Core Viewpoint - Juzi Biotech (02367) has seen a stock price increase of over 4%, currently trading at 56.3 HKD with a transaction volume of 256 million HKD, following significant share purchases by Juzi Holding [1] Group 1: Share Buyback Activity - On September 24, Juzi Biotech announced that Juzi Holding has purchased a total of 2,006,600 shares since the announcement of its buyback plan on June 9, 2025, with a total investment of approximately 105.6 million HKD (excluding commissions and other expenses) [1] - On September 25, Juzi Holding further acquired 1,150,000 shares, amounting to approximately 62.9 million HKD (excluding commissions and other expenses) [1] - Following these transactions, Juzi Holding now holds a total of 583 million shares, representing 54.47% of the company's total issued shares [1]

消息面上，9月24日晚，巨子生物公告称，自2025年6月9日发布增持计划后，截至公告日期，Juzi Holding于市场内合共购入200.66万股公司股份，增持金额合计约为1.056亿港元(不包括佣金及其他开 支)。9月25日晚，该公司公告，于2025年9月24日及9月25日，Juzi Holding于市场内合共购入115万股公 司股份，增持金额合计约为6290万港元(不包括佣金及其他开支)。紧随增持后，于公告日期，Juzi Holding合共持有公司5.83亿股股份，占公司已发行总股数的54.47%。 巨子生物(02367)涨超4%，截至发稿，涨3.97%，报56.3港元，成交额2.56亿港元。 ...

智通财经APP获悉，招银国际发布研报称，由于资本市场融资复苏、创新药出海交易规模上涨，国内创 新药研发需求出现回暖。该行注意到，创新药研发所需的实验猴的中标价格已经从2024年中的约8.5万 元回升至约9万元。叠加美国降息，CXO行业有望在2H25E迎来业绩修复。未来创新药的持续上涨动力 将主要来源于海外合作伙伴对于已授权管线的临床推动。此外，该行看好消费医疗的估值修复机会。推 荐买入三生制药(01530)、巨子生物(02367)、药明合联(02268)、固生堂(02273)、中国生物制药(01177)、 信达生物(01801) 报告中称，近年来，全球药品创新早期研发逐步从欧美向中国转移。全球MNC药企的创新管线引进也 逐步从欧美Biotech企业转向中国Biotech企业。9月10日，纽约时报发文"Trump Weighs Crack down on Medicines From China"，提到特朗普政府目前有一项拟议中的行政命令草案，该草案可能切断来自中国 的实验性治疗药物的引入渠道。然而，该命令草案引发了两个立场截然相反的团体展开激烈的游说活 动：支持方是美国初创Biotech企业的投资人，这些企业 ...

Core Insights - The global beauty industry is projected to exceed $677 billion by 2025, indicating strong growth, while the Chinese cosmetics market is undergoing significant structural changes, moving away from reliance on single blockbuster products or marketing gimmicks to a focus on genuine brand strength [1][2]. Market Performance - The Chinese cosmetics retail market is expected to maintain moderate growth in the first half of 2025, with retail sales reaching 2.291 billion yuan, a year-on-year increase of 2.9%, although this is below the overall retail growth rate of 5.0% [2][4]. - International beauty giants are facing pressure in the Chinese market, with L'Oréal leading with sales of 186.19 billion yuan, a 3% increase year-on-year, while Estée Lauder reported a 10.88% decline in net sales, marking its lowest sales in five years [4][6]. Domestic Brand Performance - Domestic brands are showing resilience, with the retail scale of the Chinese cosmetics market reaching 1.0738 trillion yuan in 2024, and domestic brands capturing 55.2% of the market share [6][8]. - The top ten domestic beauty companies reported a total revenue growth of 11.72% in the first half of 2025, with Proya, Shiseido, and Shanghai Jahwa leading the rankings [7][8]. Consumer Trends - The beauty market is witnessing a shift towards rational consumption, with consumers increasingly sensitive to price and favoring cost-effective products. The sales of beauty and skincare products reached 235.23 billion yuan in the first half of 2025, a 10.1% increase year-on-year [12][13]. - The anti-aging market is experiencing significant growth, with total sales reaching 65.49 billion yuan, a 30.3% increase year-on-year, and the demand for anti-aging products is expanding to younger demographics [13][14]. Brand Strategies - Brands are increasingly adopting multi-brand strategies to address diverse consumer needs, moving from a single product focus to a more comprehensive brand matrix [14][19]. - Investment in research and development is on the rise among leading domestic brands, with a focus on building technological barriers and enhancing product efficacy [15][16]. Marketing and Distribution - Douyin (TikTok) has solidified its position as a growth engine for the beauty industry, with daily views of beauty videos exceeding 2.5 billion, reflecting a shift towards more refined and systematic marketing strategies [17][18]. - The competition is evolving from a focus on single-channel strategies to an integrated approach that balances online and offline resources, emphasizing the importance of brand experience and customer loyalty [18][19].

Investment Rating - The report does not explicitly provide an investment rating for the beauty industry Core Insights - The beauty industry is experiencing a significant transformation driven by consumer preferences for high-quality, effective products and the integration of technology in skincare and cosmetics [4][6][10] Industry Trends - The high-end fragrance segment is witnessing robust growth, with the Chinese perfume market projected to reach 24.9 billion yuan by 2025 and exceed 33.9 billion yuan by 2028, reflecting a compound annual growth rate of 8% [4] - Domestic beauty brands are focusing on scientific innovation, market segmentation, and globalization to enhance competitiveness [6][7] - The integration of medical aesthetics and beauty is becoming a trend, with a projected annual growth rate of 10%-15% for the medical aesthetics market from 2024 to 2027 [10] - The beauty market is seeing a shift towards multi-brand strategies, with companies like Proya and Shiseido leading the way [6][11] Market Environment - Douyin e-commerce is revitalizing the perception of "Chinese good ingredients," enhancing consumer trust in domestic skincare products through educational campaigns [4] - The domestic beauty market grew by 3.1% in the first half of 2025, with significant performance disparities among companies [6] - The trend of "reverse export" to South Korea is emerging, as domestic brands seek to penetrate the Korean market through differentiated product offerings [6] Top Brand Dynamics - Proya leads the domestic beauty market with a revenue of 5.36 billion yuan, followed closely by other major players [11] - The report highlights the rise of makeup artist brands, with Unilever investing in Hung Vanngo Beauty, indicating a growing interest in professional makeup lines [13] - L'Oréal is accelerating its presence in the fragrance market with the launch of high-end perfumes, reflecting a strategic shift towards premium products [14] - The beauty industry is witnessing a surge in e-commerce, with platforms like JD.com reporting double-digit growth in beauty sales [18]

Major Events - China Railway (00390) recently won bids for 11 major projects, with a total contract value of approximately 50.215 billion yuan [1] - China Communications Technology (03969) secured four important projects in the railway market from July to August [1] - Chow Tai Fook (00659) plans to issue convertible bonds worth 2.218 billion HKD, converting approximately 10% of shares in First Journey Holdings (00697) [1] - Shanghai Pharmaceuticals (02607) transferred 40% equity of Shanghai Pharmaceuticals Group to Shanghai Shansi for about 6.7215 billion yuan [1] - Tianjin Port Development (03382) plans to invest 95.403 million yuan to acquire 5% equity in Eurasia International [1] - Tianjin Port Development (03382) intends to acquire 40% equity in Alliance International for 723 million yuan, increasing its stake to 100% [1] - First Journey Holdings (00697) received investment from Beijing Robotics Fund in Quan Zhi Bo, continuing to increase investment in the robotics industry [1] - Boleton (01333) signed a strategic cooperation agreement with Mingyang Mining to promote the electrification and intelligence of mining transportation [1] - China Biopharmaceutical (01177) completed the first patient enrollment in the Phase I clinical trial of LM-350 "CDH17 ADC" in Australia [1] - Xinjiang Xinmin Mining (03833) proposed to issue A-shares [1] - Jihong Co., Ltd. (02603) expects a year-on-year increase of 55%-65% in net profit attributable to shareholders for the first three quarters [1] Buybacks and Shareholding Changes - Tencent Holdings (00700) repurchased 844,000 shares for 550 million HKD on September 25 [1] - Midea Group (00300) repurchased 2.0 billion yuan worth of 2.7455 million A-shares on September 25 [1] - Anta Sports (02020) repurchased 99.819 million HKD worth of 106,500 shares on September 25 [1] - Guoquan (02517) plans to use up to 100 million HKD for further repurchase of H-shares [1] - Juzi Holding increased its stake by acquiring 1.15 million shares in Giant Bio (02367) [1] - Harmony Health, a shareholder of Goldwind Technology (02208), reduced its holdings by approximately 57.14185 million shares [1]

巨子生物公告，控股股东Juzi Holding Co.,Ltd于2025年9月24日及9月25日在市场内合共购入115万股公司 股份，增持金额约6290万港元，不包括佣金及其他开支；本次增持后其持股增至5.83亿股，占公司已发 行总股数的54.47%。Juzi Holding表示可能视市况继续增持。 来源：视频滚动新闻 ...

格隆汇9月25日丨巨子生物(02367.HK)公告，公司董事会接获公司控股股东Juzi Holding Co.,Ltd(Juzi Holding)通知，基于对公司未来发展的强烈信心，为促进公司持续、稳定、健康发展，维护广大公众投 资者利益，于2025年9月24日及9月25日，Juzi Holding于市场内合共购入115万股公司股份，增持金额合 计约为6290万港元(不包括佣金及其他开支)。 紧随今日增持后，于本公告日期，Juzi Holding合共持有公司5.83亿股股份，占公司已发行总股数的 54.47%。Juzi Holding可能会根据市场状况和适用的监管要求，不时进一步增持公司股份。 ...

紧随今日增持后，于本公告日期，Juzi Holding合共持有公司5.83亿股股份，占公司已发行总股数的 54.47%。Juzi Holding可能会根据市场状况和适用的监管要求，不时进一步增持公司股份。 巨子生物(02367)发布公告，公司董事会接获公司控股股东Juzi Holding Co.,Ltd(Juzi Holding)通知，基于 对公司未来发展的强烈信心，为促进公司持续、稳定、健康发展，维护广大公众投资者利益，于2025年 9月24日及9月25日，Juzi Holding于市场内合共购入115万股公司股份，增持金额合计约为6290万港元(不 包括佣金及其他开支)。 ...

智通财经APP讯，巨子生物(02367)发布公告，公司董事会接获公司控股股东Juzi Holding Co., Ltd(Juzi Holding) 通知，基于对公司未来发展的强烈信心，为促进公司持续、稳定、健康发展，维护广大公众投 资者利益，于2025年9月24日及9月25日，Juzi Holding于市场内合共购入115万股公司股份，增持金额合 计约为6290万港元(不包括佣金及其他开支)。 紧随今日增持后，于本公告日期，Juzi Holding合共持有公司5.83亿股股份，占公司已发行总股数的 54.47%。Juzi Holding可能会根据市场状况和适用的监管要求，不时进一步增持公司股份。 ...