证券研究报告 美容护理 | 医疗美容 北交所|公司点评报告 hyzqdatemark 2025 年 08 月 26 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： 投资要点： 公司持续拓展销售渠道，旗下"薇旖美"品牌产品已覆盖终端医疗机构超过 4000 家。随着"注射用重组 III 型人源化胶原蛋白凝胶"的获批，后续机构的覆盖会持续 扩大，销售团队也会进一步扩大。2025 上半年，公司在境内各地区营业收入较上年 同期均有所增加，主要系 A 型重组人源化胶原蛋白为核心成分的植入剂产品营业收 入增长所致，而境外业务增长主要系原料业务增长所致。公司运营策略多维度协同 推进，产品研发方面：公司于 2025 年 4 月获批"注射用重组 III 型人源化胶原蛋白 凝胶"三类医疗器械注册证，该产品通过自组装、自交联技术合成，实现了在制造 方式和作用机制上的创新 ...

Group 1 - The core point of the news is that Jinbo Bio plans to raise up to 2 billion yuan through a strategic investment from Yangshengtang, marking the largest cash private placement in the history of the Beijing Stock Exchange [1] - Jinbo Bio's controlling shareholder, Yang Xia, will transfer 5% of the company's shares to Hangzhou Jiushi at a price of 243.84 yuan per share, totaling 1.403 billion yuan [1] - After the transaction, Zhong Shanshan will hold a total of 10.58% of Jinbo Bio's shares through Yangshengtang and Hangzhou Jiushi [1] Group 2 - The raised funds will be used for the development of a humanized collagen protein FAST database and product development platform, as well as to supplement working capital [2] - The collaboration is expected to accelerate the implementation of Jinbo Bio's strategy of "technological products becoming everyday products and medical products becoming consumables" [2] - Jinbo Bio specializes in the research, production, and sales of medical devices and functional skincare products, focusing on recombinant collagen products and anti-HPV biological protein products [2] Group 3 - Jinbo Bio's revenue is projected to grow from 233 million yuan in 2021 to 1.443 billion yuan in 2024, with net profit increasing from 57.39 million yuan to 732 million yuan during the same period [3] - The company's gross margin is expected to rise from 82.29% in 2021 to 92.02% in 2024, indicating improving profitability [3]

Core Insights - The medical beauty materials market is entering a competitive phase in 2025, with significant approvals for new materials such as agarose and hydroxyapatite, indicating a growing diversity of products [1][10] - The approval of various injection fillers, including recombinant collagen and animal-derived collagen, highlights the rapid development and commercialization of medical beauty materials [1][4] - Investment in medical beauty materials companies has surged, with 12 companies securing funding in the first five months of 2025, reflecting strong interest from investors [4][5] Regulatory Approvals - Hydroxyapatite received two approvals in 2025, with the first compliant product for medical beauty injections approved in February [10] - Agarose also saw its first approval in January 2025, marking a significant milestone for this material in the domestic market [10] - Over 110 products for medical beauty injections have been approved in China, primarily classified as Class III medical devices [2][4] Market Dynamics - The competition for the first regulatory approval (Class III certificate) is intense, as it provides a significant market advantage [10][12] - Companies are increasingly focusing on developing new materials and applications, with many aiming to secure the first approval in various new material categories [11][12] - The market is characterized by a mix of established companies and startups, all vying for a share of the growing medical beauty sector [15][16] Investment Trends - Notable investments in medical beauty materials companies include significant funding rounds for firms like 聚源生物 and 未名拾光, indicating robust investor confidence [5][6] - The trend of startups receiving funding is expected to continue, as the demand for innovative medical beauty solutions grows [4][5] Product Development - Companies are exploring the combination of different materials to enhance product competitiveness, with a focus on safety and efficacy [14][15] - New materials such as PDRN, silk protein, and chitosan are being investigated for their applications in medical beauty and functional skincare [16][17] - The development of multi-indication products is becoming a strategic focus, with companies aiming to address various aesthetic needs [13][15] Future Outlook - The medical beauty market is anticipated to expand, driven by the introduction of new materials and innovative applications [16][17] - The interplay between medical beauty and skincare sectors is expected to create a positive feedback loop, enhancing market growth [16][17] - Ultimately, the success of new materials will depend on their clinical validation and real-world application, as safety and effectiveness remain paramount [16][17]