北京商报讯（记者王寅浩宋雨盈）11月24日，锦波生物发布公告称，公司重组Ⅲ型人源化胶原蛋白冻干 纤维获得菲律宾主管当局颁发的D类医疗器械注册证，根据公告，该产品适用于面部真皮组织填充以纠 正额部动力性皱纹（包括眉间纹、额头纹和鱼尾纹）。 （文章来源：北京商报） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a revenue growth of 31% year-on-year for Q1-Q3 2025, driven by new product launches and the multi-faceted empowerment from Yangshengtang [4][5] - The forecasted net profits for the company from 2025 to 2027 are expected to be 879 million, 1.217 billion, and 1.56 billion RMB respectively, with corresponding P/E ratios of 31, 22, and 17 times based on the closing price on November 7, 2025 [5] Financial Performance Summary - For Q1-Q3 2025, the company reported a revenue of 1.296 billion RMB (yoy +31%) and a net profit of 568 million RMB (yoy +9%) [7] - The revenue growth is primarily attributed to the increase in sales of medical devices and functional skincare products, with a notable rise in the sales of A-type recombinant human collagen products [7] - The company’s revenue for 2025 is projected to reach 1.904 billion RMB, with a year-on-year growth rate of 31.98% [6][8] - The gross profit margin is expected to remain high at around 90% for the coming years, indicating strong profitability [8] Product and Market Development - The company launched the new HiveCOL collagen product in July 2025, which is anticipated to drive growth in the medical aesthetics sector [7] - The company is actively expanding its market presence through online promotions and collaborations with both international and domestic brands, enhancing its sales channels [7] - The company has received regulatory approval for its recombinant type III human collagen freeze-dried fibers, which have broad application prospects in various medical fields [7]

Core Insights - The company reported a total revenue of 1.296 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 31.10%, and a net profit attributable to shareholders of 568 million yuan, up 9.29% year-on-year, driven by continuous investment in research and innovation [2] Group 1: Financial Performance - The company achieved a total revenue of 1.296 billion yuan in the first three quarters of 2025, marking a 31.10% increase compared to the previous year [2] - The net profit attributable to shareholders reached 568 million yuan, reflecting a year-on-year growth of 9.29% [2] Group 2: Product Development and Innovation - The company received registration for "recombinant type III humanized collagen protein lyophilized fibers" as a pharmaceutical excipient, marking a significant milestone in its development history and indicating the entry of recombinant collagen materials into core pharmaceutical applications [3] - The new material has broad application prospects in various fields, including injectables, biological agents, and topical preparations, particularly as a drug carrier for targeted delivery and sustained release [3] - The successful registration of the pharmaceutical excipient demonstrates the company's core technological advantages and continuous innovation capabilities in the field of recombinant humanized collagen [3] Group 3: Research and Development - The company's R&D expenses reached 71.2616 million yuan, a year-on-year increase of 64.31%, driven by increased collaboration with universities and research institutions, as well as a rise in research projects [4] - The company has established a dual-driven model of "independent innovation + joint research," effectively integrating resources for basic research and industrialization [4] - The company led an international standard proposal on medical devices, marking a significant breakthrough in the international standardization of bioengineering medical devices in China [4] Group 4: Digital Transformation and AI Integration - The company developed the "AI Collagen Brain System," which includes six core technology platforms for high-throughput screening, structural research, and efficient biosynthesis [5] - The "AI Collagen Brain System" was recognized as a national-level case in the Ministry of Industry and Information Technology's 2025 digital transformation case collection, indicating its leading position in digital transformation [6] - The integration of AI in production processes has significantly improved efficiency, with reports indicating a tenfold increase in fermentation process optimization [6]

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]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the strong performance of the retail and beauty sectors, with a focus on the growth potential of domestic brands in the beauty industry [6][44] - The medical beauty segment is expected to see new growth drivers from innovative products, while the cosmetics sector is benefiting from the rise of domestic brands and consumer trends towards self-care [6][44] Summary by Sections 1. Market Review - The beauty and personal care index rose by 6.84% in August 2025, ranking 15th among all primary industries, underperforming the broader market which saw a 7.97% increase [12][15] - In the medical beauty sector, notable stock performances in August included Meili Tianyuan Medical Health (+32.4%), Kedi (+31.7%), and Yisi Health (+22.7%) [16] - In the cosmetics sector, leading performers were Jiaheng Home (+55.4%), Shuiyang Co. (+36.3%), and Ruoyu Chen (+29.0%) [20] 2. Medical Beauty - Jinbo Biological's "Recombinant Type III Humanized Collagen Freeze-Dried Fiber" received drug auxiliary material registration, marking a significant advancement in the medical field [26] - Longzi Co. plans to acquire 67.5% of Chongqing Milan Baiyu for 92.475 million yuan, with performance commitments ensuring net profits of at least 9.29 million yuan, 9.89 million yuan, and 11.83 million yuan from 2025 to 2027 [28] 3. Cosmetics - Proya plans to list in Hong Kong, potentially becoming the first A+H share beauty company, which would enhance its international business development [32] - Proya's investment in Huazhi Xiao will strengthen its position in the makeup sector, leveraging Huazhi Xiao's content operations and overseas channels [35] - The launch of the NAN beauty brand by Shangmei Co. represents a strategic move to enhance its presence in the mid-to-high-end market [40] 4. Investment Recommendations - The report recommends focusing on leading domestic beauty brands that are continuously evolving and capitalizing on high-growth segments [44] - Key recommendations include Shangmei Co., Maogeping, Proya, and Runben Co., with an emphasis on their strong market positions and growth potential [48]

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][28]. Core Insights - The report highlights significant market movements, with the retail trade, social services, and beauty care sectors showing varied performance, ranking 19th, 27th, and 25th respectively among 31 primary industries during the week of September 8-12, 2025 [14][16]. - Key events include Huaxi Biological's strategic investment in Saint Pharma, which focuses on small nucleic acid drugs, and Jinbo Biological's approval for a new injectable collagen product [3][23]. - The report notes a substantial increase in domestic and international flight searches ahead of the Mid-Autumn Festival and National Day holidays, indicating a recovery in travel demand [4][24]. Summary by Sections 1. Weekly Market Review - The retail trade sector increased by 0.85%, while social services and beauty care sectors decreased by 0.28% and 0.23% respectively, compared to the Shanghai Composite Index's increase of 1.52% [14][16]. 2. Key Industry Data and News - The Chinese government allocated 100 billion yuan for childcare subsidies and plans to gradually implement free preschool education [3][23]. - Huaxi Biological invested approximately 138 million HKD in Saint Pharma, acquiring a 9.44% stake, while Jinbo Biological's new collagen product is the first of its kind to enter the pharmaceutical excipient market [23][24]. 3. Key Company Announcements - Jinbo Biological announced management changes, with founder Yang Xia appointed as CEO, and plans for a cash acquisition by Langzi Co. for a controlling stake in a cosmetic surgery hospital [27][28]. 4. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Juzi Biological, and Marumi Biological, among others, as potential investment opportunities in the beauty care and new consumption sectors [5][28].

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary sector, including Nike, Midea Group, JD Group, Haier Smart Home, Anta Sports, Gree Electric, and others [1]. Core Insights - The gambling sector continues to show strong performance in September, outperforming other discretionary sub-sectors, with a weekly increase of 1.8% [4][16]. - Domestic cosmetics and luxury goods also performed positively, with increases of 0.7% and 0.3% respectively, while other sectors like overseas sportswear and snacks faced declines [4][16]. - The report highlights that most sub-sectors are currently undervalued compared to their historical averages, indicating potential investment opportunities [20]. Summary by Relevant Sections Weekly Performance Review - The gambling sector led the weekly performance with a 1.8% increase, followed by domestic cosmetics at 0.7% and luxury goods at 0.3%. In contrast, overseas sportswear and snacks saw declines of 3.0% and 4.1% respectively [4][16]. - Year-to-date performance shows significant gains in gold and jewelry, domestic cosmetics, and pets, with increases of 167.1%, 60.6%, and 38.8% respectively [13]. Sector Analysis - The gambling sector's strong performance is attributed to better-than-expected results during the off-season, with optimism for the upcoming peak season driven by events like the NBA and concerts [6][16]. - Domestic cosmetics are benefiting from successful marketing campaigns, with notable sales figures reported [6][17]. - The overseas sportswear sector is under pressure due to disappointing earnings forecasts and competition, leading to significant stock price declines [8][17]. Valuation Analysis - Most sectors are trading below their five-year average P/E ratios, indicating potential for growth. For instance, the expected P/E for the overseas sportswear sector is 33.4 times, which is 59% of its historical average [20]. - The gambling sector's expected P/E is 34.2 times, which is 40% of its historical average, suggesting it may be undervalued [20].

Investment Rating - The report maintains a positive outlook on the long-term growth potential of Hailan Home as it plans to list in Hong Kong, which is expected to enhance its overseas market presence and strengthen its competitive edge [1][12][13]. Core Insights - Hailan Home's overseas expansion strategy has been active since 2017, with a focus on Southeast Asia, and the company aims to continue exploring new markets and channels [12][13]. - The report highlights the successful registration of recombinant type III humanized collagen protein as a pharmaceutical excipient by Jinbo Bio, marking a significant breakthrough in the application of collagen in innovative drug development [14][17]. - The retail performance of the apparel sector showed a year-on-year growth of 3.7% in July, although the growth rate decreased compared to June due to various factors including promotional effects and extreme weather [23][32]. Summary by Sections Hailan Home's Hong Kong Listing - Hailan Home announced its intention to issue shares and list on the Hong Kong Stock Exchange, which is expected to facilitate its overseas market expansion and enhance its long-term competitiveness [1][12]. - The company has opened 111 overseas stores as of mid-2025, generating a revenue of 206 million yuan, a 27.42% increase year-on-year [12][13]. Jinbo Bio's Pharmaceutical Advancements - Jinbo Bio's recombinant type III humanized collagen protein has received approval as a pharmaceutical excipient, allowing it to be used in various drug delivery systems, enhancing drug efficacy while reducing side effects [14][15][17]. - The company is positioned to leverage its first-mover advantage in the domestic market for pharmaceutical excipients, with significant growth potential in the peptide and protein drug sectors [17][18]. Apparel and Cosmetics Market Trends - The apparel retail sector experienced a 3.7% year-on-year growth in July, with a noted decline in growth rate due to promotional effects and weather conditions impacting consumer traffic [23][32]. - The cosmetics retail sector saw a recovery with a 4.5% year-on-year increase in July, reflecting a positive trend in consumer spending [32]. Investment Recommendations - The report recommends Hailan Home for its strong brand and potential for growth in the apparel sector, alongside Jinbo Bio for its innovative products in the beauty and healthcare segments [35].

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]

Core Viewpoint - Jinbo Biological has reported strong financial performance for the first half of the year, indicating significant growth in revenue and net profit, alongside a planned cash dividend distribution to shareholders [1][2][3]. Financial Performance - The company achieved a revenue of 859 million yuan, representing a year-on-year increase of 42.43% [2]. - The net profit attributable to shareholders was 392 million yuan, reflecting a year-on-year growth of 26.65% [2]. - The gross profit margin decreased slightly to 90.68% from 91.58% in the previous year [2]. - Basic earnings per share were reported at 3.41 yuan [2]. Business Growth Drivers - The revenue growth was primarily driven by increased sales in medical devices and functional skincare products [2]. - The medical device segment saw growth mainly from the sales of implant products based on type A recombinant human collagen [2]. - The functional skincare segment benefited from the sales of proprietary brands such as "重源" and "ProtYouth®" [2]. Company Background - Jinbo Biological is recognized as a national-level specialized and innovative "little giant" enterprise and a key player in the synthetic biology industry chain in Shanxi Province [3]. - The company was listed on the Beijing Stock Exchange on July 20, 2023, with an initial market capitalization of 8.757 billion yuan, which has since increased to nearly 37 billion yuan [3]. Future Prospects - The company plans to utilize funds from a recent share transfer to enhance its research and development capabilities, particularly in the area of humanized collagen products [6][7]. - The total investment for the new FAST database and product development platform project is approximately 1.26 billion yuan, with a three-year implementation period [6].