Core Insights - The company reported a robust growth in revenue and profit for the first half of 2025, with a revenue of 3.113 billion yuan, representing a year-on-year increase of 22.5%, and a net profit attributable to the parent company of 1.182 billion yuan, up 20.2% year-on-year [1][2] - The company's gross margin for the first half of 2025 was 81.68%, a decrease of 0.72 percentage points, while the net profit margin was 37.99%, down 0.61 percentage points [1] - The company is a leader in collagen protein skincare products in China, focusing on R&D and expanding into eight consumer brands [2] Financial Performance - In the first half of 2025, the company's sales expense ratio improved by 1 percentage point to 34.01%, while the management expense ratio increased slightly by 0.07 percentage points to 2.65% [1] - The adjusted net profit for the first half of 2025 was 1.205 billion yuan, reflecting a year-on-year growth of 17.4% [1] Product and Brand Development - The company's flagship product line, "Kefumei," achieved a revenue of 2.54 billion yuan in the first half of 2025, marking a 22.7% increase year-on-year [1] - The company launched the "Zhenyu Mixin" series in 2025, focusing on post-surgical skin repair, which aligns well with its medical beauty channel strategy [1] - The "Keli Jin" brand generated a revenue of 500 million yuan in the first half of 2025, with a year-on-year growth of 26.9% [1] Sales Channels and Market Expansion - The direct sales channel generated 2.325 billion yuan in revenue, accounting for 74.7% of total revenue, with the DTC channel contributing 1.816 billion yuan [2] - The company has expanded its offline presence to approximately 1,700 public hospitals, 3,000 private hospitals and clinics, over 130,000 pharmacy stores, and around 6,000 CS/KA stores, including 24 specialty stores in key domestic cities [2] - The company has begun to penetrate the Southeast Asian market by entering Watsons in Malaysia [2] Investment Outlook - The company is expected to achieve net profits attributable to the parent company of 2.505 billion yuan, 3.102 billion yuan, and 3.732 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 21, 17, and 14 times [2]
巨子生物(2367.HK)：25H1收入利润稳健增长 销售费用率同比优化