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 ...

山西医美女王，将收获钟首富巨额注资。 9月19日，杨霞控制的锦波生物公告，定增申请已获得北交所受理，同步公布募资的大量细节。 据披露，钟睒睒旗下的养生堂，预计将出资20个亿，获得锦波生物6.24%的股权，且成为实际的二股 东。 照此计算，锦波估值达到320亿元，资金将主要投建其"人源化胶原蛋白FAST数据库与产品开发平台"， 并补充流动资金。 医美界新星联手首富，锦波生物正酝酿新一轮扩张。 募资20亿 杨霞向钟老板的要价，较市价打了折扣。 据公告，定增价格约定为278.72元/股，不低于定价基准日前20个交易日均价的80%，锦波生物将增发至 多7175660股，合计募资约20个亿。 截至2025年6月，锦波总资产才23.67亿元。 对于杨霞和她的公司，未来到账的20个亿，几乎等同于其所有实物家当。 2024年，锦波生物营收14.43亿元，利润7.32亿元，按静态市盈率计，320个亿的估值确实不低。 杨霞团队造富的核心——重组胶原蛋白，前景广阔，毛利率高达90%以上，锦波的价值显然也得到认 可。 杨霞已计划，将11.5亿元用于"人源化胶原蛋白 FAST 数据库与产品开发平台项目"，剩余8.5个亿则用于 补充流动 ...

童颜针"价格战"正迎来最激烈的时刻。 9月23日，新氧（SY.O）正式推出奇迹童颜3.0，定价为2999元，创下童颜针史上最低价——目前市面上 的艾维岚、塑妍萃等童颜针单价基本在1.3万元到2.4万元不等。 操作方面，新氧的奇迹童颜3.0主要采取童颜针"塑缇妍"复配玻尿酸的形式。 塑缇妍的出品方是江苏西宏生物医药有限公司（下称"西宏生物"），其母公司系正在冲刺港股IPO的东 方妍美（成都）生物技术股份有限公司。 据金星透露，1.0、2.0版本分别采用的是普丽妍（南京）医疗科技有限公司（下称"普丽妍"）的普丽 妍、长春圣博玛生物材料有限公司（下称"圣博玛"）的艾维岚，这两家厂商要求终端售价分别为16800 元/支，18800元/支，但新氧的定价分别低至4999元、5999元。 这引发了上游医美材料商的不满，普丽妍、圣博玛都先后向新氧发函，要求下架童颜针的产品。 今年7月，西宏生物的童颜针（丽真然）获批上市，其大中华区的推广、商业化等权益被授权给了康哲 药业（0867.HK）。 "塑缇妍是我们与西宏生物定制的产品，与丽真然为同款童颜针，但型号略有不同。"新氧CEO金星告诉 信风，"西宏生物不干涉下游的定价。" 短 ...

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].

锦波生物 20250910 摘要 重组胶原蛋白市场份额快速增长，2023 年预计超过动物源，至 2027 年有望达到 62.3%，复制透明质酸发展路径，预示着千亿级市场潜力。 中国重组胶原蛋白零售市场规模预计将从 2023 年的 286 亿元增长至 2027 年的 1,100 亿元以上，复合增速超过 40%，显示出该市场的高速 增长态势。 中国医美注射剂市场规模持续扩大，预计 2027 年将达到 1,470 亿元， 其中重组医美注射剂占比不断提升，2023 年已达 6.4%，增长潜力巨大。 功效护肤品市场同样呈现高速增长，预计 2027 年将达到 790 亿元，重 组胶原蛋白在注射剂、敷料及功效护肤品领域的渗透率将持续提升。 锦波生物是国内唯一拥有重组三类医疗器械证书的公司，已获批冻干纤 维、溶液及凝胶三款产品，并拓展境外业务，形成核心竞争壁垒。 锦波生物 2023 年上半年营收约 8.6 亿，同比增长超 40%，毛利率稳定 在 80%以上，医疗器械和功能性护肤品业务均实现显著增长。 锦波生物与养生堂达成战略合作，有望加快研发速度并拓宽产品类型， 实现消费品快速布局，同时公司管理层调整预示双方合作即将实质开展 ...

Core Viewpoint - The performance of listed medical beauty companies in China shows significant divergence in the first half of 2025, with major players in the hyaluronic acid market facing growth bottlenecks, while companies in the recombinant collagen segment are experiencing substantial growth [1][2][7]. Group 1: Performance of Major Companies - Huaxi Biological reported revenue of 2.261 billion yuan, a year-on-year decline of 19.57%, and a net profit of 221 million yuan, down 35.38% [1][2]. - Haohai Biological achieved revenue of 1.304 billion yuan, a decrease of 7.12%, with a net profit of 211 million yuan, down 10.29% [1][2]. - Aimeike's revenue was 1.299 billion yuan, down 21.59%, with a net profit of 789 million yuan, a decline of 29.57% [1][2]. - In contrast, Jinbo Biological, the first stock of recombinant collagen on the Beijing Stock Exchange, reported revenue of 859 million yuan, an increase of 42.43%, and a net profit of 392 million yuan, up 26.65% [1][2]. - Giant Biological's revenue reached 3.113 billion yuan, a year-on-year increase of 21.66%, with a net profit of 1.182 billion yuan, up 20.23% [1][2]. Group 2: Market Trends and Competition - The medical beauty market in China has seen rapid growth, with the market size increasing from 99.3 billion yuan in 2017 to 189.2 billion yuan in 2021, reflecting a compound annual growth rate of 17.5% [4]. - The competition in the hyaluronic acid sector has intensified, leading to price reductions and impacting the performance of leading companies [4][6]. - The demand for aesthetic products is evolving, with a shift towards user-oriented solutions and a growing emphasis on product innovation and technology [3][7]. Group 3: Strategic Adjustments and Innovations - Huaxi Biological is shifting its marketing strategy to focus on brand building and consumer engagement through platforms like Xiaohongshu and WeChat, moving away from price-driven promotions [5]. - Haohai Biological is also adapting its product offerings, with new high-end hyaluronic acid products showing promising market performance [6]. - The recombinant collagen market is projected to grow significantly, with estimates suggesting it will reach 585.7 billion yuan by 2025, driven by new product launches and market expansion [8][9]. Group 4: Regulatory and International Expansion - The medical beauty industry is witnessing an increase in compliant products, with several companies obtaining third-class medical device registration certificates, enhancing market offerings [10][11]. - Companies like Huaxi Biological and Haohai Biological are actively pursuing international markets, with Huaxi reporting significant revenue from overseas operations [11][12]. - Aimeike's acquisition of a majority stake in a South Korean company highlights the trend of domestic firms expanding their global footprint [12].

Core Viewpoint - The performance of listed medical beauty companies in China shows significant divergence in the first half of 2025, with major players in the hyaluronic acid market facing growth bottlenecks while companies in the collagen reconstruction sector are experiencing substantial growth [1][2]. Group 1: Performance of Major Companies - Huaxi Biological reported revenue of 2.261 billion yuan, a year-on-year decline of 19.57%, and a net profit of 221 million yuan, down 35.38% [2]. - Haohai Biological achieved revenue of 1.304 billion yuan, a decrease of 7.12%, with a net profit of 211 million yuan, down 10.29% [2]. - Aimeike's revenue was 1.299 billion yuan, down 21.59%, with a net profit of 789 million yuan, a decline of 29.57% [2]. - In contrast, Jinbo Biological, the first stock of collagen reconstruction on the Beijing Stock Exchange, reported revenue of 859 million yuan, an increase of 42.43%, and a net profit of 392 million yuan, up 26.65% [1][2]. Group 2: Market Dynamics - The medical beauty industry is undergoing a transformation driven by increasing aesthetic demands and technological upgrades, necessitating higher core technology and product innovation capabilities from companies [3]. - The competition in the hyaluronic acid sector has intensified, with a significant increase in supply and aggressive pricing strategies from downstream medical beauty institutions [4]. - The market for collagen reconstruction products is rapidly growing, with projections indicating a compound annual growth rate of 44.93%, reaching 585.7 billion yuan by 2025 [9][10]. Group 3: Strategic Adjustments - Companies like Huaxi Biological are shifting from a traffic-driven sales model to a brand communication strategy based on scientific validation, aiming to enhance brand efficacy and customer acquisition [5][6]. - Haohai Biological is focusing on high-end hyaluronic acid products, with the "Haimeiyuebai" product showing promising market performance despite overall revenue declines in its hyaluronic acid segment [7]. - Aimeike acknowledges the shift towards a user-oriented market, emphasizing the importance of product innovation and systematized competition [8]. Group 4: Regulatory and International Expansion - The medical beauty industry is witnessing an increase in compliant products, with several companies obtaining third-class medical device registration certificates, enhancing market options [11][12]. - Companies are actively pursuing international markets, with Huaxi Biological reporting 331 million yuan in international raw material business revenue, accounting for 52.93% of its raw material income [12][13]. - Aimeike's acquisition of a majority stake in a South Korean company marks its strategic entry into the global regenerative injection market [13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company reported a revenue of 859 million yuan for the first half of 2025, representing a year-on-year growth of 42.43%, and a net profit attributable to shareholders of 392 million yuan, up 26.65% year-on-year [2][4] - The second quarter of 2025 saw a revenue of 492 million yuan, a year-on-year increase of 30.44%, and a net profit of 224 million yuan, which is a 7.36% increase year-on-year [4] - The company is actively expanding its overseas business, having achieved significant progress in the global layout of its recombinant human collagen medical devices, including obtaining medical device registration in Thailand [4] Summary by Relevant Sections Financial Performance - For the first half of 2025, the company achieved a gross margin of 90.68%, a decrease of 0.9 percentage points compared to the same period last year [4] - Medical device revenue reached 708 million yuan, growing 33.41% year-on-year, with a gross margin of 95.04%, an increase of 0.61 percentage points [4] - Functional skincare products generated 121 million yuan in revenue, a significant increase of 152.39% year-on-year, with a gross margin of 70.78%, up 6.02 percentage points [4] Future Earnings Forecast - The company is expected to have earnings per share of 8.93 yuan and 12.39 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 34 times and 24 times [4][6]

Core Insights - The "specialized and innovative" small giants are accelerating, with hidden champions in niche industries increasing their market share [1] - As of August 27, 2025, 192 out of 273 listed companies on the North Exchange have released their semi-annual reports, with a profitability rate of approximately 87.5% [1] - The majority of profitable companies are concentrated in the machinery equipment (24%), automotive (11%), electric power equipment (10%), and basic chemicals (10%) sectors [1] Revenue Performance - Nine companies on the North Exchange achieved revenue exceeding 1 billion yuan in the first half of 2025, with 150 companies surpassing 100 million yuan [3] - The top three companies by revenue are: - Innoway: 3.55 billion yuan - Tongli Co., Ltd.: 3.17 billion yuan - Yingtai Biotechnology: 2.97 billion yuan [4] Profitability - Three companies reported a net profit exceeding 100 million yuan, while 22 companies had a net profit over 50 million yuan [5] - Jinbo Biological, a leading company in the medical beauty and functional skincare sector, reported a net profit of 392 million yuan, a year-on-year increase of 26.65% [6][7] Growth Rates - Among the 22 companies that doubled their profits, Shibi Bai reported a staggering net profit growth of nearly 60 times, achieving a net profit of approximately 29.23 million yuan [9] - The company attributed its success to increased sales driven by government subsidies and improved internal management, leading to enhanced product quality and profit margins [9] Industry Trends - The machinery equipment sector has a high representation among the profitable companies, with Tongli Co., Ltd. being one of the notable firms with a market capitalization of approximately 10.31 billion yuan [9] - Tongli Co., Ltd. is actively advancing in the fields of new energy and autonomous driving, having delivered seven electric non-road dump trucks for a project in Mongolia [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has achieved revenue and profit growth in the first half of 2025, driven by the sales of its A-type recombinant human collagen products and the approval of new gel products [5][6] - The company is expanding its sales channels, with its "Wei Yi Mei" brand products covering over 4,000 medical institutions [5][6] - The company plans to raise 2 billion RMB through a private placement to enhance its research and development capabilities and expand its product offerings [5][7] Summary by Sections Market Performance - The closing price as of August 25, 2025, is 316.46 RMB, with a market capitalization of 36,413.58 million RMB [3] Financial Performance - Revenue has grown from 161 million RMB in 2020 to 1.443 billion RMB in 2024, with a compound annual growth rate (CAGR) of 72.9% [6][12] - The net profit attributable to the parent company reached 732 million RMB in 2024, with a CAGR of 118.8% from 2020 to 2024 [6][12] - In the first half of 2025, the company reported revenue of 859 million RMB, a year-on-year increase of 42.43%, and a net profit of 392 million RMB, up 26.65% year-on-year [6][12] Product Development and Market Strategy - The company has received regulatory approval for its "Injection of Recombinant Type III Humanized Collagen Gel," which is expected to enhance its product lineup [5][19] - The company is focusing on expanding its international presence, having obtained medical device registration in Thailand and certifications in the USA and Saudi Arabia for its functional skincare products [5][19] - The company is collaborating with strategic investor Yangsheng Tang to enhance its R&D and commercialization efforts [7][24] Future Outlook - The company forecasts net profits of 1.018 billion RMB, 1.410 billion RMB, and 1.833 billion RMB for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 36, 26, and 20 times [7][8] - The company aims to leverage its technological advancements in collagen products to capture a larger market share in the medical aesthetics and functional skincare sectors [5][9]