鉅子生物 (2367.HK) 2025H1 營收利潤雙增 長期競爭力凸顯 October 7, 2025 7

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: HKD73.72

公司簡介
鉅子生物 (2367.HK)成立於2000年,是一家立足科技美學的高科技企業,是中國基於生物活性成分的專業皮膚護理行業的先行者及領軍者。公司借助專有的合成生物學技術平臺自主研發和生產多種類型的重組膠原蛋白和多種稀有人參皂苷。聚焦功效性護膚品、醫療器械、功能性食品及特殊醫學用途配方食品三大產業方向。
業績摘要
2025H1公司收入為31.13億元(人民幣,下同),同比增長22.5%,對比2024年全年增速大幅下降,我們認為主要是受到以下因素影響:1. 輿論風波,今年5月,公司主打品牌可複美陷入重組膠原蛋白精華成分風波,對產品銷售造成一定影響。2.明星大單品(可複美膠原棒)增速自然放緩。3. 新品接力不及預期,如可複美的焦點面霜、可複美抗老系列,一方面新產品進行市場滲透需要時間,其帶來的收入增量在短期內可能無法彌補明星大單品增速放緩的缺口,另一方面,新產品的市場表現存在不確定性。4. 行業競爭導致市場份額被蠶食,重組膠原蛋白賽道紅利巨大,吸引了眾多品牌入局,包括傳統護膚巨頭,新銳品牌及生物技術公司。華熙生物、錦波生物等競爭對手也在持續加碼,推出同類產品,市場競爭進一步加劇。毛利率為81.7%,顯示出較強的盈利能力,同比減少0.7個百分點,主要系產品品類結構變化。銷售費用為10.59億元,同比增長18.7%,主要是由於加大品牌建設投入,包括品牌宣傳、市場推廣及管道拓展,以驅動業務擴張與品類發展,同時持續優化運營效能,夯實長期增長基礎。近5年公司銷售費用率一直在增長,2024年銷售費用率為36.3%,我們預計未來三年銷售費用率預計仍將維持在30%以上。研發費用率為1.3%,同比下降0.6個百分點,主要系來自於部分研發項目已進入成果轉化階段,以及股份獎勵相關開支減少,相比珀萊雅、丸美生物等公司研發費用率較低。截至報告期末,公司擁有超過140項在研項目且已獲授權及申請中專利達到186項。歸母淨利為11.82億元,同比增長20.2%;每股基本盈利為1.14元,同比增長15.2%。
線上直銷同比增長超一倍,收入占比有望持續提升
按銷售管道劃分,2025H1公司直銷收入為23.25億元,同比增長26.5%;向經銷商銷售收入為7.87億元,同比增長12.1%。其中面向電商平臺的在線直銷收入為3.91億元,同比大幅增長133.6%,收入占比為12.6%,主要系由於京東自營管道通過深耕美妝人群精細化運營,驅動美妝類目快速擴張;並依託平臺醫療生態資源,持續鞏固健康類目優勢。目前線上直銷收入占比較少,我們認為隨著公司在電商平臺不斷加大行銷推廣,該比例有望大幅提升。

Important Information

This report is prepared and/or distributed by Phillip Securities Research Pte Ltd ("Phillip Securities Research"), which is a holder of a financial adviser’s licence under the Financial Advisers Act, Chapter 110 in Singapore.

By receiving or reading this report, you agree to be bound by the terms and limitations set out below. Any failure to comply with these terms and limitations may constitute a violation of law. This report has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this report by mistake, please delete or destroy it, and notify the sender immediately.

The information and any analysis, forecasts, projections, expectations and opinions (collectively, the “Research”) contained in this report has been obtained from public sources which Phillip Securities Research believes to be reliable. However, Phillip Securities Research does not make any representation or warranty, express or implied that such information or Research is accurate, complete or appropriate or should be relied upon as such. Any such information or Research contained in this report is subject to change, and Phillip Securities Research shall not have any responsibility to maintain or update the information or Research made available or to supply any corrections, updates or releases in connection therewith.

Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this report are as of the date indicated and are subject to change at any time without prior notice. Past performance of any product referred to in this report is not indicative of future results.

This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This report should not be relied upon exclusively or as authoritative, without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this report has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this report is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this report involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks.

Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this report should take into account existing public information, including any registered prospectus in respect of such product.

Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may provide an array of financial services to a large number of corporations in Singapore and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this report, and may have performed services for or solicited business from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have provided advice or investment services to such companies and investments or related investments, as may be mentioned in this report.

Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report may, from time to time maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return of the investment.

To the extent permitted by law, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold an interest, whether material or not, in respect of companies and investments or related investments, which may be mentioned in this report. Accordingly, information may be available to Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, which is not reflected in this report, and Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this report.

The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities Research to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction.

This report is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this report may not be suitable for all investors and a person receiving or reading this report should seek advice from a professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products.

This report is not intended for distribution, publication to or use by any person in any jurisdiction outside of Singapore or any other jurisdiction as Phillip Securities Research may determine in its absolute discretion.

IMPORTANT DISCLOSURES FOR INCLUDED RESEARCH ANALYSES OR REPORTS OF FOREIGN RESEARCH HOUSE

Where the report contains research analyses or reports from a foreign research house, please note:

  1. recipients of the analyses or reports are to contact Phillip Securities Research (and not the relevant foreign research house) in Singapore at 250 North Bridge Road, #06-00 Raffles City Tower, Singapore 179101, telephone number +65 6533 6001, in respect of any matters arising from, or in connection with, the analyses or reports; and
  2. to the extent that the analyses or reports are delivered to and intended to be received by any person in Singapore who is not an accredited investor, expert investor or institutional investor, Phillip Securities Research accepts legal responsibility for the contents of the analyses or reports.

About the author

Profile photo of Margaret Li

Margaret Li
Analyst
Research

本科主修市場行銷和英語,並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師,主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作,對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!