以下文章来源于中国企业家杂志 ，作者胡楠楠 中国企业家杂志 . 重金押向重组胶原蛋白领域。 来源 ：中国企业家杂志 记者： 胡楠楠 编辑 ： 米娜 讲好企业家故事，弘扬企业家精神 钟睒睒花34亿元投资"重组胶原蛋白第一股"，有了新进展。 9月19日，北京证券交易所（简称"北交所"）上市公司锦波生物发公告称，公司向特定对象发 行股票申请已获受理。 重组胶原蛋白无疑是当下生物科技公司追逐的风口，被称为"黄金赛道"。据弗若斯特沙利文预 测，未来五年中国重组胶原蛋白市场将从2025年的585.7亿元，增长到2030年的2193.8亿 元，年复合增长率接近45%。 与此同时，钟睒睒也需为他的商业帝国，寻找新的增长点。 来源： 北交所官网 特定发行对象指的便是养生堂有限公司（简称"养生堂"）。养生堂为钟睒睒个人实控的公司， 也是上市公司农夫山泉的母公司。 据了解，锦波生物此次募资金额达20亿元，资金将用于人源化胶原蛋白FAST数据库与产品开 发平台，以及补充流动资金。这也是北交所迄今为止募资金额最大的现金定增计划。 此外，钟睒睒还通过养生堂旗下公司——久视管理咨询（杭州）合伙企业，以约14亿元购买了 锦波生物实际控制人杨 ...

一、触目惊心：械二胶原的"毁容账单" 1. 健康雷区：货不对板的胶原蛋白 - "李逵李鬼傻傻分不清楚"：南昌市民崔女士向"江南微帮办"栏目反映了她在江西某医疗美容机构遇到 的烦心事。花费数万元，美容不成，还遭"毁容"，崔女士介绍，今年7月14日，她经进贤县某美容店老 板的介绍，支付了9999元的定金，申请到位于南昌的江西某医疗美容机构五折优惠名额。最终，崔女士 花2.48万元的价格(包含还未支付的1万元尾款)，购买了原价为4.96万元的三型人源胶原蛋白泪沟和鼻基 底填充项目。7月23日，崔女士感觉做的项目不但没有任何效果，反而脸上还出现硬块，对此感到不 安，遂来到门店询问情况。 在沟通过程中，崔女士再三要求该医疗美容机构出示注射的材料证明以及上述材料的价格表。该美容机 构的工作人员表示价格不方便透露，犹豫再三才拿出注射材料为某不知名品牌胶原蛋白海绵的证明，且 坚决不允许崔女士拍照。 "说好的是注射三型人源胶原蛋白，怎么就变成了胶原蛋白海绵了呢?"崔女士非常不解，她向业内人士 请教，发现该品牌胶原蛋白为一型，价格较三型人源胶原蛋白低，效果也更差。 近期，国家药监局联合公安部、卫健委开展"医美器械安全百日行动"， ...

遵循原始创新 "锦波生物的胶原蛋白学术名称是A型重组人源化胶原蛋白，我们用这个原材料开发各种医疗产品、化 妆品，完成了生产销售的闭环。"杨霞表示，锦波生物的材料是原始创新的，从开始构画材料到现在形 成产业链，是全链条的原始创新。 杨霞介绍，锦波生物的企业精神是原始创新、实事求是。 从开始创业到现在，公司一直深耕两个领域：一是以重组人源化胶原蛋白为主的生命材料；二是抗HPV 生物蛋白为代表的抗病毒产品。 "生命材料填充着我们的各个器官，各个组织的连接，包括信息的兑换都是靠生命材料完成的。"杨霞透 露，2018年，锦波生物第一次发现了人Ⅲ型胶原蛋白有一阶基因调整着细胞的调控和信息传递系统，而 且这些基因非常特殊，它能自给形成三螺旋结构。到2021年，锦波生物规模化生产了全世界第一个用合 成生物法合成的注射用重组Ⅲ型人源化胶原蛋白。 【导读】锦波生物董事长杨霞：重组人源化胶原蛋白的产业化之路 9月16日，在中国基金报主办的2025中国资本市场发展论坛暨上市公司论坛上，锦波生物董事长杨霞发 表演讲。 "为什么我们要选择Ⅲ型胶原蛋白？因为Ⅲ型胶原蛋白是婴幼儿体内主要的胶原蛋白，成年人不缺Ⅰ型 胶原蛋白，缺的是流失的Ⅲ型 ...

Core Viewpoint - The core viewpoint of the article is that Jinbo Biotechnology, led by Chairman Yang Xia, is pioneering the industrialization of recombinant human collagen through original innovation, focusing on the development of medical products and cosmetics using this innovative material [4][6]. Group 1: Original Innovation - Jinbo Biotechnology's collagen, known as type III recombinant human collagen, is developed through original innovation, creating a complete production and sales loop [4][6]. - The company has been dedicated to two main areas: life materials based on recombinant human collagen and antiviral products represented by HPV biological proteins [6][9]. Group 2: Technological Breakthroughs - In 2025, Jinbo Biotechnology received approval for the world's first injectable recombinant type III human collagen gel, produced using self-assembly and self-crosslinking technology, which offers dual functions of filling and repairing against aging [8][10]. - The new product significantly enhances the safety of clinical filling materials and introduces innovative manufacturing methods and mechanisms of action compared to traditional fillers [8][10]. Group 3: Product Development and Applications - Type III collagen is primarily found in infants, and adults typically lack this type due to its loss over time, making it a strategic choice for the company [9]. - Jinbo Biotechnology has achieved three major breakthroughs: improving the safety of clinical filling materials, innovating manufacturing methods through AI-driven synthetic biology, and enhancing the mechanism of action for tissue repair and regeneration [10].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is expected to benefit from differentiated new products contributing to revenue growth despite profit impacts from upfront expenses [5][7] - The company is a leader in the field of recombinant collagen and is anticipated to transition from a rapidly growing R&D-driven enterprise to an international biocomposite platform company [7] Financial Performance - For the first half of 2025, the company reported revenue of 859 million yuan, a year-on-year increase of 42.4%, and a net profit of 392 million yuan, up 26.6% [7] - The medical device segment achieved revenue of 708 million yuan (up 33.4%) with a gross margin of 95.0%, while functional skincare products saw revenue of 121 million yuan (up 152.4%) with a gross margin of 70.8% [7] - The company forecasts revenues of 2.24 billion yuan, 3.07 billion yuan, and 4.09 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.09 billion yuan, 1.51 billion yuan, and 2.05 billion yuan [6][7] Business Developments - The company received regulatory approval for its "recombinant type III humanized collagen gel" injection, marking it as the first of its kind in China targeting mid-face volume loss and contour defects [7] - Strategic collaboration with Yangshengtang aims to build a new ecosystem in the biocomposite materials industry, potentially expanding into orthopedic materials and other health sectors [7] Market Performance - The company's stock has shown a performance of -12% over the last 12 months compared to the Shanghai Composite Index [4]

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with revenue reaching 859 million yuan, a year-on-year increase of 42.43%, and net profit attributable to shareholders at 392 million yuan, up 26.65% [1] - The company has made substantial investments in research and development, with R&D expenses increasing by 85.43% and sales expenses by 67.77%, laying a foundation for future product pipeline development and global market expansion [1] - The company launched a revolutionary new product, the "injectable recombinant type III humanized collagen gel," at the Cannes Film Festival, achieving three major technological breakthroughs [2] Financial Performance - The company achieved operating revenue of 859 million yuan, a 42.43% increase year-on-year [1] - Net profit attributable to shareholders reached 392 million yuan, reflecting a 26.65% year-on-year growth [1] - The net profit after deducting non-recurring gains and losses was 387 million yuan, up 27.56% year-on-year [1] Product Development - The company completed the development of three forms of recombinant type III humanized collagen: freeze-dried fibers, solutions, and gels, opening a new avenue in life materials [1] - The company obtained 14 invention patent authorizations during the reporting period, including 4 international patents [1] - The new injectable gel product utilizes self-assembly and self-crosslinking technology, eliminating reliance on chemical crosslinking agents [2] International Expansion - The company achieved significant milestones in its internationalization efforts, obtaining medical device registration in Thailand and certifications for functional skincare products in the USA and Saudi Arabia [3] - The "117 Rejuvenation Club" strategy aims to deepen channel layouts, with the first batch of medical beauty institutions completing cooperation agreements [3] - The company partnered with Yangshengtang as a strategic investor to enhance collaboration in collagen raw material supply and functional food development [3] Production Capacity - A new production facility for injectable recombinant type III humanized collagen gel was completed in April 2025, designed to meet the high demand for premium products in international markets [3]

Core Viewpoint - Jinbo Biological's strong financial performance in the first half of 2025 highlights its growth potential in the collagen protein market, driven by innovative product development and strategic partnerships [1][2][3]. Financial Performance - In the first half of 2025, Jinbo Biological achieved operating revenue of 859 million yuan, a year-on-year increase of 42.43%, and a net profit attributable to shareholders of 392 million yuan, up 26.65% [1]. - The company plans to distribute a cash dividend of 1.15 billion yuan, equivalent to 10.0 yuan per 10 shares [1]. Revenue Sources - Revenue growth was primarily driven by medical device products, which generated 708 million yuan, a 33.41% increase year-on-year, with a gross margin of 95.04% [2]. - Functional skincare products contributed 121 million yuan, reflecting a significant growth of 152.39% year-on-year, with a gross margin of 70.78% [2]. Research and Development - Jinbo Biological increased its R&D expenditure to 45.8 million yuan, accounting for 5.33% of operating revenue, marking an 85.43% increase compared to the previous year [2]. - The company collaborates with top research institutions, including Fudan University and Sichuan University, to enhance its R&D capabilities [2]. Product Innovation - The company launched the world's first "injection-type recombinant type III humanized collagen gel," approved by the National Medical Products Administration, showcasing its innovative capabilities [3]. - This product utilizes self-assembly and self-crosslinking technology, aimed at correcting mid-facial volume loss and contour defects [3]. Strategic Partnerships - Jinbo Biological has attracted a significant strategic investor, Yangshengtang Co., Ltd., planning to raise up to 2 billion yuan through a private placement [3]. - Following the issuance, Yangshengtang will hold over 5% of Jinbo Biological's shares, enhancing collaboration in R&D, production, and commercialization [3]. Market Outlook - The collagen protein market in China is expected to grow rapidly, with a projected compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 [1][4]. - The increasing focus on skin health and medical aesthetics is driving the demand for recombinant humanized collagen in various applications [4].

Investment Rating - The investment rating for Shanxi Jinbo Bio-Pharmaceutical is maintained at OUTPERFORM with a target price of Rmb 405.10, indicating a potential upside of 26.6% from the current price of Rmb 302.98 [2][19]. Core Insights - In H1 2025, the company's revenue reached Rmb 708 million, representing a year-on-year growth of 42.4%. However, the growth rates for both revenue and profit have slowed down compared to previous periods [3][14]. - The medical device segment's revenue in H1 2025 was Rmb 708 million, up 33.4% year-on-year, driven by the sales of implantable products [3][14]. - The functional cosmetics segment saw a significant increase in revenue, reaching Rmb 121 million, up 152.4% year-on-year, primarily due to the growth of its own brands [3][14]. - The company plans to distribute dividends of Rmb 10 per 10 shares, with a payout ratio of 29.3% [3][14]. Financial Performance - The gross margin for H1 2025 was 90.7%, a decrease of 90 basis points year-on-year, while the net profit attributable to the parent company was Rmb 390 million, up 26.7% year-on-year [4][15]. - The sales expense ratio increased significantly in Q2 2025, leading to a slowdown in profit growth [4][15]. - The company expects its revenue to reach Rmb 2.17 billion, Rmb 2.92 billion, and Rmb 3.72 billion for 2025, 2026, and 2027, respectively, with growth rates of 50.2%, 34.8%, and 27.3% [19]. Product Development and Innovation - The company achieved three major breakthroughs with its new injectable product, which enhances safety and manufacturing processes [6][16]. - The recombinant human-sourced collagen new material project is expected to be terminated, leading to an impairment provision of Rmb 9.11 million [6][16]. Market Expansion - In H1 2025, the company obtained a medical device registration permit in Thailand and established two new subsidiaries for pharmaceutical manufacturing and business expansion in Hong Kong [7][17]. Equity Incentive Plan - The 2025 equity incentive plan impacts approximately Rmb 11 million, with performance targets set for net profits over the next three years [8][18].

Core Viewpoint - Jinbo Biotech has launched a new product, HiveCOL collagen gel, which represents a significant breakthrough in the collagen industry by utilizing 100% human-derived technology, setting a new benchmark globally [1] Group 1: New Product Launch - Jinbo Biotech officially released the injectable recombinant type III humanized collagen gel in Taiyuan, Shanxi [1] - The product is positioned as a revolutionary advancement in the collagen industry, emphasizing the importance of using "correct" collagen for true industry empowerment [2] Group 2: Innovation in Collagen Application - The company has redefined collagen application logic by focusing on "organizational regeneration," addressing long-standing issues such as immune rejection from animal collagen and toxicity from chemical cross-linking agents [2] - Jinbo Biotech is the first company to industrialize the production of injectable recombinant type III humanized collagen gel, marking a significant innovation in safety, manufacturing methods, and mechanisms of action compared to traditional fillers [2] Group 3: Research and Development Achievements - After over a decade of research, Jinbo Biotech discovered a unique "mortise and tenon" spatial structure that precisely matches the core functional area and cross-linking area of natural human collagen [3] - The new HiveCOL structure features enhanced cell adhesion, being three times more effective than traditional materials, with a 75% retention rate of newly generated collagen after six months [4] Group 4: Industry Contributions and Standards - Jinbo Biotech holds three medical device registration certificates for recombinant humanized collagen protein, covering all dosage forms including freeze-dried fibers, solutions, and gels [4] - The company has played a significant role in establishing industry standards for recombinant collagen protein and has contributed to the international standardization efforts in the field [4]

Core Viewpoint - The strategic investment by Zhong Shanshan, the founder of Nongfu Spring, in Jinbo Biological represents a significant shift in the competitive landscape of the medical beauty industry in China, aiming to leverage the growing market for recombinant collagen products and enhance market presence through collaboration with established brands [1][36][37]. Group 1: Investment Details - Jinbo Biological announced a strategic partnership with Yangshengtang, raising 2 billion yuan through a private placement, marking a record for cash capital increases on the Beijing Stock Exchange [3][4]. - The investment will be used for developing a humanized collagen FAST database and product development, with 1.15 billion yuan allocated for this purpose and 850 million yuan for working capital [3]. - Following the announcement, Jinbo Biological's stock price surged, closing at 355.96 yuan per share, with a market capitalization of 40.96 billion yuan [6]. Group 2: Company Backgrounds - Zhong Shanshan, aged 71, is a legendary entrepreneur who founded Nongfu Spring and Yangshengtang, creating a business empire valued over 400 billion yuan [11]. - Yang Xia, the 51-year-old founder of Jinbo Biological, transitioned from academia to entrepreneurship, focusing on synthetic collagen for medical applications after identifying challenges in organ preservation [12][13]. Group 3: Market Potential - The recombinant collagen product market in China is projected to grow at a compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 and exceeding 219.38 billion yuan by 2030 [25][26]. - Jinbo Biological's revenue is expected to reach 1.443 billion yuan in 2024, reflecting an 84.92% year-on-year increase, with a net profit of 732 million yuan, up 144.27% [18]. Group 4: Strategic Synergies - The partnership is expected to enhance Yangshengtang's product line with high-end collagen ingredients, while Jinbo Biological can leverage Yangshengtang's extensive retail network of over 300,000 outlets to penetrate the consumer market [29][36]. - The collaboration aims to transform Jinbo Biological from a technology leader to a market leader, with the anticipated launch of new products in the third quarter [31]. Group 5: Competitive Landscape - The medical beauty industry is highly competitive, with Jinbo Biological facing challenges from established players like Huaxi Biological and Aimeike, which are also expanding into recombinant collagen [34]. - Jinbo Biological's dynamic price-to-earnings ratio of over 50 requires sustained high growth to maintain investor confidence, especially as sales expenses are projected to rise significantly [34][35].