Group 1 - The article emphasizes that the collagen protein concept has gained attention in the capital market since 2022, overshadowing the hyaluronic acid industry, which has been misrepresented in various research reports [1] - It highlights that misleading conclusions comparing collagen protein to hyaluronic acid have been widely circulated, damaging the market foundation of a competitive Chinese industry [1] - The rise of the "outdated hyaluronic acid" narrative is described as a phenomenon driven by "impatient capital," which attempts to divert focus from the necessary evolution of the industry [1] Group 2 - The article points out that while hyaluronic acid is being simplistically labeled as just a "moisturizer," there is a significant increase in research surrounding it, with approximately 47,000 published papers from 2000 to 2024 [2] - Over 60% of the research on hyaluronic acid focuses on advanced fields in life sciences, including immunity, metabolism, cell differentiation, cancer research, and signaling mechanisms [2]

美护行业2024年报及2025一季报综述： 行业增速趋稳，重组胶原蛋白保持高景气 长江证券研究所零售研究小组 2025-05-18 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 SAC执业证书编号：S0490514080004 SAC执业证书编号：S0490520080019 SFC执业证书编号：BUV258 分析师 李锦 分析师 罗祎 联系人 曾维朵 %% %% %% %% research.95579.com 2 01 化妆品：行业增速稳健，盈利能力持续分化 02 医美：行业性收入有所收敛，重组胶原蛋白保持高增 目 录 % research.95579.com 3 01 化妆品：行业增速稳健，盈 利能力持续分化 %% %% %% %% research.95579.com 4 01 行业：Q1增速小幅改善，整体趋于稳健增长 ➢ 2025Q1，限额以上化妆品同比增长3.1%，改善了过去三个季度同比负增长的局面（24全年-1.1%，Q1-Q4分别为3.3%、-1.2%、- 5.5%、-1.5%）。线上来看，一季度淡季不淡 ...

Core Viewpoint - The article discusses the rebuttal by Huaxi Biological regarding the "outdated hyaluronic acid theory," claiming it is a narrative constructed by "restless capital" to divert attention from the necessary evolution of China's industry [1][4]. Group 1: Industry Context - Huaxi Biological argues that the rise of the "outdated hyaluronic acid theory" is a result of misleading narratives that have emerged in recent years, portraying hyaluronic acid as inferior to other substances [3][4]. - The company highlights that since 2022, the capital market has shifted its focus to the concept of recombinant collagen, which has been promoted through misleading comparative studies against the hyaluronic acid industry [3][4]. Group 2: Company Performance - Huaxi Biological has experienced a significant decline in net profit and stock price, with its market value dropping from over 140 billion yuan in 2021 to just 24.3 billion yuan currently [7]. - In contrast, competitors like Juzhi Biological, which went public in Hong Kong in 2022, have seen both their performance and stock price rise, with a current market value of 90.9 billion HKD [8]. - Another competitor, Jinbo Biological, listed on the Beijing Stock Exchange, has also seen its stock price double in recent months, reaching a market value of 42.5 billion yuan [9].

作者 | 莫奈 编辑 | 江江 你也许不了解重组胶原蛋白，但大概率听过"可复美面膜"。这款年销售额达到45亿元的爆款面膜，正是 巨子生物旗下的王牌。 2001年，完成了专利申请的范代娣与丈夫严建亚创立了"巨子生物"，从此踏入了科研成果转化的道路。 这一路颇为艰辛，但夫妻两人托举出了一家大型生物科技企业。 2001年，范代娣与丈夫严建亚创立了"巨子生物" 视觉 | 顾芗 大学副校长+首富——当两个身份关联到一起的时候，难免给人无限遐想。 范代娣就是拥有这样两个身份的一位女性。 今年，"211大学"西北大学迎来了新任副校长。4月3日，陕西省政府官网最新一批人事任免通知显示，从 今年4月1日起，任命范代娣为西北大学副校长。在此之前，她曾担任西北大学化工学院院长的职务。 | | | | | | | 请输入关键字 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 智能推荐: | 秦创原 | 营商环境 | 招考招录 | 创新发展 | | 首页 | 省政府 | 得长 | 新闻 | 政策 | ...

Core Insights - Yang Xia, founder of Jinbo Biotechnology, has become the richest woman in Shanxi with a wealth of 11.5 billion yuan, as reported in the 2025 Hurun Global Rich List [3][4] - Jinbo Biotechnology has made significant advancements in recombinant human collagen, leading to its successful listing on the capital market and becoming a leader in the industry [3][11] - Despite the impressive growth in revenue and net profit since its listing, Jinbo Biotechnology faces challenges such as slowing growth rates and high sales expenses [13][15] Company Overview - Jinbo Biotechnology specializes in the research, production, and sales of high-end implantable medical devices using recombinant human collagen as a core material [12] - The company's products are primarily used in medical aesthetics, surgical repair, and various medical fields [12] Financial Performance - Since its listing in 2023, Jinbo Biotechnology reported revenues of 780 million yuan and 1.443 billion yuan for 2023 and 2024, respectively, with growth rates of 99.96% and 84.92% [13] - In Q1 2025, the company achieved revenues of 366 million yuan and a net profit of 169 million yuan, with year-on-year growth rates of 62.51% and 66.25% [13] - The gross margin of Jinbo Biotechnology has been impressive, reaching 92.02% in 2024, although it saw a decline to 90.11% in Q1 2025 [15] Shareholder Dynamics - Yang Xia holds 58.89% of Jinbo Biotechnology's shares, maintaining significant control over the company [6][5] - Several shareholders have reduced their holdings, with a notable decrease in institutional ownership from 102 to 52 institutions [16][15] Market Position - Jinbo Biotechnology's current price-to-earnings ratio (TTM) stands at 53.13, higher than competitors such as Aimeike and Juzhibio [17] - The company's stock price has increased significantly, with a rise of 112.35% since January 15, 2025, reaching a market capitalization of approximately 42.477 billion yuan [8][19]

Core Viewpoint - The medical beauty industry is experiencing a significant performance divergence among listed companies, driven by a shift from hyaluronic acid to collagen products, indicating a potential restructuring of industry value logic [1][3]. Group 1: Performance Analysis - In 2024, the performance of upstream medical beauty companies showed significant divergence, with companies like Juzi Biological and Jinbo Biological leading with high growth rates, while major hyaluronic acid players like Aimeike, Huaxi Biological, and Haohai Biological faced pressure [2][3]. - Aimeike's revenue growth slowed to 5.45%, the lowest since its listing, while Huaxi Biological's revenue declined by 11.61% and net profit dropped by 70.59% [3][5]. - Juzi Biological achieved revenue of 5.539 billion, a year-on-year increase of 57.2%, and a net profit of 2.062 billion, up 42.4% [5][7]. Group 2: Market Trends - The market for recombinant collagen products in China is projected to grow from 18.5 billion in 2022 to 108.3 billion by 2027, with a compound annual growth rate of 42.4% [7]. - Companies are increasingly entering the collagen market, including Aimeike and Huaxi Biological, which are exploring new opportunities in this segment [7][8]. - Huaxi Biological is developing proprietary recombinant human collagen products that have entered clinical trials, indicating a strategic shift towards innovative product development [7].

5月13日，"西北大学副校长范代娣成陕西首富"的话题登上微博热搜。目前，范代娣及其丈夫严建 亚名下有巨子生物（02367.HK）和三角防务（300775.SZ）两家上市公司。5月14日收盘，巨子生 物报81.35港元/股，总市值871.18亿港元，三角防务报25.61元/股，总市值140.92亿元。 在今年3月胡润研究院发布的《2025胡润全球富豪榜》中，范代娣夫妇以315亿元身价超越隆基绿 能创始人之一李振国成为陕西首富。按5月14日收盘价以及持股比例计算，范代娣及严建亚合计持 股市值达470亿元。 高增长的双方 资料显示，巨子生物成立于2000年，主营重组胶原蛋白及其他生物活性成分的研发、生产和销 售。巨子生物于2022年11月在港交所主板挂牌上市。范代娣是巨子生物的创始人之一，在巨子生 物上市时，范代娣担任公司执行董事职务。2023年7月，范代娣辞任巨子生物执行董事职务。 范代娣今年4月出任西北大学副校长，历任西北大学副教授、教授、博士生导师、化工学院副院 长、化工学院院长职位。范代娣与西北大学的渊源颇深，其本科、硕士均毕业于西北大学化学系相 关专业。 值得关注的是，同在重组胶原蛋白赛道的锦波生物（83 ...

Core Insights - The article highlights the rise of Fan Daidi, the new vice president of Northwest University, who has become the richest person in Shaanxi province due to her and her husband's successful ventures in the biotechnology and defense sectors [1][3]. Company Overview - Fan Daidi and her husband, Yan Jianya, control two publicly listed companies: Juzhi Biotechnology and Triangle Defense, with market capitalizations of approximately 882.96 billion HKD and 143 billion HKD, respectively, as of May 13 [1][3]. - Juzhi Biotechnology is recognized as China's largest collagen protein company, achieving a revenue of 5.539 billion CNY in 2022, a year-on-year increase of 57.2%, and a net profit of 2.062 billion CNY, up 42.1% [1][11]. Industry Position - Juzhi Biotechnology operates in the high-margin field of recombinant collagen, with a gross margin of 82.09% [1][11]. The company has expanded its product offerings to include medical dressings and functional foods, positioning itself as a leader in the beauty and medical skincare market [11]. - The company has been referred to as the "Moutai for women," indicating its high profitability and market demand [11]. Financial Performance - Juzhi Biotechnology has seen rapid growth, with revenue increasing from 900 million CNY in 2019 to 5.539 billion CNY in 2022, and net profit rising from 550 million CNY to 2.062 billion CNY during the same period [11]. - Despite high growth and profitability, the company has engaged in frequent financing activities, raising a total of 4.56 billion HKD since its IPO in 2022 [13]. Leadership and Innovation - Fan Daidi has made significant contributions to the field of recombinant collagen, holding numerous patents and awards, including the National Technology Invention Award [9][11]. - Yan Jianya, initially a chemical engineering teacher, transitioned into the defense sector by founding Triangle Defense, which focuses on providing services to the national defense industry [5][7].

记者 叶心冉 5月13日，"西北大学副校长范代娣成陕西首富"的话题登上微博热搜。目前，范代娣及其丈夫严建亚名下有巨子生物（02367.HK）和三角防务（300775.SZ） 两家上市公司。5月13日收盘，巨子生物报82.45港元/股，总市值882.96亿港元，三角防务报26元/股，总市值143.06亿元。 在今年3月胡润研究院发布的《2025胡润全球富豪榜》中，范代娣夫妇以315亿元身价超越隆基绿能创始人之一李振国成为陕西首富。按5月13日收盘价以及 持股比例计算，范代娣及严建亚合计持股市值达480亿元。 高增长的双方 资料显示，巨子生物成立于2000年，主营重组胶原蛋白及其他生物活性成分的研发、生产和销售。巨子生物于2022年11月在港交所主板挂牌上市。范代娣是 巨子生物的创始人之一，在巨子生物上市时，范代娣担任公司执行董事职务。2023年7月，范代娣辞任巨子生物执行董事职务。 范代娣今年4月出任西北大学副校长，历任西北大学副教授、教授、博士生导师、化工学院副院长、化工学院院长职位。范代娣与西北大学的渊源颇深，其 本科、硕士均毕业于西北大学化学系相关专业。 值得关注的是，同在重组胶原蛋白赛道的锦波生物（83 ...

【大河财立方 记者 夏晨翔】近日，一则"西北大学新任副校长范代娣，持股市值达443亿元，晋升新一 任陕西首富"的消息引起广泛关注。 范代娣与丈夫严建亚共同打造的商业版图逐渐浮出水面，叠加其学术身份，瞬间成为舆论焦点。 西北大学官网显示的范代娣简历 西北大学官网显示，2025年4月，范代娣出任西北大学党委委员、常委、副校长。 在商业领域，范代娣与丈夫严建亚二人通过掌控巨子生物（02367.HK）和三角防务（300775.SZ）两家 上市公司，以及在产业链上下游的深入布局，已构建起横跨生物科技与国防军工的资本矩阵。 2000年，范代娣与严建亚在西安高新区共同创立了巨子生物。2022年11月，巨子生物在港交所主板上 市，成为"胶原蛋白第一股"。 在招股书中，范代娣为巨子生物联合创始人、执行董事兼首席科学官；其丈夫严建亚担任法定代表人、 董事长及总经理；女儿严钰博则担任巨子生物的董秘一职。 值得一提的是，2007年，西北大学与巨子生物共同组建陕西省生物材料与发酵工程技术研究中心，主要 研发方向为生物产品的发酵中试放大技术、生物医用材料的研究与开发、组织工程的研究与开发等。 组建时，身为西北大学化工学院副院长的范代娣兼 ...