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 ...

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].

Core Viewpoint - The company reported strong revenue growth in the first half of 2025, driven by its medical device and skincare product segments, indicating robust market demand and effective brand strategies [3][4]. Revenue Performance - The company's total revenue for the first half of 2025 reached 860 million yuan, a year-on-year increase of 42.4%, with net profit attributable to shareholders at 390 million yuan, up 26.7% [3]. - In Q1 and Q2 of 2025, revenues were 370 million yuan and 490 million yuan, reflecting year-on-year growth of 62.5% and 30.4%, respectively, while net profits were 170 million yuan and 220 million yuan, with increases of 66.3% and 7.4% [3]. Business Segment Analysis - Revenue from the medical device segment was 708 million yuan, growing by 33.41%, while functional skincare products saw a remarkable increase of 152.39% to 121 million yuan [4]. - The medical device revenue breakdown shows single-material devices at 645 million yuan (up 34.70%) and composite-material devices at 63 million yuan (up 21.52%) [4]. - Functional skincare products generated 19 million yuan from single-component products (up 59.76%) and 102 million yuan from composite-component products (up 182.85%) [4]. Regional Sales Performance - Revenue by region for the first half of 2025 was as follows: North China 365 million yuan (+25.66%), East China 287 million yuan (+72.95%), South China 79 million yuan (+17.88%), West China 85 million yuan (+79.68%), Central China 40 million yuan (+33.78%), and overseas 3 million yuan (+31.96%) [5]. - North and East China accounted for 75.91% of total revenue, highlighting their significance as primary markets [5]. Profitability Metrics - The company's gross margin decreased by 0.9 percentage points to 90.7% in the first half of 2025, influenced by a higher proportion of lower-margin skincare products and declining margins in the raw materials segment [6]. - The net profit margin for the first half of 2025 was 45.7%, down 5.7 percentage points year-on-year [6]. - In Q2 2025, the gross margin was 91.1%, with a net profit margin of 45.4%, reflecting a year-on-year decline of 0.3 and 9.8 percentage points, respectively [6]. Expense Analysis - The company's total expense ratio increased by 2.9 percentage points to 34.9% in the first half of 2025, driven by higher sales and marketing expenses due to new product launches and increased brand promotion efforts [7]. - Sales expenses accounted for 21.1% of total expenses, up 3.2 percentage points, while management and R&D expenses saw slight changes [7].

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].

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 - The demand slowdown is impacting Jinbo Biological, the first stock of recombinant collagen on the Beijing Stock Exchange, as evidenced by its recent financial performance and stock price decline [1][3]. Financial Performance - In the first half of 2025, Jinbo Biological reported revenues of 859 million yuan and a net profit attributable to shareholders of 392 million yuan, representing year-on-year growth of 42.43% and 26.65% respectively [1]. - However, the revenue growth rate has significantly slowed, with a 48 percentage point decrease compared to the same period in 2024, marking the first time since its listing in July 2023 that revenue growth fell below 40% [1]. Product Performance - The slowdown in performance is primarily attributed to the decline in sales of its medical device product "Wei Yimei," which is based solely on recombinant collagen [3]. - In the first half of 2025, Wei Yimei generated 645 million yuan in revenue, with a year-on-year growth of 34.7%, a drop of over 70 percentage points compared to the same period in 2024 [3]. Market Strategy - In July 2023, Jinbo Biological partnered with Meituan to promote Wei Yimei through a "100 billion subsidy" initiative, which has led to a significant drop in terminal prices [5]. - The price for new customers in Beijing for Wei Yimei has decreased by over 40% compared to the previous year's subsidized price, with subsequent prices dropping by more than 70% from the original guidance [5]. Growth in Other Segments - Despite the slowdown in the medical beauty segment, Jinbo Biological's cosmetics revenue is experiencing high growth, with functional skincare brands like "Zhongyuan" and "ProtYouth" generating 121 million yuan in the first half of 2025, a year-on-year increase of 152% [5]. Strategic Partnerships - Jinbo Biological has engaged with Zhong Shanshan's Yangshengtang to establish a broader sales promotion system, leveraging Yangshengtang's extensive distribution network through its subsidiary Nongfu Spring [6][7]. - This partnership is expected to enhance market penetration for Jinbo Biological's skincare brands, although it may challenge the valuation scarcity of Jinbo Biological as a supplier in the medical beauty sector [7]. Valuation Comparison - Currently, Jinbo Biological's price-to-earnings (PE) ratio is around 40 times, while leading A-share cosmetics company Proya has a PE ratio of approximately 20 times [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 860 million yuan in H1 2025, representing a year-on-year increase of 42.4%, with a net profit of 390 million yuan, up 26.7% year-on-year [7] - The sales of medical device products remained stable, while functional skincare products saw significant growth, with revenue from medical devices, functional skincare, and raw materials reaching 710 million, 120 million, and 30 million yuan respectively in H1 2025, reflecting year-on-year growth of 33.4%, 152.4%, and 12.4% [7] - The company launched the world's first injectable gel product in April 2025, which is expected to drive domestic growth [7] - Strategic partnerships are being strengthened to accelerate international expansion, with plans to recruit partners in Thailand for medical device distribution [7] - The long-term growth outlook remains positive, with adjusted net profit forecasts for 2025-2027 being 1.04 billion, 1.46 billion, and 1.86 billion yuan respectively [7] Financial Summary - Total revenue is projected to reach 2.10 billion yuan in 2025, with a year-on-year growth rate of 45.81% [1] - The company's net profit is expected to grow to 1.04 billion yuan in 2025, reflecting a growth rate of 42.09% [1] - The latest diluted EPS is forecasted to be 9.04 yuan per share in 2025, with a P/E ratio of 35.39 [1]

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 - The company is focusing on the rapid growth of the recombinant human collagen market in China, which is projected to reach 585.7 billion yuan by 2025 and 2,193.8 billion yuan by 2030, with a compound annual growth rate of 44.93% [1]. Group 1: Market and Product Development - The recombinant human collagen products have gained wide market recognition due to their safety and effectiveness [1]. - The company has completed foundational research on various types of recombinant human collagen and is conducting application research in multiple medical fields [1]. - The company is investing in a production facility for injectable recombinant human collagen, specifically targeting type III collagen, which is expected to commence production this year [1]. Group 2: Brand and Sales Strategy - The company has established its own brands for medical devices and functional skincare products, including "Wei Yi Mei" and "Chong Yuan" [2]. - The company is prioritizing market expansion in Southeast Asia and has collaborated with L'Oréal Group for its raw material products [2]. - The company’s injectable recombinant type III human collagen gel has received approval and was globally launched at the Cannes Film Festival [2]. Group 3: International Expansion and Innovation - The company has obtained patents in the US, Europe, and Brazil, and is actively pursuing international market expansion [3]. - The company emphasizes the importance of both online and offline sales channels to achieve sustained growth [3].