Core Insights - The company, Juzhi Biotechnology, has received approval for its recombinant type I α1 collagen protein lyophilized fiber, which is indicated for facial dermal tissue filling to correct dynamic wrinkles such as glabellar lines, forehead lines, and crow's feet [1][2]. Product Development - Juzhi Biotechnology has four recombinant collagen injection products under application, including liquid and solid formulations for facial wrinkles and gels for nasolabial folds and neck wrinkles [1]. - The company’s recombinant collagen gel for neck wrinkles has entered the priority approval channel, which is expected to expedite the approval process for its products [2]. Innovation and Patents - The company has received patent authorization for two innovative products: a recombinant type IV collagen composition for sensitive skin care and a fermented ginseng product aimed at cognitive impairment and memory improvement [2]. Financial Projections - Juzhi Biotechnology is a leader in the recombinant collagen sector in China, with projected net profits of 2.566 billion, 3.214 billion, and 4.046 billion yuan for 2025-2027, reflecting year-on-year growth rates of 24%, 25%, and 26% respectively [3]. - The latest closing price corresponds to a price-to-earnings ratio of 16, 12, and 10 for 2025-2027, maintaining a "buy" rating [3].

Core Viewpoint - The approval of the recombinant type I α1 collagen freeze-dried fiber product by Juzi Bio marks a significant milestone as it is the first recombinant type I natural sequence collagen facial injection product in China, with potential for over 1 billion in sales in the long term [1] Group 1: Product Approval and Market Potential - Juzi Bio's recombinant type I collagen product is primarily aimed at facial dermal tissue filling to correct dynamic wrinkles, including forehead and crow's feet [1] - The product's long-term sales potential is estimated to exceed 1 billion, with a notable profit margin, referencing Jinbo Biotech's net profit margin of 45.66% in 1H25 [1] - The current market for injectable recombinant collagen is limited, with Jinbo Biotech focusing on recombinant type III humanized collagen products, which have shown significant revenue growth [1] Group 2: Brand Performance and Sales Growth - The Q3 performance of the 可复美 (Kefumei) brand shows a recovery in online sales, with GMV reaching 615 million and a year-on-year increase of 20% [2] - The brand's promotional activities, including collaborations with influencers, have contributed to restoring brand visibility and sales [2] - The company has expanded its international presence, with Kefumei products entering 13 Watsons stores in Singapore [2] Group 3: Financial Forecast and Valuation - The company maintains its net profit forecasts for 2025-2027 at 26.00 billion, 32.03 billion, and 38.12 billion, respectively, with corresponding EPS of 2.53, 3.11, and 3.71 [2] - The target price is set at 85.0 HKD, based on a 31x PE for 2025, reflecting the company's leading position in the medical aesthetics sector and resilient sales performance [2]

Core Viewpoint - The approval of the first injectable recombinant collagen product by the company marks a significant milestone in its product matrix, which now includes aesthetic injection products, post-surgery repair dressings, and functional skincare [1] Group 1: Product Approval and Market Potential - The newly approved recombinant type I α1 collagen lyophilized fiber is intended for facial dermal tissue filling to correct dynamic wrinkles, including frown lines, forehead lines, and crow's feet [1] - The Chinese aesthetic injection market is projected to reach CNY 147 billion by 2027, with the injectable collagen segment expected to grow to CNY 16.8 billion, indicating high growth potential [2] - Currently, there are four approved facial injectable recombinant collagen products in China, including the company's product and others from Jinbo Biotech [2] Group 2: Competitive Landscape and Channel Advantages - The company's product competes with Jinbo Biotech's offerings, which also target the dermal layer for wrinkle filling, suggesting future competition in eye and facial anti-aging scenarios [2] - The company has a strong channel advantage through its established brand recognition and deep distribution network in the aesthetic market, which is expected to enhance the market potential of the new injectable products [2] Group 3: Future Product Pipeline - The company has two additional injectable collagen products in the approval stage, with expected approval timelines in December 2024 and August 2025, which will further enrich its aesthetic product matrix [3] - These upcoming products will cover a range of anti-aging scenarios from dynamic wrinkle improvement to overall skin texture enhancement [3] Group 4: Financial Outlook and Ratings - The company maintains a "Buy" rating with a target price of HKD 58.35, despite a projected decline in online sales for its brand, which may affect overall revenue growth [4] - The company's revenue growth forecast for 2025 has been adjusted down to 12%, with a long-term CAGR for its brand's revenue growth revised from 26% to 14.5% [4]

Core Viewpoint - The company has received approval from the National Medical Products Administration for its self-developed "Recombinant Type I α1 Collagen Freeze-Dried Fiber," marking a significant advancement in the medical aesthetics sector and enhancing its competitive position in the market [1]. Industry Summary - The market for recombinant collagen in China is projected to reach 54.7 billion yuan by 2025, with the medical aesthetics segment expected to grow to 7 billion yuan, driven by high biocompatibility and low allergenic risk [2]. - The company is positioned as the second domestic entity to receive approval for recombinant collagen, allowing it to benefit from industry expansion [2]. Company Summary - The company's recombinant collagen product is designed to improve skin structure and reduce dynamic wrinkles, showcasing its technological advantages and creating a barrier to entry for competitors [1]. - Despite short-term sales fluctuations in skincare products due to reduced collaborations, the company maintains strong brand recognition and product efficacy, with expectations for recovery through optimized channel structures and scientific marketing [2]. - The company plans to expand the application of recombinant collagen beyond skincare and medical aesthetics to include hair growth and whitening, while also exploring international market opportunities [2]. - Revenue forecasts for 2025-2027 have been adjusted to 6.917 billion, 8.540 billion, and 10.419 billion yuan respectively, with net profits projected at 2.452 billion, 2.989 billion, and 3.603 billion yuan [2].

Core Insights - The recombinant collagen injection material market is seeing new entrants, with Juzi Bio (2367.HK) receiving approval for its recombinant type I collagen product for facial dermal filling, potentially disrupting the dominance of Jinbo Bio (920982.BJ) [1][2] Company Developments - Juzi Bio's product is composed of recombinant type I collagen, specifically a sequence of 753 amino acids, which does not have a triple helix structure, and is aimed at correcting dynamic facial wrinkles [1][2] - Jinbo Bio previously held a monopoly in the recombinant collagen injection market, with projected revenues of 1.443 billion yuan for 2024, reflecting over 80% year-on-year growth [2] Market Dynamics - The materials used by Juzi Bio and Jinbo Bio differ, with Juzi's focusing on type I collagen for structural support, while Jinbo's core material is type III collagen, which is responsible for elasticity [3] - Both companies have received approval for similar indications related to facial dermal filling, indicating that competition in the market is likely to intensify as more products gain regulatory approval [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][16]. Core Insights - The approval of the first recombinant type I natural sequence collagen facial injection product in China marks a significant milestone for the company, enhancing its competitive position in the medical aesthetics market [7]. - The new product is expected to drive revenue growth and reshape the competitive landscape in the collagen product category, showcasing the company's technological and industrial capabilities [7]. - The company has demonstrated strong revenue growth across its product lines, with notable performance from its flagship products and new launches [7]. Financial Data and Profit Forecast - Projected revenue growth from 2023 to 2027 shows a significant increase, with revenues expected to rise from 3,524 million RMB in 2023 to 10,691 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 49% [6][8]. - The net profit attributable to the parent company is forecasted to grow from 1,452 million RMB in 2023 to 3,726 million RMB in 2027, with a CAGR of around 23% [6][8]. - The company's gross margin is expected to remain stable, averaging around 82% over the forecast period [6]. Product Performance and Market Position - The flagship product, "可复美," generated revenue of 25.4 billion RMB in the first half of 2025, representing a year-on-year growth of 22.7% [7]. - The company has successfully launched new products that have gained market recognition, contributing to overall revenue growth [7]. - Direct sales channels have shown strong growth, with direct sales revenue reaching 23.3 billion RMB in the first half of 2025, up 26.5% year-on-year [7].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has successfully obtained approval for its self-developed "Recombinant Type I α1 Collagen Freeze-Dried Fiber," marking it as the first of its kind in China, with various specifications suitable for facial dermal tissue filling [2] - The recombinant collagen market in China is projected to reach 54.7 billion yuan by 2025, with the medical aesthetics market expected to grow to 7 billion yuan, indicating significant growth potential for the company [3] - The company is positioned as the second domestic enterprise to receive approval for recombinant collagen, allowing it to benefit from industry expansion [3] - The skincare segment is currently facing short-term sales fluctuations but is expected to stabilize and recover through optimized channel structures and strong brand recognition [4] Summary by Sections Medical Aesthetics - The company's recombinant collagen product showcases technical advantages and strengthens its leading position in the market, with a focus on improving skin structure and reducing dynamic wrinkles [3] - The product's unique formulation and research barriers enhance its market competitiveness [3] Skincare Products - Short-term sales have been impacted by a reduction in collaboration with influencers, but the brand's strength and product recognition remain robust [4] - The company aims to recover sales through channel optimization and continued consumer confidence driven by scientific marketing [4] Financial Projections - Revenue forecasts for 2025-2027 are adjusted to 6.917 billion, 8.540 billion, and 10.419 billion yuan respectively, with net profits projected at 2.452 billion, 2.988 billion, and 3.603 billion yuan [5] - The earnings per share (EPS) for the same period are expected to be 2.29, 2.79, and 3.36 yuan, with corresponding price-to-earnings (PE) ratios of 17, 14, and 11 times [5][8]

Core Viewpoint - 招银国际 maintains a "Buy" rating for 巨子生物 (02367) with a target price of HKD 58.35, despite a weak online sales performance for 可复美 during the first phase of Double Eleven sales [1] Group 1: Financial Performance - 可复美's online revenue is estimated to decline by 10% year-on-year in 2H25, leading to an overall online revenue growth rate of approximately 5% for the year [1] - 可丽金 is expected to achieve a high growth rate of about 40% in online revenue for the year [1] - The company's revenue growth forecast for 2025 is expected to slow down to 12% [1] - The CAGR for 可复美's revenue growth from 2025E to 2027E has been revised down from 26% to 14.5% due to short-term pressures on online sales [1] Group 2: Product Development - 巨子生物's first injectable recombinant collagen product, recombinant type I α1 collagen lyophilized fiber, has been approved for use in facial dermal tissue filling to correct dynamic wrinkles, including frown lines, forehead lines, and crow's feet [1] - The approval marks the completion of the company's product matrix layout for aesthetic injections, post-surgical recovery (dressing), and functional skincare [1] - The company is progressing with the commercialization of injectable products [1] Group 3: Upcoming Products - The company has two additional injectable collagen products in the approval stage: 1. Injectable recombinant collagen filler for moderate to severe neck wrinkles, prioritized for medical device approval by December 2024 [2] 2. Recombinant collagen implant, submitted for registration as a drug-device combination by August 2025, currently under review [2] - The approval of these products will further enrich the company's aesthetic product matrix, covering a range of anti-aging scenarios from forehead to neck and improving skin texture [2]

Group 1 - The core viewpoint of the report is that Zhuhai International maintains a "Buy" rating for Giant Bio (02367) with a target price of HKD 58.35, despite short-term pressures on online sales for Kefu Mei [1] - Kefu Mei's online sales performance during the first phase of Double Eleven was relatively weak, with an estimated year-on-year decline of 10% in online revenue for the second half of 2025, leading to an overall growth rate of approximately 5% for the year [1] - In contrast, Keli Jin is expected to achieve a high growth rate of about 40% in online revenue for the year, while offline business is projected to maintain steady growth [1] Group 2 - The company has adjusted its revenue growth forecast for Kefu Mei from a CAGR of 26% to 14.5% for the years 2025 to 2027 due to the anticipated short-term pressure on online sales [1] - Giant Bio's first injectable recombinant collagen product, recombinant type I α1 collagen lyophilized fiber, has been approved for market launch, aimed at facial dermal tissue filling to correct dynamic wrinkles, including frown lines, forehead lines, and crow's feet [1] - This approval signifies the completion of the company's full product matrix layout for aesthetic injections, post-surgical recovery dressings, and functional skincare [1] Group 3 - The company has two additional injectable collagen products currently in the approval stage: 1) Injectable recombinant collagen filler for moderate to severe neck wrinkles, prioritized for medical device approval by December 2024; 2) Recombinant collagen implant, with a registration application submitted in August 2025 as a drug-device combination, which has been accepted and is under review [2] - The approval of these products is expected to further enrich the company's aesthetic product matrix, covering a range of anti-aging scenarios from forehead to facial and neck areas, addressing dynamic wrinkle improvement to overall skin texture enhancement [2]

Core Insights - The collagen market is experiencing significant growth driven by increasing consumer focus on efficacy and ingredients, with two main growth drivers: professional skin care and aesthetic injection applications [1][3] - The collagen market in China is projected to exceed 16 billion yuan at the raw material level and approach 270 billion yuan at the retail level by 2030 [1] - The industry is currently in a phase of policy refinement, accelerated technological iteration, and tight collaboration across the supply chain [1] Industry Structure - The collagen industry has a high degree of integration between raw material supply and end product manufacturing, with upstream suppliers, midstream manufacturers of recombinant collagen, and downstream sales channels [2] - The market is characterized by significant growth potential, high technological barriers, and intense competition [2] End-User Applications - The demand for professional skin care products that combine medical safety and cosmetic efficacy is rapidly increasing, particularly in the aesthetic medicine sector [3] - Applications of collagen products are expanding from traditional moisturizing and nourishing functions to include core roles in aesthetic injection materials [3] Recommended Companies - Companies to watch include: Giant Bio (02367), Jinbo Bio (920982.BJ), Marubi Bio (603983.SH), Huaxi Bio (688363.SH), Fulejia (301371.SZ), Novozymes (688105.SH), Baipusais (301080.SZ), and Betaini (300957.SZ) [4]