Group 1: Financial Performance - The company reported a revenue of 3.11 billion, representing a year-on-year increase of 22.5%, and a net profit attributable to the parent company of 1.18 billion, up 20%, meeting market expectations [1] - Gross margin stood at 81.7%, down 0.7 percentage points, while net profit margin was 38.0%, down 0.6 percentage points [1] - Revenue breakdown shows 82% from the brand "可复美" and 16% from "可丽金", with "可复美" generating 2.54 billion (up 23%) and "可丽金" 503 million (up 27%) [1] Group 2: Strategic Initiatives - The company is expanding production capacity and global presence by adding new production lines for collagen, cosmetics, and medical devices, and constructing new factories for medical devices and health products [2] - A new regional headquarters has been established in Xiamen Free Trade Zone, which will serve as a business settlement center, manufacturing base, and cross-border trade platform [2] - The company is actively participating in major exhibitions and has made significant inroads into markets like Hong Kong and Malaysia, marking a breakthrough in overseas sales [2] Group 3: R&D and Supply Chain Management - The core R&D and management team remains stable, providing a solid foundation for the company's development [2] - The company is focusing on functional skincare and medical devices, with several new products in the R&D or registration phase, expected to launch in the first half of next year [2] - Supply chain management capabilities are being optimized through long-term partnerships with quality raw material suppliers and digital management of production, warehousing, and logistics [2] Group 4: Investment Outlook - The company is positioned as a leader in the application of synthetic biology in the beauty and medical fields, with high technical barriers and increasing brand recognition [3] - Short-term performance is stabilizing, while long-term growth is supported by new product launches and deeper global expansion [3] - Projected net profits for 2025-2027 are 2.502 billion, 3.008 billion, and 3.655 billion, corresponding to PE ratios of 22.0, 18.3, and 15.1, respectively, with a target price of 69.04 HKD for 2025 [3]
巨子生物(02367.HK)2025年半年报点评：达人复播渐明 数据修复企稳