Core Viewpoint - Jinbo Bio's revenue and net profit growth have slowed down following the challenge to its exclusive status in the "medical device three certificates" market, with the company reporting a significant decline in net profit for the third quarter of 2025 [2][3]. Financial Performance - For the first three quarters of 2025, Jinbo Bio reported revenue of 1.296 billion yuan, a year-on-year increase of 31.1%, and a net profit of 568 million yuan, up 9.29% year-on-year [2]. - In the third quarter of 2025, revenue was 437 million yuan, reflecting a year-on-year growth of 13.36%, while net profit decreased by 16.24% to 176 million yuan, marking the first quarterly net profit decline since the company's listing [2]. - The company's stock price fell by 7.07% to 245.5 yuan per share as of October 30, 2025, nearly a 50% drop since May of the same year [2]. Product and Market Dynamics - Wei Yimei, a key product of Jinbo Bio, has consistently contributed over 80% to the company's revenue, with its core component being recombinant humanized collagen, which is a Class III medical device approved by the National Medical Products Administration [3]. - Jinbo Bio held three "medical device three certificates" for recombinant collagen products, which have been crucial for its high growth, with revenue increasing from 102 million yuan in the first half of 2021 to 859 million yuan in the first half of 2025, representing a compound annual growth rate of 69.9% [3]. - The exclusive market position of Jinbo Bio has been challenged by the recent approval of a "medical device three certificate" for a competing product from Juzi Bio, marking the entry of additional players into the recombinant collagen market [3][4]. Competitive Landscape - Other leading medical aesthetic companies are also applying for "medical device three certificates" in the recombinant collagen sector, including Chuangjian Medical and Huaxi Bio, indicating increasing competition [4]. - Jinbo Bio's management stated that the company still possesses three certificates as technical support and maintains advantages in technology accumulation and product matrix in the recombinant collagen implant market [4]. Business Segmentation - Jinbo Bio's revenue growth is attributed to both medical devices and functional skincare products, with the latter seeing a significant increase of 152% in revenue growth in the first half of 2025 [5]. - The contribution of medical devices to Jinbo Bio's revenue decreased from 88% in the first half of 2024 to 82.5% in the first half of 2025, while the share of functional skincare products rose from 8% to 14% [5].
锦波生物单季净利润首降