巨子生物在收入增长方面表现如何？ 巨子生物 摘要 巨子生物依托重组胶原蛋白技术，通过可复美和可丽金等品牌在美妆赛 道实现差异化竞争，可复美保持快速增长，可丽金调整后重回增长轨道， 线上渠道表现强劲。 公司通过控制达播业务的毛销差，采用融合模式与达人合作，优化费用 结构，有效应对短期舆情事件，确保经营利润率不受大幅影响。 双十一期间，巨子生物稳定商品划线价，优惠成本主要由平台或达人承 担，公司选择性参与活动，并通过年框协议锁定与头部达人的合作条款， 确保费用端稳定。 公司线上收入占比高达 75%，并预计提升至 80%以上，主要采用 GTC 模式；线下渠道通过经销模式，早期布局医院端，扩展药店 SKU，孵化 新品牌"可遇"承接医院端向家庭消费场景外溢。 公司通过精准筛选达人、优化投流策略控制费销比，避免盲目合作头部 达人，提高转化效率，并主动控制头部达人的 GMV 占比，提升中腰部 达人的投放效率。 Q&A 巨子生物的核心竞争力是什么？ 巨子生物是国内最早研发并全球最早量产重组胶原蛋白的企业。公司以生产重 组胶原蛋白为核心技术，聚焦功能护肤品、医疗器械和功能性食品三大应用板 块。公司拥有全球最全面的胶原蛋白分子库 ...

Summary of Conference Call Records Industry or Company Involved - **Consumer Sector**: Focus on new and traditional consumer stocks - **Specific Companies**: Bubble Mart, Giant Bio, Yum China, Anta, Old Paved Gold, Chow Tai Fook, Haidilao, China Duty Free Group (CDFG), Macau Gaming Industry Core Points and Arguments 1. **Consumer Stock Performance**: New consumer stocks underperformed the market, while traditional consumer stocks remained flat, influenced by policy expectations against "involution" [1][2] 2. **Investment Focus**: Emphasis on fundamental analysis for the second half of the year, with consumer confidence recovering but spending not significantly increasing [1][3] 3. **Stock Selection Criteria**: Maintain focus on performance reversal, high growth potential, and high return certainty [1][3] 4. **Recommendations**: - Dairy industry expected to balance supply and demand, leading to price recovery - Bubble Mart and Giant Bio identified as high-growth stocks - Yum China and Anta recommended for their strong governance and long-term holding potential [1][4][6][7] 5. **Bubble Mart's Performance**: After a strong earnings report, the stock experienced profit-taking, but is expected to see a profit growth of 40%-45% by 2026, with a PE ratio of 21-22 [1][11][12] 6. **Giant Bio's Growth**: Sales performance is strong, but faces high base pressure in Q4; potential for 20% profit compound growth over the next two years [1][17] 7. **Gold and Jewelry Sector**: High demand for premium products, but stable gold prices may affect growth rates; Old Paved Gold faces margin pressure [1][18][19] 8. **Macau Gaming Industry**: Exceeded expectations with GGR growth of 19% in June and July, driven by increased visitor numbers; full-year GGR growth target raised to 10% [1][24][25] 9. **Yum China's Stock Decline**: Stock price drop attributed to cautious revenue growth expectations; despite challenges, still viewed as a long-term holding [1][10] 10. **Haidilao's Challenges**: Facing pressure from macroeconomic factors and competition from food delivery platforms, leading to expected revenue decline [1][21] 11. **China Duty Free Group's Performance**: Underperformed expectations with an 8% revenue decline; future growth dependent on stability in Hainan and airport sales [1][22] 12. **Hotel Industry Outlook**: Poor performance in summer 2025, with RevPAR down 1-2%; future growth uncertain [1][23] Other Important but Possibly Overlooked Content 1. **Bubble Mart's Supply Chain Strategy**: Focus on increasing capacity utilization and direct-to-consumer sales to balance supply and demand [1][15] 2. **Giant Bio's Innovation**: Emphasis on new product development and research to maintain competitive edge [1][17] 3. **Chow Tai Fook vs. Old Paved Gold**: Differing strategies in brand positioning and expansion, with Chow Tai Fook being more aggressive [1][20] 4. **Consumer Behavior Trends**: Shift in consumer perception towards collectible toys, with adults increasingly purchasing Bubble Mart products [1][26]