证券研究报告 大消费行业周报 上游板块受资金青睐， 关注刚性内需细分 平安证券研究所大消费团队 证券分析师： 胡琼方S1060524010002（证券投资咨询）邮箱：HUQIONGFANG722@pingan.com.cn 王源S1060524010001（证券投资咨询）邮箱：WANGYUAN468@pingan.com.cn 王萌S1060522030001（证券投资咨询）邮箱：WANGMENG917@pingan.com.cn 张晋溢S1060521030001（证券投资咨询）邮箱：ZHANGJINYI112@pingan.com.cn 王星云S1060523100001（证券投资咨询）邮箱：WANGXINGYUN937@pingan.com.cn 2026年3月1日 请务必阅读正文后免责条款 -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 钢铁 有色金属 基础化工 煤炭 电力及公用事业 建筑 石油石化 国防军工 通信 建材 综合金融 电子 机械 农林牧渔 交通运输 综合 纺织服装 电力设备及新能源 轻工制造 计算机 沪深300 房地产 商贸零售 汽车 医药 家电 银行 非银 ...

2 编号：2026-003 投资者关系活 动类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称 及人员姓名 工银瑞信基金管理有限公司 秦聪 马丁 国海证券股份有限公司 李宇宸 时间 2026 年 2 月 27 日 15：00-15：40 地点 电话会议 上市公司接待 人员姓名 邓百娇女士 董事、董事会秘书 吴 弘先生 证券事务代表 齐鑫鑫女士 投资者关系管理 IR 投资者关系活 动主要内容介 绍 Q1、请简要介绍一下公司的产品结构情况。 A：目前公司产品主要分为医疗器械类产品与功能性护肤 品两大板块，从剂型上主要分贴片类与非贴片类，非贴片类涵 盖水、精华、乳液、喷雾、冻干及次抛精华等多种形态。 Q2、公司非贴片类产品占比情况如何？ A：上海研发中心成立后，我们在化妆品产品方面上新速 度持续加快，产品与剂型不断丰富，在产品结构进一步完善的 同时，非贴片类产品的收入占比也在不断提升。 Q3、公司的三类医疗器械产品进展情况如何？ A：目前我们进展比较快的主要是重组Ⅲ型人源化胶原蛋 白冻干纤维、重组Ⅲ型人源化胶原蛋白贴 ...

Core Insights - The Chinese medical aesthetics industry has surpassed 300 billion yuan, with the light medical aesthetics market expected to grow at a compound annual growth rate (CAGR) of over 20% in the next five years, becoming the mainstream segment by 2024 [1] - Injection projects, as the core growth engine of light medical aesthetics, have seen their market size grow from 25.7 billion yuan in 2018 to 67 billion yuan in 2023, with a CAGR of 21.1%, projected to reach 147 billion yuan by 2027 [1] - The industry faces challenges such as rapid market changes driven by consumer preferences and increasing competition, necessitating innovation in material research to build competitive barriers [1] Market Dynamics - In 2024, the market share of injection materials is projected to be approximately 36% for hyaluronic acid, 29% for botulinum toxin, 19% for collagen, and 16% for regenerative materials [3] - The competition in the hyaluronic acid market has intensified, leading to revenue declines for major companies like Huaxi Biological and Aimeike, with revenue drops of 18.36% and 21.49% respectively in the first three quarters of 2025 [3][4] - In contrast, the recombinant collagen market is rapidly growing, with a projected CAGR of 44.93%, expected to reach 58.57 billion yuan by 2025 [3] Innovation and Product Development - Companies are accelerating new product launches to capture market opportunities, with Huaxi Biological introducing compliant products for facial skin improvement and other companies like Jinbo Biological launching innovative recombinant collagen products [5] - The emergence of new materials such as alginate and hydroxyapatite is set to enrich the market supply, with several products receiving regulatory approval in 2025 [6] Regulatory Environment - The industry is experiencing a shift towards compliance, with increased regulatory scrutiny leading to a "survival of the fittest" scenario, pushing medical aesthetic institutions to accelerate compliance transformations [2] - Despite the growth in compliant products, issues such as illegal operations and counterfeit products remain prevalent, posing risks to consumer safety [11][12] Pricing and Market Structure - The supply expansion has led to a restructuring of interests within the industry, with upstream manufacturers and downstream medical institutions engaged in pricing power struggles [8][9] - New platforms like Xinyang are disrupting traditional pricing models by significantly reducing costs through digitalization and centralized procurement, indicating a shift from a seller's market to a buyer's market [9][10] Future Trends - The industry is expected to evolve towards a more transparent and competitive landscape, with a focus on product and scenario-driven strategies, comprehensive treatment solutions, and enhanced consumer awareness [10] - The ongoing regulatory efforts and market dynamics suggest that the medical aesthetics industry is moving towards a more mature and compliant operational model, emphasizing innovation and safety [14]

Core Viewpoint - The article highlights the rapid rise of Jinbo Biotechnology, a company founded by Yang Xia, in the biopharmaceutical industry in Shanxi, showcasing its innovative achievements in recombinant collagen products and its significant market presence after listing on the Beijing Stock Exchange [1][8]. Company Overview - Jinbo Biotechnology was established in 2008 by Yang Xia, who aimed to develop synthetic collagen to reduce the high costs and improve the success rates of organ transplants [3][4]. - The company successfully developed the world's first recombinant type III humanized collagen gel without cross-linking agents, marking a significant technological breakthrough [11][19]. Financial Performance - From 2021 to 2024, Jinbo Biotechnology's revenue increased from 233 million yuan to 1.443 billion yuan, and after its listing in July 2023, the company's market capitalization approached 30 billion yuan, making it a leading stock on the Beijing Stock Exchange [8][19]. Product Development - Jinbo's recombinant type III humanized collagen has identical amino acid sequences to natural type III collagen and is used in various applications, including advanced implant materials and skincare products [6][11]. - The company has developed a range of products, including the "Wei Yi Mei" series, which became the first injectable-grade human collagen product to be commercialized globally [6][8]. Technological Innovation - Jinbo Biotechnology emphasizes original innovation, having established a fully integrated production facility for humanized collagen products, utilizing advanced technologies such as industrial IoT and AI [11][19]. - The company has participated in setting industry standards for recombinant collagen, further solidifying its leadership position in the global market [13][19]. Strategic Partnerships - In June 2023, Jinbo Biotechnology attracted significant investment from strategic partners, including Nongfu Spring and Wantai BioPharma, indicating strong confidence in the company's growth prospects [18]. - The collaboration aims to enhance the company's capabilities and expand its market reach, particularly in the health and beauty sectors [18][19]. Future Outlook - Jinbo Biotechnology plans to continue advancing its research in recombinant collagen technology and expand its product offerings in the healthcare and life care sectors, aiming to become a leading innovative biopharmaceutical company [19][21].

Investment Rating - The report suggests to pay attention to Jinbo Biological's ongoing developments in the collagen protein application field, indicating a positive outlook for the company [1] Core Viewpoints - Jinbo Biological is actively responding to the demand in China's health industry by expanding its product matrix. The company has made significant moves recently, including the launch of new products and strategic partnerships [2][5] - The company has successfully registered its "recombinant type III humanized collagen freeze-dried fiber" as a pharmaceutical excipient, marking a major breakthrough in high-end biomedical materials [7] - Jinbo Biological's functional skincare brands have shown impressive sales growth during the recent "Double Eleven" shopping festival, with a notable increase in revenue from its proprietary brands [12] - The overall market for consumer services on the Beijing Stock Exchange has seen a median price increase of 2.14% in stock prices, indicating a positive trend in the sector [15][18] - The TTM median price-to-earnings ratio for the broader consumer industry has increased to 56.3X, reflecting a growing valuation in the sector [27][30] Summary by Sections Jinbo Biological's Expansion - Jinbo Biological is expanding its product applications in response to the health industry demand, with a focus on collagen products and strategic partnerships with companies like Yangshengtang [2][10] - The company has established a national-level intellectual property operation center for functional proteins, enhancing its competitive edge in the recombinant collagen market [5][6] Market Performance - The median stock price change for consumer service companies on the Beijing Stock Exchange was +2.14%, with 31 out of 39 companies experiencing stock price increases [15][18] - The total market capitalization for consumer service companies rose from 1140.72 billion to 1143.84 billion, indicating a healthy market environment [20][22] Industry Valuation - The TTM median price-to-earnings ratio for the consumer sector has increased from 55.1X to 56.3X, suggesting a positive valuation trend [27][30] - Specific sectors such as food and beverage, as well as professional technical services, have also seen increases in their TTM median price-to-earnings ratios, indicating overall growth in the consumer market [29][32] Announcements - The successful launch of a 150,000 tons/year n-butane maleic anhydride production facility by Ruihua Technology demonstrates advancements in production technology and reinforces its leading position in the industry [35][37]

Core Viewpoint - The article discusses the significant investment by Zhong Shanshan in the recombinant collagen protein sector, highlighting the strategic importance of this market and its potential for growth in the health industry [5][9][10]. Investment Details - Zhong Shanshan invested 3.4 billion yuan in Jinbo Biological, which is recognized as the "first stock" in recombinant collagen protein [5]. - Jinbo Biological's fundraising plan aims to raise 2 billion yuan for the development of a humanized collagen FAST database and product development platform, marking the largest cash private placement in the Beijing Stock Exchange's history [8]. - Zhong Shanshan's total stake in Jinbo Biological could reach 10.58%, making him the second-largest shareholder [8]. Market Potential - Jinbo Biological is a leading company in the domestic recombinant humanized collagen protein market, holding all three existing Class III medical device registration certificates in China [9]. - The market for recombinant collagen protein in China is projected to grow from 58.57 billion yuan in 2025 to 219.38 billion yuan by 2030, with a compound annual growth rate of nearly 45% [9]. Business Context - Zhong Shanshan's wealth primarily comes from his control of two listed companies: Nongfu Spring and Wantai Biological, both of which are facing growth challenges [10]. - Jinbo Biological is seen as a new "gold mine" for Zhong Shanshan, as he seeks new growth opportunities in the health sector [11]. Company Background - Jinbo Biological was founded in 2008 and specializes in the research, production, and application of recombinant humanized collagen protein, with products spanning medical devices and functional skincare [15]. - The company recently received approval for the world's first injectable recombinant type III humanized collagen gel, marking a significant technological breakthrough in the field of biomaterials [15]. Consumer Demand - The demand for recombinant collagen protein is driven by increasing consumer interest in anti-aging products, particularly as the population ages [16]. - Jinbo Biological's high gross margin of 92% and 95.03% for its core medical device business indicates the profitability of this sector [16]. Strategic Positioning - Zhong Shanshan's investment strategy favors high-barrier, high-margin businesses, as evidenced by the performance of his other companies [17]. - The collaboration between Jinbo Biological and Yangshengtang, which has a strong R&D system, is expected to enhance product development and expand the application of collagen-based materials across various sectors [21].

Core Viewpoint - The recent crackdown on illegal use of Class II collagen injections in the medical beauty industry highlights significant consumer risks, with over 23% of medical beauty institutions violating regulations, and a staggering 68% in beauty salons, leading to severe health consequences for consumers [1][3]. Group 1: Health Risks and Violations - A significant number of medical beauty institutions are found to be using unapproved or counterfeit collagen products, leading to severe health issues such as infections and deformities [3][5]. - A case study of a consumer in Nanchang revealed that she was injected with a lower-quality collagen product than promised, resulting in adverse effects and financial loss [4][5]. Group 2: Comparison of Collagen Types - Class II collagen injections are subject to less stringent regulations, requiring only provincial-level registration, while Class III collagen requires extensive clinical trials and safety data, with a failure rate exceeding 70% [10]. - The production environment for Class II collagen is less controlled, increasing the risk of contamination compared to the sterile conditions mandated for Class III products [11]. - The safety profile of Class II collagen is significantly poorer, with adverse event rates exceeding 32%, while Class III products report serious adverse reactions below 0.8% [13]. Group 3: Regulatory Actions and Consumer Protection - The National Medical Products Administration (NMPA) has initiated a "100-day action" to combat illegal practices in the medical beauty sector, emphasizing the need for compliance and consumer safety [1][23]. - Consumers are advised to verify the authenticity of collagen products through official channels and to be wary of suspiciously low prices, which may indicate the use of Class II products [18][22]. - Legal consequences for using Class II collagen can be severe, with operators facing criminal charges for causing harm, as demonstrated by a recent case where a practitioner was sentenced to 7 years in prison for causing a client's blindness [23].

Core Viewpoint - The speech by Yang Xia, Chairman of Jinbo Biotechnology, emphasizes the company's commitment to original innovation in the development and industrialization of recombinant human collagen, particularly focusing on type III collagen for medical and cosmetic applications [2][4]. Group 1: Original Innovation - Jinbo Biotechnology's academic name for its collagen is type A recombinant human collagen, which is used to develop various medical products and cosmetics, completing a closed-loop production and sales system [4]. - The company has focused on two main areas: life materials based on recombinant human collagen and antiviral products represented by anti-HPV biological proteins [4]. - In 2018, Jinbo Biotechnology discovered that type III collagen has a gene that regulates cell control and information transmission, leading to the world's first large-scale production of injectable recombinant type III human collagen using synthetic biology by 2021 [4][6]. Group 2: Technological Breakthroughs - In 2025, Jinbo Biotechnology received approval for injectable recombinant type III human collagen gel, the first of its kind produced through self-assembly and self-crosslinking technology using synthetic biology, achieving dual functions of filling and repairing against aging [6]. - Compared to traditional filling materials, this product significantly improves safety, manufacturing methods, and mechanisms of action, making it suitable for correcting mid-facial volume loss and contour defects [6][7]. - The company has achieved three breakthroughs: enhancing clinical safety of filling materials, innovating manufacturing methods through AI-driven synthetic biology, and innovating mechanisms of action to promote tissue regeneration and repair [7]. Group 3: Product and Patent Portfolio - Jinbo Biotechnology has established a comprehensive product chain and has obtained 157 patents related to its technologies [6][7].

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]