股 票 研 究 [Table_industryInfo] 家庭及个人用品 [ Table_Main[巨I Tnaf 子bol]e 生_Ti物tle]（ 2367） [评Tab级le_：Inv est] 增持 当前价格（港元）： 39.05 38 大促亮眼，明星单品持续放量 2024.03.12 海 ——巨子生物更新点评 [ 交Ta易bl数e_M据a rket] 外 訾猛(分析师) 闫清徽(分析师) 杨柳(分析师) 52周内股价区间（港元） 29.30-58.15 当前股本（百万股） 995 公 021-38676442 021-38031651 021-38038323 当前市值（百万港元） 38,855 司 zimeng@gtjas.com yanqinghui@gtjas.com yangliu@gtjas.com 证书编号 S0880513120002 S0880522120004 S0880521120001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司旗下可复美、可丽金 38大促高增，明星单品胶原棒维持强势趋势，可丽金大膜 巨子生物 恒生指数 王面膜亮眼，看 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 48.84, indicating a potential upside of 25.1% from the current price of HKD 39.05 [1]. Core Insights - The company has shown strong online sales performance, particularly during promotional events, with significant growth in its key brands, especially 可复美 and 可丽金 [1][2]. - The report highlights that the online sales growth is expected to continue, driven by the company's strong product offerings and market positioning [1]. - The financial projections indicate a steady increase in revenue and net profit over the next few years, with sales expected to reach RMB 4,358 million in FY24E and RMB 5,590 million in FY25E [15][16]. Sales Performance - In February 2024, the online sales of 可复美 reached RMB 2,143.6 million, showing a year-on-year growth of 51.9% [1]. - The brand ranked seventh in terms of GMV among beauty brands during a recent promotional event, achieving sales of RMB 2,385.69 million [2]. - The report notes that the sales growth for 可丽金 was robust, with a year-on-year increase of 463.9% in February 2024 [1]. Financial Projections - The company is projected to achieve a net profit of RMB 1,607 million in FY24E, with a growth rate of 23.1% [15][16]. - The gross margin is expected to remain stable around 83.8% for FY24E [15]. - The report anticipates a steady increase in free cash flow, reaching RMB 1,364 million in FY24E [13]. Market Positioning - The company is well-positioned in the beauty and skincare market, with its products performing strongly on major e-commerce platforms like Tmall and Douyin [1][3]. - The report emphasizes the importance of the company's innovative product launches and marketing strategies in maintaining its competitive edge [1]. Valuation Metrics - The DCF model values the company's equity at RMB 43,735 million, translating to a per-share value of HKD 48.84 [13][14]. - The report indicates a favorable valuation with a P/E ratio projected to decrease from 41.4 in FY23E to 21.8 in FY26E, suggesting potential for growth [19].

Investment Rating - Maintains a "Buy" rating with a target price of HKD 48.84 [1] Core Views - The online sales growth of Juzi Bio's key brand, ClassiFace, continues to show strong momentum, with a 140.5% YoY increase in January 2024 across major e-commerce platforms [1] - ClassiFace's sales on Tmall and Douyin grew by 160.5% and 185.8% YoY, respectively, in January 2024 [1] - The brand KeLiJin also demonstrated robust growth, with a 65.7% YoY increase in sales across platforms, driven by strong performance on Douyin (646.5% YoY growth) [1] - Juzi Bio is expected to launch 2 new injectable collagen products in 2024, which could further boost its performance [1] Financial Performance - Revenue is projected to grow from RMB 3,375 million in FY23E to RMB 5,590 million in FY25E, with a CAGR of 28.3% [2] - Net profit is expected to increase from RMB 1,305 million in FY23E to RMB 1,972 million in FY25E [2] - Gross margin remains stable at around 83.7%-83.8% from FY23E to FY25E [2] E-commerce Performance - In January 2024, the beauty and skincare industry saw a 7.9% YoY growth on Tmall and Taobao, while Douyin experienced an 80.0% YoY increase [1] - ClassiFace's facial serums and creams showed exceptional growth, with sales up 431% and 1,161% YoY on Tmall and Taobao, respectively [1] - KeLiJin's facial serums and creams also grew significantly, with sales up 916% and 486% YoY on Tmall and Taobao [1] Product Pipeline - Juzi Bio launched new skincare products in late 2023 and early 2024, including the ClassiFace Order Essence and KeLiJin Collagen Eye Cream [1] - The company has 4 injectable collagen products in development, with 2 expected to be approved in 2024 [1] Valuation - The target price of HKD 48.84 is based on a 9-year DCF model with a WACC of 11.4% and a terminal growth rate of 3.0% [1] - The stock offers a potential upside of 35.9% from the current price of HKD 35.95 [3]

Group 1 - The core point of the article is that Juzhi Biotechnology (02367) has seen a significant stock price increase following its inclusion in the MSCI China All Shares Index, which will take effect after the market closes on February 29, 2024 [1] - Juzhi Biotechnology is recognized as a leader in the domestic recombinant collagen industry, leveraging strong academic and research capabilities to achieve breakthroughs in recombinant collagen preparation technology [1] - The market for recombinant collagen is projected to grow substantially, with retail sales expected to rise from 10.8 billion yuan in 2021 to 108.3 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 46.9% [1] Group 2 - The company is positioned as a frontrunner in the recombinant collagen sector, with significant technological barriers to entry [1] - Juzhi Biotechnology's brands, Kefu Mei and Keli Jin, are expected to continue expanding their market share through a diverse product matrix and comprehensive channel strategies [1] - The company's successful positioning in the medical aesthetics sector is anticipated to enable it to rapidly capture opportunities in the recombinant collagen injection market [1]

Financial Performance - For the six months ended June 30, 2023, the company's revenue reached RMB 1,605.7 million, representing a 63.0% increase compared to RMB 984.9 million in the same period of 2022[9]. - Gross profit for the same period was RMB 1,351.0 million, up 61.2% from RMB 838.3 million year-on-year[9]. - The company's profit before tax was RMB 775.6 million, reflecting a 51.2% increase from RMB 513.1 million in the previous year[9]. - Net profit for the six months ended June 30, 2023, was RMB 666.0 million, a 52.3% increase from RMB 437.2 million in the same period of 2022[47]. - Basic earnings per share increased by 48.9% to RMB 0.67, while diluted earnings per share rose by 61.0% to RMB 0.66[48]. Revenue Breakdown - Revenue from professional skincare products was RMB 1,197.0 million, accounting for 74.5% of total revenue, up from 62.4% in the previous year[27]. - Revenue from the Kefu Mei brand reached RMB 1.228 billion, representing a growth of 101.0% compared to the same period in 2022[18]. - The Keli Jin brand achieved revenue of RMB 321 million, reflecting a growth of 6.4% compared to the same period in 2022[19]. - Revenue from health food and other products was RMB 10.9 million, a decrease from RMB 24.1 million in the previous year[27]. - Revenue from sales to distributors was RMB 522.6 million, a 10.2% increase year-on-year, accounting for 32.5% of total revenue[32]. Research and Development - Research and development expenses amounted to RMB 34.0 million, an increase of 80.8% year-on-year, with R&D spending accounting for 2.1% of revenue, up 0.2 percentage points[12]. - The company has authorized and applied for a total of 86 patents, with 6 new patents added during the reporting period[13]. - The company launched several self-developed raw materials for new products, including a rare ginsenoside CK monomer with significant anti-inflammatory effects[14]. - The company is leading the establishment of industry standards for recombinant collagen protein materials in the cosmetics sector, marking a milestone in the standardization of this industry[13]. Assets and Equity - The total assets of the company as of June 30, 2023, were RMB 3,878.0 million, a 23.6% increase from RMB 3,138.2 million at the end of 2022[10]. - The total equity increased to RMB 3,517.5 million, up 24.0% from RMB 2,837.0 million at the end of 2022[10]. - As of June 30, 2023, the company's current assets amounted to RMB 1,557.5 million, a 17.0% increase from RMB 1,331.0 million at the end of 2022[58]. Sales and Marketing - The direct sales channel generated revenue of RMB 1.083 billion, accounting for 67.5% of total revenue, while the distribution channel contributed RMB 523 million, making up 32.5%[22]. - During the 618 promotional event, the Kefu Mei collagen stick sold over 35 million units, with GMV increasing by over 700% year-on-year[17]. - The Kefu Mei brand's collagen dressing was ranked TOP1 in the Tmall wound dressing category during the 618 event[16]. - The company expanded its sales network to approximately 1,400 public hospitals and 2,200 private hospitals and clinics across China[22]. Operational Efficiency - The company continues to expand its production capacity to strengthen its end-to-end manufacturing capabilities[11]. - The company added 2 new collagen production lines, 2 cosmetic production lines, and 1 medical device production line during the reporting period[23]. - The company aims to improve operational efficiency and user engagement through refined channel operations and content marketing strategies[25]. Cash Flow and Investments - Net cash from operating activities for the six months ended June 30, 2023, was RMB 692,895 thousand, significantly up from RMB 311,408 thousand in the same period of 2022, indicating an increase of about 122%[105]. - Cash flow from investment activities for the six months ended June 30, 2023, was a net outflow of RMB 472,404 thousand, compared to a net outflow of RMB 175,761 thousand in 2022[106]. - The company incurred RMB 186,961 thousand in capital expenditures for property, plant, and equipment during the six months ended June 30, 2023, compared to RMB 42,605 thousand in 2022[106]. Corporate Governance - The board of directors has adopted corporate governance practices in compliance with applicable codes, although it has not separated the roles of chairman and CEO[69]. - The company has adopted a restricted share unit plan allowing for a maximum of 19,000,000 shares to be granted, representing approximately 1.91% of the total issued share capital[66]. - The company aims to align employee incentives with shareholder interests through the restricted share unit plan[82]. Employee and Management - The company has a total of 1,023 full-time employees as of June 30, 2023, with 36.7% in production, 13.0% in R&D, 33.0% in sales and marketing, and 17.3% in general and administrative roles[64]. - The total remuneration for key management personnel was RMB 9,185 thousand for the six months ended June 30, 2023, compared to RMB 7,591 thousand for the same period in 2022, reflecting a 21.0% increase[133].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 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） 2367 （股份代號： ） 2023 6 30 截 至 年 月 日 止 六 個 月 的 中 期 業 績 公 告 財務摘要 6 30 截至 月 日止六個月 2023 2022 年 年 變動 人民幣百萬元人民幣百萬元 1,605.7 984.9 63.0% 收入 1,351.0 838.3 61.2% 毛利 775.6 513.1 51.2% 稅前利潤 666.0 437.2 52.3% 淨利潤 歸屬於母公司持有者 666.9 437.2 52.5% 盈利 ...

Financial Performance - Total revenue for 2022 reached RMB 2,364.4 million, representing a 52.3% increase from RMB 1,552.5 million in 2021[9] - Gross profit for 2022 was RMB 1,995.2 million, up 47.3% from RMB 1,354.3 million in the previous year[9] - Profit before tax increased to RMB 1,177.7 million, a 21.1% rise compared to RMB 972.9 million in 2021[9] - Net profit for the year was RMB 1,001.6 million, reflecting a 21.0% growth from RMB 828.1 million in 2021[9] - Earnings attributable to equity holders of the parent amounted to RMB 1,002.0 million, a 21.0% increase from RMB 828.1 million in the prior year[9] - Adjusted net profit (non-IFRS measure) was RMB 1,056.4 million, up 24.1% from RMB 851.3 million in 2021[9] - Basic earnings per share for 2022 were RMB 0.99, compared to RMB 0.83 in 2021, marking a 19.3% increase[9] - Total assets as of December 31, 2022, were RMB 3,138.2 million, compared to RMB 2,651.1 million in 2021[11] - Total liabilities stood at RMB 301.2 million, a significant decrease from RMB 6,861.4 million in 2021[11] - Total equity reached RMB 2,837.0 million, up from RMB 1,016.8 million in the previous year[11] Revenue Breakdown - Revenue from professional skincare products reached RMB 1,561.6 million, accounting for 66.0% of total revenue, up from RMB 861.1 million (55.5%) in 2021[34] - Revenue from medical dressings was RMB 760.1 million, representing 32.2% of total revenue, compared to RMB 642.0 million (41.3%) in 2021[34] - The company's direct sales channel generated revenue of RMB 1,401.8 million, accounting for 59.3% of total revenue, while the distributor channel contributed RMB 962.6 million, making up 40.7%[26] - Sales revenue for the professional skincare product "可復美" reached RMB 1,613.0 million, an increase of 79.7% compared to 2021, accounting for 68.2% of total revenue in 2022[45] - "可麗金" generated sales revenue of RMB 618.4 million, up 17.6% from 2021, representing 26.2% of total revenue in 2022[46] - Other brands contributed RMB 90.3 million in sales revenue, a 13.8% increase from 2021, making up 3.8% of total revenue in 2022[47] - Sales revenue from health food and other products was RMB 42.7 million, a decrease of 13.7% from 2021, accounting for 1.8% of total revenue in 2022[48] Research and Development - Research and development (R&D) expenses increased by 76.5% year-on-year, totaling RMB 440 million, with an R&D expense ratio of 1.9%[18] - The company has applied for and authorized 80 patents, with 27 new patents added in 2022[18] - The company is involved in 4 national key research projects and 2 national high-tech research and development plans[18] - The company plans to enhance R&D investment in synthetic biology and develop new recombinant collagen and other bioactive ingredients[1] Sales and Marketing Strategy - The company has expanded its sales channels to over 1,300 public hospitals, approximately 2,000 private hospitals and clinics, and around 500 chain pharmacy brands in China[13] - The company has established a dual-track sales strategy targeting both medical institutions and the general consumer market, ensuring effective user engagement[27] - The company’s direct-to-consumer (DTC) sales primarily occur through e-commerce platforms, including Tmall, JD.com, Douyin, Xiaohongshu, and Pinduoduo[27] - The company emphasizes sustainable production practices, utilizing synthetic biology methods to reduce environmental impact and resource consumption[27] Corporate Governance - The company has a strong governance structure with members on the audit, nomination, and corporate governance committees[101] - The board consists of four executive directors and three independent non-executive directors, meeting the requirement of having at least one-third of the board as independent[109] - The company has established an audit committee consisting of independent non-executive directors to oversee financial reporting and risk management[121] - The company has implemented a corporate governance policy and practices, which are regularly reviewed and updated[126] Employee and Shareholder Relations - The company employed 933 full-time employees as of December 31, 2022, primarily located in Shaanxi Province, China[76] - The company has implemented a comprehensive training program for new hires and internal transfers to ensure employee competency[77] - The company provides competitive compensation and performance cash bonuses as part of its HR strategy to retain talent[77] - The company emphasizes effective communication with shareholders to enhance investor relations and transparency[149] Environmental, Social, and Governance (ESG) - The company’s first Environmental, Social, and Governance (ESG) report highlights its management practices and performance in economic, environmental, social, and governance aspects[156] - The report is prepared in accordance with the Hong Kong Stock Exchange's guidelines, ensuring the completeness, substance, authenticity, and balance of the information disclosed[157] - The company has established ESG performance indicators covering waste emissions, greenhouse gas emissions, energy usage, and quality safety[167] - The company has not reported any incidents of corruption or bribery during the reporting period[175] Risk Management - The company has established a risk management and internal control system to address identified risks, which includes regular assessments and updates[139] - The company plans to provide ongoing training for directors and senior management regarding relevant Chinese laws and regulations to proactively identify compliance issues[140] - The company has a governance committee that reviews corporate governance and ESG policies[136] Quality Management - The company has established a comprehensive quality management system, ensuring product quality safety throughout the entire lifecycle, compliant with various international standards[186] - The company has implemented a three-line defense mechanism for risk management, involving all departments, internal audit, and the board of directors[183] - The quality department conducts inspections on intermediates, semi-finished products, and finished products, ensuring that non-conforming products are not released[198]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 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） 2367 （股份代號： ） 2022 12 31 截 至 年 月 日 止 年 度 業 績 公 告 財務摘要 12 31 截至 月 日止年度 2022 年 2021年 變動 人民幣百萬元人民幣百萬元 收入 2,364.4 1,552.5 52.3% 毛利 1,995.2 1,354.3 47.3% 稅前利潤 1,177.7 972.9 21.1% 淨利潤 1,001.6 828.1 21.0% 歸屬於母公司持有者 盈利 1,002.0 828.1 21.0% 年內經調整淨利潤 （非《國際財務報告準則》 衡量指標） 1,056.4 851.3 24.1% ...