Core Viewpoint - Juzhibio (02367.HK) has surpassed Maogeping to become the largest beauty and skincare company by market capitalization in Hong Kong, reaching a market value of HKD 72.98 billion as of March 31, 2025 [1] Financial Performance - For the year 2024, Juzhibio reported revenue of CNY 5.539 billion, a year-on-year increase of 57.17%, and a net profit of CNY 2.062 billion, up 42.36% [1] - The adjusted net profit for 2024 was CNY 2.152 billion, reflecting a growth of 46.49% [2] - The gross profit margin slightly decreased to 82.09%, but the overall gross profit crossed CNY 4.5 billion, marking a 54.28% increase [2] Product Segmentation - The core revenue segment for Juzhibio is functional skincare products, which achieved revenue exceeding CNY 4 billion for the first time, growing 62.52% to CNY 4.302 billion [4] - The medical dressing business also saw significant growth, with revenue surpassing CNY 1 billion, reaching CNY 1.218 billion, a 41.51% increase [4] - The main brands, Kefu Mei and Keli Jin, showed different growth rates, with Kefu Mei generating CNY 4.542 billion in revenue, up 62.89%, while Keli Jin's revenue was CNY 0.841 billion, growing 36.31% [4] Market Dynamics - The market for recombinant collagen is experiencing explosive growth, with a projected market size of CNY 219.38 billion by 2030, reflecting a compound annual growth rate of 44.93% [7] - New entrants are emerging in the market, indicating a competitive landscape where technological innovation will be crucial for success [7] - Juzhibio's Kefu Mei brand has shown remarkable growth, with revenue increasing from CNY 0.289 billion in 2019 to CNY 2.788 billion in 2023, representing over a 15-fold increase in less than seven years [5] Innovation and R&D - Juzhibio's R&D expenditure for 2024 was CNY 106 million, a 42.1% increase, accounting for only 1.9% of total revenue, supporting 188 ongoing projects [12] - The company has a technological edge in the field of recombinant collagen, which is essential for maintaining its competitive advantage [7][12] Competitive Landscape - The industry is witnessing a shift from hyaluronic acid to collagen products, driven by changing consumer preferences and intensified competition [1] - The entry of new players and advancements in technology are challenging existing market leaders, emphasizing the need for continuous innovation [6][12]
市值突破700亿港元后，巨子生物如何维持高增长