消息面上，根据青眼情报，国货品牌在今年双十一抖音美妆榜前10中占据5席，其中，巨子生物旗下可 复美掉出top10；在双十一天猫美妆榜前20中，可复美排名第18，较去年排名下滑5名。另据21世纪经济 报道，以往常居抖音美妆榜的可复美，自今年6月起连续跌出前20名。江海证券认为，重组胶原蛋白行 业玩家增多，建议关注巨子生物后续对该产品的营销策略及动销情况。 巨子生物(02367)跌超3%，低见35.54港元刷新年内新低。今年5月下旬，受胶原蛋白成分之争舆论影 响，公司股价急转直下，当前股价已较5月高点腰斩。截至发稿，跌3.46%，报35.68港元，成交额1.99 亿港元。 ...

智通财经APP获悉，巨子生物(02367)跌超3%，低见35.54港元刷新年内新低。今年5月下旬，受胶原蛋 白成分之争舆论影响，公司股价急转直下，当前股价已较5月高点腰斩。截至发稿，跌3.46%，报35.68 港元，成交额1.99亿港元。 消息面上，根据青眼情报，国货品牌在今年双十一抖音美妆榜前10中占据5席，其中，巨子生物旗下可 复美掉出top10；在双十一天猫美妆榜前20中，可复美排名第18，较去年排名下滑5名。另据21世纪经济 报道，以往常居抖音美妆榜的可复美，自今年6月起连续跌出前20名。江海证券认为，重组胶原蛋白行 业玩家增多，建议关注巨子生物后续对该产品的营销策略及动销情况。 ...

Core Viewpoint - The stock of Giant Bio (02367) has experienced a significant decline, dropping over 5% during trading, with a current price of HKD 37.62 and a trading volume of HKD 285 million [1] Group 1: Market Performance - As of the latest report, Giant Bio's stock is down 4.42% [1] - The company's main product, 可复美, has seen a drop in its ranking on Tmall's beauty list, falling from 5th place in 2023 to 20th place in the current year [1] - On Douyin, 可复美 has continuously fallen out of the top 20 since June of this year [1] Group 2: Sales and Revenue Trends - According to Citigroup's previous research, the promotional strategy for Giant Bio's products has become more stringent, leading to decreased price attractiveness [1] - Data from 蝉妈妈 indicates that from October 9 to 16, 可复美's Gross Merchandise Volume (GMV) on Douyin was between HKD 50 million to 75 million, a significant decline from over HKD 100 million during the same period last year [1]

消息面上，据21世纪经济报道，青眼数据显示，2023年—2025年天猫大促美妆榜单中，可复美从第10位 上升至第5位，而后今年回落到第20位。此外，以往常居抖音美妆榜的可复美，自今年6月起连续跌出前 20名。花旗此前研报指出，巨子生物的主打产品在李佳琦直播间预售中因"促销策略更严谨"导致价格吸 引力下降。蝉妈妈数据进一步印证了这一趋势：10月9日至16日，可复美在抖音平台的GMV为0.5—0.75 亿元，较去年同期1亿元以上明显缩水。 智通财经APP获悉，巨子生物(02367)盘中跌超5%，截至发稿，跌4.42%，报37.62港元，成交额2.85亿港 元。 ...

Summary of the Medical Aesthetic Industry Conference Call Industry Overview - The medical aesthetic industry is experiencing intensified competition, with upstream companies facing profit erosion on single products and downstream chain medical aesthetic institutions accelerating mergers and acquisitions. Leading brands like Meili Tianyuan are emerging, indicating a shift from product-driven growth to user demand-driven growth, resulting in a transfer of power within the industry towards downstream players [1][2][16]. Key Points on Companies Juzhi Biotechnology - In the first half of 2025, Juzhi Biotechnology's sales were impacted by a public relations incident, with its brand Kefu Mei not recovering sales during the Double Eleven shopping festival. Contributing factors include underwhelming influencer marketing recovery and a 20% reduction in advertising budget. The GMV from Douyin channel dropped over 60% year-on-year, reflecting challenges in brand marketing strategies [1][4][3]. Jinbo Biotechnology - Jinbo Biotechnology's revenue and profit growth slowed in Q3 2025, primarily due to price erosion of its core product, the 4mg ultra-pure product, which saw its terminal price drop from a suggested retail price of 6,800 yuan to just over 1,000 yuan. The company is expanding its distribution channels to 4,000, which is lower than competitors like facial fillers. New product launches are facing high sales expense ratios, putting pressure on profits [1][5][8]. Meili Tianyuan - Meili Tianyuan has distinguished itself through excellent user operations, digital membership management, and effective acquisition strategies. The brand has maintained same-store growth of 5% to 6% over the past two years, with a 10% increase in user numbers offsetting a 5% decline in average transaction value. The company has expanded its scale through acquisitions, increasing its store count to around 700-800 [1][11][10]. Industry Dynamics - Downstream chain medical aesthetic institutions are enhancing their operational capabilities through mergers and acquisitions, which is increasing their bargaining power. Leading brands like Meili Tianyuan are establishing close ties with upstream companies through customized collaborations, achieving mutual growth [1][6][12]. Challenges and Opportunities - Upstream companies are facing increased competition and declining profits on single products, necessitating strategic adjustments to attract users. Downstream institutions are experiencing high customer acquisition costs and insufficient standardization of products, leading to increased survival pressure. However, those companies that can effectively manage user needs and supply chain advantages are likely to emerge successfully from the current challenges [1][9][16]. Conclusion - The medical aesthetic industry is transitioning from a phase of rapid growth to one characterized by demand stabilization and intensified competition. Downstream companies must adapt quickly to market changes, while upstream companies need to enhance their channel management capabilities. Despite the challenges, companies that excel in user demand understanding and membership operations are positioned to achieve new growth [1][16][15].

Core Insights - The collagen market is experiencing a downturn, with major brands like Kefu Mei and Juzhi Biotech showing a decline in growth and sales performance [1][5][6] - The market is undergoing a transformation, moving from a focus on consumer beauty products to medical applications, as companies adapt to changing consumer demands and competitive pressures [9][12][13] Market Performance - Kefu Mei's GMV on Douyin dropped to 0.5-0.75 billion yuan from over 1 billion yuan year-on-year [5] - Juzhi Biotech's stock price has fallen by 55.18% since reaching a peak of 85.14 HKD on May 20, 2023 [6][7] - The overall sales performance of collagen brands during the 2025 Double Eleven shopping festival was disappointing compared to previous years [5] Strategic Shifts - Juzhi Biotech is expanding into the B2B market by obtaining medical device registration for a collagen-based product, indicating a strategic shift towards medical applications [7][12] - Companies are increasingly focusing on technological advancements and clinical applications rather than just marketing and branding [10][13] Industry Trends - The collagen industry is moving away from purely cosmetic applications towards medical uses, with a focus on proving efficacy through clinical trials and regulatory approvals [9][12][13] - The competitive landscape is evolving, with companies needing to demonstrate the scientific validity of their products to gain market share [12][13] Innovation and Development - Huaxi Biotech is actively pursuing new patents related to collagen, indicating ongoing investment in research and development [10][11] - Companies like Furuida and Mianmei are also advancing in the medical device space, with new certifications and product developments aimed at surgical applications [12][13]

Core Viewpoint - The collagen market is experiencing a downturn, with major brands like 可复美 and 巨子生物 showing significant declines in sales and market presence, indicating a shift from a previously thriving segment to a more cautious phase of industry consolidation and strategic realignment [1][3][4]. Market Performance - The overall performance of the collagen segment during the 2025 Double Eleven shopping festival was disappointing, with notable brands struggling to maintain their previous sales figures [3]. - Data from Citibank indicates that 巨子生物's products faced reduced price attractiveness due to stricter promotional strategies, leading to a decline in sales [4]. - 可复美's GMV on Douyin dropped to between 0.5 and 0.75 billion yuan, down from over 1 billion yuan in the same period last year, reflecting a significant contraction in market demand [4]. - The brand's ranking on Douyin's beauty list fell from the top 10 to the 20th position, highlighting a shift in consumer preferences [4]. Strategic Shifts - Major players like 巨子生物 and 锦波生物 are expanding their business boundaries, moving from consumer markets to B2B opportunities, indicating a strategic pivot in response to market changes [5][6]. - 锦波生物's revenue and net profit growth rates hit a five-year low, with its market capitalization dropping from over 500 billion yuan to 267 billion yuan [5]. - 巨子生物's stock price has seen a decline of 55.18% since reaching a peak in May, reflecting investor concerns over slowing growth and product controversies [5]. Technological Advancements - The collagen market is transitioning from a focus on cosmetic applications to medical uses, with companies investing in R&D to meet regulatory standards for medical devices [7][8]. - 华熙生物 is actively pursuing new patents related to recombinant collagen, indicating a shift towards more scientifically validated products [7][8]. - The competition is now centered around material science and clinical validation, with companies needing to demonstrate the efficacy of their products to gain market share [9]. Industry Dynamics - The narrative surrounding collagen is evolving from a marketing-driven approach to one focused on scientific and clinical validation, with companies needing to establish robust production and quality control systems [9]. - The market is no longer driven by brand recognition alone; the ability to provide clinically proven, stable, and scalable products is becoming the new competitive edge [9].

Core Viewpoint - The collagen market is experiencing a downturn, with major brands like Kefu Mei and Juzhi Biotech showing declining sales and growth rates, indicating a shift from a previously booming market to a more cautious phase [1][3][5]. Market Performance - The overall performance of the collagen sector during the 2025 Double Eleven shopping festival was disappointing, with Kefu Mei's GMV on Douyin dropping to 0.5-0.75 billion yuan, down from over 1 billion yuan in the same period last year [3][4]. - Juzhi Biotech's stock price has fallen by 55.18% since reaching a peak of 85.14 HKD on May 20, 2023, reflecting the company's struggles with slowing growth and ingredient controversies [5][6]. Strategic Shifts - Major players are beginning to cross market boundaries, with Juzhi Biotech expanding into B-end business and Kefu Mei attempting to adapt to changing market dynamics [6][7]. - The market is witnessing a transition from a focus on consumer products to medical applications, as companies aim to leverage technological advancements and regulatory clarity [7][10]. Industry Trends - The industry is moving towards a more scientific and clinical approach, with companies like Huaxi Biotech and Furuida actively pursuing medical device certifications and focusing on the development of injectable collagen products [8][9][10]. - The competitive landscape is shifting from brand recognition and channel dominance to a focus on material science and clinical validation, emphasizing the importance of proving product efficacy [10][11].

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。 ...