External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Giant Biogene reported 1H25 revenue of RMB3,113mn, up 22.5% YoY and representing 46% of our prior full-year estimate, broadly in line with historical seasonality.</li><li>Gross margin declined slightly to 81.7% (-0.7ppts YoY) mainly due to a more diversified product mix.</li><li>We expect gradual recovery in online sales and influencer live-streaming through 2H25E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Giant Biogene reported 1H25 revenue of RMB3,113mn, up 22.5% YoY and representing 46% of our prior full-year estimate, broadly in line with historical seasonality.Gross margin declined slightly to 81.7% (-0.7ppts YoY) mainly due to a more diversified product mix.We expect gradual recovery in online sales and influencer live-streaming through 2H25E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Giant Biogene (2367 HK) - Resilient Revenue Growth Driven by Multiple Channels and Dual Brands

<ul><li>Giant Biogene announced strong 2024 results, with revenue up by 57% YoY to RMB5.5bn.</li><li>Revenue from skincare products and medical dressing increased by 62.5% YoY and 41.5% YoY, respectively.</li><li>The increase in revenue proportion of skincare products led to a decline in GPM from 83.6% in 2023 to 82.1% in 2024. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Giant Biogene announced strong 2024 results, with revenue up by 57% YoY to RMB5.5bn.Revenue from skincare products and medical dressing increased by 62.5% YoY and 41.5% YoY, respectively.The increase in revenue proportion of skincare products led to a decline in GPM from 83.6% in 2023 to 82.1% in 2024. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Giant Biogene (2367 HK) - Strong Performance in 2024

<ul><li>1H24 earnings beat, fueled by the rapid growth of Comfy brand.</li><li>Giant Biogene reported 1H24 revenue of RMB2,540mn, up 58% YoY and 12% above Bloomberg consensus estimates, accounting for 55% of our full-year estimate.</li><li>Attributable net profit increased by 48% YoY to RMB983mn, which was 13% ahead of Bloomberg consensus estimates, accounting for 57% of our full-year estimate. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1H24 earnings beat, fueled by the rapid growth of Comfy brand.Giant Biogene reported 1H24 revenue of RMB2,540mn, up 58% YoY and 12% above Bloomberg consensus estimates, accounting for 55% of our full-year estimate.Attributable net profit increased by 48% YoY to RMB983mn, which was 13% ahead of Bloomberg consensus estimates, accounting for 57% of our full-year estimate. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Giant Biogene (2367 HK) - Sales of Comfy Brand Surpass Expectations

<ul><li>Giant Biogene is a leader in the professional skin treatment industry in China, promoting products based on bioactive ingredients, especially recombinant collagen.</li><li>Comfy (可复美) and Collgene (可丽金) are the Company’s two flagship brands that drove Giant Biogene’s growth.</li><li>The Company’s revenue increased at a CAGR of 35.2% from RMB956.7mn in 2019 to RMB2,364.4mn in 2022 and further surged by 63.0% YoY to RMB1,605.7mn in 1H23.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Giant Biogene is a leader in the professional skin treatment industry in China, promoting products based on bioactive ingredients, especially recombinant collagen.Comfy (可复美) and Collgene (可丽金) are the Company’s two flagship brands that drove Giant Biogene’s growth.The Company’s revenue increased at a CAGR of 35.2% from RMB956.7mn in 2019 to RMB2,364.4mn in 2022 and further surged by 63.0% YoY to RMB1,605.7mn in 1H23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Giant Biogene (2367 HK) – Pioneer in Recombinant Collagen Market

China

Giant Biogene Holding Co., Ltd researches, develops, manufactures, and distributes, and markets skin treatment products. The Company produces recombinant collagen and rare ginsenosides skin treatment products, functional foods, and other products. Giant Biogene Holding conducts businesses in China.

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Giant Biogene (2367 HK)