Guojin Securities released a research report saying that the current recombinant collagen polypeptide and single chain have been mass-produced and commercialized in the fields of skin care (makeup number)/water light (machinery III)/scalp anti-aging (machinery II)/private health (machinery II). Some breakthroughs have been made in reorganizing collagen technology. The short-term skin care & medical beauty field has the fastest commercialization speed and considerable profit margin. In the medium and long term, the midstream manufacturers with excellent research and development capability, rich products under research and expected to be the first to be approved for III are recommend Giant Biology (02367), Jinbo Biology (832982.BJ), Marumei Stock (603983.SH) and Jiangsu Wuzhong (600200.SH).

Guojin Securities views are as follows:

Industry Overview: Superior Collagen Performance, Recombinant Technology Unveils Golden Age

Collagen has the functions of promoting tissue repair and regeneration/anti-oxidation (clearing free radicals)/whitening/hemostasis. The preparation technology was first developed in the extraction of animal sources in the United States in the 1980 s. The reorganization technology was broken through by Dr. Fan Daidi of Northwest University of China in 00, mass produced in 2006, commercialized in skin care in 2009 and medical beauty in 21 years.

recombinant collagen VS animal source: 1) characteristics: recombinant collagen water solubility is better/immunogenicity is lower/no virus hidden danger/quality consistency is stronger/can be further processed optimization/denaturation temperature is higher, in some scenarios it has stronger biological activity. 2) Structure: Animal sources retain the triple helix structure, recombinant collagen triple helix structure technology is still to be broken. 3) Cost: The price of recombinant collagen raw materials is 10~200000/KG, and the animal source implant grade is 450000/kg.

With superior performance, recombinant collagen development potential is expected to exceed animal sources. 21 years of China's animal source professional skin care/medical beauty market retail sales of 41/3.3 billion yuan.

Development path: skin care navigation, medical beauty, biomaterials/tissue engineering field has great potential

reference to the development path of hyaluronic acid, has experienced animal extraction-biological fermentation extraction (18 years Huaxi injection grade hyaluronic acid raw material factory price 110000/kg)-cross-linking technology, the scope of application continues to expand. According to Sullivan, 21 years of China's hyaluronic acid skin care (including dressings) market retail sales of 19.3 billion yuan, the development of relatively mature, hyaluronic acid medical filler terminal retail 21.7 billion yuan, factory caliber 6.3 billion yuan, 22-30 years compound increase of 24% to 44.3 billion yuan.

the current recombinant collagen polypeptide, single chain has achieved mass production, in skin care (makeup size)/water light (machine III)/scalp anti-aging (machine II)/private health (machine II) and other fields have been commercialized. 21 years of China's recombinant collagen efficacy skin care/medical dressing retail sales of 46/4.8 billion yuan, 17 to 21 years CAGR52.8%/92.2%.

In the future, recombinant collagen will continue to break through the triple helix, four-level spatial structure, self-crosslinking and other technologies, and is expected to be further extended to filling, regenerative materials and other applications.

spatial measurement: recombinant collagen medical beauty facial anti-aging & private anti-aging market

facial anti-aging: collagen properties meet the multiple needs of Chinese consumers (whitening + anti-aging, natural effect), is expected to become an important material in the field of medical beauty, eye rejuvenation, filling. 24-25 years of recombinant collagen implants welcome III certification peak. Under neutral assumptions, it is expected to restructure collagen water light/eye week rejuvenation/facial filling 2025 market size of 66/33/0.3 billion yuan, 2030 market size of 92/62/7 billion yuan.

private anti-aging: under the neutral assumption (user penetration rate 1%), the market size of recombinant collagen in vaginal relaxation treatment is expected to be 7 billion yuan in 2030.

Related companies:

current head manufacturers generally break through the I/II/III/XVII type humanized secondary structure, to multi-model + full-length + triple helix force; leading companies multi-integrated operation, with their own fermentation technology, to promote downstream commercialization:

1) giant biology: reserve 3 kinds of full-length (type I/type II/type III), 25 kinds of functional enhancement and 5 kinds of functional fragments of recombinant collagen, occupy the mind in the field of skin care, and are developing 4 kinds of medical and aesthetic products (2 are expected to be certified in 24/25 respectively);

2) Jinbo Biology: Realize the independent functional area of 164.88 ° triple helix structure of human type III collagen, have the only II certificate, and carry out product development of recombinant type III, I and XVII human collagen in gynecological reproduction/gynecology/surgery/orthopedics and other fields;

3) Wuzhong, Jiangsu: Cooperate with overseas companies/Dongwan Biology to introduce trimer/triple helix technology;

4) Marumei shares: "restructured double collagen" has three major advantages of type I + III chimerism, C- pro buckle triple helix structure, and translation suspension of patented technology to help the main brand renew, and two newly listed mechanical II products will exert their power in the field of water light + filling + tissue materials in the future;

5) huaxi biology (688363.SH): animal source-recombinant collagen two-way power, recombinant type iii human collagen raw material products have been listed;

6) Fredda (600223.SH): cooperating with Hebei Naco, focusing on recombinant type III collagen;

7) Chuangjian Medical: raw materials + OEM + medical beauty skin care industry chain layout, large-scale production of recombinant I, II, III, XVII collagen;

8) Jieya shares (301108.SZ): Cooperative Chuangjian layout medical dressing.

Risk Warning: Technology development/industrialization process/product approval progress is not as expected, downstream customers may have the risk of improper promotion of products, the risk of public opinion caused by medical accidents.