合成生物学应用进展点评：创健医疗发布"核酸四面体"，化妆品生物新材料再添“新星”

Industry Investment Rating - The report maintains a positive outlook on the cosmetics industry, particularly highlighting the potential of synthetic biology in driving innovation and cost reduction in cosmetic ingredients [2] Core Viewpoints - The introduction of "nucleic acid tetrahedron (tFNA)" by Chuangjian Medical represents a significant advancement in anti-aging skincare, offering strong skin penetration, cellular anti-aging, and precise drug delivery capabilities [2] - Synthetic biology is becoming a key driver in the development of cosmetic ingredients, with significant cost reductions achieved through biotechnological methods compared to traditional chemical synthesis [2] - Domestic brands are leveraging synthetic biology to enhance their competitive edge, with companies like Huaxi Biotech, Proya, and Betaine investing heavily in synthetic biology research and development [2] Key Company Analysis - Chuangjian Medical (873474 NQ): Recognized for its advanced synthetic biology platform and ability to mass-produce novel biomaterials, positioning it as a leader in the field [2] - Jinbo Biotech (832982 BJ): A frontrunner in the recombinant collagen industry with a comprehensive industrial chain layout, focusing on research and development [2] - Bawei Co Ltd (837023 BJ): A leading domestic cosmetics ODM manufacturer that is strengthening its industry competitiveness through increased investment in synthetic biology ingredient research [2] Industry Trends and Data - The cost of tFNA production has been significantly reduced from 200,000-300,000 RMB per gram through chemical synthesis to 1/10th of that cost via biological synthesis, with further reductions expected due to economies of scale [2] - The number of biotechnology and plant-extracted ingredients registered with the National Medical Products Administration has grown rapidly, with biotechnology ingredients accounting for 24% of total registrations by the end of 2023, second only to chemical ingredients at 57% [2] Valuation and Market Performance - Jinbo Biotech (832982 BJ): Market cap of 21 2 billion RMB with projected net profits of 7 00 billion RMB in 2024E, 8 37 billion RMB in 2025E, and 10 68 billion RMB in 2026E [3] - Bawei Co Ltd (837023 BJ): Market cap of 1 5 billion RMB with projected net profits of 0 45 billion RMB in 2024E, 0 80 billion RMB in 2025E, and 0 95 billion RMB in 2026E [3]