Core Insights - The A-share market's consumer stocks have surged, positively impacting Hong Kong's new consumer concept stocks, with notable increases in various companies' stock prices [1] Group 1: Market Performance - Stocks such as "沪上阿姨" rose over 14%, "卫龙美味" increased over 7%, and "泡泡玛特" and "蜜雪集团" both saw gains exceeding 6% [1] - Other companies like "奈雪的茶," "古茗," and "毛戈平" experienced increases of over 5%, while "茶百道," "锅圈," and "老铺黄金" rose over 3% [1] Group 2: Economic Indicators - The National Bureau of Statistics released positive inflation data for October, indicating a 0.2% month-on-month and year-on-year increase in the Consumer Price Index (CPI), marking a shift from decline to growth [1] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, with the growth rate expanding for the sixth consecutive month [1] Group 3: Government Policy - The Ministry of Finance plans to continue implementing measures to boost consumption, including providing financial subsidies for personal consumption loans in key sectors [1]

Core Viewpoint - The stock of Giant Bio (02367) has rebounded over 6%, currently trading at 40.1 HKD with a transaction volume of 411 million HKD, following the approval of its first medical aesthetic product, a recombinant type I collagen freeze-dried fiber, for facial dermal tissue filling to correct dynamic wrinkles [1][1]. Group 1: Product Development - Giant Bio's approved product is aimed at correcting forehead dynamic wrinkles, including frown lines, forehead lines, and crow's feet [1]. - The company is currently developing three additional medical aesthetic products, which include facial hydration, neck wrinkle treatments, and volumizing fillers [1]. Group 2: Market Position and Challenges - According to Guotai Junan Securities, the main brand, Kefu Mei, has seen a decline in its Double Eleven ranking due to public sentiment, product structure, and competition, which may lead to temporary pressure on its skincare business [1]. - Despite these challenges, the company has strong brand assets and operational foundations, with a focus on future channel adjustments and new product launches [1]. Group 3: Growth Potential - The recombinant collagen product is recognized for its anti-aging and repair benefits, with a solid understanding of its components among consumers [1]. - The company has a foundational presence in the medical aesthetic channel, and the product's market entry is expected to contribute to a second growth curve for the company [1].

Core Viewpoint - The stock of Giant Bio (02367) has rebounded over 6%, currently trading at 40.1 HKD with a transaction volume of 411 million HKD, following the approval of its first medical aesthetic product, a type I collagen freeze-dried fiber for facial dermal filling [1] Group 1: Product Development - Giant Bio's first medical aesthetic product, a type I collagen freeze-dried fiber, has been approved for use in correcting dynamic facial wrinkles, including frown lines, forehead lines, and crow's feet [1] - The company is currently developing three additional medical aesthetic products, which include facial hydration, neck wrinkle treatments, and volumizing fillers [1] Group 2: Market Analysis - According to Guotai Junan Securities, the main brand, Kefu Mei, has seen a decline in its Double Eleven ranking due to public sentiment, product structure, and competition, which may lead to temporary pressure on the skincare business [1] - Despite the challenges, the company has strong brand equity and operational foundations, with a focus on future channel adjustments and new product launches [1] Group 3: Growth Potential - The newly approved collagen product is expected to contribute to a second growth curve for the company, given its anti-aging and repair benefits, along with a solid recognition of its ingredients [1] - The company has a foundational presence in the medical aesthetic channel, which positions it well for the product's market introduction [1]

1. Report Industry Investment Rating - The industry rating is "Bullish" [1] 2. Core Views of the Report - The cosmetics industry continues to show differentiation, with brand demand being weak in the off - season, agents seeking change in difficult situations, and producers seizing supply - chain reconstruction opportunities. The medical aesthetics industry has new entrants with better - than - expected shipments, and new product catalysts are worth attention [3][4] 3. Summaries According to Relevant Catalogs 3.1 Cosmetics: Continued Differentiation 3.1.1 Brand Merchants - In 1 - 3Q25, beauty brand merchants' revenue was 28.4 billion yuan, a year - on - year decrease of 0.6%; personal care brand merchants' revenue was 5.7 billion yuan, a year - on - year increase of 12.4%. In 3Q25, beauty and personal care brand merchants' revenues were 8.05 billion and 1.805 billion yuan, a year - on - year decrease of 1.3% and an increase of 7.6% respectively. Beauty revenue weakened quarter - on - quarter, while personal care remained flat [18] - Beauty: Affected by the earlier Double Eleven promotion, consumer enthusiasm declined in September, and brands reduced live - streaming activities. In terms of single - quarter revenue growth, Shuiyang Co., Ltd. and Shanghai Jahwa increased by over 20%, Marubi Co., Ltd. had double - digit growth, Proya had low - double - digit decline, and Betaine and Freda had high - single - digit decline [18] - Personal care: Runben Co., Ltd.'s Q3 revenue increased by 17% year - on - year, with a slight increase in growth rate quarter - on - quarter. Baiya Co., Ltd.'s 3Q25 revenue improved, and Dengkang Oral Care had steady growth [18] - In 1 - 3Q25, beauty brand merchants' net profit after non - recurring items was 2.33 billion yuan, a year - on - year decrease of 15%; personal care brand merchants' was 604 million yuan, a year - on - year decrease of 3.4%. Some companies showed initial cost - control effects [24] 3.1.2 Agents - Agents are seeking change in difficult situations by exploring three paths: incubating self - owned brands (represented by Ruoyuchen), using AI to reduce costs and increase efficiency (represented by Yiwow), and expanding high - growth categories (such as Qingmu Technology expanding into trendy toy agency operations) [30] - Ruoyuchen's self - owned brands Feicui and Zhanjia continued to gain momentum. In Q3, self - owned brand revenue was 451 million yuan, a year - on - year increase of 344.5%, accounting for 55.1%. Zhanjia's Q3 revenue was 227 million yuan, a year - on - year increase of 119%, and 1 - 3Q revenue was 680 million yuan. Feicui's Q3 revenue was 203 million yuan, a quarter - on - quarter increase of over 98.8%, and 1 - 3Q revenue was 362 million yuan [30] 3.1.3 Producers - Demand continued to recover, and the revenue of the producer sector increased by 9%, 17%, and 30% year - on - year from Q1 to Q3, with the growth rate increasing quarter by quarter [33] - QingSong Co., Ltd. focused on optimizing customers and product structure, and its profit turned positive for four consecutive quarters from 2Q24 to 1Q25. Jieya Co., Ltd. had increasing orders from overseas big customers, and its Q3 performance growth accelerated. Jiaheng Home Co., Ltd. increased revenue but not profit, mainly due to the short - term impact of the Huzhou base's capacity ramp - up [33] 3.2 Medical Aesthetics: New Entrants with Better - than - Expected Shipments 3.2.1 Upstream Consumables - The growth rate of demand expansion slowed down, and supply - side competition intensified. In terms of the cumulative number of Class III medical device approvals, hyaluronic acid > regenerative (Sculptra/Poly - L - Lactic Acid) > botulinum toxin > recombinant collagen. Old products of hyaluronic acid and regenerative types faced growth pressure, and the growth rate of recombinant collagen Class III medical device products slowed down significantly quarter - on - quarter [38] - Hyaluronic acid: Aimeike's revenue growth rate from 24Q1 to 25Q3 was + 28.2%/+2.3%/+1.1%/ - 7%/ - 18%/ - 25%/ - 21% year - on - year, showing a quarterly decline since 24Q2 [38] - Collagen: Jinbo Biotech's revenue growth rate from 24Q1 to 25Q1 was + 76%/+100%/+92%/+73%/+63% year - on - year, and in 2Q25/3Q25, it was + 30%/+13% year - on - year. On October 23, the "Recombinant Type I α1 Subtype Collagen Freeze - Dried Fiber" Class III medical device certificate of Giant Biogene was approved by NMPA [38] - Leapmed Medical's medical aesthetics shipments were better than expected, with Q3 medical service and health management business revenue of 320 million yuan, a year - on - year increase of 28%, and the revenue of Sculptra and Hydrodermabrasion reaching 86.1367 million yuan [36] 3.2.2 Downstream - The new model of Xinoxygen Medical Clinics showed high - growth potential. The Q3 revenue guidance was 150 - 170 million yuan, a year - on - year increase of 231% - 275%, and a quarter - on - quarter increase of 4% - 18%. It plans to implement the "100 - City, 1000 - Store" plan in the long term [40] - Stores are expanding from first - tier cities to new first - tier and second - tier cities. As of November 6, it covered 42 stores in 10 cities. The promotion of self - owned brands was remarkable, and it cooperated with Xihong Miracle Sculptra 3.0, priced at 2999 yuan, which was officially launched on September 25 [43] 3.3 Investment Recommendations - Brands with upward potential and both growth and certainty: Recommend Maogeping (Oriental aesthetics, dual - wheel drive of makeup and skincare, and the second - curve of perfume is worth looking forward to) and Shangmei Co., Ltd. (with one cornerstone brand, five growth brands, and N seed businesses) [8][46] - Companies with new product pipelines and expected performance elasticity: Pay attention to Giant Biogene and Leapmed Medical [8][46] - Companies in strategic adjustment and expected to reach an inflection point: Recommend Shuiyang Co., Ltd. (the effect of high - end transformation is gradually emerging), and pay attention to Shanghai Jahwa, Betaine, and Freda [8][46]

致：香港交易及結算所有限公司 公司名稱: 巨子生物控股有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02367 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年 ...

Core Viewpoint - The approval of the first injectable recombinant collagen type I medical device by Juzi Biotech marks a significant breakthrough in the aesthetic medicine sector, indicating the start of a second growth curve for the company in this field [1][4]. Product Approval - On October 23, 2025, Juzi Biotech announced that its self-developed "Recombinant Type I α1 Collagen Lyophilized Fiber" received the Class III medical device registration certificate from the National Medical Products Administration (NMPA), with registration number 国械注准20253132049 [1][2]. - This product is the first approved drug-device combination in Juzi Biotech's Class III medical device pipeline, extending its business from functional skincare and Class II medical devices to the high-barrier Class III aesthetic injection devices [1][2]. Product Specifications and Efficacy - The product is a white or off-white sponge-like solid composed of recombinant Type I α1 collagen, with a total of 753 amino acids [2]. - It is indicated for facial dermal tissue filling to correct dynamic wrinkles, including forehead lines, glabellar lines, and crow's feet, showing efficacy rates of 94.7% for forehead lines and 97.2% for crow's feet in clinical trials [2]. Market Potential - The domestic market currently has 12 approved Class III collagen medical devices, with only four related to recombinant collagen, making Juzi's product the first recombinant Type I collagen Class III medical device approved [2][3]. - The collagen injection market is projected to reach approximately 9.8 billion by 2025, indicating significant growth potential for Juzi's recombinant Type I collagen, which is not in direct competition with existing products [3]. Future Pipeline and Growth Strategy - Juzi Biotech has additional products in the pipeline, including a "Recombinant Collagen Implant" that is currently under review, which may expedite approval following the recent success [4]. - Despite short-term stock price pressures due to initial sales fluctuations during the Double 11 shopping festival, the company is expected to gain momentum in the latter half of the event [4][6]. Sales Performance and Brand Strategy - In Q3, Juzi Biotech achieved a GMV of approximately 726 million, with significant growth rates across platforms like Tmall and JD, indicating a recovery in brand performance [4]. - The company has engaged in strategic partnerships with influencers to enhance brand visibility and sales during the Double 11 event, ranking 16th in Tmall's beauty category during the promotional period [4]. Management Confidence - The company's major shareholder has been actively increasing its stake, purchasing approximately 4.23 million shares for about 200 million HKD, which signals strong confidence in the company's long-term prospects [6].

Core Insights - The top three companies with the highest short positions as of October 24 are ZTE Corporation (00763), Vanke Enterprises (02202), and COSCO Shipping Holdings (01919), with short ratios of 15.82%, 15.47%, and 15.42% respectively [1][2] - The companies with the largest increase in short positions are InnoCare Pharma-B (09606), Sanhua Intelligent Controls (02050), and Giant Biogene (02367), with increases of 2.41%, 2.04%, and 1.06% respectively [1][2] - The companies with the largest decrease in short positions are Junshi Biosciences (01877), Mingyuan Cloud (00909), and Shandong Gold (01787), with decreases of -0.95%, -0.94%, and -0.93% respectively [1][3] Top 10 Short Positions - The top 10 companies with the highest short ratios include: - ZTE Corporation (00763): 15.82% - Vanke Enterprises (02202): 15.47% - COSCO Shipping Holdings (01919): 15.42% - Contemporary Amperex Technology Co., Ltd. (03750): 13.88% - Ganfeng Lithium (01772): 13.55% - Ping An Insurance (02318): 13.03% - Fuyao Glass (06865): 12.01% - Zijin Mining (02899): 11.94% - Heng Rui Medicine (01276): 11.05% - MicroPort Medical (00853): 10.94% [2] Largest Increases in Short Positions - The companies with the largest increases in short ratios are: - InnoCare Pharma-B (09606): from 1.39% to 3.80% - Sanhua Intelligent Controls (02050): from 8.14% to 10.18% - Giant Biogene (02367): from 7.56% to 8.62% - Pop Mart International (09992): from 3.91% to 4.88% - GCL-Poly Energy Holdings (03800): from 7.92% to 8.77% - Fourth Paradigm (06682): from 1.20% to 1.96% - Yidu Tech (02158): from 2.64% to 3.38% - Yanzhou Coal Mining Company (01171): from 7.52% to 8.24% - Laopu Gold (06181): from 2.35% to 3.02% - Aluminum Corporation of China (02600): from 5.85% to 6.48% [2] Largest Decreases in Short Positions - The companies with the largest decreases in short ratios are: - Junshi Biosciences (01877): from 5.50% to 4.55% - Mingyuan Cloud (00909): from 4.52% to 3.58% - Shandong Gold (01787): from 8.17% to 7.24% - Kelaiying (06821): from 9.14% to 8.23% - Ganfeng Lithium (01772): from 14.32% to 13.55% - Zijin Mining (02899): from 12.62% to 11.94% - Luoyang Molybdenum (03993): from 6.20% to 5.53% - Yiming Anke-B (01541): from 1.13% to 0.49% - Innovent Biologics (09969): from 6.38% to 5.80% - ZhongAn Online (06060): from 7.11% to 6.57% [3][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][14]. Core Views - The approval of the company's first injectable recombinant collagen type I medical device marks a significant breakthrough in the aesthetic medicine sector, opening a new growth curve for the company [2][3]. - Despite short-term sales fluctuations due to market reactions to the Double 11 shopping festival, the company is expected to perform well in the latter half of the event, supported by its established offline medical institution channels and brand influence [2][14]. - The management's continuous share buybacks signal strong long-term confidence in the company's prospects [2][13]. Summary by Sections Company Overview - The company announced on October 23, 2025, that its self-developed "Recombinant Type I α1 Collagen Freeze-Dried Fiber" received the Class III medical device registration certificate from the National Medical Products Administration (NMPA) [2][3]. - This product is the first approved drug-device combination in the company's Class III medical device pipeline, indicating a strategic expansion into the high-barrier aesthetic injection device market [3]. Product Details - The product is a white or off-white sponge-like solid composed of recombinant type I α1 collagen, with various specifications ranging from 10mg to 24mg per bottle [5]. - It is indicated for facial dermal tissue filling to correct dynamic wrinkles, including forehead lines, glabellar lines, and crow's feet [5]. Market Potential - The domestic market currently has 12 approved Class III collagen medical devices, with only four related to recombinant collagen, highlighting the uniqueness of the company's product [4]. - The collagen injection market is projected to reach approximately 9.8 billion by 2025, indicating significant growth potential for the company [7]. Financial Projections - The company is expected to achieve net profits of 2.549 billion, 3.092 billion, and 3.673 billion for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15, 12, and 10 [2][14]. - The management's share buybacks have increased their stake to 54.66%, reflecting confidence in the company's future performance [13]. Competitive Landscape - The company's recombinant type I collagen differs from competitors' type III collagen, suggesting a non-direct competition scenario that could enhance its market position [7]. - The approval of additional products in the pipeline is anticipated to accelerate, further strengthening the company's market presence [8].

Core Viewpoint - The company has received approval for its recombinant type I α1 collagen freeze-dried fibers, marking a significant advancement in its medical aesthetics segment and enhancing its product portfolio [1] Group 1: Product Approval - The product "recombinant type I α1 collagen freeze-dried fibers" has been approved by NMPA on October 21, with registration number 20253132049, making it the first recombinant type I natural sequence collagen injection product in China [1] - The product is characterized as a white or off-white sponge-like solid composed of recombinant type I α1 collagen, utilizing a specific amino acid sequence of 753 amino acids [1] - It is indicated for facial dermal tissue filling to correct dynamic wrinkles, including frown lines, forehead lines, and crow's feet [1] Group 2: Financial Forecast - The company is projected to achieve net profits attributable to the parent company of 2.52 billion, 3.16 billion, and 3.81 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 22.2%, 25.3%, and 20.5% [2] - The recombinant collagen segment is expected to experience high growth potential, especially following the recent approval of the medical aesthetics product, which may provide significant marginal catalytic elasticity [2] - The company maintains a "buy" rating despite recent challenges faced by its cosmetics brand due to public opinion events [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The approval of three types of medical devices opens up growth opportunities in the medical beauty sector [2] - The company has successfully obtained NMPA approval for its recombinant type I α1 collagen freeze-dried fibers, marking a significant advancement in its product offerings [5] - The company is expected to see substantial profit growth, with projected net profits of 2.52 billion, 3.16 billion, and 3.81 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 22.2%, 25.3%, and 20.5% [5] Financial Forecast and Valuation - Closing price as of October 24, 2023, is HKD 41.68, with a market capitalization of HKD 44.64 billion [4] - Revenue projections are as follows: 3,524.1 million RMB in 2023, 5,538.8 million RMB in 2024, 6,997.89 million RMB in 2025, 8,693.63 million RMB in 2026, and 10,420.60 million RMB in 2027, with corresponding growth rates of 49.0%, 57.2%, 26.3%, 24.2%, and 19.9% [4] - The company’s return on equity (ROE) is projected to decline from 33.3% in 2023 to 23.0% in 2027, while the price-to-earnings (P/E) ratio is expected to decrease from 21.81 in 2023 to 10.7 in 2027 [4]