Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 860 million yuan in H1 2025, representing a year-on-year increase of 42.4%, with a net profit of 390 million yuan, up 26.7% year-on-year [7] - The sales of medical device products remained stable, while functional skincare products saw significant growth, with revenue from medical devices, functional skincare, and raw materials reaching 710 million, 120 million, and 30 million yuan respectively in H1 2025, reflecting year-on-year growth of 33.4%, 152.4%, and 12.4% [7] - The company launched the world's first injectable gel product in April 2025, which is expected to drive domestic growth [7] - Strategic partnerships are being strengthened to accelerate international expansion, with plans to recruit partners in Thailand for medical device distribution [7] - The long-term growth outlook remains positive, with adjusted net profit forecasts for 2025-2027 being 1.04 billion, 1.46 billion, and 1.86 billion yuan respectively [7] Financial Summary - Total revenue is projected to reach 2.10 billion yuan in 2025, with a year-on-year growth rate of 45.81% [1] - The company's net profit is expected to grow to 1.04 billion yuan in 2025, reflecting a growth rate of 42.09% [1] - The latest diluted EPS is forecasted to be 9.04 yuan per share in 2025, with a P/E ratio of 35.39 [1]
锦波生物（832982）：2025年半年报点评：营业收入同比+42.4%，下半年新品凝胶放量可期