消息面上，根据青眼情报，国货品牌在今年双十一抖音美妆榜前10中占据5席，其中，巨子生物旗下可 复美掉出top10；在双十一天猫美妆榜前20中，可复美排名第18，较去年排名下滑5名。另据21世纪经济 报道，以往常居抖音美妆榜的可复美，自今年6月起连续跌出前20名。江海证券认为，重组胶原蛋白行 业玩家增多，建议关注巨子生物后续对该产品的营销策略及动销情况。 巨子生物(02367)跌超3%，低见35.54港元刷新年内新低。今年5月下旬，受胶原蛋白成分之争舆论影 响，公司股价急转直下，当前股价已较5月高点腰斩。截至发稿，跌3.46%，报35.68港元，成交额1.99 亿港元。 ...

智通财经APP获悉，巨子生物(02367)跌超3%，低见35.54港元刷新年内新低。今年5月下旬，受胶原蛋 白成分之争舆论影响，公司股价急转直下，当前股价已较5月高点腰斩。截至发稿，跌3.46%，报35.68 港元，成交额1.99亿港元。 消息面上，根据青眼情报，国货品牌在今年双十一抖音美妆榜前10中占据5席，其中，巨子生物旗下可 复美掉出top10；在双十一天猫美妆榜前20中，可复美排名第18，较去年排名下滑5名。另据21世纪经济 报道，以往常居抖音美妆榜的可复美，自今年6月起连续跌出前20名。江海证券认为，重组胶原蛋白行 业玩家增多，建议关注巨子生物后续对该产品的营销策略及动销情况。 ...

Core Viewpoint - The article highlights the emergence of recombinant collagen as a significant anti-aging ingredient developed in China, marking a shift in the beauty industry where domestic brands gain authority in core raw materials, moving from a follower to a leader position in the global market [3][4][5]. Group 1: Company Overview - Marubi Biotech is one of the few companies in China that has achieved full-chain self-research and production of recombinant collagen, positioning itself as a representative of high-end beauty technology in the country [5][6]. - The company has played a crucial role in establishing national industry standards for recombinant collagen, transitioning from an industry participant to a standard setter, which signifies its technical authority [6][7]. Group 2: Technological Advancements - Marubi has developed a comprehensive research and production chain in the functional protein field, including gene editing, fermentation expression, structural verification, separation purification, and formula application [7][11]. - The establishment of the "National Recombinant Functional Protein Technology Research Center" under Marubi indicates its capability to not only serve its product development but also provide technical output to the industry [11][12]. Group 3: Product Development and Efficacy - Marubi's products, such as the "Recombinant Double Collagen," have achieved significant breakthroughs, including the first global production of high-activity recombinant human collagen through self-research and the use of translation pause technology [13][14]. - Clinical trials have shown that Marubi's products can effectively reduce wrinkle volume, with a reported 56.83% reduction in under-eye wrinkles and 13.18% in nasolabial folds after seven days of use [17][20]. Group 4: Market Strategy and Future Outlook - Marubi aims to establish a global presence by setting up research centers abroad and forming joint ventures, reflecting a shift from merely exporting products to a more comprehensive output of technology, standards, and brand culture [28][29]. - The company's vision includes creating a beauty standard that transcends cultural boundaries, emphasizing the importance of scientific research and long-term commitment to quality over short-term gains [28][30].

Group 1 - The beauty and personal care sector has shown a recovery in 2025, with the SW Beauty Index rebounding after a decline from 2022 to 2024, achieving a maximum increase of over 15% and becoming a key area in new consumption [3][9][10] - The cosmetics segment is characterized by intense competition among brands, with domestic brands making significant strides in R&D and distribution, while international brands are adopting localized strategies to regain market share [3][20][25] - The medical beauty market is transitioning from a blue ocean to a red ocean, with domestic companies expected to become major competitors by focusing on affordable and specialized products [3][19][24] Group 2 - The e-commerce operation sector is undergoing a transformation, with companies like RuYuchen and Shuiyang Co. leveraging brand incubation and AI to create new growth avenues [3][19] - Key investment recommendations include domestic brands with strong channel and brand matrices such as MaoGePing, ShangMei Co., and PoLaiYa, as well as companies in the medical beauty sector like AiMeiKe and LongZi Co. [3][19][24] - The report emphasizes the importance of brand matrix construction and product innovation in the cosmetics industry, with companies like ShangMei Co. and PoLaiYa leading the way [3][31][40] Group 3 - The skincare and makeup market is expected to enter a phase of consolidation, with strong brands likely to thrive while weaker ones may struggle [23][24] - The market share of domestic brands is increasing, with a notable decline in the market share of international brands, indicating a significant opportunity for domestic players [25][30] - The report highlights the importance of adapting to changing consumer preferences and channel dynamics, with a focus on online platforms and promotional strategies to enhance brand visibility [48][52][53]

Investment Rating - The report does not explicitly provide an investment rating for the beauty industry Core Insights - The beauty industry is experiencing a significant shift with domestic brands gaining market share, while international brands like L'Oréal are facing challenges [4][6][10] - The medical beauty sector is expanding, with companies like Juzhi Biotech and Naturals launching innovative products, indicating a trend towards cross-industry collaboration [4][6] - The soap market is evolving with a focus on high-end products and natural ingredients, appealing to environmentally conscious consumers [6] - PDRN technology is transitioning from niche medical applications to mainstream skincare, enhancing product efficacy and market accessibility [6][10] - Hong Kong is emerging as a testing ground for domestic beauty brands aiming for global expansion, leveraging its mature market and tourism recovery [6][10] - The competitive landscape is intensifying, with domestic brands dominating the top rankings and new entrants disrupting traditional market dynamics [4][6][10] Industry Environment - L'Oréal has dropped out of the top 10 rankings in the Douyin beauty market, with domestic brands like Han Shu and Proya leading the charge [4] - The medical beauty market is projected to reach 370 billion by 2025, attracting investments from beauty companies [4] - The soap market is witnessing a shift towards premium products, with handmade soaps gaining traction among consumers [6] - PDRN technology is being adopted in mainstream skincare, with various brands innovating in formulations and applications [6] - Domestic beauty brands are increasingly focusing on international markets, with Hong Kong serving as a strategic entry point [6] Top Brand News - The domestic fragrance brand "Song Dynasty Fragrance" is rapidly expanding, with a unique dual strategy for online and offline sales [12] - Influencer Zhu Guagua has regained prominence in the Douyin beauty market, significantly impacting brand sales through effective marketing strategies [12] - Hermès is exploring the skincare segment, with plans to launch products post-2028, indicating a strategic move to enhance its beauty portfolio [12] - Yatsen Group has released China's first beauty innovation white paper, showcasing advancements in research and sustainable development [12] - Juyi Group has acquired the Italian brand Foltène to strengthen its position in the hair care market, reflecting a trend of consolidation among domestic beauty companies [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 1.296 billion yuan for Q1-Q3 2025, representing a year-on-year growth of 31.10%. The net profit attributable to the parent company was 568 million yuan, up 9.29% year-on-year. However, in Q3 alone, revenue was 437 million yuan, showing a growth of 13.36%, while net profit decreased by 16.24% year-on-year [2][4][11] - The revenue growth in the first three quarters was primarily driven by the sales of Class III medical devices and functional skincare products, particularly the implant products based on recombinant human collagen and the growth of the company's proprietary brand [11] - The company is expected to see a recovery in performance with the upcoming launch of new products, particularly the small-sized gel product WeaveCOL, which is anticipated to enhance market acceptance and circulation [11] Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 1.296 billion yuan, a 31.10% increase year-on-year, and a net profit of 568 million yuan, a 9.29% increase year-on-year. In Q3 alone, revenue was 437 million yuan, a 13.36% increase, while net profit fell by 16.24% year-on-year [2][4] - The gross profit margin decreased by 1.6 percentage points to 90.8%, and the net profit margin dropped by 8.7 percentage points to 43.9% due to increased sales, management, R&D, and financial expenses [11] Product Development - The company launched a new product, WeaveCOL, which is a small-sized gel targeting the periorbital area. This product is expected to have better market acceptance due to its smaller size and precise targeting compared to previous products [11] Future Outlook - The company is projected to have an EPS of 1.53, 2.35, and 2.60 yuan per share for the years 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [11]

Core Viewpoint - The collagen market is experiencing a downturn, with major brands like 可复美 and 巨子生物 showing significant declines in sales and market presence, indicating a shift from a previously thriving segment to a more cautious phase of industry consolidation and strategic realignment [1][3][4]. Market Performance - The overall performance of the collagen segment during the 2025 Double Eleven shopping festival was disappointing, with notable brands struggling to maintain their previous sales figures [3]. - Data from Citibank indicates that 巨子生物's products faced reduced price attractiveness due to stricter promotional strategies, leading to a decline in sales [4]. - 可复美's GMV on Douyin dropped to between 0.5 and 0.75 billion yuan, down from over 1 billion yuan in the same period last year, reflecting a significant contraction in market demand [4]. - The brand's ranking on Douyin's beauty list fell from the top 10 to the 20th position, highlighting a shift in consumer preferences [4]. Strategic Shifts - Major players like 巨子生物 and 锦波生物 are expanding their business boundaries, moving from consumer markets to B2B opportunities, indicating a strategic pivot in response to market changes [5][6]. - 锦波生物's revenue and net profit growth rates hit a five-year low, with its market capitalization dropping from over 500 billion yuan to 267 billion yuan [5]. - 巨子生物's stock price has seen a decline of 55.18% since reaching a peak in May, reflecting investor concerns over slowing growth and product controversies [5]. Technological Advancements - The collagen market is transitioning from a focus on cosmetic applications to medical uses, with companies investing in R&D to meet regulatory standards for medical devices [7][8]. - 华熙生物 is actively pursuing new patents related to recombinant collagen, indicating a shift towards more scientifically validated products [7][8]. - The competition is now centered around material science and clinical validation, with companies needing to demonstrate the efficacy of their products to gain market share [9]. Industry Dynamics - The narrative surrounding collagen is evolving from a marketing-driven approach to one focused on scientific and clinical validation, with companies needing to establish robust production and quality control systems [9]. - The market is no longer driven by brand recognition alone; the ability to provide clinically proven, stable, and scalable products is becoming the new competitive edge [9].

Core Viewpoint - The collagen market is experiencing a downturn, with major brands like Kefu Mei and Juzhi Biotech showing declining sales and growth rates, indicating a shift from a previously booming market to a more cautious phase [1][3][5]. Market Performance - The overall performance of the collagen sector during the 2025 Double Eleven shopping festival was disappointing, with Kefu Mei's GMV on Douyin dropping to 0.5-0.75 billion yuan, down from over 1 billion yuan in the same period last year [3][4]. - Juzhi Biotech's stock price has fallen by 55.18% since reaching a peak of 85.14 HKD on May 20, 2023, reflecting the company's struggles with slowing growth and ingredient controversies [5][6]. Strategic Shifts - Major players are beginning to cross market boundaries, with Juzhi Biotech expanding into B-end business and Kefu Mei attempting to adapt to changing market dynamics [6][7]. - The market is witnessing a transition from a focus on consumer products to medical applications, as companies aim to leverage technological advancements and regulatory clarity [7][10]. Industry Trends - The industry is moving towards a more scientific and clinical approach, with companies like Huaxi Biotech and Furuida actively pursuing medical device certifications and focusing on the development of injectable collagen products [8][9][10]. - The competitive landscape is shifting from brand recognition and channel dominance to a focus on material science and clinical validation, emphasizing the importance of proving product efficacy [10][11].

Core Viewpoint - Shanxi, known for its historical sites and coal resources, is rapidly developing its biopharmaceutical industry, with Jinbo Biotech, founded by Yang Xia, emerging as a key player [1][4]. Company Overview - Yang Xia, after graduating from Shanxi Medical University, identified a gap in the market for human collagen extraction, which was dominated by foreign technology. She founded Jinbo Biotech in 2008 to tackle this challenge [4][6]. - The company successfully developed the world's first recombinant type III humanized collagen product in 2014, breaking the foreign monopoly on this technology [4][6]. Product Innovation - The recombinant type III humanized collagen has a unique 164.88° triple helix structure, enhancing cell adhesion and has applications in advanced implant materials, wound care, and anti-aging cosmetics [6][8]. - Jinbo Biotech's industry standards have been incorporated into the national medical device regulatory system, and it is the only company in China with class III medical device certification for recombinant humanized collagen [6][8]. Technological Advancements - The company is developing an injectable form of recombinant type III humanized collagen gel, which utilizes self-assembling properties to create a honeycomb structure, addressing safety concerns related to residual cross-linking agents [8][10]. - Yang Xia emphasizes that high-end products should be priced based on technology rather than cost, asserting that Jinbo holds pricing power due to its unique technology and extensive R&D investment [8][10]. Market Position and Future Outlook - Jinbo Biotech is positioned as a leader in the emerging recombinant collagen market, gaining recognition as a "star stock" after listing on the Beijing Stock Exchange [6][12]. - Yang Xia acknowledges the volatility of market valuations, stating that a company's performance directly impacts its market value, highlighting the importance of sustained innovation and execution [12].

Core Viewpoint - The article highlights the rapid rise of Jinbo Biotechnology, a company founded by Yang Xia, in the biopharmaceutical industry in Shanxi, showcasing its innovative achievements in recombinant collagen products and its significant market presence after listing on the Beijing Stock Exchange [1][8]. Company Overview - Jinbo Biotechnology was established in 2008 by Yang Xia, who aimed to develop synthetic collagen to reduce the high costs and improve the success rates of organ transplants [3][4]. - The company successfully developed the world's first recombinant type III humanized collagen gel without cross-linking agents, marking a significant technological breakthrough [11][19]. Financial Performance - From 2021 to 2024, Jinbo Biotechnology's revenue increased from 233 million yuan to 1.443 billion yuan, and after its listing in July 2023, the company's market capitalization approached 30 billion yuan, making it a leading stock on the Beijing Stock Exchange [8][19]. Product Development - Jinbo's recombinant type III humanized collagen has identical amino acid sequences to natural type III collagen and is used in various applications, including advanced implant materials and skincare products [6][11]. - The company has developed a range of products, including the "Wei Yi Mei" series, which became the first injectable-grade human collagen product to be commercialized globally [6][8]. Technological Innovation - Jinbo Biotechnology emphasizes original innovation, having established a fully integrated production facility for humanized collagen products, utilizing advanced technologies such as industrial IoT and AI [11][19]. - The company has participated in setting industry standards for recombinant collagen, further solidifying its leadership position in the global market [13][19]. Strategic Partnerships - In June 2023, Jinbo Biotechnology attracted significant investment from strategic partners, including Nongfu Spring and Wantai BioPharma, indicating strong confidence in the company's growth prospects [18]. - The collaboration aims to enhance the company's capabilities and expand its market reach, particularly in the health and beauty sectors [18][19]. Future Outlook - Jinbo Biotechnology plans to continue advancing its research in recombinant collagen technology and expand its product offerings in the healthcare and life care sectors, aiming to become a leading innovative biopharmaceutical company [19][21].