Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a revenue of 859 million yuan for H1 2025, representing a year-on-year increase of 42.43%, and a net profit attributable to the parent company of 392 million yuan, up 26.65% year-on-year [1] - The company is expected to experience growth driven by new gel products and international expansion, with projected revenues of 2.194 billion yuan, 3.000 billion yuan, and 3.796 billion yuan for 2025, 2026, and 2027 respectively [4] Financial Performance Summary - In H1 2025, the gross margin was 90.68%, a decrease of 0.90 percentage points year-on-year, while the net profit margin was 45.66%, down 5.69 percentage points year-on-year [2] - The medical device segment generated 708 million yuan in revenue for H1 2025, a year-on-year increase of 33.41%, accounting for 82.45% of total revenue [3] - The functional skincare segment saw significant growth, with revenue of 121 million yuan, up 152.39% year-on-year, representing 14.10% of total revenue [3] Product and Market Development - The company has launched new high-end gel products, with expectations for increased sales in the second half of the year [4] - The company is accelerating its international expansion, having received new approvals in Thailand and obtained four international invention patents [4]
锦波生物（832982）：25Q2盈利能力暂时承压，看好凝胶等新品放量空间