证券研究报告 美容护理 | 医疗美容 北交所|公司点评报告 hyzqdatemark 2025 年 08 月 26 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： 投资要点： 公司持续拓展销售渠道，旗下"薇旖美"品牌产品已覆盖终端医疗机构超过 4000 家。随着"注射用重组 III 型人源化胶原蛋白凝胶"的获批，后续机构的覆盖会持续 扩大，销售团队也会进一步扩大。2025 上半年，公司在境内各地区营业收入较上年 同期均有所增加，主要系 A 型重组人源化胶原蛋白为核心成分的植入剂产品营业收 入增长所致，而境外业务增长主要系原料业务增长所致。公司运营策略多维度协同 推进，产品研发方面：公司于 2025 年 4 月获批"注射用重组 III 型人源化胶原蛋白 凝胶"三类医疗器械注册证，该产品通过自组装、自交联技术合成，实现了在制造 方式和作用机制上的创新 ...

Investment Rating - The investment rating for Shanxi Jinbo Bio-Pharmaceutical is maintained at OUTPERFORM with a target price of Rmb 405.10, indicating a potential upside of 26.6% from the current price of Rmb 302.98 [2][19]. Core Insights - In H1 2025, the company's revenue reached Rmb 708 million, representing a year-on-year growth of 42.4%. However, the growth rates for both revenue and profit have slowed down compared to previous periods [3][14]. - The medical device segment's revenue in H1 2025 was Rmb 708 million, up 33.4% year-on-year, driven by the sales of implantable products [3][14]. - The functional cosmetics segment saw a significant increase in revenue, reaching Rmb 121 million, up 152.4% year-on-year, primarily due to the growth of its own brands [3][14]. - The company plans to distribute dividends of Rmb 10 per 10 shares, with a payout ratio of 29.3% [3][14]. Financial Performance - The gross margin for H1 2025 was 90.7%, a decrease of 90 basis points year-on-year, while the net profit attributable to the parent company was Rmb 390 million, up 26.7% year-on-year [4][15]. - The sales expense ratio increased significantly in Q2 2025, leading to a slowdown in profit growth [4][15]. - The company expects its revenue to reach Rmb 2.17 billion, Rmb 2.92 billion, and Rmb 3.72 billion for 2025, 2026, and 2027, respectively, with growth rates of 50.2%, 34.8%, and 27.3% [19]. Product Development and Innovation - The company achieved three major breakthroughs with its new injectable product, which enhances safety and manufacturing processes [6][16]. - The recombinant human-sourced collagen new material project is expected to be terminated, leading to an impairment provision of Rmb 9.11 million [6][16]. Market Expansion - In H1 2025, the company obtained a medical device registration permit in Thailand and established two new subsidiaries for pharmaceutical manufacturing and business expansion in Hong Kong [7][17]. Equity Incentive Plan - The 2025 equity incentive plan impacts approximately Rmb 11 million, with performance targets set for net profits over the next three years [8][18].

Company and Industry Summary Company: 景博生物 (Jingbo Biotechnology) Key Financial Performance - In the first half of 2024, Jingbo Biotechnology's net profit attributable to shareholders increased by nearly 27% year-on-year, with revenue reaching 860 million yuan, a growth of over 42% [2][3] - The second quarter saw revenue growth exceeding 30%, although the growth rate showed a slowdown compared to the first quarter [3] - Gross margin decreased by 0.9 percentage points to 91.1% in the first half of 2024, with a 0.3 percentage point decline in the second quarter [3] - The increase in operating expenses was attributed to stock incentive plans and new brand promotion costs, with a 7.5 percentage point rise in the second quarter [3] Business Segments - The company operates primarily in three segments: - Medical Devices (87% of revenue) - Functional Skincare Products (10%) - Raw Materials (3%) [2][5] - The medical device segment has a compound annual growth rate (CAGR) of 94%, significantly outpacing industry growth [2][5] Product Development and Market Position - Jingbo Biotechnology has a first-mover advantage in the field of recombinant human collagen, being one of the few companies in China with relevant certifications [2][6] - The company is developing various types of recombinant human collagen products, including types III and XVII, with applications in gynecology, orthopedics, urology, and dentistry [4][10] - The introduction of gel products is expected to open new growth avenues, addressing deep aging issues and offering significant volume enhancement [7][8] Competitive Advantages - The company holds three key certifications in the medical device sector, providing a competitive edge [4][11] - Its micro-aesthetic brand features multiple injection products, including a gel that enhances support and promotes endogenous tissue regeneration without chemical cross-linking agents [6][9] - The company has expanded its overseas market presence, with five skincare products receiving FDA and SFDA dual certification, and plans to recruit global strategic partners [4][13] Market Outlook - The market for recombinant collagen is still in its early stages, with a total size of less than 10 billion yuan compared to the over 20 billion yuan market for hyaluronic acid, indicating substantial growth potential [14] - Despite increasing competition, Jingbo's established product matrix and market presence are expected to sustain its long-term competitiveness [14] Brand Positioning - The company has two main brands: - "重元" (Zhongyuan) targeting lower price segments (70 to 600 yuan) - "Pro use" focusing on high-end anti-aging skincare products, with prices exceeding 1,000 yuan for certain items [12] Strategic Initiatives - The company is enhancing brand awareness through increased marketing efforts on platforms like Tmall, Douyin, and JD.com [11] - Plans for international expansion are underway, with products already registered in Vietnam and partnerships with global brands like L'Oréal [13]

Group 1 - The company Jinbo Biological (832982) announced a semi-annual report distribution plan, proposing a cash dividend of 10 yuan per share (including tax), with a total cash dividend distribution expected to be 115 million yuan [2] - The semi-annual report indicates that the company's operating revenue for the first half of the year was 859 million yuan, representing a year-on-year increase of 42.43%, while net profit reached 392 million yuan, up 26.65% year-on-year, with earnings per share of 3.41 yuan and a weighted average return on equity of 23.01% [2] - The company's core business focuses on the research, development, production, and sales of high-end implant-grade medical devices using type A recombinant human collagen as the main raw material [2] Group 2 - As of the end of the first half of the year, the total number of shareholders in the company was 8,543, an increase of 3,868 shareholders compared to the previous quarter, reflecting a growth rate of 82.74% [2] - The latest closing price of the stock was 320.03 yuan, with a cumulative increase of 0.06% over the past five days and a total turnover rate of 7.22% [2] - In terms of institutional ratings, three institutions have rated the stock as a buy in the past month, with the highest target price estimated by Guotai Haitong at 435.03 yuan, as reported on July 23 [2]

Core Viewpoint - The article discusses the strategic shift of Jinbo Biotechnology from confrontation with online platforms to collaboration, highlighting its partnership with Meituan and the implications for its flagship product, Wei Yimei [2][21]. Group 1: Company Overview - Jinbo Biotechnology specializes in recombinant human collagen and anti-HPV biological proteins, with its star product Wei Yimei contributing over 90% of its revenue since its launch [7][8]. - Wei Yimei, the first injectable recombinant human collagen product in China, has seen a significant price decline from 16,800 yuan per unit at launch to as low as 1,399 yuan in the market [8][12]. Group 2: Market Dynamics - The price chaos surrounding Wei Yimei has led to consumer confusion, with prices ranging from hundreds to thousands of yuan, prompting Jinbo to protest against unauthorized low pricing by platforms like Meituan and Xinyang [12][25]. - The competitive landscape is changing as other companies, such as Juzhi Biotechnology and Chuangjian Medical, are accelerating their product approvals, potentially eroding Jinbo's market exclusivity [18][19]. Group 3: Strategic Partnerships - The partnership with Meituan aims to stabilize Wei Yimei's pricing and expand its market reach by leveraging Meituan's network of 14,000 medical beauty institutions [23][24]. - Jinbo's collaboration with Yangshengtang, which involves significant capital investment, is expected to enhance its distribution channels and R&D capabilities, allowing for the development of differentiated products [29][32]. Group 4: Future Prospects - Jinbo Biotechnology is positioned for potential growth, with a market valuation of 38.5 billion yuan and aspirations to transition to a higher stock exchange, potentially rivaling the market cap of major competitors like Aimeike [33]. - The success of Jinbo in navigating the challenges of price control and regulatory changes will determine its ability to evolve from a research-focused entity to a mature enterprise with robust product and channel capabilities [33].

Core Insights - Zhong Shanshan has regained the title of China's richest person with a net worth of $68.4 billion as of July 25, 2023, surpassing other business leaders like Zhang Yiming [1][2] - The resurgence in Zhong's wealth is attributed to the recovery of Nongfu Spring from a "bottled water crisis" and strategic business investments [1][4] Company Performance - Nongfu Spring's stock price reached a new high of HKD 47.4 per share on July 25, 2023, with a total market capitalization exceeding HKD 530 billion, contributing significantly to Zhong's wealth increase [4] - In 2024, Nongfu Spring's tea beverage segment generated revenue of CNY 16.745 billion, a 32.3% increase year-on-year, surpassing the revenue from bottled water products [5][8] - The revenue from bottled water products dropped from CNY 20.262 billion in 2023 to CNY 15.952 billion in 2024, a decline of 21.3%, marking the first time its revenue share fell below 40% since 2017 [8] Investment Strategy - Zhong Shanshan's investment in Jinbo Biotechnology, amounting to CNY 3.4 billion, is expected to expand his business portfolio, as the company leads in the field of humanized collagen [5][6] - Successful investments, including a profitable venture in a Thai coconut water company, have also bolstered Zhong's financial recovery [6] Market Challenges - The past year posed significant challenges for Zhong, with Nongfu Spring and Wantai Biological Pharmacy experiencing substantial revenue declines due to market pressures and public scrutiny [7][9] - Wantai Biological's revenue fell by 59.25% in 2024, primarily due to a sharp decline in its vaccine segment, which dropped 84.69% year-on-year [9]

Summary of the Conference Call Company Overview - **Company Name**: Jingbo Biological - **Industry**: Synthetic Biology and Biomanufacturing Key Financial Metrics - **Revenue**: 1.443 billion CNY, a year-on-year increase of 84.92% from 780 million CNY in 2023 [2] - **Net Profit**: 732 million CNY, a year-on-year increase of 144.27% [21] - **Earnings per Share**: 8.27 CNY [1] - **Gross Margin**: 92.02% [2] - **Cash Flow from Operating Activities**: 767 million CNY, a year-on-year increase of 159.55% [21] - **Debt Ratio**: 25.53% [2] - **Current Ratio**: 4.44 [2] - **R&D Investment**: 123 million CNY, accounting for 8.52% of revenue [22] Core Business Segments - **Medical Devices**: Revenue of 1.254 billion CNY, a year-on-year increase of 84.37% [21] - **Functional Skincare Products**: Revenue of 142 million CNY, accounting for 9.83% of total revenue [2] - **Raw Materials**: Rapid growth due to increased brand customer procurement [22] Innovation and Product Development - **New Product Launch**: Successfully launched injectable recombinant human collagen gel, a significant breakthrough in synthetic biology [12][17] - **Research Focus**: Emphasis on original innovation and the development of advanced structural functional proteins [25] - **Collagen Research**: The company has developed a unique theory and data system for A-type recombinant human collagen, enabling large-scale production [17][19] Market Position and Growth Strategy - **Market Expansion**: The company is actively expanding its market presence and has received FDA certifications for several products [23] - **International Patents**: Holds a total of 104 patents, including 10 international invention patents [23] - **Investor Relations**: Conducted 9 investor communication activities, including 3 performance briefings, reaching over 300 institutions and analysts [24] Future Outlook - **Vision**: Aims to become a leading international technology innovation enterprise in the field of biological materials [25] - **Sustainability**: Utilizes green and environmentally friendly production processes [25] - **Dividend Policy**: Plans to distribute a total of 266 million CNY in dividends if the proposed plan is implemented [24] Additional Insights - **Cultural Emphasis**: The company fosters a culture of innovation and risk-taking, essential for scientific research [11][15] - **Challenges in R&D**: The development of new products involves significant challenges and risks, with a focus on maintaining high standards in research [15][16] - **Collaboration**: Maintains long-term partnerships with renowned universities and medical institutions to enhance R&D capabilities [22]

Core Viewpoint - The article highlights the success story of Yang Xia, the founder of Jinbo Biological, who transformed a small startup with 500,000 yuan into a leading biological materials company valued at over 20 billion yuan, focusing on human-derived collagen protein for the medical aesthetics industry and beyond [4][6]. Company Overview - Jinbo Biological was established in 2008 with a mission to develop recombinant human-derived collagen protein, addressing a significant gap in the market due to the high costs and limitations of natural collagen [5][6]. - The company achieved a major breakthrough in 2014 by successfully developing the first recombinant type III collagen product, leading to the establishment of the world's first production line for recombinant human-derived collagen in 2019 [6][7]. Financial Performance - Jinbo Biological went public on the Beijing Stock Exchange on July 20, 2023, with an initial stock price of 49 yuan, raising 245 million yuan. The company's market capitalization reached 12 billion yuan on its first trading day [7]. - In 2024, the company reported a revenue of 1.443 billion yuan, a sixfold increase over three years, with a net profit of 732 million yuan, reflecting a year-on-year growth of 144.3% [7][11]. Product Development - The core product, "Wei Yimei," contributed 1.254 billion yuan to the revenue, accounting for 86.89% of total sales, and is used in over 4,000 medical institutions across China [7][11]. - Jinbo Biological has received three Class III medical device certifications for its recombinant collagen injection products, establishing a strong technical barrier in the industry [8][10]. Strategic Partnerships and Investments - In 2025, Jinbo Biological announced a significant capital operation, raising 2 billion yuan through a private placement to expand production capacity and develop a collagen protein database [9]. - The company also entered into a strategic partnership with Zhong Shanshan, acquiring a 10.58% stake, which aims to leverage distribution channels for functional foods and skincare products [9][10]. Future Outlook - Jinbo Biological is expanding its applications of collagen protein beyond medical aesthetics into fields such as gynecology and orthopedics, emphasizing the material's potential as a life material [11][12]. - The company is also focusing on maintaining its competitive edge through original innovation and establishing a functional protein research institute to foster long-term technological development [11][12].

Core Viewpoint - Jinbo Biological is not merely a cosmetic enterprise but a pioneer in the field of human-derived collagen, with significant technological advancements and market potential in the medical sector [1][12]. Group 1: Company Overview - Jinbo Biological (832982.BJ) announced a deep collaboration with Zhong Shanshan's Yangshengtang, involving a total investment of up to 34 billion yuan, which includes a 20 billion yuan capital increase and a 14.03 billion yuan share transfer [2][3]. - The company holds a 100% market share in the category of three types of medical devices related to collagen [2]. - The founder, Yang Xia, has transformed Jinbo Biological into a leader in the recombinant human collagen market, overcoming significant technical challenges [3][11]. Group 2: Technological Advancements - The company successfully developed the first recombinant type III collagen product in 2014, after years of research and overcoming various technical hurdles [5][6]. - In 2018, Jinbo Biological achieved a breakthrough by synthesizing a unique A-type recombinant type III human collagen with a specific triple helix structure, marking a significant advancement in the field [7][8]. - The company received regulatory approval for its recombinant type III human-derived collagen freeze-dried fiber product in June 2021, establishing it as a leader in the new biological materials sector [8][9]. Group 3: Financial Performance - Jinbo Biological's revenue surged from 233 million yuan in 2021 to 780 million yuan in 2023, reflecting a compound annual growth rate of 82.8% [9][12]. - Net profit increased dramatically from 57.39 million yuan to 732 million yuan, with a cumulative growth exceeding 500% [9]. - The gross margin improved from 82.29% in 2021 to 92.02% in 2023, surpassing that of major competitors [9]. Group 4: Market Position and Future Outlook - The company is positioned to enter the international beauty supply chain, including partnerships with major brands like L'Oréal, enhancing its market reach [9][10]. - Jinbo Biological aims to expand its product line to cover various medical applications, including oral, orthopedic, and gynecological fields, focusing on human tissue repair solutions [11][12]. - The market for recombinant collagen in China is projected to reach 58.6 billion yuan by 2025 and exceed 200 billion yuan by 2030, indicating a significant growth opportunity despite increasing competition [12].

Core Viewpoint - The strategic investment by Zhong Shanshan in Jinbo Biological is seen as a significant move into the collagen protein sector, indicating confidence in the company's growth potential and the broader medical beauty industry [2][8]. Group 1: Investment Details - Jinbo Biological announced the introduction of strategic investors, raising a total of 3.4 billion yuan, with 2 billion yuan allocated to the issuance of shares to Yangshengtang [2][3]. - Zhong Shanshan, through Yangshengtang and Hangzhou Jiushi, will hold a combined 10.58% stake in Jinbo Biological after the transaction [5][6]. - The investment aims to enhance Jinbo Biological's production capabilities and market reach, leveraging Yangshengtang's resources [10]. Group 2: Company Performance - Jinbo Biological reported a revenue of 1.443 billion yuan in 2024, marking an 84.92% year-on-year increase, with a net profit of 732 million yuan, up 144.27% [15]. - The company boasts a high gross margin of 92.02% and a net profit margin of 50.68%, reflecting strong profitability [15]. - Jinbo Biological is recognized as a leader in the recombinant human collagen field, having achieved significant technological breakthroughs [15]. Group 3: Market Context - The medical beauty sector is becoming increasingly competitive, with Jinbo Biological facing challenges from rivals like Juzhi Biological and Marubi [11]. - Yangshengtang's recent performance has been lackluster, with its main companies, Nongfu Spring and Wantai Biological, showing minimal revenue growth [13][14]. - The investment by Zhong Shanshan may be a strategic move to diversify and seek new growth avenues amid stagnation in his existing businesses [13][16].