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。 ...