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锦波生物(832982):2025 年半年报点评:利润率受费用端影响,期待下半年新品表现及出海布局
Guoyuan Securities· 2025-08-13 02:33
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].
锦波生物(832982):2025年半年报点评:销售费用大幅增长,影响Q2利润表现
EBSCN· 2025-08-12 11:34
Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 860 million yuan for the first half of 2025, representing a year-on-year growth of 42.4%, with a net profit attributable to shareholders of 390 million yuan, up 26.7% year-on-year [5] - The medical device segment showed rapid growth, with revenues of 708 million yuan, a year-on-year increase of 33.41%, while the functional skincare segment grew by 152.39% to 121 million yuan [6] - The company is expanding its market presence through strategic partnerships and product launches, including the introduction of new collagen products [10] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenues of 490 million yuan, a 30.4% increase year-on-year, and a net profit of 220 million yuan, growing 7.4% year-on-year [5] - The gross margin for the first half of 2025 was 90.7%, down 0.9 percentage points year-on-year, while the net profit margin decreased to 45.7% [6][8] Business Segments - Revenue breakdown for H1 2025: Medical devices accounted for 82.5% of total revenue, functional skincare 14.1%, and raw materials 3.1% [6] - The medical device revenue was further divided into single-material and composite-material devices, with respective revenues of 645 million yuan and 63 million yuan, growing 34.70% and 21.52% year-on-year [6] Regional Performance - Revenue by region for H1 2025: North China 365 million yuan (+25.66%), East China 287 million yuan (+72.95%), South China 79 million yuan (+17.88%), and West China 85 million yuan (+79.68%) [7] Cost Structure - The company's selling expenses increased due to higher marketing investments and stock incentive plans, leading to a rise in the selling expense ratio to 21.1% [9] - The total operating expense ratio for H1 2025 was 34.9%, up 2.9 percentage points year-on-year [9] Future Outlook - The company plans to enhance its brand promotion and has adjusted its sales expense forecasts for 2025-2027, with expected net profits of 1.01 billion yuan in 2025 [11] - The introduction of strategic investors is anticipated to strengthen the company's market position and growth potential [11]
上半年研发费用增超85%!锦波生物获多家机构和公募基金加仓
Bei Ke Cai Jing· 2025-08-12 09:33
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].
“山西最牛上市公司”半年报!上市两年,市值增了280多亿
Sou Hu Cai Jing· 2025-08-11 15:29
Core Viewpoint - Jinbo Biological has reported strong financial performance for the first half of the year, indicating significant growth in revenue and net profit, alongside a planned cash dividend distribution to shareholders [1][2][3]. Financial Performance - The company achieved a revenue of 859 million yuan, representing a year-on-year increase of 42.43% [2]. - The net profit attributable to shareholders was 392 million yuan, reflecting a year-on-year growth of 26.65% [2]. - The gross profit margin decreased slightly to 90.68% from 91.58% in the previous year [2]. - Basic earnings per share were reported at 3.41 yuan [2]. Business Growth Drivers - The revenue growth was primarily driven by increased sales in medical devices and functional skincare products [2]. - The medical device segment saw growth mainly from the sales of implant products based on type A recombinant human collagen [2]. - The functional skincare segment benefited from the sales of proprietary brands such as "重源" and "ProtYouth®" [2]. Company Background - Jinbo Biological is recognized as a national-level specialized and innovative "little giant" enterprise and a key player in the synthetic biology industry chain in Shanxi Province [3]. - The company was listed on the Beijing Stock Exchange on July 20, 2023, with an initial market capitalization of 8.757 billion yuan, which has since increased to nearly 37 billion yuan [3]. Future Prospects - The company plans to utilize funds from a recent share transfer to enhance its research and development capabilities, particularly in the area of humanized collagen products [6][7]. - The total investment for the new FAST database and product development platform project is approximately 1.26 billion yuan, with a three-year implementation period [6].
上半年赚近4亿元,钟睒睒“押宝”这只A股成功?
中国基金报· 2025-08-11 14:13
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].
这家北交所公司股价水平仅次于贵州茅台、寒武纪,A股市场第三
Xin Jing Bao· 2025-05-21 01:21
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]
财富飙至250亿,山西女首富杨霞扛起晋商大旗
Sou Hu Cai Jing· 2025-05-16 14:28
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]
锦波生物(832982):2024年年报及2025年一季报点评:销售持续高增,发布股权激励计划进一步彰显发展信心
Minsheng Securities· 2025-04-29 07:53
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].