Core Viewpoint - Zhenyan Biotechnology Co., Ltd. has recently listed on the New Third Board, with expectations of targeting the Beijing Stock Exchange for future listing opportunities [1][2]. Company Overview - Zhenyan Biotechnology specializes in post-surgical skin repair in the medical beauty sector, offering products such as medical masks, sprays, and moisturizers [2]. - The company's "Recombinant Mussel Adhesive Protein Hydrogel Dressing" and "Recombinant Collagen Repair Sterile Dressing" are designed for post-procedure care following laser and photon rejuvenation treatments [2]. Financial Performance - In 2024, Zhenyan's medical masks generated revenue of 251 million yuan, accounting for over 40% of total revenue [2]. - The company reported total revenues and net profits of 597 million yuan and 74 million yuan respectively in 2024, reflecting year-on-year growth of 22.89% and 7.34% [3]. - Online sales contributed approximately 318 million yuan, making up around 50% of total revenue [3]. Market Position and Competition - If Zhenyan successfully lists, it could become the first stock in the medical mask segment on the Beijing Stock Exchange [3]. - The company’s revenue structure is similar to that of Chuangye's "medical mask first stock" (301371.SZ), which has faced significant profit declines [3]. - Despite industry challenges, Zhenyan has maintained growth, while competitors like Chuangye have seen substantial revenue drops due to increased competition and market dynamics [3]. Sales and Marketing Strategy - Zhenyan's sales expenses surged to 276 million yuan in 2024, a year-on-year increase of approximately 50%, representing 46% of total revenue [4]. - The company has adopted a competitive pricing strategy, with its medical repair dressing priced lower than similar products from competitors [5].
北交所或迎“医美面膜第一股”