以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 毛利率在80%以上，研发投入却较低。 作者：林木 编辑：吴跃 来源：财经天下WEEKLY 因为陷入"EGF（表皮生长因子）罗生门"，可复美近期被推上风口浪尖。 不久前，有消费者反映可复美产品"违规添加EGF"。随后可复美母公司巨子生物予以否认， 称"旗下所有产品均未添加"。伴随着舆论发酵，社媒平台上，看客们吵得沸沸扬扬，力挺声、 质疑声四起，也让"可复美"这个名字被更多人知晓。 做过医美或者皮肤敏感的消费者，大多对"可复美"三个字不陌生。这个主打皮肤修复的品牌， 早年间主要深耕院线渠道，之后乘上直播电商风口，进入更多人视野，撬开更多钱包。过去6 年，其母公司巨子生物营收从9.57亿元涨至55.39亿元，翻了5倍多。 2024年，巨子生物一举超越珀莱雅，成为市值最高的国货美妆公司，此后一直保持至今。公 司创始人，现年59岁的陕西人范代娣，也因此登顶国货美妆首富。 爱美的女生，这些年托举过不少美妆公司。当下风头最盛的可复美和巨子生物，到底是何来 头？为 ...

Core Viewpoint - Guangdong Marubi Biotechnology Co., Ltd. reported a strong performance for 2024, with revenue reaching 2.97 billion RMB, a year-on-year increase of 33.44%, and net profit attributable to shareholders rising by 31.69% to 341.63 million RMB [1][3]. Financial Performance - Revenue for 2024 was 2,969,770,566.54 RMB, up from 2,225,594,089.54 RMB in 2023, marking a 33.44% increase [3]. - Net profit attributable to shareholders was 341,628,707.73 RMB, compared to 259,417,875.91 RMB in 2023, reflecting a 31.69% growth [3]. - The main brand, Marubi, achieved over 2 billion RMB in revenue, while the PL Lover brand approached 1 billion RMB [6][8]. Business Segments - Skincare remains the top revenue category, generating 2.4 billion RMB, while the eye care segment has dropped to the third position [18]. - The PL Lover brand saw a revenue increase of 40.72%, reaching 905 million RMB, marking a staggering growth of approximately 1271 times since 2019 [11][12]. Market Position and Strategy - Marubi has successfully transitioned from a three-year growth stagnation post-IPO to a robust growth phase, driven by the restructuring of collagen technology and dual-brand development [6][7]. - The company has focused on a big product strategy, with significant sales from key products like the peptide eye cream and collagen essence [17][20]. Sales Channels and Regional Performance - Online sales accounted for 2.54 billion RMB, a 35.77% increase, while offline sales rose by 20.79% to 427 million RMB [20]. - The South China region generated 2.16 billion RMB in revenue, a 41.06% increase, while the Northeast region experienced the fastest growth at 63.30% [21][22]. Competitive Landscape - Despite the positive financial results, Marubi lags behind competitors like Proya and Up Beauty in terms of revenue and brand scale, with a significant gap to close [24][25]. - The company's R&D investment was 74 million RMB, ranking second to last among the top 10 beauty companies, raising concerns about its long-term competitiveness [25][27].

在重组胶原蛋白的江湖中，丸美用十二年完成了从"跟随者"到"赶超者"的角色转化。 在第五届重组胶原蛋白科学论坛上，《FBe a u t y未来迹》发现，丸美生物对重组胶原蛋白行业 的贡献可以概括为两点： 其一是在技术领域的里程碑式突破 。五年前，丸美推出了重组全人源化胶原蛋白，实现与人 体 同 源 、 高 活 性 与 高 稳 定 性 ， 打 破 国 外 抗 衰 成 分 垄 断 ， 标 志 着 中 国 抗 衰 成 分 正 式 进 入 " 4G 时 代"。 而在2 0 2 5年，丸美技术升级至毕赤酵母改造体系，重组双胶原蛋白实现五大一致（序列、活 性、结构、羟基化、纤维化），达到"与人一模一样的胶原蛋白"，并获得IFSCC首个中国技术 创新奖。 其二是成为"标准制定者"，发挥引领重组胶原蛋白高质量健康发展的产业价值 。目前，丸美 主导制定、工信部批准立项的《重组可溶性胶原》行业标准已箭在弦上，公司发布《重组胶原 蛋白国际院士专家共识》，提出序列、结构、活性"三一致"及五大高质量标准，不遗余力推动 行业有序发展。 而且值得注意的是，丸美一路走来，并非"弯道超车"，而是"开山辟路"。 " 只有中国成分的全面崛起，才能开 ...

重组胶原蛋白企业的业绩正在持续狂飙。 2024年，境内"重组胶原蛋白第一股"锦波生物（832982.BJ）的收入、归母净利润分别为14.43亿元、 7.32亿元，分别同比增长了84.92%、144.27%。 增势还在延续。2025年一季度收入、归母净利润分别为3.66亿元、1.69亿元，同比增幅均超6成。 不过锦波生物的产品出厂价正出现微弱松动。 信风以销量和收入测算，以A型重组人源化胶原蛋白为核心成分的植入剂产品薇旖美（下称"薇旖美"， 即注射重组III型人源化胶原蛋白产品）为例，其售价整体呈现下滑趋势，2024年出厂价为910元/支，同 比下滑了近7%。 下游医美机构不断通过低价引流的背景下，薇旖美的终端售价也在不断走低。 这或许都在给锦波生物带来更多价格压力。 "首证"的红利期 尽管业绩坚挺，出厂价仍在面临一定压力。 2024年，薇旖美出厂价为910元/支，同比下滑了近7%。 与此同时，终端售价还在不断走低。 锦波生物吸金能力，正在让昔日的"医美三剑客"汗颜。 2024年，薇旖美创收11.28亿元，同比增长了99.69%。 相比之下，华熙生物（688363.SH）、昊海生科（688366.SH）和爱美客 ...

Core Viewpoint - Jinbo Biological's stock price surged to a new high following the release of its 2024 annual report, showcasing significant revenue and profit growth, which has attracted market attention [1][2]. Financial Performance - For the fiscal year 2024, Jinbo Biological reported a revenue of 1.443 billion yuan, representing a year-on-year increase of 84.9% [2][3]. - The net profit reached 732 million yuan, with a year-on-year growth of 144.3%, while the net profit excluding non-recurring items was 712 million yuan, up 149.2% [2][3]. - The company plans to distribute a generous dividend, proposing a 10-for-3 stock bonus and a cash dividend of 177 million yuan [2]. Historical Growth - Over the past three years, Jinbo Biological has consistently demonstrated impressive growth rates, with revenues increasing from 233 million yuan in 2021 to 780 million yuan in 2023, reflecting growth rates of 44.75%, 67.15%, and 99.96% respectively [3]. - Net profits also showed substantial growth, rising from 57.39 million yuan in 2021 to 300 million yuan in 2023, with growth rates of 79.62%, 90.24%, and 174.6% [3]. Market Performance - Jinbo Biological's stock was initially offered at 49 yuan per share during its IPO, and it reached a peak of 420 yuan per share, marking a maximum increase of 757.14% from the IPO price [4]. - The company raised 245 million yuan through its IPO, which was allocated to research and development of collagen products, brand building, and market promotion [4]. Product and Market Development - Jinbo Biological is recognized as the "first stock of restructured collagen" on the Beijing Stock Exchange, having launched the first injectable restructured human collagen product [5]. - In 2024, the company generated 1.254 billion yuan from medical device sales, a year-on-year increase of 84.37%, with a gross margin of 95.03% [5][6]. - The company has expanded its brand presence to approximately 4,000 medical institutions, focusing on the promotion of its "Wei Yi Mei" brand [6]. Research and Development - Jinbo Biological has significantly increased its R&D investment from 23.77 million yuan in 2020 to 123 million yuan in 2024, resulting in the acquisition of 20 new invention patents [6]. - The company has successfully developed various new types of restructured human collagen products, enhancing its core competitiveness in the market [6].

Core Viewpoint - The article highlights the rapid growth and market dominance of the brand "可复美" (Kefumei) and its parent company, 巨子生物 (Juzi Bio), in the Chinese beauty industry, particularly focusing on their innovative use of recombinant collagen products and effective marketing strategies that have led to significant revenue increases and market share expansion [1][5]. Group 1: Company Performance - Juzi Bio's revenue increased from 9.57 billion yuan to 55.39 billion yuan over six years, representing a growth of more than five times [1][4]. - In 2024, Juzi Bio surpassed Proya to become the highest-valued domestic beauty company, with a net profit of 20.62 billion yuan, which is 12 times that of Huaxi Bio [5][12]. - The company's revenue growth rate in 2024 was 57.17%, maintaining double-digit growth for five consecutive years [5][12]. Group 2: Product Strategy - Juzi Bio employs a dual sales strategy targeting both medical institutions and general consumers, with products available in approximately 1,700 public hospitals and 3,000 private hospitals and clinics [3][4]. - The brand's focus on "recombinant collagen" has positioned it as a leader in the market, particularly for post-surgical recovery and skin barrier repair [4][10]. - The price point for products like the "recombinant collagen dressing" is significantly higher than competitors, with a single mask priced at around 40 yuan, reflecting the brand's premium positioning [6][9]. Group 3: Market Position and Competition - Juzi Bio has established a strong market presence by being the first to mass-produce recombinant collagen skincare products, holding 167 patents related to this technology [9][10]. - The company has maintained a gross margin above 80%, with a reported margin of 82.1% in 2024, significantly higher than competitors like Huaxi Bio [8][12]. - Despite its success, Juzi Bio faces challenges from increasing competition in the recombinant collagen market, as other brands begin to enter this space [17]. Group 4: Financial Management - Juzi Bio's sales and marketing expenses have surged, with expenditures rising from 1.58 billion yuan in 2019 to 20.08 billion yuan in 2024, outpacing revenue growth [13][14]. - The company's R&D spending remains low compared to competitors, with only 1.9% of total revenue allocated to R&D in 2024, raising concerns about its long-term competitive edge [16][17]. - Juzi Bio has recently announced plans to raise 2.33 billion HKD through stock issuance, adding to its cash reserves of 4.03 billion yuan as of the end of 2024 [17].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.44 billion yuan in 2024, representing a year-on-year growth of 84.9%, and a net profit of 730 million yuan, up 144.3% year-on-year [5][11] - The company has successfully developed three types of recombinant collagen products, establishing a leading position in the market [10] - The company is expected to continue its high growth trajectory, with revenue and net profit forecasts for 2025-2027 remaining stable [11] Revenue Performance - In 2024, the revenue from medical devices, functional skincare, and raw materials reached 1.25 billion yuan, 142 million yuan, and 46 million yuan, respectively, with year-on-year growth rates of 84.4%, 86.8%, and 89.1% [6] - The fourth quarter of 2024 saw a revenue of 450 million yuan, a 72.6% increase year-on-year [5] Profitability - The company's gross margin improved to 92.0% in 2024, up 1.9 percentage points year-on-year, while the net profit margin increased to 50.8%, up 12.3 percentage points [7][8] - The gross margins for medical devices, functional skincare, and raw materials were 95.0%, 70.4%, and 77.6%, respectively [8] Cash Flow - The company reported an operating cash flow of 770 million yuan in 2024, a significant increase of 159.6% year-on-year [5] Market Expansion - The company has covered approximately 4,000 terminal medical institutions by the end of 2024, with significant revenue contributions from North and East China [7][10] Future Outlook - The company is expected to expand its overseas market presence, leveraging its established product matrix and brand reputation [10]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The report highlights the growth potential in the medical beauty and cosmetics sectors, driven by innovative products and changing consumer preferences towards self-care and emotional consumption [6][7][36][50] - The medical beauty segment is expected to benefit from the approval of new products, particularly in the recombinant collagen market, which is gaining traction as a substitute for animal-derived collagen [6][31][49] - The cosmetics industry is witnessing a rise in domestic brands, with a focus on high-quality products and emotional connections with consumers, suggesting a shift towards "self-care" trends [7][36][50] Summary by Sections Market Review - The beauty and personal care index rose by 3.41% in March, outperforming the broader market [15][18] - Notable stock performances in the medical beauty sector included Jinbo Biological (+32.2%), Furuier Medical Technology (+22.8%), and Kedi-B (+9.5%) [19] - In the cosmetics sector, Shangmei Co. (+31.8%), Maogeping (+31.6%), and Runben Co. (+16.4%) led the gains [25] Medical Beauty - Jinbo Biological received approval for its recombinant type III human collagen gel, marking a significant advancement in the medical beauty field [6][31] - The product offers dual benefits of filling and repairing, positioning Jinbo as a leader in the recombinant collagen market [31][33] - The report emphasizes the importance of differentiated strategies in the recombinant collagen industry, including technological advancements and diverse product offerings [33] Cosmetics - The report identifies the "self-care" trend as a key driver in the cosmetics market, with consumers increasingly seeking products that enhance their emotional well-being [7][36] - It suggests focusing on domestic brands that are adapting to market trends and consumer preferences, particularly in high-growth segments [37][50] - The report highlights the rise of high-end domestic brands, with Maogeping being a notable example, leveraging its unique brand identity and product quality [42][50] Investment Recommendations - The report recommends focusing on leading domestic beauty brands that are expected to gain market share, including Maogeping, Shangmei Co., and Runben Co. [49][50][53] - It suggests that the medical beauty sector will see growth driven by new product launches and the increasing acceptance of domestic brands [49][51] - The report anticipates that the emotional consumption trend will continue to shape the cosmetics market, creating opportunities for brands that can connect with consumers on a deeper level [50][51]

Core Viewpoint - The company has received approval for its third-class medical device, "Injectable Recombinant Type III Humanized Collagen Gel," which reinforces its monopoly in the recombinant collagen aesthetic medicine industry [2][3]. Group 1: Regulatory Approval - The company announced on April 9 that it obtained a third-class medical device registration certificate from the National Medical Products Administration for "Injectable Recombinant Type III Humanized Collagen Gel" [2]. - This product is the third recombinant collagen product approved, following the approvals of "Recombinant Type III Humanized Collagen Freeze-Dried Fiber" in 2021 and "Recombinant Type III Humanized Collagen Solution" in 2023 [3]. Group 2: Market Position and Competitive Advantage - With all three third-class medical device certifications for recombinant collagen in China held by the company, it confirms its leading position in the domestic and global recombinant collagen industry [3]. - The company’s monopoly in the recombinant collagen aesthetic field is expected to continue, maintaining a leading edge even with potential new entrants in the market [3]. Group 3: Product Innovation and Market Expansion - The newly approved product is the first internationally to utilize self-assembly and self-crosslinking technology, produced via synthetic biology, suitable for correcting mid-facial volume loss and contour defects [4]. - The product expands the application of recombinant collagen from water-light treatments to support and filling, thus broadening its market potential in the aesthetic medicine sector [4]. - The higher market positioning, pricing, and profit margins of support and filling products indicate that the company is opening pathways to serve the high-end aesthetic market [4]. Group 4: Industry Growth Potential - According to Taiwan's Shuangmei's financial report, sales of animal-derived collagen in mainland China reached 370 million RMB, with a year-on-year growth of 8.5% [5]. - The compound annual growth rate (CAGR) for Shuangmei's revenue in mainland China from 2019 to 2024 is 27.1%, indicating rapid growth, which bodes well for the company's new product launch and operational prospects [5].

Core Viewpoint - Aimeike, once celebrated as "the Moutai for women," is facing its most disappointing financial report since its IPO in 2024, with both revenue and net profit growth dropping to around 5%, marking the lowest record since its listing [1][3]. Financial Performance - In 2024, Aimeike reported revenue of 3.026 billion yuan, a year-on-year increase of 5.45%, and a net profit of 1.958 billion yuan, also up by 5.33% [3][9]. - The fourth quarter of 2024 saw a decline in both revenue and net profit, with revenue down 7.0% and net profit down 15.47% year-on-year, attributed to external environment and intensified industry competition [3][4]. - The core product "Haitai," which had previously driven significant revenue, saw a revenue increase of only 4.40% in 2024, compared to a 29.22% increase in 2023 [3][4]. Dividend Policy - Aimeike announced a cash dividend of 38 yuan per 10 shares, totaling approximately 1.145 billion yuan, which represents 58.51% of the company's net profit for 2024, the highest dividend payout since its IPO [9][11]. - Despite the slowdown in revenue growth, the increase in dividend payout indicates a preference for short-term shareholder returns, raising concerns about the adequacy of R&D investment [9][10]. R&D Investment - Aimeike's R&D investment for 2024 was 304 million yuan, accounting for 10.04% of revenue, which is relatively low compared to international peers like Allergan Aesthetics, which maintains a R&D expense ratio above 15% [10][11]. - The company has faced criticism for its limited R&D investment, which has historically remained below 10% of revenue, despite the growing emphasis on technological innovation in the domestic medical aesthetics sector [9][10]. Strategic Acquisition - Aimeike announced the acquisition of 85% of South Korean company REGEN Biotech for 1.9 billion USD (approximately 13.86 billion yuan), marking the largest cross-border acquisition in the domestic medical aesthetics industry [12][13]. - The acquisition aims to enhance Aimeike's product offerings, particularly in the regenerative injection market, but has raised concerns among investors regarding the high premium paid for REGEN [12][13]. - The core product of REGEN, known as "AestheFill" or "童颜针," has been in the market for over a decade, leading to skepticism about its growth potential in a competitive landscape [12][13][15].