Core Viewpoints - The company reported a strong growth in revenue and profit for the first half of 2025, meeting previous expectations, driven by two major brands and successful new product launches [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 3.113 billion yuan, a year-on-year increase of 22.5%, and a net profit attributable to shareholders of 1.182 billion yuan, up 20.2% [1][2] - Adjusted net profit for the same period was 1.205 billion yuan, reflecting a growth of 17.4% [1] Brand Performance - The Kefu Mei brand generated revenue of 2.542 billion yuan, growing by 22.7%, while the Keli Jin brand saw revenue of 503 million yuan, increasing by 26.9% [2] - The introduction of new products, such as the collagen stick 2.0 and the Keli Jin anti-aging series, contributed significantly to revenue growth [2] Channel Expansion - Online direct-to-consumer (DTC) sales reached 1.816 billion yuan, a growth of 13.3%, while self-operated e-commerce platform sales surged by 133.6% to 391 million yuan [3] - The company expanded its offline presence, entering approximately 1,700 public hospitals and over 13,000 chain pharmacies, enhancing its market reach [3] Profitability Metrics - The company's gross margin stood at 81.7%, with a net margin of 38.0%, indicating stable profitability despite structural adjustments due to product line expansion [4] - Sales expense ratio decreased to 34.0%, benefiting from refined operational strategies [4] Future Outlook - The company is focusing on the launch and promotion of Class III medical devices, with several products expected to be approved and contribute to future growth [5] - Continued emphasis on new product development and refined channel operations is anticipated to drive growth for both Kefu Mei and Keli Jin brands in the latter half of 2025 [5][6]
巨子生物(2367.HK)：核心单品迭代焕新 25H1业绩符合预期