Financial Performance - Revenue for the first half of 2024 reached RMB 2.54 billion, a year-on-year increase of 58.2%[7] - Adjusted profit for the first half of 2024 was RMB 1.03 billion, a year-on-year increase of 51.8%[9] - Total revenue for the first half of 2024 reached RMB 2,540.4 million, a 58.2% increase compared to RMB 1,605.7 million in the same period of 2023[23] - Total revenue for the first half of 2024 reached RMB 2,540.4 million, a 58.2% increase compared to RMB 1,605.7 million in the same period of 2023[24] - Revenue from professional skincare products accounted for 99.7% of total revenue, with functional skincare contributing RMB 1,939.6 million (76.4%) and medical dressings contributing RMB 592.2 million (23.3%)[24] - Revenue for the first half of 2024 reached RMB 2,540.4 million, a 58.2% increase compared to RMB 1,605.7 million in the same period of 2023[70] - Gross profit for the first half of 2024 was RMB 2,093.2 million, up 54.9% from RMB 1,351.0 million in the first half of 2023[70] - Net profit attributable to owners of the company for the first half of 2024 was RMB 983.2 million, a 47.4% increase from RMB 666.9 million in the same period of 2023[70] - Revenue from customer contracts increased to RMB 2,540,432 thousand in the first half of 2024, up from RMB 1,605,698 thousand in the same period of 2023, representing a growth of 58.2%[85] - Basic earnings per share for 2024 were RMB 983,164 thousand, up from RMB 666,940 thousand in 2023, a 47.4% increase[97] R&D and Innovation - R&D expenditure for the first half of 2024 was RMB 49 million, a year-on-year increase of 43.2%, accounting for 1.9% of revenue[10] - The company has over 100 ongoing R&D projects as of the end of the reporting period[10] - The company has been granted and applied for 133 patents, with 40 new patents added during the reporting period[10] - The company participated in multiple academic conferences to promote the development of recombinant collagen technology[14] - R&D expenses increased by 43.2% YoY to RMB 48.7 million, representing 1.9% of revenue[34] - R&D costs surged to RMB 13,469 thousand in 2024 from RMB 1,290 thousand in 2023, a 944.1% increase[91] - 11% of the net proceeds from the global offering are allocated for R&D investment, including expanding the R&D team and facilities[64] Brand Performance - Reborn Beauty brand achieved revenue of RMB 2.071 billion, a year-on-year increase of 68.6%[12] - Reborn Beauty's Human-like Recombinant Collagen Essence became the company's top star product, ranking No.1 in multiple categories during the 618 promotion[12] - Reborn Beauty launched the new Focus Series, with the Focus Cream ranking No.1 in Tmall's new cream list and Douyin's collagen cream popularity list during 618[12] - Reborn Beauty's Order Spot Stick ranked No.1 in Tmall's new repair essence list during 618, completing the oil-control and acne-treatment product portfolio[12] - Kelisheng brand achieved revenue of RMB 396 million, a year-on-year increase of 23.6%[13] - Kelisheng's new Vitality Series products, including eye cream and face cream, received a 99% positive rating and a score of 4.64 in consumer trials[13] - The Kefumei brand contributed RMB 2,070.9 million (81.5%) to total revenue, a 68.6% increase compared to the same period in 2023[32] - The Kelijin brand generated RMB 396.1 million (15.6%) in revenue, a 23.6% increase year-over-year[32] - Other brands contributed RMB 64.9 million (2.6%) to total revenue, a 40.8% increase compared to the same period in 2023[32] - Revenue from the professional skincare product "Kefumei" increased by 68.6% YoY to RMB 2,070.9 million, accounting for 81.5% of total revenue[33] - Revenue from the skincare product "Keling" rose by 23.6% YoY to RMB 396.1 million, contributing 15.6% of total revenue[33] Marketing and Sales - The company launched new products and continued to optimize its product matrix to reach a broader customer base[11] - The company strengthened public domain marketing, with Reborn Beauty's Focus Cream campaign generating over 200 million topic exposures on Xiaohongshu[15] - Reborn Beauty appointed Olympic swimming champion Ye Shiwen as its brand ambassador to enhance consumer emotional connection[15] - Reborn Beauty launched a special 520 campaign with limited edition "Lucky Stick" products to strengthen brand-consumer interaction[15] - Direct sales channel revenue accounted for 72.4% of total revenue at RMB 1,838 million, while distribution channel revenue was RMB 702 million, representing 27.6% of total revenue[18] - The company expanded its offline presence with approximately 10 offline stores in key cities, including the flagship store in Chongqing opened on June 16, 2024[17] - The company's products are available in approximately 1,500 public hospitals, 2,700 private hospitals and clinics, 650 chain pharmacies, and 6,000 CS/KA stores[17] - Online GMV growth for the Keruimei and Kelijing brands exceeded 60% and 100% respectively during the 618 shopping festival in 2024[17] - Direct-to-consumer (DTC) online sales through the company's own stores reached RMB 1,603.2 million, a 64.1% year-over-year increase, accounting for 63.1% of total revenue[26][27] - Online sales through e-commerce platforms grew 143.3% year-over-year to RMB 167.4 million, representing 6.6% of total revenue[29] - Offline direct sales increased by 82.2% year-over-year to RMB 67.6 million, accounting for 2.7% of total revenue[30] - Sales to distributors grew 34.4% year-over-year to RMB 702.3 million, representing 27.6% of total revenue[31] - The company's offline advertising campaigns covered major transportation hubs and commercial centers in cities like Xi'an, Chongqing, and Wuhan[17] - Marketing and promotion expenses rose to RMB 811,642 thousand in 2024 from RMB 521,705 thousand in 2023, a 55.6% increase[90] Production and Operations - The company added 1 new cosmetics production line and 1 medical device production line, with a new medical device factory expected to be operational within the year[19] - The company's capital commitments primarily consist of plant, machinery, and buildings, amounting to RMB 239.8 million as of June 30, 2024[39] - The company recorded capital expenditures of RMB 164.7 million in the six months ended June 30, 2024, mainly for the construction of new factories and the purchase of production line equipment[39] - The company has 1,512 full-time employees as of June 30, 2024, with 39.9% in production, 11.6% in R&D, 30.0% in sales and marketing, and 18.5% in general and administrative functions[40][41] - Inventory grew by 66.5% to RMB 333.7 million as of June 30, 2024, from RMB 200.4 million as of December 31, 2023[71] - Inventory increased by RMB 133,274 thousand, reflecting higher stock levels compared to the previous year[76] - Inventory, consumables, and custom product costs increased to RMB 314,231 thousand in 2024 from RMB 199,527 thousand in 2023, a 57.4% increase[90] - The company's investment in property, plant, and equipment decreased to RMB 165,417 thousand in 2024, down from RMB 186,961 thousand in 2023[77] - The company's net cash used in investing activities decreased to RMB 343,498 thousand in 2024, compared to RMB 472,404 thousand in 2023[77] - The company acquired assets worth RMB 284,042 thousand in 2024, compared to RMB 111,910 thousand in 2023, a 153.8% increase[98] Financial Position and Capital - Total assets as of June 30, 2024, were RMB 7.78 billion, a 56.5% increase compared to the end of 2023[8] - Total liabilities as of June 30, 2024, were RMB 1.81 billion, a 200% increase compared to the end of 2023[8] - Net current assets as of June 30, 2024, were RMB 4.93 billion, a 36.8% increase compared to the end of 2023[8] - The company's cash and cash equivalents increased by 82.3% to RMB 4,564.4 million as of June 30, 2024, compared to RMB 2,504.0 million as of December 31, 2023[39] - Cash and cash equivalents as of June 30, 2024, stood at RMB 4,564.4 million, an 82.3% increase from RMB 2,504.0 million as of December 31, 2023[71] - The company's cash and cash equivalents increased significantly to RMB 4,564,386 thousand as of June 30, 2024, up from RMB 1,557,509 thousand in the same period of 2023[77] - Net asset value increased to RMB 5,974,848 thousand as of June 30, 2024, up from RMB 4,371,050 thousand at the end of 2023[73] - The company issued shares worth RMB 1,498,500 thousand, resulting in a total equity increase of RMB 1,498,502 thousand[74] - The company declared dividends of RMB 908,437 thousand for the 2023 final and special dividends[74] - The company declared a total dividend of RMB 908,437 thousand for 2023, including a final dividend of RMB 449,536 thousand and a special dividend of RMB 458,901 thousand[94] - The company completed a share placement and subscription, raising approximately HKD 1,627 million (net of commissions and estimated expenses), with 90% (HKD 1,464.3 million) allocated for core business development and ecosystem layout, and 10% (HKD 162.7 million) for working capital and general corporate purposes[67] - The company issued 33,220,000 ordinary shares at a subscription price of HKD 49.40 per share (equivalent to RMB 45.11 per share), raising a total of HKD 1,641,065,000 (RMB 1,498,500,000 before deducting share issuance costs)[104] Corporate Governance and Shareholding - The company has adopted a Restricted Stock Unit (RSU) plan, with a maximum of 19,000,000 shares, representing approximately 1.85% of the total issued share capital as of the reporting date[41] - The company has adopted the 2023 Share Option Plan and the 2023 Share Award Plan, with a maximum of 99,500,000 shares, representing 9.68% of the total issued share capital as of the reporting date[42] - The company has decided not to declare an interim dividend for the six months ended June 30, 2024[43] - The company has not separated the roles of Chairman and CEO, with Mr. Yan Jianya holding both positions, which the company believes is beneficial for consistent leadership and effective execution of business strategies[43] - Mr. Yan Jianya holds 589,350,972 shares, representing 57.32% of the company's total issued shares as of June 30, 2024[46] - Ms. Ye Juan holds 1,049,800 shares, representing 0.10% of the company's total issued shares as of June 30, 2024[46] - Ms. Fang Juan holds 1,157,601 shares, representing 0.11% of the company's total issued shares as of June 30, 2024[46] - Ms. Zhang Huijuan holds 1,240,000 shares, representing 0.12% of the company's total issued shares as of June 30, 2024[46] - Dr. Fan holds 581,104,935 shares through controlled corporations, representing 56.52% of the company's total issued shares as of June 30, 2024[50] - Healing Holding, wholly owned by Dr. Fan, holds 900,000 shares, representing 0.09% of the company's total issued shares as of June 30, 2024[50] - E Fund Management Co., Ltd. holds 50,067,000 shares, representing 4.87% of the company's total issued shares as of June 30, 2024[51] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[52] - The restricted share unit plan has a remaining term of 7 years, with a total duration of 10 years from the date of adoption by the board[53] - The maximum number of shares under the restricted share unit plan is 19,000,000, representing approximately 1.85% of the company's total issued share capital as of the report date[54] - The restricted share units are granted at prices of RMB 4.74 per share (granted on December 8, 2021) and RMB 20 per share (granted on September 26, 2022)[53] - The restricted share units are expected to vest in five equal installments, with 20% of the total shares vesting every 12 months from the grant date[54] - As of June 30, 2024, the company's chairman, executive director, and CEO holds 10,459,502 restricted shares, representing 1.02% of the total issued shares[55] - A total of 13,361,601 restricted shares remain unvested and subject to lock-up conditions as of June 30, 2024[55] - The restricted share unit plan aims to align the interests of shareholders and employees, and to attract and retain senior management and core talent[53] - The company adopted a fourth amended and restated memorandum and articles of association on June 13, 2024, to comply with the Listing Rules regarding electronic dissemination of corporate communications[53] - No further restricted share units will be granted under the plan after the company's listing[54] - The restricted share unit plan was fully granted before the company's listing, with no additional units to be issued post-listing[54] - The maximum number of shares that can be issued under the 2023 Plan is 99,500,000 shares, representing 9.68% of the total issued shares (excluding treasury shares) as of the report date[57] - The maximum number of shares that can be issued to service provider participants under the 2023 Plan is 19,900,000 shares, representing 1.94% of the total issued shares (excluding treasury shares) as of the report date[57] - The 2023 Plan aims to provide participants with personal equity interests in the company to recognize, incentivize, and reward them, attract and retain the most qualified personnel, and drive the group's business success[57] - The minimum vesting period for options or award shares is generally 12 months, but the board may grant shorter vesting periods under certain circumstances[58] - The 2023 Plan has a remaining validity period of 9 years from the adoption date[60] - The company granted a total of 20,000,000 options to 128 eligible participants on December 28, 2023, to subscribe for ordinary shares with a par value of $0.00001 per share[60] - No share awards have been granted under the 2023 Share Award Plan as of the report date[60] - The exercise price of options must be at least the higher of the closing price on the offer date, the average closing price over the 5 business days prior to the offer date, or the par value per share on the grant date[60] - The company granted a total of 20,000,000 share options on December 28, 2023, with 40% vesting after one year, 30% after two years, and the remaining 30% after three years[62] - The exercise price of the granted share options is HK$35.05 per share, with a fair value of HK$6.25 per share at the grant date, totaling HK$125 million[62] - The company approved a Restricted Share Unit Plan on December 8, 2021[122] - The company's shares have a par value of $0.00001 per share[123] - The company operates under the Securities and Futures Ordinance (Chapter 571 of Hong Kong Law)[122] - The company's shares are held by shareholders[123] - The company has subsidiaries as defined under Section 15 of the Companies Ordinance[123] - The company's operations are subject to the jurisdiction of the United States, its territories, and all areas under its jurisdiction[123] - The company's financial reporting is in US dollars, the legal currency of the United States[124] Social Responsibility and Donations - The company donated over RMB 5 million worth of products to frontline educators and medical workers during the "March 8th Warm Spring Love Action"[20] - The company launched the "Giant 315 Transparency Commitment" on March 15, 2024, to promote transparency in the recombinant collagen industry[21] Industry Recognition and Achievements - The company was recognized as the global leader in recombinant collagen by Euromonitor International[9] Strategic Investments and Future Plans - The company plans to continue R&D investment, enrich raw material reserves, and expand product lines in the second half of 2024[20

港股公司报告 | 公司点评 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_MainInfo] 公司研究/商业贸易 证券研究报告 巨子生物（2367）公司半年报点评 2024 年 08 月 31 日 市场表现 [Table_QuoteInfo] 分析师:李宏科 Tel:(021)23185683 [Table_InvestInfo] 投资评级 优于大市 维持 1H24 业绩超预期，单品势能稳定，可复 美延续高增长 [Table_Summary] 投资要点： 股票数据 0[8Ta月b3le0_日S收to盘c价k（In元fo）] 41.25 52 周股价波动（元） 28.17-53.30 总股本/流通股（亿股） 10.28/10.28 总市值/流通市值（亿港元） 424/424 相关研究 [《Ta巨b子le生_R物e2p0o23rtI年nf报o]点评：多品类多场景拓 展，线上渗透提速》2024.04.11 《巨子生物 2023 年中报点评：1H23 收入利 润 双 高 增 ， 品 牌 核 心 建 设 逐 步 沉 淀 》 2023.09.13 巨子生物发布 2024 半年报：2024 上半年实现收入 25.40 亿元，同比增长 58.2%； 归母净利润 9.83 亿元，同比增 ...

证券研究报告 港股公司|公司点评|巨子生物（02367） 高成长、高盈利，期待 2024H2 再创佳 绩 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月23日 证券研究报告 |报告要点 2024H1 可复美延续高增势能，可丽金调整成效初显，叠加渠道拓展与运营提效，2024H1 经调 整净利润 10.27 亿（同比+51.8%），经调整净利润率 40%+。高成长、高盈利，期待公司 2024H2 再创佳绩。 |分析师及联系人 邓文慧 郑薇 李英 SAC：S0590522060001 SAC：S0590521070002 SAC：S0590522110002 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年08月23日 巨子生物(02367) 高成长、高盈利，期待 2024H2 再创佳绩 | --- | --- | |------------|-----------------| | 行 业： | 美容护理/化妆品 | | 投资评级： | 买入（维持） | | 当前价格： | 39.65 港元 | 基本数据 总股本/流通股本(百万股) ...

[Table_Stock] 巨子生物（02367） 证 券 研 究 报 告 港 股 研 究（ 公 司 点 评 ） [行业Table_Industry] : 美容护理 日期: shzqdatemark 2024年08月20日 | --- | --- | |-----------------------|-------------------| | [Table_Author]分析师: | 梁瑞 | | Tel: | 021-53686409 | | E-mail: | liangrui@shzq.com | | SAC 编号: | S0870523110001 | [Table_BaseInfo] 基本数据 | --- | --- | |----------------------------|-------------| | 最新收盘价（港元） | 49.35 | | 12mth 港股价格区间（港元） | 29.30-53.15 | | 总股本（百万股） | 1,028.22 | | 流通股/总股本 | 0.00% | | 流通市值（亿港元） | 507.43 | [Table_QuotePic] 最近一年股 ...

Investment Rating - The report maintains a "Recommend" rating for Giant Biogene (02367 HK) with a target price of HKD 54 40, compared to the current price of HKD 39 45 [1] Core Views - Giant Biogene achieved strong revenue and profit growth in H1 2024, with revenue reaching RMB 2 54 billion, up 58 2% YoY, and net profit attributable to shareholders of RMB 980 million, up 47 4% YoY [2] - The company's gross margin slightly decreased to 82 4% (-1 7pct YoY), while net margin stood at 38 6% (-2 9pct YoY), mainly due to the faster growth of lower-margin cosmetic products [2] - The flagship brand Kefumei (可复美) saw revenue growth of 68 6% YoY to RMB 2 07 billion, accounting for 81 5% of total revenue, driven by strong online sales and new product launches [2] - The company's online revenue reached RMB 1 77 billion, up 69 3% YoY, accounting for 69 7% of total revenue, with improved operational efficiency [2] - The report expects the company to benefit from potential approval of Class III medical device licenses for recombinant collagen products in 2025, opening a new growth curve [2] Financial Performance - Revenue for 2024E is projected at RMB 5 126 billion, up 45 4% YoY, with net profit attributable to shareholders of RMB 1 956 billion, up 34 7% YoY [2] - The company's gross margin is expected to remain stable at around 82 4% in 2024E, with net margin at 38 2% [2] - The report forecasts a 3-year revenue CAGR of 28% from 2024E to 2026E, with net profit CAGR of 26 9% [2] Product and Brand Strategy - Kefumei's collagen stick became the top-selling facial essence product on Tmall during the 618 shopping festival, with GMV growth exceeding 60% [2] - The company is building a diversified product matrix, with new launches such as the Focus Cream and Order Spot Stick gaining traction [2] - The Kelinge (可丽金) brand achieved 23 6% YoY revenue growth in H1 2024, with online GMV growth exceeding 100% during the 618 period [2] Valuation - The report values the company at 25x 2024E PE, based on its strong brand momentum and expected medical aesthetics growth [2] - The target price of HKD 54 40 implies a 38% upside from the current price [1]

核心观点 ⚫ 公司发布 24H1 中报，实现营业收入 25.4 亿，同比增长 58.2%，实现归母净利润 9.8 亿，同比增长 47.4%，超市场预期。 ⚫ 可复美品牌高增，大单品持续放量。分品牌来看：1）可复美：24H1 收入同比增长 68.6%，其中胶原棒凭借优异品质和广泛营销，持续实现人群破圈，口碑和销量稳 步提升，618 期间胶原棒强势登顶主流电商平台多项榜单；全新推出的焦点系列表 现也较为优异，未来成长空间可观。2）可丽金：24H1 收入同比增长 23.6%，上半 年上新蕴活系列，可丽金胶卷眼霜、面霜、眼膜等主要新品陆续上市。 ⚫ 分渠道来看：1）24H1 直销收入同比增长 69.7%，拆分来看，DTC 线上直销、向电 商平台线上直销和线下直销收入分别同比增长 64.1%、143.3%和 82.2%； 2） 24H1 经销收入同比增长 34.4%。线下渠道增长表现超预期（包含直销和经销），截 至 24H1，公司产品已进入中国约 1,500 家公立医院，约 2,700 家私立医院及诊所， 约 650 家连锁药房品牌和 6,000 家 CS/KA 门店 ⚫ 盈利能力维持在较高水平。1）24H1 毛利率同 ...

达到了四千九百万资金免案研发支出占收比例是1.9%截至报告期末我们公司获得了授权及申请中的专利133项其中报告期内我们新增了40项的专利那么我们公司已经获得的专利包含了三项重新去荣获PCQ国际发明 专利授权的具体有人参造肝RH3PPB和RH2的药物的组合物一种具有仿制酒精性脂肪肝功能的人参造肝的组合物还有一种药物的组合物那么这三项的国际发明专利的授权也验证了我们公司在科技创新和知识产权方面取得的重大突破那么在今年上半年也可以看到中国石油和化工联合会组织召开了由西北大学 先日子生物基因技术股份有限公司共同完成的酵母制造低棉原虫堵胶原蛋白及其应用科技成果的鉴定会那么鉴定会的委员一致认为呢我们的这一项基础应用整体达到了国际领先的水平 好,那么在这一页呢,大家可以看到我们的八大主要品牌的指正包括我们旗舰品牌、可富美、可丽鸡以及涵盖的皮肤护理、女性护理和功能性食品等领域的子品牌那么我们持续以真诚、创意、自制、创新的这个理念去锻造我们的产品力并且拥有超过100项SKO和100项在演的项目 那么在这一页呢大家可以看到我们的在研管线主要分为六大类其中功效性护肤品在研的项目有68项医用辅料有23项肌肤换活注射类的产品有4项那么 ...

21 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 巨型生物根 （ 2367 香港 ） Comfy 品牌的销售超出预期 在 Comfy 品牌的快速增长的推动下 ， 1H24 盈利超过预期。巨人生物基因公司在24年上半年（ 1H24）报告了营收为人民币254亿元，同比增长58%，超出彭博社共识估计12%，占我们全年预 测的55%。归母净利润增长48%，达到98.3亿元，超出彭博社共识估计13%，占我们全年预测的 57%。由于线上销售和功能性护肤品的扩展，导致了毛利润的下降。 1.7个百分点至82.4%。这一转变表明了战略调整的方向，旨在扩大市场覆盖面和提升产品供应，尽 管在略微降低的利润率下进行。. 舒适品牌保持了强劲的增长势头。上半年 ， Compy 品牌的收入同比增长 69% ， 达到 207.01 亿元人民币。旗舰产品 Comfy Collagen Stick （可复美胶原棒持续强劲的销售增长， 预计2024年4月的收入同比增长约50%。公司在2024年4月推出了舒适焦点霜（Comfy Focus Cream）。可复美焦点面霜针对皮肤健康不佳的消费者进行定位。在2024年的618购物 ...

21 Aug 2024 CMB International Global Markets | Equity Research | Company Update Giant Biogene (2367 HK) Sales of Comfy brand surpass expectations 1H24 earnings beat, fueled by the rapid growth of Comfy brand. Giant Biogene reported 1H24 revenue of RMB2,540mn, up 58% YoY and 12% above Bloomberg consensus estimates, accounting for 55% of our full-year estimate. Attributable net profit increased by 48% YoY to RMB983mn, which was 13% ahead of Bloomberg consensus estimates, accounting for 57% of our full-year es ...