机构：西部证券 研究员：吴岑/于佳琦 事件：2026 年1 月15 日公司收到中国国家药品监督局颁发的关于"重组I型α1 亚型胶原蛋白及透明质酸 钠复合溶液"产品的第Ⅲ类医疗器械注册证。 此次最新获批的第二款产品"重组Ⅰ型α1 亚型胶原蛋白及透明质酸钠复合溶液"，是一款直接可注射的 预配溶液，其成分创新性地将等浓度的重组胶原蛋白（4.5mg/mL）与透明质酸钠（4.5mg/mL）结合， 旨在通过真皮层注射改善面颊部平滑度，精准定位于大众化的肤质改善与水光焕肤需求。通过"固体冻 干纤维填充"与"液体复合溶液焕肤"的组合，公司以同一技术基底实现了对注射医美中"去皱"与"肤质改 善"两大主流需求的差异化覆盖。 作为重组胶原蛋白领域平台型龙头，公司"技术-品牌-渠道"的全产业链布局形成了强有力的核心竞争 力：上游自主研发的重组胶原蛋白与合成生物技术平台，为产品筑牢技术与量产根基，两款Ⅲ类医疗器 械的获批更验证了平台的合规性与先进性，为后续产品拓展铺路；中游凭借"可复美+可丽金"双品牌矩 阵及医用敷料积累的医院渠道信任，为医美产品渗透赋能，而Ⅲ类械落地推动品牌从护肤级升级至医疗 级；下游依托线上线下全域渠道网络，助力医 ...

证券研究报告 美容护理 | 医疗美容 港股|公司点评报告 hyzqdatemark 2026 年 01 月 21 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王悦 wangyue03@huayuanstock.com 巨子生物(02367.HK) 投资评级： 买入（维持） ——全球首个注射用重组胶原蛋白和透明质酸钠复合溶液获批 投资要点： | | | | 基本数据 | 2026 年 01 月 20 日 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | 35.40 | | 2023 | 2024 | 2025E | 2026E | 2027E | | 一年内最高/最低（港 | 87.10/32.88 | 营业收入（百万元） | 3,524.14 | 5,538.81 | 5,595.56 | 6,478.05 | 7,428.23 | | 元） 总市值（百万港元） | 37,910.00 | 同比增长率（%） | 49.0% | 57 ...

巨子生物（2367.HK）动态跟踪点评 平台优势兑现，双美组合开启医美第二增长曲线 证券研究报告 2026 年 01 月 21 日 公司动态跟踪 | 巨子生物 事件：2026 年 1 月 15 日公司收到中国国家药品监督局颁发的关于"重组 I 型α1 亚型胶原蛋白及透明质酸钠复合溶液"产品的第Ⅲ类医疗器械注册证。 -38% -25% -12% 1% 14% 27% 40% 53% 2025-01 2025-05 2025-09 2026-01 巨子生物 恒生指数 分析师 吴岑 S0800524100002 021-38584327 wucen@research.xbmail.com.cn 于佳琦 S0800525040008 021-38584327 yujiaqi@xbmail.com.cn 公司基于其重组Ⅰ型α1 亚型胶原蛋白技术平台（采用人天然 I 型α1 单链氨 基酸序列 305-1057 位，共 753 个氨基酸，非三螺旋结构），在短期内相继获 批了两款关键的Ⅲ类医疗器械。2025 年 10 月 23 日获批的"重组Ⅰ型α1 亚型胶原蛋白冻干纤维"是国内首个获批的 I 型重组胶原注射剂，形态为需 溶 ...

Group 1 - The article reports on stock buybacks conducted by various companies on January 16, 2026, with Xiaomi Group-W (01810) having the largest buyback amount of 219 million yuan for 5.90 million shares [1][2] - Other notable buybacks include Sunyu Optical Technology (02382) with 1.13 million shares repurchased for approximately 74.9 million yuan and Xiansheng Pharmaceutical (02096) with 4.43 million shares for about 51.6 million yuan [1][2] - The total number of shares repurchased by Xiaomi Group-W represents 0.71% of its total share capital, while Sunyu Optical Technology's buyback accounts for 0.64% of its total share capital [2][3] Group 2 - The buyback activity reflects a trend among companies to return capital to shareholders, with several companies like Country Garden Services (06098) and Baidu-W (02423) also engaging in significant buybacks [1][2] - The buyback amounts and share counts vary significantly across companies, with some like Weigao Group (01066) and Yunda Automotive (03669) showing higher percentages of total share capital repurchased, at 6.68% and 1.27% respectively [2][3] - The data indicates a diverse range of industries participating in buybacks, including technology, healthcare, and consumer services, suggesting a broad interest in enhancing shareholder value across sectors [1][2]

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance that exceeds the market by more than 5% within the next six months [25]. Core Insights - The report highlights a divergence in the performance of various segments within the consumer sector, with a stable overall market performance but most sub-sectors underperforming compared to the broader market [4][6]. - There is an expectation for consumer demand to improve ahead of the Lunar New Year, driven by sufficient market liquidity [4]. - The tourism sector is showing potential for growth, with leading companies responding effectively to changing consumer demands [4]. - The beauty industry is experiencing steady growth, with a focus on companies that adapt quickly to market dynamics [4]. - The food and beverage sector is seeing a recovery in supply-demand relationships, particularly in dairy products, while the restaurant supply chain is stabilizing [4]. - In the liquor segment, leading companies are expected to maintain market share despite recent profit adjustments [4]. Market Performance Review - The Shanghai Composite Index fell by 0.57% during the week of January 12-16, with the media sector rising by 3.34% while other sectors like food and beverage and agriculture saw declines of 2.03% and 3.49% respectively [6][8]. Social Services - The report emphasizes the importance of companies that actively respond to changes in consumer demand, particularly in tourism and beauty sectors [4]. Industry Dynamics - The People's Bank of China has introduced measures to enhance structural monetary policy support, which may positively impact consumer spending and economic recovery [10]. - The Philippines has announced visa-free entry for Chinese citizens, which could boost tourism [11]. Company Announcements - Companies like Giant Biological and Proya are making strategic moves, such as product approvals and share buybacks, indicating proactive management in response to market conditions [13][19]. - The report notes significant developments in the liquor industry, including the launch of premium products and partnerships for promotional events [20].

Company Dynamics - The company announced on January 15 that its "Recombinant Type I α1 Collagen and Sodium Hyaluronate Composite Solution" has been approved as a Class III medical device, marking it as the world's first product aimed at improving cheek smoothness through a recombinant collagen and hyaluronic acid composite solution [1] - The approval of this product is expected to further expand the company's aesthetic medicine product matrix and validate its leading technological research and development capabilities [1] Comments - The approval of the world's first recombinant collagen and hyaluronic acid composite solution for improving cheek smoothness represents the second medical aesthetic license obtained by the company [2] - The company plans to steadily advance the product's market launch and promotion through a diverse product portfolio, comprehensive channel network, and refined brand operations, aiming to strengthen its leading market position in the health and beauty sector [2] Future Prospects - The company has a rich pipeline of aesthetic medicine products, with the cross-linked neck wrinkle product having received national priority review qualification, and the cross-linked nasolabial fold product progressing smoothly [2] - The successful approval of the first two aesthetic products has validated the company's technological leadership and safety, with strong channel resources and operational experience expected to facilitate the rollout of future products [2] Cosmetics Product Matrix and Channel Expansion - The company has a clear plan for its cosmetics product matrix and channel expansion, with a rich reserve of new products, including multiple new offerings from the 可复美胶原修护, 焦点, and 秩序 series planned for launch [2] - The company is also upgrading its 可丽金 brand and plans to introduce new products by 2026, while collaborating with key influencers like Li Jiaqi to enhance marketing efforts [2] - The company aims to strengthen its online presence through influencer partnerships and expand its offline coverage in cinema lines, OTC, and CS/KA channels, as well as its own store layout [2] Profit Forecast and Valuation - The company maintains its net profit forecast for 2025-2026 and introduces a net profit estimate of 2.4 billion for 2027, with the current stock price corresponding to a 16x and 14x P/E for 2026-2027 [2] - The company maintains an outperform rating and a target price of 56 HKD, corresponding to a 25x and 23x P/E for 2026-2027, indicating a potential upside of 55% [2]

Group 1 - The core point of the article is that Juzhi Biotechnology has been actively repurchasing its shares, indicating a potential confidence in its stock value and future performance [1] - On January 16, the company repurchased 400,000 shares at a price range of HKD 35.580 to HKD 36.320, totaling HKD 14.4081 million [1] - Since January 5, the company has conducted share repurchases for 10 consecutive days, accumulating a total of 4 million shares repurchased and a total expenditure of HKD 140 million [1] Group 2 - The stock price on January 16 closed at HKD 35.820, reflecting a decrease of 0.61% for the day, with a total trading volume of HKD 404 million [1] - During the repurchase period, the stock has seen a cumulative increase of 4.68% [1] - Detailed repurchase data shows consistent buying of 40,000 shares each day, with varying prices and total amounts spent [2]

Group 1 - The company, 巨子生物 (02367), announced a share buyback plan, intending to repurchase 400,000 shares at a cost of approximately HKD 14.4081 million on January 16, 2026 [1]

Group 1 - The company, Giant Bio (02367), announced a share buyback plan, intending to repurchase 400,000 shares at a cost of approximately HKD 14.4081 million on January 16, 2026 [1]

Group 1 - The company, Giant Bio (02367.HK), announced a share buyback on January 16, 2026, costing HKD 14.408 million to repurchase 400,000 shares [1] - The buyback price ranged from HKD 35.58 to HKD 36.32 per share [1]