Core Insights - The annual "500 Wealth Creation List" by New Fortune has been released, with Zhang Yiming of ByteDance topping the list for the first time at 481.5 billion yuan, while Zhong Shanshan's wealth has decreased to 360 billion yuan, dropping him to second place after four consecutive years as the richest [1][22]. Company Overview - Zhong Shanshan's business empire has faced significant challenges, with Nongfu Spring's bottled water revenue declining by 21.3%, marking its worst performance since going public, and Wantai Biological's net profit plummeting by 91.5% due to increased competition in the HPV vaccine market [2][22]. - Despite these setbacks, Zhong has actively invested in new ventures, including a 3.4 billion yuan stake in Jinbo Biological, a rising player in the medical beauty sector [2][23]. Industry Dynamics - The medical beauty industry is characterized by the emergence of "female billionaires," with notable figures like Yang Xia, founder of Jinbo Biological, who has a net worth of 11.5 billion yuan [4][6]. - Jinbo Biological, established later than its competitors, has seen its stock price surge by 802% since its listing on the Beijing Stock Exchange in 2023, reaching a market value of over 50 billion yuan [7][11]. - The company has achieved a gross margin of 92.02%, surpassing that of Moutai, despite its revenue being significantly lower than that of its competitors [11][15]. Financial Performance - Jinbo Biological's revenue has grown from 233 million yuan in 2021 to 1.443 billion yuan in 2024, with net profit increasing from 57 million yuan to 732 million yuan during the same period [11][12]. - The company has successfully commercialized its recombinant collagen products, receiving multiple medical device registrations, which has contributed to its competitive edge [11][12]. Market Challenges - The medical beauty sector is currently experiencing intense competition, particularly in the recombinant collagen market, which has seen a decline in the popularity of hyaluronic acid products [12][15]. - Jinbo Biological's marketing expenses have surged by 56.73% in 2025, indicating a strategic shift towards expanding its consumer market presence [15][17]. - The company faces challenges in building brand recognition among consumers, as a significant portion of its revenue is still reliant on medical institutions [15][17]. Strategic Moves - Zhong Shanshan's investment in Jinbo Biological is seen as a strategic move to enhance his business portfolio, particularly in the high-margin collagen market, which is projected to reach a market size of 219.3 billion yuan by 2030 [21][23]. - The partnership with Yang Xia and Jinbo Biological is expected to leverage Zhong's existing distribution networks to strengthen brand presence in the consumer market [21][23].