Following the official announcement of a planned 2 billion yuan fundraising from a company under Zhong Shanshan's control, Jinbo Bio (832982.BJ) has undergone significant governance restructuring.

According to public information, Jinbo Bio focuses on structural biology and synthetic biotechnology as its core competencies, specializing in the research, development, production, and application of recombinant humanized collagen. The company's products span medical devices, functional skincare, and antiviral sectors.

As of the close on September 9, Jinbo Bio's latest market capitalization reached 36 billion yuan.

**Jinbo Bio: Yang Xia Resumes Company Operations Control**

On September 8, the company announced that founder and actual controller Yang Xia would assume the position of general manager, taking full responsibility for the company's operational management.

According to reports, the growth segment businesses previously managed by former general manager Jin Xuekun, including core areas such as medical aesthetics, gynecology, and scalp care, as well as the international business team, will maintain unchanged personnel structures. Related businesses will continue normal operations to ensure strategic continuity and market stability.

Born in 1974, Yang Xia is the founder and actual controller of Jinbo Bio.

Her career trajectory is deeply intertwined with the company's development: In 2008, she transitioned from a lecturer position at Shanxi Medical University to enterprise operations, successively serving as executive director and supervisor of Jinbo Limited. Since December 2016, she has served as chairman of the company, and since December 2019, she has concurrently held the position of research institute director, comprehensively leading the company's strategic planning and R&D system.

Notably, according to the 2025 Hurun Global Rich List, Yang Xia successfully claimed the title of "Shanxi's richest woman" with assets worth 11.5 billion yuan.

Currently holding 58.89% of the company's shares, this personnel adjustment aims to optimize senior management structure and strengthen decision-making efficiency. The company stated that this personnel change will not have a significant impact on the company's production and operations.

In terms of performance, the company achieved operating revenue of 859 million yuan in the first half of 2025, a year-on-year increase of 42.43%; net profit attributable to listed company shareholders reached 392 million yuan, growing by 26.65%.

Among these figures, sales expenses surged significantly to 181 million yuan, representing a 67.77% increase compared to the same period last year. Jinbo Bio attributed this primarily to increased sales personnel compensation, rising equity incentive amortization expenses, and expanded online and offline brand promotion investments.

**Zhong Shanshan's Affiliated Party Receives New Director Nomination**

Notably, in this management reshuffle, a representative from Zhong Shanshan's affiliated company, Chen Bin, appeared among the new director nominees.

Public records show that Chen Bin is the actual controller of Hangzhou Jiushi Management Consulting (Limited Partnership). Penetrating through Hangzhou Jiushi's equity structure reveals that Yangshengtang holds over 99% of the shares.

In fact, three months ago, Jinbo Bio disclosed the largest cash capital increase plan in the Beijing Stock Exchange's history to date. The transaction counterpart was Yangshengtang under Zhong Shanshan's control.

According to reports, Jinbo Bio plans to issue shares directionally to Yangshengtang Co., Ltd., which is actually controlled by Zhong Shanshan. This capital increase plan involves issuing no more than 7.1757 million shares, raising a total of 2 billion yuan.

Simultaneously, the company's actual controller Yang Xia plans to transfer 5.7533 million shares to Hangzhou Jiushi, another entity under Zhong Shanshan's control, for approximately 1.4 billion yuan. Chen Bin is a key figure in Hangzhou Jiushi.

After completion of all transactions, Zhong Shanshan will hold a combined 10.58% stake in Jinbo Bio through his two entities, becoming the company's second-largest shareholder. Yang Xia's shareholding will decrease to 50.73%, but she will remain the controlling shareholder.

Therefore, this personnel change is viewed by the market as a symbolic move indicating that the strategic cooperation between both parties has entered a substantive phase. If this nomination is approved by the shareholders' meeting, it would mean that Zhong Shanshan's system officially enters Jinbo Bio's board of directors.

**Jinbo Bio's "Capital Increase Strategy"**

The recombinant collagen market is becoming increasingly competitive. With penetration rates jumping from less than 16% to 37.7%, China's recombinant collagen sector is experiencing explosive growth (Frost & Sullivan data).

With giants like Watson Bio and CanLife entering the market accelerating, industry companies like Giant Biogene expanding market presence, and over a dozen companies' collagen projects entering clinical stages, pressure lines are already emerging behind Jinbo Bio's quarterly net profit growth.

First, the scissors gap between the company's production capacity and scale continues to widen. Second, technology transformation cycles face channel constraints. Although the company already possesses three Class III implantable medical device approvals, certification of recombinant collagen in serious medical fields still requires a lengthy cycle. This is a common situation faced by collagen companies. Over 90% of gross profit margins rely mainly on support from the medical aesthetics field, gradually revealing the problem of product structure singularity.

Even with the advantage of holding three Class III humanized collagen medical device approvals, Jinbo Bio still faces dual risks of technology diffusion and price wars.

Against this backdrop, Jinbo Bio chose to reach a 3.4 billion yuan capital cooperation with Yangshengtang. The entry of strategic investors provides three-fold solutions for breakthrough.

For example, the 1.4 billion yuan equity transfer payment, combined with 2 billion yuan in capital increase funds, can significantly alleviate Jinbo Bio's capital constraints in capacity expansion. This scale is equivalent to 4.6 times the company's 2024 net profit, providing strong cash flow protection during the capacity construction period.

Meanwhile, by binding with Wantai Bio's vaccine R&D system under Yangshengtang, both parties will explore collagen applications in serious medical fields such as diabetic foot ulcers and bone repair. The "R&D integration" explicitly mentioned in the announcement directly addresses the pain point of excessive dependence on medical aesthetics products.

Additionally, leveraging Yangshengtang's nationwide channel network will accelerate the implementation of the "medical product consumerization" strategy. This aims to complete market positioning before the impact wave from companies like CanLife entering clinical Phase III arrives.

Once the capital increase lands, actual controller Yang Xia will maintain 53.89% absolute control after transferring 5% of her shares, while Zhong Shanshan's companies will hold 10.58%. This avoids control dilution risks while reserving interfaces for resource synergy.

Compared to Wantai Bio's passive situation with its bivalent HPV vaccine facing price wars, whether the company can build technological barriers and channel moats through proactive capital operations before competitors launch, forming competitive buffer zones, becomes a crucial step.