Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is expected to benefit from differentiated new products contributing to revenue growth despite profit impacts from upfront expenses [5][7] - The company is a leader in the field of recombinant collagen and is anticipated to transition from a rapidly growing R&D-driven enterprise to an international biocomposite platform company [7] Financial Performance - For the first half of 2025, the company reported revenue of 859 million yuan, a year-on-year increase of 42.4%, and a net profit of 392 million yuan, up 26.6% [7] - The medical device segment achieved revenue of 708 million yuan (up 33.4%) with a gross margin of 95.0%, while functional skincare products saw revenue of 121 million yuan (up 152.4%) with a gross margin of 70.8% [7] - The company forecasts revenues of 2.24 billion yuan, 3.07 billion yuan, and 4.09 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.09 billion yuan, 1.51 billion yuan, and 2.05 billion yuan [6][7] Business Developments - The company received regulatory approval for its "recombinant type III humanized collagen gel" injection, marking it as the first of its kind in China targeting mid-face volume loss and contour defects [7] - Strategic collaboration with Yangshengtang aims to build a new ecosystem in the biocomposite materials industry, potentially expanding into orthopedic materials and other health sectors [7] Market Performance - The company's stock has shown a performance of -12% over the last 12 months compared to the Shanghai Composite Index [4]
锦波生物（832982）：费用前置等影响利润，期待差异化新品贡献增量