【巨子生物（2367.HK）】护肤业务有望于下半年重拾升势，医美业务构建新增长曲线——2025年报点评（姜浩/吴子倩）

Core Viewpoint - The company reported a slight decline in revenue and net profit for 2025, indicating a challenging year impacted by external factors and market conditions [4][5]. Financial Performance - In 2025, the company achieved a revenue of 5.52 billion yuan, a year-on-year decrease of 0.4%, and a net profit attributable to shareholders of 1.91 billion yuan, down 7.2% year-on-year [4]. - The adjusted net profit was 1.96 billion yuan, reflecting an 8.9% decline year-on-year [4]. - The first half of 2025 saw revenue of 3.11 billion yuan, up 22.5% year-on-year, while the second half experienced a revenue drop to 2.41 billion yuan, down 19.8% year-on-year [4]. Product Performance - The professional skin care products generated revenue of 5.50 billion yuan, a decrease of 0.4% year-on-year, with functional skin care products contributing 4.34 billion yuan, up 0.8% [5]. - The medical dressings segment reported revenue of 1.16 billion yuan, down 4.8% year-on-year [5]. - The health food and other businesses achieved revenue of 21.7 million yuan, an increase of 17.9% year-on-year [5]. Brand Analysis - The company's main brand, 可复美, generated revenue of 4.47 billion yuan, a decline of 1.6% year-on-year, while the 可丽金 brand saw revenue growth of 9.2% to 920 million yuan [5]. - In the first half of 2025, 可复美's revenue was 2.54 billion yuan, up 22.7%, but fell to 1.93 billion yuan in the second half, down 22.0% [5]. New Product Launches - In 2025, the company launched the 可复美胶原棒 2.0 and plans to introduce significant new products in 2026 for the collagen repair series [6]. - The company also introduced the 可复美帧域密修 series, targeting skin repair needs due to external heat sources [6]. - The 可丽金 brand launched the upgraded version of its flagship product, with plans for further new releases in 2026 [6]. Sales Channel Performance - Direct-to-consumer (DTC) online sales generated 3.40 billion yuan, down 5.2% year-on-year, while e-commerce platform sales increased by 34.8% to 510 million yuan [6]. - Offline direct sales rose by 32.3% to 220 million yuan, and distribution sales decreased by 1.5% to 1.38 billion yuan [6]. Profitability and Cost Structure - The company's gross margin decreased by 1.8 percentage points to 80.3%, attributed to changes in product mix and a decline in high-margin medical dressing revenue [8]. - The sales, management, and R&D expense ratios were 37.3%, 3.1%, and 1.6%, respectively, with sales expenses increasing due to higher brand investment and declining revenue [8]. Future Growth Potential - The company plans to optimize its skincare product structure and reduce reliance on single products through new launches in 2026 [9]. - The medical aesthetics segment is expected to contribute to revenue growth with the approval of new products in 2025 and 2026 [9].