证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 09 月 01 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 近半数企业 2025H1 归母净利润同比增长，2025Q2 业绩环比向好 ——北交所消费服务产业跟踪第二十九期（20250831） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2025 上半年 47%的北交所消费服务企业实现归母净利润正增长，2025Q2 营收和归 母净利润的中位数均同比提高。截至 2025 年 8 月 30 日，北交所消费服务产业 38 家企业已经全部发布 2025 年半年报。从 2025H1 营收 yoy 分布来看，大于 25%营 收同比增速的企业共有 7 家。从 2025H1 归母净利润 yoy 分布来看，47%的企业在 2025H1 实现归母净利润正增长，宏裕包材、龙竹科技、太湖雪共 3 家企业的归母净 利润 yoy 大于 50%，格利尔、颖泰生物归 ...

Core Viewpoint - Jinbo Biological's strong financial performance in the first half of 2025 highlights its growth potential in the collagen protein market, driven by innovative product development and strategic partnerships [1][2][3]. Financial Performance - In the first half of 2025, Jinbo Biological achieved operating revenue of 859 million yuan, a year-on-year increase of 42.43%, and a net profit attributable to shareholders of 392 million yuan, up 26.65% [1]. - The company plans to distribute a cash dividend of 1.15 billion yuan, equivalent to 10.0 yuan per 10 shares [1]. Revenue Sources - Revenue growth was primarily driven by medical device products, which generated 708 million yuan, a 33.41% increase year-on-year, with a gross margin of 95.04% [2]. - Functional skincare products contributed 121 million yuan, reflecting a significant growth of 152.39% year-on-year, with a gross margin of 70.78% [2]. Research and Development - Jinbo Biological increased its R&D expenditure to 45.8 million yuan, accounting for 5.33% of operating revenue, marking an 85.43% increase compared to the previous year [2]. - The company collaborates with top research institutions, including Fudan University and Sichuan University, to enhance its R&D capabilities [2]. Product Innovation - The company launched the world's first "injection-type recombinant type III humanized collagen gel," approved by the National Medical Products Administration, showcasing its innovative capabilities [3]. - This product utilizes self-assembly and self-crosslinking technology, aimed at correcting mid-facial volume loss and contour defects [3]. Strategic Partnerships - Jinbo Biological has attracted a significant strategic investor, Yangshengtang Co., Ltd., planning to raise up to 2 billion yuan through a private placement [3]. - Following the issuance, Yangshengtang will hold over 5% of Jinbo Biological's shares, enhancing collaboration in R&D, production, and commercialization [3]. Market Outlook - The collagen protein market in China is expected to grow rapidly, with a projected compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 [1][4]. - The increasing focus on skin health and medical aesthetics is driving the demand for recombinant humanized collagen in various applications [4].

Core Viewpoint - JINBO Biopharmaceutical (832982.BJ) reported strong growth in its 2025 semi-annual report, with significant increases in revenue and net profit, alongside a substantial rise in R&D expenses, indicating a focus on innovation and market expansion [1][2][8]. Financial Performance - As of June 30, 2025, JINBO Biopharmaceutical achieved an operating revenue of approximately 859 million yuan, representing a year-on-year growth of 42.43% [2]. - The company recorded a net profit attributable to shareholders of approximately 392 million yuan, reflecting a year-on-year increase of 26.65% [2]. - The gross profit margin remained above 90%, specifically at 90.68%, earning the company the nickname "Little Moutai" on the Beijing Stock Exchange [2]. Revenue Growth Drivers - The increase in operating revenue was primarily driven by growth in medical devices and functional skincare products [3]. - Medical device revenue growth was mainly attributed to the sales of implant products based on recombinant human collagen [4]. - Functional skincare products saw a remarkable revenue increase of approximately 121 million yuan, up 152.39% year-on-year, indicating significant scale effects [5]. R&D Investment - JINBO Biopharmaceutical's R&D expenses reached 45.7962 million yuan, a substantial increase of 85.43% compared to the previous year, accounting for 5.33% of operating revenue [8]. - The rise in R&D spending was largely due to increased collaboration with institutions like Peking University and higher costs associated with clinical trials [9]. Market Performance - Since the beginning of 2025, JINBO Biopharmaceutical's stock has experienced a continuous upward trend, with a year-to-date increase of 101.92%, reaching a peak of 452.29 yuan per share on May 22 [12]. - The current price-to-earnings ratio (TTM) stands at 46.06, with a total market capitalization of approximately 36.824 billion yuan [12]. Institutional Interest - The semi-annual report revealed that several institutions and public funds have increased their holdings in JINBO Biopharmaceutical during the first half of the year [14]. - Notably, CITIC Securities became the eighth largest shareholder after acquiring 782,390 shares, while two funds from Ping An Bank and China Merchants Bank also increased their stakes [15][16].

Group 1 - The core viewpoint of the article highlights that Jinbo Bio achieved significant growth in both revenue and net profit in the first half of 2025, with a net profit of 392 million yuan, representing a year-on-year increase of 26.65% [1][2] - The company's revenue reached 859 million yuan, marking a 42.43% increase compared to the same period last year, with a basic earnings per share of 3.41 yuan [2][3] - The medical device segment showed strong performance, generating 708 million yuan in revenue, accounting for over 80% of total sales, with a gross margin of 95.04% [3][4] Group 2 - Jinbo Bio's gross margin decreased to 90.68%, down 0.90 percentage points year-on-year, while the net profit margin fell to 45.50%, a decline of 5.84 percentage points [5] - The company reported a net cash flow from operating activities of 383 million yuan, with cash received from sales amounting to 882 million yuan [6] - Jinbo Bio plans to distribute a cash dividend of 10 yuan per 10 shares to all shareholders, totaling approximately 115 million yuan [7] Group 3 - The company significantly increased its R&D expenses by 85.43% to 45.8 million yuan, alongside a 67.77% rise in sales expenses, indicating a strong commitment to technological investment and market expansion [7] - The investment landscape in the beauty industry shows heightened activity, particularly in the recombinant collagen sector, with Jinbo Bio being a key player [10][11] - As of August 11, Jinbo Bio's stock price reached 320 yuan per share, with a total market capitalization of 36.8 billion yuan, reflecting a year-to-date increase of over 101% [12]

Core Viewpoint - Jinbo Bio achieved significant growth in both revenue and net profit in the first half of 2025, with a notable increase in R&D expenses, indicating a strong focus on innovation and market expansion [2][9]. Financial Performance - The company reported a revenue of 859 million yuan, representing a year-on-year increase of 42.43% [5][6]. - Net profit reached 392 million yuan, up 26.65% compared to the previous year [5][6]. - Basic earnings per share were 3.41 yuan, reflecting a 26.77% increase [6]. Profitability Analysis - The gross profit margin was 90.68%, down 0.90 percentage points year-on-year [7]. - The net profit margin decreased by 5.84 percentage points to 45.50% [7]. - The medical device segment generated 708 million yuan in revenue, accounting for over 80% of total sales, with a high gross margin of 95.04% [7]. Cash Flow and Dividends - The net cash flow from operating activities was 383 million yuan, with cash received from sales amounting to 882 million yuan [8]. - The company announced a cash dividend of 10 yuan per 10 shares, totaling approximately 115 million yuan [9]. R&D and Market Strategy - R&D expenses surged by 85.43% to 45.8 million yuan, while sales expenses increased by 67.77% [9]. - The growth in the medical device sector was primarily driven by the sales of implant products based on recombinant human collagen [7]. Industry Context - The investment landscape in the beauty and cosmetic raw materials sector is highly active, particularly in the recombinant collagen segment, which has seen significant financing activities [13][14]. - Jinbo Bio's strategic partnership with Yangshengtang, which invested 3.4 billion yuan for a 10.58% stake, is expected to enhance its market penetration and operational efficiency [12]. Market Performance - As of August 11, Jinbo Bio's stock price was 320 yuan per share, with a total market capitalization of 36.8 billion yuan, reflecting a year-to-date increase of over 101% [15].