重组胶原蛋白技术

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创健医疗终止新三板挂牌、胶原蛋白巨头资本路径生变 2024年归母净利润腰斩
Xin Lang Zheng Quan· 2025-08-18 09:57
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]
东海证券晨会纪要-20250808
Donghai Securities· 2025-08-08 05:23
[Table_Reportdate] 2025年08月08日 [证券分析师: Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师: 王洋 S0630513040002 wangyang@longone.com.cn 联系人: 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20250808 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.燕京啤酒(000729):内外兼修,焕发新机——公司深度报告 ➢ 2.胶原蛋白:成分崛起,美丽新生——美容护理行业深度报告 ➢ 1.国务院政策吹风会:免保育教育费政策将适时完善 ➢ 2.央行开展7000亿元买断式逆回购操作 ➢ 3.日本政府下调2026财年GDP增长预测 | 1.1. 燕京啤酒(000729):内外兼修,焕发新机——公司深度报告 | 3 | | --- | --- | | 1.2. 胶原蛋白:成分崛起,美丽新生——美容 ...
医美行业研究:2025年中国医美再生抗衰注射剂行业概览
Yuan Da Xin Xi· 2025-06-16 11:42
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]
万联晨会-20250430
Wanlian Securities· 2025-04-30 00:50
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]
丸美生物(603983):业绩持续靓丽增长 双品牌协同发力、势能向上
Xin Lang Cai Jing· 2025-04-29 02:40
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].
丸美生物(603983):2024年年报及2025年一季报点评:业绩持续靓丽增长,双品牌协同发力、势能向上
EBSCN· 2025-04-27 13:21
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]
珂谧“穿膜胶原”技术,如何建立抗衰新秩序?
FBeauty未来迹· 2025-04-22 11:35
皮肤衰老的本质,是胶原纤维网的崩塌。但如何让外源性胶原穿透角质层这座"铜墙铁壁",始 终是行业难题。消费者一边为"胶原流失"焦虑,一边质疑涂抹产品的实际功效——分子量超过 5 0 0道尔顿的胶原蛋白真能渗透吗?活性成分会被皮肤"拒之门外"吗? 2 0 2 5 年 4 月 , 福 瑞 达 生 物 股 份 旗 下 珂 谧 在 济 南 召 开 的 " 2 0 2 5 重 组 胶 原 蛋 白 技 术 发 布 会 暨 珂 谧 Ke y C穿膜胶原新品首发式"上,给出了一个颠覆性答案。 这场以"穿膜胶原"为核心的技术革命,不仅将胶原透皮效率提升2 7 . 5倍,更让中国美妆科技首 次 站 上 全 球 抗 衰 技 术 竞 争 的 制 高 点 。 这 场 突 破 背 后 , 是 科 研 逻 辑 的 颠 覆 , 还 是 产 业 格 局 的 重 构? 皮肤角质层的屏障功能,曾被视作大分子胶原的"天堑"。 传统透皮法则认为,分子量超过5 0 0道尔顿的成分难以穿透角质层。但福瑞达生物股份科研团 队选择了一条反直觉的技术路径—— 不是缩小分子量,而是给胶原装上"穿膜引擎" 。这场看 似违背常识的技术突围,实则是一场从基因设计到分子工 ...