“科兴”分家30年：疫苗王者陨落美股，干扰素老兵转战医美

Group 1: Core Insights - Kexing Pharmaceutical is entering the rapidly growing recombinant collagen market, with a clinical trial for its type III humanized collagen product officially launched [1][2] - The recombinant collagen market in China is projected to reach 108.3 billion yuan by 2027, with a compound annual growth rate of 44.93% [1][2] - Kexing Pharmaceutical's revenue has stagnated around 1.2 billion yuan for several years, making this strategic shift a necessary move for growth [1][6] Group 2: Industry Trends - The recombinant collagen is becoming a new favorite in the medical aesthetics sector, with its market share expected to grow significantly, while hyaluronic acid's market share is declining [2][4] - Currently, only Jinbo Biotech has received approval for two type III medical devices in this space, indicating a competitive landscape that is likely to change as more companies enter [2][4] Group 3: Company Challenges - Kexing Pharmaceutical faces challenges in cash flow, with net cash flow being negative from 2022 to mid-2025, and cash reserves decreasing from 784 million yuan to 446 million yuan [4][11] - The company is also under pressure from increasing competition, with several firms, including major beauty brands, entering the recombinant collagen market [4][11] Group 4: Historical Context - Kexing Pharmaceutical and Kexing Biology share a common origin, having been established from the same foundational institutions, but have diverged significantly in their paths over the past 30 years [7][8] - Kexing Biology has faced governance issues and financial struggles, while Kexing Pharmaceutical has been criticized for its stagnant revenue and reliance on legacy products [8][11]