Core Viewpoint - The article emphasizes the importance of maintaining youthful skin and overall health through five key habits, while promoting specific skincare products from 可复美 as effective solutions for aging skin [9][30]. Group 1: Key Habits for Youthful Skin - Habit 1: Consistent sun protection is crucial, as UV damage is irreversible, necessitating the use of sunscreen or protective gear even on cloudy days [10][12]. - Habit 2: Avoiding late nights is essential, as lack of sleep reduces skin repair capabilities and accelerates collagen loss [15][17]. - Habit 3: A healthy diet is important, recommending low oil, salt, and sugar intake, along with adequate hydration of at least 2000 milliliters (approximately 8 cups) of water daily [19][21]. - Habit 4: Regular exercise, at least three times a week, boosts metabolism and improves skin condition [24][25]. - Habit 5: A consistent skincare routine is necessary post-25 years of age, focusing on collagen replenishment and skin nourishment [26][30]. Group 2: Product Promotion - The article promotes 可复美's collagen products, highlighting their effectiveness and the special offers available during the 618 shopping festival [32][37]. - Specific products mentioned include: - 可复美胶原棒, which helps repair the skin's collagen barrier and is suitable for sensitive skin [41][45]. - 可丽金胶卷面霜, designed to promote collagen production and improve skin elasticity [52][56]. - 可丽金胶卷眼霜, which targets fine lines around the eyes and enhances skin firmness [60][65]. - 可丽金大膜王, an upgraded face mask that provides intensive care for dull and sagging skin [68][71]. - 可复美胶囊精华油, which emphasizes the concept of "nourishing skin with oil" for long-lasting hydration [74][78]. Group 3: Promotional Activities - The article outlines promotional activities for the upcoming live broadcast, including a lottery for Xiaomi phones and special giveaways for early participants [82][84]. - Participants are encouraged to share their experiences with 可复美 products to qualify for additional rewards [84].

Core Viewpoint - Guojin Securities maintains a "buy" rating for Juzi Bio (02367), projecting EPS for 2025-2027 to be 2.40/2.93/3.54 HKD, with corresponding PE ratios of 23/19/16 times, indicating confidence in the company's product matrix and recovery in sales growth post-public sentiment impact [1][2]. Group 1 - Juzi Holding currently holds approximately 54.26% of the company's shares and plans to increase its stake by at least 200 million HKD within 3-6 months, reflecting strong confidence in the company's future [2]. - The company aims to enhance brand building, channel expansion, and regulatory approvals, focusing on increasing R&D investment for medical device products and meeting diverse market needs [2][3]. Group 2 - The company will intensify marketing efforts for its main brands and incubate new brands to elevate its skincare business, with notable products like collagen sticks and the focus cream showing promising growth [3]. - Juzi Bio plans to initiate commercialization preparations for three categories of medical devices, emphasizing market education and training to support its second growth curve [3].

Investment Rating - The report maintains a recommendation for the beauty and personal care industry, highlighting the continued growth of leading domestic brands [2]. Core Insights - The beauty and personal care sector has shown a divergence in performance, with leading domestic brands achieving good growth due to their competitive pricing, differentiated products, and effective online operations [1][10]. - The upcoming 618 shopping festival is expected to further catalyze growth for domestic brands, particularly in the cosmetics sector [1][6]. Summary by Sections Cosmetics - In 2024 and Q1 2025, leading domestic brands continued to show strong growth, with significant revenue increases reported: - Molybdenum Biological: +33% revenue, +32% net profit - Giant Biological: +57% revenue, +42% net profit - Upper Beauty: +62% revenue, +69% net profit [11][13]. - The overall performance of the cosmetics sector is characterized by a mix of growth and decline among various companies, with some like Proya showing resilience in profit despite revenue slowdowns [12][13]. - The report suggests focusing on brands with strong single-product strategies and innovative ingredients, such as Giant Biological and Molybdenum Biological, as well as those with strong brand positioning like Mao Geping [1][6]. Personal Care - The personal care segment has seen robust performance from leading domestic brands, with notable revenue growth in Q1 2025: - Baiya: +30% - Stable Medical: +36% - Hao Yue Care: +42% [6][12]. - The report emphasizes the importance of product upgrades and channel expansion for these brands, which have outperformed OEM companies [1][6]. - The ongoing trend of online expansion and the shift towards mid-to-high-end branding remains strong, with companies like Baiya and Stable Medical showing promising developments [6][12]. Market Trends - The overall market for cosmetics in early 2025 showed a slight increase in retail sales, with a year-on-year growth of 4.0% in the first four months [23]. - Online platforms like Tmall and Douyin have seen varying performance, with Douyin showing higher growth rates in certain categories compared to Tmall [26][29]. Key Brand Performance - Key brands have demonstrated significant growth in both Tmall and Douyin platforms, with notable increases in GMV for brands like Mao Geping and Kefu Mei [33]. - The report highlights the competitive landscape, with domestic brands increasingly capturing market share from international brands due to their pricing and innovative marketing strategies [1][6].