Core Viewpoint - Juzi Holding Co., Ltd has increased its stake in Juzi Bio (02367.HK) by purchasing 560,000 shares for approximately HKD 21.8 million, reflecting strong confidence in the company's future development [1] Summary by Sections Share Purchase Details - Juzi Holding has acquired a total of 4,226,600 shares since the announcement of its buyback plan on June 9, 2025, with a total investment of approximately HKD 200.2 million [1] - Following the latest purchase, Juzi Holding now holds 585,331,535 shares, representing 54.66% of the company's total issued shares [1] Future Plans - Juzi Holding may continue to increase its shareholding based on market conditions and applicable regulatory requirements [1]

Core Viewpoint - Juzi Holding Co., Ltd has increased its stake in the company, demonstrating strong confidence in the company's future development and aiming to promote stable and healthy growth while protecting public investors' interests [1] Group 1: Share Purchase Details - Juzi Holding purchased a total of 560,000 shares of the company, amounting to approximately 21.8 million HKD (excluding commissions and other expenses) [1] - Since the announcement of the share purchase plan on June 9, 2025, Juzi Holding has acquired a total of 4.2266 million shares, with a total investment of around 200 million HKD (excluding commissions and other expenses) [1] - Following this latest purchase, Juzi Holding holds a total of 585 million shares, representing 54.66% of the company's total issued shares [1] Group 2: Future Intentions - Juzi Holding may continue to increase its shareholding in the company based on market conditions and applicable regulatory requirements [1]

Core Viewpoint - Juzi Holding Co., Ltd has increased its stake in the company, demonstrating strong confidence in the company's future development and aiming to promote sustainable and healthy growth while protecting public investors' interests [1] Share Purchase Details - Juzi Holding purchased a total of 560,000 shares of the company, amounting to approximately 21.8 million HKD (excluding commissions and other expenses) [1] - Since the announcement of the share purchase plan on June 9, 2025, Juzi Holding has acquired a total of 4.2266 million shares, with a total investment of around 200 million HKD (excluding commissions and other expenses) [1] - Following this latest purchase, Juzi Holding holds a total of 585 million shares, representing 54.66% of the company's total issued shares [1] Future Intentions - Juzi Holding may continue to increase its shareholding in the company based on market conditions and applicable regulatory requirements [1]

本公司董事會（（「董事會」）接獲本公司控股股東Juzi Holding Co., Ltd（「Juzi Holding」） 通 知，基 於 對 本 公 司 未 來 發 展 的 強 烈 信 心，為 促 進 本 公 司 持 續、穩 定、健 康 發 展，維 護 廣 大 公 眾 投 資 者 利 益，於 本 公 告 日 期，Juzi Holding於市場內合共購入 560,000股本公司股份（「本次增持」），本 次 增 持 金 額 合 計 約 為21.8百萬港元（不 包 括 佣 金 及 其 他 開 支）。自2025年6月9日 發 佈 增 持 計 劃 後，截 至 本 公 告 日 期，Juzi Holding於市場內共購入4,226,600股 本 公 司 股 份，增 持 金 額 合 計 約 為200.2百萬元 港 幣（不 包 括 佣 金 及 其 他 開 支）。緊 隨 本 次 增 持 後，於 本 公 告 日 期，Juzi Holding合 共持有本公司585,331,535股 股 份，佔 本 公 司 已 發 行 總 股 數 的54.66%。Juzi Holding 可 能 會 根 據 市 場 狀 況 和 適 用 的 監 管 要 ...

Group 1: Market Performance and Opportunities - The MSCI China Healthcare Index has increased by 58.6% year-to-date, outperforming the MSCI China Index which rose by 24.2% [1] - The recent slight pullback in the healthcare sector (10% decline in MSCI China Healthcare Index since October) presents a buying opportunity [1] - The recovery in capital market financing and the increase in overseas transactions for innovative drugs indicate a rebound in domestic innovative drug R&D demand [1] Group 2: Clinical Data and Drug Development - SKB264 is the only drug showing statistically significant overall survival (OS) in a Phase III trial for EGFR-TKI resistant NSCLC, with a hazard ratio (HR) of 0.56 compared to chemotherapy [2] - Ivonescimab demonstrated a median progression-free survival (mPFS) of 11.1 months in first-line sqNSCLC, outperforming the comparator at 6.9 months (HR=0.60) [2] - The uORR for drug 707 in first-line colorectal cancer reached 82.6%, with a cORR of 65.2%, indicating strong efficacy [2] Group 3: Strategic Collaborations and Future Outlook - The company suggests focusing on the clinical advancement of authorized pipelines overseas, as this has a higher certainty of success and can act as a catalyst for stock price increases [3] - The strategic collaboration between Innovent Biologics and Takeda for IBI363 involves shared global R&D costs and commercial rights, reflecting confidence in the drug and commitment to global strategy [3] - Pfizer is expected to announce overseas clinical plans for drug 707 within the year, with a focus on its combination with multiple ADC products [3]

Group 1 - The MSCI China Healthcare Index has increased by 58.6% since the beginning of 2025, outperforming the MSCI China Index by 24.2% [1] - The recent slight pullback in the healthcare sector (10% since October) presents a buying opportunity, driven by a recovery in capital market financing and an increase in the scale of innovative drug exports [1] - The CXO industry is expected to see performance recovery in the second half of 2025 due to the anticipated interest rate cuts in the U.S. [1] Group 2 - Significant clinical data was released at the ESMO conference, highlighting key drugs such as SKB264, which shows statistical significance in overall survival for NSCLC patients resistant to EGFR-TKI [2] - The mPFS for lvonescimab in first-line sqNSCLC was reported at 11.1 months, compared to 6.9 months for the control group [2] - The uORR for drug 707 from 三生制药 in first-line colorectal cancer reached 82.6%, indicating strong efficacy [2] Group 3 - The impact of business development (BD) on stock prices is diminishing, prompting a focus on the clinical advancement of authorized pipelines overseas [3] - 信达生物 has entered a global strategic partnership with Takeda for IBI363, sharing 40% of global R&D costs and U.S. commercial rights, reflecting confidence in the drug and commitment to globalization [3] - The company anticipates that clinical progress will serve as a catalyst for stock price increases, with most value realization dependent on successful commercialization rather than upfront payments from licensing deals [3]

Core Viewpoint - The stock of Giant Bio (02367.HK) experienced a significant decline, dropping over 6% in the afternoon trading session, with a current price of 39.8 HKD and a trading volume of 513 million HKD [1] Group 1 - The stock price of Giant Bio fell by 4.51% as of the latest update [1] - The trading volume reached 5.13 billion HKD, indicating active market participation [1]

Core Viewpoint - The stock of Giant Bio (02367) has experienced a decline of over 6%, currently trading at 39.8 HKD, with a transaction volume of 513 million HKD, following the approval of its medical device product, a recombinant type I α1 collagen lyophilized fiber [1] Group 1: Company Developments - Giant Bio's "recombinant type I α1 collagen lyophilized fiber" has received approval as a Class III medical device, marking it as China's first recombinant type I natural sequence collagen facial injection product [1] - Huatai Securities maintains its profit forecast for the company, projecting a net profit for 2025-2027 [1] Group 2: Market Performance - CooBeauty's online sales performance during the first phase of the Double Eleven shopping festival has been relatively weak, with an estimated 10% year-on-year decline in online revenue for the second half of the year, leading to an overall online revenue growth rate of approximately 5% for the year [1] - In contrast, Collyre's online revenue is expected to achieve a high growth rate of about 40% for the year, while offline business is anticipated to maintain steady growth [1] - The revenue growth forecast for the company is expected to slow down to 12% by 2025 [1]

Core Viewpoint - The stock of Giant Bio (02367) has experienced a decline of over 6%, currently trading at 39.8 HKD, with a transaction volume of 513 million HKD, following the approval of its medical device product [1] Group 1: Company Developments - Giant Bio's "Recombinant Type I α1 Collagen Lyophilized Fiber" has received approval as a Class III medical device, marking it as China's first recombinant Type I natural sequence collagen facial injection product [1] - Huatai Securities maintains its profit forecast for Giant Bio, projecting a net profit for the parent company in 2025-2027 [1] Group 2: Market Performance - Zheshang International reports that the online sales performance of Kefu Beauty during the first phase of the Double Eleven shopping festival was relatively weak, estimating a 10% year-on-year decline in online revenue for the second half of the year [1] - Keli Jin is expected to achieve approximately 40% high growth in annual online revenue, while offline business is projected to maintain steady growth [1] - The revenue growth forecast for the company is expected to slow down to 12% by 2025 [1]

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The report highlights that the beauty and personal care industry has shown a relative return of -2.84% over the past month, -13.54% over the past three months, and -14.02% over the past year compared to the CSI 300 index [3] - The report notes that the newly approved recombinant type I collagen products by Juzhi Biotech are expected to enhance market competition, with various specifications available [6] - The report emphasizes the strong performance of brands like Han Shu and Proya during the "Double 11" shopping festival, indicating robust consumer demand [6] Summary by Sections Industry Performance - The beauty and personal care sector has experienced a relative return of -2.84% in the last month, -13.54% in the last three months, and -14.02% in the last year compared to the CSI 300 index [3] Product Developments - Juzhi Biotech's recombinant type I collagen has been approved, with product specifications ranging from 10mg to 24mg per bottle, primarily used for facial dermal filling to correct dynamic wrinkles [6] - The report mentions that the recombinant collagen market is seeing new entrants, with Juzhi Biotech and Jinbo Biotech being key players [6] Market Trends - Data from Q3 2025 shows that the GMV for the beauty category on Douyin grew by 19.69% year-on-year, with Han Shu leading with over 500 million in GMV [6] - The report indicates that Proya has consistently ranked first in the Tmall beauty category for three consecutive years, with expectations to maintain this position in 2025 [6] Investment Recommendations - The report suggests monitoring Juzhi Biotech's marketing strategies and sales performance for its new collagen products [6] - It recommends focusing on leading domestic skincare companies like Proya and Shanghai Jahwa, as well as other listed companies in the collagen sector [6]