Summary of the Conference Call Company and Industry - The conference call pertains to a biotechnology company specializing in skincare and medical devices, particularly focusing on recombinant collagen products and their applications in dermatology and aesthetic medicine. Key Points and Arguments 1. **Brand Development and Industry Engagement** The company emphasizes the importance of building its brand image and academic leadership in the recombinant protein field, participating in various medical and aesthetic conferences to enhance its industry presence [1][2]. 2. **Long-term Brand Value** The company is committed to enhancing the long-term value of its brand by engaging with younger demographics through initiatives like university campus events and health awareness campaigns [2]. 3. **Omni-channel Strategy** The company is expanding its product coverage through a combination of online and offline channels, including medical institutions and retail pharmacies, to establish a professional brand image [3]. 4. **E-commerce and Social Media Sales** The company utilizes platforms like Tmall, Douyin, and JD.com for sales and marketing, tailoring strategies to each platform's characteristics to maximize marketing potential [4][5]. 5. **Production Capacity Expansion** The company has significantly increased its production capacity by adding new production lines for recombinant collagen and cosmetics, indicating a robust growth strategy [6]. 6. **Social Responsibility Initiatives** The company engages in various charitable activities, including donations and environmental initiatives, reflecting its commitment to social responsibility [6][7]. 7. **Product Development and Innovation** The company is focused on continuous product innovation, with plans to launch new products, including the upgraded version of its collagen stick, which has shown significant sales growth [10][11]. 8. **Market Expansion Plans** The company aims to expand its market presence internationally, particularly in Southeast Asia, leveraging its technological and marketing capabilities to penetrate new markets [33][34]. 9. **Consumer Insights and R&D** The company employs consumer insights to drive its R&D efforts, ensuring that product development aligns with market needs and consumer preferences [28][29]. 10. **Acquisition Strategy** The company is exploring acquisition opportunities in skincare, medical materials, and cutting-edge technology sectors to enhance its product offerings and market reach [42][43]. 11. **Offline Retail Strategy** The company plans to expand its offline presence by opening flagship stores in key cities, focusing on brand experience and consumer education [48][49]. Other Important but Possibly Overlooked Content - The company has a strong focus on scientific research and product efficacy, with a commitment to continuous improvement based on consumer feedback and clinical validation [12][16]. - The company recognizes the growing demand for high-quality skincare products and aims to capture a larger market share by addressing deeper skin issues with its product offerings [15][41]. - The company is also exploring the potential of new ingredients and technologies, such as recombinant proteins, to differentiate its products in a competitive market [44][46].

Group 1 - The Hang Seng Healthcare Index (HSHCI) has seen a strong increase of 2.95%, with notable gains from companies such as Zai Lab (09688) up 12.39% and Dongyangguang Changjiang Pharmaceutical (01558) up 9.04% [3] - The Hang Seng Healthcare ETF (513060) has risen by 3.15%, marking its fourth consecutive increase, with a recent price of 0.46 yuan [3] - Over the past three months, the Hang Seng Healthcare ETF has accumulated a total increase of 21.98% [3] Group 2 - The Hang Seng Healthcare ETF has experienced a net value increase of 26.66% over the past year, with the highest single-month return reaching 28.34% since its inception [4] - The ETF's Sharpe ratio stands at 1.27, indicating strong risk-adjusted returns [4] - The ETF's management fee is 0.50%, and the custody fee is 0.15% [4] Group 3 - The top ten weighted stocks in the Hang Seng Healthcare Index account for 56.37% of the index, with companies like BeiGene (06160) and WuXi Biologics (02269) leading the list [5] - The performance of these stocks varies, with BeiGene showing a gain of 5.34% and WuXi Biologics up by 2.81% [7] Group 4 - The current market environment emphasizes the importance of domestic consumption growth due to pressures from U.S.-China tariffs, highlighting healthcare consumption as a key investment area [8] - The market sentiment is recovering, with a focus on undervalued blue-chip stocks and companies with solid fundamentals, particularly in the healthcare sector [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Viewpoints - The company reported a revenue of 5.54 billion, representing a year-on-year growth of 57%, and a net profit of 2.06 billion, with a year-on-year increase of 42%. The adjusted net profit reached 2.15 billion, reflecting a growth of 46.5% [2][4] - The board proposed a final dividend of 0.60 per share and a special dividend of 0.59 per share [2][4] - The main brand, "可复美" (Kefumei), continued to show high growth, while the sub-brand "可丽金" (Kelin) optimized its structure [8] Revenue and Profit Analysis - In 2024, the main brand "可复美" achieved a revenue of 4.54 billion, growing by 63%, while "可丽金" generated 0.84 billion, with a growth of 36% [8] - The company’s gross profit margin decreased by 1.5 percentage points due to the expansion of product categories, while the net profit margin was at 37.2%, still high within the industry [8] - In the second half of 2024, the company achieved a revenue of 3 billion, with a year-on-year growth of 56% [8] Product and Market Development - The company is actively expanding its research in the field of recombinant collagen and has made progress in medical device certifications [8] - The company received exclusive patent authorization for various types of recombinant collagen, enhancing its patent portfolio [8] Future Profit Projections - The adjusted net profit for 2025-2027 is projected to be 2.59 billion, 3.11 billion, and 3.74 billion respectively, with corresponding valuations of 25, 21, and 17 times [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company achieved a net profit of 2.15 billion, representing a year-on-year increase of 46%, which aligns with expectations [1] - Revenue for the year 2024 is projected to be 5.54 billion, a year-on-year increase of 57%, with a net profit of 2.06 billion, up 42% [1] - The company is expected to continue its growth trajectory, with revenue forecasts of 7.07 billion, 8.71 billion, and 10.45 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 28%, 23%, and 20% [5] Financial Performance - The adjusted net profit for 2024 is projected at 2.15 billion, a 46% increase year-on-year, which meets expectations [1] - The gross margin for 2024 is 82.1%, a decrease of 1.5 percentage points year-on-year, while the net profit margin is 37.2%, down 4 percentage points [2] - The company plans to distribute a total dividend of 1.19 per share, with a payout ratio of 60% [1] Business Segmentation - The main brand, Kefu Mei, generated revenue of 4.54 billion, a year-on-year increase of 63%, accounting for 82% of total revenue [3] - Online sales accounted for 72% of total revenue, with a year-on-year growth of 70% [3] - The second brand, Keli Jin, saw revenue of 840 million, a 36% increase year-on-year [3] Future Outlook - The company is positioned as a leader in the collagen protein sector, with strong growth in its main brand and accelerating growth in its second brand [5] - The company is expected to maintain a strong market presence with significant online sales growth and expansion into new retail locations [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][10]. Core Insights - The company is expected to achieve a net profit growth of 42% in 2024, driven by significant growth in online channels [5]. - The company reported a revenue of RMB 55.4 billion for 2024, representing a year-over-year increase of 57.2%, with a net profit of RMB 21.5 billion, up 42.1% year-over-year [7]. - The company plans to distribute a dividend of RMB 0.6021 per share, with a special dividend of RMB 0.5921, resulting in a dividend yield of approximately 2.1% based on the latest closing price [7]. Financial Performance - The company’s revenue for 2024 is projected to be RMB 30.0 billion for the second half, reflecting a year-over-year growth of 56.3%, with a net profit of RMB 10.8 billion, up 37.5% [7]. - The company’s gross margin for 2024 is reported at 82.1%, a slight decrease of 1.5 percentage points year-over-year, attributed to product category expansion and increased costs [7]. - The total revenue for the company is forecasted to reach RMB 72.9 billion by 2025, with net profits expected to grow to RMB 26.5 billion [9][12]. Product and Sales Performance - The company’s main brand, 可复美, achieved revenue of RMB 45.4 billion in 2024, marking a year-over-year increase of 62.9%, with strong sales during major promotional events [7]. - Online sales channels have become a significant growth driver, with the company reporting over 60% and 100% growth in GMV during the "618" and "Double Eleven" promotions, respectively [7]. - The company’s online direct sales revenue accounted for 72% of total revenue, an increase of 6 percentage points year-over-year [7]. Earnings Forecast - The company is projected to achieve net profits of RMB 32.9 billion and RMB 40.2 billion in 2026 and 2027, respectively, with corresponding EPS of RMB 3.20 and RMB 3.91 [9][12]. - The price-to-earnings (P/E) ratio is expected to decrease from 22X in 2025 to 15X in 2027, indicating a potentially undervalued stock [7][9].

2025 年 04 月 08 日 王睿哲 C0062@capital.com.tw 目标价(HKD) 75 公司基本资讯 | 产业别 | 美容护理 | | --- | --- | | H 股价(2025/04/07) | 60.90 | | 恒生指数(2025/04/07) | 19,828.3 | | 股价 12 个月高/低 | 72.8/35.7 | | 总发行股数(百万) | 1,035.90 | | H 股数(百万) | 1,035.90 | | H 市值(亿元) | 630.87 | | 主要股东 | 范代娣 (57.32%) | | 每股净值(元) | 6.91 | | 股价/账面净值 | 8.81 | | 一个月 三个月 | 一年 | | 股价涨跌(%) -12.12% 26.88% 46.25% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2024-09-26 | 39.95 | 买进 | | 产品组合 | | | --- | --- | | 功效性护肤品 | 78.6% | | 医用敷料 | 23.3% | | 保健品及其他 | 0 ...

医疗美容 可复美延续高增长，可丽金提速，胶原龙头潜力可期 巨子生物（02367.HK） 证券研究报告/公司研究简报 2025 年 04 月 07 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：郑澄怀 | | 营业收入（百万元） | | 3,526 | 5,539 | 7,056 | 8,893 | 11,021 | | | | 增长率 yoy% | | 48% | 57% | 27% | 26% | 24% | | 执业证书编号：S0740524040004 | | 归母净利润（百万元） | | 1,452 | 2,062 | 2,532 | 3,102 | 3,819 | | Email：zhengch@zts.com.cn | | 增长率 yoy% | | 109% | 42% | 23% | 23% | 23% | | | | 每股收益（ ...

Company Overview - The Shaanxi Provincial Government appointed Fan Daidi as the Vice President of Northwest University, effective April 1, 2025, with a one-year probation period [2] - Fan Daidi has a notable academic background, having obtained her PhD in Chemical Engineering and worked at various prestigious institutions, including MIT [2] - In 2000, Fan Daidi's research led to the development of a human-like collagen produced through genetic engineering, marking a significant milestone in her career [2][5] Company Formation and Growth - In 2000, Fan Daidi and her husband, Yan Jianya, co-founded Juzi Biotechnology, with Fan contributing patented technology as equity [3] - Juzi Biotechnology gained attention for its multiple research achievements and launched the "Keli Jin" brand in 2009, becoming the first company to mass-produce collagen skincare products [5] - The company later introduced the "Kefu Mei" brand in 2011, solidifying its brand structure [5] Investment and Financial Performance - Juzi Biotechnology completed its first round of financing in 2021, attracting notable investors such as GSUM XV HK Holdings Limited and CPE Collagen Investment Limited, with a pre-IPO valuation exceeding 19.3 billion RMB [6][7] - The company reported revenues of 5.539 billion RMB in 2024, a year-on-year increase of 57.17%, and a net profit of 2.062 billion RMB, up 42.36% [9] - Juzi Biotechnology has become the largest beauty and skincare company by market value in Hong Kong, surpassing 70 billion HKD [9] Ownership and Market Position - The ownership structure of Juzi Biotechnology primarily consists of Fan Daidi and Yan Jianya, who hold approximately 60% of the company through a family trust [6] - The couple ranked 196th on the 2024 Hurun Rich List with a combined wealth of 24.5 billion RMB, making them the third richest in Shaanxi [11] - Yan Jianya also leads another A-share listed company, Triangle Defense, which has a market value exceeding 10 billion RMB [10]

Core Viewpoint - The Hang Seng Healthcare Index (HSHCI) has shown strong performance, with significant increases in constituent stocks and the Hang Seng Healthcare ETF, indicating positive market sentiment in the healthcare sector [1][4]. Group 1: Market Performance - As of April 1, 2025, the HSHCI rose by 2.09%, with notable gains in stocks such as Genscript Biotech (8.36%) and Haijia Medical (7.74%) [1]. - The Hang Seng Healthcare ETF (513060) opened high and increased by 2.53%, with a latest price of 0.49 HKD and a trading volume of 1.28 billion HKD, achieving a turnover rate of 0.97% [1]. Group 2: ETF Growth and Performance Metrics - The Hang Seng Healthcare ETF has seen a significant growth of 2.648 billion HKD in size over the past year, ranking in the top third among comparable funds [4]. - The ETF's financing buy-in amount reached 322 million HKD, with a financing balance of 545 million HKD [4]. - Since its inception, the ETF recorded a highest monthly return of 28.34% and an average monthly return of 7.01% [4]. - The ETF's Sharpe ratio for the past year is 1.40, indicating strong risk-adjusted returns [4]. Group 3: Valuation and Industry Outlook - The latest price-to-earnings ratio (PE-TTM) for the HSHCI is 25.11, placing it in the 2.17% percentile over the past year, suggesting it is undervalued compared to historical levels [5]. - The National Medical Products Administration reported that 48 innovative drugs were approved in 2024, covering various therapeutic areas, indicating a robust pipeline for the pharmaceutical industry [5]. - Recent policies are shifting from cost control to encouraging innovation, with a focus on leading companies with strong international capabilities [5]. Group 4: Index Composition - As of March 31, 2025, the top ten weighted stocks in the HSHCI include WuXi Biologics, BeiGene, and Innovent Biologics, collectively accounting for 56.21% of the index [6].

Core Viewpoint - Juzhibio (02367.HK) has surpassed Maogeping to become the largest beauty and skincare company by market capitalization in Hong Kong, reaching a market value of HKD 72.98 billion as of March 31, 2025 [1] Financial Performance - For the year 2024, Juzhibio reported revenue of CNY 5.539 billion, a year-on-year increase of 57.17%, and a net profit of CNY 2.062 billion, up 42.36% [1] - The adjusted net profit for 2024 was CNY 2.152 billion, reflecting a growth of 46.49% [2] - The gross profit margin slightly decreased to 82.09%, but the overall gross profit crossed CNY 4.5 billion, marking a 54.28% increase [2] Product Segmentation - The core revenue segment for Juzhibio is functional skincare products, which achieved revenue exceeding CNY 4 billion for the first time, growing 62.52% to CNY 4.302 billion [4] - The medical dressing business also saw significant growth, with revenue surpassing CNY 1 billion, reaching CNY 1.218 billion, a 41.51% increase [4] - The main brands, Kefu Mei and Keli Jin, showed different growth rates, with Kefu Mei generating CNY 4.542 billion in revenue, up 62.89%, while Keli Jin's revenue was CNY 0.841 billion, growing 36.31% [4] Market Dynamics - The market for recombinant collagen is experiencing explosive growth, with a projected market size of CNY 219.38 billion by 2030, reflecting a compound annual growth rate of 44.93% [7] - New entrants are emerging in the market, indicating a competitive landscape where technological innovation will be crucial for success [7] - Juzhibio's Kefu Mei brand has shown remarkable growth, with revenue increasing from CNY 0.289 billion in 2019 to CNY 2.788 billion in 2023, representing over a 15-fold increase in less than seven years [5] Innovation and R&D - Juzhibio's R&D expenditure for 2024 was CNY 106 million, a 42.1% increase, accounting for only 1.9% of total revenue, supporting 188 ongoing projects [12] - The company has a technological edge in the field of recombinant collagen, which is essential for maintaining its competitive advantage [7][12] Competitive Landscape - The industry is witnessing a shift from hyaluronic acid to collagen products, driven by changing consumer preferences and intensified competition [1] - The entry of new players and advancements in technology are challenging existing market leaders, emphasizing the need for continuous innovation [6][12]