On February 27, Jinbo Bio released its 2025 annual performance report. The data shows that in 2025, the company achieved revenue of RMB 1.595 billion, representing a year-on-year increase of 10.57%. Net profit attributable to shareholders reached RMB 651 million, down 11.08% year-on-year.
Regarding the decline in net profit, Jinbo Bio explained that certain medical device products are no longer classified as biological products eligible for the simplified VAT calculation method. Starting from January 1, 2025, the applicable VAT rate was adjusted from 3% to 13%.
At the same time, in 2025, the company’s functional skincare business developed rapidly, with its revenue contribution increasing. However, the gross margin of functional skincare products is lower than that of medical device products, leading to a shift in revenue structure and a decline in overall gross margin. In addition, the company increased spending on brand promotion, marketing, and R&D.
Notably, a review of Jinbo Bio’s financial data from 2021 to 2025 shows that the 2025 net profit attributable to shareholders marks the company’s first annual decline in net profit over the past five years.
Specifically, Jinbo Bio’s net profit attributable to shareholders maintained rapid growth for four consecutive years starting in 2021, rising from RMB 57.3873 million in 2021 to RMB 732 million in 2024, with the highest growth rate reaching 174.60%. However, in 2025, the company failed to sustain this growth momentum, recording an 11.08% year-on-year decline.
According to public information, Jinbo Bio was established in 2008 and primarily engages in the R&D, production, and sales of various end-use medical device products and functional skincare products, with recombinant humanized type I collagen as its core raw material. It is one of China’s leading recombinant collagen companies. In July 2023, the company was listed on the Beijing Stock Exchange, becoming the first recombinant collagen company to go public on the exchange.
