机构：国元证券 研究员：李典/徐梓童 事件： 公司发布2025 年半年度报告。 点评： 25H1 收入及利润稳健增长，销售费用率同比优化1pct25H1 公司实现营业收入31.13 亿元，同比增长 22.5%，实现归属母公司净利润11.82 亿元，同比增长20.2%，经调净利润12.05 亿元，同比增长17.4%。 盈利能力方面，25H1 公司毛利率为81.68%，同比下降0.72pct，净利率为37.99%，同比下降0.61pct。费 用端来看，25H1 公司销售费用率为34.01%，同比下降1.1pct，管理费用率为2.65%，同比提升0.07pct。 可复美焦点系列上半年增长良好，新品布局稳步推进分品牌来看，25H1 可复美实现收入25.4 亿元，同 比增长22.7%。医用敷料维持稳健口碑和表现，多元化新剂型械品乳和械品次抛居京东平台大促榜单前 列。明星产品胶原棒上新2.0 版本，势能延续。焦点系列聚焦皮肤亚状态人群差异化定位，核心单品焦 点面霜持续带动人群破圈，第二梯队单品焦点水乳逐步打开空间。25 年公司推出帧域密修系列，聚焦 医美术后热损伤修复，与公司医美渠道布局协同良好。25H1 可丽金实现收入 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Insights - The company achieved a revenue of 3.113 billion yuan in H1 2025, representing a year-on-year growth of 22.5%, and a net profit attributable to the parent company of 1.182 billion yuan, up 20.2% year-on-year [1] - The gross margin for H1 2025 was 81.68%, a slight decrease of 0.72 percentage points year-on-year, while the net margin was 37.99%, down 0.61 percentage points year-on-year [1] - The sales expense ratio improved by 1 percentage point year-on-year to 34.01%, while the management expense ratio increased by 0.07 percentage points to 2.65% [1] Revenue and Profit Growth - The company's brand "可复美" generated revenue of 2.54 billion yuan in H1 2025, with a year-on-year increase of 22.7% [2] - The "可丽金" brand achieved revenue of 500 million yuan, reflecting a growth of 26.9% year-on-year [2] Channel Performance - Direct sales channels contributed 2.325 billion yuan in revenue, accounting for 74.7% of total revenue, with DTC channels generating 1.816 billion yuan [3] - The company has expanded its offline presence, covering approximately 1,700 public hospitals and 3,000 private hospitals and clinics, along with over 130,000 pharmacy stores [3] Financial Forecast - The company is projected to achieve net profits of 2.505 billion yuan, 3.102 billion yuan, and 3.732 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21, 17, and 14 [4][6]