Core Viewpoint - UBS has downgraded the net profit forecast for Giant Bio (02367) for 2025 to 2027 by 4-10%, primarily due to a revision in revenue growth expectations for the Comfy business, although this impact is offset by an improvement in sales expense ratio [1] Group 1: Financial Performance - The target price for Giant Bio has been reduced from HKD 93.1 to HKD 79.5 while maintaining a "Buy" rating [1] - The company's revenue showed a robust growth of 23% year-on-year, driven mainly by online sales rather than distributor channels [1] - The net profit margin reached 38%, with the marketing expense ratio decreasing by 1.1 percentage points to 34% year-on-year [1] Group 2: Brand and Market Position - Despite earlier concerns related to allegations of fraud affecting the Comfy brand's collagen bars, it still contributes nearly 30% to brand sales [1] - Management has reiterated ongoing collaborations with top influencers to enhance consumer education and is on track with preparations for the Double 11 shopping festival [1] Group 3: Future Guidance - The company maintains its guidance for a sales growth of 25% to 28% year-on-year and a profit target of RMB 2.5 billion to 2.55 billion for 2025 [1]

瑞银发布研报称，将巨子生物(02367)2025至27年净利润预测下调4-10%，主要基于Comfy业务营收增长 预期下修，此影响被销售费用率改善所抵销。目标价由93.1港元下调至79.5港元，维持"买入"评级。 与投资者的交流显示，巨子生物在6月18日购物节期间的声誉事件，导致市场对其增长与盈利能力产生 担忧。但该行指上半年业绩缓解部分忧虑，公司营收保持稳健增长，同比上升23%，主要驱动力来自线 上销售而非经销商渠道;旗下品牌Comfy明星产品胶原蛋白棒尽管早前受涉嫌造假事件影响，仍维持近 30%品牌销售贡献度;净利润率达38%，营销费用率同比收缩1.1个百分点至34%。另外，管理层重申正 持续与顶尖网红合作，积极推动消费者教育，双11活动筹备按计划推进，维持2025年销售额25%至28% 同比增长及利润的25亿至25.5亿元人民币的指引。 ...