Core Insights - The analysis focuses on the inventory status of 14 representative listed companies in the daily chemical skincare sector for the year 2024, highlighting trends in inventory scale and turnover efficiency [1][2]. Inventory Scale and Proportion - Over half of the selected skincare companies experienced growth in inventory scale in 2024, with Chuang'er Biological showing the highest year-on-year increase of 62.44%, reaching an inventory scale of 0.35 billion [2][3]. - Other companies with significant inventory growth include Kesi Co. (0.97 billion, up 47.96%), Jinbo Biological (0.97 billion, up 45.68%), and Fulejia (1.6 billion, up 30.26%) [2][3]. - Water Sheep Co. has the highest inventory proportion relative to total assets at approximately 19.52% in 2024, indicating a notable increase from 19.32% in 2023 [4]. Inventory Turnover Efficiency - Among the analyzed companies, only Marubi and Qingsong Co. showed improvement in inventory turnover efficiency, while the remaining eight companies experienced an increase in inventory turnover days, indicating a decline in efficiency [1][5]. - Jinbo Biological, Huaxi Biological, and Beitaini reported inventory turnover days exceeding 270 days (approximately 9 months), with turnover days of 307.93 and 254.45 respectively for Jinbo and Huaxi [1][5]. - Eight out of the 14 companies improved their inventory turnover efficiency, while companies like Fulejia, Kesi Co., Marubi, Huaxi, Water Sheep, and Jiaheng Household experienced a decline in efficiency [7].

Core Insights - The analysis focuses on the financial performance of 17 representative listed companies in the daily chemical skincare industry, highlighting the significant disparity between sales gross margin and net profit margin [1][2]. Group 1: Financial Performance - In 2024, nearly 80% of the selected companies reported a sales gross margin exceeding 50%, with some companies achieving gross margins over 75% [1][2]. - The industry shows a trend of high gross margins but low net profit margins, with 70% of companies having net profit margins below 15% [1][2]. - The top three companies in terms of sales gross margin are Jinbo Biological (92.02%), Juzhi Biological (82.09%), and Fulejia (81.73%) [2]. Group 2: Sales Net Margin Analysis - The leading companies in sales net margin are Jinbo Biological (50.68%), Juzhi Biological (37.22%), and Fulejia (32.78%) [4]. - Companies such as Jiaheng Household Chemicals (-2.57%), Shanghai Household Chemicals (-14.67%), and Yixian E-commerce (-20.9%) exhibit significantly low net profit margins [4]. Group 3: Industry Challenges - The high sales expenses in the daily chemical skincare industry are identified as a primary reason for the low net profit margins, as substantial marketing costs erode profits [2]. - Qing Song Co. has the lowest sales gross margin at 17.42%, attributed to its positioning as an OEM, facing intense competition from thousands of domestic cosmetic OEMs [6]. - Yixian E-commerce's negative net profit margin of -20.9% is linked to ongoing losses and high marketing expenditures [6].

证券代码：832982 证券简称：锦波生物 公告编号：2025-062 为进一步加强与投资者的互动交流，山西锦波生物医药股份有限公司（以下 简称"公司"）将参加由山西证监局、山西省上市公司协会与深圳市全景网络有 限公司联合举办的"山西辖区上市公司 2025 年投资者网上集体接待日暨年报业 绩说明会"。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 5 月 20 日 14:00-17:00。 关于参加山西辖区上市公司 2025 年投资者 网上集体接待日活动暨年报业绩说明会预告公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 说明会类型 （二）会议召开地点 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）或关注微信公众号（全景财经）或下载全景路演 APP 参 与本次互动交流。 三、 参加人员 公司董事长：杨霞女士 山西锦波生物医药股份有限公司 特此公告。 山西锦波生物医药股份有限公司 董事会 四、 投资者参加方式 本次说明会采 ...

Core Viewpoint - The article highlights the rapid growth and competitive landscape of the recombinant collagen protein industry, focusing on two key players: Juzhi Biotechnology and Jinbo Biotechnology, both of which have achieved significant market milestones and financial success in recent years [1][2][5]. Company Overview - Juzhi Biotechnology was established in 2000 and specializes in the research, production, and sales of recombinant collagen and other bioactive components. It went public on the Hong Kong Stock Exchange in November 2022, becoming the first stock in the recombinant collagen sector listed there [4][5]. - Jinbo Biotechnology was founded in 2008 and went public on the Beijing Stock Exchange in 2023, marking it as the first stock in the recombinant collagen sector listed on that exchange [1][5]. Financial Performance - In 2024, Juzhi Biotechnology reported a revenue of 5.539 billion yuan, a year-on-year increase of 57.2%, while Jinbo Biotechnology achieved a revenue of 1.443 billion yuan, with a remarkable growth rate of 84.92% [8]. - Juzhi Biotechnology's adjusted net profit was 2.152 billion yuan, up 46.5% year-on-year, and Jinbo Biotechnology's net profit reached 732 million yuan, soaring by 144.27% [8]. - Both companies maintained high gross margins, with Juzhi Biotechnology at 82.09% and Jinbo Biotechnology at 92.02% in 2024 [8]. Market Trends - The recombinant collagen market in China is projected to grow from 18.5 billion yuan in 2022 to 108.3 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 42.4% [6]. - The increasing consumer demand and advancements in biotechnology are driving the rapid development of the recombinant collagen industry [6]. Competitive Landscape - The industry is becoming increasingly competitive, with established players like Huaxi Biotechnology and Aimeike entering the recombinant collagen market. New entrants are also attempting to reshape the market dynamics [8]. - Juzhi Biotechnology's revenue heavily relies on its core brand, Kefu Mei, which contributes over 80% of its total revenue [9]. Challenges and Risks - Juzhi Biotechnology faces challenges due to its reliance on a single brand and an increasing dependence on online sales channels, which accounted for 71.6% of total revenue in 2024 [9]. - Jinbo Biotechnology also has a high revenue concentration, with 78.17% of its revenue coming from a single medical device product line [10]. - Both companies are navigating a competitive environment where maintaining market position and expanding product lines are critical for future growth [11][14].

股价超百元个股中，收盘价最高的是贵州茅台，今日报收1634.99元，上涨2.81%，其次是寒武纪、锦波 生物等，最新收盘价分别为683.99元、469.99元。 市场表现方面，收盘股价超百元股中，今日平均上涨0.22%，跑输沪指0.64个百分点。今日上涨的有45 只，涨幅居前的有宏景科技、财富趋势等，下跌的有40只，跌幅居前的有恒玄科技、汇成真空等。 以最新收盘价计算，A股平均股价为11.64元，其中股价超过100元的有86只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至5月14日 收盘，沪指报收3403.95点，上涨0.86%，A股平均股价为11.64元，个股股价分布看，股价超过100元的 有86只，股价在50元至100元的有323只，股价在30元至50元的有642只。 追溯发现，最新百元股近一个月平均上涨7.77%，其间沪指上涨5.12%，涨幅居前的有新易盛、林泰新 材、斯菱股份等，涨幅分别为52.88%、47.34%、46.20%，今年以来平均涨幅为26.17%，强于沪指 24.62%，累计涨幅居前的有宏景科技、万达轴承、并行科技等，涨幅分别为286.22%、2 ...

Core Insights - The topic of "Northwest University Vice President Fan Daidi becomes the richest person in Shaanxi" has gained significant attention on social media, highlighting the wealth of Fan Daidi and her husband Yan Jianya, who own two listed companies: Juzhi Biotechnology and Triangle Defense [2] - According to the 2025 Hurun Global Rich List, Fan Daidi and her husband have a combined net worth of 31.5 billion yuan, surpassing other notable figures in the region [2] Company Overview - Juzhi Biotechnology, founded in 2000, specializes in the research, production, and sales of recombinant collagen and other bioactive components, and was listed on the Hong Kong Stock Exchange in November 2022 [3][4] - Fan Daidi, a co-founder of Juzhi Biotechnology, served as the executive director until July 2023 and has a long-standing affiliation with Northwest University, where she has held various academic positions [3][4] Market Dynamics - The recombinant collagen market is experiencing rapid growth, with a projected market size increase from 18.5 billion yuan in 2022 to 108.3 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 42.4% [4] - Both Juzhi Biotechnology and Jinbo Biotechnology are showing high growth rates, with Juzhi's revenue reaching 5.539 billion yuan in 2024, a year-on-year increase of 57.2%, while Jinbo's revenue grew by 84.92% to 1.443 billion yuan [5] Financial Performance - Juzhi Biotechnology reported an adjusted net profit of 2.152 billion yuan in 2024, up 46.5% year-on-year, while Jinbo's net profit surged by 144.27% to 732 million yuan [5] - Both companies maintain high gross margins, with Juzhi's gross margin at 82.09% and Jinbo's at 92.02% in 2024 [6] Competitive Landscape - The competition in the recombinant collagen sector is intensifying, with established players like Huaxi Biotechnology and Aimeike entering the market, alongside new entrants like Hangzhou Meiliu Biotechnology, which has significantly reduced production costs [6][9] - Juzhi Biotechnology's revenue heavily relies on its core brand, Kefu Mei, which accounts for over 80% of its revenue, and the company is increasingly dependent on online sales channels, which constituted 71.6% of total revenue in 2024 [6][7] Product Development Challenges - Juzhi Biotechnology has plans to enter the recombinant collagen injection market, with two products expected to be approved in 2024, but currently, its registration is limited to dressing products [7][8] - Jinbo Biotechnology has achieved breakthroughs in the third-class medical device sector, holding all three existing registrations for recombinant collagen medical devices in China, but also faces challenges with revenue concentration [8][9]

证券代码：832982 证券简称：锦波生物 公告编号：2025-056 山西锦波生物医药股份有限公司 关于调整 2025 年股票期权激励计划 首次授予激励对象名单及授予权益数量的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 山西锦波生物医药股份有限公司（以下简称"公司"）于 2025 年 5 月 12 日 召开第四届董事会第十一次会议、第四届监事会第六次会议，审议通过了《关于 调整 2025 年股票期权激励计划首次授予激励对象名单及授予权益数量的议案》， 对公司 2025 年股票期权激励计划（以下简称"本次激励计划"）首次授予激励 对象名单和授予股票期权数量进行调整，现将相关内容公告如下： 一、已履行的相关审批程序 1、2025 年 4 月 21 日，公司第四届董事会第九次会议审议通过了《关于公 司<2025 年股票期权激励计划（草案）>的议案》《关于公司<2025 年股票期权激 励计划实施考核管理办法>的议案》《关于公司<2025 年股票期权激励计划首次授 予激励对象名单>的议案》《关于与激励 ...

中信证券股份有限公司 关于山西锦波生物医药股份有限公司 2025 年股票期权激励计划调整及 首次授予相关事项 之 独立财务顾问报告 独立财务顾问 二〇二五年五月 | | 目录 2 | | --- | --- | | 第一章 | 释义 3 | | 第二章 | 声明 5 | | 第三章 | 基本假设 6 | | 第四章 | 独立财务顾问意见 7 | | | （一）本次激励计划的审批程序 7 | | | （二）本次实施的股权激励计划与股东会审议通过的股权激励计划差异情况 | | | 8 | | | （三）本激励计划授予条件成就情况的说明 9 | | | （四）本次授予情况 9 | | 第五章 | 备查文件及咨询方式 13 | | | （一）备查文件 13 | | | （二）咨询方式 13 | 第一章 释义 本报告，部分合计数与各加计数直接相加之和可能在尾数上有差异，这些差 异是由四舍五入造成的。除非另有所指，下列简称具有如下含义： | 锦波生物、本公 | | | | --- | --- | --- | | 司、公司、上市公 | 指 | 山西锦波生物医药股份有限公司 | | 司 | | | | 本激励计划、本次 | ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-058 山西锦波生物医药股份有限公司 2025 年股票期权激励计划首次授予激励对象名单（首次 授予日） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 3、公司全部在有效期内的股权激励计划所涉及的标的股票总数累计未超过公司股本总 额的 30.00%。本激励计划中任何一名激励对象通过全部在有效期内的股权激励计划获授的 公司股票未超过本激励计划草案公告时公司股本总额的 1.00%。预留权益比例未超过本激励 计划拟授予权益数量的 20.00%。 4、预留授予部分的激励对象自本激励计划经股东会审议通过后 12 个月内确定，激励对 象经董事会提出、监事会发表明确意见、律师发表专业意见并出具法律意见书后，公司在指 定网站按要求及时披露当次激励对象相关信息。超过 12 个月未明确激励对象的，预留权益 失效。预留激励对象的确定标准参照首次授予激励对象的标准确定。 5、以上合计数据与各明细数相加之和在尾数上如有差异是由于四舍五入所造成，保留 两位小数。 一、 ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-054 山西锦波生物医药股份有限公司 第四届董事会第十一次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 5 月 12 日 2.会议召开地点：公司四楼会议室 3.会议召开方式：现场加通讯 4.发出董事会会议通知的时间和方式：2025 年 5 月 10 日以邮件方式发出 5.会议主持人：董事长杨霞女士 6.会议列席人员：汤莉、于玉凤、何振瑞、薛芳琴、兰小宾 二、议案审议情况 （一）审议通过《关于调整 2025 年股票期权激励计划首次授予激励对象名单及 授予权益数量的议案》 1.议案内容： 激励对象陈梦丽因个人原因自愿放弃公司拟向其授予的股票期权 2,000 份， 根据《山西锦波生物医药股份有限公司 2025 年股票期权激励计划（草案）》的规 定和公司 2025 年第一次临时股东会的授权，董事会基于上述变化对激励对象名 单和授予数量进行调整，本次股权激励对 ...