Core Viewpoint - The company has received approval for its third-class medical device, "Injectable Recombinant Type III Humanized Collagen Gel," which reinforces its monopoly in the recombinant collagen aesthetic medicine industry [2][3]. Group 1: Regulatory Approval - The company announced on April 9 that it obtained a third-class medical device registration certificate from the National Medical Products Administration for "Injectable Recombinant Type III Humanized Collagen Gel" [2]. - This product is the third recombinant collagen product approved, following the approvals of "Recombinant Type III Humanized Collagen Freeze-Dried Fiber" in 2021 and "Recombinant Type III Humanized Collagen Solution" in 2023 [3]. Group 2: Market Position and Competitive Advantage - With all three third-class medical device certifications for recombinant collagen in China held by the company, it confirms its leading position in the domestic and global recombinant collagen industry [3]. - The company’s monopoly in the recombinant collagen aesthetic field is expected to continue, maintaining a leading edge even with potential new entrants in the market [3]. Group 3: Product Innovation and Market Expansion - The newly approved product is the first internationally to utilize self-assembly and self-crosslinking technology, produced via synthetic biology, suitable for correcting mid-facial volume loss and contour defects [4]. - The product expands the application of recombinant collagen from water-light treatments to support and filling, thus broadening its market potential in the aesthetic medicine sector [4]. - The higher market positioning, pricing, and profit margins of support and filling products indicate that the company is opening pathways to serve the high-end aesthetic market [4]. Group 4: Industry Growth Potential - According to Taiwan's Shuangmei's financial report, sales of animal-derived collagen in mainland China reached 370 million RMB, with a year-on-year growth of 8.5% [5]. - The compound annual growth rate (CAGR) for Shuangmei's revenue in mainland China from 2019 to 2024 is 27.1%, indicating rapid growth, which bodes well for the company's new product launch and operational prospects [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [6]. Core Viewpoints - The company has received its third Class III medical device registration certificate for "Injectable Recombinant Type III Humanized Collagen Gel," solidifying its monopoly in the recombinant collagen aesthetic medicine industry in China [2][3]. - The new product is the first of its kind internationally to utilize self-assembly and self-crosslinking technology, expanding the application of recombinant collagen in aesthetic medicine, particularly in filling and supporting roles [3]. - The company is expected to see significant revenue growth, with projected revenues of 1.446 billion RMB in 2024, reflecting an 85.35% growth rate compared to the previous year [4]. Financial Projections - The company forecasts net profits of 734 million RMB in 2024, with a compound annual growth rate (CAGR) of 144.67% from 2023 to 2024 [4]. - Earnings per share (EPS) are projected to increase from 4.40 RMB in 2023 to 8.29 RMB in 2024, with corresponding price-to-earnings (P/E) ratios of 42 and 28 for 2024 and 2025, respectively [4][10]. - The company’s gross margin is expected to improve from 90.2% in 2023 to 92.6% in 2024, indicating strong profitability [12]. Market Position - The company holds all three Class III medical device certificates for recombinant collagen in China, reinforcing its leading position in the domestic and global recombinant collagen market [2][3]. - The report highlights the rapid growth of the collagen market, with a notable increase in sales of animal-derived collagen in mainland China, suggesting a favorable market environment for the company's new products [4].

Core Viewpoint - Jinbo Biological has emerged as a significant player in the Shanxi capital market, being the highest-priced and highest-valued stock on the Beijing Stock Exchange, symbolizing the province's industrial transformation [1] Group 1: Company Overview - Jinbo Biological specializes in various terminal medical devices and functional skincare products, with A-type recombinant humanized collagen as its core material [2] - The company’s recombinant type III humanized collagen freeze-dried fibers received approval from the National Medical Products Administration in June 2021, marking it as the first medical device in China made from this innovative biomaterial [2] Group 2: Financial Performance - In the 2024 performance report, Jinbo Biological achieved a revenue of 1.447 billion yuan, representing a year-on-year growth of 85.40%, and a net profit of 733 million yuan, up 144.65% year-on-year [3] - Over four years, the company's revenue has increased more than fivefold, while net profit has nearly increased twelvefold compared to 2021 [3] Group 3: Strategic Focus - The company aims to focus on scientific innovation rather than competing in saturated markets, emphasizing the creation of new products and applications [3] - Jinbo Biological is committed to enhancing its brand presence both domestically and internationally, with plans to strengthen brand development in the coming year [7][8] Group 4: Talent Development - The company employs a "mentorship" approach for internal talent development, sending employees to prestigious research institutions for training [6] - Jinbo Biological is building a collaborative framework with academic and research institutions to continuously infuse new talent into the company [6] Group 5: Industry Context - Shanxi is undergoing a high-quality transformation, actively promoting emerging industries such as biomedicine, which supports the rapid rise of Jinbo Biological and the humanized collagen industry [4] - The biomedicine sector's reliance on high-end talent presents challenges for Jinbo Biological in attracting intellectual resources in Shanxi compared to larger cities [5]

山西锦波生物医药股份有限公司（以下简称"公司"）于近日获得一项 由国家药品监督管理局颁发的第三类医疗器械注册证。 二、医疗器械注册证主要内容 产品名称：注射用重组Ⅲ型人源化胶原蛋白凝胶 证券代码：832982 证券简称：锦波生物 公告编号：2025-006 山西锦波生物医药股份有限公司 关于获得第三类医疗器械注册证的公告 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。 一、基本情况 骨膜上层。该产品注射后可对细胞、组织起支撑作用。 山西锦波生物医药股份有限公司 注册证编号：国械注准20253130751 注册人名称：山西锦波生物医药股份有限公司 注册人住所：山西综改示范区太原唐槐园区锦波街18号、山西省太原市 小店区化章街88号 适用范围：产品适用于注射到中面部皮下至骨膜上层，以矫正中面部容 量缺失和/或中面部轮廓缺陷。 批准日期：2025年4月9日 三、对公司的影响 上述产品是国际首个通过自组装、自交联技术，利用合成生物法生产的 "注射用重组Ⅲ型人源化胶原蛋白凝胶"产品。该产品成分单一，不含交联 剂或 ...

Investment Rating - The report indicates a positive outlook for the consumer medical and biopharmaceutical industry, highlighting a strong investment rating for the sector [6]. Core Insights - The report emphasizes the high growth potential in the recombinant collagen market, driven by innovation and international expansion strategies [10]. - The establishment of a comprehensive ophthalmic drug product system by the company, including various treatments for myopia and dry eye, showcases its competitive positioning in the ophthalmic sector [1][2]. - The acquisition of a controlling stake in REGEN Biotech by the company marks a significant step in its internationalization strategy, enhancing its product portfolio in the aesthetic medicine market [3][4]. Summary by Sections Company Developments - The company has developed a diverse range of ophthalmic drugs, with 59 approved products, 37 of which are included in the medical insurance directory [1]. - The launch of the atropine sulfate eye drops product is noted for its first-mover advantage in the domestic market, with no similar products currently available [2]. Market Performance - The company reported a revenue increase of 85% to 1.447 billion, with a net profit growth of 144.65% to 733 million, indicating strong financial performance [5][9]. - The AestheFill product has gained significant market share in Taiwan, capturing nearly 30% of the aesthetic regenerative injection market [4]. Industry Trends - The report highlights the ongoing high demand in the recombinant collagen sector, with companies leveraging innovation and international market entry to strengthen their leadership positions [10]. - The biopharmaceutical industry index shows varied performance, with a relative performance decline over 12 months, indicating potential market volatility [7].

Investment Rating - The investment rating for the company is "Outperform" [7] Core Insights - The company achieved a revenue of 1.447 billion yuan in 2024, representing a year-on-year growth of 85.4%, and a net profit of 733 million yuan, which is a 144.65% increase compared to the previous year [3] - The company has made significant advancements in the research and application of recombinant human collagen, particularly in the development of a new IV type collagen for skincare products, which has set a new benchmark in the market [4] - The company has successfully gained FDA certification for multiple products, enhancing its brand recognition and market presence internationally [5] Financial Summary - Revenue projections for 2024-2026 are 1,446 million, 1,851 million, and 2,186 million yuan respectively, with corresponding net profits of 733 million, 927 million, and 1,125 million yuan [6] - The gross margin is expected to be 95.4% in 2024, with a net margin of 50.7% [6] - The earnings per share (EPS) are projected to be 8.29, 10.47, and 12.71 yuan for 2024, 2025, and 2026 respectively, with a current price-to-earnings (P/E) ratio of 31.7 for 2024 [6][8]

Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Insights - The company achieved a revenue of 1.447 billion yuan in 2024, representing a year-on-year growth of 85.4%, and a net profit of 733 million yuan, which is a 144.65% increase compared to the previous year [3] - The company has made significant advancements in the research and application of recombinant human collagen, particularly in the development of a new IV type collagen for skincare products, setting a new benchmark in the market [4] - The company has successfully expanded its international market presence, with over 2 million clinical injections of its products and multiple FDA certifications for its brands, enhancing its global competitiveness [5] Financial Summary - Revenue projections for 2024-2026 are set at 1.446 billion, 1.851 billion, and 2.186 billion yuan respectively, with corresponding net profits of 733 million, 927 million, and 1.125 billion yuan [6] - The gross margin is expected to remain high, with estimates of 95.4% in 2024, 94.1% in 2025, and 94.8% in 2026 [6] - The earnings per share (EPS) are projected to be 8.29 yuan in 2024, 10.47 yuan in 2025, and 12.71 yuan in 2026, with the current price-to-earnings (P/E) ratios at 31.7, 25.1, and 20.7 respectively [6][8]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 339.60, up from the previous forecast of 318.90 [2][14]. Core Insights - The company is expected to achieve a net profit growth of 145% year-on-year in 2024, driven by the strong momentum of its flagship product, Wei Yi Mei. The launch of the new ColNet collagen product in Q1 2025 is anticipated to further enhance growth prospects [3][14]. - The report highlights the company's robust revenue growth, with projected revenues increasing from 780 million in 2023 to 1.447 billion in 2024, representing an 85.4% increase [5][15]. - The company has a strong market position in the medical aesthetics sector, with its core product, Wei Yi Mei, expected to generate significant sales, reaching approximately 1 billion in 2025 [14]. Financial Summary - Revenue is projected to grow from 390 million in 2022 to 2.415 billion by 2026, with a compound annual growth rate (CAGR) of 23.9% [5][15]. - Net profit attributable to the parent company is expected to rise from 109 million in 2022 to 1.265 billion in 2026, reflecting a CAGR of 26.3% [5][15]. - The company's earnings per share (EPS) is forecasted to increase from 1.23 in 2022 to 14.29 in 2026 [5][15]. Market Data - The company's current market capitalization is approximately 24.341 billion, with a current share price of 275.00 [6]. - The stock has shown a 52-week price range of 143.39 to 275.00 [6]. - The company has a net asset return rate of 31.4% in 2023, projected to reach 45.9% in 2024 [5][15]. Product Development - The company plans to launch the Wei Yi Mei ColNet collagen product in February 2025, which is expected to complement its existing product line and enhance market competitiveness [14]. - The report indicates a rich pipeline of new products, including various types of collagen products that are anticipated to receive regulatory approval in 2025 [14].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated significant revenue growth, achieving an operating income of 1.447 billion yuan in 2024, a year-on-year increase of 85.40%, and a net profit attributable to shareholders of 733 million yuan, up 144.65% [6][8] - The company continues to expand its product pipeline and market presence, launching innovative products such as the world's first eye area anti-aging regeneration material based on "self-assembly root technology" [6][8] - The company is actively pursuing international market opportunities, having secured patent authorizations in countries like the USA, South Korea, Japan, and Brazil, which enhances its global competitiveness [7][8] Financial Performance Summary - The company's main revenue is projected to grow from 3.90 billion yuan in 2022 to 24.05 billion yuan in 2026, with corresponding net profits increasing from 1.09 billion yuan to 12.04 billion yuan over the same period [4][8] - Earnings per share (EPS) are expected to rise from 1.23 yuan in 2022 to 13.60 yuan in 2026, reflecting strong growth potential [4][8] - The price-to-earnings (P/E) ratio is forecasted to decrease from 184.86 in 2022 to 16.77 in 2026, indicating improving valuation metrics as the company scales [4][8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant growth in revenue and net profit, with a year-on-year revenue increase of 85.40% and a net profit increase of 144.65% for the 2024 fiscal year [6] - The core product, Wei Yi Mei® recombinant type III humanized collagen dry fiber, has achieved over 2 million clinical injections since its launch in June 2021, demonstrating strong market validation [6] - The company is expanding its product pipeline and has launched the world's first eye anti-aging regeneration material based on "self-assembly root technology" [6] - The company is actively pursuing overseas market expansion and has secured patents in multiple countries, enhancing its global competitiveness [7] Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 14.44 billion, 19.03 billion, and 24.05 billion yuan, respectively, with year-on-year growth rates of 85.07%, 31.76%, and 26.42% [8] - Net profit projections for the same years are 7.29 billion, 9.44 billion, and 12.04 billion yuan, with growth rates of 143.14%, 29.54%, and 27.49% [8] - Earnings per share (EPS) are projected to be 8.24 yuan, 10.67 yuan, and 13.60 yuan for 2024, 2025, and 2026, respectively [8] Market Position - The company is positioned as a leader in the domestic recombinant collagen market, with a unique product offering and first-mover advantage [8] - The report highlights the company's ongoing efforts to diversify its collagen technology applications across various medical and aesthetic fields [6][8]