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 ...

Core Viewpoint - The article highlights the successful B+ round financing of the innovative company "未名拾光" (Unnamed Light), which focuses on bioactive raw materials, emphasizing its growth trajectory and the strategic use of AI in its operations [2][4]. Financing Overview - "未名拾光" has completed multiple financing rounds since its establishment in 2021, with the latest B+ round raising several million RMB, following significant investments from major players like 欧莱雅 (L'Oréal) and 纳爱斯集团 (Nais Group) [2][3]. - The company has raised funds in six rounds, with notable amounts including approximately 500 million RMB in the Pre-A round and nearly 1 billion RMB in the A round [3]. Technology and Innovation - The company has developed an "AI + synthetic bio" platform for material innovation, focusing on applications from daily care to medical uses, enhancing product design and production efficiency [4][5]. - The AI engine leverages tools like AlphaFold to improve R&D efficiency, achieving a fivefold increase in development speed for innovative raw materials [5]. Production Capabilities - "未名拾光" employs a dual-cell factory model, utilizing both microbial and plant cell factories to produce various protein products, including peptides and collagen [6]. - The company has successfully induced callus tissue from over 80 rare plant species, with three extracts already registered as new cosmetic raw materials, showcasing industry-leading technology transfer efficiency [6]. Business Model - The company operates under a "self-research + CRDMO" model, focusing on both independent innovation and collaboration with downstream brands for new raw material development [8]. - The approach includes reverse development based on customer needs, particularly in the extraction of rare plant materials, and the creation of specialized collagen types for targeted applications [8]. Future Outlook - The completion of the B+ round financing marks a significant milestone for "未名拾光," indicating a new phase of technological, market, and production capacity development, which is expected to invigorate the industry [8].

当前，未名拾光探索出符合美妆日化、医疗器械、食品行业需求的商业模式，一方面自研创新原料管 线；另一方面以CRDMO模式（CRO+CDMO），与下游品牌商合作开发新型生物原料，并为之提供新 原料的代工生产服务，以兼备效率和确定性。 AI引擎与双底盘细胞工厂 36氪获悉，「未名拾光」近日获得数千万元人民币B+轮融资，由华泰金斯瑞、海邦投资共同投资。本 轮融资将主要用于深化AI技术平台建设、拓展生物材料多元应用场景，及加速业务全球化布局。 继今年5月获欧莱雅、纳爱斯集团投资的近亿元后，未名拾光再获产业基金加持。 创始人赵亚冉告诉36氪，未名拾光创立之初，在搭建技术平台时就非常关注生物材料的创新，构建了生 物活性分子设计、筛选、功效评估到规模化生产的闭环，且通过AI全面赋能该合成生物技术平台。 当前未名拾光开发的具体生物原料品类，主要包括两类：植物愈伤组织，如获批备案的新化妆品原 料"昙花愈伤组织提取物"、"华白及愈伤组织提取物"、 "牡丹愈伤组织提取物；生物活性蛋白，包括重 组胶原蛋白、多肽等。 该模式在植物代谢产物等品类上得到了验证，为之拓展了多个国内外知名品牌客户，客户数量已经超过 胶原蛋白品类。 一方面，未名 ...

Core Viewpoint - The company "未名拾光" has recently secured a B+ round financing of several tens of millions of RMB, following a previous investment of nearly 100 million RMB from L'Oréal and Naive Group, aimed at enhancing its AI technology platform and expanding its global business footprint [3][4]. Group 1: Financing and Investment - "未名拾光" has received significant investments from both L'Oréal and Naive Group, totaling nearly 100 million RMB earlier this year, and has now attracted additional funding from industrial funds [4]. - The latest financing round will primarily focus on deepening AI technology platform development and expanding the application scenarios of biological materials [3]. Group 2: Technology and Product Development - The company has established a closed-loop system for the innovation of biological materials, integrating design, screening, efficacy evaluation, and large-scale production, empowered by AI [4]. - "未名拾光" is developing two main categories of biological raw materials: plant callus tissues and bioactive proteins, including recombinant collagen and peptides [4]. - The company has created a dual-cell factory system utilizing both microbial and plant cell factories to produce various products, including rare plant active molecules [6]. Group 3: AI Integration - The team recognized the value of AI early in the development of their synthetic biology technology platform, utilizing tools like AlphaFold and RFDiffusion to enhance research efficiency [7]. - AI has significantly improved research efficiency, reportedly increasing it by at least five times, with plans to allocate 50% of R&D spending towards AI development [8]. Group 4: Business Model and Market Strategy - "未名拾光" employs a CRDMO model (CRO + CDMO) to collaborate with downstream brand partners for the development of new biological raw materials and provide contract manufacturing services [4][10]. - The company has successfully validated its model in the plant metabolite category, expanding its client base to include numerous well-known domestic and international brands [11]. Group 5: Future Directions - The company plans to expand its business in bioactive raw materials from the beauty sector to food and daily chemical applications, while also seeking international market opportunities [13].

基于公司业务发展战略的需要具体来看，东星医疗，90%的股权。若本次交易能顺利实施完成，公司将 持有武汉医佳宝90%的股权目前，此次。东星医疗已经与，但东星医疗表示，东星医疗2025年6月，公 司委托上海交通大学进行重组胶原蛋白的研发，拟拓展合成生物业务板块。武汉医佳宝是一家致力于高 端骨科及生物医学材料研发、生产与销售的高新技术企业。 拟收购武汉医佳宝9月26日，东星医疗（301290）公告，"武汉医佳宝"或"标的公司"）90%的股权 交易 如能顺利实施，武汉医佳宝将成为 的控股子公司。 武汉医佳宝东星医疗表示，此次。 的股权关系较为清晰，其只有两名股东，分别为持股9月26日，东星医疗股价收于27.96元/股，市值约 28亿元。截至今年9月，公司股东约1.04万户。 ...

自5月初起，医美领域围绕重组胶原蛋白与透明质酸的产业讨论持续升温。华熙生物官微发布题为《概 念总在重演，科技永远向前》的文章受到行业关注。该篇文章就部分研报提及的关于透明质酸的片面观 点，提出科学层面的不同看法。 对于此次公开交流，华熙生物相关负责人在接受中国证券报记者采访时表示，公司上市以来与研究机构 保持着长期良性互动，此次针对部分研报观点的回应，源于对科学事实的尊重——上市公司与研究机构 同为资本市场的重要参与主体，更应基于科学本质传递信息，共同维护资本市场的理性生态。 关注新兴技术需以科学为基础 此次行业讨论的起点，源于一家胶原蛋白企业在港股上市时，其招股说明书中对重组胶原蛋白与透明质 酸的功效及市场价值进行了对比表述。这一表述被部分研报引用后，形成了"重组胶原蛋白更具优势"的 片面观点。在市场对新兴概念的关注下，相关企业获得较高市场关注度，股价呈现阶段性上升。 随后，该片面观点伴随部分传播渠道的扩散，逐渐引发消费市场对透明质酸功效的认知偏差，也对透明 质酸这一国内优势产业的市场信任基础造成影响。 华熙生物表示，这类观点的形成，反映出部分研究机构从业人员对透明质酸产业的认知有待深化。事实 上，透明质酸 ...

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 ...

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 Insights - The core viewpoint of the articles revolves around the challenges and strategic shifts faced by Huaxi Biological, particularly under the leadership of Zhao Yan, as the company aims to regain its market position in the highly competitive beauty and medical aesthetics industry while leveraging its scientific capabilities in synthetic biology [1][2][9]. Group 1: Company Challenges and Strategic Shifts - Huaxi Biological's revenue and gross margin from functional skincare products have been declining from 2022 to 2024, impacting market confidence [3]. - Zhao Yan acknowledges internal issues in team building and organizational capabilities that have led to ineffective marketing investments, emphasizing the need for a more scientific and rational approach to market communication [4][8]. - The company is transitioning from reliance on high-profile influencers to a more diversified marketing strategy, focusing on mid-tier influencers to enhance brand presence and consumer engagement [4][5]. Group 2: R&D and Technological Advancements - Huaxi Biological has invested significantly in R&D, with a state-of-the-art research center in Jinan, equipped with advanced analytical instruments to support its raw material research and quality control [6][11]. - The company is expanding its product development into various biological materials, including collagen and other glycan-based substances, leveraging its expertise in synthetic biology [9][12]. - The establishment of a large-scale synthetic biology pilot platform in Tianjin, costing 3 billion yuan, aims to bridge the gap between laboratory research and large-scale production, addressing the challenges of scaling up biomanufacturing processes [18]. Group 3: Market Position and Future Outlook - Huaxi Biological's core product, hyaluronic acid, remains a significant revenue driver, but the company is also focusing on new concepts in the market, such as recombinant collagen, to meet evolving consumer demands [9][10]. - The company is positioning itself as a leader in synthetic biology, with a strategic focus on developing a comprehensive ecosystem that includes partnerships with academic institutions and other biotech firms [11][13]. - Zhao Yan's leadership is characterized by a return to entrepreneurial spirit, aiming to replicate the success of hyaluronic acid across multiple product lines, thus enhancing the company's growth potential in the biomanufacturing sector [14][16].

Core Insights - The Chinese medical beauty market is projected to reach a scale of 265 billion yuan by 2024, with a CAGR of 15% from 2017 to 2024 [1] - The number of medical beauty consumers in China is expected to reach 31 million by 2024, with a CAGR of 9% from 2022 to 2024 [1] - The average number of medical beauty treatments per person in China is significantly lower than in developed markets such as South Korea, the United States, and Japan, indicating substantial growth potential [1] Industry Growth Potential - The medical beauty industry is anticipated to maintain steady growth in the high single digits over the next three years, with notable structural opportunities [1] - Certain medical beauty materials still present track dividends, particularly in areas such as natural and recombinant collagen, regenerative microspheres, and emerging materials like PDRN, ECM, silk protein, and PHA [1] - Companies with platform capabilities in upstream product development and downstream medical beauty institutions that possess high reputation and integrated resources are expected to thrive [1]