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].

Core Viewpoint - The legal opinion letter addresses the differentiated equity distribution and special ex-rights and ex-dividend matters related to Jin Yu Biotechnology Co., Ltd.'s 2024 profit distribution plan, confirming its compliance with relevant laws and regulations [1][4]. Group 1: Reasons and Basis for the Differentiated Equity Distribution - The company plans to repurchase shares for employee stock ownership plans or equity incentives, which necessitates a differentiated equity distribution due to the difference in total shares eligible for profit distribution [2][3]. Group 2: Plan for Differentiated Equity Distribution - The company will distribute a cash dividend of 0.30 yuan (including tax) for every 10 shares to all shareholders, based on the total number of shares after deducting the repurchased shares from the total share capital [3][4]. Group 3: Calculation of the Differentiated Equity Distribution - The actual number of shares participating in profit distribution is 1,101,684,326 shares after deducting 18,684,900 repurchased shares from the total share capital of 1,120,369,226 shares [4][5]. - The reference price for ex-rights and ex-dividend is calculated to be approximately 7.45 yuan per share, with the impact of the differentiated equity distribution on the reference price being less than 1% [5]. Group 4: Conclusion Opinion - The legal opinion concludes that the differentiated equity distribution complies with the Company Law, Securities Law, and other relevant regulations, and does not harm the interests of Jin Yu Biotechnology Co., Ltd. and its shareholders [6].

Group 1 - The total number of Chinese students studying abroad from 1978 to the end of 2019 reached 6.5606 million, with 1.6562 million currently studying abroad and 4.9044 million having completed their studies, of which 4.2317 million returned to China, accounting for 86.28% of those who completed their studies [1] - The trend of returning students has become more pronounced due to factors such as the COVID-19 pandemic and changes in international relations, with over 70% of key project leaders in major disciplines, 40% of national science award winners, and a significant number of university presidents and hospital directors being returnees [1] - The collaboration between the University of Birmingham and the University of Glasgow aims to provide professional employment support for Chinese students studying there, facilitating their job search upon returning to China [1][2] Group 2 - The partnership between the two universities is part of a broader international student support initiative, focusing on enhancing global career opportunities for graduates [2] - Both universities have established connections with over 8,000 employers, offering various online and offline activities to help graduates secure internships and long-term employment [2][3] - The collaboration with JOBS海归 will provide tailored services, including online seminars and job application guidance, to help graduates navigate the Chinese job market [3][4] Group 3 - The most attractive industries for students with overseas study backgrounds in China include information technology, finance, banking, manufacturing, telecommunications, and biopharmaceuticals [3] - The universities recognize that most Chinese students studying in the UK plan to return to China for work, and they are committed to preparing them for successful careers [3] - Starting from June, all Chinese graduates from both universities will have access to services through the JOBS海归 website, with exclusive alumni networking events planned for September [4]