| Category | Dissolving Microneedle · Active Ingredient |
| Founded | 2008 |
| Headquarters | Taiyuan |
| Listing | Beijing Stock Exchange-listed · 920982.BJ (Jul 2023) |
| Latest revenue | FY2025 revenue RMB 1.60bn, net profit RMB 652m |
| Hero SKUs | Recombinant Type III Humanised Collagen |
Brand History
Founded in Taiyuan, Shanxi in 2008, Jinbo has focused on recombinant humanised collagen. Its route is 'humanisation': recombinant expression based on the native type III sequence, claimed to be 100% homologous with human collagen, with a full triple-helix structure and no chemical crosslinker. In 2021 its recombinant type III collagen lyophilised fibre was approved, a milestone for the category.
Jinbo listed on the Beijing Stock Exchange in July 2023 (920982), dubbed the 'first recombinant collagen stock'. Revenue was RMB 780m in 2023 and RMB 1.44bn in 2024, growing 99.97% and 84.92%; 2025 revenue reached RMB 1.60bn (+10.57%) while net profit fell 10.95% to RMB 652m — the first decline since listing — on VAT changes, higher R&D and promotion spend, and a larger share of lower-margin skincare. For microneedles, Jinbo supplies the active ingredient used in patch formulations.
Hero Products
Three-Year Financials
| Year | Revenue (RMB bn) | YoY | Net profit (RMB bn) |
|---|---|---|---|
| 2023 | 7.80 | +99.97% | 3.00 |
| 2024 | 14.43 | +84.92% | 7.32 |
| 2025 | 15.95 | +10.57% | 6.52 |
Brand-level：The company is led by recombinant humanised collagen injectables; a rising functional-skincare mix lowered gross margin in 2025. Collagen for microneedle patches is one downstream application of its material.
Source：Jinbo annual reports 2023-2025; Securities Times, CFBond
Company Coverage
- 2026-04FY2025: RMB 1.60bn revenue, net profit -10.95%
The first profit decline since listing, attributed to tax changes, higher R&D and promotion, and mix shift.
Source：Annual report - 2025-12R&D spend RMB 153m
Up 24.09% and 9.57% of revenue, with R&D staff at 24.85% of headcount.
Source：Annual report - 2025-08Aesthetics terminal reshuffle
A stake sale de-emphasises a non-core subsidiary to focus on the core and R&D.
Source：Company filings