China Merchants Securities reported that, according to recent company roadshows, Juji Bioscience (02367.HK) performed in line with expectations in the third quarter, close to the guidance given earlier for the second half of the year. Management expressed confidence in achieving the full-year guidance. Looking at the channels, the online segment outperformed the offline segment. As the third quarter is generally a low season for the cosmetic industry, the entire quarter was mainly dedicated to preparing for Double Eleven. The activity cycle for this year's Double Eleven has been extended overall, and the preliminary data available so far also indicates impressive performance by the company, with sales deposit situation of the leading anchor meeting expectations.

The report indicates that the company's profit outlook is stable, maintaining the current profit forecast for 2024 to 2026. The previous target PE ratio from mid-2025 to the end of 2025 was revised from the original 53 yuan to 60 yuan, corresponding to a forecast PE ratio of 22 times in 2025, maintaining a "shareholding" rating.