[Kaiyuan Business & Society | Beauty Care] Jinbo Bio Survey Update 260729

English summary

[Results and Expenses] 1. Results: 2026 revenue mainly from traditional Weiyimei old products, with new products gel +12mg as supplement; #?Q2 results expected to grow QoQ. 2. Reasons for slower growth in 2025: In 2025, growth of single-material medical devices weakened, #?mainly due to industry sentiment, VAT impact, and channel adjustments in 2H25 (4mg products shifted from direct sales to distributors, reducing shipments). 3. Channel adjustment: Gel registration certificate obtained in 1H25, direct sales team focused on new products; #?26H1 distributor growth was positive, Q2 may maintain Q1 growth trend. 4. Expenses: In 2026, both sales expense ratio and R&D expense ratio are under cost control, aiming for previous highs; #?seeking to gradually recover net margin in 2026. [New Gel Product] 1. Institutions: Currently deployed in 400-500 institutions, #?target of nearly 1,000 by year-end. 2. Repurchase cycle and specifications: repurchase cycle 2-3 months, 2 specifications, #?mainly promoting small dose (0.5mg). ...