Group 1 - The Beizheng 50 Index reached a historical high since November 8, 2024, driven by active performance of listed companies in the Beizheng market [1][3] - Jinbo Biological (832982.BJ) became the top company by market capitalization on the Beizheng exchange, with its stock price peaking at 544.78 yuan, approaching the 550 yuan mark [1][2] - As of May 20, 2023, Jinbo Biological's closing price was 529 yuan per share, ranking third in the entire A-share market, only behind Kweichow Moutai (600519.SH) and Cambricon Technologies (688256.SH) [1][2] Group 2 - Jinbo Biological, established in 2008, is a leading company in recombinant human collagen and has developed a full industry chain from core raw materials to end products like medical devices and functional skincare [2][3] - The company entered the supply chain of major brands like L'Oréal in 2023, indicating its growing recognition in the market [3] - Experts believe that the strong performance of the Beizheng market, particularly companies like Jinbo Biological, reflects a growing recognition of the investment value of listed companies in this new market [3]

Core Viewpoint - The company is focusing on the rapid growth of the recombinant human collagen market in China, which is projected to reach 585.7 billion yuan by 2025 and 2,193.8 billion yuan by 2030, with a compound annual growth rate of 44.93% [1]. Group 1: Market and Product Development - The recombinant human collagen products have gained wide market recognition due to their safety and effectiveness [1]. - The company has completed foundational research on various types of recombinant human collagen and is conducting application research in multiple medical fields [1]. - The company is investing in a production facility for injectable recombinant human collagen, specifically targeting type III collagen, which is expected to commence production this year [1]. Group 2: Brand and Sales Strategy - The company has established its own brands for medical devices and functional skincare products, including "Wei Yi Mei" and "Chong Yuan" [2]. - The company is prioritizing market expansion in Southeast Asia and has collaborated with L'Oréal Group for its raw material products [2]. - The company’s injectable recombinant type III human collagen gel has received approval and was globally launched at the Cannes Film Festival [2]. Group 3: International Expansion and Innovation - The company has obtained patents in the US, Europe, and Brazil, and is actively pursuing international market expansion [3]. - The company emphasizes the importance of both online and offline sales channels to achieve sustained growth [3].

Core Insights - Yang Xia, founder of Jinbo Biotechnology, has become the richest woman in Shanxi with a wealth of 11.5 billion yuan, as reported in the 2025 Hurun Global Rich List [3][4] - Jinbo Biotechnology has made significant advancements in recombinant human collagen, leading to its successful listing on the capital market and becoming a leader in the industry [3][11] - Despite the impressive growth in revenue and net profit since its listing, Jinbo Biotechnology faces challenges such as slowing growth rates and high sales expenses [13][15] Company Overview - Jinbo Biotechnology specializes in the research, production, and sales of high-end implantable medical devices using recombinant human collagen as a core material [12] - The company's products are primarily used in medical aesthetics, surgical repair, and various medical fields [12] Financial Performance - Since its listing in 2023, Jinbo Biotechnology reported revenues of 780 million yuan and 1.443 billion yuan for 2023 and 2024, respectively, with growth rates of 99.96% and 84.92% [13] - In Q1 2025, the company achieved revenues of 366 million yuan and a net profit of 169 million yuan, with year-on-year growth rates of 62.51% and 66.25% [13] - The gross margin of Jinbo Biotechnology has been impressive, reaching 92.02% in 2024, although it saw a decline to 90.11% in Q1 2025 [15] Shareholder Dynamics - Yang Xia holds 58.89% of Jinbo Biotechnology's shares, maintaining significant control over the company [6][5] - Several shareholders have reduced their holdings, with a notable decrease in institutional ownership from 102 to 52 institutions [16][15] Market Position - Jinbo Biotechnology's current price-to-earnings ratio (TTM) stands at 53.13, higher than competitors such as Aimeike and Juzhibio [17] - The company's stock price has increased significantly, with a rise of 112.35% since January 15, 2025, reaching a market capitalization of approximately 42.477 billion yuan [8][19]

锦波生物（832982.BJ）2024 年年报及 2025 年一季报点评 ➢ 公司拟实施股权激励计划，彰显长期发展信心。本次计划激励股权 100 万份 （占总股本 1.13%），其中首次授予 80 万份（占总股本的 0.90%）；预留 20 万 份，（占总股本的 0.23%），行权价格 276 元/份。激励对象包括公司董事、高 级管理人员等在内的合计 87 人，考核分为 2025-2027 年三期，分别考核目标为 25/26/27 年 净 利 润 不 低 于 10/14/18 亿 元 ， 同 比 增 速 分 别 不 低 于 37%/40%/29%。 ➢ 投资建议：公司是重组胶原蛋白龙头企业，我们预计 25-27 年公司归母净 利润为 11.1/16.0/21.5 亿元，同比增速+50.9%/+44.6%/+34.2%，当前股价对 应 25-27 年 PE 分别为 30x、21x、16x，维持"推荐"评级。 ➢ 风险提示：政策变动风险；行业竞争加剧；新品研发不及预期。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | -- ...