Core Insights - The 2025 Hurun Rich List reveals a significant increase in the number of Chinese billionaires, with 1,434 individuals having wealth exceeding 5 billion yuan, marking a 31% year-on-year growth [3] - The total wealth of the listed billionaires reached nearly 30 trillion yuan, an increase of 9 trillion yuan, representing a growth rate of 42% compared to the previous year [3] - The beauty industry has shown resilience, with notable entries such as Mao Geping and his wife, who debuted on the list with a wealth of 20.5 billion yuan, and the founder of Up Beauty, Lü Yixiong, whose wealth surged by 16 billion yuan [4][5] Industry Overview - The growth in total wealth is largely attributed to a significant recovery in the stock market, with major indices like the Shanghai Composite Index and the Hang Seng Index rising by 40-50% compared to the previous year [4] - The beauty industry, while not traditionally a wealth accumulation powerhouse, has demonstrated positive trends despite market volatility, with key players like Giant Biological and Mao Geping showing substantial wealth increases [4][9] - The beauty sector is undergoing a transformation characterized by "hard technology replacing traffic dividends," indicating a shift in business strategies within the industry [6] Notable Individuals - The couple Fan Daidi and Yan Jianya from Giant Biological topped the beauty sector with a wealth of 33 billion yuan, reflecting a 35% increase from the previous year [4][5] - Mao Geping and his wife ranked 9th among new entrants with a wealth of 20.5 billion yuan, highlighting their prominence in the beauty industry [5][9] - Lü Yixiong, founder and CEO of Up Beauty, saw his wealth increase by over 50 billion yuan, making him the richest in the cosmetics sector [13] Market Dynamics - The wealth rankings in the beauty industry have experienced significant fluctuations, with some founders seeing their wealth decrease due to stock market volatility [13][17] - The market capitalization of Giant Biological has seen a dramatic decline, impacting the wealth of its founders, while other companies like Mao Geping have shown resilience in their market performance [15][17] - The competitive landscape in the beauty industry remains intense, with the wealth of top entrepreneurs reflecting the ongoing capital-driven dynamics of the sector [18]

Core Viewpoint - The company has received approval for its recombinant type I α1 collagen freeze-dried fibers, marking a significant advancement in its medical aesthetics segment and enhancing its product portfolio [1] Group 1: Product Approval - The product "recombinant type I α1 collagen freeze-dried fibers" has been approved by NMPA on October 21, with registration number 20253132049, making it the first recombinant type I natural sequence collagen injection product in China [1] - The product is characterized as a white or off-white sponge-like solid composed of recombinant type I α1 collagen, utilizing a specific amino acid sequence of 753 amino acids [1] - It is indicated for facial dermal tissue filling to correct dynamic wrinkles, including frown lines, forehead lines, and crow's feet [1] Group 2: Financial Forecast - The company is projected to achieve net profits attributable to the parent company of 2.52 billion, 3.16 billion, and 3.81 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 22.2%, 25.3%, and 20.5% [2] - The recombinant collagen segment is expected to experience high growth potential, especially following the recent approval of the medical aesthetics product, which may provide significant marginal catalytic elasticity [2] - The company maintains a "buy" rating despite recent challenges faced by its cosmetics brand due to public opinion events [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The approval of three types of medical devices opens up growth opportunities in the medical beauty sector [2] - The company has successfully obtained NMPA approval for its recombinant type I α1 collagen freeze-dried fibers, marking a significant advancement in its product offerings [5] - The company is expected to see substantial profit growth, with projected net profits of 2.52 billion, 3.16 billion, and 3.81 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 22.2%, 25.3%, and 20.5% [5] Financial Forecast and Valuation - Closing price as of October 24, 2023, is HKD 41.68, with a market capitalization of HKD 44.64 billion [4] - Revenue projections are as follows: 3,524.1 million RMB in 2023, 5,538.8 million RMB in 2024, 6,997.89 million RMB in 2025, 8,693.63 million RMB in 2026, and 10,420.60 million RMB in 2027, with corresponding growth rates of 49.0%, 57.2%, 26.3%, 24.2%, and 19.9% [4] - The company’s return on equity (ROE) is projected to decline from 33.3% in 2023 to 23.0% in 2027, while the price-to-earnings (P/E) ratio is expected to decrease from 21.81 in 2023 to 10.7 in 2027 [4]

Investment Rating - The report suggests to pay attention to Jinbo Biological's ongoing developments in the collagen protein application field, indicating a positive outlook for the company [1] Core Viewpoints - Jinbo Biological is actively responding to the demand in China's health industry by expanding its product matrix. The company has made significant moves recently, including the launch of new products and strategic partnerships [2][5] - The company has successfully registered its "recombinant type III humanized collagen freeze-dried fiber" as a pharmaceutical excipient, marking a major breakthrough in high-end biomedical materials [7] - Jinbo Biological's functional skincare brands have shown impressive sales growth during the recent "Double Eleven" shopping festival, with a notable increase in revenue from its proprietary brands [12] - The overall market for consumer services on the Beijing Stock Exchange has seen a median price increase of 2.14% in stock prices, indicating a positive trend in the sector [15][18] - The TTM median price-to-earnings ratio for the broader consumer industry has increased to 56.3X, reflecting a growing valuation in the sector [27][30] Summary by Sections Jinbo Biological's Expansion - Jinbo Biological is expanding its product applications in response to the health industry demand, with a focus on collagen products and strategic partnerships with companies like Yangshengtang [2][10] - The company has established a national-level intellectual property operation center for functional proteins, enhancing its competitive edge in the recombinant collagen market [5][6] Market Performance - The median stock price change for consumer service companies on the Beijing Stock Exchange was +2.14%, with 31 out of 39 companies experiencing stock price increases [15][18] - The total market capitalization for consumer service companies rose from 1140.72 billion to 1143.84 billion, indicating a healthy market environment [20][22] Industry Valuation - The TTM median price-to-earnings ratio for the consumer sector has increased from 55.1X to 56.3X, suggesting a positive valuation trend [27][30] - Specific sectors such as food and beverage, as well as professional technical services, have also seen increases in their TTM median price-to-earnings ratios, indicating overall growth in the consumer market [29][32] Announcements - The successful launch of a 150,000 tons/year n-butane maleic anhydride production facility by Ruihua Technology demonstrates advancements in production technology and reinforces its leading position in the industry [35][37]

Core Insights - Furuida Pharmaceutical Co., Ltd. reported a revenue of 2.597 billion yuan and a net profit of 142 million yuan for the first three quarters of 2025, indicating overall performance pressure but signs of recovery in its cosmetics segment [1] Group 1: Cosmetics Business Performance - The cosmetics segment generated revenue of 1.569 billion yuan, a year-on-year decline of 8.17%, but maintained a high gross margin of 61.24%, reflecting strong profitability [1] - The Yilian brand achieved sales of 786 million yuan from January to September, a year-on-year increase of 19.50%, with its core spray product line generating 664 million yuan, up 28%, serving as a key growth driver [1] - The Aier Doctor brand showed signs of recovery with sales of 646 million yuan in the first three quarters, and the decline in the third quarter significantly narrowed [1] Group 2: Brand Development and Market Positioning - Yilian successfully held its first brand culture communication conference, enhancing brand influence and market recognition [1] - Aier Doctor hosted the sixth Microecological Health Conference, reinforcing its research image in the skin microecology field, laying the groundwork for future market recovery [1] Group 3: Emerging Brands and R&D Initiatives - The Koying brand demonstrated high growth potential with sales of 77.19 million yuan in the first three quarters, with sequential growth rates of 82% and 138% in the second and third quarters, respectively [2] - The company continues to invest in R&D, launching the industry's first ideal skin data platform based on ideal skin microbiome research and AI models [2] - The company led the establishment of a group standard for collagen penetration and degradation detection, which has been officially implemented [2] Group 4: Medical Device and Raw Material Performance - The medical device registration progressed with the sodium hyaluronate repair solution receiving product registration, and three Class II medical device certificates obtained in the first three quarters, supporting future expansion in functional skincare and medical aesthetics [2] - The raw materials and additives segment performed steadily, achieving revenue of 276 million yuan, a year-on-year increase of 11.19%, with a gross margin rising to 40.26% [2] - The pharmaceutical segment reported revenue of 305 million yuan, a year-on-year decline of 17.46%, with the company responding by increasing academic promotion and developing new food-medicine homologous products [2]

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The report highlights that the beauty and personal care industry has shown a relative return of -2.84% over the past month, -13.54% over the past three months, and -14.02% over the past year compared to the CSI 300 index [3] - The report notes that the newly approved recombinant type I collagen products by Juzhi Biotech are expected to enhance market competition, with various specifications available [6] - The report emphasizes the strong performance of brands like Han Shu and Proya during the "Double 11" shopping festival, indicating robust consumer demand [6] Summary by Sections Industry Performance - The beauty and personal care sector has experienced a relative return of -2.84% in the last month, -13.54% in the last three months, and -14.02% in the last year compared to the CSI 300 index [3] Product Developments - Juzhi Biotech's recombinant type I collagen has been approved, with product specifications ranging from 10mg to 24mg per bottle, primarily used for facial dermal filling to correct dynamic wrinkles [6] - The report mentions that the recombinant collagen market is seeing new entrants, with Juzhi Biotech and Jinbo Biotech being key players [6] Market Trends - Data from Q3 2025 shows that the GMV for the beauty category on Douyin grew by 19.69% year-on-year, with Han Shu leading with over 500 million in GMV [6] - The report indicates that Proya has consistently ranked first in the Tmall beauty category for three consecutive years, with expectations to maintain this position in 2025 [6] Investment Recommendations - The report suggests monitoring Juzhi Biotech's marketing strategies and sales performance for its new collagen products [6] - It recommends focusing on leading domestic skincare companies like Proya and Shanghai Jahwa, as well as other listed companies in the collagen sector [6]

Core Viewpoint - CICC maintains the profit forecast for Giant Bio (02367) for 2025-2026, with the current stock price corresponding to a P/E of 16/13x for those years, and sets a target price of HKD 70, indicating a potential upside of 68% based on the approval of medical beauty products and the recovery of the cosmetics business [1] Company Status - On October 23, Giant Bio announced that its "Recombinant Type I α1 Collagen Lyophilized Fiber" medical device has been approved, marking it as China's first recombinant Type I natural sequence collagen facial injection product [2][3] Product Approval and Market Potential - The approved product is indicated for facial tissue filling to correct dynamic wrinkles, including frown lines, forehead lines, and crow's feet. The market for recombinant collagen injectables is still considered a blue ocean, and the company is expected to benefit from first-mover advantages, with potential revenue from this product projected to reach around RMB 1 billion in the long term [3] Commercialization Preparation - The company has made substantial preparations for commercialization, including team building and initial communication with doctors and institutions. As of the first half of 2025, it has covered approximately 1,700 public hospitals and 3,000 private hospitals and medical beauty clinics, leveraging its existing sales experience and brand operation capabilities to enhance product visibility and market promotion [4] Future Pipeline and Growth Opportunities - The company has a rich pipeline of future products, including non-crosslinked hydrating products currently in the registration phase, crosslinked neck wrinkle products that have received priority review status, and crosslinked nasolabial fold products progressing smoothly. The approval of the first medical beauty product validates the company's technological leadership and safety, with further pipeline developments expected to broaden the growth trajectory. Additionally, the cosmetics business is anticipated to improve gradually with the recovery of promotional activities [5]

Core Viewpoint - CICC maintains the profit forecast for Giant Bio (02367) for 2025-2026, with the current stock price corresponding to a P/E of 16x for 2025 and 13x for 2026. The target price is set at HKD 70, reflecting a potential upside of 68% based on the approval of medical beauty products and the recovery of the cosmetics business [1]. Company Status - On October 23, Giant Bio announced the approval of its "Recombinant Type I α1 Collagen Lyophilized Fiber" as a Class III medical device, marking it as China's first recombinant Type I natural sequence collagen facial injection product. This approval is expected to enhance the company's long-term growth potential in the medical beauty sector [2][3]. Product Approval and Market Potential - The approved recombinant collagen product is indicated for facial tissue filling to correct dynamic wrinkles, including frown lines, forehead lines, and crow's feet. The medical beauty injection market is still considered a blue ocean, and the company is expected to benefit from first-mover advantages, with projected revenues potentially reaching CNY 1 billion in the long term [3]. Commercialization Readiness - The company has made substantial preparations for commercialization, including team building and initial communications with doctors and institutions. As of the first half of 2025, the company has established a presence in approximately 1,700 public hospitals and 3,000 private hospitals and medical beauty clinics, leveraging its existing sales experience to enhance product visibility and market promotion [4]. Future Pipeline and Growth Opportunities - The company has a rich pipeline of future products, including non-crosslinked hydrating products currently under registration, crosslinked neck wrinkle products with priority review status, and crosslinked nasolabial fold products progressing smoothly. The approval of the first medical beauty product validates the company's technological leadership and safety, with further product launches expected to broaden its growth trajectory. Additionally, the cosmetics business is anticipated to improve gradually with the recovery of promotional activities [5].

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Insights - The retail industry is experiencing a recovery in consumer spending, with a focus on high-quality brands and innovative products [6][27] - The approval of the first recombinant type I collagen by Juzi Biotech opens new opportunities in the medical beauty sector, enhancing the company's product matrix [22][24] - The report emphasizes the importance of emotional consumption trends driving growth in various segments, particularly in jewelry and cosmetics [27][28] Summary by Sections Retail Market Review - The retail index closed at 2288.31 points, up 0.46% for the week, underperforming the Shanghai Composite Index which rose by 2.88% [5][12] - Year-to-date, the retail index has increased by 2.21%, lagging behind the overall market performance [12][15] - Among retail segments, the professional chain sector saw the highest weekly increase of 1.96%, while the jewelry sector led year-to-date with a 23.33% rise [14][17] Industry Dynamics - Juzi Biotech's recombinant type I collagen product received NMPA approval, marking a significant advancement in the medical beauty market [22][23] - The product is the first of its kind in China, aimed at facial dermal filling and wrinkle correction, indicating strong growth potential in the high-value collagen injection market [22][24] Investment Recommendations - Focus on high-quality companies in the emotional consumption theme, particularly in the jewelry sector, with recommendations for brands like Laopu Gold and Chaohongji [6][27] - Emphasize retail companies that are actively transforming and exploring new strategies, such as Yonghui Supermarket and Aiyingshi [6][27] - Highlight domestic beauty brands with strong performance during promotional events, recommending companies like Juzi Biotech, Pola, and Maogeping [28][30] - Consider differentiated medical beauty product manufacturers and leading medical institutions, recommending companies like Aimeike and Kedi-B [28][30]

Core Viewpoint - The approval of the recombinant type I α1 collagen freeze-dried fiber product by Juzi Bio marks a significant milestone as it is the first recombinant type I natural sequence collagen facial injection product in China, with potential for over 1 billion in sales in the long term [1] Group 1: Product Approval and Market Potential - Juzi Bio's recombinant type I collagen product is primarily aimed at facial dermal tissue filling to correct dynamic wrinkles, including forehead and crow's feet [1] - The product's long-term sales potential is estimated to exceed 1 billion, with a notable profit margin, referencing Jinbo Biotech's net profit margin of 45.66% in 1H25 [1] - The current market for injectable recombinant collagen is limited, with Jinbo Biotech focusing on recombinant type III humanized collagen products, which have shown significant revenue growth [1] Group 2: Brand Performance and Sales Growth - The Q3 performance of the 可复美 (Kefumei) brand shows a recovery in online sales, with GMV reaching 615 million and a year-on-year increase of 20% [2] - The brand's promotional activities, including collaborations with influencers, have contributed to restoring brand visibility and sales [2] - The company has expanded its international presence, with Kefumei products entering 13 Watsons stores in Singapore [2] Group 3: Financial Forecast and Valuation - The company maintains its net profit forecasts for 2025-2027 at 26.00 billion, 32.03 billion, and 38.12 billion, respectively, with corresponding EPS of 2.53, 3.11, and 3.71 [2] - The target price is set at 85.0 HKD, based on a 31x PE for 2025, reflecting the company's leading position in the medical aesthetics sector and resilient sales performance [2]