Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Insights - The company achieved a revenue of 859 million yuan in H1 2025, representing a year-on-year growth of 42.43%, while the net profit reached 392 million yuan, up 26.65% year-on-year [1]. - The gross margin for H1 2025 was 90.68%, a decrease of 0.9 percentage points, and the net profit margin was 45.5%, down 5.84 percentage points [1]. - The sales expense ratio increased to 21.05%, up 3.18 percentage points, attributed to higher personnel costs and promotional expenses [1]. - The medical device segment grew by 33.41% year-on-year, generating 708 million yuan in revenue, while the skincare segment saw a significant increase of 152.39%, reaching 121 million yuan [2]. - The company launched the HiveCOL collagen product and received medical device registration in Thailand, enhancing its international market presence [3]. Financial Performance - The company is projected to achieve earnings per share (EPS) of 12.11, 16.28, and 20.54 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 26, 20, and 16 times [4]. - Revenue forecasts for 2025, 2026, and 2027 are 2.133 billion yuan, 2.790 billion yuan, and 3.503 billion yuan, respectively, with year-on-year growth rates of 47.84%, 30.79%, and 25.56% [6]. - The company’s return on equity (ROE) is expected to be 44.11%, 39.84%, and 35.70% for the years 2025, 2026, and 2027 [6].
锦波生物（832982）：2025 年半年报点评：利润率受费用端影响，期待下半年新品表现及出海布局