Since 2025, the stock prices of Giant Biotechnology and Jinbo Biotechnology have increased by 70.14% and 131.84% respectively; ② Founder Securities pointed out that the supply-side bonus period for hyaluronic acid has ended, with oversupply and excess capacity; ③ CITIC SEC believes the recovery of the collagen industry will continue, focusing on opportunities for leading players.
As reported by the Star Daily on May 18, hyaluronic acid "three swordsmen", once darlings of capital, are no longer in the spotlight, while the collagen "twin sisters" Giant Biotechnology and Jinbo Biotechnology are seeing their stock prices soar.
Since the beginning of 2025, both Giant Biotechnology and Jinbo Biotechnology have seen significant stock price increases, with cumulative gains of 70.14% and 131.84% respectively, continually reaching new historical highs recently. As of the market close on May 16, the stock prices of both companies were 84.9 yuan/share and 479.9 yuan/share, with total market values of 83.8 billion yuan and 425 billion yuan respectively.
Meanwhile, the hyaluronic acid "three swordsmen" have performed mediocrely in the secondary market. Since 2025, the cumulative declines in stock prices for Imeik Technology Development, Bloomage Biotechnology Corporation Limited, and Shanghai Haohai Biological Technology have been 3.65%, 1.08%, and 15.96% respectively.
From a fundamental perspective, Giant Biotechnology achieved revenue of 5.539 billion yuan in 2024, a year-on-year increase of 57.17%; it achieved a net income attributable to shareholders of 2.062 billion yuan, a year-on-year increase of 42.06%. In the same year, Jinbo Biotechnology achieved revenue of 1.474 billion yuan, a year-on-year increase of 85.4%; it achieved a net income attributable to shareholders of 0.733 billion yuan, a year-on-year surge of 144.65%.
Additionally, according to Jinbo Biotechnology's first quarter report, the company achieved a revenue of 0.366 billion yuan in the first quarter of 2025, a year-on-year increase of 62.51%, and a net income of 0.169 billion yuan, a year-on-year increase of 66.25%, still growing.
The high growth of Giant Biotechnology and Jinbo Biotechnology is mainly attributed to the strong performance in the collagen reshaping sector. According to earnings reports, Jinbo Biotechnology achieved a year-on-year growth rate of 99.69% in sales revenue from single material medical instruments in 2024. The company stated that this primarily comes from sales growth of single material medical instrument products, with key medical instrument products being implant products based on type A recombinant human collagen.
On the other hand, although Giant Biotechnology's injectable products have not yet been approved, its recombinant collagen-based Kefu Beauty collagen bar achieved a total commodity trading volume of 2.4 billion yuan in 2024, becoming the main driver of revenue growth.
However, while Giant Bio is aggressively capturing 5.5 billion, the "Three Musketeers" targeting the hyaluronic acid market are collectively experiencing a slowdown. In the first quarter of 2025, the three companies showed varying degrees of performance decline.
Will collagen repeat the mistakes of hyaluronic acid?
Why is there such a gap between hyaluronic acid and recombinant collagen?
On one hand, there is a lack of technological moat for hyaluronic acid. Taking Shanghai Haohai Biological Technology's fourth-generation hyaluronic acid product "Hai Mei Yue Bai," which was launched at the end of 2024, as an example, although this product uses lysine cross-linking instead of chemical cross-linking technology, it does not solve the fundamental problems of short maintenance cycles and single molding methods for hyaluronic acid.
More importantly, the competitive landscape of the hyaluronic acid market is outdated. HTSC has previously stated that there are many players in the hyaluronic acid space, and the market is relatively mature. From the approval of the first HA injectable filler in 2008 until 2021, the NMPA approved 45 hyaluronic acid filler products from 20 manufacturers across 7 countries. By 2023, the number of products had increased to 59.
Moreover, due to domestic regulations allowing "one certificate for multiple products," meaning that one medical instrument certificate can allow a product to be marketed in different specifications and brands, the actual number of medical aesthetic hyaluronic acid products sold in the current market is much higher. According to a Research Report by Founder Securities, the supply-side bonus period for hyaluronic acid has ended, leading to oversupply and excess production capacity.
In contrast, in the recombinant collagen market, currently only three class III medical device registration certificates are owned by Jinbo Biological, which markets the recombinant type III humanized collagen freeze-dried fibers, the world’s first approved class III medical device level injectable recombinant collagen product. On the other hand, Giant Bio only holds one injectable recombinant collagen filler, which is currently in the priority approval process as a "class III medical device."
CITIC SEC believes that recombinant collagen products are performing excellently, with local and international companies accelerating their layout in the recombinant collagen field and continuously launching new products. Continuous improvement in technology and processes is expected to bring better performance, diverse functions, and low-cost recombinant collagen, driving the expansion of the existing track, expanding downstream scenarios, and promoting the rapid and high-quality development of the recombinant collagen industry. The prosperity of the recombinant collagen industry is expected to continue, with attention to opportunities for leading layouts.
However, some brokerages have issued warnings regarding the future market situation of recombinant collagen. For example, Everbright pointed out that Giant Bio may face risks such as intensified industry competition, L product performance not meeting expectations, and new product development falling short of expectations. Minsheng Securities also noted that Jinbo Bio might encounter policy changes and increased industry competition.
From the supply side, more companies are currently entering the recombinant collagen market. According to incomplete statistics from the Star Daily, the following A-share listed companies have already made arrangements in this field:
