Group 1 - UBS downgraded the rating of Giant Bio (02367) from "Buy" to "Neutral" due to increased uncertainty in short-term revenue and profit outlook [1] - The profit forecast for 2025 to 2027 was cut by 25% to 41%, with revenue projections reduced by 20% to 36% during the same period [1] - The target price was significantly lowered from HKD 79.5 to HKD 39.5 [1] Group 2 - The report indicates intensified market competition, with the emergence of other skincare brands or products that offer more attractive pricing while also focusing on collagen restructuring [1] - Despite rapid product innovation, there is uncertainty regarding the success of new products in the coming year [1] - Maintaining high profitability is expected to be challenging in the context of increased competition and weakened marketing efficiency, with a projected erosion of 2 to 3 percentage points in net profit margin due to reduced marketing efficiency and operational deleveraging [1]

Core Viewpoint - UBS downgraded the rating of Giant Bio (02367) from "Buy" to "Neutral" due to increased uncertainty in short-term revenue and profit outlook [1] Financial Projections - UBS reduced the earnings forecast for 2025 to 2027 by 25% to 41% [1] - Revenue projections for the same period were lowered by 20% to 36% [1] - Target price was significantly cut from HKD 79.5 to HKD 39.5 [1] Market Competition - The current market is experiencing intensified competition with the emergence of other skincare brands or products that offer more attractive pricing while also focusing on collagen restructuring [1] - Despite rapid product innovation, there is uncertainty regarding the success of new products in the coming year [1] Profitability Challenges - Maintaining high profitability is expected to be challenging in the context of increased competition and weakened marketing efficiency [1] - UBS anticipates a 2 to 3 percentage point erosion in net profit margin due to reduced marketing efficiency and operational deleveraging [1]

Group 1 - The core viewpoint of the article indicates that 巨子生物 (Giant Bio) is experiencing significant sales pressure during the Double Eleven shopping festival, with a notable decline in sales for its Comfy brand on platforms like Tmall and Douyin, down 20% and 50% year-on-year respectively [1][1][1] - 招银国际 (CMB International) has revised its revenue growth forecast for the company for 2025/26 down to -3.5% and 13.6% due to short-term pressures on 可复美 (Kefumei) [1][1][1] - 中信证券 (CITIC Securities) has also adjusted its revenue and profit forecasts for 2025, citing the impact of the industry environment and corporate operational decisions on sales performance during Double Eleven [1][1][1] Group 2 - Despite the current challenges, the company possesses solid brand assets and operational structural highlights, indicating potential for future growth [1][1][1] - The company has a clear short, medium, and long-term strategy, with 可复美 aiming for a revenue target of 10 billion and a well-defined plan across products, operations, and channels [1][1][1] - 可丽金 (Kailijin) is expected to launch new products while undergoing brand rejuvenation, with the potential to create a second OTC blockbuster brand [1][1][1]

Core Viewpoint - The sales performance of Giant Bio (02367) has been negatively impacted during the Double Eleven shopping festival, leading to a decline in stock price and revenue forecasts for the upcoming years [1] Group 1: Sales Performance - Giant Bio's Comfy brand experienced a year-on-year sales decline of 20% on Tmall and 50% on Douyin during the Double Eleven period [1] - The company's sales pressure is attributed to underperformance in the DaBo sales channel [1] Group 2: Revenue Forecasts - CMB International has revised its revenue growth forecast for Giant Bio for the years 2025/26 down to -3.5% and 13.6% respectively [1] - CITIC Securities has also adjusted its revenue and profit forecasts for 2025, citing industry conditions and corporate operational decisions as influencing factors [1] Group 3: Future Outlook - Despite current challenges, Giant Bio has solid brand assets and structural operational highlights [1] - The company has a clear short, medium, and long-term strategy, with Comfy setting a revenue target of 10 billion and a clear plan for products, operations, and channels [1] - The company is also working on brand rejuvenation for its Keli brand while aiming to create a second OTC blockbuster brand [1]

Group 1 - The core viewpoint of the article indicates that due to the industry environment and corporate operational decisions, the sales of Giant Bio (02367) are under pressure during the Double Eleven shopping festival, leading to a downward revision of revenue and profit forecasts for 2025 [1] - The company has solid brand assets and there are structural highlights in its operations, suggesting potential for future growth despite current challenges [1] - Looking ahead, the company has a clear short, medium, and long-term strategy, with a goal to achieve 10 billion yuan in revenue and a well-defined plan for products, operations, and channels [1] Group 2 - The revenue and profit forecasts for 2025 have been adjusted to 5.49 billion yuan and 1.93 billion yuan respectively, with the net profit forecast adjusted to 1.98 billion yuan [1] - The company is assigned a target price of 44 HKD based on a 20x PE for 2026, maintaining a "Buy" rating [1] - The company plans to launch new products while undergoing brand rejuvenation, with the potential to create a second OTC blockbuster brand [1]

Core Viewpoint - CITIC Securities reports that due to industry environment and corporate operational decisions, Juzhi Biotechnology (02367) faces sales pressure during the Double Eleven shopping festival, leading to a downward revision of revenue and profit forecasts for 2025 [1] Group 1: Financial Forecasts - The revenue forecast for 2025 has been adjusted to 5.49 billion yuan, and the profit forecast has been revised to 1.93 billion yuan [1] - The adjusted net profit attributable to shareholders is projected to be 1.98 billion yuan [1] Group 2: Brand and Operational Insights - The company has solid brand assets and structural operational highlights, indicating potential for future growth [1] - The company has a clear short, medium, and long-term strategy, with a goal to achieve 10 billion yuan in revenue and a well-defined plan across products, operations, and channels [1] - Keli Jin is expected to undergo brand rejuvenation while launching new products, aiming to create a second OTC blockbuster brand [1] Group 3: Valuation and Rating - A price-to-earnings ratio of 20x is assigned for 2026, with a target price set at 44 HKD [1] - The rating is maintained at "Buy" [1]

Summary of Key Points Core Viewpoint - A total of 30 companies conducted share buybacks on December 10, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent on buybacks. Group 1: Companies with Significant Buybacks - Tencent Holdings (00700) repurchased 1.06 million shares for a total of 636 million, representing 0.961% of its total share capital [2] - Xiaomi Group-W (01810) repurchased 2.4 million shares for 101 million, accounting for 0.400% of its total share capital [2] - China Feihe (06186) repurchased 5.47 million shares for 22.94 million, which is 2.521% of its total share capital [2] Group 2: Other Notable Buybacks - Geely Automobile (00175) repurchased 1.54 million shares for 27.14 million, representing only 0.047% of its total share capital [2] - Kweichow Moutai (600519) repurchased 204,000 shares for 8.82 million, which is 0.180% of its total share capital [2] - Vitasoy International (00345) repurchased 404,000 shares for 2.67 million, accounting for 2.180% of its total share capital [2] Group 3: Companies with Lower Buyback Amounts - 康臣药业 (01681) repurchased 354,000 shares for 5.28 million, which is 15.048% of its total share capital [2] - 瑞声科技 (02018) repurchased 150,000 shares for 5.76 million, representing 0.492% of its total share capital [2] - 周黑鸭 (01458) repurchased 160,500 shares for 2.68 million, which is 1.407% of its total share capital [3]

备注：以上数据由格隆汇数据中心根据港交所数据加工计算所得，并不保证100%精确。 本文源自：格隆汇 股票名称 回购数 回购额 年累计回购数量(股) 年累计回购数量/总股本 腾讯控股(00700) 106.00万 6.36亿 8831.30万 0.961% 小米集团-W(01810) 240.00万 1.01亿 1.03亿 0.400% 中远海控(01919) 300.00万 4085.81 万 7854.30万 2.727% 纳芯微(02676) 20.15万 3067.05万 null null 顺丰控股(06936) 81.55万 3042.25万 null null 碧桂园服务(06098) 468.40万 2921.95万 3691.40万 1.105% 吉利汽车(00175) 153.70万 2713.61万 470.50万 0.047% 中国飞鹤(06186) 547.00万 2293.91万 2.29亿 2.521% 巨子生物(02367) 40.00万 1438.24万 80.00万 0.075% 金山软件(03888) 34.50万 999.72万 707.32万 0.510% 中国石油化工 ...

证券时报·数据宝统计，巨子生物在港交所公告显示，12月10日以每股35.620港元至36.220港元的价格回 购40.00万股，回购金额达1438.24万港元。该股当日收盘价36.200港元，上涨0.06%，全天成交额1.92亿 港元。 自12月9日以来公司已连续2日进行回购，合计回购80.00万股，累计回购金额2875.88万港元。 其间该股 累计下跌0.55%。（数据宝） 巨子生物回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.10 | 40.00 | 36.220 | 35.620 | 1438.24 | | 2025.12.09 | 40.00 | 36.180 | 35.720 | 1437.64 | （文章来源：证券时报网） ...

Group 1 - The company, Giant Bio (02367.HK), announced a share buyback on December 10, spending HKD 14.38 million to repurchase 400,000 shares [1]