On June 24th, according to an announcement from the National Equities Exchange and Quotations, JUYOU Bio-tech Technology Co., Ltd. (referred to as “JUYOU Bio-tech”) applied for listing on the New Third Board and intends to enter the basic layer of the stock transfer system, sponsored by China International Capital Corporation (CICC). According to the public transfer prospectus, in 2024, JUYOU Bio-tech achieved operating income of 597 million yuan ($83.8 million) and a net profit of 73.5011 million yuan ($10.25 million).
Notably, JUYOU Bio-tech’s dermatological skincare brand, JUYOU, ranks among the top three clinically chosen skincare brands by doctors. In addition, in 2023, JUYOU Bio-tech’s skin barrier repair dressings generated revenue of 337 million yuan ($47 million), ranking third among major competitors in China’s medical dressings market for skin barrier repair based on 2023 sales.
It can be said that if JUYOU Bio-tech successfully lists, it will undoubtedly send a positive market signal to the entire dermatological skincare and dressings market.
In 2024, revenue nears 600 million yuan ($83.7 million), with a gross margin of 68.34%
Public information shows that JUYOU Bio-tech was founded in 2019 and is an innovative leading enterprise specializing in the R&D, production, and sales of biomedical materials, dermatological-grade skincare products, and bioactive ingredients. Currently, JUYOU Bio-tech operates three major sub-brands: “JUYOU,” a skincare brand focused on skin repair; “JUYOUBABY,” a dermatological-grade skin care brand for infants and young children; and “DERMOCID,” a brand centered on bioactive composite acids.
According to JUYOU Bio-tech, the company is the first in China to achieve large-scale production of recombinant mussel adhesive protein. It has been recognized by Frost & Sullivan with the market status of “China’s Leading Brand in Recombinant Mussel Adhesive Protein Skincare Products” and led the drafting of the first group standard for “Recombinant Mussel Adhesive Protein for Dressings.” The company has successfully developed recombinant mussel adhesive protein with high stability, high activity, high purity, high content, and rich in DOPA, solving problems of limited traditional sources, long production cycles, and high costs—making it the company’s signature proprietary ingredient.
Looking at its performance, JUYOU Bio-tech achieved operating income of 486 million yuan ($67.8 million) in 2023 and 597 million yuan ($83.3 million) in 2024, a year-on-year increase of 22.89%. Net profit was 68.4776 million yuan ($9.55 million) and 73.5011 million yuan ($10.25 million) in 2023 and 2024 respectively, representing a 7.34% year-on-year increase. In its public transfer prospectus, JUYOU Bio-tech stated that the rapid revenue growth in 2024 was mainly due to the company’s long-term promotion efforts and sales strategy, along with overall increases in sales revenue from both medical devices and cosmetics.
According to the public transfer prospectus, JUYOU Bio-tech’s gross margin rose from 62.33% in 2023 to 68.34% in 2024. The company attributed the 2024 margin improvement to two factors: on one hand, the expansion of production scale and the transition of some products to in-house manufacturing enhanced its bargaining power in procurement and helped control costs; on the other hand, sales through online e-commerce channels, which carry higher gross margins, accounted for a growing share of total sales, further boosting the company’s overall gross margin.
From a channel perspective, JUYOU Bio-tech adopts a multi-channel sales model that includes distribution, direct sales, and consignment, along with an integrated online-offline marketing approach, covering end customers such as medical institutions, beauty clinics, retail pharmacy chains, large supermarkets, and individual consumers. According to the company’s public transfer prospectus, by 2024, its dermatological-grade skincare products had won over 50 awards and entered more than 1,400 aesthetic clinic channels, over 15,000 professional pharmacies, and over 5,100 cosmetic retail chain stores.
During the reporting period, JUYOU Bio-tech’s revenue mainly came from direct sales and distribution. In 2023, distribution accounted for 58.91% and was slightly higher than direct sales at 40.54%; by 2024, the share of direct sales rose to 50.82%, surpassing distribution, which dropped to 44.88%.
JUYOU Bio-tech explained in the prospectus that revenue from online direct sales channels grew rapidly, mainly due to the company’s efforts to open self-operated flagship stores on platforms such as Tmall and Douyin, and to actively shift sales and promotional resources toward online direct channels, resulting in a significant increase in sales via e-commerce platforms in 2024.
It is worth noting that, according to the public transfer prospectus, JUYOU brand founder Zhang Yingting directly holds 62.1551% of the company’s shares and, through acting-in-concert arrangements with his ex-wife Yang Fengle and Hengqin JUYOU, indirectly controls the voting rights of 17.912 million shares—together holding 91.2236% of the company’s voting rights. Zhang also serves as chairman and general manager of JUYOU Bio-tech, making him the company’s controlling shareholder and ultimate beneficial owner.
Medical Dressing Products Account for 62.11%, Ranked Third in the Market
In fact, whenever JUYOU Bio-tech is mentioned in the industry, its flagship brand JUYOU and its medical dressing products are inevitably part of the conversation.
Public information shows that the JUYOU brand was established in 2015. Originating from a public hospital, it is a dermatological-grade skincare brand committed to providing precise and effective solutions to skin problems through collaborative efforts between medical research and biotechnology. Its first launched product was the skin-repair dressing—classified as a Class II medical device—which became a best-selling item. To this day, this blue membrane medical dressing remains the top-selling product on JUYOU’s official Tmall flagship store, with sales exceeding 100,000 units.
According to the 2023 China Dermatologists and Functional Skincare Product Development Insights Report, jointly released by the medical platform Youmai Doctor and 1,200 professional dermatologists, JUYOU ranks among the top three dermatological skincare brands in clinical selection.
Additionally, the public transfer prospectus revealed that during the 2023 “618” Tmall sales event, JUYOU ranked third in sales among medical dressing brands. Similarly, during the first 48 hours of the 2023 Tmall Double 11 event, JUYOU ranked third in sales among brands offering medical dressings for skin barrier repair.
It is also noteworthy that, according to data from CHAILEEDO, JUYOU’s GMV (gross merchandise value) on the Douyin platform increased year by year from 2022 to 2024: from 10–25 million yuan, to 50–75 million yuan, and then to over 100 million yuan (with “100 million+” being the platform’s maximum display value). Third-party data further shows that JUYOU’s 2024 GMV on the Taotian platform reached 72.0648 million yuan ($10 million).
Having started as a medical dressing company, medical dressing products remain the core business of JUYOU Bio-tech.
During the reporting period, JUYOU Bio-tech’s main business income was primarily divided into two categories: medical dressing products (medical devices) and dermatological-grade skincare products (cosmetics). From 2023 to 2024, revenue from medical devices was 337 million yuan ($47 million) and 371 million yuan ($51.8 million), accounting for 69.28% and 62.11% of total revenue, respectively; revenue from cosmetics was 145 million yuan ($20 million) and 220 million yuan ($30.7 million), accounting for 29.92% and 36.89%, respectively.
It is worth noting that, according to JUYOU Bio-tech’s public transfer prospectus, based on 2023 sales rankings, the company ranks third among major competitors in China’s market for medical dressings used in skin barrier repair.
Currently, JUYOU Bio-tech’s medical device products are mainly various forms of dressings. By form, they can be divided into patches, gels, liquids, and sprays. Among them, patches accounted for the highest proportion of medical device products—70.11% in 2023 and 67.53% in 2024. Additionally, based on core ingredients, the medical dressings can be categorized into four major series: recombinant collagen, recombinant mussel adhesive protein, sodium hyaluronate, and sodium alginate/trehalose.
According to data from CIC (China Insights Consultancy), JUYOU Bio-tech has the most comprehensive formulation and ingredient portfolio among leading competitors in China’s skin barrier repair dressing industry. In accordance with the 2017 Medical Device Classification Catalogue, the company holds product registrations for a wide range of types including wound dressings, gel dressings, liquids, and ointments—leading the industry in the number of certificates held. Furthermore, based on the main ingredient records in NMPA registrations, the company’s repair dressings comprise six different core ingredients, again ranking first among comparable firms.
Bio Bio-Regen Med Named Largest Supplier
According to CHAILEEDO’s review of the public transfer prospectus, during the reporting period, the top five suppliers accounted for 68.15% and 55.66% of JUYOU Bio-tech’s total procurement, respectively. Among them, Shaanxi Bio Bio-Regen Med Regenerative Medicine Co., Ltd. (hereinafter referred to as “Bio Bio-Regen Med”) remained the largest supplier for two consecutive years, with procurement shares of 35.08% in 2023 and 26.7% in 2024. JUYOU Bio-tech noted in the prospectus that major products sold during the reporting period, such as the JUYOU “Medical Blue” dressing, were purchased as finished goods from Bio Bio-Regen Med.
Public information shows that Bio Bio-Regen Med was founded in 2011 and is an innovative biomaterials company specializing in regenerative medicine technologies. It also owns the regenerative skincare brand Zhenmiya.
As disclosed in the prospectus, prior to the launch of JUYOU Bio-tech’s Hunan plant in 2024, the rights to its core product—the “Skin Repair Dressing (JUYOU Medical Blue)”—were acquired from Bio Bio-Regen Med. Due to the non-transferability of medical device registration certificates, both parties agreed that the products would continue to be manufactured by Bio Bio-Regen Med, which is not permitted to transfer or license these rights to any third party. At the same time, JUYOU Bio-tech also procured some finished medical dressings from other suppliers to support its core business.
However, JUYOU Bio-tech stated in its prospectus that following the start of production at the Hunan plant, key medical device products such as JUYOU Medical Blue were transitioned to in-house manufacturing.
Furthermore, JUYOU Bio-tech emphasized that it is not dependent on any major supplier. The company explained that with the gradual internal production of substitute products in 2024, the proportion of purchases from the top five suppliers declined. It also noted that its supply of raw materials and other comprehensive goods is relatively diversified, with low concentration from individual suppliers.
Currently, JUYOU Bio-tech operates under a dual-track production model, combining in-house production with outsourced manufacturing. External production includes both cosmetic OEM services and procurement of medical device products. As disclosed in the prospectus, in 2023, in-house production accounted for only 26.41%, while external production made up 73.59%. By 2024, the share of in-house production had risen sharply to 51.03%, nearly equal to the 48.98% from outsourced production.
This significant shift results from JUYOU Bio-tech’s continued expansion of production capacity. According to the prospectus, the company has established its own manufacturing lines in Xi’an, Shaanxi, and Xiangtan, Hunan, gradually increasing its in-house production ratio.
In terms of R&D, JUYOU Bio-tech adopts an independent research and development model. The company has mastered the capability to develop its core ingredients in-house and has set up two major R&D centers—Improbio and Xi’an Denor—as well as the Xi’an DeanTech Testing Center, forming a full-chain system integrating R&D, production, and testing from upstream raw materials to end products.
During the reporting period, JUYOU Bio-tech’s R&D investment amounted to 15.0381 million yuan ($2.1 million) and 13.7277 million yuan ($1.9 million), accounting for 3.09% and 2.30% of its operating income, respectively. Its R&D team includes 83 people, representing 15.51% of the total 535 employees. As of the latest inquiry date (June 12, 2025), the company had obtained 130 patents, including 56 invention patents, 55 utility model patents, and 19 design patents.
Additionally, CHAILEEDO learned from the prospectus that JUYOU Bio-tech had divested its aesthetic medical business. In 2023, due to strategic business considerations, the company decided to exit the production and operation of Class III medical device products. Specifically, in July 2023, JUYOU Bio-tech established Xi’an Zhenyan Biotechnology Co., Ltd. (hereinafter referred to as “Xi’an Zhenyan”) through a spin-off process. In September of the same year, it sold 100% of Xi’an Zhenyan’s equity. To complete the divestiture, JUYOU Bio-tech signed a “Trademark Transfer Agreement” with Xi’an Zhenyan in November 2023, transferring 44 registered trademarks related to three categories of medical devices including “Berylifler.” By January 2024, the company had also sold off all remaining “Berylifler” related devices and promotional materials to Xi’an Zhenyan, fully exiting the associated aesthetic medical business.
Berylifler was a professional medical aesthetics brand, with core products including the injectable filler “Baobao Zhen” and the mesotherapy product “Baisu Zhen.” The former is an injectable product classified as a Class III medical device.
Looking ahead, if successfully listed on the New Third Board, JUYOU Bio-tech is expected to leverage the capital market to further expand its growth potential and inject new vitality into China’s dermatological skincare and medical dressing industries.
