2026 年 3 月 20 日 公司研究 护肤业务有望于下半年重拾升势，医美业务构建新增长曲线 ——巨子生物（2367.HK）2025 年报点评 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 0.92 | -8.70 | -58.77 | | 绝对 | -3.78 | -20.51 -6.95 | -54.34 | | 资料来源：Wind | -2.14 | -27.88 | 15.20 | 资料来源：Wind 15.20 买入（维持） 当前价：30.86 港元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：吴子倩 执业证书编号：S0930525070004 021-52523872 wuziqian@ebscn.com 市场数据 | 总股本(亿股) | 10.71 | | --- | --- | | 总市值(亿港元)： | 330.48 | | 一年最低/最高(港元)： | 28.96/85.14 | | 近 3 月换手率： | ...

证券研究报告 港股通 巨子生物 (2367 HK) 26 年起有望重回增长轨道 | 华泰研究 | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2026 年 | 3 月 20 日│中国香港 | 零售 | 目标价(港币): | 45.00 | | 公司2025年实现营收55.19亿/yoy-0.4%（25H1/H2分别为22.5%/-19.8%）； | | | 樊俊豪 SAC No. S0570524050001 | 研究员 fanjunhao@htsc.com | | 归母净利润 分别为 20.2%/-32.1%）。董事 | 19.15 亿/yoy-7.1%（25H1/H2 | | SFC No. BDO986 | +(852) 3658 6000 | | 会提议每股派息 0.6714 元。面对高度竞争/复杂多 | 0.539 元，并另特别派息 | | | | 孙丹阳 研究员 SAC No. S0570519010001 SFC No. BQQ696 sundanyang@htsc.com +(86) 21 2897 2038 资料来源 ...

证券研究报告 港股通 巨子生物 (2367 HK) 26 年起有望重回增长轨道 | 华泰研究 | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2026 年 | 3 月 20 日│中国香港 | 零售 | 目标价(港币): | 45.00 | | 公司2025年实现营收55.19亿/yoy-0.4%（25H1/H2分别为22.5%/-19.8%）； | | | 樊俊豪 SAC No. S0570524050001 | 研究员 fanjunhao@htsc.com | | 归母净利润 分别为 20.2%/-32.1%）。董事 | 19.15 亿/yoy-7.1%（25H1/H2 | | SFC No. BDO986 | +(852) 3658 6000 | | 会提议每股派息 0.6714 元。面对高度竞争/复杂多 | 0.539 元，并另特别派息 | | | | 孙丹阳 研究员 SAC No. S0570519010001 SFC No. BQQ696 sundanyang@htsc.com +(86) 21 2897 2038 洪洋* ...

20 March 2026 | 12:43AM HKT Equity Research Giant Biogene Holding (2367.HK) 2H25 results sales/NP in line while OP slightly better; Robust outlook; Buy 2367.HK 12m Price Target: HK$46.00 Price: HK$30.86 Upside: 49.1% Giant Biogene 2H25 results were broadly in line with expectations with sales/NI down 20%/32% yoy, 1%/-1% versus GSe, or 4%/6% below VA consensus. Full year 2025 revenue/NI declined by 0.4%/7.2% to Rmb5.52bn/Rmb1.91bn, largely in line with GSe, or 2%/3% below consensus. We note better than expec ...

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 截至本公告日期，董事會成員包括執行董事嚴建亞先生、葉娟女士、方娟女士、張慧娟女士及嚴鈺博女士以及獨立非執行董事黃進 先生、單文華先生及黃斯穎女士。 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 巨子生物控股有限公司 | | 股份代號 | 02367 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度之特别股息 | | 公告日期 | 2026年3月19日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 其他 | | 特别股息 | | | 股 ...

EF001 其他信息 其他信息 不適用 發行人董事 截至本公告日期，董事會成員包括執行董事嚴建亞先生、葉娟女士、方娟女士、張慧娟女士及嚴鈺博女士以及獨立非執行董事黃進 先生、單文華先生及黃斯穎女士。 EF001 免責聲明 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 巨子生物控股有限公司 | | 股份代號 | 02367 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度之末期股息 | | 公告日期 | 2026年3月19日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.5 ...

GIANT BIOGENE HOLDING CO., LTD 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 巨子生物控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 獲 豁 免 有 限 公 司） （股 份 代 號：2367） 截 至2025年12月31日止年度業績公告 財務摘要 | 至12月31日止年度 | 截 | 2025年 | 2024年 | 變 | 動 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 人民幣百萬元 | 人民幣百萬元 | | | | | | | | | | | | | | | 5,518.5 | 收 | 入 | 5,538.8 | -0.4% | 4,433.4 | 毛 | 利 | 4,54 ...

Core Viewpoint - The Chinese cosmetics industry is projected to reach a market size of 1.1 trillion, with domestic brands surpassing international brands in market share and consumer preference significantly increasing for domestic products [1][2]. Group 1: High-Quality Development and New Productive Forces - The high-quality development of the beauty and skincare industry relies on the cultivation and implementation of new productive forces, which are essential for transitioning from traditional manufacturing to intelligent and lean production [4]. - New productive forces enhance production logic by utilizing automation and intelligent equipment to address batch fluctuations and quality control issues, thereby improving production efficiency and product consistency [4]. - These forces also align with consumer upgrade demands, facilitating product innovation that shifts from "concept marketing" to "technology empowerment" [4]. Group 2: Intelligent Manufacturing Practices of Domestic Brands - Over the past decade, the beauty and skincare manufacturing industry has transitioned from experience-driven to data-driven upgrades, establishing a clear three-stage evolution path [6]. - The current stage is characterized by intelligent data-driven systems that enable full-process traceability and flexible collaboration, meeting the industry's demands for rapid product iteration and compliance [6]. - Leading brands like Han Shu and Hua Xi have made significant investments in intelligent manufacturing, achieving production capacity increases and quality control improvements that rival international brands [10][15]. Group 3: R&D Innovation and Cost Investment - R&D expenditure rates vary across categories, with skincare products averaging 1.5%-3% and medical beauty products ranging from 2%-5%, indicating a stratified investment landscape driven by product attributes and technological barriers [19][20]. - Domestic brands like Hua Xi and Bei Tai Ni have significantly increased their R&D personnel ratios, aligning closely with international brands, showcasing their commitment to innovation and development [21][22]. - The production cost rates for various product categories range from 15% to 30%, with domestic brands leveraging self-researched technologies and integrated supply chains to maintain competitive pricing while ensuring quality [25][27]. Group 4: International Competitiveness of Domestic Brands - Domestic beauty brands, exemplified by Han Shu, Peiliya, and Bei Tai Ni, have achieved comprehensive breakthroughs in core competitiveness through new productive forces [28]. - The implementation of intelligent manufacturing has enabled micro-level quality control, establishing trust barriers in product quality [30]. - The integration of AI-driven workshops and 5G smart factories has positioned domestic brands at the forefront of technological advancement and operational efficiency, contributing to the high-quality development of China's beauty and skincare industry [30].

公开数据显示，近五年国内主要生物制造企业申请专利共计 13680 件，占历史专利申请总量的 52% ，近五年创新成果超越以往年份总和[2] 。 今年两会，一个过去主要出现在科研论文里的词，开始越来越频繁地出现在产业政策中，那就是 生物 制造 。 会议期间多位产业专家指出，生物制造有望成为继信息技术、新能源之后的又一轮产业变革引擎 [1] 。 " 十五五 " 开局之年，生物制造与量子科技、 6G 等并列前行。在太空数据中心、沙漠光伏电站之 外，一种发生在微观领域的生产力革命，正在被寄予厚望。 过去几十年，中国制造的优势建立在规模化工业能力之上；如今，以 重组胶原蛋白 为代表，制造竞争 正进入全新领域 —— 把细胞变成新的 " 工厂 " 。 细胞里的产业革命 一个常被忽视的事实是： 很多产业革命，说到底都是材料革命。 材料决定了技术形态，也往往决定了一个产业的上限。 最典型的是半导体，竞争看似集中在芯片设计，但底层核心是硅材料。从硅到碳化硅，功率半导体这些 年的进步，离不开材料的突破。 新能源汽车产业也类似。汽车电动化与电池材料迭代密不可分，从铅酸电池到锂电池，每一次材料技术 革新，都会直接影响电动车的续航、安全 ...

Core Viewpoint - The article discusses the transformative potential of biomanufacturing, particularly focusing on the advancements in recombinant collagen production by Juzhi Biotechnology, which has positioned itself as a leader in this emerging industry in China [2][14]. Group 1: Biomanufacturing Overview - Biomanufacturing is defined as a process that utilizes biological catalysts such as microorganisms and enzymes to efficiently synthesize and convert materials, representing a shift from traditional manufacturing methods [2]. - By 2026, biomanufacturing is expected to be one of the six future industries prioritized in China's 14th Five-Year Plan, with a total scale reaching 1.1 trillion yuan [2]. Group 2: Juzhi Biotechnology's Innovations - Juzhi Biotechnology has pioneered the development of recombinant collagen, achieving a significant milestone in 2000 when it became the first in China to produce it using synthetic biology techniques [5][7]. - The company has launched flagship brands such as Keli Jin and Kefu Mei, focusing on scientific skincare solutions for issues like wrinkles and skin repair [7]. - Juzhi has received over 20 national and provincial awards, including the National Technology Invention Award, and has been recognized as a global leader in recombinant collagen for two consecutive years by Euromonitor International [7][9]. Group 3: Market Dynamics and Challenges - The recombinant collagen market is experiencing explosive growth, with increasing competition and a need for standardized quality control, as highlighted by the introduction of industry standards by the National Medical Products Administration [10][12]. - Juzhi Biotechnology is actively involved in the formulation of these standards, addressing challenges such as production costs, application technologies, and the need for a comprehensive evaluation system [12]. Group 4: Future Prospects - The company is exploring new applications for recombinant collagen, including potential uses in bone, vascular, and nerve repair, which could lead to the development of advanced biomaterials and artificial organs [15]. - The integration of AI technologies is expected to enhance research efficiency and production quality, positioning Juzhi Biotechnology to lead in innovation within the biomanufacturing sector [12][15]. Group 5: Commitment to Transparency and Consumer Trust - Juzhi Biotechnology emphasizes transparency in its production processes, planning to showcase its entire R&D and manufacturing workflow to consumers, thereby building trust and confidence in its products [13].