作者｜企业家记事 编辑｜MAX 来源｜蓝筹企业评论 一位从山西走出的女企业家创造了最新的财富故事。 始人杨霞 锦波生物创 被称为"北交所明星"的锦波生物，它的创办人杨霞以"再造人体青春蛋白"为使命，将锦波生物从50万启 动资金的小微企业，发展为市值超200亿的生物材料龙头。 杨霞的"人源化胶原蛋白"帮助她的公司获取医美产业的高额利润，并带来更为宏大的愿景——"让重组 胶原蛋白成为继钢铁、碳纤维后的第三代基础材料"。 杨霞2008创立公司面临着三重困境： 无实验室，团队在山西医科大学租赁场地开展实验，设备简陋；无技术参照，全球尚无重组人源化胶原 蛋白成功案例；资金链紧绷，初始50万元资本耗尽后，依靠政府补贴维系研发。 技术突破于2014年。杨霞团队成功研制出第一款重组Ⅲ型胶原蛋白产品，首次实现重组Ⅲ型胶原蛋白上 市。 持续7年攻关后，2018年迎来里程碑突破：利用X射线衍射技术，解析出Ⅲ型胶原蛋白核心功能区—— 由30个氨基酸（残基704–733）构成的高活性区域；在国际上首次完成重组人源化胶原蛋白原子结构复 刻，获中国发明专利。 产业化落地2019年，锦波生物建成全球首条重组人源化胶原蛋白生产线。2021年6 ...

Core Viewpoint - The strategic investment by Zhong Shanshan, the founder of Nongfu Spring, in Jinbo Biological represents a significant shift in the competitive landscape of the medical beauty industry in China, aiming to leverage the growing market for recombinant collagen products and enhance market presence through collaboration with established brands [1][36][37]. Group 1: Investment Details - Jinbo Biological announced a strategic partnership with Yangshengtang, raising 2 billion yuan through a private placement, marking a record for cash capital increases on the Beijing Stock Exchange [3][4]. - The investment will be used for developing a humanized collagen FAST database and product development, with 1.15 billion yuan allocated for this purpose and 850 million yuan for working capital [3]. - Following the announcement, Jinbo Biological's stock price surged, closing at 355.96 yuan per share, with a market capitalization of 40.96 billion yuan [6]. Group 2: Company Backgrounds - Zhong Shanshan, aged 71, is a legendary entrepreneur who founded Nongfu Spring and Yangshengtang, creating a business empire valued over 400 billion yuan [11]. - Yang Xia, the 51-year-old founder of Jinbo Biological, transitioned from academia to entrepreneurship, focusing on synthetic collagen for medical applications after identifying challenges in organ preservation [12][13]. Group 3: Market Potential - The recombinant collagen product market in China is projected to grow at a compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 and exceeding 219.38 billion yuan by 2030 [25][26]. - Jinbo Biological's revenue is expected to reach 1.443 billion yuan in 2024, reflecting an 84.92% year-on-year increase, with a net profit of 732 million yuan, up 144.27% [18]. Group 4: Strategic Synergies - The partnership is expected to enhance Yangshengtang's product line with high-end collagen ingredients, while Jinbo Biological can leverage Yangshengtang's extensive retail network of over 300,000 outlets to penetrate the consumer market [29][36]. - The collaboration aims to transform Jinbo Biological from a technology leader to a market leader, with the anticipated launch of new products in the third quarter [31]. Group 5: Competitive Landscape - The medical beauty industry is highly competitive, with Jinbo Biological facing challenges from established players like Huaxi Biological and Aimeike, which are also expanding into recombinant collagen [34]. - Jinbo Biological's dynamic price-to-earnings ratio of over 50 requires sustained high growth to maintain investor confidence, especially as sales expenses are projected to rise significantly [34][35].

Group 1 - The core point of the news is that Zhong Shanshan, the actual controller of Jiangsu Jinbo Biological Pharmaceutical Co., Ltd., has decided to invest 3.4 billion yuan in the company through his strategic investor, Yangshengtang Co., Ltd. [1] - The total transaction amount for the share transfer is 3.4 billion yuan, with Zhong Shanshan becoming the second-largest shareholder of Jinbo Biological after the investment [1][3] - Jinbo Biological's core business focuses on high-end implantable medical devices made from recombinant human collagen, primarily used in aesthetic medicine and surgical repairs [4] Group 2 - Jinbo Biological's sales of its core product "Wei Yimei" doubled in 2024, generating revenue of 1.443 billion yuan and a net profit of approximately 732 million yuan, with a gross margin of 92.02% [4] - The company has faced challenges with channel partners, including accusations against Xinyang and Meituan for unauthorized promotions and pricing issues [5] - The partnership with Yangshengtang is expected to leverage Zhong Shanshan's extensive retail network of 3 million terminals to enhance brand promotion and market expansion [5] Group 3 - The vaccine industry is currently undergoing a painful transition, with many companies, including Wantai Biological Pharmacy, seeking new growth avenues beyond traditional models [7] - Companies like Zhifei Biological and Watson Bio are diversifying their business by entering new therapeutic areas, such as metabolic diseases and gut microbiome therapies, in response to declining vaccine sales [7][8] - Watson Bio has signed an exclusive licensing agreement to develop and commercialize core microbiome analysis and targeted transplantation technologies, indicating a strategic shift towards microbiome health [9]

Core Viewpoint - The strategic investment by Zhong Shanshan in Jinbo Biological is seen as a significant move into the collagen protein sector, indicating confidence in the company's growth potential and the broader medical beauty industry [2][8]. Group 1: Investment Details - Jinbo Biological announced the introduction of strategic investors, raising a total of 3.4 billion yuan, with 2 billion yuan allocated to the issuance of shares to Yangshengtang [2][3]. - Zhong Shanshan, through Yangshengtang and Hangzhou Jiushi, will hold a combined 10.58% stake in Jinbo Biological after the transaction [5][6]. - The investment aims to enhance Jinbo Biological's production capabilities and market reach, leveraging Yangshengtang's resources [10]. Group 2: Company Performance - Jinbo Biological reported a revenue of 1.443 billion yuan in 2024, marking an 84.92% year-on-year increase, with a net profit of 732 million yuan, up 144.27% [15]. - The company boasts a high gross margin of 92.02% and a net profit margin of 50.68%, reflecting strong profitability [15]. - Jinbo Biological is recognized as a leader in the recombinant human collagen field, having achieved significant technological breakthroughs [15]. Group 3: Market Context - The medical beauty sector is becoming increasingly competitive, with Jinbo Biological facing challenges from rivals like Juzhi Biological and Marubi [11]. - Yangshengtang's recent performance has been lackluster, with its main companies, Nongfu Spring and Wantai Biological, showing minimal revenue growth [13][14]. - The investment by Zhong Shanshan may be a strategic move to diversify and seek new growth avenues amid stagnation in his existing businesses [13][16].

6月26日，北交所市值领头羊锦波生物（ 832982） 宣布两大动作：一是向战略投资者养生堂定向增发股 票募资20亿元；二是实控人杨霞以约14.03亿元总价，将其所持575.33万股公司股份协议转让给杭州久 视。两项交易总额达34亿元。 据查，养生堂与杭州久视的实际控制人均为农夫山泉创始人、曾三度蝉联中国首富的钟睒睒。 若两项交易完成，钟睒睒将间接合计持有锦波生物10.58%股权。持股比例仅次于公司实际控制 人杨霞，后者持股比例将下降为50.73% 。 公告次日，锦波生物股价涨幅一度达到18.26%。截至当日收盘，公司股票收涨8.67%，总市值超过400 亿元。 对钟睒睒而言，这笔34亿元投资不仅是一次财务布局，更是其大健康版图的关键落子。 战略投资 根据公告，锦波生物拟向养生堂发行不超过717.56万股股份，发行价格为278.72元/股，募资总额不超过 20亿元。养生堂由钟睒睒持股98.38%，是其核心投资平台。 此次定增刷新了北交所现金定增规模的历史纪录。所募资金中，11.5亿元将用于人源化胶原蛋白FAST 数据库与产品开发平台项目，8.5亿元用于补充流动资金。 交易完成后，养生堂将持有锦波生物5%以上股 ...

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].

Core Viewpoint - JINBO Biotech is the only company in China with three Class III certifications for injectable recombinant humanized collagen, leading the development of innovative medical materials and aiming to become a global leader in life materials [1][2]. Group 1: Product Development and Innovation - The company has successfully developed a full range of recombinant type III humanized collagen products, including freeze-dried fibers, solutions, and gels, establishing a comprehensive product system [2][3]. - JINBO Biotech's research has led to the first large-scale production of recombinant type III humanized collagen with a 164.88° triple helix structure, marking a significant breakthrough in the field [2][3]. - The company emphasizes the importance of eliminating immunogenicity and achieving large-scale production of collagen materials to meet safety and efficacy demands in medical applications [2][3]. Group 2: Research and Development Investment - In 2024, JINBO Biotech plans to invest 123 million yuan in R&D, an increase of 18.71% year-on-year, representing 8.52% of its revenue [4]. - The company is focusing on various types of humanized collagen projects, with some products already entering clinical trials [4][5]. Group 3: International Collaboration and Standards - JINBO Biotech collaborates with leading companies like L'Oréal to enhance global recognition of its technologies and promote international market penetration [5]. - The company has taken a leading role in establishing international standards for medical devices made from bioengineered materials, enhancing China's technological influence in this field [5]. Group 4: Technological Advancements and AI Integration - The company has established a FAST database for humanized collagen, significantly improving R&D efficiency through AI technology, reducing the time for data screening from one month to one day [6]. - JINBO Biotech integrates advanced technologies such as AlphaFold for protein structure prediction and has established a smart laboratory to ensure data reliability and enhance R&D capabilities [6].

Investment Rating - The report rates the investment outlook for the medical beauty regenerative anti-aging injection industry as "Positive" [5] Core Insights - The regenerative anti-aging injection agents are emerging materials that achieve facial rejuvenation through different mechanisms compared to hyaluronic acid and botulinum toxin [1] - The midstream of the regenerative anti-aging injection industry chain is identified as the segment with the highest added value, supported by regulatory compliance, technological innovation, and market demand [2] - Future trends in the industry include increased demand driven by an aging population, a shift towards non-surgical aesthetic procedures, and advancements in technology and materials that enhance product efficacy [3] Summary by Sections 1. Overview of the Medical Beauty Regenerative Anti-Aging Injection Industry - Medical beauty injection products are categorized into hyaluronic acid, botulinum toxin, and regenerative anti-aging materials, with the latter being newly introduced in the domestic market [11] - Regenerative anti-aging injections include subclasses such as microsphere regeneration, collagen, and PDRN, each with distinct mechanisms and benefits [12][13] 2. Industry Chain Analysis - The midstream segment is characterized by high added value, with companies leveraging compliance, innovation, and production capabilities to establish competitive barriers [2][29] - The upstream involves raw material suppliers, while the downstream focuses on the distribution to end consumers through various channels [26] 3. Regulatory and Policy Environment - The industry is regulated by key agencies including the National Health Commission and the National Medical Products Administration, ensuring compliance across all stages from development to sales [43][46] 4. Market Size and Growth Potential - The market for medical beauty injections in China is projected to grow from 21.2 billion RMB in 2023 to 65.3 billion RMB by 2028, with a CAGR of 25.3% [17] - The regenerative anti-aging segment is expected to see a significant increase, with its market share rising from 3% in 2019 to an estimated 31% by 2028 [20] 5. Investment Recommendations - Companies with a comprehensive industry chain layout and a strong product portfolio, such as Jinbo Biological and East China Pharmaceutical, are highlighted as having strong growth potential and investment value [3]

Group 1: Agricultural Consumption Market - From May 2025, 56 institutions have conducted research on Yizhi Konjac, with 33 being overseas institutions. The company anticipates growth in konjac powder driven by three main scenarios: increased demand for konjac-based snacks, expansion in the konjac tea ingredient market, and deeper applications in food processing [1] - Yizhi Konjac's production capacity includes 10,000 tons for konjac snacks, 15,000 tons for konjac ingredients, and 3.5 tons for konjac balls. The company is also expanding its production capacity to meet market demand [1] Group 2: Seed Industry Insights - The corn seed industry in China is currently facing an oversupply, presenting both challenges and opportunities for seed companies. The government emphasizes food security, which supports the healthy development of the seed industry. Companies with superior varieties and marketing capabilities are expected to gain market share and improve profitability [2] - Qiule Seed Company reported a decline in performance in Q1 2025 due to intense competition in the corn seed market. The company plans to optimize its product structure and expand market promotion areas to increase market share [2] Group 3: Pharmaceutical Product Promotion - Sanyuan Gene indicated that 2024 is a critical year for centralized procurement, with a significant acceleration in hospital access expected in the second half of the year. The company aims to add over 1,100 new medical terminals and reach a total of over 6,000 hospitals [3] - Nothland announced that its NL003 ulcer drug submitted for registration in July 2024 received a supplementary data request from the regulatory authority, and the company is working on commercializing the product by establishing a sales division and conducting market research [3] Group 4: New Product Launch - Jinbo Bio is actively promoting its injectable recombinant type III humanized collagen gel product and has launched the HiveCOL "honeycomb" collagen tissue network gel technology at the 78th Cannes Film Festival [4]

Core Viewpoint - The company, Jinbo Biotechnology, is actively expanding its market presence and product offerings in the biopharmaceutical sector, particularly focusing on recombinant human collagen products and their applications in medical devices and skincare. Group 1: Product Development and Production - The company utilizes advanced technologies such as structural biology and protein rational design for the production of recombinant human collagen, involving processes like strain cultivation, seed culture, fermentation, separation, homogenization, and purification [2] - The company has launched its new product, HiveCOL "honeycomb" collagen tissue gel, during the 78th Cannes Film Festival, indicating a strategic push for product promotion [5] Group 2: Market Expansion and Sales - Jinbo Biotechnology has established a partnership with L'Oréal Group for its raw materials, generating revenue and indicating successful market penetration [3] - The company is prioritizing market expansion in Southeast Asia for its Class III medical devices, considering factors like registration speed and customer demographics [3] Group 3: Financial Performance - In 2024, the company reported a net cash flow from operating activities of 6.7 billion, a year-on-year increase of 55%, attributed to growth in sales revenue and net profit [6] - The company's Q1 2025 report shows a main revenue of 366 million, a year-on-year increase of 62.51%, and a net profit of 169 million, up 66.25% [6] Group 4: Industry Policy and Strategy - Recent policy adjustments in the biopharmaceutical industry have provided development opportunities, with government support for innovation benefiting the company [4] - The company has enhanced communication with government bodies to stay updated on policy changes and has increased R&D investment to improve product quality and competitiveness [4]