Jinbo Bio exits the "exclusive era": first annual profit decline since listing

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As the “leader” in the recombinant collagen track, Jinbo Bio’s 2025 performance report has caused the market to sense a hint of unease.

On April 30, Jinbo Bio released its 2025 financial report showing revenue for the period at 1.595 billion yuan, with a year-on-year growth of only 10.57%, slowing by more than 70 percentage points compared to 2024. Net profit attributable to the parent company for the same period was 652 million yuan, dropping by more than 10% year-on-year.

This is the first time Jinbo Bio has seen an annual decline in net profit since its listing, marking a departure from its previous rapid growth.

The stagnation in growth of medical aesthetic products dominated by recombinant collagen is the main reason for Jinbo Bio’s weak performance this time.

In 2025, the single-material medical device, mainly based on type A recombinant humanized collagen, generated 1.167 billion yuan, with a year-on-year increase of only 3.39%, slowing by more than 90 percentage points compared to 2024.

This deceleration in growth is largely due to a sudden intensification of industry competition.

Before 2025, Jinbo Bio was the only domestic company to obtain the Class III medical device registration certificate for recombinant collagen injectable materials, and this “exclusive qualification” once formed the core moat for its high-performance growth.

But this situation was broken in the fourth quarter of last year. With Giant Bio and Chuangjian Medical successively approved for recombinant collagen injectable device certification, market supply quickly expanded, competition moved to a “multilateral game”, and Jinbo Bio’s growth pressure became apparent.

The new entrants have taken a completely different technical path from Jinbo Bio in product design.

For example, Chuangjian Medical’s approved “cross-linked recombinant collagen implant” uses recombinant type III collagen formed by cross-linking, and is considered by the industry to be the world’s first cross-linked recombinant collagen product.

The mainstream view believes that introducing a cross-linking agent helps reduce collagen loss during delivery, thereby providing a more durable support effect, which is clearly attractive to consumers.

This approach stands in stark contrast to Jinbo Bio. The latter has long adhered to a pure recombinant humanized collagen system, not introducing cross-linkers or other composite ingredients into the formula, emphasizing the material’s purity and biological homology.

On the question of “whether to follow the composite route,” Jinbo Bio’s Chairwoman Yang Xia told AllWeather Technology she will continue to stick with the single-component path.

“From my research perspective, I only make one component because I pursue structural and 100% homology with the human body. Mixing other materials may give immediate results, but we don’t have long-term data to verify its efficacy. But what I can confirm is that with space proteins, which have such high structural requirements, adding other materials may affect spatial folding — or even the signal transmission system. These are all unverified.” Yang Xia stated, “From a regulatory perspective, every enterprise’s cognition has boundaries, and its learning also has boundaries. My cognition is only with collagen; I cannot take on the risk of materials other than collagen.”

For Jinbo Bio, the real test is whether the single-component route can continue to support its premium pricing, and whether the technical barriers built from high investment can be converted into stable profits in the future, once collagen goes from a “period of technological dividends” to a “period of product and channel competition.”

Whether Jinbo Bio can return to growth in 2026 is being continually watched by the market.

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