重磅品种获批“III类械”，股价腰斩后的巨子生物能否迎来反弹时刻？

Core Viewpoint - The stock price of Juzi Biotechnology (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. A potential turning point was observed on October 23 when the company received NMPA approval for its recombinant type I α1 collagen freeze-dried fiber, marking a significant milestone for the company [1][4][10]. Stock Performance - As of October 22, Juzi Biotechnology's stock price had fallen by 31.65% in October alone, and since its peak on May 20, the total decline reached 55.18% [1]. - On October 23, following the approval news, the stock surged to a high of 43.92 HKD, reflecting a 13.72% increase within the first half-hour of trading, although it ultimately closed up by 6.68% [4]. Market Dynamics - The stock saw a strong performance from early January to mid-May, with a peak increase of 70% and a market capitalization exceeding 90 billion HKD [5]. - The stock's price was closely aligned with the upper Bollinger Band for about two-thirds of the trading days from January to early May, indicating a strong upward trend [6]. - Following a downturn starting in late May, the average trading volume increased significantly, indicating heightened market activity and investor interest [7]. Management Actions - To bolster market confidence, the management of Juzi Biotechnology has been actively increasing their holdings. As of October 16, shareholders had purchased 391,660 shares, investing approximately 198 million HKD, achieving 99.2% of their planned buyback [8]. Industry Context - The approval of the recombinant collagen product is crucial for Juzi Biotechnology, especially in light of competition in the recombinant collagen market, which is projected to grow significantly [10][13]. - The Chinese recombinant collagen market is expected to exceed 193.7 billion RMB by 2027, with a compound annual growth rate of 35%, indicating a robust growth trajectory compared to traditional hyaluronic acid products [10]. - Juzi Biotechnology's unique position in the market, particularly with its proprietary technology for producing type III collagen, provides a competitive edge, although the recent approval of type I collagen is also a significant step forward for the company [13].