Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 82.50 [1]. Core Insights - The company demonstrated rapid growth in H1 2025, achieving revenue of RMB 3.113 billion, a year-on-year increase of 22.5%, and a net profit of RMB 1.18 billion, up 20.6% year-on-year, with a net profit margin of 37.98% [5]. - The company is focusing on long-term strategies, maintaining stable business operations, and ensuring both revenue and profit growth while keeping profitability relatively stable [5]. - The company is expanding the application boundaries of recombinant collagen through research and development, enhancing brand value, and iterating quality products to create a long-term growth matrix [5][6]. Financial Performance - For H1 2025, the company's revenue from its main brand, Kefu Mei, was RMB 2.542 billion, a year-on-year increase of 22.7% [6]. - The company reported a gross margin of 81.68%, with a sales and distribution expense ratio of 34.01%, reflecting optimization in sales expenses [8]. - The company expects to maintain its profit forecast, projecting net profits of RMB 2.6 billion, RMB 3.203 billion, and RMB 3.812 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 2.53, RMB 3.11, and RMB 3.71 [9]. Market Position and Growth Potential - The company has successfully expanded its offline channels, entering approximately 1,700 public/private hospitals and clinics, and over 13,000 chain pharmacies [7]. - The direct sales through e-commerce platforms showed significant growth, achieving revenue of RMB 391 million, a year-on-year increase of 133.6% [7]. - The company is also exploring international markets, having entered Watsons in Malaysia, which is expected to provide new growth opportunities [7]. Valuation Metrics - The company is valued at a market capitalization of HKD 55.955 billion, with a closing price of HKD 52.25 as of August 28 [1]. - The projected PE ratios for the upcoming years are 24.23 for 2025, 19.22 for 2026, and 15.60 for 2027, indicating a favorable valuation compared to peers [4][11].
巨子生物（02367）：25H1业绩快速成长，龙头优势与韧性彰显