本 公 司 股 東 及 有 意 投 資 者 於 買 賣 本 公 司 股 份 時 務 請 審 慎 行 事。 承董事會命 GIANT BIOGENE HOLDING CO., LTD 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） 自願性公告 控股股東增持股份 本公告乃由巨子生物控股有限公司（「本公司」）自 願 作 出。兹 提 述 本 公 司 日 期 為 2025年6月9日 的 公 告，內 容 有 關 控 股 股 東 增 持 本 公 司 股 份 的 計 劃。 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 500,000股本公司股份（「本次增持」），本 次 增 持 金 額 合 計 約 為19.3百萬港元（不 包 括 佣 金 及 其 他 ...

每经AI快讯，巨子生物(02367.HK)再跌超4%，较年内高点85.79港元已腰斩，截至发稿，跌4.01%，报 39.22港元，成交额7.45亿港元。 ...

Core Viewpoint - The stock of Giant Bio (02367) has dropped over 4%, halving from its year-to-date high of 85.79 HKD, currently trading at 39.22 HKD with a transaction volume of 745 million HKD [1] Group 1: Company Performance - The pre-sale performance of Giant Bio's subsidiary, Kefu Mei, during this year's "Double Eleven" event has been lackluster [1] - According to Citigroup's report, the main products of Giant Bio showed a decline in performance during the pre-sale on October 15 in Li Jiaqi's live stream [1] - Citigroup noted that the company's promotional strategy has become more stringent, making its pricing less attractive compared to other brands [1] Group 2: Market Reaction and Future Outlook - Citigroup believes that the market's reaction to the decline in pre-sale performance during the first day of Double Eleven is overblown [1] - Although sales trends from Li Jiaqi's live streaming are important indicators for Double Eleven performance, the contribution from this channel has significantly decreased due to the growth of other KOLs and the company's own live streaming efforts [1] - Despite the intense competition, there has been no negative feedback from customers regarding the company's products or brand [1] - Given the low base this year, Citigroup expects Giant Bio's sales to recover in the fiscal year 2026, and the company's valuation remains attractive [1]

Core Viewpoint - The stock of Giant Bio (02367) has dropped over 4%, halving from its year-to-date high of 85.79 HKD, currently trading at 39.22 HKD with a transaction volume of 745 million HKD [1] Group 1: Company Performance - Giant Bio's subsidiary, Kefu Mei, has shown lackluster performance in pre-sales during this year's "Double Eleven" event [1] - According to Citigroup's report, the main products of Giant Bio experienced a decline in performance during the pre-sale on October 15 in Li Jiaqi's live streaming session [1] - Citigroup noted that the company's promotional strategy has become more stringent, making its pricing less attractive compared to other brands [1] Group 2: Market Reaction and Future Outlook - Citigroup believes that the market's reaction to the decline in pre-sale performance during the Double Eleven event is overly pessimistic [1] - Although Li Jiaqi's live streaming sales trend is an important indicator for Double Eleven performance, the contribution from this channel has significantly decreased due to the growth of other KOLs and the company's own live streaming efforts [1] - Despite the intense competition, there has been no negative feedback from customers regarding the company's products or brand [1] - Given the low base this year, Citigroup expects Giant Bio's sales to recover in the fiscal year 2026, and the company's valuation remains attractive [1]

Core Viewpoint - The stock of Giant Bio (02367) has been transferred from the Shenzhen-Hong Kong Stock Connect to the Shanghai-Hong Kong Stock Connect, with a market value of HKD 887 million, accounting for 2.05% of the total [1] Group 1: Company Performance - Citigroup predicts that Giant Bio's performance in Q3 and the first two weeks of October is relatively weak due to fewer KOL live streams [1] - The expected revenue growth for Giant Bio in the second half of the year is 16% year-on-year, with Tmall projected to decline by 10%, Douyin to increase by 25%, JD.com to grow by 100%, and offline sales to rise by 10% [1] - Citigroup also anticipates that Giant Bio's revenue for the fiscal year 2026 will continue to grow at a high rate of 19% from a low base, as there are no negative feedbacks from customers [1]

Core Viewpoint - The recent stock transfer of Giant Bio (02367) from Hong Kong Stock Connect (Shenzhen) to Hong Kong Stock Connect (Shanghai) indicates a strategic shift, with a market capitalization of HKD 887 million, representing 2.05% of the total [1] Group 1: Company Performance - Citigroup predicts that Giant Bio's performance in Q3 and the first two weeks of October is relatively weak due to fewer KOL live streams [1] - The revenue growth forecast for the second half of the year is 16% year-on-year, with specific expectations of a 10% decline on Tmall, a 25% increase on Douyin, a 100% increase on JD.com, and a 10% growth offline [1] - Citigroup anticipates that Giant Bio's revenue will continue to grow at a high rate of 19% in the fiscal year 2026, supported by a low base and no negative feedback from customers [1]

Summary of the Conference Call for 巨子生物 Company Overview - The conference call pertains to 巨子生物, a company involved in the beauty and skincare industry, specifically focusing on collagen products. Key Points and Arguments - **Crisis During 618 Sales Event**: 巨子生物 faced a public relations crisis during the 618 sales period due to criticism from influencer "大嘴博士" regarding their flagship product, 可复美胶原棒. The influencer claimed that the product contained insufficient levels of recombinant collagen protein, leading to significant returns and negative reviews, which adversely affected sales [3][4]. - **Impact of Influencer Marketing**: Despite the initial backlash, signs indicate that the negative impact is diminishing. Prominent influencers such as 李佳琦 and 贾乃亮 have resumed promoting 可复美胶原棒, suggesting a recovery in public sentiment towards the product [3][5]. - **Sales Performance**: From the 618 period through Q2 and Q3, 巨子生物's sales were consistently affected by the aforementioned public relations issue. However, recent developments indicate that the influence of the crisis is waning, as major platforms like 天猫 and 抖音 see a return of influencer promotions for the product [5]. Additional Important Information - **Product Composition Controversy**: The controversy centered around the product's composition, where it was noted that the recombinant collagen protein was present at only 0.01%, below the 0.1% threshold required for labeling in cosmetics. Additionally, the form of collagen in the product was identified as peptides, lacking the triple helix structure typically associated with collagen [4]. - **Market Sensitivity**: The behavior of top and mid-tier influencers is highly sensitive to market sentiment. Their decision to resume promotions indicates a belief that the product is no longer under severe negative scrutiny, which is a positive sign for 巨子生物's recovery [3][5].

0:00 21世纪经济报道 记者凌晨 一场围绕"重组胶原蛋白"的行业对决，将两位区域女首富与其上市公司推向台前。陕西范代娣领导的巨 子生物曾是赛道标杆，而山西杨霞执掌的锦波生物正通过新品牌"同频"跨界切入C端护肤市场。 战事首先在电商直播间打响。同频在李佳琦直播间快速崛起，今年双十一李佳琦首场直播中GMV增速 位列第二。同时，一向低调的锦波生物创始人杨霞罕见为同频站台，被视为其从B端药械进军C端美妆 的明确信号。 从胶原蛋白药械到美妆，锦波的降维入场，无疑对主攻C端的巨子，形成正面冲击。同样的流量带货手 法、同类型的产品，锦波能否凭借医药背景实现超车，将决定胶原蛋白市场下一阶段的格局走向。 ...

Core Viewpoint - The article highlights the declining performance of Juzhibio (巨子生物) and its main brand, Kefu Mei (可复美), during the "Double Eleven" pre-sale period, leading to a significant drop in stock price and market value [3][5]. Company Performance - Juzhibio's stock price fell to a new low of HKD 40.40 per share, with a total market value of HKD 43.3 billion, marking a 53.46% decline from its peak of HKD 86.8 per share in May [3][5]. - Kefu Mei's sales during the "Double Eleven" pre-sale were underwhelming, with a reported GMV of HKD 0.5-0.75 billion on Douyin, down from over HKD 1 billion in the same period last year [3][4]. Market Competition - The market for recombinant collagen products is growing rapidly, with a projected CAGR of 44.93%, expected to reach RMB 2,193.8 billion by 2030 [6]. - Juzhibio's revenue is forecasted to increase from RMB 2.364 billion in 2022 to RMB 5.539 billion in 2024, while its net profit is expected to rise from RMB 696 million to RMB 2.062 billion in the same period [6]. Brand Strategy and Challenges - Kefu Mei has faced challenges due to a previous controversy regarding its collagen stick product, which has negatively impacted its sales performance [3][4]. - Juzhibio's marketing expenses reached HKD 10.58 billion in the first half of the year, accounting for 34.01% of total revenue, as the company seeks to maintain growth amid increasing competition [7].

Group 1 - The stock of Hong Kong-listed company Giant Bio (02367.HK) opened high but experienced a decline, with a drop of nearly 3% in the afternoon session [2] - As of the report, the stock price decreased by 2.92%, trading at 40.6 HKD, with a transaction volume of 678 million HKD [2]