绽妍生物冲刺IPO背后，经销商一度“大换血”！

Core Viewpoint - Zhang Yingtian, the actual controller of Zhenyan Biotechnology Co., Ltd., is leading the company towards its listing on the Beijing Stock Exchange, despite significant changes in its distributor network and a unique acquisition model for its core trademarks and technologies [1][9]. Group 1: Company Overview - Zhenyan Biotechnology was established in December 2019 and is set to be listed on the Beijing Stock Exchange by September 2025, focusing on three main business segments: medical devices, dermatological skincare products, and active ingredients [2]. - The company’s revenue for 2023 and 2024 was reported at 486.19 million yuan and 597.47 million yuan, respectively, with net profits of 68.48 million yuan and 73.50 million yuan [10][11]. Group 2: Distributor Changes - The number of distributors decreased from 595 in 2023 to 526 in 2024, with 233 exiting and 146 new ones added, indicating a significant turnover in the distributor network [2][3]. - The largest distributor, Chongqing Jucai Pharmaceutical Co., Ltd., which contributed 32.98 million yuan (11.52% of total revenue) in 2023, was removed from the top five distributors in 2024 due to a strategic shift to develop its secondary distributors into primary ones [5][10]. Group 3: Financial Performance - The gross profit margins for 2023 and 2024 were 62.33% and 68.34%, respectively, indicating an upward trend in profitability [10][11]. - The company’s revenue from distributors accounted for 58.91% of total revenue in 2023, which decreased to 44.88% in 2024, still higher than competitors like Huaxi Biological [7][11]. Group 4: Competitive Landscape - Compared to competitors, Zhenyan's revenue and profit figures are significantly lower, with peers like Fulejia and Betaini reporting revenues exceeding 2 billion yuan and 5 billion yuan, respectively [12].