Core Viewpoint - Jinbo Biological, known as the "first stock of collagen protein on the North Exchange," reported a revenue of 859 million yuan and a net profit of 392 million yuan for the first half of 2025, both showing double-digit growth, although the gross margin slightly decreased to 90.68% from 91.58% year-on-year [1][2]. Financial Performance - Revenue for the first half of 2025 reached 859 million yuan, a year-on-year increase of 42.43% compared to 603 million yuan in the same period last year [2]. - Net profit attributable to shareholders was 392 million yuan, reflecting a year-on-year growth of 26.65% from 310 million yuan [2]. - The gross margin was 90.68%, down from 91.58% in the previous year [1][2]. - The weighted average return on equity based on net profit attributable to shareholders was 23.01%, down from 28.51% [2]. Business Segments - The core medical device business, which accounts for over 80% of revenue, saw a revenue increase of 33.41%, significantly lower than the 91.84% growth in the same period last year [5]. - The functional skincare business experienced explosive growth, with revenue increasing by 152.39% year-on-year, driven by proprietary brands like "ProtYouth" [5][4]. - The revenue from single-component functional skincare products had a gross margin of 92.57%, while composite component products had a gross margin of 66.73% [5]. Market Dynamics - The collagen protein market in China is projected to grow at a compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 and 219.38 billion yuan by 2030 [8]. - Jinbo Biological holds all three registered medical device certificates for recombinant human collagen, a significant competitive advantage in the market [9][10]. - The company has seen increased attention from investors, highlighted by a 3.4 billion yuan investment from former billionaire Zhong Shanshan [9]. Competitive Landscape - Competitors like Giant Bio and Huaxi Biological are accelerating their applications for Class III medical device products, indicating a competitive race in the collagen protein sector [10]. - Jinbo Biological's differentiation lies in its dual focus on high-end skincare and medical devices, but the sustainability of this advantage remains to be tested against increasing competition and changing market regulations [10].