Company Overview - Kefu Mei is a well-known brand under Shaanxi Juzhi Biological Technology Co., Ltd, focusing on medical dressings, functional skincare products, and biomaterials, particularly in the field of human-like collagen, holding a leading position in the industry [5] - Juzhi Biological primarily offers recombinant collagen products and operates in the medical aesthetics segment, with brands including "Kefu Mei," "Keli Jin," and "Xin Gan," and successfully went public on the Hong Kong Stock Exchange in 2022 [5] Financial Performance - From 2020 to 2024, Juzhi Biological's revenue figures are projected to be 1.19 billion, 1.55 billion, 2.36 billion, 3.52 billion, and 5.54 billion yuan respectively, showing a consistent year-on-year growth trend [5] - The net profit attributable to the parent company for the same period is expected to be 826 million, 828 million, 1.00 billion, 1.45 billion, and 2.06 billion yuan, also reflecting steady growth [5] - In 2024, Kefu Mei's GMV growth rate is expected to exceed 80%, contributing 4.54 billion yuan in revenue, which accounts for 82% of the total revenue [5] Market Trends - Recombinant collagen, synthesized through genetic engineering, is increasingly replacing hyaluronic acid and animal-derived collagen, becoming a new trend in the medical aesthetics sector [6] - The Chinese recombinant collagen market is projected to grow at a compound annual growth rate of 44.93%, reaching a market size of 219.38 billion yuan by 2030 [6][7] Product Integrity and Compliance - Kefu Mei has firmly denied allegations of product integrity issues, stating that all product development and production strictly adhere to cosmetic regulations and that all ingredient labeling complies with legal standards [1] - The company conducted multiple tests on its products, confirming that collagen content exceeds 0.1%, contradicting claims of a 0.0177% addition [1][3]

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