Core Viewpoint - The company faced sales pressure during the "Double Eleven" period primarily due to underperformance in live streaming sales, reflecting both strategic channel adjustments and overall industry competition [1][2] Group 1: Sales Performance - The company's online GMV during the Double Eleven period declined approximately 30% year-on-year, with Tmall GMV down about 20% as the company opted out of aggressive price wars in top-tier live streaming [2] - Douyin GMV saw a significant decrease of around 50%, attributed to weak performance in live streaming, with a more than 50% reduction in the number of collaborations with influencers in October [2] - Despite the overall decline, the self-operated channels and mid-tier influencers showed resilience, indicating a solid brand presence and user loyalty [2] Group 2: Strategic Adjustments - The management is focusing on maintaining price stability and enhancing consumer experience, which is expected to lay a foundation for long-term growth and profit margin stability [2] - The company plans to launch several key new products in 2026, which are anticipated to drive a new growth phase [1][3] - The company has been approved to repurchase up to 104 million shares, representing 10% of its total share capital, reflecting confidence in long-term development [1] Group 3: Product Development - The company is actively cultivating a second product tier to optimize its product structure, with expectations for significant revenue growth from new products [3] - In 2026, the company will introduce four major new products across various series, aiming to reduce reliance on single blockbuster products and enhance brand resilience [3] - The medical beauty product line is set to expand, with the first injectable recombinant collagen product approved and planned for rapid market penetration in 2026 [3] Group 4: Financial Outlook - The company has adjusted its revenue growth forecasts for 2025 and 2026 to -3.5% and 13.6%, respectively, reflecting short-term pressures [3] - The target price has been revised to HKD 53.89, maintaining a "Buy" rating based on a DCF model [3]

Core Viewpoint - The report from 招银国际 indicates a downward adjustment of the target price for 巨子生物 (02367) from HKD 58.35 to HKD 53.89, a decrease of 8%, while maintaining a "Buy" rating [1] Group 1: Financial Forecasts - The revenue growth forecast for the company for the years 2025/26 has been revised down to -3.5% and 13.6% respectively [1] - The sales performance during the "Double Eleven" shopping festival was under pressure, primarily due to the underperformance of 达播 [1] Group 2: Strategic Adjustments - The company is actively adjusting its channel strategy, which reflects the overall competitive pressure in the industry [1] - Management is maintaining strategic consistency amidst industry changes, focusing on price maintenance and consumer experience, while increasing the proportion of self-broadcast channels to lay a foundation for long-term growth [1] Group 3: Future Growth Prospects - The company plans to launch several key new products next year to drive a new round of growth [1] - The company has been approved to repurchase up to 104 million shares, accounting for 10% of the total share capital, demonstrating confidence in long-term development [1] - Despite short-term challenges for 可复美 due to declining traffic benefits and intensified competition, the steady growth of 可丽金 and the commercialization of medical beauty products in 2026 may offset the risks associated with the slowdown of 可复美 [1] - The company is expected to rely on a dual-drive strategy of "skincare + medical beauty" to return to a growth trajectory by 2027 [1]

公司称将于明年推出多款重磅新品，带动新一轮增长。为彰显长期发展信心，公司公告已获准以自有资 金回购不超过1.04亿股，占总股本的10%。短期内，可复美受制于流量红利消退和次拋竞争加剧，预计 增速将放缓，但可丽金的稳健增长及2026年医美产品的商业化推进，或将对冲可覆美降速风险。该行预 计，公司有望依托"护肤+医美"双轮驱动，在2027年重回增长快车道。 招银国际发布研报称，将巨子生物(02367)目标价从58.35港元下调8%至53.89港元，维持"买入"评级。由 于可复美短期承压，该行将公司2025/26年收入预测增速下调至-3.5%及13.6%。 报告指，"双十一"期间，公司的销售承压，主要由于达播的销售表现不及预期。一方面是公司主动进行 渠道战略调整，另一方面也体现了行业整体的竞争压力。然而，管理层在行业变化中保持战略定力，维 护价盘和消费者体验，增加自播渠道占比，为长期增长奠定基础。 ...