Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for stock price appreciation in the next six months [7]. Core Insights - The company achieved a revenue of 859 million yuan in H1 2025, representing a year-on-year increase of 42.43%. The net profit attributable to the parent company was 392 million yuan, up 26.65% [1][2]. - The growth in revenue is driven by strong performance in both medical devices and skincare products, with notable contributions from proprietary brands [2]. - The company has increased its marketing and R&D expenditures, leading to a rise in expense ratios, which has temporarily affected net profit margins [3]. - The introduction of new products, particularly in the recombinant collagen segment, is expected to enhance revenue growth in the future [4]. Financial Summary - For H1 2025, the company reported a gross margin of 90.68%, with a net profit margin of 45.66%. The gross margin remained stable, while the net profit margin declined due to increased expenses [3]. - Revenue projections for 2025-2027 are estimated at 2.177 billion yuan, 2.887 billion yuan, and 3.695 billion yuan, respectively, with net profits expected to reach 1.062 billion yuan, 1.433 billion yuan, and 1.865 billion yuan [4][5]. - The company’s earnings per share (EPS) is projected to grow from 9.23 yuan in 2025 to 16.21 yuan in 2027, reflecting strong growth potential [5]. Product and Market Position - The company is the only approved provider of recombinant collagen implants in the market, which is expected to enhance its market penetration [4]. - The skincare segment, particularly functional skincare products, has shown rapid growth, contributing significantly to overall revenue [2]. Expense and Profitability Analysis - The expense ratio for H1 2025 was 34.87%, with a notable increase in sales and R&D expenses. The sales expense ratio was 21.05%, reflecting increased marketing efforts [3]. - Despite the rise in expenses, the company maintains a high gross margin, indicating strong pricing power and operational efficiency [3].

巨子生物经20 余年深耕构建覆盖基因重组、细胞工程等的全链条技术平台，垂直纵深突破重组胶原蛋 白核心专利（含国际领先的低免疫技术及XVII 型、IV 型等核心专利），横向拓展5 种高纯度稀有人参 皂苷规模化生产。其研发体系以深耕发酵与生物材料的核心团队为基石，联动医研机构搭建国家地方联 合工程中心及博士后站，参与国标行标建设，筑牢技术与生态壁垒。 可复美多维产品矩阵持续发力，可丽金起量显著。（1）可复美"医疗器械+胶原修复+焦点系列+秩序系 列"产品矩阵协同发力，以胶原棒为大单品稳固市场，同时陆续新推焦点系列、帧域密修系列正稳步放 量，有望通过精准的人群定位与产品功效成为拉动增长的引擎。（2）可丽金强化专业抗老形象，加大 核心单品大膜王、嘭嘭次抛资源投放力度，胶卷系列新品为消费者提供更全面的分时分区抗老解决方 案，久谦数据显示7 月可复美天猫和抖音GMV 分别同比增长132%、32%。此外，公司稳步推进三类医 疗器械申报审批，有望打造第二成长曲线。 可复美7 月恢复达播后数据环比回暖，下半年销售逐步回升可期。可复美5.24舆情事件后受到一定影响 但整体可控，根据天猫大美妆618 期间可复美天猫排名排名16（2 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [2] Core Views - The company is expected to see a gradual recovery in sales in the second half of the year, supported by a rebound in live streaming sales and a stable offline sales network [8] - The company has a strong foundation in recombinant collagen research, with a comprehensive technology platform and a focus on high-quality product offerings [8] - The multi-dimensional product matrix of the company is expected to drive growth, with significant sales increases observed in July [8] - The company is projected to achieve substantial revenue and profit growth from 2025 to 2027, with corresponding price-to-earnings ratios indicating favorable valuation [8] Financial Forecasts - Revenue is forecasted to grow from 3,524 million RMB in 2023 to 10,206 million RMB in 2027, with a compound annual growth rate of approximately 20.17% [5] - Net profit is expected to increase from 1,452 million RMB in 2023 to 3,491 million RMB in 2027, reflecting a strong growth trajectory [5] - Earnings per share (EPS) is projected to rise from 1.49 RMB in 2023 to 3.26 RMB in 2027, indicating improved profitability [5] Market Performance - The company's products have shown resilience in the market, with significant growth in online sales channels, particularly during promotional events [8] - The company maintains a strong presence in both online and offline sales channels, with positive consumer feedback on its core products [8]

Core Viewpoint - Jinbo Biological, known as the "first stock of collagen protein on the North Exchange," reported a revenue of 859 million yuan and a net profit of 392 million yuan for the first half of 2025, both showing double-digit growth, although the gross margin slightly decreased to 90.68% from 91.58% year-on-year [1][2]. Financial Performance - Revenue for the first half of 2025 reached 859 million yuan, a year-on-year increase of 42.43% compared to 603 million yuan in the same period last year [2]. - Net profit attributable to shareholders was 392 million yuan, reflecting a year-on-year growth of 26.65% from 310 million yuan [2]. - The gross margin was 90.68%, down from 91.58% in the previous year [1][2]. - The weighted average return on equity based on net profit attributable to shareholders was 23.01%, down from 28.51% [2]. Business Segments - The core medical device business, which accounts for over 80% of revenue, saw a revenue increase of 33.41%, significantly lower than the 91.84% growth in the same period last year [5]. - The functional skincare business experienced explosive growth, with revenue increasing by 152.39% year-on-year, driven by proprietary brands like "ProtYouth" [5][4]. - The revenue from single-component functional skincare products had a gross margin of 92.57%, while composite component products had a gross margin of 66.73% [5]. Market Dynamics - The collagen protein market in China is projected to grow at a compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 and 219.38 billion yuan by 2030 [8]. - Jinbo Biological holds all three registered medical device certificates for recombinant human collagen, a significant competitive advantage in the market [9][10]. - The company has seen increased attention from investors, highlighted by a 3.4 billion yuan investment from former billionaire Zhong Shanshan [9]. Competitive Landscape - Competitors like Giant Bio and Huaxi Biological are accelerating their applications for Class III medical device products, indicating a competitive race in the collagen protein sector [10]. - Jinbo Biological's differentiation lies in its dual focus on high-end skincare and medical devices, but the sustainability of this advantage remains to be tested against increasing competition and changing market regulations [10].

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]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 859 million yuan for H1 2025, representing a year-on-year growth of 42.4%, and a net profit of 392 million yuan, up 26.6% year-on-year [7] - The company is focusing on expanding its product matrix, particularly in the medical device sector, and has launched new products aimed at high-end consumers [7] - The report anticipates a sales acceleration starting in Q3 2025, driven by strong demand in the skincare segment and the introduction of new products [7] Financial Data and Profit Forecast - Total revenue projections for 2025, 2026, and 2027 are 2,339 million yuan, 3,213 million yuan, and 3,943 million yuan respectively, with year-on-year growth rates of 62.1%, 37.4%, and 22.7% [6] - The forecasted net profit for the same years is 1,042 million yuan, 1,474 million yuan, and 1,867 million yuan, with corresponding growth rates of 42.3%, 41.5%, and 26.6% [6] - The company’s gross margin is projected to be 89.8% in 2025, slightly decreasing over the following years [6] Business Segmentation - The revenue breakdown for H1 2025 shows that single medical devices accounted for 75.1% of total revenue, followed by functional skincare products at 14.1% [7] - The company has introduced new products such as the HiveCOL gel, which targets the medical aesthetics market, and has seen significant growth in its functional skincare segment [7] Market Expansion - The company is actively expanding into overseas markets, with successful registrations for its products in Thailand and market access in the US and Saudi Arabia for its high-end skincare brand [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Insights - The company achieved a revenue of 859 million yuan in H1 2025, representing a year-on-year growth of 42.43%, while the net profit reached 392 million yuan, up 26.65% year-on-year [1]. - The gross margin for H1 2025 was 90.68%, a decrease of 0.9 percentage points, and the net profit margin was 45.5%, down 5.84 percentage points [1]. - The sales expense ratio increased to 21.05%, up 3.18 percentage points, attributed to higher personnel costs and promotional expenses [1]. - The medical device segment grew by 33.41% year-on-year, generating 708 million yuan in revenue, while the skincare segment saw a significant increase of 152.39%, reaching 121 million yuan [2]. - The company launched the HiveCOL collagen product and received medical device registration in Thailand, enhancing its international market presence [3]. Financial Performance - The company is projected to achieve earnings per share (EPS) of 12.11, 16.28, and 20.54 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 26, 20, and 16 times [4]. - Revenue forecasts for 2025, 2026, and 2027 are 2.133 billion yuan, 2.790 billion yuan, and 3.503 billion yuan, respectively, with year-on-year growth rates of 47.84%, 30.79%, and 25.56% [6]. - The company’s return on equity (ROE) is expected to be 44.11%, 39.84%, and 35.70% for the years 2025, 2026, and 2027 [6].

2025 年 8 月 12 日 公司研究 销售费用大幅增长，影响 Q2 利润表现 ——锦波生物（832982.BJ）2025 年半年报点评 买入（维持） 当前价：320.03 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：吴子倩 执业证书编号：S0930525070004 021-52523872 wuziqian@ebscn.com 市场数据 | 总股本(亿股) | 1.15 | | --- | --- | | 总市值(亿元)： | 368.26 | | 一年最低/最高(元)： | 114.21/451.74 | | 近 3 月换手率： | 59.22% | 股价相对走势 -12% 49% 111% 173% 235% 08/24 11/24 02/25 05/25 锦波生物 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -13.93 | -12.01 | 115.34 | | 绝对 | -11.32 | -6. ...

Core Viewpoint - The company acknowledges limitations in its current testing methods for recombinant collagen products and outlines steps for improvement in response to industry and consumer demands [1][2]. Group 1: Company Response - The company has conducted a comprehensive self-inspection of its recombinant collagen raw materials and products, including production, testing, and labeling [1]. - It plans to collaborate with research institutions to optimize and validate qualitative and quantitative testing methods for recombinant collagen in cosmetics [1]. - The company will gradually disclose key technical parameters and quality control data for raw materials and finished products to enhance industry development and public oversight [1]. Group 2: Industry Standards and Practices - The company adheres to existing industry standards and has established its own quality control measures for raw materials and products [2]. - It is actively participating in the formulation of national and industry standards related to recombinant collagen in cosmetics to promote standardized development within the industry [1][2]. Group 3: Company Background and Market Performance - Founded in 2000, the company was listed on the Hong Kong Stock Exchange in 2022 and specializes in skin care products featuring recombinant collagen as a key active ingredient [2]. - The company's stock price has experienced significant fluctuations, with a decline of 37.12% from its peak of 87.1 HKD per share on May 20, 2025, to June 23, 2025 [2]. - Following the recent announcement, the stock price rose by 6.74% to 54.65 HKD per share as of June 24, 2025 [2].

公司核心业务为以A型重组人源化胶原蛋白为核心原材料制备的高端植入级医疗器械的研发、生产及销售。公司终端产品主要应用于 注射类医学抗衰老、医疗美容整形领域；其次应用于妇科、外科、皮肤科、五官/口腔科、肛肠科等科室的修复性治疗；此外也少量用 于抗衰修复类护肤领域。值得一提的是，公司产品重组Ⅲ型人源化胶原蛋白冻干纤维聚焦纠正眼周鱼尾纹、眉间纹、额头纹， 推广自 主品牌"薇旖（yi）美®"，并持续丰富"薇旖（yi）美®"产品体系，强化品牌建设，已覆盖终端医疗机构超4000家。 8月11日，锦波生物交出上市以来的第三份半年度业绩成绩，也是今年山西上市公司首份半年报。 据报告数据，今年上半年实现营收8.59亿元，同比增42.43%；归属于上市公司股东净利润3.92亿元，同比增26.65%。同日，锦波生物 发布公告称拟以未分配利润向全体股东每10股派发现金红利10元（含税），本次权益分派共预计派发现金红利1.15亿元。 | | | | 单位: 儿 | | --- | --- | --- | --- | | | 本期 | 上年同期 | 增减比例% | | 营业收入 | 858.703, 187. 63 | 602.879.0 ...