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].

Group 1 - The recombinant protein concept sector rose by 2.52%, ranking second among concept sectors, with 30 stocks increasing in value [1][2] - Notable gainers included Sangon Biotech, which hit the daily limit with a 20% increase, and other significant performers such as Sai Sheng Pharmaceutical, Jie Ya Co., and Jinbo Bio, which rose by 16.37%, 9.31%, and 9.17% respectively [1][2] - The sector experienced a net inflow of 221 million yuan from main funds, with 23 stocks receiving net inflows, and 8 stocks exceeding 10 million yuan in net inflow [2][3] Group 2 - Leading the net inflow was Xilong Scientific, which saw a net inflow of 242 million yuan, followed by Rejuve Pharmaceutical and Zexin Pharmaceutical with net inflows of 37.78 million yuan and 32.48 million yuan respectively [2][3] - The top three stocks by net inflow ratio were Xilong Scientific at 20.85%, Zexin Pharmaceutical at 8.53%, and Chengdu Xian Dao at 7.96% [3][4] - Stocks with notable declines included Furuida, Zhongyuan Xiehe, and Wanmei Biological, which fell by 2.25%, 1.92%, and 1.80% respectively [1][5]

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]

Group 1 - The Beizheng 50 Index reached a historical high since November 8, 2024, driven by active performance of listed companies in the Beizheng market [1][3] - Jinbo Biological (832982.BJ) became the top company by market capitalization on the Beizheng exchange, with its stock price peaking at 544.78 yuan, approaching the 550 yuan mark [1][2] - As of May 20, 2023, Jinbo Biological's closing price was 529 yuan per share, ranking third in the entire A-share market, only behind Kweichow Moutai (600519.SH) and Cambricon Technologies (688256.SH) [1][2] Group 2 - Jinbo Biological, established in 2008, is a leading company in recombinant human collagen and has developed a full industry chain from core raw materials to end products like medical devices and functional skincare [2][3] - The company entered the supply chain of major brands like L'Oréal in 2023, indicating its growing recognition in the market [3] - Experts believe that the strong performance of the Beizheng market, particularly companies like Jinbo Biological, reflects a growing recognition of the investment value of listed companies in this new market [3]

Core Viewpoint - The company is focusing on the rapid growth of the recombinant human collagen market in China, which is projected to reach 585.7 billion yuan by 2025 and 2,193.8 billion yuan by 2030, with a compound annual growth rate of 44.93% [1]. Group 1: Market and Product Development - The recombinant human collagen products have gained wide market recognition due to their safety and effectiveness [1]. - The company has completed foundational research on various types of recombinant human collagen and is conducting application research in multiple medical fields [1]. - The company is investing in a production facility for injectable recombinant human collagen, specifically targeting type III collagen, which is expected to commence production this year [1]. Group 2: Brand and Sales Strategy - The company has established its own brands for medical devices and functional skincare products, including "Wei Yi Mei" and "Chong Yuan" [2]. - The company is prioritizing market expansion in Southeast Asia and has collaborated with L'Oréal Group for its raw material products [2]. - The company’s injectable recombinant type III human collagen gel has received approval and was globally launched at the Cannes Film Festival [2]. Group 3: International Expansion and Innovation - The company has obtained patents in the US, Europe, and Brazil, and is actively pursuing international market expansion [3]. - The company emphasizes the importance of both online and offline sales channels to achieve sustained growth [3].

Group 1 - The stock price of Shanxi Jinbo Biopharmaceutical Co., Ltd. has reached a historical high, with a cumulative increase of over 150% this year, driven by its scarcity in the A-share market and rapid performance growth [1] - The North Exchange 50 Index has also reached a historical high, with a maximum cumulative increase of over 10% in May, and the market trading volume has consistently remained above 30 billion yuan [1] Group 2 - There is a growing expectation for the institutional dividends of the North Exchange, supported by recent favorable policies and messages, which provide a foundation for long-term market development [2] - The leadership from Beijing and the China Securities Regulatory Commission (CSRC) has emphasized the need to deepen reforms at the North Exchange and improve institutional design for healthy and rapid development [2][3] Group 3 - The North Exchange is becoming a key area for innovative small and medium-sized enterprises, with a focus on enhancing capital service capabilities for these companies [3] - The North Exchange has shown unique investment attractiveness, particularly for specialized and innovative "little giant" enterprises, which are expected to stand out in future technology cycles [4] Group 4 - As of the end of Q1 2025, public fund allocations to the North Exchange reached a record high of 6.743 billion yuan, an increase of 24.45% from the end of 2024, with 34 public fund institutions participating [4] - The scale of the North Exchange 50 Index fund reached 9.539 billion yuan as of April 30, 2025, reflecting a year-on-year growth of 22.63% [5] Group 5 - All 11 North Exchange thematic funds reported positive returns in 2025, with an average return of 33.48% year-to-date [5] - Despite the overall strong performance of the North Exchange, industry differentiation is expected to become the norm, with a focus on sectors like artificial intelligence and robotics [6]

大消费概念持续活跃 丽人丽妆3连板 智通财经5月19日电，午后大消费概念持续活跃，医美、宠物经济方向领涨，丽人丽妆走出3连板，拉芳 家化、源飞宠物涨停，天元宠物、锦波生物、百龙创园、路斯股份股价创出历史新高。消息面上，据粤 开证券统计，国内消费医疗对应万亿级市场规模。医美领域市场规模预计2025年达到3529亿元。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company has launched a new product, "Injectable Recombinant Type III Humanized Collagen Gel," utilizing the innovative HiveCOL "honeycomb" collagen tissue network technology, which fills an international gap in the market [5][8] - The product features a dual-core functional area design that is 100% humanized, enhancing its immediate shaping and tissue regeneration capabilities [8] - The company is expected to see significant revenue growth, with projected net profits of 1.148 billion, 1.539 billion, and 1.934 billion yuan for 2025, 2026, and 2027 respectively, reflecting a growth rate of 56.8%, 34.1%, and 25.6% [7][8] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,443 million yuan in 2024 to 3,952 million yuan in 2027, with a compound annual growth rate of approximately 35.0% [7][10] - The gross margin is expected to remain high at around 90% across the forecast period, indicating strong profitability [7][8] - The company's return on equity (ROE) is projected to be 45.8%, 41.6%, and 37.4% for 2025, 2026, and 2027 respectively, showcasing efficient use of equity [7][8]