Core Viewpoint - The strategic investment by Zhong Shanshan in Jinbo Biological is seen as a significant move into the collagen protein sector, indicating confidence in the company's growth potential and the broader medical beauty industry [2][8]. Group 1: Investment Details - Jinbo Biological announced the introduction of strategic investors, raising a total of 3.4 billion yuan, with 2 billion yuan allocated to the issuance of shares to Yangshengtang [2][3]. - Zhong Shanshan, through Yangshengtang and Hangzhou Jiushi, will hold a combined 10.58% stake in Jinbo Biological after the transaction [5][6]. - The investment aims to enhance Jinbo Biological's production capabilities and market reach, leveraging Yangshengtang's resources [10]. Group 2: Company Performance - Jinbo Biological reported a revenue of 1.443 billion yuan in 2024, marking an 84.92% year-on-year increase, with a net profit of 732 million yuan, up 144.27% [15]. - The company boasts a high gross margin of 92.02% and a net profit margin of 50.68%, reflecting strong profitability [15]. - Jinbo Biological is recognized as a leader in the recombinant human collagen field, having achieved significant technological breakthroughs [15]. Group 3: Market Context - The medical beauty sector is becoming increasingly competitive, with Jinbo Biological facing challenges from rivals like Juzhi Biological and Marubi [11]. - Yangshengtang's recent performance has been lackluster, with its main companies, Nongfu Spring and Wantai Biological, showing minimal revenue growth [13][14]. - The investment by Zhong Shanshan may be a strategic move to diversify and seek new growth avenues amid stagnation in his existing businesses [13][16].

Core Insights - New Oxygen has officially become the largest light medical beauty chain brand in China with 31 operational stores as of June 2025, marking a significant milestone in its strategic transformation to New Oxygen 2.0 [1][4] - The chain business revenue has become the largest income source for New Oxygen, indicating a successful shift from a transaction platform to an integrated industry platform [1][4] Group 1: Business Growth and Strategy - Since the opening of its first self-operated clinic in May 2023, New Oxygen has achieved a remarkable growth of 370 times in customer visits, from 54 to over 20,000 in just 24 months, relying solely on natural foot traffic without the New Oxygen app [2][6][7] - The company has built a comprehensive supply chain through acquisitions and exclusive partnerships, establishing a full-chain industry layout from equipment to consumables [2] - New Oxygen has assembled a team of over 120 full-time doctors, with a rigorous training system and a four-tier service structure, achieving an average of 3,048 procedures per doctor annually, significantly above the industry average [2][13] Group 2: Trust and Customer Satisfaction - New Oxygen addresses the long-standing trust crisis in the medical beauty industry by prioritizing delivery over marketing, ensuring high-quality service and transparency [3][10] - The company has reduced customer acquisition costs to below 10%, compared to 30%-50% in traditional institutions, fostering a cycle of high satisfaction and repeat purchases, with customer satisfaction consistently at 4.98 out of 5 and a repeat purchase rate exceeding 60% [3][9] - By adopting a model similar to "胖东来," New Oxygen provides decision-making support tools that enhance transparency and allow customers to make informed choices, thereby improving trust [3][16]

2025.06. 30 本文字数：2730，阅读时长大约4.5分钟 "把三个手指握住助推杆向后回抽，小拇指向前推药，像打除皱、瘦脸、瘦肩、瘦腿，我们就这样拿 针，这些技术其实都是 比较简单 的。你通过 一次学习 之后，现场 看一个实操 ，回家立马 捡起注 射器就能干 。 " 这段轻描淡写的"贯口"令人毛骨悚然。它不是笑话，而是非法医美速成班的培训师在教学。 总台新闻频道6月29日播出记者暗访调查报道，在非法医美速成培训班通过三天培训，"零基础"的学 员摇身一变就能成为"医美从业者"。 就在刚刚结束的周末，这家非法举办医美速成班的培训机构在全国8座城市还在同时开班授课。 非法速成、多地同时开班 声称"日收入无上限" 6月28日上午，记者依照上课地址，来到广西南宁西乡塘区一家酒店的会议室，大约有20多人，其中 还有第二次来参加课程的老学员。在正式上课之前，一名自称夏老师的工作人员向大家介绍所在机构 的规模和权威性。 医美速成培训班培训师表示，"我们公司在美业教培已经做了16年，我们在全国一共有32所学校。全 国一线城市，包括现在有的二线城市都有我们的校区。我们这十多年已经帮助了10万家的美业人才 拿到了结果。" ...

Core Viewpoint - The investment by Zhong Shanshan in Jinbo Biological is a strategic move to capitalize on the growth opportunities in the recombinant collagen market, which is expected to see significant expansion in the coming years [7][8]. Investment Details - Zhong Shanshan plans to fully subscribe to Jinbo Biological's private placement fundraising of up to 2 billion yuan through his company, Yangshengtang [1][3]. - Additionally, he will acquire 5% of Jinbo Biological's shares from the actual controller Yang Xia for 1.403 billion yuan [3][4]. - After the transactions, Yangshengtang and Hangzhou Jiushi will hold 5.87% and 4.71% of Jinbo Biological, respectively, allowing Zhong to indirectly control 10.58% of the company [4]. Financial Performance - Jinbo Biological's medical device segment has a gross margin of 95.03%, surpassing that of Kweichow Moutai [5][6]. - The company reported revenues of approximately 3.9 billion yuan, 7.8 billion yuan, and 14.43 billion yuan for the years 2022, 2023, and 2024, respectively, with corresponding net profits of about 1.09 billion yuan, 3 billion yuan, and 7.32 billion yuan [6]. - The stock price of Jinbo Biological has seen a significant increase, with a cumulative rise of 118.33% from January 2 to June 27, 2024, making it the highest-priced stock on the Beijing Stock Exchange [6]. Market Outlook - The recombinant collagen product market in China is projected to grow at a compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 and 219.38 billion yuan by 2030 [8]. - Despite the growth, there are concerns about increased competition in the medical aesthetics sector, highlighted by recent disputes between major players in the industry [8]. Strategic Implications - The investment is seen as a significant step for Zhong Shanshan to expand his footprint in the high-growth health sector, potentially leading to substantial returns [7]. - Jinbo Biological aims to leverage the resources and expertise of Yangshengtang to enhance its product development, industrial production, and market strategies [4][7].

Core Viewpoint - The article discusses the strategic investment by Zhong Shanshan in Jinbo Biotechnology, a company specializing in recombinant collagen products, highlighting the potential for growth in the medical beauty industry and the collaboration's expected synergies [2][4][6]. Group 1: Investment Details - Jinbo Biotechnology announced a strategic investment from Yangshengtang, with a total transaction amount reaching 3.4 billion yuan [1][4]. - The company plans to issue up to 717.57 million shares, accounting for 6.24% of its pre-issue total share capital, aiming to raise no more than 2 billion yuan, which would be the largest cash capital increase in the history of the Beijing Stock Exchange [4]. - Yang Xia, the founder of Jinbo Biotechnology, transferred 575.33 million shares to Hangzhou Jiushi at a price of 243.84 yuan per share, totaling 1.403 billion yuan [4][7]. Group 2: Company Background - Jinbo Biotechnology, founded by Yang Xia, focuses on recombinant human collagen products and has achieved a market value of 40 billion yuan [2][12]. - The company’s main products include various terminal medical devices and functional skincare products based on type A recombinant human collagen [12][14]. - Jinbo Biotechnology's core product, the injectable recombinant type III human collagen, has been widely adopted, with over 2 million applications across approximately 4,000 medical institutions [12][14]. Group 3: Market Dynamics - The medical beauty industry is characterized by high profitability, with Jinbo Biotechnology reporting a revenue of 1.443 billion yuan in 2024, a year-on-year increase of 84.92%, and a net profit of 732 million yuan, up over 140% [14]. - The gross margin of Jinbo Biotechnology reached 92%, surpassing that of leading companies like Kweichow Moutai [14]. - The article notes that the demand for recombinant collagen is growing, with significant consumer interest reflected in social media discussions and product popularity [17][19]. Group 4: Future Prospects - The collaboration between Jinbo Biotechnology and Yangshengtang is expected to enhance product development, industrial production, and market strategy, aiming to create a large-scale industrial production system [6][12]. - The investment is seen as a strategic move to strengthen Jinbo Biotechnology's position in a competitive market, where it currently faces challenges due to its smaller size and limited financial resources [6][12].

Core Viewpoint - The rise of male consumers, particularly those born in the 1990s, is significantly impacting the medical beauty market in China, driven by changing perceptions of masculinity and beauty standards [2][5][10]. Group 1: Market Trends - The medical beauty market in China is experiencing a shift, with a notable increase in male users, particularly among those born in the 1990s, who are now seen as a key demographic for growth [2][9]. - In the past year, the percentage of male customers visiting medical beauty institutions has risen from 4.9% to 7.3%, indicating a growing acceptance and demand for medical beauty services among men [2][3]. - The average spending per male customer is approximately 2.75 times higher than that of female customers, highlighting the potential profitability of targeting male consumers [10][11]. Group 2: Consumer Behavior - Male consumers, especially those in their 20s to 40s, prefer subtle and natural-looking enhancements, with a focus on skin care and anti-aging treatments rather than more invasive procedures [3][6]. - The primary motivations for male medical beauty users include improving personal image for career and dating prospects, rather than purely aesthetic reasons [6][8]. - Social media has played a crucial role in shaping the beauty standards and consumption habits of younger male consumers, who are more open to exploring medical beauty options [7][9]. Group 3: Industry Challenges - Despite the growing market, the medical beauty industry faces challenges such as a lack of trust and awareness among potential male consumers, which hinders market penetration [9][12]. - The industry is also grappling with rising costs of materials and new regulations that impact marketing strategies, making it essential for brands to find innovative ways to attract male customers [9][10]. - Education and awareness campaigns are necessary to inform male consumers about available treatments and to alleviate any stigma associated with medical beauty procedures [12][16]. Group 4: Future Outlook - The male medical beauty market is expected to grow significantly, with projections indicating that by 2025, the market size could exceed 500 billion yuan, with male consumers accounting for over 30% of the market [9][16]. - The next three to five years are seen as a critical window for the male medical beauty sector to expand, with potential for tailored services and products designed specifically for male consumers [16]. - As the market matures, there will likely be a diversification of services, including specialized offerings in hair restoration and body sculpting, catering to the unique needs of male clients [15][16].

Core Insights - The rise of male cosmetic procedures among Chinese post-95s is significantly impacting the domestic medical beauty market [2][9][19] - Male consumers, particularly those born in the 1990s, are becoming a focal point for medical beauty institutions due to their increasing demand and higher spending [11][13][14] Market Trends - The demand for medical beauty services among male users has increased, with male customers accounting for 7.3% of visitors in May, up from 4.9% the previous year [4] - The average spending per male customer is approximately 2.75 times higher than that of female customers [13] - The medical beauty market in China is expected to exceed 500 billion yuan by 2025, with male consumers making up over 30% of this market [11][12] Consumer Behavior - Male consumers are primarily motivated by the desire to enhance their appearance for social and romantic reasons, with a focus on natural and subtle results [5][7][9] - There is a notable age stratification in male cosmetic demands, with younger males (post-95s) focusing on skin management and older males (post-80s) leaning towards anti-aging and hair management [6][9][10] - Social media plays a crucial role in shaping the beauty standards and consumption habits of post-95 males, who are more open to cosmetic procedures compared to previous generations [10][21] Industry Response - Medical beauty institutions are adapting their marketing strategies and product offerings to cater specifically to male consumers, including hiring market development specialists focused on this demographic [3][18] - The industry is witnessing a shift towards more specialized services for men, including hair restoration and body sculpting, as well as the establishment of male-focused beauty clinics [18][19] Challenges and Opportunities - Despite the growing interest, there are still significant barriers to entry for male consumers, including societal stigma and a lack of awareness about available services [12][14] - The medical beauty sector is facing rising costs for materials and regulatory changes, which could impact profitability and market dynamics [12][14]

Core Viewpoint - The recent stock issuance by Jinbo Biological, controlled by Zhong Shanshan, aims to raise up to 2 billion RMB to support its growth and development in the collagen market, while also indicating a strategic partnership with Yangshengtang [1][2][7]. Group 1: Company Actions and Financials - Jinbo Biological plans to issue no more than 717,566 shares, representing 6.24% of its total shares before the issuance, to raise funds for a humanized collagen protein database and working capital [1][2]. - The total investment for the projects is 200 million RMB, with 57.5% allocated to the collagen protein project and 42.5% for working capital [2]. - Jinbo Biological's stock price has surged since its listing, with a maximum increase of over 800% from its issue price, reaching a peak of 452.29 RMB [3][9]. Group 2: Market Performance and Growth - Jinbo Biological has shown impressive financial growth, with revenue increasing from 233 million RMB in 2021 to 1.443 billion RMB in 2024, and net profit rising from 57.39 million RMB to 732 million RMB in the same period [9]. - The gross margin improved from 82.29% to 92.02%, and net margin increased from 24.38% to 50.68% [9]. - The Chinese collagen market reached 28.7 billion RMB in 2021, growing at 40.7%, with a significant increase in the penetration of recombinant collagen [9]. Group 3: Strategic Partnerships and Future Outlook - Yangshengtang, controlled by Zhong Shanshan, is entering into a strategic partnership with Jinbo Biological, which is expected to enhance business synergies and accelerate the implementation of their strategic goals [7][8]. - The collaboration aims to leverage technological integration and market channel empowerment, potentially leading to significant advancements in product development [7][8]. - Jinbo Biological's need for strategic investors is highlighted by its relatively small size and the increasing competition in the medical aesthetics industry [10][13].

25 省中成药集采落地 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 医药生物（申万）指数走势 -35% 资料来源：iFind，东莞证券研究所 相关报告 10% 医药生物 沪深300 -5% 0% 5% 10% 医药生物 沪深300 超配（维持） 医药生物行业双周报（2025/6/13-2025/6/26） 业 周 报 医药生物行业 -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 -35% -30% -25% -20% -15% -10% 5% -35% -30% -25% -20% -15% -10% -5% 0% -40% -20% 0% 20% 行 业 研 究 22-03 22-05 22-07 22-09 22-11 23-01 23-03 医药生物 沪深300 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 2025 年 6 月 27 日 分析师：谢雄雄 SAC 执业证书编 ...

Industry Overview - The Chinese medical beauty market is projected to reach 312 billion yuan in 2024, representing a growth of 14.8% compared to 2023 [1] - The demand for medical beauty in China is still on the rise, with a notable increase in male participation in the sector [3][5] Market Trends - The global medical beauty industry shows that the United States leads in the number of procedures, followed by Brazil, Japan, China, and India [3] - Common procedures for women include liposuction, breast augmentation, eyelid surgery, abdominal contouring, and breast lift, while men primarily undergo eyelid surgery and gynecomastia correction [3] Consumer Behavior - Many individuals pursue medical beauty not solely for aesthetics but also for self-confidence enhancement [6] - There is a growing trend among younger generations to invest time in beauty routines, raising questions about the motivations behind such practices [6][12] Psychological Aspects - The aging process is a natural phenomenon, and while medical beauty can delay visible signs of aging, it cannot prevent them [7] - The perception of beauty and self-worth is increasingly influenced by societal standards and media portrayals, leading to a complex relationship between self-esteem and appearance [6][12] Aesthetic Diversity - There has been a shift from a homogenized beauty standard, often referred to as "internet celebrity face," to a more diverse representation of beauty in media and entertainment [9] - The industry is moving towards emphasizing individual features rather than conforming to a singular aesthetic [9] Private Aesthetic Procedures - Private aesthetic procedures, particularly in the genital area, are gaining attention, with a focus on addressing both medical and cosmetic needs [14][15] - There is a need for better education and destigmatization surrounding these procedures, as many women may have legitimate health concerns that require attention [15][16]