山西医美女王，将收获钟首富巨额注资。 9月19日，杨霞控制的锦波生物公告，定增申请已获得北交所受理，同步公布募资的大量细节。 据披露，钟睒睒旗下的养生堂，预计将出资20个亿，获得锦波生物6.24%的股权，且成为实际的二股 东。 照此计算，锦波估值达到320亿元，资金将主要投建其"人源化胶原蛋白FAST数据库与产品开发平台"， 并补充流动资金。 医美界新星联手首富，锦波生物正酝酿新一轮扩张。 募资20亿 杨霞向钟老板的要价，较市价打了折扣。 据公告，定增价格约定为278.72元/股，不低于定价基准日前20个交易日均价的80%，锦波生物将增发至 多7175660股，合计募资约20个亿。 截至2025年6月，锦波总资产才23.67亿元。 对于杨霞和她的公司，未来到账的20个亿，几乎等同于其所有实物家当。 2024年，锦波生物营收14.43亿元，利润7.32亿元，按静态市盈率计，320个亿的估值确实不低。 杨霞团队造富的核心——重组胶原蛋白，前景广阔，毛利率高达90%以上，锦波的价值显然也得到认 可。 杨霞已计划，将11.5亿元用于"人源化胶原蛋白 FAST 数据库与产品开发平台项目"，剩余8.5个亿则用于 补充流动 ...

Industry Overview - The collagen protein food industry in China is experiencing significant growth, with a retail market size projected to reach 30.1 billion yuan in 2024, reflecting a year-on-year increase of 13.37% [1][6] - The demand for collagen protein foods is driven by consumer interest in skin care, bone health, and anti-aging, particularly among younger generations who prefer dietary sources for health and beauty [1][6] Industry Chain - The upstream of the collagen protein food industry includes raw materials such as skins, tendons, and bones from terrestrial livestock (cattle, pigs) and aquatic sources (fish skins, scales) [4][5] - The midstream involves the production and manufacturing of collagen protein foods, while the downstream focuses on the food sector [4][5] Market Size - The global retail market for collagen protein foods is expected to reach USD 20.48 billion in 2024, with a year-on-year growth of 1.79% [6] - The abundant supply of raw materials in China, due to large-scale livestock and fish production, supports the growth of the collagen protein food sector [6] Key Companies Performance - Tongrentang has made significant strides in the collagen protein food sector, launching products with innovative formulations and high-quality ingredients, such as collagen peptides derived from cod skin [7][8] - Kangnabei has also achieved notable success, offering high-content collagen peptide drinks and protein powders, with a focus on safety and quality standards [8] Industry Development Trends 1. Technological advancements are driving product innovation and industry upgrades, with breakthroughs in recombinant collagen technology leading to cost reductions and enhanced bioactivity [9] 2. Market demand is diversifying, with a growing interest in functional skincare products among younger consumers and increased demand for joint health solutions among older adults [10] 3. The rise of online sales channels and social media marketing is becoming crucial for industry growth, with companies leveraging e-commerce platforms for product promotion and consumer engagement [11][12]

Group 1 - Jiangsu Chuangjian Medical Technology Co., Ltd. (Chuangjian Medical) has officially announced the termination of its listing on the National Equities Exchange and Quotations (NEEQ) after just 271 days, marking a rapid exit from the capital market [1][2] - The company initiated its listing process in early 2024, signed a contract with CITIC Securities, and officially listed on NEEQ on November 11, 2024, becoming the third collagen-restructured enterprise to do so [2] - The decision to withdraw may stem from a strategic shift, allowing the company to avoid the disclosure pressures and compliance costs associated with being a public company during a critical period of technological breakthroughs in collagen [2][3] Group 2 - Prior to its delisting, Chuangjian Medical received two core patent authorizations related to collagen technology, indicating a strong focus on innovation and potential market applications in the medical beauty sector [2] - The company has formed a strategic partnership with a leading global cosmetics OEM, Kosei Meishi, to develop new regenerative medical materials, suggesting a pivot towards business-to-business (B2B) opportunities [2][3] - The broader trend of medical companies exiting the NEEQ highlights a common challenge in the industry, where compliance costs and liquidity issues are increasingly burdensome, leading to a significant rise in delistings [3][4] Group 3 - The exit of Chuangjian Medical is part of a larger trend, with a 40% year-on-year increase in delistings among biomedicine companies on NEEQ in the first half of 2025, indicating a significant capital withdrawal from the sector [4] - The company’s strategy emphasizes enhancing product innovation and leveraging technological advancements to attract strategic investments, potentially positioning itself for future growth in higher-tier capital markets [4]

Group 1: Yanjing Beer (000729) - Company Deep Report - Strong growth momentum, overcoming low profitability issues. Revenue is expected to grow at a CAGR of 5.04% from 2019 to 2024, while net profit attributable to shareholders is projected to grow at a CAGR of 35.64% during the same period [5] - Cost improvements through production and sales separation have led to a 6.62 percentage point increase in capacity utilization to 46.86% from 2019 to 2024, and a 1.59 percentage point decrease in depreciation and amortization as a percentage of revenue to 4.64% [5] - The effective tax rate is expected to decrease by 18.38 percentage points to 15.78% from 2021 to 2024, contributing to an increase in profitability, with the net profit margin projected to reach 7.20% in 2024, up 2.66 percentage points year-on-year [5] Group 2: Yanjing Beer - Market Dynamics - The main consumer demographic for beer is aged 18-49, with beer production stabilizing since 2021 after a decline. The beer industry is expected to see a slight increase in production from 2025 to 2030, with a CAGR of 0.17% in the main consumer group [6] - The beer industry is highly concentrated, with the top five companies holding over 90% market share. The CR5 is projected to reach 90.73% in 2024, indicating limited potential for further concentration, with price increases being the primary driver for performance growth [6] Group 3: Yanjing Beer - Growth Path - The company plans to expand the U8 product line to create a second national flagship product, aiming to enhance the scale and lifecycle of U8 while increasing its market penetration [7] - The company is focusing on underdeveloped markets through initiatives like the "Hundred Counties, Hundred Cities" project, aiming to improve sales efficiency in key regions [7] - Aiming to enhance factory efficiency and reduce costs, the company is implementing a management system with quantifiable metrics and standards, which is expected to improve capacity utilization and profitability [7] Group 4: Collagen Industry - Deep Report - Collagen is a vital component in the human body, providing strength and support to various tissues. It has low immunogenicity and is biodegradable, making it essential for numerous biological functions [10] - Domestic recombinant collagen technology is leading globally, with a complete industrial chain from raw material development to end application, supported by favorable government policies [10][11] - The market for recombinant collagen is expected to grow at a CAGR of 41.4% from 2023 to 2027, surpassing the growth of animal-derived collagen, which is projected at 27.7% [11] Group 5: Collagen Industry - Applications and Market Potential - The light medical beauty market is expanding, with recombinant collagen expected to grow from 4.3 billion yuan in 2023 to 14.3 billion yuan by 2027, a CAGR of 35.4% [12] - In skincare, the market for functional skincare products is projected to grow from 11.5 billion yuan in 2023 to 66.5 billion yuan by 2027, with a CAGR of 54.9% [12] - The private health sector is seeing innovations with recombinant collagen products, such as vaginal dressings, which address specific health issues [12] Group 6: Investment Recommendations - The domestic beauty care market is rapidly evolving, with increasing consumer acceptance of new products and a focus on efficacy and core ingredients. The collagen market is expected to expand significantly [13]

Core Viewpoint - Collagen, known as the "framework of life," is essential for the human body and is experiencing rapid growth in the domestic beauty and skincare market, with increasing consumer acceptance and focus on efficacy and core ingredients [1] Group 1: Domestic Market and Technology - Domestic recombinant collagen technology is leading globally, with advantages over animal-derived collagen such as no virus risk, low rejection rates, good biocompatibility, and controllable quality [1] - The domestic recombinant collagen industry has a complete supply chain, from raw material research to end applications, and is in a rapid development phase [1] - The government is supportive of the collagen industry, implementing policies for standardization and compliance [1] Group 2: Market Growth and Projections - The market size for domestic recombinant collagen products reached 28.63 billion yuan in 2023, slightly below the 29.79 billion yuan for animal-derived collagen, with a projected CAGR of 41.4% from 2023 to 2027, significantly higher than the 27.7% growth for animal-derived collagen [2] Group 3: Application Areas - In the medical beauty sector, the market for recombinant collagen is expected to grow from 4.3 billion yuan in 2023 to 14.3 billion yuan by 2027, with a CAGR of 35.4%, outpacing the overall growth of injectable medical beauty products [3] - In skincare, the market for functional skincare products is projected to increase from 11.5 billion yuan in 2023 to 66.5 billion yuan by 2027, with a CAGR of 54.9% [3] - In medical dressings, companies like Shierjia and Kefu Mei are launching new products, with the market expected to reach 34.6 billion yuan by 2027, growing at a CAGR of 25.5% [3] - In intimate health, recombinant collagen is making breakthroughs, with products like the recombinant human collagen vaginal dressing showing promise in treating vaginal atrophy and dryness [3] - In hair health, recombinant type XVII collagen is noted for its benefits in reducing hair loss and improving hair density and diameter [3]

Investment Rating - The report rates the investment outlook for the medical beauty regenerative anti-aging injection industry as "Positive" [5] Core Insights - The regenerative anti-aging injection agents are emerging materials that achieve facial rejuvenation through different mechanisms compared to hyaluronic acid and botulinum toxin [1] - The midstream of the regenerative anti-aging injection industry chain is identified as the segment with the highest added value, supported by regulatory compliance, technological innovation, and market demand [2] - Future trends in the industry include increased demand driven by an aging population, a shift towards non-surgical aesthetic procedures, and advancements in technology and materials that enhance product efficacy [3] Summary by Sections 1. Overview of the Medical Beauty Regenerative Anti-Aging Injection Industry - Medical beauty injection products are categorized into hyaluronic acid, botulinum toxin, and regenerative anti-aging materials, with the latter being newly introduced in the domestic market [11] - Regenerative anti-aging injections include subclasses such as microsphere regeneration, collagen, and PDRN, each with distinct mechanisms and benefits [12][13] 2. Industry Chain Analysis - The midstream segment is characterized by high added value, with companies leveraging compliance, innovation, and production capabilities to establish competitive barriers [2][29] - The upstream involves raw material suppliers, while the downstream focuses on the distribution to end consumers through various channels [26] 3. Regulatory and Policy Environment - The industry is regulated by key agencies including the National Health Commission and the National Medical Products Administration, ensuring compliance across all stages from development to sales [43][46] 4. Market Size and Growth Potential - The market for medical beauty injections in China is projected to grow from 21.2 billion RMB in 2023 to 65.3 billion RMB by 2028, with a CAGR of 25.3% [17] - The regenerative anti-aging segment is expected to see a significant increase, with its market share rising from 3% in 2019 to an estimated 31% by 2028 [20] 5. Investment Recommendations - Companies with a comprehensive industry chain layout and a strong product portfolio, such as Jinbo Biological and East China Pharmaceutical, are highlighted as having strong growth potential and investment value [3]

Core Viewpoint - The company, Juzhi Biotechnology, has experienced significant growth since its establishment, with its market capitalization surpassing that of its competitor, Proya, and reaching 88.8 billion HKD (approximately 81.9 billion RMB) in 2025, making it the highest-valued domestic beauty brand in China [1][4]. Financial Performance - In 2024, Juzhi Biotechnology reported revenue of 5.539 billion RMB, a year-on-year increase of 57.2%, and a net profit of 2.062 billion RMB, up 54.3%, with a gross margin of 82.1% [6][13]. - The company's flagship brand, Kefu Mei, generated 4.541 billion RMB in revenue, accounting for 82% of total revenue, and saw a growth of 62.9% [10][13]. Market Position and Strategy - Juzhi Biotechnology has established a strong market presence by focusing on collagen products, with 80% of its revenue derived from collagen-based products [6][10]. - The company has a dual sales strategy targeting both medical institutions and general consumers, which has contributed to its rapid revenue growth [12]. - Juzhi Biotechnology holds 167 patents and has developed a unique position in the market by not selling raw materials or licensing technology, thus maintaining pricing power [17][18]. Industry Trends - The market for recombinant collagen in China has grown significantly, with projections indicating a rise from 15 billion RMB in 2017 to 1,083 billion RMB by 2027, reflecting a compound annual growth rate of 42.4% [14]. - The company faces increasing competition as more players enter the high-margin medical beauty sector, which could impact its market dominance [20][23]. Challenges and Risks - Despite its current success, Juzhi Biotechnology's high gross margin of 82% is under pressure due to rising product costs and increased competition in the collagen market [20]. - The company has seen a decline in its gross margin from 83.6% in 2023, indicating potential challenges in maintaining profitability amidst market changes [20]. - Juzhi Biotechnology's research and development spending is relatively low compared to competitors, which may hinder its ability to innovate and maintain a competitive edge [21].

Core Viewpoints - The report highlights a collective decline in the A-share market indices, with the Shanghai Composite Index down by 0.05% to 3286.65 points, and the Shenzhen Component Index also down by 0.05% [1][6] - The report notes a significant increase in the inbound tourism market in China, with an expected daily average of 2.15 million inbound and outbound travelers during the upcoming "May Day" holiday, representing a year-on-year growth of 27% [2][7] - The report emphasizes the strong performance of Marubi Biotechnology (丸美生物), with a 33.44% year-on-year increase in revenue for 2024, reaching 2.97 billion yuan, and a net profit of 342 million yuan, up 31.69% [8][12] Market Performance - The A-share market saw a total trading volume of 1.02 trillion yuan, with sectors such as beauty care, machinery, and media leading the gains, while public utilities, oil and petrochemicals, and coal sectors lagged [1][6] - The report indicates that the online sales channel for Marubi achieved a revenue of 2.54 billion yuan in 2024, a year-on-year increase of 35.77%, accounting for 85.61% of total revenue [9][12] Company Analysis - Marubi's main brand generated 2.06 billion yuan in revenue, representing a 31.69% increase, while its second brand, PL, achieved 905 million yuan, up 40.72% [9][12] - The gross margin for Marubi improved to 73.70% in 2024 and 76.05% in Q1 2025, reflecting a year-on-year increase of 3.01 percentage points and 1.45 percentage points, respectively [10][12] - The company is transitioning from a traditional cosmetics firm to a biotechnology cosmetics company, focusing on key technologies and core raw material research, particularly in recombinant collagen technology [11][12] Profit Forecast and Investment Recommendations - The report adjusts profit forecasts for Marubi, estimating net profits of 411 million yuan, 476 million yuan, and 537 million yuan for 2025-2027, with year-on-year growth rates of 20.40%, 15.75%, and 12.69% respectively [12]

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational momentum and brand strength [1][6]. Financial Performance - In 2024, the company achieved revenue of 2.97 billion yuan, a year-on-year increase of 33.4%, and a net profit attributable to shareholders of 340 million yuan, up 31.7% [1][2]. - For Q1 2025, the company reported revenue of 850 million yuan, reflecting a 28% year-on-year growth, and a net profit of 140 million yuan, which is a 22.1% increase [2][6]. - The company proposed a cash dividend of 0.5 yuan per share for 2024, resulting in a total payout ratio of 88% for the year [1]. Brand and Product Performance - The main brands, Marubi and Lianhuo, experienced substantial growth, with Marubi's revenue reaching 2.055 billion yuan (69% of total revenue) and a growth of 31.7%, while Lianhuo's revenue was 905 million yuan (30% of total revenue) with a growth of 40.7% [3]. - Key product categories such as eye care, skincare, cleansing, and beauty products saw significant revenue contributions, with eye care growing by 60.8% and skincare by 21.6% in 2024 [3][4]. Gross Margin and Cost Control - The gross margin for 2024 improved by 3.0 percentage points to 73.7%, driven by product mix optimization and cost control [4][5]. - The company maintained a good control over expenses, with the expense ratio decreasing by 0.2 percentage points to 60.7% in 2024 [5]. Inventory and Receivables Management - Inventory at the end of 2024 increased by 27.9% to 220 million yuan, with inventory turnover days of 90 days [5]. - Accounts receivable rose by 42.9% to 450,000 yuan at the end of 2024, with turnover days of 4 days [5]. Future Outlook - The company is expected to continue its strong growth trajectory, with projected net profits of 450 million yuan, 570 million yuan, and 680 million yuan for 2025, 2026, and 2027, respectively [6]. - The company’s strategic focus on product innovation and brand strength is anticipated to enhance its market position and profitability [6].

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company continues to show strong performance with a revenue growth of 33.4% and a net profit growth of 31.7% in 2024, maintaining a growth momentum into Q1 2025 with revenue and net profit increasing by 28% and 22.1% respectively [5][10] - The dual-brand strategy is effectively driving growth, with both main brands, Marubi and Lianhuo, achieving significant revenue increases of 31.7% and 40.7% respectively in 2024 [6][10] - The company has successfully optimized its product structure and cost control, leading to a gross margin increase of 3.0 percentage points to 73.7% in 2024 [8][11] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.97 billion yuan and a net profit of 340 million yuan, with a proposed cash dividend of 0.5 yuan per share [5][10] - The quarterly revenue growth rates for 2024 were 38.7%, 18.6%, 25.8%, and 47.6% respectively, with net profit growth rates of 40.6%, 26.7%, 44.3%, and 20.1% [6] Brand and Product Performance - The Marubi brand generated 2.055 billion yuan in revenue, accounting for 69% of total revenue, while the Lianhuo brand contributed 905 million yuan, making up 30% of total revenue [6] - Key product lines such as eye care and skincare saw revenue growth of 60.8% and 21.6% respectively in 2024 [7] Channel Performance - Online sales accounted for 86% of total revenue in 2024, with a year-on-year growth of 35.8%, while offline sales grew by 20.8% [7] - The Marubi Tmall flagship store's GMV increased by 28%, and self-broadcasting and influencer sales on content platforms saw growth rates of 54% and 82% respectively [7] Cost and Margin Analysis - The gross margin for 2024 was 73.7%, with improvements across various product categories [8] - The company managed to reduce its expense ratio to 60.7% in 2024, with a notable decrease in management and R&D expenses [8] Future Projections - The company forecasts a net profit of 450 million yuan for 2025, with an expected EPS of 1.13 yuan, reflecting a continued growth trajectory [11][12] - The report anticipates a steady increase in revenue and net profit over the next few years, with projected growth rates of 27.7% and 32.9% for 2025 [12][11]