Investment Rating - The report maintains a "Strong Buy" rating for the company [1][8]. Core Views - The company achieved significant growth in 2024, with revenue increasing by 57% to 5.54 billion CNY and net profit rising by 42% to 2.06 billion CNY, driven by strong brand performance and effective marketing strategies [1][8]. - Despite a slight decline in gross margin due to new product expansions and increased sales expenses, the company is expected to maintain robust growth in the coming years, with projected net profits of 2.51 billion CNY, 2.91 billion CNY, and 3.27 billion CNY for 2025 to 2027, representing year-on-year growth rates of 22%, 16%, and 12% respectively [1][8]. Revenue Breakdown - The company's revenue is segmented by product categories, with functional skincare products generating 4.30 billion CNY (up 62.5%), medical dressings at 1.22 billion CNY (up 41.5%), and health foods at 0.18 billion CNY (up 15.0%) [2]. - By brand, the company's flagship brand, 可复美, achieved revenue of 5.32 billion CNY (up 62.9%), while 可丽金 and other brands also showed significant growth [2]. - In terms of sales channels, direct sales revenue reached 4.13 billion CNY (up 70.8%), with online direct sales through DTC stores contributing 3.59 billion CNY (up 66.5%) and e-commerce platforms showing a remarkable increase of 112.5% [3]. Financial Performance - The company's gross margin for 2024 was 82.1%, a decrease of 1.5 percentage points year-on-year, primarily due to increased product costs and new product introductions [8]. - The net profit margin for 2024 was 37.2%, down 3.9 percentage points from the previous year, influenced by rising sales expenses [8]. - The company plans to distribute a final dividend of 0.6021 CNY per share and a special dividend of 0.5921 CNY per share [1]. Future Projections - The company is expected to continue its growth trajectory with a strong product lineup and effective channel expansion, projecting revenues of 7.09 billion CNY, 8.69 billion CNY, and 10.27 billion CNY for 2025 to 2027, with respective growth rates of 28%, 23%, and 18% [10]. - The earnings per share (EPS) is projected to increase from 2.01 CNY in 2024 to 3.15 CNY by 2027 [12].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 81.61 HKD [7][8]. Core Views - The company is experiencing strong revenue growth, with a projected revenue of 55.39 billion RMB for 2024, representing a year-on-year increase of 57.2% [1]. - The net profit attributable to the parent company is expected to reach 20.62 billion RMB in 2024, reflecting a year-on-year growth of 42.1% [1]. - The company continues to see robust growth momentum, particularly in its flagship product, the collagen stick, which is anticipated to maintain around 20% growth in 2025 [1]. - The online channel revenue for the company has surpassed 50%, with expectations for continued strong growth in 2025 [1]. Revenue and Profit Forecast - The company forecasts revenues of 7,115 million RMB for 2025, with a growth rate of 28.45% [6]. - The net profit attributable to the parent company is projected to be 2,600 million RMB in 2025, indicating a growth of 26.07% [6]. - The earnings per share (EPS) is expected to be 2.53 RMB for 2025 [6]. Product Performance and Market Expansion - The collagen stick's revenue contribution is expected to decrease to below 30% in 2024, with new products like the focus series anticipated to drive growth [2]. - The company has opened its first brand flagship store in Chongqing and continues to expand its offline presence in key cities [2]. - The direct sales channel has shown significant growth, with DTC store sales reaching 35.87 billion RMB, a year-on-year increase of 66% [3]. Margin and Cost Structure - The gross margin for 2024 is projected at 82.1%, a slight decrease of 1.5 percentage points year-on-year due to a higher proportion of sales from essence and cream products [3]. - The selling expense ratio is expected to increase slightly in 2025 due to continued investment in online channels [3]. Valuation Metrics - The company is assigned a price-to-earnings (PE) ratio of 30 times for 2025, reflecting strong online growth and potential contributions from medical beauty products [4]. - The target price has been adjusted to 81.61 HKD, based on a 30 times PE for 2025 [4].

Investment Rating - The investment rating for the company is "Buy" [9]. Core Insights - The company's 2024 performance exceeded expectations, driven by the strong growth of its collagen stick product and the ramp-up of new products in the focus series, alongside the growth of its star product, Keli Jin [3][9]. - The company has a robust pipeline of new products in its cosmetics business, which is expected to contribute to future growth [3][9]. Financial Summary - The company's revenue for 2024 is projected to be 55.39 billion RMB, representing a year-on-year increase of 57%. The adjusted net profit is expected to be 21.51 billion RMB, up 47% year-on-year, while the net profit attributable to the parent company is forecasted at 20.62 billion RMB, a 42% increase [9]. - The gross profit margin for 2024 is estimated at 82.1%, a decrease of 1.5 percentage points year-on-year, primarily due to faster growth in the skincare segment compared to the medical device segment [9]. - The company’s sales expense ratio is expected to be 36.26%, an increase of 3.21 percentage points year-on-year, attributed to a higher proportion of online sales [9]. - The company anticipates a net profit margin of 37.2% for 2024, down 4 percentage points year-on-year, due to changes in channel and product structure [9]. Product and Brand Performance - The company’s star product, the collagen stick, maintains strong momentum, with significant contributions from new products and brand expansion. The focus series cream has generated over 200 million RMB in revenue, indicating successful product structure optimization [9]. - The Keli Jin brand is expected to see accelerated growth in the second half of 2024, benefiting from the strong performance of its flagship products [9]. - The company has a diverse product line and brand portfolio, which is expected to sustain rapid growth through continuous new product incubation [9].

智通财经APP讯，巨子生物(02367)发布截至2024年12月31日止年度业绩，该集团期内取得收入55.39亿 元(人民币，下同)，同比增加57.2%;归属于母公司持有者盈利20.62亿元，同比增加42.1%;每股基本盈利 2.1元;拟派发末期股息每股0.6021元及特别股息每股0.5921元。 公告称，公司以科学技术为发展基石，持续加大研发投入，全方位牢筑技术护城河。报告期内，公司研 发支出达到人民币1.07亿元，同比增长42.1%，研发支出占收入比例1.9%。截至报告期末，集团拥有188 项在研项目。截至报告期末，公司已获授权及申请中专利达到167项，其中报告期内新增74项。 巨子生物(02367)发布年度业绩 股东应占溢利20.62 亿元 同比增加42.1% 持续加大研发投入 可复美品牌在"皮肤有问题，就找可复美"的定位之下，继续强化"械妆协同"的发展思路，持续完善产品 系列矩阵。截至报告期末，可复美已形成一大医疗器械系列+四大功效护肤系列的产品组合，致力于为 各类场景和皮肤问题提供专业有效的解决方案。报告期内，可复美品牌实现收入人民币45.4亿元，同比 增长62.9%。 医疗器械系列中，可复美重组胶 ...

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 5,538.8 million, a 57.2% increase from RMB 3,524.1 million in 2023[3] - Gross profit for the same period was RMB 4,546.9 million, reflecting a 54.3% growth compared to RMB 2,947.1 million in 2023[3] - Profit before tax increased by 40.8% to RMB 2,457.8 million from RMB 1,745.1 million in the previous year[3] - Net profit for the year was RMB 2,061.7 million, up 42.4% from RMB 1,448.2 million in 2023[3] - Basic earnings per share rose to RMB 2.10, a 40.9% increase from RMB 1.49 in 2023[6] - Adjusted net profit (non-IFRS) for the year was RMB 2,151.5 million, representing a 46.5% increase from RMB 1,468.7 million in 2023[3] - Total comprehensive income for the year amounted to RMB 2,073.5 million, compared to RMB 1,448.2 million in 2023[6] Dividends - The board recommended a final dividend of RMB 0.6021 per ordinary share and a special dividend of RMB 0.5921 per ordinary share[3] - The company proposed a final dividend of RMB 0.6021 per share and a special dividend of RMB 0.5921 per share for 2024, totaling approximately RMB 1,237,037,000, pending shareholder approval[36] - The expected payment date for the proposed dividends is around August 29, 2025[127] Assets and Liabilities - Non-current assets increased to RMB 1,636,001 thousand in 2024 from RMB 837,999 thousand in 2023, representing a growth of 95.4%[7] - Current assets rose to RMB 6,401,957 thousand in 2024, up from RMB 4,135,079 thousand in 2023, marking a 55.0% increase[7] - Total liabilities increased to RMB 918,136 thousand in 2024 from RMB 602,028 thousand in 2023, reflecting a growth of 52.5%[8] - The company's net asset value reached RMB 7,119,822 thousand in 2024, compared to RMB 4,371,050 thousand in 2023, an increase of 62.9%[8] - Cash and cash equivalents surged to RMB 4,030,207 thousand in 2024, up from RMB 2,503,999 thousand in 2023, a growth of 60.9%[7] - Trade payables increased to RMB 286,708 thousand in 2024 from RMB 133,109 thousand in 2023, a rise of 115.5%[7] - The company reported a significant increase in inventory, which rose to RMB 310,814 thousand in 2024 from RMB 200,440 thousand in 2023, a growth of 55.0%[7] Research and Development - Research and development expenses increased to RMB 106.5 million from RMB 74.9 million, indicating a focus on innovation[5] - The company has 188 ongoing research projects and has been granted or applied for 167 patents, with 74 new patents added during the reporting period[55] - The company plans to increase R&D investment and enhance its product offerings, focusing on three categories of medical devices for clinical approval[76] Revenue Sources - Customer contract revenue for the year ended December 31, 2024, reached RMB 5,538,812 thousand, a significant increase of 57.2% compared to RMB 3,524,143 thousand in 2023[27] - All revenue for the group is derived from customers located in mainland China, with no contributions from other regions[25] - Revenue from professional skincare products amounted to RMB 4,302.3 million, representing 77.7% of total revenue, up from RMB 2,647.3 million (75.1%) in the previous year[77] - Direct sales through DTC online stores generated RMB 3,587.2 million, a 66.5% increase from RMB 2,154.5 million (61.2%) in 2023, accounting for 64.8% of total revenue[81] Marketing and Sales - The company achieved top sales rankings in the medical dressing category on major platforms during the 2024 promotional events, including being ranked TOP1 on Tmall and JD for medical dressings[60] - The company launched a "Bottle Recycling Program" to promote ecological responsibility and engage with younger consumers through skincare education initiatives[66] - The company's online channel GMV growth exceeded 60% and 100% during the 2024 618 promotion for its brands, reflecting strong consumer preference[70] Corporate Governance - The company has complied with all applicable provisions of the corporate governance code, except for a deviation regarding the roles of the Chairman and CEO[118] - The company believes that having the same individual serve as both Chairman and CEO provides strong and effective leadership for business strategy execution[118] - All directors confirmed compliance with the standard code for securities trading during the reporting period[119] Future Outlook - The company believes in the significant potential of the beauty and health industry in China, with optimistic future prospects[76] - The company plans to gradually utilize the raised funds over the next three years based on actual business conditions, with the allocation subject to change according to market developments[124]

巨子生物、润本股份更新 20250321 摘要 • 高端美妆估值普遍提升，巨子生物作为行业龙头，受益于重组胶原蛋白市 场需求端渗透率提升，通过科研、认证及合作强化市场地位，预计财报小 幅超预期，具备投资机会。 • 巨子生物医用敷料业务稳健增长，功效护肤品业务产品结构优化，大单品 培育和渠道运营超预期。可复美胶原棒表现突出，有望达 20 亿量级，皮 肤亚健康系列产品效果超预期。 • 可复美 2024 年销售额达 2 亿，预计 2025 年达 4-5 亿，增速 25%。可丽 金品牌心智提升、产品迭代及渠道转型后，2024 年增速超 30%，预计 2025 年延续 25%增长。 • 巨子生物医疗器械合规化加速，敬鹏产品获优先审评，骨修复材料获三类 证。预计 2025 年 1-2 个医美产品落地，配合公立医院渠道，重组胶原蛋 白技术应用前景广阔。 • 润本股份 2025 年 Q1 营收和利润预计增长 30%，利润率同比持平，显示 利润增长质量较高。驱蚊产品创新（定时+童锁）和婴童护理（防晒、青 少年洗护）是新增长点。 Q&A 巨子生物在美妆板块的表现如何？其估值和业绩确定性有哪些方面值得关注？ 巨子生物在美妆板块的表 ...

Summary of the Conference Call for Juzi Biotechnology Industry Overview - The new consumption sector, particularly in the beauty industry, has shown strong performance recently, with Juzi Biotechnology identified as a company with significant potential in this space [3][4]. Key Points and Arguments - Juzi Biotechnology's current valuation is approximately 27 times earnings, with a growth expectation of 25% for the year 2025, indicating room for improvement [4]. - The collagen market, a crucial component of functional skincare products, is rapidly growing with a high ceiling. The penetration rate of functional skincare products in China is about 15%, compared to a global average of 30%, highlighting substantial market potential [4][5]. - Juzi Biotechnology is recognized as a pioneer in the industry, with production capacity 20 times higher than its competitors, providing a significant competitive advantage [4]. - Recombined collagen is more suitable for Asian skincare habits, offering comprehensive benefits such as collagen replenishment, whitening, and anti-aging, which enhances the penetration rate of functional skincare products in China [5]. - The company has over two products with sales exceeding 1 billion yuan, indicating ongoing growth potential. Additionally, the introduction of new ingredients like ginsenoside in essence products has been well-received by consumers [4][6]. - The cream series achieved approximately 300 million yuan in sales last year, with expectations to reach around 500 million yuan this year. The cream market constitutes 25% of China's 600 billion yuan skincare market, suggesting significant growth potential due to higher average transaction values and usage frequency [4][6]. - Juzi Biotechnology anticipates synchronized growth in revenue and profit this year, with the medical beauty business serving as a crucial catalyst. Although this segment has not yet fully impacted the company's market value, it is expected to contribute positively in the first half of the year [4][7]. - The launch of the bottled essence series, with increased pricing and average transaction values, is expected to further drive the company's performance. Long-term projections suggest that Juzi Biotechnology has the potential to reach a market capitalization of 100 billion yuan, encouraging investors to monitor its developments closely [4][7]. Additional Important Insights - The company is leading in the commercialization of recombined collagen in China, which is ahead of international markets, providing a first-mover advantage [5]. - Continuous innovation in product offerings, such as the introduction of new ingredients and product lines, is a key strategy for sustaining growth [4][6].

Core Viewpoint - Debon Securities has raised revenue and profit expectations for Juzhi Biotechnology, highlighting three major discrepancies in market perception regarding collagen products, product matrix, and medical beauty products, while emphasizing the company's long-term growth potential due to its ingredient advantages, new product layout, and channel resources [1][2]. Group 1: Collagen Product Market - The report indicates that despite some views suggesting limited growth potential for collagen stick products, data shows that the GMV for Kefu Beauty collagen sticks on Tmall and Douyin is expected to approach 2.4 billion yuan in 2024, with sales volume reaching 5.29 million units, a significant increase from 900 million yuan and 200,000 units in 2023 [1]. - Compared to other brands like Proya and Han Shu, the market ceiling for collagen sticks remains high, and Debon Securities believes that the collagen protein ingredient market is still in its growth phase, positioning Juzhi Biotechnology to benefit from market expansion [1]. Group 2: Product Matrix and New Products - Addressing concerns about the perceived singularity of Kefu Beauty's product matrix, the report highlights strong performance from new products, with a focus cream launched in 2024 achieving an online GMV of 277 million yuan in just seven months, and surpassing 100 million yuan in GMV for October alone, contributing an average of about 8% monthly [2]. - Additionally, Kefu Beauty and Keli Jin are continuously launching new products to enhance their product layout, such as the Frame Domain Repair Series set to launch in February 2025, which will be the first to apply IV-type thermoplastic collagen, providing new growth momentum for the brand [1][2]. Group 3: Medical Aesthetics Market Potential - The report analyzes Juzhi Biotechnology's potential in the medical aesthetics sector, noting that despite intense market competition, the company is accelerating its layout in Class III medical devices, with a bone repair material registration certificate expected in December 2024 and four new medical beauty products in the pipeline [2]. - With a comprehensive indication layout and channel advantages, Juzhi Biotechnology is anticipated to achieve rapid growth in the medical aesthetics market [2]. Group 4: Revenue and Profit Forecast - Based on the analysis, Debon Securities has adjusted Juzhi Biotechnology's revenue forecasts for 2024-2026 to 5.379 billion yuan, 6.951 billion yuan, and 8.790 billion yuan, respectively, while the net profit forecasts are set at 2.060 billion yuan, 2.609 billion yuan, and 3.213 billion yuan [2].

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The report highlights that despite pressures, the company has potential for growth through its focus on collagen products, new product launches, and advantages in medical channels [6][41]. - The collagen protein market is still in its growth phase, providing significant opportunities for the company as a market leader [9][30]. Summary by Sections Market Performance - The company's stock has shown a relative increase compared to the Hang Seng Index, with absolute growth rates of 5.37% over one month and 7.46% over two months [4]. Financial Data and Forecasts - Total revenue is projected to grow from 5.379 billion HKD in 2024 to 8.790 billion HKD in 2026, with year-on-year growth rates of 41.88%, 26.65%, and 23.17% respectively [5][41]. - Net profit is expected to increase from 2.060 billion HKD in 2024 to 3.213 billion HKD in 2026, with corresponding growth rates [5][41]. Investment Highlights - The report identifies three key areas of expectation: 1. **Collagen Product Ceiling**: Concerns exist regarding the sales ceiling of the collagen stick product, but the collagen market is still growing, indicating potential for expansion [6][9]. 2. **New Product Pipeline**: The company is expanding its product lineup, with new launches expected to contribute to revenue growth [12][18]. 3. **Medical Aesthetics Market**: The company is well-positioned in the medical aesthetics sector, with recent approvals for new products that could capture significant market share [30][39]. Product Performance - The collagen stick product has achieved significant sales, with projected sales of nearly 2.4 billion HKD in 2024, indicating strong market demand [6][7]. - New products, such as the focus cream, have exceeded expectations in early sales, contributing positively to the overall revenue [18][19]. Competitive Landscape - The report notes that while competition in the collagen market is increasing, the company’s established position and product offerings provide a competitive edge [23][30]. - The medical aesthetics market is characterized by high growth potential, with the company’s recent product approvals enhancing its market position [30][31].

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company has received exclusive patent approval for recombinant human type IV collagen, which is expected to significantly enhance its medical beauty business prospects [1][2]. - The recombinant human type IV collagen exhibits outstanding efficacy in skin repair and soothing, with proven biological activities such as enhancing barrier-related proteins and inhibiting inflammatory factors [1][2]. - The company is actively expanding its application of recombinant human type IV collagen, solidifying its position as a global leader in recombinant collagen [2]. - The company's medical beauty products have received priority approval, indicating strong growth potential for its recombinant collagen-related business [3]. - The company is expected to achieve adjusted net profits of 2.13 billion, 2.70 billion, and 3.24 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 45.1%, 26.6%, and 20.1% [3][4]. Financial Forecast - Revenue is projected to grow from 3.52 billion RMB in 2023 to 8.76 billion RMB in 2026, with growth rates of 49.0%, 50.6%, 33.6%, and 23.6% for the respective years [4][6]. - Adjusted net profit is forecasted to increase from 1.47 billion RMB in 2023 to 3.24 billion RMB in 2026, with growth rates of 39%, 45%, 27%, and 20% [4][6]. - The earnings per share (EPS) based on adjusted net profit is expected to rise from 1.42 RMB in 2024 to 3.13 RMB in 2026 [4][6].