港币(元) 成交金额(百万元) 买入(维持评级) 巨子生物 (02367.HK) 港股公司点评 证券研究报告 事件简评 国家药监局 12 月 17 日官网公示，巨子生物骨修复材料获批三类 医疗器械，符合此前招股书 24Q4 拿证预期。1）适应症：牙颌 骨、牙槽骨缺损填充和修复；2）优势：既能快速塑形不塌陷起 到支撑作用，又具有引导骨再生的高效修复作用；3）成分：无 机成分为羟基磷灰石颗粒，有机成分为大分子多糖。 事件点评 严肃医疗领域：基于胶原蛋白的生物医用材料市场规模由 17 年的 10 亿元增至 21 年的 32 亿元、复合增速 33.5%，预计 27 年进一步增至 199 亿元，22-27 年复合增速 35.1%（沙利文数 据）。供给端看，据药监局，除巨子生物外，奥精医疗科 技、天津市赛宁生物等旗下的胶原蛋白+羟基磷灰石复合的 骨修复材料已获批三类械。 更可期的是羟基磷灰石在医美领域的合规应用。1）优势： 羟基磷灰石在医美领域主要用于骨缺损填充和软组织注射填 充，特有粒径工艺的羟基磷灰石具备刺激胶原再生、收紧提 升的功效，且可被人体安全代谢，对比传统的胶原和玻尿酸 填充剂，效果持续周期更长。2）国内获批 ...

证券研究报告 巨子生物 (2367 HK) 港股通 首个 III 类医疗器械注册证获批，前景可期 华泰研究 动态点评 2024 年 12 月 18 日│中国香港 零售 17 日公司公众号披露获得首个 III 类医疗器械注册证，为骨修复材料。此外， 另一款 III 类医疗器械"注射用重组胶原蛋白填充剂"（用于颈纹）"列入国 家重点研发计划的医疗器械"，近日列入优先审批通道，产品上市时间有望 缩短；此外我们预计其用于眼部细纹填充的医美产品有望于 25Q1 获批，或 为公司医美领域 III 类首证。此前市场对于公司医美领域 III 类医疗器械的获 批节奏存在担忧，近期公司在该领域的积极进展彰显公司研发实力、具积极 信号意义，公司医美产品报批节奏仍有条不紊。参考锦波生物、爱美客 （24Q1-Q3 营收 9.9/23.8 亿，主要为医美收入，净利率 53%/67%），后续 公司眼部细纹、颈纹产品若能获批可能会带来较大业绩增量。维持买入评级。 公司获批骨修复材料 III 类医疗器械注册证 12 月 17 日，据公司公众号披露，巨子生物获得骨修复材料 III 类医疗器械 注册证，针对牙颌骨、牙槽骨缺损填充和修复需求，无机成 ...

盈利预测：（注：若无特殊说明货币均为人民币，汇率为 1HKD=0.92508RMB） [Table_Title] 【广发 商 社 & 海 外 】 巨 子 生 物 （02367.HK） 注射用重组胶原蛋白获优先审批，医美管线再添 重磅产品 [Table_Summary] 核心观点： ⚫ 事件：12 月 5 日，巨子生物旗下的"注射用重组胶原蛋白填充剂"获 得优先审批，"该产品属于列入国家重点研发计划的医疗器械"。本次获 批的为针对颈纹的重组胶原蛋白凝胶产品。 ⚫ 在医美领域，巨子生物目前的在研产品共有 4 款，分别是重组胶原蛋 白液体制剂（水光）、重组胶原蛋白固体制剂（改善鱼尾纹）、重组胶原 蛋白凝胶（针对中重度颈纹）和交联重组胶原蛋白凝胶（针对中重度法 令纹），医美矩阵丰富。 ⚫ 据蝉妈妈，11 月可复美/可丽金抖音同增 57%/615%，10+11 月可复美 /可丽金抖音同增 195%/628%，品牌势能强势。9-11 月抖音渠道焦点 面霜占比 11%/7%/9%，自 3.31 日焦点面霜上新以来 7 个月抖音 GMV 达 1.52 亿元。 ⚫ 盈利预测与投资建议：公司当前市值对应 24/25 年 PE23 ...

财联社12月6日讯（编辑 胡家荣） 今日港股医药股多数上涨。截至发稿，云康集团(02325.HK)、永泰生 物-B(06978.HK)、巨子生物(02367.HK)、宜明昂科-B()分别上涨16.67%、11.54%、8.13%、6.27%。 从上图来看，巨子生物表现居前，该公司一度涨近9%。 消息方面，12月5日，国家药品监督管理局医疗器械技术审评中心发布《医疗器械优先审批申请审核结 果公示（2024年第17号）》(简称"《结果公示》")。据《结果公示》，巨子生物的"注射用重组胶原蛋白 填充剂（受理号：CQZ2402149)"属于"列入国家重点研发计划的医疗器械"，符合优先审批情形的项 目，拟定予以优先审批。 宜明昂科-B也出现上涨，盘中涨超7%，主要是公司一款药物获批II期临床。 宜明昂科近日发布公告，宣布公司已获中国国家药监局批准进行IMM0306用于治疗狼疮性肾炎的II期临 床试验。IMM0306是一种靶向CD47和CD20的双特异性抗体，具有全球首个进入临床阶段的CD47和 CD20双靶向特性。 此轮医保续约品种价格降幅较温和 2024年国家医保目录在近日正式公布，91种药品新进入国家医保药品目录， ...

[Table_StockNameRptType] 巨子生物（02367） 港股点评 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

浦银国际研究 浦银国际 公司研究 SPDBI目标价 目前价 市场预期区间 资料来源：Bloomberg、浦银国际 扫码关注浦银国际研究 公司研究 | 消费行业 巨子生物（2367.HK）：双品牌驱动多平台 "双 11"亮眼表现，上调目标价 2024 年"双 11"期间巨子生物旗下两大品牌可复美及可丽金再次录得 高增长。根据公司"双 11"战报（2024 年 10 月 8 日-11 月 11 日对比 2023 年自然日同期），可复美与可丽金线上全渠道 GMV 分别同比增长 80%+和 150%+。可复美的高速增长喜人，也较今年"618"的增速有所 提升（"618"大促 GMV 增速为 60+%）。我们持续看好重组胶原蛋白行 业以及公司化妆品产品的高速增长，基于我们对化妆品行业更乐观的 预期，我们在维持盈利预测的情况下，上调目标价至 62.0 港元，潜在 升幅为 26.3%。 双品牌多平台热销，大促表现提速：尽管本次"双 11"各平台的启动 时间较 2023 年提前一周左右，造成了时长上的错配，但大促增速表 现仍较"618"提升。巨子生物旗下可复美与可丽金两品牌"双 11" 期间在多个线上平台的表现均十分亮眼，线 ...

Tabl e_BaseInfo 公司动态分析 证券研究报告 医美 投资评级： 买入 维持 评级 6 个月目标价 58.5 港元 股价 2024-11-18 49.85 港元 总市值(亿港元) 512.57 总股本(亿股) 10.28 12 个月低/高(港元) 29.3/56.85 平均成交(百万港元) 215.52 股东结构 创始人夫妇 57% 其他 43% 总共 100.0% SDICSI 2024 年 11 月 18 日 巨子生物 (2367.HK) 双 11 再创佳绩，首个发酵人参粉领域团队标 准发布 事件：双 11 再创辉煌，可复美和可丽金线上全渠道全周期 GMV 分别同比增长 80%+和 150%+。 近日，巨子生物主导制定的《发酵人参粉》团体标准正式发布。 报告摘要 2024 年双 11 再创辉煌，可复美和可丽金 GMV 分别同比增长 80%+和 150%+。 可复美： 线上全渠道全周期 GMV 同比增长 80%+。分平台来看，在天猫，GMV 同比增长 50%+；在抖音，GMV 同比增长 100%+；在京东，GMV 同比增长 200%+；在唯 品会，GMV 同比增长 100%+。 明星大单品胶原棒 ...

点击蓝字 关注我们 招商银行全资附属机构 2024年双十一收官，公司两大核心品牌可复美与可丽金线上增速靓丽。双十一期间（10月8日至11月11 日），可复美与可丽金的线上全渠道GMV分别同比增长超80%和超150%，较今年"618"均有提速。可复美和 可丽金在抖音平台爆发式增长，双十一期间分别同比增长超100%和超500%。根据《天下网商》联合天猫发 布的品牌成交排行榜（10月21日至11月11日），可复美在天猫快消品牌销售榜名列第14，护肤品牌销售榜名 列第12，在国货品牌排名第三。可复美在抖音电商双十一大促护肤品牌总榜中名列第四，国货品牌第三。 双十一大促于10月拉开序幕，可复美和可丽金增长强劲。2024年各大平台双十一大促较往年均有所提前，普 遍从10月中上旬开启，较2023年提前约10天。叠加双十一大促开启以及错期影响，据魔镜数据库统计， 10M24可复美线上GMV同比强劲增长90%，其中天猫淘宝和抖音平台GMV分别同比增长83%和120%。可复 美在抖音平台进行成功的营销投入，如搭建抖音自播间矩阵，因此驱动可复美在抖音平台快速增长。 可复美胶原棒延续高增长，新品表现亮眼。经典产品可复美重组胶原蛋白敷 ...

2024 年 11 月 14 日 财务资料 招银国际环球市场 | 睿智投资 | 公司更新 巨子生物 (2367 HK) 双十一收官，双品牌强势增长 2024 年双十一收官，公司两大核心品牌可复美与可丽金线上增速靓丽。双十一 期间（10 月 8 日至 11 月 11 日），可复美与可丽金的线上全渠道 GMV 分别同 比增长超 80%和超 150%，较今年"618"均有提速。可复美和可丽金在抖音平台 爆发式增长，双十一期间分别同比增长超 100%和超 500%。根据《天下网商》 联合天猫发布的品牌成交排行榜（10 月 21 日至 11 月 11 日），可复美在天猫快 消品牌销售榜名列第 14，护肤品牌销售榜名列第 12，在国货品牌排名第三。可 复美在抖音电商双十一大促护肤品牌总榜中名列第四，国货品牌第三。 双十一大促于 10 月拉开序幕，可复美和可丽金增长强劲。2024 年各大平台 双十一大促较往年均有所提前，普遍从 10 月中上旬开启，较 2023 年提前约 10 天。叠加双十一大促开启以及错期影响，据魔镜数据库统计，10M24 可 复美线上 GMV 同比强劲增长 90%，其中天猫淘宝和抖音平台 GMV 分别同 ...

Financial Performance - Revenue for the first half of 2024 reached RMB 2.54 billion, a year-on-year increase of 58.2%[7] - Adjusted profit for the first half of 2024 was RMB 1.03 billion, a year-on-year increase of 51.8%[9] - Total revenue for the first half of 2024 reached RMB 2,540.4 million, a 58.2% increase compared to RMB 1,605.7 million in the same period of 2023[23] - Total revenue for the first half of 2024 reached RMB 2,540.4 million, a 58.2% increase compared to RMB 1,605.7 million in the same period of 2023[24] - Revenue from professional skincare products accounted for 99.7% of total revenue, with functional skincare contributing RMB 1,939.6 million (76.4%) and medical dressings contributing RMB 592.2 million (23.3%)[24] - Revenue for the first half of 2024 reached RMB 2,540.4 million, a 58.2% increase compared to RMB 1,605.7 million in the same period of 2023[70] - Gross profit for the first half of 2024 was RMB 2,093.2 million, up 54.9% from RMB 1,351.0 million in the first half of 2023[70] - Net profit attributable to owners of the company for the first half of 2024 was RMB 983.2 million, a 47.4% increase from RMB 666.9 million in the same period of 2023[70] - Revenue from customer contracts increased to RMB 2,540,432 thousand in the first half of 2024, up from RMB 1,605,698 thousand in the same period of 2023, representing a growth of 58.2%[85] - Basic earnings per share for 2024 were RMB 983,164 thousand, up from RMB 666,940 thousand in 2023, a 47.4% increase[97] R&D and Innovation - R&D expenditure for the first half of 2024 was RMB 49 million, a year-on-year increase of 43.2%, accounting for 1.9% of revenue[10] - The company has over 100 ongoing R&D projects as of the end of the reporting period[10] - The company has been granted and applied for 133 patents, with 40 new patents added during the reporting period[10] - The company participated in multiple academic conferences to promote the development of recombinant collagen technology[14] - R&D expenses increased by 43.2% YoY to RMB 48.7 million, representing 1.9% of revenue[34] - R&D costs surged to RMB 13,469 thousand in 2024 from RMB 1,290 thousand in 2023, a 944.1% increase[91] - 11% of the net proceeds from the global offering are allocated for R&D investment, including expanding the R&D team and facilities[64] Brand Performance - Reborn Beauty brand achieved revenue of RMB 2.071 billion, a year-on-year increase of 68.6%[12] - Reborn Beauty's Human-like Recombinant Collagen Essence became the company's top star product, ranking No.1 in multiple categories during the 618 promotion[12] - Reborn Beauty launched the new Focus Series, with the Focus Cream ranking No.1 in Tmall's new cream list and Douyin's collagen cream popularity list during 618[12] - Reborn Beauty's Order Spot Stick ranked No.1 in Tmall's new repair essence list during 618, completing the oil-control and acne-treatment product portfolio[12] - Kelisheng brand achieved revenue of RMB 396 million, a year-on-year increase of 23.6%[13] - Kelisheng's new Vitality Series products, including eye cream and face cream, received a 99% positive rating and a score of 4.64 in consumer trials[13] - The Kefumei brand contributed RMB 2,070.9 million (81.5%) to total revenue, a 68.6% increase compared to the same period in 2023[32] - The Kelijin brand generated RMB 396.1 million (15.6%) in revenue, a 23.6% increase year-over-year[32] - Other brands contributed RMB 64.9 million (2.6%) to total revenue, a 40.8% increase compared to the same period in 2023[32] - Revenue from the professional skincare product "Kefumei" increased by 68.6% YoY to RMB 2,070.9 million, accounting for 81.5% of total revenue[33] - Revenue from the skincare product "Keling" rose by 23.6% YoY to RMB 396.1 million, contributing 15.6% of total revenue[33] Marketing and Sales - The company launched new products and continued to optimize its product matrix to reach a broader customer base[11] - The company strengthened public domain marketing, with Reborn Beauty's Focus Cream campaign generating over 200 million topic exposures on Xiaohongshu[15] - Reborn Beauty appointed Olympic swimming champion Ye Shiwen as its brand ambassador to enhance consumer emotional connection[15] - Reborn Beauty launched a special 520 campaign with limited edition "Lucky Stick" products to strengthen brand-consumer interaction[15] - Direct sales channel revenue accounted for 72.4% of total revenue at RMB 1,838 million, while distribution channel revenue was RMB 702 million, representing 27.6% of total revenue[18] - The company expanded its offline presence with approximately 10 offline stores in key cities, including the flagship store in Chongqing opened on June 16, 2024[17] - The company's products are available in approximately 1,500 public hospitals, 2,700 private hospitals and clinics, 650 chain pharmacies, and 6,000 CS/KA stores[17] - Online GMV growth for the Keruimei and Kelijing brands exceeded 60% and 100% respectively during the 618 shopping festival in 2024[17] - Direct-to-consumer (DTC) online sales through the company's own stores reached RMB 1,603.2 million, a 64.1% year-over-year increase, accounting for 63.1% of total revenue[26][27] - Online sales through e-commerce platforms grew 143.3% year-over-year to RMB 167.4 million, representing 6.6% of total revenue[29] - Offline direct sales increased by 82.2% year-over-year to RMB 67.6 million, accounting for 2.7% of total revenue[30] - Sales to distributors grew 34.4% year-over-year to RMB 702.3 million, representing 27.6% of total revenue[31] - The company's offline advertising campaigns covered major transportation hubs and commercial centers in cities like Xi'an, Chongqing, and Wuhan[17] - Marketing and promotion expenses rose to RMB 811,642 thousand in 2024 from RMB 521,705 thousand in 2023, a 55.6% increase[90] Production and Operations - The company added 1 new cosmetics production line and 1 medical device production line, with a new medical device factory expected to be operational within the year[19] - The company's capital commitments primarily consist of plant, machinery, and buildings, amounting to RMB 239.8 million as of June 30, 2024[39] - The company recorded capital expenditures of RMB 164.7 million in the six months ended June 30, 2024, mainly for the construction of new factories and the purchase of production line equipment[39] - The company has 1,512 full-time employees as of June 30, 2024, with 39.9% in production, 11.6% in R&D, 30.0% in sales and marketing, and 18.5% in general and administrative functions[40][41] - Inventory grew by 66.5% to RMB 333.7 million as of June 30, 2024, from RMB 200.4 million as of December 31, 2023[71] - Inventory increased by RMB 133,274 thousand, reflecting higher stock levels compared to the previous year[76] - Inventory, consumables, and custom product costs increased to RMB 314,231 thousand in 2024 from RMB 199,527 thousand in 2023, a 57.4% increase[90] - The company's investment in property, plant, and equipment decreased to RMB 165,417 thousand in 2024, down from RMB 186,961 thousand in 2023[77] - The company's net cash used in investing activities decreased to RMB 343,498 thousand in 2024, compared to RMB 472,404 thousand in 2023[77] - The company acquired assets worth RMB 284,042 thousand in 2024, compared to RMB 111,910 thousand in 2023, a 153.8% increase[98] Financial Position and Capital - Total assets as of June 30, 2024, were RMB 7.78 billion, a 56.5% increase compared to the end of 2023[8] - Total liabilities as of June 30, 2024, were RMB 1.81 billion, a 200% increase compared to the end of 2023[8] - Net current assets as of June 30, 2024, were RMB 4.93 billion, a 36.8% increase compared to the end of 2023[8] - The company's cash and cash equivalents increased by 82.3% to RMB 4,564.4 million as of June 30, 2024, compared to RMB 2,504.0 million as of December 31, 2023[39] - Cash and cash equivalents as of June 30, 2024, stood at RMB 4,564.4 million, an 82.3% increase from RMB 2,504.0 million as of December 31, 2023[71] - The company's cash and cash equivalents increased significantly to RMB 4,564,386 thousand as of June 30, 2024, up from RMB 1,557,509 thousand in the same period of 2023[77] - Net asset value increased to RMB 5,974,848 thousand as of June 30, 2024, up from RMB 4,371,050 thousand at the end of 2023[73] - The company issued shares worth RMB 1,498,500 thousand, resulting in a total equity increase of RMB 1,498,502 thousand[74] - The company declared dividends of RMB 908,437 thousand for the 2023 final and special dividends[74] - The company declared a total dividend of RMB 908,437 thousand for 2023, including a final dividend of RMB 449,536 thousand and a special dividend of RMB 458,901 thousand[94] - The company completed a share placement and subscription, raising approximately HKD 1,627 million (net of commissions and estimated expenses), with 90% (HKD 1,464.3 million) allocated for core business development and ecosystem layout, and 10% (HKD 162.7 million) for working capital and general corporate purposes[67] - The company issued 33,220,000 ordinary shares at a subscription price of HKD 49.40 per share (equivalent to RMB 45.11 per share), raising a total of HKD 1,641,065,000 (RMB 1,498,500,000 before deducting share issuance costs)[104] Corporate Governance and Shareholding - The company has adopted a Restricted Stock Unit (RSU) plan, with a maximum of 19,000,000 shares, representing approximately 1.85% of the total issued share capital as of the reporting date[41] - The company has adopted the 2023 Share Option Plan and the 2023 Share Award Plan, with a maximum of 99,500,000 shares, representing 9.68% of the total issued share capital as of the reporting date[42] - The company has decided not to declare an interim dividend for the six months ended June 30, 2024[43] - The company has not separated the roles of Chairman and CEO, with Mr. Yan Jianya holding both positions, which the company believes is beneficial for consistent leadership and effective execution of business strategies[43] - Mr. Yan Jianya holds 589,350,972 shares, representing 57.32% of the company's total issued shares as of June 30, 2024[46] - Ms. Ye Juan holds 1,049,800 shares, representing 0.10% of the company's total issued shares as of June 30, 2024[46] - Ms. Fang Juan holds 1,157,601 shares, representing 0.11% of the company's total issued shares as of June 30, 2024[46] - Ms. Zhang Huijuan holds 1,240,000 shares, representing 0.12% of the company's total issued shares as of June 30, 2024[46] - Dr. Fan holds 581,104,935 shares through controlled corporations, representing 56.52% of the company's total issued shares as of June 30, 2024[50] - Healing Holding, wholly owned by Dr. Fan, holds 900,000 shares, representing 0.09% of the company's total issued shares as of June 30, 2024[50] - E Fund Management Co., Ltd. holds 50,067,000 shares, representing 4.87% of the company's total issued shares as of June 30, 2024[51] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[52] - The restricted share unit plan has a remaining term of 7 years, with a total duration of 10 years from the date of adoption by the board[53] - The maximum number of shares under the restricted share unit plan is 19,000,000, representing approximately 1.85% of the company's total issued share capital as of the report date[54] - The restricted share units are granted at prices of RMB 4.74 per share (granted on December 8, 2021) and RMB 20 per share (granted on September 26, 2022)[53] - The restricted share units are expected to vest in five equal installments, with 20% of the total shares vesting every 12 months from the grant date[54] - As of June 30, 2024, the company's chairman, executive director, and CEO holds 10,459,502 restricted shares, representing 1.02% of the total issued shares[55] - A total of 13,361,601 restricted shares remain unvested and subject to lock-up conditions as of June 30, 2024[55] - The restricted share unit plan aims to align the interests of shareholders and employees, and to attract and retain senior management and core talent[53] - The company adopted a fourth amended and restated memorandum and articles of association on June 13, 2024, to comply with the Listing Rules regarding electronic dissemination of corporate communications[53] - No further restricted share units will be granted under the plan after the company's listing[54] - The restricted share unit plan was fully granted before the company's listing, with no additional units to be issued post-listing[54] - The maximum number of shares that can be issued under the 2023 Plan is 99,500,000 shares, representing 9.68% of the total issued shares (excluding treasury shares) as of the report date[57] - The maximum number of shares that can be issued to service provider participants under the 2023 Plan is 19,900,000 shares, representing 1.94% of the total issued shares (excluding treasury shares) as of the report date[57] - The 2023 Plan aims to provide participants with personal equity interests in the company to recognize, incentivize, and reward them, attract and retain the most qualified personnel, and drive the group's business success[57] - The minimum vesting period for options or award shares is generally 12 months, but the board may grant shorter vesting periods under certain circumstances[58] - The 2023 Plan has a remaining validity period of 9 years from the adoption date[60] - The company granted a total of 20,000,000 options to 128 eligible participants on December 28, 2023, to subscribe for ordinary shares with a par value of $0.00001 per share[60] - No share awards have been granted under the 2023 Share Award Plan as of the report date[60] - The exercise price of options must be at least the higher of the closing price on the offer date, the average closing price over the 5 business days prior to the offer date, or the par value per share on the grant date[60] - The company granted a total of 20,000,000 share options on December 28, 2023, with 40% vesting after one year, 30% after two years, and the remaining 30% after three years[62] - The exercise price of the granted share options is HK$35.05 per share, with a fair value of HK$6.25 per share at the grant date, totaling HK$125 million[62] - The company approved a Restricted Share Unit Plan on December 8, 2021[122] - The company's shares have a par value of $0.00001 per share[123] - The company operates under the Securities and Futures Ordinance (Chapter 571 of Hong Kong Law)[122] - The company's shares are held by shareholders[123] - The company has subsidiaries as defined under Section 15 of the Companies Ordinance[123] - The company's operations are subject to the jurisdiction of the United States, its territories, and all areas under its jurisdiction[123] - The company's financial reporting is in US dollars, the legal currency of the United States[124] Social Responsibility and Donations - The company donated over RMB 5 million worth of products to frontline educators and medical workers during the "March 8th Warm Spring Love Action"[20] - The company launched the "Giant 315 Transparency Commitment" on March 15, 2024, to promote transparency in the recombinant collagen industry[21] Industry Recognition and Achievements - The company was recognized as the global leader in recombinant collagen by Euromonitor International[9] Strategic Investments and Future Plans - The company plans to continue R&D investment, enrich raw material reserves, and expand product lines in the second half of 2024[20