事项： 2025 年10 月23 日，巨子生物公告其自主研发的"重组I 型α1 亚型胶原蛋白冻干纤维" 获得国家药品监督 管理局（NMPA）第三类医疗器械注册证。 国信零售观点：公司首款注射类重组胶原三类械获批明确开启医美第二增长曲线，虽然短期因市场对公 司双11 初期的销售波动影响而出现调整，但在本次双11 大促机制下，公司仍有望通过中后半段发力， 整体表现无需过度悲观。长期来看，在医美业务多管线处于审批、优先审评通道的连续催化预期，公司 通过积累的线下医疗机构渠道资源与C 端品牌影响力，有望为后续新品商业化快速起量打下基础，同时 管理层通过多次增持释放积极信号。我们维持公司2025-2027 年归母净利25.49/30.92/36.73 亿元，对应 PE 为15/12/10 倍，维持"优于大市"评级。 机构：国信证券 研究员：张峻豪/孙乔容若/柳旭 评论： 公司公告获批首张医美三类医疗器械证 2025 年10 月23 日，巨子生物公告其自主研发的"重组I 型α1 亚型胶原蛋白冻干纤维" 获得国家药品监督 管理局（NMPA）第三类医疗器械注册证，注册证编号为国械注准20253132049。该产品是巨子生物三 ...

Core Insights - The top three companies with the highest short positions as of October 24 are ZTE Corporation (00763), Vanke Enterprises (02202), and COSCO Shipping Holdings (01919), with short ratios of 15.82%, 15.47%, and 15.42% respectively [1][2] - The companies with the largest increase in short positions are InnoCare Pharma-B (09606), Sanhua Intelligent Controls (02050), and Giant Biogene (02367), with increases of 2.41%, 2.04%, and 1.06% respectively [1][2] - The companies with the largest decrease in short positions are Junshi Biosciences (01877), Mingyuan Cloud (00909), and Shandong Gold (01787), with decreases of -0.95%, -0.94%, and -0.93% respectively [1][3] Top 10 Short Positions - The top 10 companies with the highest short ratios include: - ZTE Corporation (00763): 15.82% - Vanke Enterprises (02202): 15.47% - COSCO Shipping Holdings (01919): 15.42% - Contemporary Amperex Technology Co., Ltd. (03750): 13.88% - Ganfeng Lithium (01772): 13.55% - Ping An Insurance (02318): 13.03% - Fuyao Glass (06865): 12.01% - Zijin Mining (02899): 11.94% - Heng Rui Medicine (01276): 11.05% - MicroPort Medical (00853): 10.94% [2] Largest Increases in Short Positions - The companies with the largest increases in short ratios are: - InnoCare Pharma-B (09606): from 1.39% to 3.80% - Sanhua Intelligent Controls (02050): from 8.14% to 10.18% - Giant Biogene (02367): from 7.56% to 8.62% - Pop Mart International (09992): from 3.91% to 4.88% - GCL-Poly Energy Holdings (03800): from 7.92% to 8.77% - Fourth Paradigm (06682): from 1.20% to 1.96% - Yidu Tech (02158): from 2.64% to 3.38% - Yanzhou Coal Mining Company (01171): from 7.52% to 8.24% - Laopu Gold (06181): from 2.35% to 3.02% - Aluminum Corporation of China (02600): from 5.85% to 6.48% [2] Largest Decreases in Short Positions - The companies with the largest decreases in short ratios are: - Junshi Biosciences (01877): from 5.50% to 4.55% - Mingyuan Cloud (00909): from 4.52% to 3.58% - Shandong Gold (01787): from 8.17% to 7.24% - Kelaiying (06821): from 9.14% to 8.23% - Ganfeng Lithium (01772): from 14.32% to 13.55% - Zijin Mining (02899): from 12.62% to 11.94% - Luoyang Molybdenum (03993): from 6.20% to 5.53% - Yiming Anke-B (01541): from 1.13% to 0.49% - Innovent Biologics (09969): from 6.38% to 5.80% - ZhongAn Online (06060): from 7.11% to 6.57% [3][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][14]. Core Views - The approval of the company's first injectable recombinant collagen type I medical device marks a significant breakthrough in the aesthetic medicine sector, opening a new growth curve for the company [2][3]. - Despite short-term sales fluctuations due to market reactions to the Double 11 shopping festival, the company is expected to perform well in the latter half of the event, supported by its established offline medical institution channels and brand influence [2][14]. - The management's continuous share buybacks signal strong long-term confidence in the company's prospects [2][13]. Summary by Sections Company Overview - The company announced on October 23, 2025, that its self-developed "Recombinant Type I α1 Collagen Freeze-Dried Fiber" received the Class III medical device registration certificate from the National Medical Products Administration (NMPA) [2][3]. - This product is the first approved drug-device combination in the company's Class III medical device pipeline, indicating a strategic expansion into the high-barrier aesthetic injection device market [3]. Product Details - The product is a white or off-white sponge-like solid composed of recombinant type I α1 collagen, with various specifications ranging from 10mg to 24mg per bottle [5]. - It is indicated for facial dermal tissue filling to correct dynamic wrinkles, including forehead lines, glabellar lines, and crow's feet [5]. Market Potential - The domestic market currently has 12 approved Class III collagen medical devices, with only four related to recombinant collagen, highlighting the uniqueness of the company's product [4]. - The collagen injection market is projected to reach approximately 9.8 billion by 2025, indicating significant growth potential for the company [7]. Financial Projections - The company is expected to achieve net profits of 2.549 billion, 3.092 billion, and 3.673 billion for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15, 12, and 10 [2][14]. - The management's share buybacks have increased their stake to 54.66%, reflecting confidence in the company's future performance [13]. Competitive Landscape - The company's recombinant type I collagen differs from competitors' type III collagen, suggesting a non-direct competition scenario that could enhance its market position [7]. - The approval of additional products in the pipeline is anticipated to accelerate, further strengthening the company's market presence [8].

Core Viewpoint - The company has received approval for its recombinant type I α1 collagen freeze-dried fibers, marking a significant advancement in its medical aesthetics segment and enhancing its product portfolio [1] Group 1: Product Approval - The product "recombinant type I α1 collagen freeze-dried fibers" has been approved by NMPA on October 21, with registration number 20253132049, making it the first recombinant type I natural sequence collagen injection product in China [1] - The product is characterized as a white or off-white sponge-like solid composed of recombinant type I α1 collagen, utilizing a specific amino acid sequence of 753 amino acids [1] - It is indicated for facial dermal tissue filling to correct dynamic wrinkles, including frown lines, forehead lines, and crow's feet [1] Group 2: Financial Forecast - The company is projected to achieve net profits attributable to the parent company of 2.52 billion, 3.16 billion, and 3.81 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 22.2%, 25.3%, and 20.5% [2] - The recombinant collagen segment is expected to experience high growth potential, especially following the recent approval of the medical aesthetics product, which may provide significant marginal catalytic elasticity [2] - The company maintains a "buy" rating despite recent challenges faced by its cosmetics brand due to public opinion events [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The approval of three types of medical devices opens up growth opportunities in the medical beauty sector [2] - The company has successfully obtained NMPA approval for its recombinant type I α1 collagen freeze-dried fibers, marking a significant advancement in its product offerings [5] - The company is expected to see substantial profit growth, with projected net profits of 2.52 billion, 3.16 billion, and 3.81 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 22.2%, 25.3%, and 20.5% [5] Financial Forecast and Valuation - Closing price as of October 24, 2023, is HKD 41.68, with a market capitalization of HKD 44.64 billion [4] - Revenue projections are as follows: 3,524.1 million RMB in 2023, 5,538.8 million RMB in 2024, 6,997.89 million RMB in 2025, 8,693.63 million RMB in 2026, and 10,420.60 million RMB in 2027, with corresponding growth rates of 49.0%, 57.2%, 26.3%, 24.2%, and 19.9% [4] - The company’s return on equity (ROE) is projected to decline from 33.3% in 2023 to 23.0% in 2027, while the price-to-earnings (P/E) ratio is expected to decrease from 21.81 in 2023 to 10.7 in 2027 [4]

Core Viewpoint - Juzi Holding Co., Ltd has increased its stake in Juzi Bio (02367.HK) by purchasing 560,000 shares for approximately HKD 21.8 million, reflecting strong confidence in the company's future development [1] Summary by Sections Share Purchase Details - Juzi Holding has acquired a total of 4,226,600 shares since the announcement of its buyback plan on June 9, 2025, with a total investment of approximately HKD 200.2 million [1] - Following the latest purchase, Juzi Holding now holds 585,331,535 shares, representing 54.66% of the company's total issued shares [1] Future Plans - Juzi Holding may continue to increase its shareholding based on market conditions and applicable regulatory requirements [1]

Core Viewpoint - Juzi Holding Co., Ltd has increased its stake in the company, demonstrating strong confidence in the company's future development and aiming to promote stable and healthy growth while protecting public investors' interests [1] Group 1: Share Purchase Details - Juzi Holding purchased a total of 560,000 shares of the company, amounting to approximately 21.8 million HKD (excluding commissions and other expenses) [1] - Since the announcement of the share purchase plan on June 9, 2025, Juzi Holding has acquired a total of 4.2266 million shares, with a total investment of around 200 million HKD (excluding commissions and other expenses) [1] - Following this latest purchase, Juzi Holding holds a total of 585 million shares, representing 54.66% of the company's total issued shares [1] Group 2: Future Intentions - Juzi Holding may continue to increase its shareholding in the company based on market conditions and applicable regulatory requirements [1]

Core Viewpoint - Juzi Holding Co., Ltd has increased its stake in the company, demonstrating strong confidence in the company's future development and aiming to promote sustainable and healthy growth while protecting public investors' interests [1] Share Purchase Details - Juzi Holding purchased a total of 560,000 shares of the company, amounting to approximately 21.8 million HKD (excluding commissions and other expenses) [1] - Since the announcement of the share purchase plan on June 9, 2025, Juzi Holding has acquired a total of 4.2266 million shares, with a total investment of around 200 million HKD (excluding commissions and other expenses) [1] - Following this latest purchase, Juzi Holding holds a total of 585 million shares, representing 54.66% of the company's total issued shares [1] Future Intentions - Juzi Holding may continue to increase its shareholding in the company based on market conditions and applicable regulatory requirements [1]

本公司董事會（（「董事會」）接獲本公司控股股東Juzi Holding Co., Ltd（「Juzi Holding」） 通 知，基 於 對 本 公 司 未 來 發 展 的 強 烈 信 心，為 促 進 本 公 司 持 續、穩 定、健 康 發 展，維 護 廣 大 公 眾 投 資 者 利 益，於 本 公 告 日 期，Juzi Holding於市場內合共購入 560,000股本公司股份（「本次增持」），本 次 增 持 金 額 合 計 約 為21.8百萬港元（不 包 括 佣 金 及 其 他 開 支）。自2025年6月9日 發 佈 增 持 計 劃 後，截 至 本 公 告 日 期，Juzi Holding於市場內共購入4,226,600股 本 公 司 股 份，增 持 金 額 合 計 約 為200.2百萬元 港 幣（不 包 括 佣 金 及 其 他 開 支）。緊 隨 本 次 增 持 後，於 本 公 告 日 期，Juzi Holding合 共持有本公司585,331,535股 股 份，佔 本 公 司 已 發 行 總 股 數 的54.66%。Juzi Holding 可 能 會 根 據 市 場 狀 況 和 適 用 的 監 管 要 ...

Group 1: Market Performance and Opportunities - The MSCI China Healthcare Index has increased by 58.6% year-to-date, outperforming the MSCI China Index which rose by 24.2% [1] - The recent slight pullback in the healthcare sector (10% decline in MSCI China Healthcare Index since October) presents a buying opportunity [1] - The recovery in capital market financing and the increase in overseas transactions for innovative drugs indicate a rebound in domestic innovative drug R&D demand [1] Group 2: Clinical Data and Drug Development - SKB264 is the only drug showing statistically significant overall survival (OS) in a Phase III trial for EGFR-TKI resistant NSCLC, with a hazard ratio (HR) of 0.56 compared to chemotherapy [2] - Ivonescimab demonstrated a median progression-free survival (mPFS) of 11.1 months in first-line sqNSCLC, outperforming the comparator at 6.9 months (HR=0.60) [2] - The uORR for drug 707 in first-line colorectal cancer reached 82.6%, with a cORR of 65.2%, indicating strong efficacy [2] Group 3: Strategic Collaborations and Future Outlook - The company suggests focusing on the clinical advancement of authorized pipelines overseas, as this has a higher certainty of success and can act as a catalyst for stock price increases [3] - The strategic collaboration between Innovent Biologics and Takeda for IBI363 involves shared global R&D costs and commercial rights, reflecting confidence in the drug and commitment to global strategy [3] - Pfizer is expected to announce overseas clinical plans for drug 707 within the year, with a focus on its combination with multiple ADC products [3]