Core Viewpoint - The stock of Giant Bio (02367) has rebounded over 6%, currently trading at 40.1 HKD with a transaction volume of 411 million HKD, following the approval of its first medical aesthetic product, a recombinant type I collagen freeze-dried fiber, for facial dermal tissue filling to correct dynamic wrinkles [1][1]. Group 1: Product Development - Giant Bio's approved product is aimed at correcting forehead dynamic wrinkles, including frown lines, forehead lines, and crow's feet [1]. - The company is currently developing three additional medical aesthetic products, which include facial hydration, neck wrinkle treatments, and volumizing fillers [1]. Group 2: Market Position and Challenges - According to Guotai Junan Securities, the main brand, Kefu Mei, has seen a decline in its Double Eleven ranking due to public sentiment, product structure, and competition, which may lead to temporary pressure on its skincare business [1]. - Despite these challenges, the company has strong brand assets and operational foundations, with a focus on future channel adjustments and new product launches [1]. Group 3: Growth Potential - The recombinant collagen product is recognized for its anti-aging and repair benefits, with a solid understanding of its components among consumers [1]. - The company has a foundational presence in the medical aesthetic channel, and the product's market entry is expected to contribute to a second growth curve for the company [1].

巨子生物(02367)反弹逾6%。截至发稿，涨4.1%，报40.1港元，成交额4.11亿港元。 国泰海通证券发布研报称，受舆情、达播结构以及竞争影响，主品牌可复美双十一排名下滑、护肤品业 务或阶段性承压。我们认为，公司品牌资产和运营基础较好，关注后续渠道调整及推新情况。此外，重 组胶原具备抗衰、修复等功效，成分认知基础好，公司具备医美渠道基础，产品上市后有望贡献第二增 长曲线。 消息面上，今年10月，巨子生物申报的首个三械医美产品重组I型a1亚型胶原蛋白冻干纤维获批，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、额头纹和鱼尾纹。此外公司目前在研3款医美 产品，包括面部水光、颈纹及填充增容产品。 ...

Core Insights - The company, Juzhi Biotechnology, has received approval for its recombinant type I α1 collagen protein lyophilized fiber, which is indicated for facial dermal tissue filling to correct dynamic wrinkles such as glabellar lines, forehead lines, and crow's feet [1][2]. Product Development - Juzhi Biotechnology has four recombinant collagen injection products under application, including liquid and solid formulations for facial wrinkles and gels for nasolabial folds and neck wrinkles [1]. - The company’s recombinant collagen gel for neck wrinkles has entered the priority approval channel, which is expected to expedite the approval process for its products [2]. Innovation and Patents - The company has received patent authorization for two innovative products: a recombinant type IV collagen composition for sensitive skin care and a fermented ginseng product aimed at cognitive impairment and memory improvement [2]. Financial Projections - Juzhi Biotechnology is a leader in the recombinant collagen sector in China, with projected net profits of 2.566 billion, 3.214 billion, and 4.046 billion yuan for 2025-2027, reflecting year-on-year growth rates of 24%, 25%, and 26% respectively [3]. - The latest closing price corresponds to a price-to-earnings ratio of 16, 12, and 10 for 2025-2027, maintaining a "buy" rating [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The approval of the first Class III medical device, recombinant type I collagen, opens new growth avenues in the medical aesthetics sector [7] - The company is a leader in the recombinant collagen field in China, with strong brand and product capabilities, supported by a core technology platform and channel expansion [7] - The company has four additional recombinant collagen injection products under application, with the latest approval expected to catalyze growth [7] - Continuous innovation in research and development is expanding the application boundaries of technology, with recent patent grants enhancing the company's product offerings [7] - Financial forecasts indicate a robust growth trajectory, with projected net profits of 2.57 billion, 3.21 billion, and 4.05 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 24%, 25%, and 26% [7] Financial Summary - Total revenue is projected to grow from 5.54 billion yuan in 2024 to 11.62 billion yuan in 2027, with year-on-year growth rates of 57.17%, 28.60%, 27.20%, and 28.23% respectively [1][8] - The latest diluted EPS is expected to increase from 1.93 yuan in 2024 to 3.78 yuan in 2027, with corresponding P/E ratios decreasing from 19.47 to 9.92 [1][8] - The company maintains a low debt ratio of 18.58%, indicating strong financial health [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company celebrates the fourth anniversary of its brand, Wei Yi Mei®, with over 2.7 million clinical applications and coverage of more than 4,000 medical institutions [6] - The launch of the new product combination, Wei Yi Mei® ColPlus, aims to enhance customer engagement and expand the sales channel through collaboration with Meituan [6] - The ColPlus product is designed for anti-aging targeting users aged 30 and above, offering a more precise solution for skin issues compared to previous products [6] - The online platform is becoming a significant channel for medical beauty consumption, with Meituan's data-driven marketing expected to improve user conversion rates [6] - The company is positioned to lead the collagen market by adapting to channel changes and expanding its online presence [6] - The financial forecast estimates the company's net profit to be 1.042 billion, 1.474 billion, and 1.867 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 34, 24, and 19 [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,443 million yuan in 2024 to 3,943 million yuan in 2027, with a compound annual growth rate of 22.7% [5] - The net profit is expected to increase significantly, with a growth rate of 144.3% in 2024 and 42.3% in 2025 [5] - The gross margin is forecasted to remain high, around 89.8% in 2025, indicating strong profitability [5]