Incident: Double 11 achieved another brilliance. Kefumei and Kolikin's online omni-channel full-cycle GMV increased by 80% + and 150% +, respectively.

Recently, the “Fermented Ginseng Powder” group standard developed under the leadership of Giant Life was officially released.

Report summary

Double 11 achieved another success in 2024, with Kefumei and Colijin's GMV increasing by 80% + and 150% +, respectively.

Can be restored to the US:

Online omni-channel full-cycle GMV increased 80% + year over year. By platform, on Tmall, GMV increased 50% + year over year; on Douyin, GMV increased 100% + year over year; on JD, GMV increased 200% + year over year; and on Vipshop, GMV increased 100% + year over year.

Star Collagen Stick was ranked TOP1 in the Douyin Liquid Essence category and ranked TOP1 in the Tmall Facial Essence category, Liquid Essence category, and Repair Essence Bestsellers. Recombinant collagen dressings rank in the Tmall wound dressing category, medical dressing bestseller list, and JD's medical beauty care category TOP1.

Together with Swisse, we launched a limited-edition co-branded gift box, which received over 4 million impressions. In addition, Kefumei's full line of cosmetics has launched in Wanning, Hong Kong, China, to enter the Hong Kong market and expand its business footprint.

Creigine:

Online omni-channel full-cycle GMV increased 150% + year over year. By platform, on Tmall, GMV increased 100% + year over year; on Douyin, GMV increased 500% + year over year; on JD, GMV increased 200% + year over year; and on Vipshop, GMV increased 100% + year over year.

The new film series is popular. Film cream is in the top 1 of Douyin's most popular nourishing face cream list, and film eye cream is in the top 2 domestic products on Douyin's best value eye cream list. Collagen Mask King was ranked TOP1 on Tmall's best-selling mask and TOP1 on Douyin's free face mask popularity list.

The first team standard in the field of fermented ginseng powder was announced, consolidating the leading position in the industry.

As an industry benchmark, Giant Biotech has previously participated in drafting 1 industry standard in the fields of recombinant collagen, ginsenosides, etc., and has taken the lead in formulating 5 group standards to fill gaps in the field. “Fermented Ginseng Powder” is the first team standard in the field of fermented ginseng powder. It can accurately quantify the content of key ingredients in fermented ginseng products and provide a scientific basis for product quality certification.

Investment advice: We expect Juzi Biotech's 2024-2026 revenue to be 5.06 billion yuan/6.84 billion yuan/8.59 billion yuan, corresponding increase of 43.7%/35.0%/25.6%, and net profit to mother of 1.92 billion yuan/2.44 billion yuan/2.87 billion yuan, corresponding increase of 32.4%/26.9%/17.7%, corresponding PE 24.0x/18.9x/16.1x, respectively , maintaining a “buy” rating.

Risk warning: policy risk; risk that R&D progress falls short of expectations; sales fall short of expectations; industry competition intensifies; consumption recovery falls short of expectations.