巨子生物（02367）：双美业态起航，期待2026年重返增长轨道

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4]. Core Insights - The company, 巨子生物 (2367.HK), reported a slight decline in revenue and profit for the year ending December 31, 2025, with total revenue of 55.19 billion yuan, down 0.37% year-on-year, and a net profit of 19.15 billion yuan, down 7.15% year-on-year [1]. - The company's gross margin was 80.34%, a decrease of 1.76 percentage points compared to the previous year, while the net profit margin fell to 34.70%, down 2.54 percentage points year-on-year [1]. - In the second half of 2025, the company faced significant challenges due to public sentiment issues, leading to a 19.76% decline in revenue to 24.05 billion yuan and a 32.10% drop in net profit to 7.32 billion yuan [1]. - The company is recognized as a leading player in the global recombinant collagen market and is expanding its product portfolio across eight consumer brands [4]. Financial Performance Summary - For 2025, the company achieved a revenue of 55.19 billion yuan, with a year-on-year decline of 0.37%, and a net profit of 19.15 billion yuan, down 7.15% [1][6]. - The company forecasts net profits for 2026, 2027, and 2028 to be 19.49 billion yuan, 21.34 billion yuan, and 23.45 billion yuan respectively, with corresponding price-to-earnings ratios of 15, 14, and 12 [4][6]. - The revenue for 2026 is projected to increase to 61.17 billion yuan, reflecting a growth rate of 10.85% [6]. Brand Performance - The 可复美 brand generated revenue of 44.70 billion yuan in 2025, a slight decline of 1.58%, while the 可丽金 brand saw a revenue increase of 9.21% to 9.18 billion yuan [2]. - The company plans to launch significant new products in 2026, including an upgraded collagen stick and a new collagen repair series [2][3]. - Direct-to-consumer (DTC) sales through online channels accounted for 34.02 billion yuan, down 5.16%, while online sales through e-commerce platforms increased by 34.84% to 5.09 billion yuan [2].