Group 1 - The company reported its H1 2025 results, with revenue of 2.788 billion yuan, a decrease of 4.3% year-on-year, and a net profit attributable to shareholders of 274 million yuan, an increase of 64.1% year-on-year [1] - In Q2 2025, revenue was 1.389 billion yuan, a slight decrease of 0.5% year-on-year, while net profit attributable to shareholders surged by 134% to 179 million yuan [1] - The gross margin for H1 2025 remained stable at 59.67%, while the net profit margin decreased to 10.6%, down 4.4 percentage points year-on-year [1] Group 2 - The medical beauty segment generated revenue of 1.333 billion yuan in H1 2025, a decline of 6.1%, accounting for 47.8% of total revenue, with a gross margin of 54.54% [2] - The fashion women's wear business reported revenue of 988 million yuan, a decrease of 2.42%, with a gross margin of 65.15%, and online sales accounted for 46.3% of total revenue [2] - The green baby and child segment generated revenue of 435 million yuan, a decline of 3.43%, with a gross margin of 62.4% [2] Group 3 - The company is driven by three main segments: fashion women's wear, green baby and child, and medical beauty, with plans for continuous expansion through self-built and acquisition strategies [3] - The competitive landscape in the medical beauty sector is fragmented, with expectations for consolidation towards leading players, supported by the company's 1+N strategy [3] - The company has adjusted its profit forecast for 2025 to 370 million yuan, up from the previous estimate of 270 million yuan, with projected net profits for 2026 and 2027 at 290 million yuan and 310 million yuan, respectively [3]

Financial Performance - The company reported a net profit of 274 million yuan for the first half of 2025, representing a year-on-year increase of 64.09% [1] - Total operating revenue for the same period was 2.788 billion yuan, a decrease of 4.3% compared to the previous year [1] - The gross profit margin was 59.67%, up by 0.54% year-on-year, while the net profit margin increased to 10.6%, a rise of 64.99% [1] Quarterly Analysis - In Q2 2025, the company achieved an operating revenue of 1.389 billion yuan, down 0.53% year-on-year, but the net profit surged by 134.03% to 179 million yuan [1] - The company's earnings per share for the first half of 2025 was 0.62 yuan, reflecting a 64.1% increase year-on-year [1] Cost and Expenses - Total expenses (selling, administrative, and financial) amounted to 1.388 billion yuan, accounting for 49.77% of revenue, which is an increase of 0.87% year-on-year [1] - The company’s cash flow per share was 0.66 yuan, down 13.05% compared to the previous year [1] Debt and Financial Ratios - The company’s interest-bearing debt increased by 20.41% to 1.808 billion yuan [1] - The return on invested capital (ROIC) for the previous year was 6.34%, indicating a generally weak capital return [3] Brand Performance - The Milan Baiyu brand reported a revenue of 302.62 million yuan in Q1 2025, a decrease of 8.74% year-on-year, with a net profit decline of 50.19% [4] - The Jingfu Medical brand saw a revenue increase of 1.13% to 125.20 million yuan, with a significant net profit growth of 633.07% [4] - Other brands like Hancheng and Wuhan Wuzhou experienced revenue declines, with net profits also decreasing significantly [5]

Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven by the performance of its brands and online sales channels [1][4]. Financial Performance - In 1H2025, the company achieved revenue of 3.11 billion yuan, a year-on-year increase of 22.5% [1] - The net profit attributable to shareholders was 1.18 billion yuan, up 20.2% year-on-year [1] - Adjusted net profit reached 1.21 billion yuan, reflecting a 17.4% increase compared to the previous year [1] Product Performance - The company's professional skincare products generated revenue of 3.10 billion yuan, with a growth rate of 22.5% [1] - Efficacy skincare products accounted for 2.41 billion yuan in revenue, growing by 24.2% and representing 77.4% of total revenue [1] - The medical dressings segment generated 690 million yuan, with a year-on-year growth of 17.1% [1] - The company's brands, 可复美 and 可丽金, reported revenues of 2.54 billion yuan and 500 million yuan, respectively, with growth rates of 22.7% and 26.9% [1][2] Sales Channels - Direct-to-consumer (DTC) online sales reached 1.82 billion yuan, up 13.3% year-on-year [2] - E-commerce platform sales surged to 390 million yuan, a significant increase of 133.6% [2] - Offline direct sales grew to 120 million yuan, reflecting a 74.3% increase [2] - The company has expanded its offline presence with 24 brand stores across various cities by the end of 1H2025 [3] Market Expansion - 可复美 has entered the Southeast Asian market by partnering with Watsons in Malaysia [3] - The company continues to enhance its online multi-platform strategy and refine operations, benefiting from the rapid expansion of beauty categories on platforms like JD.com [3] Profitability and Cost Management - The company's gross margin slightly decreased by 0.7 percentage points to 81.7%, attributed to changes in product mix and a decline in the proportion of high-margin medical dressing revenue [3] - Sales, management, and R&D expense ratios were 34.0%, 2.7%, and 1.3%, respectively, with a decrease in sales expense ratio due to a higher proportion of low-cost channels [3] Future Outlook - The company anticipates accelerated growth in the second half of the year, driven by increased brand marketing efforts and the potential approval of new medical aesthetic products [4] - The adjusted net profit forecasts for 2025-2027 are 2.59 billion, 3.45 billion, and 4.48 billion yuan, respectively [4]

证券研究报告 巨子生物 (2367 HK) 港股通 25H1 业绩快速成长，龙头优势与韧性 彰显 华泰研究 中报点评 投资评级(维持): 买入 2025 年 8 月 29 日│中国香港 零售 股价走势图 (11) 20 51 82 113 Aug-24 Dec-24 Apr-25 Aug-25 (%) 巨子生物 恒生指数 | 目标价(港币): | 82.50 | | --- | --- | | 樊俊豪 | 研究员 | | SAC No. S0570524050001 | fanjunhao@htsc.com | | SFC No. BDO986 | +(852) 3658 6000 | 孙丹阳 研究员 SAC No. S0570519010001 SFC No. BQQ696 sundanyang@htsc.com +(86) 21 2897 2038 洪洋* 联系人 SAC No. S0570125070021 hongyang@htsc.com +(86) 21 2897 2228 基本数据 | 目标价 (港币) | 82.50 | | --- | --- | | 收盘价 (港币 截至 8 月 28 日) ...

Group 1 - The core viewpoint of the report indicates that Langzi Co., Ltd. experienced a decline in revenue but a significant increase in net profit for the first half of 2025, with total revenue of 2.788 billion yuan, down 4.30% year-on-year, and net profit attributable to shareholders of 274 million yuan, up 64.09% year-on-year [2] - The fashion women's clothing segment enhanced brand strength through new product launches and digital transformation initiatives, achieving a total online payment amount of 1.65 billion yuan, a year-on-year increase of 30% [2] - In the medical aesthetics sector, the company focused on safety and quality, with 8 medical institutions receiving TUV-SQS certification and 5 obtaining 5A hospital qualifications, while also establishing 7 medical aesthetics acquisition funds with a total scale of 2.837 billion yuan [3][4] Group 2 - The company optimized its supply chain management, achieving a procurement rate of 91.5% in the medical aesthetics business, with a significant increase in the procurement rates of main materials and auxiliary materials [4] - Langzi Co., Ltd. reduced costs effectively, with a procurement price reduction rate of 9.1% [4] - The company expanded its medical aesthetics business nationwide, operating 42 medical beauty institutions by the end of the first half of the year, with a focus on community-based services [4]

收益的变化，来自医美业务的收益约为人民币5.85亿元，同比上升约81.3%，主要由于期内本集团旗下 医美平台渼颜空间加大与多家医美机构的战略合作以及大力推广营销战略3.0版本升级取得显著成功， 产品获得市场的高度认可，从而推动医美销售收入大幅增长。 格隆汇8月29日丨四环医药(00460.HK)公告，截至2025年6月30日止6个月中期业绩，集团取得总收益约 为人民币11.46亿元，同比上升约20.7%。期内公司拥有人应占溢利约为人民币1.03亿元(截至2024年6月 30日止6个月：亏损人民币3340万元)，集团实现扭亏为盈，主要由于期内集团医美业务收益增加所致。 期内的每股基本盈利为人民币1.11分。由于公司成功完成了集团整体扭亏的阶段性战略目标，为感谢股 东及投资者的支持，董事会议决宣派期内中期现金股息每股人民币0.99分(相等于每股1.09港仙)。 ...

创新研发及完善产品矩阵是渼颜空间竞争力的核心引擎。目前，渼颜空间已成功打造了五大研发平台， 分别专注于国际创新材料研发、再生材料产品研发、HA类产品研发、生物大分子产品研发和复合创新 材料研发。超过80人的专业高效医美研发团队快速推进产品研发及注册进展，打造了60多个医美产品管 线，覆盖注射、光电设备、减重药品和护肤品等轻医美基础类别。期内，渼颜空间成功实现在再生领域 的进一步突破，其自主研发的两款再生注射类产品—注射用聚己内酯微球面部填充剂(少女针)和聚乳酸 面部填充剂(童颜针)—均获批上市。 四环医药(00460)发布2025年中期业绩，收益11.46亿元(人民币，下同)，同比增加20.69%;股东应占溢利 1.03亿元，上年同期股东应占亏损3342.4万元，同比扭亏为盈;每股基本盈利1.11分;拟派发中期现金股息 每股0.99分。 公告称，收益的变化，来自医美业务的收益约为5.85亿元(2024年同期：3.23亿元)，同比上升约81.3%， 主要由于期内集团旗下医美平台渼颜空间加大与多家医美机构的战略合作以及大力推广营销战略3.0版 本升级取得显著成功，产品获得市场的高度认可，从而推动医美销售收入大幅增 ...

公告称，收益的变化，来自医美业务的收益约为5.85亿元(2024年同期：3.23亿元)，同比上升约81.3%， 主要由于期内集团旗下医美平台渼颜空间加大与多家医美机构的战略合作以及大力推广营销战略3.0版 本升级取得显著成功，产品获得市场的高度认可，从而推动医美销售收入大幅增长。 创新研发及完善产品矩阵是渼颜空间竞争力的核心引擎。目前，渼颜空间已成功打造了五大研发平台， 分别专注于国际创新材料研发、再生材料产品研发、HA类产品研发、生物大分子产品研发和复合创新 材料研发。超过80人的专业高效医美研发团队快速推进产品研发及注册进展，打造了60多个医美产品管 线，覆盖注射、光电设备、减重药品和护肤品等轻医美基础类别。期内，渼颜空间成功实现在再生领域 的进一步突破，其自主研发的两款再生注射类产品—注射用聚己内酯微球面部填充剂(少女针)和聚乳酸 面部填充剂(童颜针)—均获批上市。 智通财经APP讯，四环医药(00460)发布2025年中期业绩，收益11.46亿元(人民币，下同)，同比增加 20.69%;股东应占溢利1.03亿元，上年同期股东应占亏损3342.4万元，同比扭亏为盈;每股基本盈利1.11 分;拟派发中期现 ...

Market Overview - The market is experiencing a style switch, with the consumption ETF (159928) rising over 2% and achieving a trading volume exceeding 500 million yuan during the day, indicating a significant inflow of funds [1] - The consumption ETF has accumulated over 2.1 billion yuan in net inflows over the past five days, with its latest share count surpassing 20 billion, leading its peers [1] Hong Kong Market - The Hong Kong consumption ETF (159268) also saw a nearly 1% increase, with a trading volume approaching 20 million yuan and a net inflow of over 5 million yuan during the day [3] - In the past ten days, the Hong Kong ETF has recorded net inflows on six occasions, totaling over 150 million yuan [3] - Notable stocks in this ETF include Haier Smart Home, which rose nearly 6%, and other companies like Mao Geping and Smoore International, which also saw significant gains [3] Policy Developments - New policies aimed at promoting high-quality urban development have been introduced, with goals set for 2030 and 2035 to enhance urban living quality and governance [5] - The focus on real estate and urban development is expected to influence market dynamics positively [5] Industry Insights - Current market conditions indicate accelerated sector rotation and a "high cut low" strategy among individual stocks, with TMT and military sectors showing strong performance since April [6] - Analysts suggest that the next market direction may focus on eliminating undervalued stocks, as the overall industry valuation has reached historical highs [6] - The consumption sector is showing signs of recovery, with a notable increase in retail sales and cinema box office performance [6] - The "small happiness" consumption trend is gaining attention, characterized by high-frequency, emotional-value purchases rather than purely cost-effective options [6][7] Investment Opportunities - The consumption ETF (159928) is highlighted for its resilience across economic cycles, with top holdings including major liquor brands and agricultural companies [7] - The Hong Kong consumption ETF (159268) is positioned as an efficient investment vehicle for capturing trends in cultural and emotional consumption, appealing to younger generations [8]

Core Insights - The company Beitaini (300957.SZ) reported significant declines in both revenue and net profit for the first half of 2025, with revenue at 2.372 billion yuan, down 15.43% year-on-year, and net profit at 247 million yuan, down 49% year-on-year [1] Group 1: Revenue and Profit Performance - Beitaini's revenue for the first half of 2025 was 2.372 billion yuan, a decrease of 15.43% compared to the previous year [1] - The company's net profit fell to 247 million yuan, representing a 49% decline year-on-year [1] - The non-recurring net profit was reported at 182 million yuan, down 56.48% year-on-year [1] Group 2: Pricing Strategy and Product Performance - Beitaini has adopted a "price reduction to increase volume" strategy, with the average price of skincare products dropping from 42.78 yuan to 39.01 yuan year-on-year [2] - The average price of color cosmetics decreased from 54 yuan to 37.77 yuan, while medical device products saw a drop from 106.61 yuan to 95.88 yuan [2] - The flagship brand Winona generated revenue of 1.949 billion yuan, accounting for a significant portion of the company's total skincare revenue of 2.001 billion yuan [2] Group 3: Market Competition and Channel Performance - The competitive landscape for sensitive skin care products has intensified, leading to sluggish growth for Beitaini's core products [3] - Online sales accounted for 73.93% of the company's main business revenue, totaling 1.74 billion yuan, while offline sales contributed 17.99% with 420 million yuan [3] - Personnel expenses increased from 205 million yuan to 261 million yuan year-on-year, impacting profitability [3] Group 4: Growth Initiatives - Beitaini is exploring new growth avenues through acquisitions and investments, with Winona Baby achieving revenue of 110 million yuan, up 8.62% year-on-year, and Aikeman generating 51.47 million yuan, a 93.89% increase [2] - The company disclosed its acquisition of the high-end beauty device brand Tripollar, indicating a strategy to diversify its brand portfolio [3]