Market Overview - The market size of China's nutritional functional food industry is projected to reach CNY 2,331 billion in 2024, with an expected CAGR of 8.5% from 2024 to 2029, reaching CNY 3,499 billion by 2029[7][19]. - The overall nutritional health food market in China is expected to grow from CNY 5,223 billion in 2024 to CNY 7,203 billion in 2029, with a CAGR of 6.6% during the same period[11][14]. Industry Challenges - The per capita consumption of nutritional functional foods in China is CNY 166 in 2024, which is lower than the global average of CNY 179 and significantly below countries like the USA (CNY 754) and Japan (CNY 572)[19][22]. - The industry faces challenges such as consumer awareness, severe product homogeneity, and insufficient innovation, which hinder growth compared to more developed markets[19][20]. Investment Insights - The contract manufacturing segment of the nutritional functional food industry is expected to grow from CNY 253 billion in 2024 to CNY 441 billion by 2029, with a CAGR of 11.8%[24][27]. - Key companies listed on the Beijing Stock Exchange related to the nutritional functional food sector include Kangbiter (brand operator), Wuxi Jinghai (raw material supplier), and Hengmei Health (contract manufacturer)[28]. Market Performance - The median price change for consumer service stocks on the Beijing Stock Exchange was -2.54% from August 11 to August 15, 2025, with only 5 companies (13%) showing an increase[36][39]. - The total market capitalization of consumer service companies decreased from CNY 1,235.58 billion to CNY 1,189.40 billion during the same period[39][44]. Financial Highlights - Jinbo Bio reported a revenue of CNY 128.58 billion for 2025, a year-on-year increase of 42.43%, with a net profit of CNY 3.92 billion, up 26.65% from the previous year[56].

Group 1: Market Developments - The Beijing Stock Exchange (BSE) is approaching the full implementation of the "920" code era, with the first nationwide test for stock code switching scheduled for August 16, 2025[1] - As of August 15, 2025, 26 companies listed on the BSE reported positive revenue growth, with 23 companies showing year-on-year revenue growth and 19 companies reporting positive net profit growth[7] - The BSE 50 Index increased by 2.40% this week, with the average daily trading volume rising to 261 billion yuan[9] Group 2: Financial Performance - Among the 26 companies, the median revenue growth rate was 17%, while the median net profit growth rate was 27%[7] - Seven companies, including JINBO Biology and MINSHIDA, reported revenue and net profit growth rates exceeding 20%[7] - The overall price-to-earnings (PE) ratio for BSE A-shares is currently at 52X, reflecting a slight increase from 51.64X[12] Group 3: New Listings and IPOs - A total of 32 companies have been newly listed on the BSE from January 1, 2024, to August 15, 2025, with the average issuance PE ratio being 14.51X[18] - One new company, Zhigao Machinery, was listed this week, while two companies have passed the review process[27] - The average first-day price fluctuation for newly listed companies is 248%, with a median fluctuation of 236%[24]

Core Viewpoint - Jinbo Biological, known as the "first stock of collagen protein on the North Exchange," reported a revenue of 859 million yuan and a net profit of 392 million yuan for the first half of 2025, both showing double-digit growth, although the gross margin slightly decreased to 90.68% from 91.58% year-on-year [1][2]. Financial Performance - Revenue for the first half of 2025 reached 859 million yuan, a year-on-year increase of 42.43% compared to 603 million yuan in the same period last year [2]. - Net profit attributable to shareholders was 392 million yuan, reflecting a year-on-year growth of 26.65% from 310 million yuan [2]. - The gross margin was 90.68%, down from 91.58% in the previous year [1][2]. - The weighted average return on equity based on net profit attributable to shareholders was 23.01%, down from 28.51% [2]. Business Segments - The core medical device business, which accounts for over 80% of revenue, saw a revenue increase of 33.41%, significantly lower than the 91.84% growth in the same period last year [5]. - The functional skincare business experienced explosive growth, with revenue increasing by 152.39% year-on-year, driven by proprietary brands like "ProtYouth" [5][4]. - The revenue from single-component functional skincare products had a gross margin of 92.57%, while composite component products had a gross margin of 66.73% [5]. Market Dynamics - The collagen protein market in China is projected to grow at a compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 and 219.38 billion yuan by 2030 [8]. - Jinbo Biological holds all three registered medical device certificates for recombinant human collagen, a significant competitive advantage in the market [9][10]. - The company has seen increased attention from investors, highlighted by a 3.4 billion yuan investment from former billionaire Zhong Shanshan [9]. Competitive Landscape - Competitors like Giant Bio and Huaxi Biological are accelerating their applications for Class III medical device products, indicating a competitive race in the collagen protein sector [10]. - Jinbo Biological's differentiation lies in its dual focus on high-end skincare and medical devices, but the sustainability of this advantage remains to be tested against increasing competition and changing market regulations [10].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is expected to benefit from differentiated new products contributing to revenue growth despite profit impacts from upfront expenses [5][7] - The company is a leader in the field of recombinant collagen and is anticipated to transition from a rapidly growing R&D-driven enterprise to an international biocomposite platform company [7] Financial Performance - For the first half of 2025, the company reported revenue of 859 million yuan, a year-on-year increase of 42.4%, and a net profit of 392 million yuan, up 26.6% [7] - The medical device segment achieved revenue of 708 million yuan (up 33.4%) with a gross margin of 95.0%, while functional skincare products saw revenue of 121 million yuan (up 152.4%) with a gross margin of 70.8% [7] - The company forecasts revenues of 2.24 billion yuan, 3.07 billion yuan, and 4.09 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.09 billion yuan, 1.51 billion yuan, and 2.05 billion yuan [6][7] Business Developments - The company received regulatory approval for its "recombinant type III humanized collagen gel" injection, marking it as the first of its kind in China targeting mid-face volume loss and contour defects [7] - Strategic collaboration with Yangshengtang aims to build a new ecosystem in the biocomposite materials industry, potentially expanding into orthopedic materials and other health sectors [7] Market Performance - The company's stock has shown a performance of -12% over the last 12 months compared to the Shanghai Composite Index [4]

从资金流向上来看，当日医疗美容板块主力资金净流出1.09亿元，游资资金净流入3976.24万元，散户资 金净流入6952.12万元。医疗美容板块个股资金流向见下表： 证券之星消息，8月15日医疗美容板块较上一交易日上涨0.43%，*ST美谷领涨。当日上证指数报收于 3696.77，上涨0.83%。深证成指报收于11634.67，上涨1.6%。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 | 3.20 | 1.59% | 12.51万 | 4001.05万 | | 688363 | 华熙生物 | 53.30 | 1.52% | 3.30万 | 1.75 Z | | 832982 | 锦波生物 | 297.75 | 0.34% | 7423.21 | 2.20亿 | | 300896 | 爱美客 | 181.89 | -0.37% | 4.26万 | 7.72亿 | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备3101043 ...

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with revenue reaching 859 million yuan, a year-on-year increase of 42.43%, and net profit attributable to shareholders at 392 million yuan, up 26.65% [1] - The company has made substantial investments in research and development, with R&D expenses increasing by 85.43% and sales expenses by 67.77%, laying a foundation for future product pipeline development and global market expansion [1] - The company launched a revolutionary new product, the "injectable recombinant type III humanized collagen gel," at the Cannes Film Festival, achieving three major technological breakthroughs [2] Financial Performance - The company achieved operating revenue of 859 million yuan, a 42.43% increase year-on-year [1] - Net profit attributable to shareholders reached 392 million yuan, reflecting a 26.65% year-on-year growth [1] - The net profit after deducting non-recurring gains and losses was 387 million yuan, up 27.56% year-on-year [1] Product Development - The company completed the development of three forms of recombinant type III humanized collagen: freeze-dried fibers, solutions, and gels, opening a new avenue in life materials [1] - The company obtained 14 invention patent authorizations during the reporting period, including 4 international patents [1] - The new injectable gel product utilizes self-assembly and self-crosslinking technology, eliminating reliance on chemical crosslinking agents [2] International Expansion - The company achieved significant milestones in its internationalization efforts, obtaining medical device registration in Thailand and certifications for functional skincare products in the USA and Saudi Arabia [3] - The "117 Rejuvenation Club" strategy aims to deepen channel layouts, with the first batch of medical beauty institutions completing cooperation agreements [3] - The company partnered with Yangshengtang as a strategic investor to enhance collaboration in collagen raw material supply and functional food development [3] Production Capacity - A new production facility for injectable recombinant type III humanized collagen gel was completed in April 2025, designed to meet the high demand for premium products in international markets [3]

Macro - The July CPI data indicates that the transmission of tariffs on core goods inflation remains slow, reinforcing market expectations for the Federal Reserve to cut interest rates in September. However, the current market's expectation of three rate cuts this year may be overly optimistic, as immigration and tariff policies will continue to impact inflation in the second half of the year [2][5]. - In July, the US CPI year-on-year was 2.7% (previous value 2.7%, market expectation 2.8%). The core CPI increased by 0.2 percentage points to 3.1%. The month-on-month CPI growth rate fell by 0.1 percentage points to 0.2% (market expectation 0.2%), while the core CPI month-on-month was 0.3% (previous value 0.2%), in line with market expectations [3][16]. Financial Engineering - A multi-factor model suitable for the CSI 300 index component stocks, combined with a small-cap high-growth satellite strategy, can stabilize and improve the performance of the CSI 300 enhanced strategy. With a 30% domestic and 10% foreign satellite allocation, the annualized excess return of the CSI 300 enhanced strategy since 2016 is 12.6%, with a tracking error of 5.2% [2][7]. - The internal component stock returns are relatively ordinary, which may be related to the differing performance of internal and external factors of the CSI 300 index component stocks. The backtesting results show that the model's stock selection robustness for internal components is superior to that of the all-A multi-factor model [6][7]. Beauty Industry - Yiwang Yichuang - Yiwang Yichuang is a leading e-commerce operator in China, focusing on beauty and personal care products. The company is actively optimizing its business structure and investing in research and development, with a forward-looking application of AI to enhance brand operations, which is expected to help reduce costs and expand business [9][10]. - The company emphasizes R&D and digital construction, with plans to deploy large models and AI systems by 2024, which are expected to empower its agency operations. The company’s core business involves providing online services for brand image shaping and operational modules, with many areas that can be optimized through AI [10][11]. - In 2025, the company launched a stock incentive plan, which is expected to lead to a turning point in performance. The plan involves granting up to 2 million restricted shares to 34 executives and core technical personnel, with performance targets set for revenue and profit growth over the next three years [11].

Core Viewpoint - The company reported strong revenue growth in the first half of 2025, driven by its medical device and skincare product segments, indicating robust market demand and effective brand strategies [3][4]. Revenue Performance - The company's total revenue for the first half of 2025 reached 860 million yuan, a year-on-year increase of 42.4%, with net profit attributable to shareholders at 390 million yuan, up 26.7% [3]. - In Q1 and Q2 of 2025, revenues were 370 million yuan and 490 million yuan, reflecting year-on-year growth of 62.5% and 30.4%, respectively, while net profits were 170 million yuan and 220 million yuan, with increases of 66.3% and 7.4% [3]. Business Segment Analysis - Revenue from the medical device segment was 708 million yuan, growing by 33.41%, while functional skincare products saw a remarkable increase of 152.39% to 121 million yuan [4]. - The medical device revenue breakdown shows single-material devices at 645 million yuan (up 34.70%) and composite-material devices at 63 million yuan (up 21.52%) [4]. - Functional skincare products generated 19 million yuan from single-component products (up 59.76%) and 102 million yuan from composite-component products (up 182.85%) [4]. Regional Sales Performance - Revenue by region for the first half of 2025 was as follows: North China 365 million yuan (+25.66%), East China 287 million yuan (+72.95%), South China 79 million yuan (+17.88%), West China 85 million yuan (+79.68%), Central China 40 million yuan (+33.78%), and overseas 3 million yuan (+31.96%) [5]. - North and East China accounted for 75.91% of total revenue, highlighting their significance as primary markets [5]. Profitability Metrics - The company's gross margin decreased by 0.9 percentage points to 90.7% in the first half of 2025, influenced by a higher proportion of lower-margin skincare products and declining margins in the raw materials segment [6]. - The net profit margin for the first half of 2025 was 45.7%, down 5.7 percentage points year-on-year [6]. - In Q2 2025, the gross margin was 91.1%, with a net profit margin of 45.4%, reflecting a year-on-year decline of 0.3 and 9.8 percentage points, respectively [6]. Expense Analysis - The company's total expense ratio increased by 2.9 percentage points to 34.9% in the first half of 2025, driven by higher sales and marketing expenses due to new product launches and increased brand promotion efforts [7]. - Sales expenses accounted for 21.1% of total expenses, up 3.2 percentage points, while management and R&D expenses saw slight changes [7].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [5] Core Insights - The company achieved a revenue of 859 million yuan in H1 2025, representing a year-on-year increase of 42.43%, and a net profit of 392 million yuan, up 26.65% year-on-year [5] - The growth in revenue is primarily driven by the increase in sales of medical devices and functional skincare products [5] - The company maintains its profit forecast for 2025-2027, expecting net profits of 1,038 million, 1,381 million, and 1,825 million yuan respectively, with corresponding EPS of 9.02, 12.00, and 15.86 yuan per share [5] Revenue Breakdown - Medical device sales generated 708 million yuan in H1 2025, a year-on-year growth of 33.41%, with a gross margin of 95.04% [6] - Functional skincare products achieved revenue of 121 million yuan, marking a significant increase of 152.39% year-on-year, with a gross margin of 70.78% [6] Product Development and Market Expansion - The company has clinically applied over 2.7 million units of recombinant type III humanized collagen, which has received medical device registration approval in Thailand [7] - The company has developed 14 new invention patents, including 4 international patents, and has made significant progress in globalizing its recombinant humanized collagen products [7] Financial Projections - The company forecasts revenue growth from 2,117 million yuan in 2025 to 3,617 million yuan in 2027, with a compound annual growth rate (CAGR) of 29.8% [9] - The projected net profit for 2025 is 1,038 million yuan, increasing to 1,825 million yuan by 2027, reflecting a strong growth trajectory [9]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a revenue of 859 million yuan for H1 2025, representing a year-on-year increase of 42.43%, and a net profit attributable to the parent company of 392 million yuan, up 26.65% year-on-year [1] - The company is expected to experience growth driven by new gel products and international expansion, with projected revenues of 2.194 billion yuan, 3.000 billion yuan, and 3.796 billion yuan for 2025, 2026, and 2027 respectively [4] Financial Performance Summary - In H1 2025, the gross margin was 90.68%, a decrease of 0.90 percentage points year-on-year, while the net profit margin was 45.66%, down 5.69 percentage points year-on-year [2] - The medical device segment generated 708 million yuan in revenue for H1 2025, a year-on-year increase of 33.41%, accounting for 82.45% of total revenue [3] - The functional skincare segment saw significant growth, with revenue of 121 million yuan, up 152.39% year-on-year, representing 14.10% of total revenue [3] Product and Market Development - The company has launched new high-end gel products, with expectations for increased sales in the second half of the year [4] - The company is accelerating its international expansion, having received new approvals in Thailand and obtained four international invention patents [4]