重磅品种获批“III类械”，股价腰斩后的巨子生物(02367)能否迎来反弹时刻？

Core Viewpoint - The stock price of Juzi Bio (02367) has experienced significant volatility in 2023, with a 31.65% drop in October and a cumulative decline of 55.18% since reaching a peak of 85.14 HKD on May 20. The stock showed signs of stabilization on October 23 after receiving NMPA approval for its recombinant type I α1 collagen freeze-dried fiber, obtaining a Class III medical device registration certificate [1][4]. Group 1: Stock Performance - Juzi Bio's stock price surged by 13.72% to a high of 43.92 HKD shortly after the approval announcement on October 23, ending a streak of 14 consecutive days of decline [4]. - The stock had previously seen a strong performance from early January to mid-May, with a peak increase of 70% and a market capitalization exceeding 90 billion HKD [4][5]. - Following the peak, the stock began a downward trend, particularly after the "recombinant collagen not measurable" incident, leading to a cumulative drop of approximately 10% over three trading days from May 26 to 28 [7]. Group 2: Market Dynamics - The trading volume increased significantly after May, indicating a shift in market sentiment, with daily trading volumes exceeding 1 million shares from May 23 onward [7]. - The management of Juzi Bio has been actively buying back shares to boost market confidence, with a total of 391.66 million shares purchased for approximately 1.98 billion HKD, raising their holding to 54.56% [9]. - Despite the buyback efforts, the market response has shown diminishing returns, with minimal stock price increases following announcements of share purchases [9]. Group 3: Industry Context - The approval of the recombinant type I α1 collagen is crucial for Juzi Bio, as it allows the company to build a comprehensive product matrix from "cosmetic" to "medical" classifications [10][13]. - The Chinese recombinant collagen market is projected to exceed 193.7 billion HKD by 2027, with a compound annual growth rate of 35%, significantly outpacing traditional hyaluronic acid products [10]. - Juzi Bio's technology in producing recombinant collagen is currently leading the industry by 3-5 years, which is a key factor for capital premium [13].