Investment Rating - The investment rating for the company is "Outperform" (maintained) [5] Core Insights - The company achieved a revenue of 859 million yuan in H1 2025, representing a year-on-year increase of 42.43%, and a net profit of 392 million yuan, up 26.65% year-on-year [5] - The growth in revenue is primarily driven by the increase in sales of medical devices and functional skincare products [5] - The company maintains its profit forecast for 2025-2027, expecting net profits of 1,038 million, 1,381 million, and 1,825 million yuan respectively, with corresponding EPS of 9.02, 12.00, and 15.86 yuan per share [5] Revenue Breakdown - Medical device sales generated 708 million yuan in H1 2025, a year-on-year growth of 33.41%, with a gross margin of 95.04% [6] - Functional skincare products achieved revenue of 121 million yuan, marking a significant increase of 152.39% year-on-year, with a gross margin of 70.78% [6] Product Development and Market Expansion - The company has clinically applied over 2.7 million units of recombinant type III humanized collagen, which has received medical device registration approval in Thailand [7] - The company has developed 14 new invention patents, including 4 international patents, and has made significant progress in globalizing its recombinant humanized collagen products [7] Financial Projections - The company forecasts revenue growth from 2,117 million yuan in 2025 to 3,617 million yuan in 2027, with a compound annual growth rate (CAGR) of 29.8% [9] - The projected net profit for 2025 is 1,038 million yuan, increasing to 1,825 million yuan by 2027, reflecting a strong growth trajectory [9]
锦波生物（832982）：北交所信息更新：重组Ⅲ型人源化胶原蛋白临床应用超270万支，2025H1归母净利润同比+27%