Two companies share synergistic effects. On the evening of October 20, Jinbo Bio issued an announcement stating that Yangshengtang completed its first stake increase in Jinbo Bio through centralized bidding on October 19. The helmsman of Yangshengtang is Zhong Shanshan, who holds absolute control over Yangshengtang through a 98.38% stake, and Yangshengtang in turn controls two well-known listed companies, Wantai Biological and Nongfu Spring (NONGFU SPRING). As is widely known, Zhong Shanshan, now over 70 years old, has repeatedly topped China's rich list. Last year, the 2025 Hurun Rich List released by the Hurun Research Institute showed that Zhong Shanshan ranked as China's richest person for the fourth time with a fortune of 530 billion yuan. However, this year, Zhong Shanshan dropped to second place on the list, falling behind Zhang Yiming of ByteDance. Jinbo Bio was founded by Yang Xia, who was formerly a teacher at Shanxi Medical University. According to the 2025 Hurun Global Rich List, Yang Xia secured the title of Shanxi's richest woman with a net worth of 11.5 billion yuan. On this year's list, Yang Xia's net worth rose further to 17 billion yuan. From this collaboration, Zhong Shanshan has been quite generous to this Shanxi richest woman.
According to the Jinbo Bio announcement, based on a supplementary agreement signed by the two companies in September this year, Yangshengtang promised to initiate a plan to increase its holdings of the company's shares through the secondary market within 12 months from the date of the announcement of the completion of this issuance, that is, to complete the first stake increase transaction, and to complete a cumulative stake increase of no less than 1 billion yuan within 18 months from the date of the announcement of the completion of this issuance. If the actual cumulative amount of Yangshengtang's secondary market stake increase does not reach 1 billion yuan upon expiry, Yangshengtang promises to donate the shortfall in full in cash to Jinbo Bio within one month after the expiration of this stake increase period, to support the latter's "Humanized Collagen FAST Database and Product Development Platform Project." Simply put, if the stake increase does not reach 1 billion yuan within the deadline, Yangshengtang will pay the difference out of its own pocket. Why is Yangshengtang so optimistic about this company? The answer is that the two enterprises have certain synergistic effects.
Financial reports show that Jinbo Bio's core business is the research and development, production, and sales of high-end implantable medical devices prepared with Type A recombinant humanized collagen as the core raw material. Its end products are mainly used in the fields of injectable medical anti-aging and medical aesthetic plastic surgery; secondly, they are used in restorative treatment in departments such as gynecology, surgery, dermatology, ENT/dentistry, and proctology; in addition, they are also used in small amounts in the anti-aging and repair skincare field. The cooperation between the two parties began in June 2025. At that time, Jinbo Bio announced the introduction of Yangshengtang as a strategic investor and also posted on its WeChat official account that Yangshengtang, as a large health industry group controlling Nongfu Spring (NONGFU SPRING) and Wantai Biological, not only has a massive consumer network covering more than 3 million retail terminals, but also has deep experience in industrialized production, serious medical product transformation, and market commercialization.
The article also mentioned: "Yangshengtang's mature supermarket, pharmacy, and online channel network will help Jinbo Bio's products quickly penetrate mass consumer scenarios, achieving a leap from professional medical care to daily health consumption." Since the beginning of this year, on investor interaction platforms, Jinbo Bio has also stated that the strategic cooperation is based on the significant advantages of both parties in their respective fields, and will fully unleash multi-dimensional synergistic effects through resource sharing and deep collaboration, including but not limited to market and channel empowerment, accelerated industrialization, integrated technology research and development, and enhanced commercialization capabilities. Preliminary cooperation has already been carried out in the field of product research and development. Jinbo Bio also revealed that Yangshengtang has appointed a director to participate in the company's management.
On the other side, Yangshengtang itself, as a large health industry group, also has a cosmetics business, though it has maintained a relatively low profile in advertising. It was found that as of now, the Yangshengtang cosmetics Tmall flagship store has surpassed 3 million followers, with the best-selling product being a facial cleanser, showing more than 30,000 units sold. High-end products such as "Dongyun" and "Black Diamond Face Cream" also include items priced over a thousand yuan. In a media interview in 2024, Wu Yifan, General Manager of Yangshengtang Cosmetics, revealed that Yangshengtang Cosmetics had achieved double-digit annual growth, with half of its sales coming from customers spending over 600 yuan per order. In the first half of 2026, Jinbo Bio's revenue was 771 million yuan, a year-on-year decrease of 10.20%; net profit attributable to the parent company was 281 million yuan, a year-on-year decrease of 28.20%. The financial report explained this was mainly due to a decline in revenue from single-material medical device products, increased operating costs, and reduced revenue from online promotional gifts. Guolian Minsheng Securities believes that considering weak market demand and intensified industry competition, Jinbo Bio's short-term performance is under pressure. As the new production workshop ramps up to release economies of scale and the new product pipeline layout advances, operating momentum is expected to be steadily released. On October 20, Jinbo Bio's stock closed at 153.15 yuan per share, up 10.82%; on October 21, Jinbo Bio's stock price was 154.25 yuan, closing up 0.72%, with a total market value of 17.749 billion yuan.
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