Smart Finance APP learned that Guosen Securities released a research report stating that it maintains a "better than the market" rating on Juzi Biotechnology (02367). Taking into account the outstanding performance of the 618 promotion and the continuous iteration of new products driving the company's full-year performance improvement, the net income attributable to the mother in 2024-2026 is raised to 18.37/23.18/27.78 (originally 17.47/22.45/26.9) billion yuan.

The report stated that relying on the rapid development of industrialization fueled by the accumulation of years of collagen protein track, the company has now established a deep brand awareness of recombinant collagen protein. The outstanding performance of the two brands during the 618 promotion also confirms the company's strong brand momentum. The continuous iteration and expansion of new products is also expected to drive the stable growth of the cosmetic business. The approval of future medical beauty injection products will also contribute new engines to the company's medium and long-term growth.

The report cited the performance of the company's brand during the 618 promotion period, among which Kefumei's online all-channel full-life-cycle GMV increased by more than 60% YoY, and Keli Jin's online all-channel full-life-cycle GMV increased by over 100% YoY. At the same time, we noticed that there were differences between the third-party data and the company's official promotion report. According to our understanding, there may be the following two reasons: 1) When the third-party statistical data, the main focus is on the skincare category, but Kefumei includes two major categories of skincare and dressing, in which skincare growth rate is relatively higher than dressing, resulting in differences between the actual report and the previous third-party statistical data. 2) This year, the company did not participate in the shopping voucher activity on Tmall, which affected the relatively higher base from last year.

Overall, relying on the dividend period of the collagen protein track, as well as the company's advantage as a leading pioneer, the company's performance during this year's 618 promotion remains outstanding. At the same time, the overall return rate of the company during this promotion is stable, and the overall performance of the company's interim report is expected to be solid.