Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Insights - The company achieved a revenue of 859 million yuan in H1 2025, representing a year-on-year growth of 42.43%, while the net profit reached 392 million yuan, up 26.65% year-on-year [1]. - The gross margin for H1 2025 was 90.68%, a decrease of 0.9 percentage points, and the net profit margin was 45.5%, down 5.84 percentage points [1]. - The sales expense ratio increased to 21.05%, up 3.18 percentage points, attributed to higher personnel costs and promotional expenses [1]. - The medical device segment grew by 33.41% year-on-year, generating 708 million yuan in revenue, while the skincare segment saw a significant increase of 152.39%, reaching 121 million yuan [2]. - The company launched the HiveCOL collagen product and received medical device registration in Thailand, enhancing its international market presence [3]. Financial Performance - The company is projected to achieve earnings per share (EPS) of 12.11, 16.28, and 20.54 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 26, 20, and 16 times [4]. - Revenue forecasts for 2025, 2026, and 2027 are 2.133 billion yuan, 2.790 billion yuan, and 3.503 billion yuan, respectively, with year-on-year growth rates of 47.84%, 30.79%, and 25.56% [6]. - The company’s return on equity (ROE) is expected to be 44.11%, 39.84%, and 35.70% for the years 2025, 2026, and 2027 [6].

2025 年 8 月 12 日 公司研究 销售费用大幅增长，影响 Q2 利润表现 ——锦波生物（832982.BJ）2025 年半年报点评 买入（维持） 当前价：320.03 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：吴子倩 执业证书编号：S0930525070004 021-52523872 wuziqian@ebscn.com 市场数据 | 总股本(亿股) | 1.15 | | --- | --- | | 总市值(亿元)： | 368.26 | | 一年最低/最高(元)： | 114.21/451.74 | | 近 3 月换手率： | 59.22% | 股价相对走势 -12% 49% 111% 173% 235% 08/24 11/24 02/25 05/25 锦波生物 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -13.93 | -12.01 | 115.34 | | 绝对 | -11.32 | -6. ...

公司核心业务为以A型重组人源化胶原蛋白为核心原材料制备的高端植入级医疗器械的研发、生产及销售。公司终端产品主要应用于 注射类医学抗衰老、医疗美容整形领域；其次应用于妇科、外科、皮肤科、五官/口腔科、肛肠科等科室的修复性治疗；此外也少量用 于抗衰修复类护肤领域。值得一提的是，公司产品重组Ⅲ型人源化胶原蛋白冻干纤维聚焦纠正眼周鱼尾纹、眉间纹、额头纹， 推广自 主品牌"薇旖（yi）美®"，并持续丰富"薇旖（yi）美®"产品体系，强化品牌建设，已覆盖终端医疗机构超4000家。 8月11日，锦波生物交出上市以来的第三份半年度业绩成绩，也是今年山西上市公司首份半年报。 据报告数据，今年上半年实现营收8.59亿元，同比增42.43%；归属于上市公司股东净利润3.92亿元，同比增26.65%。同日，锦波生物 发布公告称拟以未分配利润向全体股东每10股派发现金红利10元（含税），本次权益分派共预计派发现金红利1.15亿元。 | | | | 单位: 儿 | | --- | --- | --- | --- | | | 本期 | 上年同期 | 增减比例% | | 营业收入 | 858.703, 187. 63 | 602.879.0 ...

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].

Group 1 - The Beizheng 50 Index reached a historical high since November 8, 2024, driven by active performance of listed companies in the Beizheng market [1][3] - Jinbo Biological (832982.BJ) became the top company by market capitalization on the Beizheng exchange, with its stock price peaking at 544.78 yuan, approaching the 550 yuan mark [1][2] - As of May 20, 2023, Jinbo Biological's closing price was 529 yuan per share, ranking third in the entire A-share market, only behind Kweichow Moutai (600519.SH) and Cambricon Technologies (688256.SH) [1][2] Group 2 - Jinbo Biological, established in 2008, is a leading company in recombinant human collagen and has developed a full industry chain from core raw materials to end products like medical devices and functional skincare [2][3] - The company entered the supply chain of major brands like L'Oréal in 2023, indicating its growing recognition in the market [3] - Experts believe that the strong performance of the Beizheng market, particularly companies like Jinbo Biological, reflects a growing recognition of the investment value of listed companies in this new market [3]

Core Insights - Yang Xia, founder of Jinbo Biotechnology, has become the richest woman in Shanxi with a wealth of 11.5 billion yuan, as reported in the 2025 Hurun Global Rich List [3][4] - Jinbo Biotechnology has made significant advancements in recombinant human collagen, leading to its successful listing on the capital market and becoming a leader in the industry [3][11] - Despite the impressive growth in revenue and net profit since its listing, Jinbo Biotechnology faces challenges such as slowing growth rates and high sales expenses [13][15] Company Overview - Jinbo Biotechnology specializes in the research, production, and sales of high-end implantable medical devices using recombinant human collagen as a core material [12] - The company's products are primarily used in medical aesthetics, surgical repair, and various medical fields [12] Financial Performance - Since its listing in 2023, Jinbo Biotechnology reported revenues of 780 million yuan and 1.443 billion yuan for 2023 and 2024, respectively, with growth rates of 99.96% and 84.92% [13] - In Q1 2025, the company achieved revenues of 366 million yuan and a net profit of 169 million yuan, with year-on-year growth rates of 62.51% and 66.25% [13] - The gross margin of Jinbo Biotechnology has been impressive, reaching 92.02% in 2024, although it saw a decline to 90.11% in Q1 2025 [15] Shareholder Dynamics - Yang Xia holds 58.89% of Jinbo Biotechnology's shares, maintaining significant control over the company [6][5] - Several shareholders have reduced their holdings, with a notable decrease in institutional ownership from 102 to 52 institutions [16][15] Market Position - Jinbo Biotechnology's current price-to-earnings ratio (TTM) stands at 53.13, higher than competitors such as Aimeike and Juzhibio [17] - The company's stock price has increased significantly, with a rise of 112.35% since January 15, 2025, reaching a market capitalization of approximately 42.477 billion yuan [8][19]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6][8]. Core Insights - The company achieved a revenue of 1.443 billion yuan in 2024, representing a year-on-year increase of 84.92%, with a net profit attributable to shareholders of 732 million yuan, up 144.27% year-on-year [3]. - The first quarter of 2025 saw a revenue of 367 million yuan, a year-on-year growth of 62.51%, and a net profit of 169 million yuan, reflecting a 66.25% increase year-on-year [3]. - The company is a leader in the collagen protein market, with projected net profits of 1.105 billion yuan, 1.598 billion yuan, and 2.145 billion yuan for 2025, 2026, and 2027 respectively, showing growth rates of 50.9%, 44.6%, and 34.2% [6]. Revenue Breakdown - Medical device sales drove overall revenue growth, with medical devices generating 1.254 billion yuan in 2024, a year-on-year increase of 84.37% [4]. - Functional skincare products contributed 142 million yuan in revenue, up 86.83% year-on-year, with significant growth from the "重源®" and "ProtYouth®" brands [4]. - Revenue from raw materials and other segments reached 46 million yuan, reflecting an 89.07% increase year-on-year, attributed to stable procurement from brand clients and increased product recognition [4]. Profitability Metrics - The company's net profit margin for 2024 was 50.75%, an increase of 12.33 percentage points year-on-year, while the non-GAAP net profit margin was 49.36%, up 12.73 percentage points [5]. - Gross margin for 2024 was reported at 92.02%, with a slight decrease in the first quarter of 2025 to 90.11% [5]. - The company plans to implement an equity incentive plan, reflecting confidence in long-term growth, with performance targets set for net profits over the next three years [6]. Financial Forecasts - Projected revenues for 2025, 2026, and 2027 are 2.154 billion yuan, 3.076 billion yuan, and 4.198 billion yuan respectively, with growth rates of 49.3%, 42.8%, and 36.5% [7][10]. - The forecasted net profit for 2025 is 1.105 billion yuan, with a growth rate of 50.9% [7][10]. - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are estimated at 30x, 21x, and 16x respectively, indicating a favorable valuation trend [6][10].