此次引入钟睒睒，锦波生物希望借助养生堂在品牌、渠道、资金等方面的优势，突破瓶颈，实现更大发 展。 近日，锦波生物发布公告，公司拟向养生堂有限公司（以下简称 "养生堂"）定向发行股票募资20亿 元，同时实控人杨霞向养生堂关联方杭州久视转让价值14.03亿元的股份。 两项交易完成后，农夫山泉创始人钟睒睒将间接控制锦波生物10.58% 股份，成为第二大股东。 钟睒睒通过旗下养生堂及关联公司，以"协议转让+定向增发"双轨模式投资34亿元入股锦波生物，让重 组胶原蛋白这一赛道再次引发市场关注。 业绩爆发，主要得益于其核心产品重组Ⅲ型人源化胶原蛋白冻干纤维（商品名：薇旖美）。这是国内首 个重组胶原蛋白植入剂，也是目前国内唯一获批的含Ⅲ型人源化胶原蛋白的三类医疗器械，主要用于面 部真皮组织填充以纠正额部动力性皱纹。2021年获批上市后，迅速成为爆款，2024年销售收入突破10亿 元，撑起了公司的业绩。 养生堂旗下的农夫山泉是饮用水巨头，万泰生物是疫苗龙头，在消费品和生物医药领域都有成功经验。 锦波生物的重组胶原蛋白技术，正好与养生堂现有业务形成互补，有望在化妆品、食品、药品等领域开 发出新产品，拓展新的增长点。 但首富的跨 ...

以下文章来源于信风TradeWind ，作者郑敏芳 信风TradeWind . 关注资本市场的趋势与发展 （资料配图，来源豆包AI） 原标题《北交所的最大一笔「减持」来了》 "北交所市值之王"锦波生物（832982.BJ）正迎来重要的战略伙伴。 日前，锦波生物宣布与中国前首富钟睒睒旗下的养生堂有限公司（下称"养生堂"）签署了战略合作协议。 锦波生物将向养生堂发行6.24%的股份，金额不超过 20亿元 ， 这有望创下北交所有史以来最大的一笔现金定增。 同时记录还在被刷新。 根据安排，锦波生物的实控人杨霞还将向养生堂控制的久视管理咨询（杭州）合伙企业（有限合伙）（下称"杭州久视"）转让5%的股份， 减持金额达到14亿 元。 这不仅有望创下北交所有史以来最大的一笔实控人减持金额记录，同时还将成为北交所首个实控人减持金额突破10亿元大关的缔造者。 种种突破都让这笔交易颇具看点。 一方面，北交所前所未有的实控人大规模减持行为能否获得监管层首肯，仍有不确定性。 锦波生物在风险提示中亦表示交易仍需要北交所出具合规性证明等。 另一方面，随着养生堂的入股，锦波生物的渠道销售能力有望得到加强。 作为养生堂的核心子公司，农夫山泉（ ...

Core Viewpoint - JINBO Biotech (832982.BJ), known as the "king of market value" on the Beijing Stock Exchange, is entering a significant strategic partnership with Yangshengtang Co., Ltd., owned by former Chinese billionaire Zhong Shanshan [1][4]. Group 1: Strategic Partnership and Share Issuance - JINBO Biotech will issue 6.24% of its shares to Yangshengtang for an amount not exceeding 2 billion yuan, potentially marking the largest cash capital increase in the history of the Beijing Stock Exchange [2][17]. - The controlling shareholder, Yang Xia, will transfer 5% of her shares to a subsidiary of Yangshengtang, with a total reduction amounting to 1.403 billion yuan, which is expected to set a record for the largest reduction by a controlling shareholder on the Beijing Stock Exchange [3][12]. Group 2: Market Impact and Future Prospects - Following the transaction, Yangshengtang will become the second-largest shareholder of JINBO Biotech, holding 10.58% of the total share capital post-issuance [18]. - The partnership is anticipated to enhance JINBO Biotech's channel sales capabilities, leveraging Yangshengtang's extensive distribution network through its subsidiary Nongfu Spring, a leading beverage company in China [7][30]. Group 3: Financial Performance and Valuation - As of June 30, JINBO Biotech's total market value reached 40.959 billion yuan, accounting for 12.82% of the total market capitalization of the Beijing Stock Exchange [21]. - The company's price-to-earnings ratio (PE) stands at 51 times, significantly higher than its peers, indicating a potentially favorable time for the controlling shareholder to reduce holdings [23]. Group 4: Growth Strategy and Product Development - JINBO Biotech aims to expand its production capacity and establish a broader sales and marketing system through this strategic cooperation, focusing on the consumerization of medical products and the lifestyle integration of technological products [27]. - The collaboration with Yangshengtang is expected to facilitate JINBO Biotech's entry into more market areas, particularly in skincare products, which currently represent a small fraction of its revenue compared to its medical device products [36].

Core Viewpoint - The article discusses the significant investment by Zhong Shanshan in Jinbo Biological, a rising player in the medical beauty industry, highlighting the strategic partnership and potential for business synergies in the field of recombinant collagen products [5][11][14]. Group 1: Investment Details - Jinbo Biological announced two transactions, including introducing Yangshengtang as a strategic investor, with a total transaction amount reaching 3.4 billion yuan [5][10]. - The company plans to issue up to 7.18 million shares to Yangshengtang, which would represent 6.24% of its pre-issue total share capital, aiming to raise no more than 2 billion yuan, potentially marking the largest cash capital increase in the history of the Beijing Stock Exchange [9]. - Yang Xia, the controlling shareholder, will transfer 5.75 million shares to Hangzhou Jiushi at a price of 243.84 yuan per share, totaling 1.403 billion yuan [10]. Group 2: Company Background - Jinbo Biological, founded by Yang Xia, focuses on recombinant collagen products and has achieved a market value of 40 billion yuan [7][12]. - The company has developed a range of products, including recombinant collagen injections, which have gained significant popularity in the medical beauty sector [24][25]. - As of the first quarter of 2025, Jinbo Biological had cash reserves of only 959 million yuan, indicating a need for new investment to expand production capacity [13]. Group 3: Market Potential - The medical beauty industry, particularly recombinant collagen, is experiencing rapid growth, with Jinbo Biological 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% [25]. - The gross profit margin for Jinbo Biological reached 92%, surpassing that of leading companies like Kweichow Moutai [25]. - The article emphasizes the strong consumer interest in beauty products, with recombinant collagen being positioned as a new trend in skincare, potentially rivaling hyaluronic acid [29][34].

Core Viewpoint - The article discusses the recent capital increase and strategic partnership of Jinbo Biological, a leader in recombinant collagen, with Yangshengtang, highlighting the financial implications and future growth potential in the collagen market [1][2]. Group 1: Capital Increase and Shareholder Changes - Jinbo Biological plans to issue up to 7.1756 million shares at a price of 278.72 yuan per share, raising a total of no more than 2 billion yuan, with 1.15 billion yuan allocated for the development of a humanized collagen FAST database and product development platform [1]. - Following the issuance, Yangshengtang will hold 5.87% of Jinbo Biological, making it the second-largest shareholder, while Yang Xia's stake will decrease to 50.73% [2][3]. - Yang Xia transferred 575.33 million shares (5% of total shares) to Hangzhou Jiushi at a price of 243.84 yuan per share, totaling 1.403 billion yuan [1][2]. Group 2: Strategic Cooperation and Market Position - Jinbo Biological and Yangshengtang signed a strategic cooperation agreement to enhance research and development collaboration, focusing on the application of collagen bio-materials in skincare, food, and pharmaceuticals [4][5]. - The partnership aims to leverage Yangshengtang's resources for brand promotion, channel management, and international expansion, aligning with Jinbo Biological's product offerings in anti-aging and medical aesthetics [5]. - Analysts note that the recombinant collagen industry is experiencing technological advancements and increasing consumer awareness, leading to accelerated commercialization [5].

Core Viewpoint - The controversy surrounding Juzhibio's flagship product, Kefu Mei, has raised significant concerns about the authenticity of its collagen claims, leading to a crisis of trust among investors and consumers [1][3][6]. Company Summary - Juzhibio, known as a leader in recombinant collagen, has faced allegations of product falsification, particularly regarding its Kefu Mei product, which reportedly contains only 0.0177% collagen, below the regulatory threshold of 0.1% [3][4]. - The company has stated that all its products are compliant with regulatory standards and have undergone rigorous quality checks [4][6]. - Following the controversy, Juzhibio's stock price fell by 4.04% to HKD 73.6, with a total market capitalization of HKD 788.19 billion as of May 26 [2]. Industry Summary - The demand for aesthetic products, including hyaluronic acid and collagen, has been rising, with major players like Juzhibio and Jinbo Bio seeing growth despite market challenges [2][9]. - The recombinant collagen market in China is projected to grow significantly, reaching CNY 585.7 billion by 2025, with a compound annual growth rate of 44.93% [10][12]. - The lack of standardized testing methods for collagen products has led to discrepancies in product claims and consumer trust issues, highlighting the need for regulatory frameworks in the industry [5][8][12].

5月13日，"西北大学副校长范代娣成陕西首富"的话题登上微博热搜。目前，范代娣及其丈夫严建 亚名下有巨子生物（02367.HK）和三角防务（300775.SZ）两家上市公司。5月14日收盘，巨子生 物报81.35港元/股，总市值871.18亿港元，三角防务报25.61元/股，总市值140.92亿元。 在今年3月胡润研究院发布的《2025胡润全球富豪榜》中，范代娣夫妇以315亿元身价超越隆基绿 能创始人之一李振国成为陕西首富。按5月14日收盘价以及持股比例计算，范代娣及严建亚合计持 股市值达470亿元。 高增长的双方 资料显示，巨子生物成立于2000年，主营重组胶原蛋白及其他生物活性成分的研发、生产和销 售。巨子生物于2022年11月在港交所主板挂牌上市。范代娣是巨子生物的创始人之一，在巨子生 物上市时，范代娣担任公司执行董事职务。2023年7月，范代娣辞任巨子生物执行董事职务。 范代娣今年4月出任西北大学副校长，历任西北大学副教授、教授、博士生导师、化工学院副院 长、化工学院院长职位。范代娣与西北大学的渊源颇深，其本科、硕士均毕业于西北大学化学系相 关专业。 值得关注的是，同在重组胶原蛋白赛道的锦波生物（83 ...

记者 叶心冉 5月13日，"西北大学副校长范代娣成陕西首富"的话题登上微博热搜。目前，范代娣及其丈夫严建亚名下有巨子生物（02367.HK）和三角防务（300775.SZ） 两家上市公司。5月13日收盘，巨子生物报82.45港元/股，总市值882.96亿港元，三角防务报26元/股，总市值143.06亿元。 在今年3月胡润研究院发布的《2025胡润全球富豪榜》中，范代娣夫妇以315亿元身价超越隆基绿能创始人之一李振国成为陕西首富。按5月13日收盘价以及 持股比例计算，范代娣及严建亚合计持股市值达480亿元。 高增长的双方 资料显示，巨子生物成立于2000年，主营重组胶原蛋白及其他生物活性成分的研发、生产和销售。巨子生物于2022年11月在港交所主板挂牌上市。范代娣是 巨子生物的创始人之一，在巨子生物上市时，范代娣担任公司执行董事职务。2023年7月，范代娣辞任巨子生物执行董事职务。 范代娣今年4月出任西北大学副校长，历任西北大学副教授、教授、博士生导师、化工学院副院长、化工学院院长职位。范代娣与西北大学的渊源颇深，其 本科、硕士均毕业于西北大学化学系相关专业。 值得关注的是，同在重组胶原蛋白赛道的锦波生物（83 ...

重组胶原蛋白行业在技术、工艺上持续进步，继I型、III型后在XVII型、IV型以及多型别组合方面再现突破；各龙头公司在结构解析、发酵制 备、产品化、商业化方面的闭环能力更为成熟。格局方面，各公司均综合布局"妆&二类械&消费/严肃医疗三类械"，同时又在各自擅长的品类深 耕，差异化竞争。最后，中国重组胶原蛋白全球化提速，"原料、妆、械"全面出海。 ▍ 皮肤具备多种生理功能，胶原蛋白分布广且功效多样。 皮肤呈现层叠结构，由表皮、真皮、皮下组织构成。皮肤具有屏障、吸收、分泌和排泄、感觉、体温调节、物质代谢、免疫等多种功能，直接 参与全身的各种功能活动并维持内环境的稳定。人体内2 9种型别胶原蛋白，各型别功能和分布有所区别。目前人类研究发现的胶原蛋白共2 9 种，当前市场上开发和商业化较多的为I型和III型胶原蛋白。双光子显微成像等技术能够有效检验重组胶原蛋白透皮吸收情况。 文 ｜ 徐晓芳 杜一帆 张琳 宋硕 徐嘉琪 皮肤生理功能梳理 | 序号 功能 | | 功能解析 | | --- | --- | --- | | 1 | 屏障功能 | 一方面,保护机体内各种器官组织免受外界环境中机械的、物理的、化学的和生物 | | ...