Core Viewpoint - The company has received regulatory approval for two key Class III medical devices, enhancing its position in the recombinant collagen market and addressing diverse aesthetic needs through innovative product offerings [1][2][3]. Group 1: Product Approvals - On January 15, 2026, the company received a Class III medical device registration certificate from the National Medical Products Administration of China for the "Recombinant Type I α1 Collagen and Sodium Hyaluronate Composite Solution" [1]. - The first approved product, "Recombinant Type I α1 Collagen Lyophilized Fiber," was the first recombinant collagen injection approved in China, designed for treating dynamic facial wrinkles [1]. Group 2: Product Innovation - The newly approved "Recombinant Type I α1 Collagen and Sodium Hyaluronate Composite Solution" is an injectable pre-mixed solution that combines equal concentrations of recombinant collagen (4.5 mg/mL) and sodium hyaluronate (4.5 mg/mL) [2]. - This product aims to improve skin smoothness through dermal injections, targeting the popular demand for skin quality improvement and hydration [2]. Group 3: Competitive Advantage - The company has established a strong competitive edge through a comprehensive "technology-brand-channel" strategy, supported by its proprietary recombinant collagen and synthetic biology technology platform [3]. - The approval of two Class III medical devices validates the platform's compliance and advanced nature, paving the way for future product expansion [3]. - The dual-brand strategy ("Kefumei" and "Keli Jin") and established hospital channels enhance the penetration of medical aesthetic products, transitioning the brand from skincare to medical-grade [3]. Group 4: Financial Projections - The company projects EPS of 1.82, 2.12, and 2.46 yuan for the years 2025 to 2027, with corresponding latest P/E ratios of 17.2, 14.8, and 12.8 times [3].
巨子生物(2367.HK)：平台优势兑现 双美组合开启医美第二增长曲线