group 1: New Product Launch - Jinbo Biotech officially released the injectable recombinant type III humanized collagen gel in Taiyuan, Shanxi [1] - The product is positioned as a revolutionary advancement in the collagen industry, emphasizing the importance of using "correct" collagen for true industry empowerment [2] Group 2: Innovation in Collagen Application - The company has redefined collagen application logic by focusing on "organizational regeneration," addressing long-standing issues such as immune rejection from animal collagen and toxicity from chemical cross-linking agents [2] - Jinbo Biotech is the first company to industrialize the production of injectable recombinant type III humanized collagen gel, marking a significant innovation in safety, manufacturing methods, and mechanisms of action compared to traditional fillers [2] Group 3: Research and Development Achievements - After over a decade of research, Jinbo Biotech discovered a unique "mortise and tenon" spatial structure that precisely matches the core functional area and cross-linking area of natural human collagen [3] - The new HiveCOL structure features enhanced cell adhesion, being three times more effective than traditional materials, with a 75% retention rate of newly generated collagen after six months [4] Group 4: Industry Contributions and Standards - Jinbo Biotech holds three medical device registration certificates for recombinant humanized collagen protein, covering all dosage forms including freeze-dried fibers, solutions, and gels [4] - The company has played a significant role in establishing industry standards for recombinant collagen protein and has contributed to the international standardization efforts in the field [4]

Group 1 - The core viewpoint of the article highlights the competitive landscape of the Chinese medical beauty injection materials industry, focusing on regional distribution, market competition, and domestic substitution [1][2][5][6][8]. Group 2 - In terms of regional competition, Shandong Province has the highest number of enterprises in the medical beauty injection materials industry, including raw material producers like Huaxi Biological and equipment manufacturers like Weigao [1]. - The main competitors in the medical beauty injection materials market include Huaxi Biological, Aimeike, and Haohai Biological for hyaluronic acid products, while Jinbo Biological and Juzhi Biological lead in collagen products [2]. - The market structure for medical beauty injection materials in 2024 shows that hyaluronic acid accounts for approximately 36% and botulinum toxin for about 29% of the market [5]. Group 3 - As of May 2025, the number of domestic approvals for hyaluronic acid is comparable to imports, while domestic approvals for regenerative materials exceed imports; however, domestic approvals for botulinum toxin and collagen are lower than imports [6]. - The competition in the industry is intense, with hyaluronic acid and botulinum toxin dominating the market; foreign companies hold an advantage in the high-end market, while domestic companies like Huaxi Biological and Aimeike lead in the mid-to-low-end market through cost-effectiveness and technological innovation [8]. - The threat of substitutes is significant, with non-surgical options like phototherapy and topical skincare products capturing part of the market demand [8].

Core Insights - The article provides a detailed analysis of various mutual funds managed by the company, highlighting their performance metrics, including annualized returns and significant stock holdings [1][3]. Fund Performance Summary - The "Baoying Nasdaq 100 Index Fund" (QDII) A USD has a scale of 3.47 billion with an annualized return of 12.66% and a Q2 2025 increase of 16.66%, heavily invested in Nvidia (NVDA) with a weight of 8.56% [1]. - The "Baoying Nasdaq 100 Index Fund" (QDII) A RMB also has a scale of 3.47 billion, achieving an annualized return of 17.89% and a Q2 2025 increase of 16.43%, similarly focused on Nvidia [1]. - The "Baoying Xiangyi Regular Open Mixed A" fund has a scale of 1.76 billion with a modest annualized return of 1.92% and a Q2 2025 increase of 0.84%, primarily invested in Nanjing Bank [1]. - The "Baoying Zhongzheng A100 Index Enhanced A" fund has a scale of 1.69 billion, with an annualized return of 5.23% and a Q2 2025 increase of 1.44%, focusing on Kweichow Moutai [1]. Stock Trading Performance - Fund manager Cai Dan achieved a cumulative return of 4.88% during her tenure managing the "Baoying Xiangrui Mixed A" fund, with an average annualized return of 1.17% and a trading success rate of 56.79% across 81 stock adjustments [3]. - Notable stock trading examples include: - "Xinhua Bang" was bought in Q1 2020 and sold in Q3 2021, yielding an estimated return of 223.25% with a company performance growth of 152.36% [4][6]. - "Ningde Times" was held from Q2 2020 to Q1 2021, resulting in a return of 149.16% with a company growth of 185.34% [4]. - "Zijin Mining" was bought in Q2 2023 and has an estimated return of -86.18% despite a company growth of 51.76% [5][8]. ETF Insights - The "Gold Stock ETF" (Product Code: 159562) tracks the CSI Hong Kong and Shanghai Gold Industry Stock Index, showing a recent increase of 0.44% over five days and a price-to-earnings ratio of 20.86 times, with a net inflow of 237.7 million [10].

Group 1 - The average stock price of A-shares is 12.12 yuan, with 96 stocks priced over 100 yuan as of July 18 [1] - The Shanghai Composite Index closed at 3534.48 points, up 0.50%, while stocks over 100 yuan had an average increase of 0.55%, outperforming the index by 0.04 percentage points [1] - The highest closing price among stocks over 100 yuan is Kweichow Moutai at 1437.00 yuan, up 1.46% [1] Group 2 - In the past month, stocks priced over 100 yuan have averaged a 9.51% increase, compared to a 4.34% increase in the Shanghai Composite Index [2] - Year-to-date, these stocks have an average increase of 30.56%, outperforming the index's 25.11% [2] - The top performers include Shenghong Technology, Hotgen Biotech, and Wanda Bearings, with increases of 286.62%, 221.80%, and 162.16% respectively [2] Group 3 - The electronic industry has the highest representation among stocks over 100 yuan, with 29 stocks, accounting for 30.21% of the total [2] - The main board has 25 stocks, the ChiNext has 27, and the Sci-Tech Innovation Board has 41, making up 42.71% of the stocks over 100 yuan [2] - Four stocks, including Zhongwei Company and Tuojing Technology, received buy ratings from institutions today, with Tuojing Technology being newly covered [2]