Group 1 - The company maintains profit forecasts of 2.5 billion and 3.2 billion for 2025 and 2026, respectively, with current stock price corresponding to 21x and 17x P/E for those years, indicating a 50% upside potential [1] - The company is viewed positively as a leader in collagen reconstruction, with a recommendation to strategically position for the upcoming Double Eleven shopping season [1][5] - Short-term impacts from events are gradually dissipating, with self-broadcasting continuing to show strong growth and brand revitalization efforts progressing [2][3] Group 2 - The company has successfully optimized its self-broadcasting matrix and product selection strategy, achieving over 50% GMV growth for the 可复美 brand in July and August [3] - The product innovation and nurturing processes are progressing smoothly, with a strong foundation in R&D and marketing, leading to a rich product matrix that supports long-term growth [4] - As the Double Eleven season approaches, the recovery of broadcasting is expected to drive brand momentum back on track, with positive developments in medical device certifications contributing to incremental growth [5]
中金：维持巨子生物(02367)跑赢行业评级 目标价82港元