Group 1: Core Issues - The company has officially paused its IPO journey due to unresolved shareholder equity freeze issues, which has hindered its access to capital markets [1][2] - The second-largest shareholder, Ding Yumei, holds approximately 3.65 million shares (4.30% of total equity), which are currently under judicial freeze due to legal complications related to asset recovery actions against her and her ex-husband, Xu Jiayin [2][7] - The prolonged equity freeze reflects potential governance risks, which have been a key concern for advisory institutions and ultimately contributed to the failure of the IPO process [2][7] Group 2: Financial Performance - In the first half of 2025, the company reported revenue of 214 million yuan, a year-on-year increase of 16.98%, but the net profit attributable to shareholders plummeted by 55.99% to 13.21 million yuan [3][8] - The company heavily relies on a single product line, with collagen products accounting for 87.83% of its revenue, indicating a lack of diversification [3][8] - Historical performance shows that the company withdrew its application for the Sci-Tech Innovation Board in December 2021 due to anticipated revenue not meeting the required growth rates, and similarly terminated its application for the Beijing Stock Exchange in March 2024 for failing to meet revenue growth criteria [4][9] Group 3: Industry Dynamics - The company's struggles reflect broader structural changes in the industry, including tightening regulatory policies that have altered the market environment significantly since 2020 [5][9] - The collagen product market has become increasingly competitive, with rivals like Juzhi Biotechnology and Fuirjia successfully listing and expanding their market presence, while the company has lagged in technological innovation and capitalizing on new trends [5][10] - The company has not adapted to the shift towards recombinant collagen technology, which has been embraced by competitors, leading to a decline in its market position [5][10]

Core Viewpoint - The cosmetic industry faces its first IPO termination case in 2026, as Chuang'er Bio announces the cessation of its listing guidance due to unresolved shareholder equity freeze issues, marking its second failed IPO attempt [1][3][11]. Group 1: IPO Termination Reasons - The termination of the IPO guidance is attributed to the long-term unresolved issue of shareholder equity freeze, particularly involving the second-largest shareholder Ding Yumei, whose shares are frozen due to legal actions related to Evergrande's debt crisis [3][5][8]. - The company had previously attempted to go public, facing setbacks including two failed applications to the Sci-Tech Innovation Board and a subsequent shift to the Beijing Stock Exchange, which also did not yield results [10][11]. Group 2: Financial Performance and Challenges - Chuang'er Bio has struggled with fluctuating financial performance, with revenue consistently hovering between 240 million and 400 million RMB over the past six years, indicating a clear growth ceiling [12][14]. - The company's revenue for 2025 was reported at 214 million RMB for the first half, reflecting a year-on-year increase of 16.98%, but net profit plummeted by 55.99% to 13.21 million RMB, highlighting a trend of "increased revenue without increased profit" [13][14]. Group 3: Industry Context and Competitive Landscape - The collagen market is projected to surpass hyaluronic acid, becoming the leading ingredient in skincare by 2025, with a forecasted market size of 108.3 billion RMB by 2027, growing at a compound annual growth rate of 42.4% [16]. - Competitors like Juzhi Bio and Jinbo Bio have significantly outpaced Chuang'er Bio in both revenue and profitability, with Juzhi Bio's revenue soaring from 2.36 billion RMB in 2022 to 5.54 billion RMB in 2024, while Chuang'er Bio's growth remains stagnant [17][20]. Group 4: Regulatory and Technological Challenges - Regulatory tightening and the decline of the "medical device" business model have adversely affected Chuang'er Bio, which previously relied on its medical dressing products for competitive advantage [18]. - The shift in technology from animal-derived collagen to recombinant collagen has created a gap, with competitors advancing in this area while Chuang'er Bio remains focused on traditional collagen products [19][20]. Group 5: Future Outlook - The termination of the IPO is seen as a culmination of long-standing issues in industry competition, technological positioning, and capital utilization, suggesting that Chuang'er Bio must find a sustainable growth engine and differentiate itself in a competitive landscape to consider future IPO attempts [21].

Core Viewpoint - Chuang'er Bio has terminated its IPO counseling due to unresolved shareholder equity freeze issues, marking a significant setback in its long and tumultuous journey towards public listing [1][5][10]. Company Overview - Founded in 2002, Chuang'er Bio specializes in the research, development, and production of active collagen biomedical materials, and is recognized as a high-tech enterprise in China [4]. - The company launched its core brand "Chuangfukang," which held an 8% market share in the Chinese patch-type medical skin repair dressing market in 2019, ranking second in the industry [1][16]. Financial Performance - In the first half of 2025, Chuang'er Bio reported a revenue of 214 million yuan, a year-on-year increase of 16.98%, but its net profit attributable to shareholders dropped significantly by 55.99% to 13.21 million yuan [4][12]. - The company's revenue structure shows that collagen products accounted for 87.83% of total revenue, indicating its reliance on this segment [4][13]. IPO Journey - Chuang'er Bio's IPO attempts have been fraught with challenges, including two failed attempts to list on the Sci-Tech Innovation Board and the Beijing Stock Exchange due to financial performance issues and shareholder equity freezes [10][14]. - The company’s second-largest shareholder, Ding Yumei, has had her shares frozen, which has been a critical factor in the termination of the IPO process [5][8]. Industry Context - The tightening of regulatory policies in the "medical device" sector has significantly impacted the growth of companies like Chuang'er Bio, which was once a leader in the collagen dressing market [16][17]. - Competitors such as Jinjian Bio and Fuhua have successfully entered the capital market and expanded their technological and market advantages, leaving Chuang'er Bio at a disadvantage [17][19]. Market Dynamics - The collagen product market is becoming increasingly competitive, with new entrants intensifying the pressure on established players like Chuang'er Bio [18]. - The shift towards restructured collagen products is becoming a market and technological trend, benefiting companies that adapt to these changes [19].

或许你已经发现，走进家里小区楼下的药店，第一眼看到的可能不是药品，而是薇诺娜、可复 美、绽妍等品牌的护肤产品，这一幕正悄然成为中国药店的"新常态"。 近日，福瑞达生物公布了年内覆盖1 0个千万级OTC连锁的大计划。无独有偶，百雀羚也于年 初宣布正式入驻北京同仁堂渠道。随着线上红利逐渐见顶，不少品牌开始瞄准线下OTC专业渠 道掘金。 《FBe a u t y未来迹》经过调研发现，美妆在OTC渠道的生意，比起未开发的蓝海，更像是一支 蓄势待发的弓箭。在已经跑出薇诺娜这个十亿级销售规模美妆品牌的情况下，依旧还有巨大的 想象空间。 OTC渠道可以说是目前在线下分布最广的一类渠道，正如居民楼附近不一定会有化妆品店，但 一定会有药店，而这不是错觉。 根据薇诺娜母公司贝泰妮集团发布的2 0 2 4年上半年财报，OTC分销渠道销售模式实现营业收 入人民币3 5 , 4 7 0 . 1 4万元，约占主营业务收入1 2 . 7 1%，同比增长约2 0 . 0 1%。 按照这一增速， 薇诺娜在OTC的年销售规模大概率已经迈过1 0亿门槛。 据公开资料，薇诺娜从2 0 1 6年开始与连锁药房合作，彼时市场体量只有5 0万左右；8年后 ...