Investment Rating - The investment rating for the company is "Accumulate" with a target price of 56.57 CNY [4][10]. Core Insights - The company focuses on big product lines and streamlining its main brand SKU strategy to drive continuous improvement in gross margin. However, the significant decline in offline channels in 1H25 has impacted main brand growth. There are expectations for new products to expand the consumer base and improve operational efficiency on platforms like Douyin [2][10]. - In 1H25, the company reported total revenue of 2.372 billion CNY, a year-on-year decline of 15.43%, and a net profit attributable to the parent company of 247 million CNY, down 49.0% year-on-year. The gross margin improved to 76.0%, up 3.42 percentage points, attributed to a focus on big products and reduced promotions [10][11]. - The company has adjusted its EPS forecasts for 2025 and 2026 to 1.12 CNY and 1.49 CNY, respectively, reflecting the impact of short-term offline channel adjustments and product line streamlining [10][11]. Financial Summary - For 2023A, the total revenue is projected at 5.522 billion CNY, with a year-on-year growth of 10.1%. The net profit attributable to the parent company is expected to be 757 million CNY, down 28.0% [3][11]. - The company’s gross margin is expected to improve to 75.3% in 2025E, with a net profit margin of 8.6% [11]. - The company’s total assets are projected to reach 8.456 billion CNY by 2025E, with total liabilities of 1.936 billion CNY [11]. Market Performance - The stock has a 52-week price range of 39.34 CNY to 70.30 CNY, with a total market capitalization of 19.871 billion CNY [5][10]. - The stock has shown an absolute increase of 14% over the past 12 months, although it has underperformed relative to the index by 41% [9][10].

业绩稳健增长，控费良好 巨子生物(2367) ——巨子生物 2025 半年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | | | 闫清徽(分析师) | 021-38031651 | yanqinghui@gtht.com | S0880522120004 | [当前价格 Table_CurPrice] (港元)： | 52.25 | | 杨柳(分析师) | 021-38038323 | yangliu3@gtht.com | S0880521120001 | | | | 李艺冰(分析师) | 021-38676666 | liyibing@gtht.com | S0880525050001 | | | 本报告导读： 公司 2025H1 营收、归母净利润同比+23%、20%，业绩稳健增长，费用管控良好、 销售费用率同比下降 ...

Investment Rating - The investment rating for the company is "Accumulate" [5][22]. Core Views - The report highlights that existing product categories continue to show high growth trends, with 3D printing and lawn mower businesses expected to become new growth engines. Additionally, the stock incentive plan strengthens human capital advantages, leading to a positive outlook for future growth [2][12]. Financial Summary - Total revenue is projected to grow from 17,507 million in 2023 to 46,772 million by 2027, reflecting a compound annual growth rate (CAGR) of 20.5% [4][13]. - Net profit attributable to the parent company is expected to increase from 1,615 million in 2023 to 3,907 million in 2027, with a CAGR of 21.1% [4][13]. - Earnings per share (EPS) is forecasted to rise from 3.01 yuan in 2023 to 7.29 yuan in 2027 [4][13]. - The return on equity (ROE) is anticipated to improve from 20.2% in 2023 to 28.1% in 2027 [4][13]. Target Price and Valuation - The target price for the company is set at 159 yuan, based on a price-to-earnings (PE) ratio of 32 times the estimated EPS for 2025 [5][14]. - The report compares the company's valuation with peers in the cross-border e-commerce and electronics sectors, indicating a premium due to the company's innovative product structure and growth potential in 3D printing and lawn mower segments [14][15]. Market Performance - The stock has shown significant price movement, with a 52-week price range of 53.35 to 138.48 yuan and a total market capitalization of 73,990 million [6][12]. - The stock's absolute performance over the last 12 months has increased by 162%, outperforming the market index [10][12]. Product Development and Growth Drivers - The company has made strides in the 3D printing sector, launching the AnkerMake brand and achieving record crowdfunding for its products. The rebranding of AnkerMake to eufyMake is expected to enhance integration within the smart home ecosystem [12][14]. - The lawn mower business is also being developed, with the introduction of a robotic lawn mower that has seen strong initial sales [12][14]. Incentive Plans - A new stock incentive plan was announced, aiming to motivate employees and align their interests with the company's growth targets, with performance metrics tied to revenue growth from 2025 to 2027 [12][14].

Investment Rating - The investment rating for the company is "Accumulate" [3][17]. Core Views - The company demonstrates steady revenue growth, balancing product expansion and brand promotion, with significant R&D advantages expected to lead to innovative products in gynecology, hair care, and serious medical fields [1]. - The company has established a mature branding strategy and is building a global system for its products, with multiple patents approved in various regions [9]. Financial Summary - Total revenue is projected to grow from 780 million in 2023 to 3,534 million by 2027, reflecting a compound annual growth rate (CAGR) of 28.2% [2][10]. - Net profit attributable to the parent company is expected to increase from 300 million in 2023 to 1,814 million in 2027, with a CAGR of 29.4% [2][10]. - Earnings per share (EPS) is forecasted to rise from 2.61 yuan in 2023 to 15.77 yuan in 2027 [2][10]. - The return on equity (ROE) is projected to remain strong, starting at 31.4% in 2023 and declining to 34.2% by 2027 [2][10]. Market Data - The target price for the company's stock is set at 402.74 yuan [3]. - The stock has a 52-week price range of 151.90 to 577.50 yuan [4]. - The total market capitalization is approximately 34.86 billion yuan [4]. Business Segments - The medical device segment reported revenue of 708 million in the first half of 2025, a year-on-year increase of 33.41% [9]. - The functional skincare segment saw a significant revenue increase of 152.39%, reaching 121 million in the same period [9]. - The raw materials segment experienced a modest growth of 12.40%, with revenue of 27 million [9]. Operational Highlights - The company has successfully obtained patents for its collagen products in Brazil and FDA certifications for several skincare products in the U.S. [9]. - Marketing strategies include collaborations with leading medical institutions and participation in academic summits and international expos to enhance brand recognition [9].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has successfully addressed high operational costs in the industry, achieving both organic growth and external acquisitions to solidify its leading position. Its brand strength, channel network, and customer base advantages continue to be validated. Recently, major shareholder CPE has exited, leading to an ongoing optimization of the shareholder structure [2] Financial Summary - Current market capitalization is HKD 6,850 million [3] - Revenue projections show a growth trajectory from RMB 2,145.07 million in 2023 to RMB 3,590.85 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.4% [5][7] - Net profit is expected to increase from RMB 215.66 million in 2023 to RMB 417.03 million in 2027, indicating a significant growth rate of 93.4% over the period [5][7] - The company plans to increase its dividend payout ratio to at least 50% of annual net profit from 2025 to 2027, enhancing shareholder returns [6] Earnings Per Share (EPS) Forecast - The EPS estimates have been revised upwards for 2025-2027 to RMB 1.30, RMB 1.43, and RMB 1.77 respectively, reflecting a positive outlook on profitability [6] Shareholder Structure and Strategic Initiatives - The exit of CPE as a major shareholder has led to the introduction of high-quality institutional investors, improving market liquidity and trading activity. The company aims to build a healthier and more diversified shareholder ecosystem [6] - The company is implementing a long-term incentive plan for its core management team, aligning their performance with shareholder value growth [6] Business Model and Market Position - The company is enhancing its stake in Guangzhou Nairui'er by acquiring an additional 20%, increasing its ownership to 90%. This move is expected to significantly boost net profit and earnings per share [6] - The company leverages its strong brand and customer loyalty in the beauty and health management sectors, aiming to overcome high operational costs through a synergistic business model [6]