巨子生物(02367)发布公告，于2025年12月29日该公司斥资1381.44万港元回购40万股，回购价格为每股 34.28-34.76港元。 ...

格隆汇12月29日丨巨子生物(02367.HK)公告，12月29日耗资1381.4万港元回购40万股，每股回购价 34.28-34.76港元。 ...

呈交日期： 2025年12月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02367 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年12月23日 | 1 ...

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 18.48%, 16.79%, and 15.54% respectively [1][2] - The companies with the largest absolute increase in short positions are CATL (03750), Lens Technology (06613), and UBTECH Robotics (09880), which increased by 2.35%, 2.34%, and 1.29% respectively [1][2] - The companies with the largest absolute decrease in short positions are Changfei Optical Fiber (06869), Mao Ge Ping (01318), and Meilan Airport (00357), which decreased by -1.26%, -0.68%, and -0.67% respectively [1][2] Group 2 - The latest short ratio for Vanke Enterprises (02202) is 18.48%, down from 19.04% previously [3] - The latest short ratio for COSCO Shipping Holdings (01919) is 16.79%, down from 16.79% previously [2] - The latest short ratio for Heng Rui Medicine (01276) is 15.54%, up from 3919.30 million shares to 4011.67 million shares [2]

Core Insights - The "Qihang·2025 Financial Summit" was successfully held in Beijing, focusing on "New Starting Point, New Momentum, New Journey," gathering hundreds of leaders and guests from regulatory bodies, industry associations, financial institutions, listed companies, and media [1] - The "Jizhi Award" was announced, with Juzhi Biotechnology winning the "Outstanding Growth Enterprise" award, aimed at setting high-quality development benchmarks and guiding listed companies to focus on their main business and continuous innovation [2][3] Company Performance - Juzhi Biotechnology demonstrated strong growth resilience in a sluggish market, achieving a revenue of 3.113 billion yuan in the first half of 2025, a year-on-year increase of 22.52%, and a net profit of 1.182 billion yuan, up 20.23% [4] - The company's main business focuses on professional skincare products and health foods, with professional skincare products accounting for over 99% of its core revenue [4] Brand Performance - The flagship brand, Kefu Mei, generated 2.54 billion yuan in revenue in the first half of 2025, a 22.7% increase, representing 81.7% of total revenue, with key products performing well in major sales events [5] - The Keli Jin brand also showed strong performance with a revenue of 503 million yuan, up 26.9%, and its star product ranked in the top 4 of the Tmall sales list for facial masks [5] Future Outlook - Juzhi Biotechnology plans to continue focusing on its main business, enhancing innovation, strengthening its omnichannel layout, and expanding into medical aesthetics and overseas markets to contribute to the high-quality development of the biological skincare industry [5]

Core Viewpoint - The article discusses the strategic partnership between Juzi Bio and Nordberg Medical, focusing on the global development and commercialization of recombinant collagen in the medical aesthetics and biomedical fields, amidst challenges in the domestic consumption market [1][2]. Financial Performance - In the first half of 2025, Juzi Bio achieved revenue of 3.113 billion yuan, a year-on-year increase of 22.5%, with net profit exceeding 1.182 billion yuan, also showing over 20% growth [4]. - Despite overall growth, key financial indicators reveal challenges, such as a 27.5% increase in sales costs to 570 million yuan, which outpaced revenue growth, leading to pressure on gross margins [5]. - Research and development expenses decreased by 15.5% to 41.2 million yuan, attributed to some projects entering the results transformation phase [5]. Market Challenges - The main brand "Kefumei" reported revenue of 2.54 billion yuan, growing 22.7%, but faces challenges from industry slowdowns and intensified competition [5]. - Reports indicate a double-digit decline in sales during the Double Eleven shopping festival, with significant reductions in GMV on platforms like Douyin [5]. Strategic Shift - Juzi Bio is transitioning from a focus on scale expansion to a strategy emphasizing profit stability and structural adjustment due to market pressures [5]. - The recent approval of a Class III medical device registration certificate for recombinant collagen products marks a significant shift from consumer skincare to professional medical applications, enhancing the company's market position [7]. International Collaboration - The partnership with Nordberg Medical allows Juzi Bio to leverage established global networks, facilitating entry into the projected $10 billion market for injection-based medical aesthetics by 2026 [2]. - This collaboration represents a strategic "borrowing a boat to go to sea" approach, enabling Juzi Bio to access existing commercial channels without starting from scratch [8]. Product Development and Market Strategy - Juzi Bio's focus on professional medical products is expected to reshape its marketing strategies, moving from consumer-driven sales to professional education and B2B promotion [9]. - The company aims to build a dual engine of "consumer brand" and "professional technology" by reallocating resources towards products with global registration potential and strengthening international business teams [9].

21世纪经济报道记者 凌晨 西安报道 国内消费市场吹来寒意的同时，一纸来自瑞典的战略合作协议，摆在了巨子生物的案头。 近日，Nordberg Medical与巨子生物双方已正式签署战略合作协议，将基于巨子生物专有的合成生物学 技术平台，共同推进重组胶原蛋白在医美与生物医学领域的全球开发和商业化进程。 这家以重组胶原蛋白技术闻名的公司，正处于一个微妙的十字路口：主力品牌"可复美"线上流量红利渐 退，价格战硝烟四起。而财务报表的另一面，收入与利润增速仍浮动在20%左右。 表面的增长与掩盖深层的焦虑并存。转折的种子已然埋下——一张刚获批的三类医疗器械注册证，成了 破局的关键。这张"械字号"通行证，不仅意味着公司产品从护肤品货架正式迈入专业医疗机构的治疗 室，更标志着其商业逻辑的一次根本性跃迁。 于是，其与瑞典Nordberg Medical的合作，便超越了寻常的技术授权，成为一场精准的"借船出海"。 面对自建海外渠道的重重壁垒，巨子生物选择以核心技术为筹码，嫁接国际伙伴成熟的全球网络。在合 作协议签署现场，Nordberg Medical全球创新中心副总裁 Robert Braithwaite直言，在拓展注射类医美 ...

Core Viewpoint - The company is undergoing a significant strategic shift in response to intensified competition in the domestic medical aesthetics market and pressure on core brand growth [1] Group 1: Strategic Developments - The founder of the company, Yan Jianya, and his daughter, who serves as the Secretary of the Board, made a rare public appearance to announce a strategic cooperation agreement with Nordberg Medical [1] - The company has obtained medical device registration certificates for existing products and is now focusing on the broader B2B professional market and global stage [1] Group 2: Market Positioning - The collaboration with the Swedish company marks a key move towards technology export, indicating a transition from reliance on single consumer brand growth to a model driven by core technology [1] - The company is entering a new development phase that balances B2B and B2C markets while linking domestic and international markets [1]

Group 1 - China Merchants Securities (Hong Kong) downgraded the rating of Giant Bio to neutral due to challenges such as a reputation crisis and a decline in sales during the Double Eleven shopping festival, indicating a potential strategic adjustment period in 2026 with no clear catalysts for rebound [1] Group 2 - CICC maintained a "outperform" rating for He Yu-B, setting a target price of 20 HKD, highlighting the approval of its first self-developed innovative drug, with an overall response rate (ORR) of 54%, which could provide new growth momentum for the company [2] Group 3 - CICC maintained a "outperform" rating for Mixue Group with a target price of 555 HKD, noting the brand's resilience in growth despite reduced delivery subsidies and the rapid expansion of its stores, indicating strong growth potential [3] Group 4 - CICC maintained a "outperform" rating for Tmall with a target price of 3.88 HKD, reporting that Q3 sales met expectations with healthy inventory and stable discounts, suggesting a potential stabilization in the channel [4] Group 5 - Huachuang Securities maintained a "strong buy" rating for Geely Automobile with a target price of 27.01 HKD, citing the completion of the Zeekr privatization significantly enhancing profits and brand synergy, with multiple flagship new models driving sales and average selling price (ASP) increases [5] Group 6 - Changjiang Securities maintained a "buy" rating for Aikang Medical, emphasizing its leading position in orthopedics and revenue surpassing pre-collection levels, with effective overseas expansion strategies [6] Group 7 - Changjiang Securities maintained a "buy" rating for Genscript Biotech, highlighting the establishment of a high-barrier pipeline in tumor vaccines and CAR-T therapies, with significant clinical trials expected to start soon [7] Group 8 - Shenwan Hongyuan maintained a "buy" rating for Tmall, noting improvements in channel efficiency and the end of a large-scale store closure phase, with a clear trend of recovery in the terminal market [8] Group 9 - Shenwan Hongyuan initiated coverage on China Railway with a "buy" rating, citing a substantial order backlog of 7.54 trillion, a high gross margin of 59.45% in its resource segment, and attractive valuation due to significant H-share discounts [9] Group 10 - Guosen Securities maintained an "outperform" rating for Zhongxin Innovation, reporting that the company's power battery installation volume ranked among the top three globally in October, with a year-on-year increase of over 75% in energy storage battery shipments [10]

Core Insights - The article highlights the significant innovation achieved by the Chinese biotechnology company, Juzhibio, in the field of recombinant collagen, particularly recombinant type IV collagen, overcoming technical bottlenecks through synthetic biology advantages [1][2][3]. Group 1: Technological Breakthroughs - Juzhibio has made substantial progress in the production of recombinant type IV collagen, achieving high activity and purity in large-scale production through advancements in expression systems, production processes, and efficacy validation [1][2]. - The company utilized Pichia pastoris as an expression host, achieving a secretion yield of approximately 25.1 g/L with a purity of over 90%, addressing the economic feasibility of large-scale production [3]. - Juzhibio conducted the first systematic scientific validation in China regarding the mechanism of recombinant type IV collagen's effect on skin basement membrane integrity, confirming its ability to promote the synthesis and expression of key substances in the basement membrane [4]. Group 2: Market Applications - The core technology in recombinant type IV collagen has been effectively applied to Juzhibio's consumer brand "Kefumei," resulting in successful market products such as the "Kefumei Collagen Stick 2.0," which addresses modern consumer skincare needs [6]. - Juzhibio has also developed a specialized product line, "Kefumei Frame Domain Repair Series," targeting post-aesthetic care, thus tapping into a high-growth market segment [7]. Group 3: Industry Leadership - Juzhibio has established a robust patent portfolio with 186 patents and applications, positioning itself as a leader in the global intellectual property landscape within the biotechnology sector [9]. - The company actively participates in the formulation of industry standards, having contributed to multiple standards related to recombinant collagen, thereby promoting scientific and transparent development in the industry [9]. - Juzhibio has expanded its global market presence, successfully entering markets in Canada, the USA, Japan, South Korea, Singapore, and Thailand, showcasing the capability of Chinese enterprises in the forefront of life sciences [10].