Core Viewpoint - Zhan Yan Biotechnology Co., Ltd. has initiated the listing guidance process to publicly issue shares and list on the Beijing Stock Exchange, aiming to leverage capital market support for sustainable development and increased competitiveness in the beauty industry [2] Company Overview - Zhan Yan Biotechnology was established on December 6, 2019, with a registered capital of 61.62 million yuan, and is led by Zhang Yingting, who holds 62.1551% of the shares [3] - The company specializes in the research, production, and sales of biomedical materials, dermatological skincare products, and biological raw materials, with brands including Zhan Yan and Zhan Xiao Yan [3] - The Zhan Yan brand was launched earlier in 2015, focusing on medical research collaboration, offering products for sensitive skin repair [3] Financial Performance - Projected revenues for Zhan Yan Biotechnology are 486 million yuan and 597 million yuan for 2023 and 2024, respectively, with net profits of approximately 68.48 million yuan and 73.50 million yuan [3] - The gross profit margins are expected to be 62.33% and 68.34% for the same years [3] Market Position and Competition - Zhan Yan's development appears to be lagging behind competitors like Fulejia and Beitaini, which have already established themselves in the capital market and achieved significant revenue growth [4] - Fulejia and Beitaini reported revenues of 1.93 billion yuan and 5.5 billion yuan for 2023, respectively, indicating a strong market presence [4] Strategic Considerations - The company faces challenges in balancing strategic choices and investments between raw material supply and brand products [5] - The competitive landscape includes not only established brands but also new entrants in the medical beauty product segment, increasing market pressure [5] - Zhan Yan's revenue is primarily derived from offline channels, with a significant portion coming from distributors and hospitals, which poses a challenge for transitioning to an online-focused market [5]

近日，护肤品牌绽妍母公司绽妍生物科技股份有限公司（以下简称"绽妍生物"）启动上市辅导。根据绽 妍生物披露的信息，其已与中国国际金融股份有限公司签署辅导协议，正式启动向不特定合格投资者公 开发行股票并在北京证券交易所（以下简称"北交所"）上市的辅导流程。 值得一提的是，与几乎在同一时期成长起来的医用敷料品牌敷尔佳以及专攻敏感肌领域的贝泰妮（旗下 拥有薇诺娜品牌）早已登陆资本市场，成为细分领域头部玩家。与同行相比，绽妍品牌的发展似乎晚一 步。根据公开资料，敷尔佳品牌创立于2015年4月；薇诺娜则创立于2010年。在2019年前后，敷尔佳、 薇诺娜迎来自己的高速增长期，尤其是在敏感肌以及皮肤修护领域。上述两家企业的营收规模更是早早 突破10亿元规模。根据财报数据，2023—2024年，敷尔佳营收分别为19.34亿元、20.17亿元；贝泰妮的 营收分别为55亿元、57亿元。 "从企业竞争力角度出发，绽妍在其擅长的领域具备一定优势。需要关注的是，在'原料供应'和'品牌产 品'两个业务板块，如何进行战略选择和投入平衡，是品牌必将面临的深层考量。"白云虎分析称。 从当下整个械字号护肤品、医用敷料甚至院线医美品牌的市场来看， ...