Summary of Jinbo Biological Conference Call Company Overview - Jinbo Biological primarily focuses on medical beauty products, with injectable collagen being the main revenue contributor. The Weimi Beauty 4mg product accounts for nearly 80% of sales, while future growth relies on high-end products like Kenaite and 10mg variants [2][4]. Key Financial Insights - Jinbo Biological reported a revenue of 860 million yuan in the first half of 2025, representing a year-on-year growth of 42%. The net profit attributable to shareholders was 390 million yuan, up approximately 27%. However, the second quarter saw a slowdown in growth, with a net profit growth rate of 7.4% and a 2.3 percentage point impact from asset impairment losses, leading to an overall net profit decline of about 9.7% [3]. Product Structure and Market Strategy - The company’s product structure is heavily weighted towards medical beauty, particularly injectable collagen. The 4mg Weimi Beauty product has a high penetration rate and transparent pricing, ranging from several hundred yuan at the factory level to around 2000 yuan at retail. Jinbo plans to increase the proportion of high-end products like 8mg, 10mg, and 12mg to drive revenue growth [4][6]. Strategic Planning in Medical Aesthetics - Jinbo Biological aims to deepen OEM collaborations with leading medical beauty institutions to enhance customer flow and loyalty. These institutions typically use the 4mg product for customer acquisition but may partner with other manufacturers for lower-margin products [5][6]. Future Development Directions - In the next 1-2 years, existing products will remain the main growth drivers. The company has launched two new support-type products this year, with the gel product expected to reach a scale of 1 billion yuan within three years, targeting the high-end market. The factory price is several thousand yuan, with retail prices potentially exceeding 10,000 yuan [7]. Competitive Landscape - Jinbo Biological is currently the only manufacturer of recombinant collagen but faces potential new entrants by the end of this year or early next year. However, these new players will require time for team building and market promotion, providing Jinbo with a strategic opportunity. The competition in the animal collagen market is limited, with established manufacturers like Changchun Botai and Taiwan Shuangmei having unclear expansion plans [8]. Profit Forecast - The forecast for Jinbo Biological's net profit attributable to shareholders is approximately 1 billion yuan in 2025, 1.42 billion yuan in 2026, and 1.75 billion yuan in 2027. The price-to-earnings ratio is expected to narrow to below 30 times in 2026 and further to below 25 times in 2027. There is optimism regarding the continuation of improvement trends in the third and fourth quarters [9].