Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company has announced multiple strategic moves, including a 5% stake transfer to Hangzhou Jiushi and a private placement of 6.24% of shares to introduce strategic investor Yangshengtang, which will enhance its business landscape through deep collaboration [5][8] - The private placement price is set at 278.72 yuan per share, raising a total of 2 billion yuan, with 1.15 billion yuan allocated for the development of a human-derived collagen FAST database and product development platform [5][8] - The collaboration with Yangshengtang is expected to enhance the company's business certainty and allow it to leverage the operational management models of a strong enterprise [8] Financial Data and Profit Forecast - The company forecasts total revenue of 2,390 million yuan for 2025, with a year-on-year growth rate of 65.6% [7] - The projected net profit attributable to the parent company for 2025 is 1,148 million yuan, reflecting a year-on-year growth of 56.8% [7] - The earnings per share (EPS) is expected to be 9.98 yuan for 2025, with a projected price-to-earnings (PE) ratio of 35 [7][8] Market Position and Strategic Collaboration - The collagen market is vast, and the company is poised for growth with its leading technology in the industry [8] - Yangshengtang has a strong market presence and has successfully established multiple benchmark brands across various sectors, which will support the company's expansion efforts [8] - The partnership will facilitate research and development, production, market access, and management efficiency, positioning the company as a comprehensive platform enterprise [8]
锦波生物（832982）：牵手钟睒睒、引入养生堂，深度协同扩大商业版图