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]

公司核心业务为以A型重组人源化胶原蛋白为核心原材料制备的高端植入级医疗器械的研发、生产及销售。公司终端产品主要应用于 注射类医学抗衰老、医疗美容整形领域；其次应用于妇科、外科、皮肤科、五官/口腔科、肛肠科等科室的修复性治疗；此外也少量用 于抗衰修复类护肤领域。值得一提的是，公司产品重组Ⅲ型人源化胶原蛋白冻干纤维聚焦纠正眼周鱼尾纹、眉间纹、额头纹， 推广自 主品牌"薇旖（yi）美®"，并持续丰富"薇旖（yi）美®"产品体系，强化品牌建设，已覆盖终端医疗机构超4000家。 8月11日，锦波生物交出上市以来的第三份半年度业绩成绩，也是今年山西上市公司首份半年报。 据报告数据，今年上半年实现营收8.59亿元，同比增42.43%；归属于上市公司股东净利润3.92亿元，同比增26.65%。同日，锦波生物 发布公告称拟以未分配利润向全体股东每10股派发现金红利10元（含税），本次权益分派共预计派发现金红利1.15亿元。 | | | | 单位: 儿 | | --- | --- | --- | --- | | | 本期 | 上年同期 | 增减比例% | | 营业收入 | 858.703, 187. 63 | 602.879.0 ...

Core Viewpoint - The strategic investment actions by Jinbo Biotechnology have attracted significant attention, particularly due to the involvement of Zhong Shanshan, China's richest man, who is investing a total of 34.03 billion yuan through his companies [1][2]. Group 1: Investment Details - Jinbo Biotechnology will issue shares to Yangshengtang Co., Ltd., representing 6.24% of its total shares before the issuance, with a financing amount not exceeding 2 billion yuan [2]. - The share transfer agreement between Jinbo's controlling shareholder Yang Xia and Hangzhou Jiushi involves the transfer of 5,753,267 shares at a price of 243.84 yuan per share, totaling 1.403 billion yuan [2][3]. - After the transfer, Yang Xia will hold 50.73% of Jinbo, while Hangzhou Jiushi and Yangshengtang will hold 4.71% and 5.87%, respectively, making Zhong Shanshan the second-largest shareholder of Jinbo with 10.58% ownership [3]. Group 2: Company Overview - Jinbo Biotechnology focuses on the research, development, production, and sales of high-end implantable medical devices made from recombinant human collagen, primarily used in aesthetic medicine and skin repair [4]. - The company achieved significant revenue growth, with sales increasing from 233 million yuan in 2021 to 1.443 billion yuan in 2024, and net profit rising from 57.39 million yuan to 732 million yuan during the same period, reflecting a year-on-year growth rate of over 79% [4]. Group 3: Market Potential - The collaboration between Jinbo and Yangshengtang is expected to leverage their respective strengths in large-scale industrial production and market channel development, addressing the urgent need for a comprehensive production and sales system [5]. - The market for collagen-based skin care products is projected to surpass that of hyaluronic acid by 2026, with the overall market size for collagen in China expected to reach 173.8 billion yuan by 2027, of which recombinant collagen products will account for 1.083 billion yuan, representing 62.3% of the market [5].

Core Viewpoint - The recent stock issuance by Jinbo Biological, controlled by Zhong Shanshan, aims to raise up to 2 billion RMB to support its growth and development in the collagen market, while also indicating a strategic partnership with Yangshengtang [1][2][7]. Group 1: Company Actions and Financials - Jinbo Biological plans to issue no more than 717,566 shares, representing 6.24% of its total shares before the issuance, to raise funds for a humanized collagen protein database and working capital [1][2]. - The total investment for the projects is 200 million RMB, with 57.5% allocated to the collagen protein project and 42.5% for working capital [2]. - Jinbo Biological's stock price has surged since its listing, with a maximum increase of over 800% from its issue price, reaching a peak of 452.29 RMB [3][9]. Group 2: Market Performance and Growth - Jinbo Biological has shown impressive financial growth, with revenue increasing from 233 million RMB in 2021 to 1.443 billion RMB in 2024, and net profit rising from 57.39 million RMB to 732 million RMB in the same period [9]. - The gross margin improved from 82.29% to 92.02%, and net margin increased from 24.38% to 50.68% [9]. - The Chinese collagen market reached 28.7 billion RMB in 2021, growing at 40.7%, with a significant increase in the penetration of recombinant collagen [9]. Group 3: Strategic Partnerships and Future Outlook - Yangshengtang, controlled by Zhong Shanshan, is entering into a strategic partnership with Jinbo Biological, which is expected to enhance business synergies and accelerate the implementation of their strategic goals [7][8]. - The collaboration aims to leverage technological integration and market channel empowerment, potentially leading to significant advancements in product development [7][8]. - Jinbo Biological's need for strategic investors is highlighted by its relatively small size and the increasing competition in the medical aesthetics industry [10][13].

Market Performance - The micro-cap stock index opened lower but surged over 1% to reach a historical high before closing down 1.37% [2] - The North Exchange 50 index experienced a significant decline, closing down 6.15% after reaching a historical high the previous day [2] Reasons for Adjustment - Analysts suggest that the recent market adjustment is due to both internal and external factors, including a historical pattern where high levels of congestion in the market led to significant pullbacks [3] - The micro-cap sector may face profit-taking pressure as funds become overly concentrated, potentially shifting market preference towards mid and large-cap stocks [3] Company-Specific Insights - Jinbo Biological (832982.BJ) saw its stock price drop over 17% during the day, closing down 14.55%. The company attributed the decline to market factors rather than specific company issues [3] - Jinbo Biological's stock had been on a steady rise since March, reaching a peak of 589.98 CNY per share on May 22, with a total market capitalization exceeding 52 billion CNY [3] - The company is recognized for its innovative medical device, the "recombinant type III humanized collagen freeze-dried fiber," which is the first of its kind in China, laying a solid foundation for clinical applications and industrial transformation [4] Market Sentiment - The poor results from the U.S. 20-year Treasury auction have led to a negative sentiment in the U.S. financial markets, potentially increasing global risk aversion and cautiousness [5] - There are indications that micro-cap stock investments may be overly crowded, with trading volumes surpassing previous highs, signaling significant overbought conditions [5]

Core Viewpoint - The article highlights the significance of the New Fortune Gold Medal Secretary selection in the Chinese capital market, emphasizing the role of outstanding secretaries in enhancing corporate governance and investor relations, thus contributing to high-quality market development [1]. Company Overview - Jinbo Biological was established in 2008 and is headquartered in Taiyuan, Shanxi. It 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. The company focuses on the research and industrialization of recombinant humanized collagen [5]. Key Achievements - Jinbo Biological became the first A-share listed company in China centered on "recombinant humanized collagen" after successfully completing its listing on July 20, 2023, on the Beijing Stock Exchange. This milestone serves as a model for the industrialization of original achievements by small and medium-sized enterprises in China [3]. - The company has received multiple approvals for innovative medical devices, including the first medical device product in China using new biological materials, and has established itself as a leader in the production of implant-grade medical devices globally [6][7]. Technological Breakthroughs - Jinbo Biological has achieved three core technological breakthroughs: 1. Safety breakthrough with a protein amino acid sequence highly consistent with natural collagen, showing strong biocompatibility and no immunogenic issues in over 2 million clinical applications [8]. 2. Effectiveness breakthrough with a clear 164.88° flexible triple helix structure, recognized by the international protein database [8]. 3. Application scenario breakthrough with high cell adhesion surpassing natural collagen, demonstrating excellent tissue repair characteristics across various fields [8]. Innovation Strategy - The company adheres to an "original innovation" strategy, having established six major technology platforms and multiple joint research platforms with prestigious institutions, covering the entire chain from basic research to clinical transformation and industrial implementation [9]. Role of the Secretary - The role of the board secretary is crucial in bridging the company and the capital market, requiring solid financial and legal knowledge, as well as excellent communication and coordination skills. The secretary's responsibilities include ensuring compliance, enhancing communication with regulatory bodies, investors, and media, and fostering a transparent public relations environment [14].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6][8]. Core Insights - The company achieved a revenue of 1.443 billion yuan in 2024, representing a year-on-year increase of 84.92%, with a net profit attributable to shareholders of 732 million yuan, up 144.27% year-on-year [3]. - The first quarter of 2025 saw a revenue of 367 million yuan, a year-on-year growth of 62.51%, and a net profit of 169 million yuan, reflecting a 66.25% increase year-on-year [3]. - The company is a leader in the collagen protein market, with projected net profits of 1.105 billion yuan, 1.598 billion yuan, and 2.145 billion yuan for 2025, 2026, and 2027 respectively, showing growth rates of 50.9%, 44.6%, and 34.2% [6]. Revenue Breakdown - Medical device sales drove overall revenue growth, with medical devices generating 1.254 billion yuan in 2024, a year-on-year increase of 84.37% [4]. - Functional skincare products contributed 142 million yuan in revenue, up 86.83% year-on-year, with significant growth from the "重源®" and "ProtYouth®" brands [4]. - Revenue from raw materials and other segments reached 46 million yuan, reflecting an 89.07% increase year-on-year, attributed to stable procurement from brand clients and increased product recognition [4]. Profitability Metrics - The company's net profit margin for 2024 was 50.75%, an increase of 12.33 percentage points year-on-year, while the non-GAAP net profit margin was 49.36%, up 12.73 percentage points [5]. - Gross margin for 2024 was reported at 92.02%, with a slight decrease in the first quarter of 2025 to 90.11% [5]. - The company plans to implement an equity incentive plan, reflecting confidence in long-term growth, with performance targets set for net profits over the next three years [6]. Financial Forecasts - Projected revenues for 2025, 2026, and 2027 are 2.154 billion yuan, 3.076 billion yuan, and 4.198 billion yuan respectively, with growth rates of 49.3%, 42.8%, and 36.5% [7][10]. - The forecasted net profit for 2025 is 1.105 billion yuan, with a growth rate of 50.9% [7][10]. - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are estimated at 30x, 21x, and 16x respectively, indicating a favorable valuation trend [6][10].

Core Viewpoint - The company has received approval for its third-class medical device, "Injectable Recombinant Type III Humanized Collagen Gel," which reinforces its monopoly in the recombinant collagen aesthetic medicine industry [2][3]. Group 1: Regulatory Approval - The company announced on April 9 that it obtained a third-class medical device registration certificate from the National Medical Products Administration for "Injectable Recombinant Type III Humanized Collagen Gel" [2]. - This product is the third recombinant collagen product approved, following the approvals of "Recombinant Type III Humanized Collagen Freeze-Dried Fiber" in 2021 and "Recombinant Type III Humanized Collagen Solution" in 2023 [3]. Group 2: Market Position and Competitive Advantage - With all three third-class medical device certifications for recombinant collagen in China held by the company, it confirms its leading position in the domestic and global recombinant collagen industry [3]. - The company’s monopoly in the recombinant collagen aesthetic field is expected to continue, maintaining a leading edge even with potential new entrants in the market [3]. Group 3: Product Innovation and Market Expansion - The newly approved product is the first internationally to utilize self-assembly and self-crosslinking technology, produced via synthetic biology, suitable for correcting mid-facial volume loss and contour defects [4]. - The product expands the application of recombinant collagen from water-light treatments to support and filling, thus broadening its market potential in the aesthetic medicine sector [4]. - The higher market positioning, pricing, and profit margins of support and filling products indicate that the company is opening pathways to serve the high-end aesthetic market [4]. Group 4: Industry Growth Potential - According to Taiwan's Shuangmei's financial report, sales of animal-derived collagen in mainland China reached 370 million RMB, with a year-on-year growth of 8.5% [5]. - The compound annual growth rate (CAGR) for Shuangmei's revenue in mainland China from 2019 to 2024 is 27.1%, indicating rapid growth, which bodes well for the company's new product launch and operational prospects [5].

证券简称： 锦波生物 证券代码： 832982 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 山西综改示范区太原唐槐园区锦波街 18 号 山西锦波生物医药股份有限公司招股说明书（申报稿） 保荐人（主承销商） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律 效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 山西锦波生物医药股份有限公司 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文 件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价 值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责； 投资者自主判 ...

证券简称： 锦波生物 证券代码： 832982 山西锦波生物医药股份有限公司 山西综改示范区太原唐槐园区锦波街 18 号 山西锦波生物医药股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 1-1-0 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发 行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 声明 发行人 ...