HuaLong Securities: Technical support, industry chain synergy, and new trends in medical beauty applications; focus on potential layout opportunities in collagen

According to the Zhitong Finance APP, Hualong Securities released a research report stating that against the backdrop of increasing consumer focus on efficacy and ingredients in the current market, collagen is forming two main lines driving market growth: the former meets post-operative repair and functional skincare needs with high repurchase medical dressings, while the latter accelerates penetration in the injection field with advantages in natural filling and skin tone enhancement. The industry is currently in a development stage characterized by improved policy regulations, accelerated technological iterations, and close collaboration within the industrial chain. It is recommended to pay attention to companies with core technologies, complete product pipelines, and strong medical transformation capabilities in the field of recombinant collagen.

The main viewpoints of Hualong Securities are as follows:

From structural analysis to policy support: witnessing the vigorous development of recombinant collagen

Collagen is the most abundant protein in the human body, with a unique triple helix structure, widely distributed in tissues such as skin, bones, and cartilage. Currently, 29 types of collagen are known, which can be structurally divided into four categories: fibrillar, FACIT, reticular, and MACITs, with sources including recombinant, animal-derived, and chemically synthesized. The market space for collagen continues to grow, with the scale of raw materials in China expected to exceed 16 billion yuan by 2030, and the retail end approaching 270 billion yuan. Currently, there are still relatively few approved injectable recombinant products in China, with Jinbo Bio's "Wei Yi Mei" leading the way in promoting technological upgrades and market expansion.

Collagen industry: upstream and downstream collaboration, technology-driven rapid growth

The integration degree of collagen raw materials and terminal product production is high, with upstream being core raw material suppliers, midstream being manufacturers of recombinant collagen raw materials and products, and downstream sales terminals including both online and offline sales channels. The collagen market has a large space, high technological barriers, and intense competition.

Terminal applications: strong demand in the medical beauty field, recombinant technology accelerates pattern reshaping

Driven by the upgrade of medical beauty consumption, there is strong demand for professional skincare products centered on recombinant technology that combine medical safety and beauty efficacy, leading to rapid market growth. The application of collagen products is extending from efficacy-oriented skincare focused on moisturizing, nourishing, and whitening, and medical dressings primarily for wound repair, to the core track of medical beauty filling injection materials.

Target aspects

It is recommended to pay attention to companies such as Juzi Bio (02367), Jinbo Bio (920982.BJ), Marubi Bio (603983.SH), Bloomage Biotech (688363.SH), Fulejia (301371.SZ), Nuoviz (688105.SH), Baiposais (301080.SZ), and Betaini (300957.SZ).

Risk warning

Macroeconomic fluctuations; intensified industry competition; recovery of consumer demand not meeting expectations; policy regulatory risks; risks of new brand incubation and cultivation