Core Viewpoint - The medical beauty industry is experiencing a significant performance divergence among listed companies, driven by a shift from hyaluronic acid to collagen products, indicating a potential restructuring of industry value logic [1][3]. Group 1: Performance Analysis - In 2024, the performance of upstream medical beauty companies showed significant divergence, with companies like Juzi Biological and Jinbo Biological leading with high growth rates, while major hyaluronic acid players like Aimeike, Huaxi Biological, and Haohai Biological faced pressure [2][3]. - Aimeike's revenue growth slowed to 5.45%, the lowest since its listing, while Huaxi Biological's revenue declined by 11.61% and net profit dropped by 70.59% [3][5]. - Juzi Biological achieved revenue of 5.539 billion, a year-on-year increase of 57.2%, and a net profit of 2.062 billion, up 42.4% [5][7]. Group 2: Market Trends - The market for recombinant collagen products in China is projected to grow from 18.5 billion in 2022 to 108.3 billion by 2027, with a compound annual growth rate of 42.4% [7]. - Companies are increasingly entering the collagen market, including Aimeike and Huaxi Biological, which are exploring new opportunities in this segment [7][8]. - Huaxi Biological is developing proprietary recombinant human collagen products that have entered clinical trials, indicating a strategic shift towards innovative product development [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].

Group 1 - The Hang Seng Medical Index ETF has shown significant liquidity with a turnover of 1% and a transaction volume of 2.6148 million yuan, with an average daily transaction volume of 27.4616 million yuan over the past month [2] - The ETF's scale has increased by 28.6087 million yuan in the past month, ranking first among comparable funds, with a share increase of 12 million units in the last two weeks, also the highest among peers [2] - In terms of capital inflow, the ETF has seen net inflows on 5 out of the last 8 trading days, totaling 14.5271 million yuan [2] - The current price-to-earnings ratio (PE-TTM) of the Hang Seng Medical Healthcare Index is 23.4, which is in the 4.36% percentile over the past year, indicating a valuation lower than 95.64% of the time in the past year, suggesting historical low valuations [2] - The top ten weighted stocks in the Hang Seng Medical Healthcare Index account for 57.09% of the index, including companies like WuXi Biologics and BeiGene [2] Group 2 - Since the reform of new drug research and development policies in 2015, China's innovative drug industry has developed a strong ecosystem, integrating excellent resources in preclinical and clinical stages, which has gained recognition from multinational corporations (MNCs) [3] - The pharmaceutical and biotechnology sector's Q1 2025 financial reports show stable revenue and profit performance, with notable improvements in certain sub-industries, indicating a return of market enthusiasm for the sector [3] - There is a recommendation to focus on international biotech companies, revaluation of innovative pipelines in generic companies, and companies in the CXO industry with significant order and operational improvements [3] - Investors without stock accounts can access investment opportunities in the Hong Kong medical sector through the Hang Seng Medical Index ETF linked fund (018433) [3]

Investment Rating - The report maintains an "Overweight" rating for the industry [4][6]. Core Insights - The 618 promotional event has been advanced, with Tmall's pre-sale period shortened compared to the previous year's Double Eleven event. The first wave of Tmall's 618 sales runs from May 13 to May 26, 2025, with a pre-sale deposit payment phase from May 13 to May 16, and a final payment and early purchase phase from May 16 to May 26. This is a 7-day advance compared to last year's 618 event and a 4-day reduction compared to last year's Double Eleven pre-sale period [2][11]. - The promotional mechanisms have been simplified, with Tmall and JD.com eliminating cross-store discounts and increasing platform subsidies. Tmall's official discounts range from 15% to 50%, and the number of coupons issued to 88VIP members has increased significantly from 2 to 6 compared to last year [2][12]. - The first hour of sales in Li Jiaqi's live stream saw a GMV increase of over 10% year-on-year, with notable performances from domestic brands such as Proya and Kefu Mei [3][15]. Summary by Sections 1. 618 Promotional Event - The promotional event's schedule has been advanced, with Tmall's pre-sale period shortened compared to the previous year [2][11]. - JD.com has canceled the pre-heating period, maintaining the same sales period as last year [2][11]. 2. Li Jiaqi's Live Stream Sales Performance - The first hour of the "Explosive Beauty Festival" in Li Jiaqi's live stream saw a GMV increase of over 10% year-on-year, with multiple brand collaborations [3][15]. - Domestic brands such as Proya and Kefu Mei performed exceptionally well during the first day of sales [3][16]. 3. Tmall 618 Pre-sale Rankings - Proya ranked first in the beauty sales during the first four hours of Tmall's pre-sale, with Kefu Mei entering the top three [3][21]. - The rankings indicate a strong performance from domestic brands, with Proya maintaining its leading position and Kefu Mei rising three spots [3][21].

Core Insights - The article highlights the achievements of Fan Daidi, a prominent figure in the biotechnology sector, who has transitioned from academia to becoming a billionaire entrepreneur through her innovations in collagen production [1][10]. Group 1: Background and Education - Fan Daidi was born into a rural family in Shaanxi and aspired to be a doctor but shifted to chemical engineering due to vision issues [5]. - She became the first female PhD in China's bio-chemical engineering field and returned to Northwest University to start her research career with limited funding [5][6]. Group 2: Innovations and Business Development - In 2000, she successfully produced human-like collagen using genetic engineering, leading to the first patent in this area in China [7]. - This innovation addressed issues related to animal-derived collagen, such as viral risks and immune rejection, and laid the foundation for her company, Juzi Biotechnology [7][8]. Group 3: Company Performance - Juzi Biotechnology achieved over 10 billion yuan in cumulative sales by 2022, establishing itself as a leader in the collagen market [8]. - The company's revenue surged from 900 million yuan in 2019 to 5.5 billion yuan in 2024, with net profits increasing from 550 million yuan to 2.06 billion yuan during the same period [14]. Group 4: Personal and Professional Identity - Fan Daidi holds significant stakes in Juzi Biotechnology and another company, Triangle Defense, with a combined market value of approximately 443 billion yuan [10][13]. - Despite her wealth, she continues to serve as a strict mentor at Northwest University, balancing her roles as an academic leader and a successful entrepreneur [16][17].

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].

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]

Core Insights - The news highlights the rise of Fan Daidi, the new vice president of Northwest University, who has become the richest person in Shaanxi with a net worth exceeding 45 billion yuan [3][17] - Fan Daidi is a co-founder of Juzi Biotechnology, which specializes in recombinant collagen products and has seen significant growth in its stock price and market capitalization [4][12] Company Overview - Juzi Biotechnology was founded in 2000 by Fan Daidi and her husband, Yan Jianya, focusing on the commercialization of recombinant collagen technology [4][5] - The company went public on the Hong Kong Stock Exchange in November 2022, becoming the first stock in the collagen sector [4] - Juzi Biotechnology is recognized as a global leader in recombinant collagen, with a strong market position and profitability [4][9] Financial Performance - Juzi Biotechnology has experienced continuous revenue and net profit growth for five consecutive years, with revenue reaching 35.26 billion yuan in 2023 and projected to grow to 55.39 billion yuan in 2024 [10] - The company's net profit for 2023 was 14.52 billion yuan, expected to rise to 20.62 billion yuan in 2024, reflecting growth rates of 44.88% and 42.06% respectively [10] - The operating cash flow has also shown consistent growth, with net cash flows of 9.32 billion yuan in 2022, 16.47 billion yuan in 2023, and projected 20.41 billion yuan in 2024 [10] Stock Market Performance - Juzi Biotechnology's stock price has surged approximately 65% in 2023, with a market capitalization increasing from 51.7 billion HKD at the beginning of the year to 88.3 billion HKD by May 13, 2023 [11][12] - The stock reached a high of 83.35 HKD per share on May 6, 2023, reflecting strong investor interest and confidence in the company's growth trajectory [11] Ownership Structure - Fan Daidi and Yan Jianya hold approximately 56% of Juzi Biotechnology through a family trust, contributing significantly to their wealth, which totals around 476.7 billion yuan [13][16] - In addition to their holdings in Juzi Biotechnology, the couple also has indirect stakes in Triangle Defense, valued at approximately 1.97 billion yuan [15][16]

【大河财立方 记者 夏晨翔】近日，一则"西北大学新任副校长范代娣，持股市值达443亿元，晋升新一 任陕西首富"的消息引起广泛关注。 范代娣与丈夫严建亚共同打造的商业版图逐渐浮出水面，叠加其学术身份，瞬间成为舆论焦点。 西北大学官网显示的范代娣简历 西北大学官网显示，2025年4月，范代娣出任西北大学党委委员、常委、副校长。 在商业领域，范代娣与丈夫严建亚二人通过掌控巨子生物（02367.HK）和三角防务（300775.SZ）两家 上市公司，以及在产业链上下游的深入布局，已构建起横跨生物科技与国防军工的资本矩阵。 2000年，范代娣与严建亚在西安高新区共同创立了巨子生物。2022年11月，巨子生物在港交所主板上 市，成为"胶原蛋白第一股"。 在招股书中，范代娣为巨子生物联合创始人、执行董事兼首席科学官；其丈夫严建亚担任法定代表人、 董事长及总经理；女儿严钰博则担任巨子生物的董秘一职。 值得一提的是，2007年，西北大学与巨子生物共同组建陕西省生物材料与发酵工程技术研究中心，主要 研发方向为生物产品的发酵中试放大技术、生物医用材料的研究与开发、组织工程的研究与开发等。 组建时，身为西北大学化工学院副院长的范代娣兼 ...

作 者丨凌晨 编 辑丨骆一帆 刘雪莹 产业布局与资本裂变并行，范代娣夫妇试图孵化出更多"巨子生物"。 近日， 西北大学副校长范代娣与其丈夫严建亚凭借4 5 7亿元持股市值，折桂新一任陕西首 富。 近两年，巨子生物（0 2 3 6 7 .HK）二级市场表现可以用"疯狂"来形容。上市不足三年，巨子生 物超越毛戈平， 成为港股市值最大的美妆护肤企业， 截至5月1 3日收盘，市值达8 8 3亿港 元。同时，该公司整体毛利首次跨入4 5亿元， 毛利率高达8 2 . 0 9%，被称为"医美茅"。 | | 所有任职企业 5 所有曾任职企业 9 > | | | | | 미 글 퓨 | 飞天眼查 | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | 企业名称 | 胆位 | 注册资本 | 成立日期 | 省份地区 | 登记状态 | | 1 | 個美 | 北京恒美生物技术有限公司 | 股东 | 3万人民币 | 2021-06-03 | 北京市 | 存续 | | 2 | 博数 博 | 陕西博淼睿科技有限公司 | 监事,股东 | 3000万人民币 | 2020-12-2 ...