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].

Core Viewpoint - Company maintains a "buy" rating for Giant Bio (02367) based on breakthroughs in its medical aesthetics business and steady growth in medical dressings and functional skincare products, with EPS forecasts for 2025-2027 at 2.35, 2.83, and 3.38 yuan respectively [1] Group 1: Regulatory Approval and Product Development - The approval of the recombinant type I α1 collagen freeze-dried fiber medical device marks a significant regulatory breakthrough for the company, opening new growth avenues in the medical aesthetics sector [1] - The approved product utilizes a human-derived sequence, demonstrating excellent biocompatibility and safety, suitable for facial dermal tissue filling to correct dynamic wrinkles [1] - The company is expanding its product matrix with liquid, gel, and cross-linked gel formulations, enhancing its competitive edge in the recombinant collagen field [2] Group 2: Technological Differentiation and Market Position - The company has developed a diverse molecular library of over 50 types of recombinant collagen, achieving extensive coverage in type research, including full-length chains and truncated segments [2] - The approved type I collagen product fills a market gap in the injection field, differentiating itself from existing type III collagen products [2] - The company is also advancing type IV and type XVII collagen for applications in thermal injury repair and hair regeneration, showcasing its comprehensive technical accumulation and product layout capabilities [2] Group 3: Commercial Prospects and Financial Impact - The approval will elevate the company's medical device business from class II auxiliary materials to class III injections, significantly boosting revenue in this segment [3] - Future injection products are expected to see price increases based on existing class II products, driving gross margin improvements [3] - The existing class II product, Collagen Star Light Bottle, has a terminal price of approximately 2000 yuan for 4ml, indicating strong market willingness to pay and brand recognition for the company's recombinant collagen products [3] - With established channel foundations and market recognition, the company's new injection products are anticipated to gain rapid acceptance and commercialization, driving overall performance and valuation upward [3]

Core Viewpoint - Guojin Securities maintains a "buy" rating for Juzhi Biotechnology (02367), citing breakthroughs in the medical aesthetics business and steady growth in medical dressings and functional skincare products, alongside the gradual dissipation of short-term public sentiment impacts. The forecasted EPS for 2025-2027 is 2.35/2.83/3.38 yuan [1]. Group 1: Regulatory Approval and Product Development - The approval of the solid lyophilized fiber preparation marks a significant breakthrough in regulatory barriers for the company, being the first approved drug-device combination product in its Class III medical device pipeline [1]. - The approved product utilizes a human-derived sequence with 753 amino acids, demonstrating excellent biocompatibility and safety, suitable for facial dermal tissue filling to correct dynamic wrinkles [1]. - The company is expanding its product matrix with liquid, gel, and cross-linked gel formulations, enhancing its comprehensive competitiveness in the field of recombinant collagen [1]. Group 2: Technological Differentiation and Market Positioning - The company has established a diverse library of over 50 recombinant collagen molecules, achieving extensive layout in type development, including full-length chains and truncated segments [2]. - The approved Type I collagen fills a market gap in the injection field, creating clear differentiation from existing Type III collagen products [2]. - The company is also advancing Type IV and Type XVII collagen for applications in thermal injury repair and hair regeneration, showcasing comprehensive technical accumulation and product layout capabilities across multiple indications [2]. Group 3: Commercial Prospects and Financial Performance - The approval of the Class III medical device will elevate the company's medical device business from Class II auxiliary materials to Class III injections, significantly boosting revenue in this segment [3]. - Future injection products are expected to achieve price increases based on existing Class II products, driving gross margin improvements [3]. - The existing Class II product, Keli Gold Star Bottle, has an average terminal price of 2000 yuan/4ml, validating the market's high willingness to pay and brand recognition for the company's recombinant collagen products [3]. - With established channel foundations and market recognition for recombinant collagen, the company's new injection products are anticipated to rapidly gain acceptance and commercialize faster than the industry average, driving overall performance and valuation upward [3].