Core Viewpoint - The company demonstrated strong brand resilience and internal management capabilities, achieving significant growth in mid-term performance despite challenges faced in the second quarter [1][2]. Financial Performance - In the first half of the year, the company's revenue and net profit attributable to shareholders increased by 22.5% and 20.2% year-on-year, respectively [1]. - The gross margin and net profit margin remained high at approximately 82% and 38% [1]. Revenue Drivers - The main revenue growth drivers were online direct sales through e-commerce platforms (such as JD.com) and offline direct sales, which accounted for 75% of total revenue [1]. - Online direct sales to e-commerce platforms increased by 134%, while offline direct sales grew by 74% year-on-year [1]. Cost Management - The company effectively controlled sales expenses, with the sales expense ratio decreasing by 0.86 percentage points year-on-year, allowing for sufficient marketing investment in the second half of the year [2]. - The good control of sales expenses is attributed to the balanced development across various channels and the reduction in promotional activities due to the product issues in the second quarter [2]. Future Outlook - The company is expected to see a ramp-up in revenue in the second half of the year, driven by the recovery from short-term impacts, increased investment, and the launch of new products [2]. - Long-term focus on scientific research and commercialization in the collagen sector is recommended, with particular attention to upcoming sales during the Double Eleven shopping festival and the progress of medical device certifications [2]. Earnings Forecast - The earnings forecast for 2025-2027 has been slightly adjusted, with expected earnings per share of 2.33, 2.85, and 3.50 RMB, respectively [2]. - A target price of 81.46 HKD has been set for 2025, based on a 32x PE valuation [2].
巨子生物(02367.HK)：中报增长彰显品牌韧性下半年销售有望提升