Core Viewpoint - The strategic partnership between Jinbo Biotechnology and Meituan marks a significant shift from previous conflicts, indicating a new approach to market control and pricing stability in the medical aesthetics sector [2][5][22]. Group 1: Company Overview - Jinbo Biotechnology specializes in recombinant humanized collagen and anti-HPV biological proteins, with its flagship product, Wei Yimei, contributing over 90% of its revenue [6][8]. - Wei Yimei, launched in 2021, is the first injectable recombinant humanized collagen product approved in China, achieving sales of 2 million units and generating 2 billion yuan in revenue [8][12]. Group 2: Market Dynamics - The pricing of Wei Yimei has seen a significant decline since its launch, dropping from 16,800 yuan per unit to as low as 1,399 yuan, leading to a chaotic pricing environment [9][12]. - The competitive landscape is changing, with multiple companies expected to receive approvals for similar products by 2025, potentially eroding Jinbo's market dominance [20][21]. Group 3: Strategic Moves - The partnership with Meituan aims to stabilize pricing and expand market reach by leveraging Meituan's extensive network of 14,000 medical aesthetic institutions [24][25]. - Jinbo's collaboration with Yangshengtang, which includes a significant capital investment, is intended to enhance its product development and distribution capabilities [30][33]. Group 4: Future Prospects - Jinbo Biotechnology is positioned for potential growth, with a market capitalization of 38.5 billion yuan and aspirations to compete with leading companies like Aimeike, which has a peak market value of 170 billion yuan [35]. - The company's ability to transition from reliance on regulatory approvals to a focus on product and channel strength will be crucial for its future success [35].
锦波生物与美团战略合作，医美巨头渠道博弈反转