Core Viewpoint - The company has demonstrated strong sales resilience despite recent challenges, with a significant recovery expected in online sales due to improved brand recognition and marketing efforts [1][2][3] Group 1: Sales Performance - In May and June, the combined GMV of the company's brands, 可复美 and 可丽金, reached 1.08 billion yuan, a year-on-year increase of 2%, with 可复美 declining by 2% and 可丽金 growing by 33% [1] - The strong sales performance in the first four months of 2025 led to a 38% year-on-year growth in GMV for the first half of 2025 [1] - The company is actively restoring live streaming frequency and increasing promotional efforts, which is expected to gradually revive sales [2] Group 2: Product Strength and R&D - The company is recognized as the first in China to scale the production of recombinant collagen skincare products, showcasing deep technical expertise in the collagen field [3] - R&D expenses have significantly increased from 11 million yuan in 2019 to 106 million yuan in 2024, with an R&D expense ratio of approximately 2% in 2024 [3] - Capital expenditures have risen from 75 million yuan in 2021 to 250 million yuan in 2024, indicating a commitment to expansion and innovation [3] Group 3: Future Outlook - The company expects online revenue for 可复美 and 可丽金 to grow by 10% and 35% respectively in the second half of 2025, with overall online revenue growth for 可复美 projected at 20% and 可丽金 at 60% for the year [3] - Offline sales, which account for 28% of the company's revenue, are anticipated to remain stable [2]
巨子生物(2367.HK)：销售复苏在望 底部布局正当时