Investment Rating - The report does not explicitly state an investment rating for Giant Biogene, but it highlights the company's strong market position and potential for growth in the medical aesthetics sector. Core Insights - Giant Biogene's "Recombinant Type I α1 Collagen Lyophilized Fiber" received Class III Medical Device Registration from NMPA on October 21, 2024, marking its entry into the medical aesthetics injectables market [1][7]. - The approved Type I collagen is distinct from the Type III collagen already marketed by Jinbo Bio, allowing for unique product positioning [2][8]. - The product utilizes a long amino acid sequence (753 amino acids) and achieves high purity (99.9%), which are critical for its bioactivity and safety [3][9]. - The company has established a significant first-mover advantage with six operational production lines, exceeding ten tons of annual capacity, which supports rapid commercialization [4][10]. - The regulatory landscape for collagen injectables is stringent, with only 11 products approved from 7 companies, positioning Giant Biogene favorably against competitors [5][11]. - The approval paves the way for additional product applications, with two other medical aesthetic products currently under review [12]. Summary by Sections Product Approval - Giant Biogene's recombinant collagen product is approved for facial dermal tissue filling to correct dynamic wrinkles, showcasing the company's capabilities from R&D to commercial production [1][7]. Technical Differentiation - The company's collagen product is molecularly distinct from existing products, utilizing a specific amino acid sequence that does not form a triple-helical structure, reflecting advanced regulatory understanding [2][8]. - The proprietary molecular library of over 50 recombinant collagen molecules provides a solid foundation for future product iterations [3][9]. Production Capacity - The company has built a high-purity production line since 2021 and expanded its capacity to six lines, ensuring a robust supply chain for commercialization [4][10]. Market Landscape - The high regulatory barriers in the collagen injectables market favor established players like Giant Biogene, which benefits from superior biocompatibility and lower production costs compared to traditional animal-derived collagen [5][11]. Future Prospects - The approval of the current product is expected to accelerate the approval process for additional products, enhancing the company's product portfolio in the medical aesthetics market [12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 25.50, indicating a potential upside of 18.4% from the current price of HKD 21.54 [1][5][11]. Core Insights - The company is expected to achieve a 9% year-on-year revenue growth and a 13% increase in profit for the third quarter, with core OTA revenue projected to grow by 15% to RMB 4.6 billion [5][6]. - Adjustments have been made to the financial forecasts for 2025-2027, with total revenue estimates for 2025 set at RMB 19.232 billion, reflecting a growth rate of 10.9% [4][12]. - The report highlights that the travel industry is facing challenges due to weak demand for group tours in certain overseas regions, impacting overall performance [5][6]. Financial Forecasts - Total revenue projections for 2025, 2026, and 2027 are RMB 19,232 million, RMB 21,466 million, and RMB 23,703 million respectively, with a consistent growth trajectory [4][12]. - Adjusted net profit estimates for the same years are RMB 3,390 million, RMB 3,813 million, and RMB 4,278 million, indicating a steady increase in profitability [4][12]. - The gross profit margin is expected to remain stable, with slight improvements projected over the forecast period [4][12]. Performance Metrics - The company’s market capitalization is approximately HKD 49.996 billion, with a year-to-date stock price change of 18.35% [3][12]. - The stock has a 52-week high of HKD 24.28 and a low of HKD 16.88, indicating significant price movement within the year [3][12]. - Daily average trading volume stands at 5.46 million shares, reflecting active trading interest [3].

Investment Rating - The report maintains a "Neutral" rating for the company, with a target price of HKD 2.98, indicating a potential downside of 14.4% from the current price of HKD 3.48 [1][2][11]. Core Insights - The company is experiencing sales pressure in the first half of the 2026 fiscal year, with a revenue of RMB 12.3 billion, reflecting a year-on-year decline of 5.8%. This decline is attributed to fluctuations in consumer demand for sports products and foot traffic in physical stores [6]. - Despite operational challenges, the company has managed to control gross margin and expense ratios effectively, with a gross margin of 41.0% and a net profit margin of 6.4% for the first half of the fiscal year [6]. - The management has set guidance for the full year, aiming for net profit to remain flat year-on-year, with expectations for improved net profit margins [6]. Financial Overview - Revenue projections show a decline from RMB 28,933 million in 2024 to RMB 25,856 million in 2026E, with a year-on-year growth rate of -6.6% in 2025 [5][13]. - Net profit is expected to recover slightly from RMB 1,285 million in 2025 to RMB 1,299 million in 2026E, with a net profit margin of 5.0% [5][14]. - The company has a dividend yield of 6.6% for 2026E, which is expected to provide some downside protection for the stock price [6]. Brand Performance and Strategy - The main brand's performance has shown resilience, with a decline of 4.8% compared to a 12.2% drop in other brands. The company is focusing on optimizing brand structure and enhancing online and offline channel management [6]. - The company plans to deepen its focus on running and outdoor segments, with new brand developments and the opening of the first ektos running store [6]. Store and Online Strategy - The company continues to adjust its store structure, with a net reduction of 332 direct stores to 4,688 as of August 2025, and a total sales area decrease of 14.1% [6]. - Online retail business has seen double-digit growth year-on-year, indicating a shift towards a more integrated retail model combining offline and online strategies [6].

证券研究报告 巨子生物 (2367 HK) 港股通 获批重组 I 型胶原蛋白冻干纤维 2025 年 10 月 24 日│中国香港 零售 | 华泰研究 公告点评 | | 投资评级(维持): | 买入 | | --- | --- | --- | --- | | 2025 年 10 月 24 日│中国香港 | 零售 | 目标价(港币): | 85.00 | | 据公司公告，10 月 21 日巨子生物"重组 I 型α1 亚型胶原蛋白冻干纤维" | | 樊俊豪 | 研究员 | | 产品获批，为中国首个重组 I 型天然序列胶原蛋白面部注射剂产品，该产品 | | SAC No. S0570524050001 SFC No. BDO986 | fanjunhao@htsc.com +(852) 3658 6000 | | 主要适用于面部真皮组织填充以纠正额部动力性皱纹，包括眉间纹、额头纹 | | | | | 及鱼尾纹。参考锦波重组 III 型人源化胶原蛋白产品获批后发展节奏，我们 | | 孙丹阳 | 研究员 | | 预估巨子该产品中远期具备达到 10 亿+以上销售额的可能性，利润率亦可 | | SAC No. S057051 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.31 HKD, based on a 17x PE for FY26 [4][8]. Core Insights - Recent nationwide cooling and an extended sales season are favorable for the company's main product sales, particularly down jackets [7]. - The sales season has been significantly lengthened due to the later date of the Chinese New Year in 2026, which is expected to positively impact FY2026 performance [7]. - Collaboration with renowned international designer Kim Jones is anticipated to enhance the brand's influence and market position [7]. - The company demonstrates resilient growth with a projected revenue CAGR of approximately 17.66% and profit CAGR of 19.73% from FY2021 to FY2025, indicating strong operational resilience amid economic fluctuations [7]. Financial Forecasts - The company’s revenue is projected to grow from 23,214 million HKD in FY24A to 34,920 million HKD in FY28E, reflecting a CAGR of approximately 10.7% [3]. - Net profit attributable to the parent company is expected to increase from 3,074 million HKD in FY24A to 4,890 million HKD in FY28E, with a CAGR of about 11.7% [3]. - Earnings per share are forecasted to rise from 0.27 HKD in FY24A to 0.42 HKD in FY28E [3]. - The company maintains a high dividend payout ratio, averaging around 78% since its listing, which enhances its investment appeal [7].

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 58.35, down from a previous target of HKD 71.30, indicating a potential upside of 41.6% from the current price of HKD 41.20 [2][4]. Core Insights - The approval of the first injectable aesthetic product, recombinant type I α1 collagen, marks the beginning of a second growth curve for the company, expanding its product matrix in the aesthetic medicine sector [1][8]. - The Chinese aesthetic injection market is projected to reach RMB 147 billion by 2027, with the collagen injection segment expected to grow to RMB 16.8 billion, highlighting significant growth potential [8]. - The company has a strong channel advantage due to its established network and brand recognition in the aesthetic medicine market, which is expected to drive growth from the new injectable products [8]. Financial Summary - Sales revenue is projected to grow from RMB 3,524 million in FY23A to RMB 8,715 million in FY27E, with a CAGR of approximately 17.7% [3][13]. - Net profit is expected to increase from RMB 1,451.8 million in FY23A to RMB 2,820.5 million in FY27E, reflecting a growth rate of 13.5% [3][13]. - The company’s net debt ratio is projected to increase from (57.2%) in FY23A to (73.4%) in FY27E, indicating a shift towards higher leverage [3][13]. Product Development - The company has two additional injectable collagen products in the approval stage, which are expected to enhance its aesthetic product portfolio and address various anti-aging needs [8][9]. - The newly approved injectable product is designed for facial dermal filling to correct dynamic wrinkles, positioning the company competitively in the market [9]. Market Position - The company has established a comprehensive product matrix that includes injectable products, post-surgery recovery dressings, and functional skincare, allowing it to capture a broader market share [1][8]. - The competitive landscape includes several other approved products, but the company’s strong distribution channels and brand recognition are expected to provide a competitive edge [8][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 12.299 billion yuan for H1 FY2026, a decrease of 5.8% year-on-year, with a net profit of 789 million yuan, down 9.7% year-on-year. The interim dividend declared is 0.13 yuan per share, with a payout ratio of approximately 102% [2]. - The consumer environment has impacted sales, but channel optimization and overall growth have mitigated some pressure. The main brands (Nike and Adidas) saw revenue declines of 4.8% and 12.2%, respectively [2]. - The company continues to optimize its store strategy, reducing the number of direct stores to 4,688, a net decrease of 332 stores, while increasing same-store sales area by 6.5% year-on-year [2]. - The user base has grown to 89.1 million, with member sales contributing 92.9% of total sales, and repeat members accounting for about 60% of member consumption [2]. - Online sales have seen double-digit growth, effectively offsetting the decline in offline traffic [2]. Financial Performance - The gross margin for H1 was 41.0%, a slight decrease of 0.1 percentage points, supported by retail business contributions and brand support from Nike and Adidas [3]. - The company has maintained stable sales and management expense ratios, reflecting prudent cost control and flexibility from its omnichannel retail strategy [3]. - Inventory turnover days increased to 150 days, up by 2 days year-on-year, indicating a healthy inventory level [3]. Future Outlook - The company expects stable performance for the full year, with guidance for an increase in net profit margin. Focus will remain on omnichannel retail and operational efficiency improvements [3]. - The recovery of Nike's sales in FY26 Q1 exceeded expectations, suggesting potential for a rebound in the main brand's business [3]. - New brand expansions into running and outdoor segments, including brands like nordaTM and Norrøna, are anticipated to inject new growth momentum [3]. - Earnings per share (EPS) forecasts for FY2026 to FY2028 are projected at 0.21, 0.24, and 0.28 yuan, with price-to-earnings (PE) ratios of 14, 12, and 10 times, respectively [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][18] Core Views - The company is expected to achieve resilient revenue growth in Q3, with a projected year-on-year revenue increase of 9.8% and an adjusted net profit growth of 14.3% [1][9] - The core OTA business is performing well, with OTA revenue expected to grow by 14.9% year-on-year in Q3, driven by strong growth in accommodation booking and transportation services [2][10] - The acquisition of Wanda Hotel Management has been completed, enhancing the company's supply chain and positioning it among the top 10 hotel management companies in China [3][11] Summary by Sections Revenue and Profitability - Q3 revenue is projected to grow by 9.8% year-on-year, with adjusted net profit expected to increase by 14.3% [1][9] - The OTA business is anticipated to see a 14.9% increase in revenue, with accommodation bookings expected to rise by 14.5% and transportation services by 9.5% [2][10] Business Segments - The OTA segment is expected to benefit from a combination of online market penetration and international business growth, while the vacation segment is under pressure, with a projected revenue decline of 11% due to low outbound travel willingness in Southeast Asia [2][10] - The acquisition of Wanda Hotel Management is expected to positively impact profitability in the hotel management segment, with a focus on high-end brand expansion [3][11] Financial Projections - The company forecasts adjusted net profits of 33.7 billion, 39.3 billion, and 45.3 billion for 2025, 2026, and 2027 respectively, with corresponding dynamic PE ratios of 14, 12, and 11 [4][5] - Revenue is expected to reach 11.896 billion in 2023, growing to 24.712 billion by 2027, reflecting a compound annual growth rate [5][16]

Investment Rating - The report maintains a "Buy" rating for Bosideng (03998.HK) [6] Core Views - The company is expected to achieve high-quality growth in the full fiscal year, driven by product innovation and a strong sales performance in the down jacket segment [3][4] - The company has successfully upgraded its product offerings and improved channel management, which is anticipated to enhance sales during the peak season [2][4] Summary by Sections Sales Performance - The sales season for down jackets has begun with recent temperature drops in North China, East China, and South China, leading to increased consumer demand for autumn and winter apparel [1] - The company has launched several innovative product lines, including high-end urban lines and outdoor jackets, which are expected to gain market recognition and drive revenue growth [1] Channel Management - The company has focused on refining its store operations, resulting in a net increase of 100 direct stores and 153 franchise stores by the end of FY2025, totaling 1,236 and 2,234 stores respectively [2] - Online sales are projected to account for over 30% of total sales in FY2025, indicating a significant growth channel for brand building and member marketing [2] Financial Projections - For FY2026, the company anticipates a revenue growth of approximately 10% and a net profit growth rate expected to exceed revenue growth [3] - The report estimates that the company's revenue for FY2026 will reach approximately 28.54 billion RMB, with a net profit of around 3.90 billion RMB [5] Operational Efficiency - The company maintains a low initial order ratio, with less than 40% of orders being first-time orders, allowing for flexible inventory management and quick replenishment [4] - The inventory turnover days increased by 3 days to 118 days, with a year-end inventory value rising by 24% to 39.5 billion RMB, indicating proactive inventory management [4] Investment Outlook - The report projects net profits for FY2026 to FY2028 at 3.90 billion, 4.39 billion, and 4.95 billion RMB respectively, with a corresponding P/E ratio of 13 times for FY2026 [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - Recent nationwide temperature drops have boosted sales, particularly for winter apparel, with significant growth in sales of women's down jackets and men's vests during the pre-sale period [8] - The company expects steady growth in performance, maintaining a double-digit growth guidance for the year, with a projected revenue increase of 10% and profit growth exceeding revenue growth [8] - The company has a consistent dividend payout ratio above 80%, with an estimated dividend yield of around 6% for FY26 [8] - The successful debut of the "Master Puff" collection at Paris Fashion Week enhances the company's global brand influence [8] - The appointment of renowned designer Kim Jones is expected to elevate product quality and drive high-end market penetration [8] - The company has established a strong consumer recognition in the down jacket sector and is actively expanding into outdoor and functional apparel markets [8] Financial Data and Earnings Forecast - Revenue projections for FY2024 to FY2028 are as follows: - FY2024: 23,214 million RMB - FY2025: 25,902 million RMB - FY2026E: 28,465 million RMB - FY2027E: 31,272 million RMB - FY2028E: 34,210 million RMB - The expected growth rates for revenue are 38% for FY2024, 12% for FY2025, and gradually decreasing to 9% by FY2028 [6] - Net profit forecasts for the same period are: - FY2024: 3,074 million RMB - FY2025: 3,514 million RMB - FY2026E: 3,899 million RMB - FY2027E: 4,340 million RMB - FY2028E: 4,754 million RMB - The projected net profit growth rates are 44% for FY2024, 14% for FY2025, and stabilizing around 10% by FY2028 [6][18]