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 1H26 revenue of RMB2,918mn (-6.3% YoY, +21.3% HoH) and attributable NP of RMB940mn (-20.5% YoY, +28.2% HoH).</li><li>Results were broadly in line with our expectations, with 1H26 revenue accounting for 48% of our previous 2026E forecast, versus a historical average of 47%.</li><li>GPM declined 2.2ppts to 79.5%, due to product mix changes and the initial rollout of new products. </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 1H26 revenue of RMB2,918mn (-6.3% YoY, +21.3% HoH) and attributable NP of RMB940mn (-20.5% YoY, +28.2% HoH).Results were broadly in line with our expectations, with 1H26 revenue accounting for 48% of our previous 2026E forecast, versus a historical average of 47%.GPM declined 2.2ppts to 79.5%, due to product mix changes and the initial rollout of new products. 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) - 1H26 in Line; Eyes on Injectables Ramp

<ul><li>Giant Biogene reported revenue of RMB5,519mn (-0.4% YoY) and attributable net profit of RMB1,915mn (-7.2% YoY) in 2025.</li><li>The results were broadly in line with our expectations, given the external headwinds and intensified competition that weighed on product sales in 2H25.</li><li>During the period, gross margin declined 1.8ppts YoY to 80.3%, primarily due to changes in product mix. </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 revenue of RMB5,519mn (-0.4% YoY) and attributable net profit of RMB1,915mn (-7.2% YoY) in 2025.The results were broadly in line with our expectations, given the external headwinds and intensified competition that weighed on product sales in 2H25.During the period, gross margin declined 1.8ppts YoY to 80.3%, primarily due to changes in product mix. 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) - Recovery Expected in 2026E

<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

China

Giant Biogene designs, develops, manufactures, and sells beauty and health products, primarily functional skincare products and medical dressings, utilizing recombinant collagen as a key bioactive ingredient. The company also develops and manufactures functional foods based on rare ginsenosides technology. It was founded in 2000 and is headquartered in Xi'an, People's Republic of China.

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Giant Biogene (2367 HK)