Summary of the Conference Call for 巨子生物 Company Overview - The conference call pertains to 巨子生物, a company involved in the beauty and skincare industry, specifically focusing on collagen products. Key Points and Arguments - **Crisis During 618 Sales Event**: 巨子生物 faced a public relations crisis during the 618 sales period due to criticism from influencer "大嘴博士" regarding their flagship product, 可复美胶原棒. The influencer claimed that the product contained insufficient levels of recombinant collagen protein, leading to significant returns and negative reviews, which adversely affected sales [3][4]. - **Impact of Influencer Marketing**: Despite the initial backlash, signs indicate that the negative impact is diminishing. Prominent influencers such as 李佳琦 and 贾乃亮 have resumed promoting 可复美胶原棒, suggesting a recovery in public sentiment towards the product [3][5]. - **Sales Performance**: From the 618 period through Q2 and Q3, 巨子生物's sales were consistently affected by the aforementioned public relations issue. However, recent developments indicate that the influence of the crisis is waning, as major platforms like 天猫 and 抖音 see a return of influencer promotions for the product [5]. Additional Important Information - **Product Composition Controversy**: The controversy centered around the product's composition, where it was noted that the recombinant collagen protein was present at only 0.01%, below the 0.1% threshold required for labeling in cosmetics. Additionally, the form of collagen in the product was identified as peptides, lacking the triple helix structure typically associated with collagen [4]. - **Market Sensitivity**: The behavior of top and mid-tier influencers is highly sensitive to market sentiment. Their decision to resume promotions indicates a belief that the product is no longer under severe negative scrutiny, which is a positive sign for 巨子生物's recovery [3][5].

0:00 21世纪经济报道 记者凌晨 一场围绕"重组胶原蛋白"的行业对决，将两位区域女首富与其上市公司推向台前。陕西范代娣领导的巨 子生物曾是赛道标杆，而山西杨霞执掌的锦波生物正通过新品牌"同频"跨界切入C端护肤市场。 战事首先在电商直播间打响。同频在李佳琦直播间快速崛起，今年双十一李佳琦首场直播中GMV增速 位列第二。同时，一向低调的锦波生物创始人杨霞罕见为同频站台，被视为其从B端药械进军C端美妆 的明确信号。 从胶原蛋白药械到美妆，锦波的降维入场，无疑对主攻C端的巨子，形成正面冲击。同样的流量带货手 法、同类型的产品，锦波能否凭借医药背景实现超车，将决定胶原蛋白市场下一阶段的格局走向。 ...

Core Viewpoint - The article highlights the declining performance of Juzhibio (巨子生物) and its main brand, Kefu Mei (可复美), during the "Double Eleven" pre-sale period, leading to a significant drop in stock price and market value [3][5]. Company Performance - Juzhibio's stock price fell to a new low of HKD 40.40 per share, with a total market value of HKD 43.3 billion, marking a 53.46% decline from its peak of HKD 86.8 per share in May [3][5]. - Kefu Mei's sales during the "Double Eleven" pre-sale were underwhelming, with a reported GMV of HKD 0.5-0.75 billion on Douyin, down from over HKD 1 billion in the same period last year [3][4]. Market Competition - The market for recombinant collagen products is growing rapidly, with a projected CAGR of 44.93%, expected to reach RMB 2,193.8 billion by 2030 [6]. - Juzhibio's revenue is forecasted to increase from RMB 2.364 billion in 2022 to RMB 5.539 billion in 2024, while its net profit is expected to rise from RMB 696 million to RMB 2.062 billion in the same period [6]. Brand Strategy and Challenges - Kefu Mei has faced challenges due to a previous controversy regarding its collagen stick product, which has negatively impacted its sales performance [3][4]. - Juzhibio's marketing expenses reached HKD 10.58 billion in the first half of the year, accounting for 34.01% of total revenue, as the company seeks to maintain growth amid increasing competition [7].

Group 1 - The stock of Hong Kong-listed company Giant Bio (02367.HK) opened high but experienced a decline, with a drop of nearly 3% in the afternoon session [2] - As of the report, the stock price decreased by 2.92%, trading at 40.6 HKD, with a transaction volume of 678 million HKD [2]

Group 1 - The core viewpoint of the news is that the market's reaction to the pre-sale performance of Giant Bio during the live broadcast by influencer Li Jiaqi is considered excessive, as the company's promotional strategy has made its products less price-attractive compared to competitors [1][2] - Giant Bio's stock price has seen significant volatility, with a drop of over 15% recently and reaching a new low of 40.6 HKD, reflecting investor concerns about its sales performance [1] - Citigroup's report indicates that the company's revenue growth is expected to be 16% year-on-year in the second half of the year, despite a projected decline of 10% on Tmall [2] Group 2 - Citigroup predicts that Giant Bio's sales will recover in the fiscal year 2026, with a high growth rate of 19% due to a low base and no negative customer feedback [2] - The target price for Giant Bio's stock has been adjusted from 69.4 HKD to 55.4 HKD based on a 20 times price-to-earnings ratio for the fiscal year 2026, while maintaining a "buy" rating [2] - The performance of KOL live broadcasts is noted to be declining, impacting the company's sales, with expectations of a 25% increase on Douyin and a 100% increase on JD, while offline sales are expected to grow by 10% [2]

Core Viewpoint - The stock of Giant Bio (02367) has experienced significant volatility, with a recent drop of nearly 3% after a previous decline of over 15%, reaching a new low of 40.6 HKD, attributed to market reactions to its pre-sale performance during a major live-streaming event [1] Group 1: Stock Performance - Giant Bio's stock opened high but fell sharply, with a midday drop of nearly 3%, and a previous day decline exceeding 15% [1] - The stock price hit a new low of 40.6 HKD, marking the lowest point in over a year [1] - As of the latest update, the stock was down 2.92%, with a trading volume of 678 million HKD [1] Group 2: Market Analysis - Citigroup's report indicates that the market's reaction to Giant Bio's pre-sale performance during the live-streaming event with influencer Li Jiaqi was excessive [1] - The report highlights that Giant Bio's main products were less price-competitive due to stricter promotional strategies compared to other brands [1] - Citigroup predicts a relatively weak performance for Giant Bio in Q3 and the first two weeks of October, primarily due to fewer KOL live-streaming events [1] Group 3: Revenue Forecast - Citigroup forecasts a 16% year-on-year revenue growth for Giant Bio in the second half of the year, with specific expectations of a 10% decline on Tmall, a 25% increase on Douyin, a 100% growth on JD, and a 10% increase in offline sales [1] - For the fiscal year 2026, Citigroup anticipates a continuation of high growth at 19% due to a low base and no negative customer feedback [1] - The target price for Giant Bio has been adjusted from 69.4 HKD to 55.4 HKD based on a 20x price-to-earnings ratio for the fiscal year 2026, while maintaining a "buy" rating despite lowering profit forecasts [1]

Group 1 - The "Double Eleven" shopping festival for 2025 has quietly begun, with a focus on the cosmetics sector experiencing a weaker Q3 due to seasonal trends [1] - According to data from Chian Mama, some key brands have shown a decline in growth rates on Douyin in Q3, with Juzhi Biological's GMV increasing by 15% year-on-year, while Kefu Mei and Keli Jin saw increases of 5% and 78% respectively [1] - Juzhi Biological is expected to focus on boosting sales during the upcoming Double Eleven event in the second half of the year [1] Group 2 - Huaxi Biological has reported issues regarding the collagen products, stating that multiple third-party testing results indicated that the added amount of recombinant collagen in related products did not meet standards [2] - Huaxi Biological has submitted dozens of test reports to the National Medical Products Administration [2]

Core Insights - The domestic medical beauty market in China is becoming increasingly competitive, with significant price reductions and patent disputes among leading companies [1][3][6] - Major players are expanding overseas as domestic profit margins shrink, indicating a strategic shift towards international markets [1][11] Market Competition - New Oxygen launched a low-priced "Miracle Youth Needle" at 2999 yuan, significantly undercutting competitors and causing dissatisfaction among upstream material suppliers [3][6] - Huaxi Biological and Juzi Biological are engaged in a fierce dispute over collagen product patents, highlighting the intense competition in the market [3][4] - The competition is characterized by a shift from regulatory competition to market-driven competition, with a growing number of brands entering the space [6][7] Financial Performance - Major companies like Aimeike and Huaxi Biological reported significant declines in revenue and net profit, with Aimeike's revenue and net profit down 21.59% and 29.57% respectively in the first half of the year [7][10] - Huaxi Biological's revenue and net profit also fell by 19.57% and 35.38% respectively, marking a continuous decline over two years [7][10] International Expansion - Chinese medical beauty companies are increasingly looking to international markets, with firms like Aimeike and Huaxi Biological investing in overseas partnerships [1][11] - The strategy involves acquiring or investing in foreign companies to introduce Chinese products to international markets, rather than relying on traditional business development methods [11][12] Emerging Markets - There is a growing opportunity in emerging markets such as Southeast Asia and Latin America, where demand for cost-effective and multifunctional products is rising [12][13] - Companies are focusing on building technological barriers and moving away from the "low-price" label by investing in advanced materials and techniques [13]

Core Insights - The Chinese medical aesthetics market is becoming increasingly competitive, with significant price reductions and patent disputes among leading companies [1][2][3] - Major players are expanding internationally as domestic competition intensifies, with companies like Four Rings Pharmaceutical investing in overseas markets [1][9] - The industry is transitioning from a focus on product registration to market-driven competition, leading to a "price war" and a shift towards a more comprehensive competition model involving product, service, and technology [6][10] Market Dynamics - The medical aesthetics industry in China has evolved from a niche market to a significant sector, but the penetration rate of medical aesthetics products remains low compared to mature markets like Europe and the U.S. [1][6] - New Oxygen's introduction of the "Miracle Youth Needle 3.0" at a price point below 3000 yuan marks a significant price drop in the domestic market [1][2] - The competition among major products such as water light needles, youth needles, and recombinant collagen is intensifying, with numerous new products entering the market [4][6] Financial Performance - Leading companies are experiencing significant revenue declines, with Aimeike reporting a 21.59% drop in revenue and a 29.57% decrease in net profit in the first half of the year [7][8] - Huaxi Biological has also seen a continuous decline in annual performance, with a 19.57% drop in revenue and a 35.38% decrease in net profit in the first half of the year [7][8] International Expansion - Chinese medical aesthetics companies are increasingly looking to international markets for growth, with several firms, including Aimeike and Huaxi Biological, investing in overseas companies [9][10] - The global medical aesthetics market is still in a growth phase, but companies face challenges such as regulatory differences, cultural adaptation, and established local competition [10][12] - Emerging markets in Southeast Asia, the Middle East, and Latin America present opportunities for Chinese companies to expand, as these regions show rapid growth in medical aesthetics consumption [12][13]

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 48.16 亿元 | +5.75 亿元 | | 小米集团-W(01810) | 39.95 亿元 | +10.20 亿元 | | 中芯国际(00981) | 35.00 亿元 | +5390.90 万元 | | 腾讯控股(00700) | 30.20 亿元 | -2.35 亿元 | | 华虹半导体(01347) | 21.48 亿元 | -1195.71 万元 | | 泡泡玛特(09992) | 20.81 亿元 | +2.85 亿元 | | 紫金黄金国际(02259) | 19.49 亿元 | +17.38 亿元 | | 中兴通讯(00763) | 16.86 亿元 | +1.56 亿元 | | 药捷安康-B(02617) | 16.79 亿元 | +3899.32 万元 | | 巨子生物(02367) | 16.39 亿元 | +4.24 亿元 | 深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 小米集团-W(0 ...