Summary of Jinbo Biological Conference Call Company Overview - **Company**: Jinbo Biological - **Industry**: Medical Devices and Functional Skincare Products Key Financial Metrics - **2025 H1 Revenue**: 859 million CNY, up 42.43% YoY - **Net Profit**: 392 million CNY, up 26.65% YoY - **Medical Device Revenue**: 708 million CNY, up 33.41%, with a gross margin of 95.04% - **Functional Skincare Revenue**: 121 million CNY, up 152.39%, with a gross margin of 70.78% - **Cash Flow**: Net cash flow of 383 million CNY in H1 2025, with a debt ratio of 25% indicating a healthy financial status [2][8][20] Core Business Developments - **Product Launch**: Launched the world's first type III human recombinant collagen gel filler "Zhongyuan" in April 2025, expected to generate significant sales [2][5] - **Strategic Partnership**: Formed a strategic partnership with Yangshengtang, acquiring 10.58% equity, focusing on brand, channel, and production collaboration [3][5] - **Market Expansion**: Achieved medical device registration in Thailand and certifications from the US FDA and Saudi SFDA for skincare products [4][10][19] Growth Projections - **Revenue Growth**: Projected medical device revenue to grow from over 300 million CNY in 2022 to 1.2 billion CNY in 2024, with functional skincare revenue increasing from 60 million CNY to 121 million CNY in the same period [2][4] - **Net Profit Forecast**: Expected net profits for 2025, 2026, and 2027 are 1.038 billion CNY, 1.381 billion CNY, and 1.825 billion CNY respectively, with corresponding PE ratios of 38.7, 29.1, and 22 [4][11][29] Competitive Advantages - **Technical Barriers**: Holds the only type III medical device registration for recombinant collagen in China, providing a competitive edge [2][5] - **R&D Capabilities**: Strong focus on R&D with significant investments leading to innovative products and a comprehensive product matrix [12][18] - **Market Coverage**: The brand "Wei Yimei" covers over 4,000 medical institutions, enhancing market presence [9][19] Industry Context - **Medical Device Market**: The Chinese medical device industry is rapidly growing, with a market size of approximately 1.16 trillion CNY in 2023, accounting for 27-28% of global revenue [23] - **Collagen Market Growth**: The recombinant collagen market is expected to grow at a CAGR of 44.93%, reaching 58.57 billion CNY by 2025 [26] Additional Insights - **Cost Control**: The company has successfully reduced its expense ratio from 59% in 2020 to below 29% in 2025 H1, indicating strong cost management [21] - **Marketing Initiatives**: Engaged in extensive marketing campaigns, including a major online promotion with Meituan to boost consumer engagement [3][5] - **Innovation in Antiviral Research**: Developed new antiviral proteins and peptides, with ongoing clinical trials for a new drug targeting COVID-19 [17] This summary encapsulates the key points from the conference call, highlighting Jinbo Biological's financial performance, strategic initiatives, market positioning, and industry outlook.

遵循原始创新 "锦波生物的胶原蛋白学术名称是A型重组人源化胶原蛋白，我们用这个原材料开发各种医疗产品、化 妆品，完成了生产销售的闭环。"杨霞表示，锦波生物的材料是原始创新的，从开始构画材料到现在形 成产业链，是全链条的原始创新。 杨霞介绍，锦波生物的企业精神是原始创新、实事求是。 从开始创业到现在，公司一直深耕两个领域：一是以重组人源化胶原蛋白为主的生命材料；二是抗HPV 生物蛋白为代表的抗病毒产品。 "生命材料填充着我们的各个器官，各个组织的连接，包括信息的兑换都是靠生命材料完成的。"杨霞透 露，2018年，锦波生物第一次发现了人Ⅲ型胶原蛋白有一阶基因调整着细胞的调控和信息传递系统，而 且这些基因非常特殊，它能自给形成三螺旋结构。到2021年，锦波生物规模化生产了全世界第一个用合 成生物法合成的注射用重组Ⅲ型人源化胶原蛋白。 【导读】锦波生物董事长杨霞：重组人源化胶原蛋白的产业化之路 9月16日，在中国基金报主办的2025中国资本市场发展论坛暨上市公司论坛上，锦波生物董事长杨霞发 表演讲。 "为什么我们要选择Ⅲ型胶原蛋白？因为Ⅲ型胶原蛋白是婴幼儿体内主要的胶原蛋白，成年人不缺Ⅰ型 胶原蛋白，缺的是流失的Ⅲ型 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company reported a revenue of 859 million yuan for the first half of 2025, representing a year-on-year growth of 42.43%, and a net profit attributable to shareholders of 392 million yuan, up 26.65% year-on-year [2][4] - The second quarter of 2025 saw a revenue of 492 million yuan, a year-on-year increase of 30.44%, and a net profit of 224 million yuan, which is a 7.36% increase year-on-year [4] - The company is actively expanding its overseas business, having achieved significant progress in the global layout of its recombinant human collagen medical devices, including obtaining medical device registration in Thailand [4] Summary by Relevant Sections Financial Performance - For the first half of 2025, the company achieved a gross margin of 90.68%, a decrease of 0.9 percentage points compared to the same period last year [4] - Medical device revenue reached 708 million yuan, growing 33.41% year-on-year, with a gross margin of 95.04%, an increase of 0.61 percentage points [4] - Functional skincare products generated 121 million yuan in revenue, a significant increase of 152.39% year-on-year, with a gross margin of 70.78%, up 6.02 percentage points [4] Future Earnings Forecast - The company is expected to have earnings per share of 8.93 yuan and 12.39 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 34 times and 24 times [4][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has achieved revenue and profit growth in the first half of 2025, driven by the sales of its A-type recombinant human collagen products and the approval of new gel products [5][6] - The company is expanding its sales channels, with its "Wei Yi Mei" brand products covering over 4,000 medical institutions [5][6] - The company plans to raise 2 billion RMB through a private placement to enhance its research and development capabilities and expand its product offerings [5][7] Summary by Sections Market Performance - The closing price as of August 25, 2025, is 316.46 RMB, with a market capitalization of 36,413.58 million RMB [3] Financial Performance - Revenue has grown from 161 million RMB in 2020 to 1.443 billion RMB in 2024, with a compound annual growth rate (CAGR) of 72.9% [6][12] - The net profit attributable to the parent company reached 732 million RMB in 2024, with a CAGR of 118.8% from 2020 to 2024 [6][12] - In the first half of 2025, the company reported revenue of 859 million RMB, a year-on-year increase of 42.43%, and a net profit of 392 million RMB, up 26.65% year-on-year [6][12] Product Development and Market Strategy - The company has received regulatory approval for its "Injection of Recombinant Type III Humanized Collagen Gel," which is expected to enhance its product lineup [5][19] - The company is focusing on expanding its international presence, having obtained medical device registration in Thailand and certifications in the USA and Saudi Arabia for its functional skincare products [5][19] - The company is collaborating with strategic investor Yangsheng Tang to enhance its R&D and commercialization efforts [7][24] Future Outlook - The company forecasts net profits of 1.018 billion RMB, 1.410 billion RMB, and 1.833 billion RMB for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 36, 26, and 20 times [7][8] - The company aims to leverage its technological advancements in collagen products to capture a larger market share in the medical aesthetics and functional skincare sectors [5][9]

Core Viewpoint - Aimeike (300896.SZ), one of the "three swordsmen" in the medical beauty industry, is facing its most severe performance downturn since its listing, with a significant decline in revenue and net profit in the first half of 2025 [2][3]. Financial Performance - In the first half of 2025, Aimeike reported revenue of 1.299 billion yuan, a year-on-year decrease of 21.59%, and a net profit of 789 million yuan, down 29.57% year-on-year, marking the first negative growth since its A-share debut in September 2020 [2][4]. - The company's revenue growth rates from 2021 to 2023 were 104.13%, 33.91%, and 47.99%, respectively, but have dropped to single digits in 2024, with projected growth rates of 5.45% for revenue and 5.33% for net profit [4]. Product Performance - Aimeike's two main product lines experienced significant declines in the first half of 2025: the solution injection products generated revenue of 744 million yuan, down 23.79%, while the gel injection products earned 493 million yuan, down 23.99% [5][4]. - The competitive landscape has intensified, particularly for the "Haitai" and "Ruhbai Tianzi" products, with new entrants in the market leading to increased pressure on sales [7]. Market Dynamics - The medical beauty industry is undergoing a transformation, shifting from rapid expansion to a focus on quality and effectiveness, with a slowdown in overall market growth [2][9]. - The Chinese medical beauty market grew from 99.3 billion yuan in 2017 to 189.2 billion yuan in 2021, but the high-growth phase is fading, leading to intensified competition and price pressures [9]. Strategic Moves - Aimeike has acquired an 85% stake in REGEN Biotech for $190 million to enhance its portfolio in regenerative injection products, although it faces challenges regarding distribution rights for key products [3][8]. - The company is also expanding into new areas, including biopharmaceuticals and chemical drugs, with ongoing projects such as the development of botulinum toxin and weight management injections [10][11]. Industry Outlook - The industry is expected to see a decline in prices for high-end products as competition increases, potentially leading to a more accessible "mass medical beauty" era [10]. - Aimeike's future growth will depend on its ability to navigate the competitive landscape and successfully implement its strategic adjustments [12].

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with revenue reaching 859 million yuan, a year-on-year increase of 42.43%, and net profit attributable to shareholders at 392 million yuan, up 26.65% [1] - The company has made substantial investments in research and development, with R&D expenses increasing by 85.43% and sales expenses by 67.77%, laying a foundation for future product pipeline development and global market expansion [1] - The company launched a revolutionary new product, the "injectable recombinant type III humanized collagen gel," at the Cannes Film Festival, achieving three major technological breakthroughs [2] Financial Performance - The company achieved operating revenue of 859 million yuan, a 42.43% increase year-on-year [1] - Net profit attributable to shareholders reached 392 million yuan, reflecting a 26.65% year-on-year growth [1] - The net profit after deducting non-recurring gains and losses was 387 million yuan, up 27.56% year-on-year [1] Product Development - The company completed the development of three forms of recombinant type III humanized collagen: freeze-dried fibers, solutions, and gels, opening a new avenue in life materials [1] - The company obtained 14 invention patent authorizations during the reporting period, including 4 international patents [1] - The new injectable gel product utilizes self-assembly and self-crosslinking technology, eliminating reliance on chemical crosslinking agents [2] International Expansion - The company achieved significant milestones in its internationalization efforts, obtaining medical device registration in Thailand and certifications for functional skincare products in the USA and Saudi Arabia [3] - The "117 Rejuvenation Club" strategy aims to deepen channel layouts, with the first batch of medical beauty institutions completing cooperation agreements [3] - The company partnered with Yangshengtang as a strategic investor to enhance collaboration in collagen raw material supply and functional food development [3] Production Capacity - A new production facility for injectable recombinant type III humanized collagen gel was completed in April 2025, designed to meet the high demand for premium products in international markets [3]

Core Viewpoint - Jinbo Biological's strong financial performance in the first half of 2025 highlights its growth potential in the collagen protein market, driven by innovative product development and strategic partnerships [1][2][3]. Financial Performance - In the first half of 2025, Jinbo Biological achieved operating revenue of 859 million yuan, a year-on-year increase of 42.43%, and a net profit attributable to shareholders of 392 million yuan, up 26.65% [1]. - The company plans to distribute a cash dividend of 1.15 billion yuan, equivalent to 10.0 yuan per 10 shares [1]. Revenue Sources - Revenue growth was primarily driven by medical device products, which generated 708 million yuan, a 33.41% increase year-on-year, with a gross margin of 95.04% [2]. - Functional skincare products contributed 121 million yuan, reflecting a significant growth of 152.39% year-on-year, with a gross margin of 70.78% [2]. Research and Development - Jinbo Biological increased its R&D expenditure to 45.8 million yuan, accounting for 5.33% of operating revenue, marking an 85.43% increase compared to the previous year [2]. - The company collaborates with top research institutions, including Fudan University and Sichuan University, to enhance its R&D capabilities [2]. Product Innovation - The company launched the world's first "injection-type recombinant type III humanized collagen gel," approved by the National Medical Products Administration, showcasing its innovative capabilities [3]. - This product utilizes self-assembly and self-crosslinking technology, aimed at correcting mid-facial volume loss and contour defects [3]. Strategic Partnerships - Jinbo Biological has attracted a significant strategic investor, Yangshengtang Co., Ltd., planning to raise up to 2 billion yuan through a private placement [3]. - Following the issuance, Yangshengtang will hold over 5% of Jinbo Biological's shares, enhancing collaboration in R&D, production, and commercialization [3]. Market Outlook - The collagen protein market in China is expected to grow rapidly, with a projected compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 [1][4]. - The increasing focus on skin health and medical aesthetics is driving the demand for recombinant humanized collagen in various applications [4].

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]

Core Viewpoint - JINBO Biopharmaceutical (832982.BJ) reported strong growth in its 2025 semi-annual report, with significant increases in revenue and net profit, alongside a substantial rise in R&D expenses, indicating a focus on innovation and market expansion [1][2][8]. Financial Performance - As of June 30, 2025, JINBO Biopharmaceutical achieved an operating revenue of approximately 859 million yuan, representing a year-on-year growth of 42.43% [2]. - The company recorded a net profit attributable to shareholders of approximately 392 million yuan, reflecting a year-on-year increase of 26.65% [2]. - The gross profit margin remained above 90%, specifically at 90.68%, earning the company the nickname "Little Moutai" on the Beijing Stock Exchange [2]. Revenue Growth Drivers - The increase in operating revenue was primarily driven by growth in medical devices and functional skincare products [3]. - Medical device revenue growth was mainly attributed to the sales of implant products based on recombinant human collagen [4]. - Functional skincare products saw a remarkable revenue increase of approximately 121 million yuan, up 152.39% year-on-year, indicating significant scale effects [5]. R&D Investment - JINBO Biopharmaceutical's R&D expenses reached 45.7962 million yuan, a substantial increase of 85.43% compared to the previous year, accounting for 5.33% of operating revenue [8]. - The rise in R&D spending was largely due to increased collaboration with institutions like Peking University and higher costs associated with clinical trials [9]. Market Performance - Since the beginning of 2025, JINBO Biopharmaceutical's stock has experienced a continuous upward trend, with a year-to-date increase of 101.92%, reaching a peak of 452.29 yuan per share on May 22 [12]. - The current price-to-earnings ratio (TTM) stands at 46.06, with a total market capitalization of approximately 36.824 billion yuan [12]. Institutional Interest - The semi-annual report revealed that several institutions and public funds have increased their holdings in JINBO Biopharmaceutical during the first half of the year [14]. - Notably, CITIC Securities became the eighth largest shareholder after acquiring 782,390 shares, while two funds from Ping An Bank and China Merchants Bank also increased their stakes [15][16].