Zhanyan Biotech Sprinting Toward the Beijing Stock Exchange: After Shedding Its Medical Aesthetics Business, Still Struggling to Shake Off the "Medical Aesthetics Mask" Label

June 29, the listing application of Zhanyan Biotechnology Co., Ltd. (hereinafter referred to as "Zhanyan Bio") on the Beijing Stock Exchange was accepted. This company mainly focuses on dermatology-grade skincare and medical device skin repair products, and owns brands such as “Zhanyan”, “Zhan Xiaoyan”, and “Defillin”. In 2025, Zhanyan Bio’s revenue and net profit attributable to the parent company reached 747 million yuan and 93 million yuan respectively, up 25.08% and 27.05% year-on-year. Xinfeng notes that, before sprinting toward the Beijing Stock Exchange, Zhanyan Bio completed the cleanup of its medical aesthetics business through methods such as spin-off of subsidiaries and equity transfers. Starting in 2023, Zhanyan Bio’s wholly-owned subsidiary Xi’an DeNuopai established Xi’an Zhenyan through spin-off, transferring the R&D and production business of medical aesthetics pipeline products such as microsphere fillers and injectable sodium hyaluronate-recombinant human collagen complex solution to Xi’an Zhenyan. Afterwards, Zhanyan Bio transferred 100% equity of Xi’an Zhenyan to the natural person Zhang Yu for 4.18 million yuan, thus divesting brands and channels related to the medical aesthetics business. This move was also aimed at clearing obstacles for the listing. A noteworthy background is that it’s not easy for medical aesthetics companies to pursue a listing on the Beijing Stock Exchange. In recent years, enterprises in multiple sectors, including medical aesthetics, subject education, and gaming, have been perceived by the market as facing certain industry-specific barriers in the Beijing Stock Exchange listing process. There have already been medical aesthetics companies that failed in their IPO attempts on the Beijing Stock Exchange. In December 2024, medical aesthetic optoelectronic company Wuhan Qizhi Laser Technology Co., Ltd. voluntarily withdrew its listing application on the Beijing Stock Exchange. Among them, Qizhi Laser’s main products are laser and other optoelectronic medical and beauty devices, with application scenarios closely tied to the medical aesthetics industry. However, the divestment of the medical aesthetics business does not mean Zhanyan Bio has completely left the medical aesthetics scenario. The prospectus materials show that all of Zhanyan Bio’s medical device products are Category II medical devices. Representative products include skin repair dressings, recombinant collagen repair dressings, mussel mucin repair dressings, sodium alginate repair dressings, and skin repair spray dressings. Although these products are not injectable filler-type medical aesthetics products, they are suitable for post-medical aesthetic procedure repair scenarios. For example, recombinant collagen repair dressings are used for care of non-chronic wounds after laser, chemical peel, micro-cosmetic surgery, etc.; mussel mucin repair dressings are suitable for non-chronic wounds and skin care formed by laser, water-light, and micro-cosmetic surgery; and skin repair liquid dressings are suitable for non-chronic wounds and surrounding skin care after laser, water-light, and micro-cosmetic surgery. These types of dressings are commonly referred to in the market as “medical aesthetic masks.” In 2025, Zhanyan Bio’s medical device products, including medical aesthetic masks, generated revenue of 339 million yuan, accounting for nearly 50%. Whether Zhanyan Bio’s “divest medical aesthetics business, retain medical aesthetic mask products” strategy can gain regulatory approval is becoming the key point in its listing process. If it ultimately successfully lands on the Beijing Stock Exchange, Zhanyan Bio not only hopes to become the “first medical aesthetic mask stock on the Beijing Stock Exchange,” but also will provide a listing sample for similar enterprises to follow. Risk Warning and Disclaimer The market carries risks, investment requires caution. This article does not constitute personal investment advice, nor does it take into account individual users’ specific investment objectives, financial situation, or needs. Users should consider whether any opinions, views, or conclusions in this article fit their particular situation. Investment based on this is at one’s own risk.