巨子生物 20251023 摘要 聚子生物新获批的水光针冻干纤维制剂主要针对面部真皮组织，包括眼 周、眉间和鱼尾纹等部位，预计 2026 年开始贡献利润，单品成长空间 预期为 10 亿人民币左右，有望实现大几千万到一个亿的利润释放。 国内已获批的重组胶原蛋白三类医疗器械主要由锦波生物掌握，其拥有 三个证件，而聚子生物刚刚获得一个证件。其他公司如创建和拉方也在 申请中。 重组胶原蛋白与动物源胶原蛋白相比，具有价格优势、致敏风险较低且 不受宗教信仰限制等优势，市场前景广阔，预计到 2025 年医美市场应 用规模将达到 100 亿人民币。 聚子生物目前有四款产品正在申请阶段，包括两款水光针、一款针对颈 纹的凝胶产品（已进入绿色通道）以及一款用于鼻沟纹和法令纹的交联 重组胶原蛋白凝胶。 聚子生物新获批产品预计将带来约 5 亿元净利润增量，参考锦波生物类 似产品的发展情况，其销售规模可达 15 亿人民币以上。 Q&A 聚子生物的三类医疗器械获证情况如何？ 聚子生物在 2022 年上市时就已经报批了三类医疗器械的申请，经过三年的审 核，终于在 2025 年 10 月 21 日获得了首个三类医疗器械证件。这款产品是水 光针 ...

Summary of Jinbo Biological Conference Call Company Overview - Jinbo Biological specializes in recombinant type III collagen freeze-dried fibers, which is the first injectable humanized collagen medical material on the market, marking a significant milestone in the industry [2][3] Key Points Industry and Market Dynamics - The medical health application of recombinant collagen accounts for nearly 50% of its usage, with the aesthetic medicine penetration rate continuously increasing [2] - The light aesthetic medicine injection market is expected to reach approximately 80 billion yuan by 2024, with collagen accounting for over 8 billion yuan [2][7] Product Innovation and Development - Jinbo Biological has successfully launched a micro-aesthetic collagen freeze-dried fiber product, driving high growth in overall performance [3] - The company has diversified its product forms, achieving approval for type III collagen solutions in 2023 and gel forms in 2025 [3] - The new gel product, approved in 2025, features a hexagonal structure that enhances cell adhesion and promotes tissue regeneration, with over 75% retention of new collagen [17] Competitive Advantages - Jinbo Biological is the only approved recombinant collagen class III medical device company, benefiting from the growth phase of this niche market [3] - The recombinant collagen produced through genetic engineering has significant advantages over traditional animal-derived extraction methods, including reduced immunogenicity and higher production efficiency [6] Financial Performance and Projections - The company maintains a research and development expense ratio above 10%, higher than comparable peers, facilitating rapid commercialization of research outcomes [4][11] - Revenue growth is projected at 44%, 32%, and 28% for 2025-2027, with net profit growth expected to be around 50% during the same period [20] Management and Operational Efficiency - The company has a concentrated shareholding structure, with the controlling shareholder holding 58.89%, which aids in maintaining decision-making efficiency during high growth periods [5] - Jinbo Biological employs a specialized management approach through subsidiaries, enhancing overall operational efficiency [5] International Expansion - The company has made strides in internationalization, obtaining patents in Vietnam and Brazil, and securing registration in the US and Saudi Arabia [16] Market Strategy - The new gel product is branded as "重元" (Chongyuan) to differentiate from the micro-aesthetic line, with a limited number of partnerships to maintain exclusivity [18] - The company is also expanding its functional skincare product line, which has seen rapid growth despite being in a competitive market [19] Risks and Challenges - The traditional animal-derived collagen injection market faces growth limitations due to low material acquisition efficiency and high allergenic rates [13] Additional Insights - Jinbo Biological's focus on research collaboration with universities and medical institutions enhances its innovation capabilities and accelerates the commercialization of new products [11] - The company is exploring applications in gynecology, surgery, and urology, with gynecology identified as a high-growth potential area [18]