Company Overview - Zhan Yan Biotechnology Co., Ltd. (referred to as "Zhan Yan Bio") has initiated the listing guidance process for public stock issuance on the Beijing Stock Exchange, having signed a guidance agreement with China International Capital Corporation [1] - Founded on December 6, 2019, Zhan Yan Bio has a registered capital of 61.62 million yuan, with Zhang Yingting as the controlling shareholder, holding 62.1551% of the company's shares [2] - The company specializes in the research, development, production, and sales of biomedical materials, dermatological skincare products, and biological raw materials, with brands including Zhan Yan and Zhan Xiao Yan [2] Financial Performance - Projected revenues for Zhan Yan Bio are 486 million yuan and 597 million yuan for 2023 and 2024, respectively, with net profits of approximately 68.48 million yuan and 73.50 million yuan [2] - The gross profit margins are expected to be 62.33% and 68.34% for the years 2023 and 2024 [2] Market Position and Competition - Zhan Yan Bio's development appears to be lagging behind competitors such as Fulejia and Beitaini, which have already established themselves in the market and achieved revenues exceeding 1 billion yuan [3] - Fulejia and Beitaini reported revenues of 1.934 billion yuan and 5.5 billion yuan for 2023, respectively, indicating a strong competitive landscape [3] - The skincare market is becoming increasingly competitive, with more brands entering the medical beauty product segment, posing challenges for Zhan Yan Bio [4] Distribution Channels - Zhan Yan Bio's revenue primarily comes from distribution and offline channels, including hospitals and OTC pharmacies, with a significant portion of revenue still reliant on these traditional channels [4] - By 2024, the proportion of revenue from distribution is expected to decrease from 58.91% to 44.88%, highlighting the need for a shift towards online sales channels [4]