CITIC Securities pointed out that technology and processes for natural collagen and recombinant collagen are constantly improving, and application scenarios are constantly expanding. The gradual increase in approved collagen products will make the indications richer, the price hierarchy more complete, and the expansion and penetration rate for beauty seekers. Currently, although the number of registration certificates for natural collagen and recombinant collagen products is increasing, they are far from being saturated. All companies have the opportunity to share the expansion of the industry cake, and can also find an ecological position in the medical and aesthetic market. Recommendation: 1) Recombinant collagen freeze-dried fiber registration certificate launched, and is expected to be listed in the first half of 2026; at the same time, recombinant collagen solutions and gels are expected to be approved in 2026, or become a company with the second business growth curve; 2) Entering the natural collagen field through mergers and acquisitions, the research and clinical development and clinical development of three related medical and aesthetic devices is expected to be approved as a new force in the existing medical and aesthetic biomaterials matrix; 3) A company with strong drug development and review experience, and simultaneously lays out natural collagen and recombinant collagen through agency and self-development.

CITIC Securities pointed out that technology and processes for natural collagen and recombinant collagen are constantly improving, and application scenarios are constantly expanding. The gradual increase in approved collagen products will make the indications richer, the price hierarchy more complete, and the expansion and penetration rate for beauty seekers. Currently, although the number of registration certificates for natural collagen and recombinant collagen products is increasing, they are far from being saturated. All companies have the opportunity to share the expansion of the industry cake, and can also find an ecological position in the medical and aesthetic market. Recommendation: 1) Recombinant collagen freeze-dried fiber registration certificate launched, and is expected to be listed in the first half of 2026; at the same time, recombinant collagen solutions and gels are expected to be approved in 2026, or become a company with the second business growth curve; 2) Entering the natural collagen field through mergers and acquisitions, the research and clinical development and clinical development of three related medical and aesthetic devices is expected to be approved as a new force in the existing medical and aesthetic biomaterials matrix; 3) A company with strong drug development and review experience, and simultaneously lays out natural collagen and recombinant collagen through agency and self-development.