Beijing Stock Exchange may welcome the "first medical beauty mask stock"

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Recently, Zhanyan Biotechnology Co., Ltd. (“Zhanyan Biotechnology”) was listed on the New Third Board basic tier.

Although Zhanyan Biotechnology has not yet started the IPO counseling process, the market generally expects the New Third Board listing may be aimed at the Beijing Stock Exchange.

Zhanyan Biotechnology has been deeply involved in the field of medical aesthetic postoperative skin repair, with products covering patch dressings (hereinafter referred to as "medical aesthetic masks"), sprays, moisturizers, etc.

For example, Zhanyan Biotechnology’s "recombinant mussel adhesive protein hydrogel dressing" and "recombinant collagen repair sterile dressing" are both suitable for wound care after medical aesthetic procedures such as laser and intense pulsed light treatments.

In 2024, medical aesthetic masks contributed 251 million yuan in revenue to Zhanyan Biotechnology, accounting for over 40% of total revenue.

This means that if Zhanyan Biotechnology is successfully listed in the future, it is expected to become the "first stock of medical aesthetic masks" on the Beijing Stock Exchange.

Such an income structure is quite similar to Fukerjia (301371.SZ), the "first stock of medical aesthetic masks" on the ChiNext Board. However, Fukerjia’s profits nearly halved in the first half of this year, with net profit attributable to shareholders at 230 million yuan, a year-on-year decrease of nearly one third.

The main reason is that Fukerjia’s medical device category products, which were previously driven mainly by medical aesthetic masks, saw a significant decline in revenue, achieving only 238 million yuan in the first half of 2025, a year-on-year decline of nearly 50%—and it has been less than two years since Fukerjia was listed on the ChiNext Board.

Behind the collapse of the medical aesthetic mask business is the market setback on the side of medical aesthetic institutions.

According to Xinfeng’s exchanges with a number of offline medical aesthetic institutions, most current chain institutions supply medical aesthetic masks to consumers via OEM and private label methods, which squeezes the profit margins of self-owned brands such as Fukerjia; meanwhile, a number of pharmaceutical companies such as Harbin Sanlian (002900.SZ) have also entry into the medical aesthetic mask market, further intensifying competition.

Despite the industry’s collapsing performance, Zhanyan Biotechnology still maintained some growth in 2024, with revenue and net profit attributable to shareholders at 597 million yuan and 74 million yuan respectively, up 22.89% and 7.34% year-on-year.

This is because Zhanyan Biotechnology has achieved some results in developing its online market, which contributed 318 million yuan in revenue in 2024, accounting for about 50% of its total revenue.

However, this has also brought a surge in selling expenses: in 2024, selling expenses reached 276 million yuan, a year-on-year increase of about 50%, accounting for 46% of revenue in the same period, up by 8.34 percentage points year-on-year.

Perhaps to seize market share, Zhanyan Biotechnology’s terminal prices are slightly lower than those of its peers.

According to Xinfeng’s observations, for example on the Taobao platform, Zhanyan Biotechnology’s "medical repair dressing (blue mask)" 4-box pack has a unit price per mask of 14.77 yuan; the 4-box packs of Fukerjia’s "white mask medical dressing" and Kefumei’s "recombinant collagen dressing" have unit prices of 15.91 yuan and 27.04 yuan per mask, respectively.

As Zhanyan Biotechnology gradually increases its investment in the online market, whether this growth can offset the shrinking offline channel remains to be seen, which may also bring further challenges to its performance growth.

Risk Disclaimer and Limitation of LiabilityThe market involves risks, investment requires caution. This article does not constitute personal investment advice, nor does it take into account the individual investment objectives, financial circumstances, or needs of any particular user. Users should consider whether any opinions, views, or conclusions in this article are suitable for their own circumstances. Investment based on this is at your own risk. ```