研究报告 Research Report 22 Mar 2026 巨子生物 Giant Biogene (2367 HK) 2025 业绩符合预期，预期 2026 年收入重回增长但利润仍然承压 2025 Results In Line with Expectations; Revenue Expected to Return to Growth in 2026 While Profitability Remains Under Pressure [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$30.70 目标价 HK$36.20 HTI ESG 3.1-3.9-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$32.88bn / US$4.20bn 日交易额 (3 个月均值) US$22.81mn 发行股票数目 1,071mn 自由流通股 (%) 45% 1 年股价 ...

Core Viewpoint - Company maintains a "outperforming the industry" rating for Giant Bio (02367) with a target price of HKD 56, indicating a potential upside of 55% based on 26-27 P/E ratios of 25x and 23x respectively, supported by strong R&D capabilities, brand recognition, and team cohesion [1] Recent Events - The company announced on January 15 that its "Recombinant Type I α1 Collagen and Sodium Hyaluronate Composite Solution" has been approved as a Class III medical device, marking it as the world's first product aimed at improving cheek smoothness [2][3] - The approval is expected to expand the company's aesthetic product matrix and validate its leading technological R&D capabilities [2] Future Product Pipeline - The company has a rich pipeline of aesthetic products, including cross-linked neck wrinkle products that have received priority review status and cross-linked nasolabial fold products that are progressing smoothly [3] - The approval of the first two aesthetic products has confirmed the company's technological leadership and safety, with strong channel resources and operational experience that can be reused for future product launches [3] Cosmetics Product Matrix and Channel Expansion - The company has a clear plan for product and channel expansion, with a rich reserve of new products including the "Kefumei Collagen Repair," "Focus," and "Order" series set to launch [4] - The company plans to upgrade the "Keli Jin" brand and introduce new products by 2026, while also enhancing collaboration with key influencers like Li Jiaqi for promotional activities [4] - There is a focus on strengthening online influencer networks and self-operated teams, as well as expanding offline channels including cinema lines, OTC, and CS/KA channel coverage [4]