智通财经APP讯，巨子生物(02367)发布公告，于2025年12月9日，该公司斥资1437.64万港元回购40万股 股份，每股回购价35.72-36.18港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 巨子生物控股有限公司 呈交日期： 2025年12月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02367 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | ...

Core Viewpoint - The release of the 2025 version of the basic medical insurance directory and the first commercial insurance directory is expected to support innovation in the CXO industry, leading to a potential performance recovery in the second half of the year [1] Summary by Categories Industry Outlook - The report indicates that several companies' core innovative products have been included in the medical insurance directory [1] - Despite ongoing pressures on medical insurance revenue due to macroeconomic conditions and aging populations, attention is drawn to the renewal of national centralized procurement [1] Commercial Insurance - The initial commercial insurance directory is expected to have limited short-term impact on product sales due to the small scale of commercial insurance [1] - However, the significance of the commercial insurance directory is highlighted as it may pave the way for the expansion of commercial medical insurance in China, marking the beginning of a diversified payment system development [1] Company Recommendations - The report recommends buying shares in the following companies: - Sanofi (01530) - Genscript Biotech (02273) - WuXi AppTec (02268) - Genor Biopharma (02367) - Innovent Biologics (01801) - China Biologic Products (01177) [1]

Industry Overview - Collagen masks are mainstream skincare products focused on anti-aging and repair, utilizing collagen as the core ingredient along with auxiliary components to achieve hydration and skin barrier repair [1][2] - The Chinese mask industry is expected to reach a market size of 72.986 billion yuan in 2024, entering a period of adjustment and transformation, facing growth slowdown and intensified competition [1][6] - The collagen market is experiencing explosive growth, with a compound annual growth rate (CAGR) of 41.9% from 2020 to 2023, and retail scale expected to exceed 269.5 billion yuan by 2030 [1][7] Market Dynamics - The market structure in China shows that sheet masks remain dominant, while cream masks are rapidly growing, focusing on hydration and repair needs [1][7] - The competitive landscape features local leaders dominating, niche players breaking through, and international brands penetrating the market, with a clear price gradient and significant differentiation between high, medium, and low-end markets [1][8] Industry Chain - The upstream of the collagen mask industry primarily uses animal-derived collagen, while recombinant collagen is rapidly developing due to its high purity and compatibility with mask formulations [6][10] - The manufacturing process involves various technologies to convert raw materials into different forms and functions of mask products, with sales channels dominated by online e-commerce and deepening offline professional channels [6][10] Current Development - The Chinese mask industry is transitioning into a phase of deep integration after rapid growth, with three emerging drivers leading market changes: consumption upgrades, male skincare market expansion, and personalized demand fostering innovative scenarios [6][7] - The market size is projected to steadily grow to 76.79 billion yuan by 2025 and potentially exceed 146.42 billion yuan by 2030, indicating robust long-term growth prospects [6][7] Key Players - Major companies in the collagen mask industry include Juzi Biotechnology, Huaxi Biotechnology, and Marubi Biotechnology, leveraging differentiated technologies and channel advantages to lead the market [2][10] - The industry is characterized by a multi-faceted competitive ecosystem, with local leaders, niche players, and international brands all contributing to the market dynamics [10] Future Trends - The industry is expected to advance towards high-end technology, refined products, and standardized ecosystems, with a focus on cross-disciplinary technology integration and precise formulations [10][12] - Regulatory tightening is anticipated to accelerate the elimination of smaller brands, increasing market concentration, while leading companies will strengthen their market positions through R&D innovation and global expansion [10][14]

巨子生物创始人严建亚，近日展开新的资本布局。 根据A股上市公司三人行传媒集团（以下简称"三人行"）发布的公告，其多位控股股东与严建亚签署《股份转让协议》，约定将合计持有的公司1686.54万股 无限售流通股转让给严建亚，交易总额约4.51亿元。 交易完成后，严建亚持有三人行股份比例将达到8%，成为公司控股股东及其一致行动人之外的第二大股东。 公开信息显示，三人行为整合营销服务综合型广告传媒企业，主营业务涵盖数字营销、场景活动服务与校园媒体营销，客户覆盖通信、金融、消费品、汽车 等多个领域的头部企业，包括中国移动、工商银行、京东、伊利、一汽集团等。 截至12月5日收盘，巨子生物总市值410.2亿港元（约合人民币372.54亿元），三人行总市值64.09亿元。 三人行业绩承压：净利润下跌近八成 严建亚入股的三人行，近年来业绩承压。 有资深业内人士表示，目前三人行股价位于历史较低区间，对严建亚而言，此时入股能以相对较低的成本获取股权，显示出长期布局的考量。 事实上，严建亚与三人行早有合作渊源：2021年曾计划共同投资航空材料领域，2022年又先后合资成立苏州速玟与华鹰航空。此次入股，意味着严建亚从合 作伙伴正式成为 ...

巨子生物(02367)跌近4%，截至发稿，跌3.86%，报36.82港元，成交额2.41亿港元。 消息面上，招银国际发布研报称，由于可复美短期承压，该行将公司2025/26年收入预测增速下调 至-3.5%及13.6%。报告指，"双十一"期间，公司的销售承压，主要由于达播的销售表现不及预期。一方 面是公司主动进行渠道战略调整，另一方面也体现了行业整体的竞争压力。然而，管理层在行业变化中 保持战略定力，维护价盘和消费者体验，增加自播渠道占比，为长期增长奠定基础。 美银证券此前指出，巨子生物在双十一期间销售受压，据管理层数据，Comfy品牌在天猫及抖音的销售 分别同比下降20%及50%。相较之下，Collgene品牌期内实现正增长。报告提到，管理层下调今年业绩 指引，预期收入将同比持平或轻微下降，下调纯利预测至同比录中至高个位数跌幅。 ...

每经AI快讯，巨子生物(02367.HK)跌近4%，截至发稿跌3.86%，报36.82港元，成交额2.41亿港元。 ...

消息面上，招银国际发布研报称，由于可复美短期承压，该行将公司2025/26年收入预测增速下调 至-3.5%及13.6%。报告指，"双十一"期间，公司的销售承压，主要由于达播的销售表现不及预期。一方 面是公司主动进行渠道战略调整，另一方面也体现了行业整体的竞争压力。然而，管理层在行业变化中 保持战略定力，维护价盘和消费者体验，增加自播渠道占比，为长期增长奠定基础。 智通财经APP获悉，巨子生物(02367)跌近4%，截至发稿，跌3.86%，报36.82港元，成交额2.41亿港元。 美银证券此前指出，巨子生物在双十一期间销售受压，据管理层数据，Comfy品牌在天猫及抖音的销售 分别同比下降20%及50%。相较之下，Collgene品牌期内实现正增长。报告提到，管理层下调今年业绩 指引，预期收入将同比持平或轻微下降，下调纯利预测至同比录中至高个位数跌幅。 ...

| 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 腾讯控股(00700) | -3.83 亿 | -5.40% | 617.000（-0.40%） | | 紫金矿业(02899) | -2.84 亿 | -14.67% | 32.720（+1.24%） | | 华虹半导体(01347) | -1.38 亿 | -11.76% | 72.800（-2.80%） | | 中国黄金国际(02099) | -1.16 亿 | -28.43% | 163.500（-1.21%） | | 建设银行(00939) | -1.11 亿 | -6.65% | 8.160（+0.12%） | | 长城汽车(02333) | -1.07 亿 | -45.69% | 14.790（-0.07%） | | 药明康德(02359) | -8888.95 万 | -17.46% | 99.000（-3.13%） | | 协鑫科技(03800) | -8818.71 万 | -21.51% | 1.150（-1.71%） | | 香港交易所(00388) | -8461. ...

机构：中金公司 研究员：黄蔓琪/徐卓楠 3、医美第二曲线推进顺利，看好公司长期成长前景。公司医美团队持续壮大、前期二类械及妆品明星 单品打造经验丰富、可复用性强，商业化准备顺利推进。展望中长期，我们认为公司研发实力、品牌心 智、团队凝聚力仍稳固，后续随着化妆品基本盘修复向好、医美第二曲线贡献增量，成长空间仍广阔， 建议关注布局机会。 盈利预测与估值 基于化妆品销售短期承压，下调25-26 年净利润预测25%/33%至19.1/21.4 亿元，当前股价对应25-26 年 20/18x P/E。维持跑赢行业评级，基于盈利预测调整及公司长期竞争优势稳固，下调目标价20%至56 港 元，对应25-26 年29/25x P/E，有41%上行空间。 风险 行业竞争持续加剧；产品注册进展不及预期。 公司近况 12 月2 日公司公告拟回购不超过1.04 亿股份（占已发行股份的10%），并与资本市场沟通2026 年产品 矩阵扩充、品牌运营、渠道拓展等方面的战略规划。我们认为回购彰显管理层信心，同时公司研发实 力、品牌心智、团队凝聚力仍稳固，后续有望凭借优化产品结构、及时调整运营策略、第二曲线医美业 务起量带动经营改善，看好公司 ...