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巨子生物(02367.HK):2025H1业绩稳健 大单品迭代与渠道拓展持续验证

Core Viewpoint - The company is experiencing steady growth in H1 2025, with a focus on collagen products and a strong performance in the skincare segment, supported by dual-brand strategies and effective channel expansion [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.113 billion yuan, representing a year-on-year increase of 22.5%, and a net profit attributable to shareholders of 1.182 billion yuan, up 20.2% [1]. - The company's gross margin for H1 2025 was 81.7%, a slight decrease of 0.7 percentage points, influenced by product mix adjustments [2]. Product and Brand Development - The company has a robust product matrix, with the "可复美" brand generating revenue of 2.542 billion yuan (up 22.7%) and the "可丽金" brand achieving 503 million yuan (up 26.9%) in H1 2025 [2]. - The product lineup includes a series of medical devices and five skincare efficacy series, with notable performance from collagen dressings and upgraded star products [2]. Channel Expansion - The company has expanded its offline presence to approximately 1,700 public hospitals and 3,000 private hospitals and clinics, while also increasing its brand-specific stores to 24 in cities like Hangzhou, Nanjing, and Tianjin [2]. - Online sales through direct-to-consumer (DTC) stores and e-commerce platforms saw significant growth, with e-commerce revenue increasing by 133.6% [2]. Research and Development - In H1 2025, the company filed for 19 new patents and had two medical devices related to recombinant collagen approved for review, indicating a strong focus on innovation in the medical aesthetics sector [2].