证券研究报告 美容护理 | 医疗美容 北交所|公司点评报告 hyzqdatemark 2025 年 08 月 26 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： 投资要点： 公司持续拓展销售渠道，旗下"薇旖美"品牌产品已覆盖终端医疗机构超过 4000 家。随着"注射用重组 III 型人源化胶原蛋白凝胶"的获批，后续机构的覆盖会持续 扩大，销售团队也会进一步扩大。2025 上半年，公司在境内各地区营业收入较上年 同期均有所增加，主要系 A 型重组人源化胶原蛋白为核心成分的植入剂产品营业收 入增长所致，而境外业务增长主要系原料业务增长所致。公司运营策略多维度协同 推进，产品研发方面：公司于 2025 年 4 月获批"注射用重组 III 型人源化胶原蛋白 凝胶"三类医疗器械注册证，该产品通过自组装、自交联技术合成，实现了在制造 方式和作用机制上的创新 ...

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].