Summary of Giant Biogene Holding (2367.HK) Conference Call Company Overview - **Company**: Giant Biogene Holding (2367.HK) - **Industry**: Medical Aesthetics (MA) Key Points and Arguments Product Approval and Market Potential - Giant Biogene received a Medical Device Registration Certificate from the China National Medical Products Administration (NMPA) for its MA product, "Recombinant Type I α1 Subtype Collagen Freeze-dried Fibers" on October 23, 2025, intended for facial dermal tissue filling to correct dynamic wrinkles [1][2] - The approval is expected to provide a long-term upside opportunity, with potential sales exceeding RMB 1 billion and net income between RMB 500-600 million for the MA business [2][7] - The injectable recombinant collagen market is identified as a "blue ocean" with only three approved products currently, indicating significant growth potential [5] Market Dynamics and Competitive Landscape - The skin rejuvenation market is primarily dominated by hyaluronic acid and botulinum toxin, with collagen-based products accounting for only 9% of the market in 2021. This segment is projected to grow at a 24% CAGR from 2021 to 2027, reaching a market size of RMB 14 billion [5] - Giant Biogene's product is the first approved out of four Class III medical aesthetics products in its pipeline, with commercialization preparations actively ongoing, including recruitment for a specialized sales/marketing team [5][9] Financial Projections and Valuation - The product is expected to take 1-2 years to contribute significantly to earnings, with a potential to achieve RMB 1 billion+ in sales and RMB 500-600 million+ in net income, assuming a net profit margin of 50-60% [7] - A 20x P/E ratio is suggested for valuation, indicating a potential incremental valuation upside of RMB 10-12 billion for Giant Biogene in the long run [7] Risks and Concerns - Investors are concerned about the lagging run rate of the Double 11 sales event compared to the 30%+ year-on-year online growth target for the second half of 2025. Day 1 livestreaming on Tmall showed a 40% year-on-year decline [14] - The company is closely monitoring GMV recovery, particularly through key KOLs on Douyin, which has shown acceleration recently [14] Financial Metrics and Market Position - As of October 22, 2025, Giant Biogene's market cap is HKD 38.62 billion, with a projected revenue of RMB 5.54 billion for 2025 and an EBITDA margin of 23% [18] - The company has a price target of HKD 71, representing a potential upside of 72.3% from the current price of HKD 41.20 [18] Product Pipeline - The product pipeline includes several Class III medical aesthetics products, with expected approvals for additional products in 2025 [9][12] Additional Important Information - The approval of the MA product enhances Giant's capability in MA offerings and improves visibility for upcoming products [12] - The company is expected to obtain another license approval by year-end, which could further bolster its market position [13] This summary encapsulates the critical insights from the conference call regarding Giant Biogene Holding's recent developments, market potential, financial projections, and associated risks.

Core Insights - The article highlights the short-selling ratios and amounts for various companies, indicating significant bearish sentiment in the market towards certain stocks [1][2]. Short-Selling Ratios - JD Health-R (86618) has the highest short-selling ratio at 100.00% [2] - JD Group-SWR (89618) follows with a short-selling ratio of 91.39% [2] - SenseTime-WR (80020) has a short-selling ratio of 89.62% [2] - Other notable companies with high short-selling ratios include Kuaishou-WR (81024) at 88.04% and Lenovo Group-R (80992) at 87.33% [2] Short-Selling Amounts - The highest short-selling amount is recorded for Pop Mart (09992) at 2.864 billion [2] - Alibaba-SW (09988) has a short-selling amount of 2.628 billion [2] - Meituan-W (03690) follows with a short-selling amount of 1.962 billion [2] - Tencent Holdings (00700) and SMIC (00981) also show significant short-selling amounts of 1.859 billion and 840 million respectively [2] Short-Selling Deviation Values - SenseTime-WR (80020) has the highest deviation value at 45.68%, indicating a significant difference from its historical average [2] - JD Group-SWR (89618) has a deviation value of 44.65% [2] - Kuaishou-WR (81024) shows a deviation value of 43.37% [2] - Other companies with notable deviation values include OSL Group (00863) at 42.11% and Alibaba-SW (09988) at 32.36% [2]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **collagen injection products** within the **medical aesthetics industry**, highlighting the growth and competitive landscape of this sector [1][5][6]. Company Insights 聚子生物 (Juzi Bio) - **Regulatory Approval**: Juzi Bio has obtained a Class III medical device certificate, enhancing market confidence. New products with increased weight are expected to launch by the end of this year or early next year, albeit at higher prices [1][3]. - **Product Development**: The company plans to introduce multiple collagen-related products, with 1-2 new products expected to be approved in 2026 and another in 2027, creating a comprehensive product matrix to boost market competitiveness [1][4]. - **Sales Performance**: Recent stock price declines are attributed to weaker sales performance during the Double Eleven shopping festival, impacted by competition from international brands and ongoing public sentiment issues [2]. 锦波公司 (Jinbo Company) - **Market Performance**: Jinbo's collagen freeze-dried fiber series has performed well, but profit margins have decreased due to increased competition and falling terminal prices. The introduction of more recombinant collagen products may intensify competition but could also expand market demand [1][8][10]. - **Sales Strategy**: Jinbo is focusing on expanding application ranges and reducing costs to drive market growth. The company is also collaborating with leading institutions for OEM production to enhance product lines [10][22]. Market Dynamics - **Growth Trends**: The collagen injection product line is the third largest in the medical aesthetics market, with a growth rate exceeding 50% since 2022. The micro-aesthetic series is expected to maintain a strong growth trajectory [1][5]. - **Product Pricing and Profitability**: High-margin products like the 10 mg and 12 mg variants have effectively compensated for the slowdown in the 4 mg product line, stabilizing overall growth [1][7]. - **Consumer Trends**: A decline in terminal prices is anticipated to attract younger and lower-tier market customers, expanding the overall market size while reducing the space for non-compliant products [12]. Competitive Landscape - **Market Share**: Recombinant collagen fillers have the potential to replace animal-derived fillers, especially for cost-sensitive consumers. Currently, recombinant collagen occupies 20%-30% of the market share, with significant growth potential remaining [14][15]. - **Unique Advantages**: Recombinant collagen offers lower prices and stable supply compared to animal-derived products, along with compliance and safety advantages, making it a preferred choice in the current regulatory environment [18][19]. Future Outlook - **Market Expansion**: The future growth of recombinant collagen products is promising, with expectations of increased usage as new lower-priced products are introduced and consumer education improves [16]. - **Sales Strategies**: Companies are encouraged to enhance their marketing strategies and strengthen partnerships with medical institutions to improve brand recognition and market acceptance [20][21]. Conclusion - The medical aesthetics industry, particularly in collagen injection products, is poised for significant growth driven by regulatory approvals, innovative product offerings, and strategic market positioning. Companies like Juzi Bio and Jinbo are adapting to competitive pressures while exploring new market opportunities.

巨子生物 20251023 摘要 聚子生物新获批的水光针冻干纤维制剂主要针对面部真皮组织，包括眼 周、眉间和鱼尾纹等部位，预计 2026 年开始贡献利润，单品成长空间 预期为 10 亿人民币左右，有望实现大几千万到一个亿的利润释放。 国内已获批的重组胶原蛋白三类医疗器械主要由锦波生物掌握，其拥有 三个证件，而聚子生物刚刚获得一个证件。其他公司如创建和拉方也在 申请中。 重组胶原蛋白与动物源胶原蛋白相比，具有价格优势、致敏风险较低且 不受宗教信仰限制等优势，市场前景广阔，预计到 2025 年医美市场应 用规模将达到 100 亿人民币。 聚子生物目前有四款产品正在申请阶段，包括两款水光针、一款针对颈 纹的凝胶产品（已进入绿色通道）以及一款用于鼻沟纹和法令纹的交联 重组胶原蛋白凝胶。 聚子生物新获批产品预计将带来约 5 亿元净利润增量，参考锦波生物类 似产品的发展情况，其销售规模可达 15 亿人民币以上。 Q&A 聚子生物的三类医疗器械获证情况如何？ 聚子生物在 2022 年上市时就已经报批了三类医疗器械的申请，经过三年的审 核，终于在 2025 年 10 月 21 日获得了首个三类医疗器械证件。这款产品是水 光针 ...

Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]

Market Overview - On October 23, the Hang Seng Index rose by 0.72%, closing at 25,967.98 points, with a net inflow of HKD 5.345 billion through the southbound trading channel [1] - The total trading volume for the southbound trading on the same day was HKD 120.193 billion, with a net buy of HKD 5.345 billion [1] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 75.581 billion, with a net buy of HKD 4.770 billion [1] - The Shenzhen Stock Exchange's southbound trading recorded a transaction amount of HKD 44.612 billion, with a net buy of HKD 0.575 billion [1] Active Stocks - In the Shanghai Stock Exchange's southbound trading, Alibaba-W had the highest transaction amount at HKD 49.75 billion, followed by Pop Mart and SMIC with HKD 46.66 billion and HKD 35.22 billion respectively [1] - In terms of net buy amounts, Pop Mart led with a net buy of HKD 5.38 billion, despite its closing price dropping by 9.36% [1] - The stock with the highest net sell amount was Hua Hong Semiconductor, with a net sell of HKD 3.56 billion, and its closing price decreased by 4.61% [1] Shenzhen Stock Exchange Active Stocks - In the Shenzhen Stock Exchange's southbound trading, Alibaba-W also topped the transaction amount at HKD 32.77 billion, followed by SMIC and Pop Mart with HKD 25.85 billion and HKD 23.60 billion respectively [2] - The stock with the highest net buy was Meituan-W, with a net buy of HKD 0.487 billion, and it closed up by 4.06% [2] - Hua Hong Semiconductor again had the highest net sell amount at HKD 6.59 billion, with a closing price drop of 4.61% [2]

Market Overview - On October 23, the Hang Seng Index rose by 0.72%, with total southbound trading amounting to HKD 120.19 billion, including buy transactions of HKD 62.77 billion and sell transactions of HKD 57.42 billion, resulting in a net buying amount of HKD 5.34 billion [1] Southbound Trading Details - The southbound trading through Stock Connect (Shenzhen) had a total trading amount of HKD 44.61 billion, with buy transactions of HKD 22.59 billion and sell transactions of HKD 22.02 billion, leading to a net buying amount of HKD 0.57 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading amount of HKD 75.58 billion, with buy transactions of HKD 40.18 billion and sell transactions of HKD 35.40 billion, resulting in a net buying amount of HKD 4.77 billion [1] Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total trading amount of HKD 82.52 billion, followed by Pop Mart and SMIC with trading amounts of HKD 70.27 billion and HKD 61.07 billion, respectively [1] - In terms of net buying, China National Offshore Oil Corporation led with a net buying amount of HKD 9.80 billion, with a closing price increase of 2.15%. Pop Mart and Meituan-W followed with net buying amounts of HKD 7.93 billion and HKD 5.24 billion, respectively [1] Net Selling Stocks - The stock with the highest net selling amount was Hua Hong Semiconductor, with a net selling of HKD 10.14 billion and a closing price decrease of 4.61%. Other notable net selling stocks included Innovent Biologics and Xiaomi Group-W, with net selling amounts of HKD 1.40 billion and HKD 0.57 billion, respectively [1] Continuous Net Buying - Two stocks experienced continuous net buying from southbound funds for more than three days: SMIC and Pop Mart, with net buying days of three each. Pop Mart had the highest net buying amount during this period at HKD 21.54 billion, followed by SMIC with HKD 11.96 billion [2]

截至10月22日，巨子生物(02367)今年10月份股价下跌了31.65%。拉长时间线来看，自今年5月20日盘中触及阶段性高点85.14港元以来，巨子生物股价累计最 高跌幅则达到55.18%。也就是说，其股价历经5个月走出了一波"腰斩"行情，而直到10月23日才看到止跌迹象。 了解到，10月23日，巨子生物旗下重组I型α1亚型胶原蛋白冻干纤维获NMPA批准，拿到了III类医疗器械注册证。 受此利好消息影响，10月23日早盘，巨子生物股价冲高，开盘半个小时内股价最高达到43.92港元，涨幅达到13.72%。一根大阳线也结束了巨子生物近期14 连阴的萧条走势。不过早盘冲高后，巨子生物股价并未继续保持拉升态势，而是出现了明显回落，最终收涨6.68%。其冲高回落后能否在后续顺利实现股价 反弹无疑成为投资者关注的焦点。 "腰斩"行情的背后 其实从整体来看，巨子生物的股价在今年是经历一次较大的剧烈波动。 首先从今年年初至5月中旬，公司受去年业绩表现强劲利好影响，股价表现强劲。区间阶段涨幅一度达到70%，并在5月20日创下85.15港元的阶段性高点， 市值突破900亿港元。 此轮行情中，受益于行业内重组胶原蛋白概念推动以及 ...

截至10月22日，巨子生物(02367)今年10月份股价下跌了31.65%。拉长时间线来看，自今年5月20日盘中触及阶段性高点85.14港元以来，巨子生物股价累计最 高跌幅则达到55.18%。也就是说，其股价历经5个月走出了一波"腰斩"行情，而直到10月23日才看到止跌迹象。 智通财经APP了解到，10月23日，巨子生物旗下重组I型α1亚型胶原蛋白冻干纤维获NMPA批准，拿到了III类医疗器械注册证。 受此利好消息影响，10月23日早盘，巨子生物股价冲高，开盘半个小时内股价最高达到43.92港元，涨幅达到13.72%。一根大阳线也结束了巨子生物近期14 连阴的萧条走势。不过早盘冲高后，巨子生物股价并未继续保持拉升态势，而是出现了明显回落，最终收涨6.68%。其冲高回落后能否在后续顺利实现股价 反弹无疑成为投资者关注的焦点。 但从5月下旬开始，公司股价开始急转直下，特别是在"重组胶原测不到"风波爆发后，股价连续多日大幅下跌。例如在5月26日至28日的三个交易日内，股价 便累计下跌约10%。而在后续核心品种"618"表现不及预期以及公司医美注射剂产品审批进度低于预期等因素影响下，巨子生物股价开始持续下跌。 此时市 ...

Core Insights - On October 23, 2025, Alibaba-W (09988), Pop Mart (09992), and SMIC (00981) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 4.975 billion, 4.666 billion, and 3.522 billion respectively [1][2] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Pop Mart (09992) also ranked as the top three, with trading amounts of 3.277 billion, 2.585 billion, and 2.360 billion respectively [1][2] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): 4.975 billion, net inflow of 268 million - Pop Mart (09992): 4.666 billion, net inflow of 538 million - SMIC (00981): 3.522 billion, net inflow of 463 million - Meituan-W (03690): 2.699 billion, net inflow of 37.728 million - Huahong Semiconductor (01347): 2.359 billion, net outflow of 356 million - CNOOC (00883): 1.987 billion, net inflow of 529 million - Tencent Holdings (00700): 1.804 billion, net inflow of 102 million - Genscript Biotech (02367): 1.429 billion, net inflow of 279 million - Shandong Hi-Speed (00412): 1.359 billion, net inflow of 67.296 million - Xiaomi Group-W (01810): 1.350 billion, net inflow of 183 million [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): 3.277 billion, net outflow of 115 million - SMIC (00981): 2.585 billion, net outflow of 37.824 million - Pop Mart (09992): 2.360 billion, net inflow of 255 million - Huahong Semiconductor (01347): 1.624 billion, net outflow of 659 million - Meituan-W (03690): 1.534 billion, net inflow of 487 million - Tencent Holdings (00700): 1.217 billion, net inflow of 163 million - CNOOC (00883): 1.167 billion, net inflow of 451 million - Xiaomi Group-W (01810): 1.054 billion, net outflow of 240 million - Genscript Biotech (02367): 826 million, net inflow of 80.645 million - Innovent Biologics (01801): 797 million, net outflow of 14 million [2]