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.

Thematic (Sector/Industry)

<ul><li>Tracked cosmetics e-commerce GMV (Taobao/Tmall, Douyin, JD) growth slowed to -0.6% YoY in Sep from +1.8% YoY in Aug with brand performance continuing to diverge.</li><li>Maogeping’s (1318 HK, NR) growth accelerated to +42.9% on skincare rebound, Forest Cabin (2657 HK, NR) maintained steady growth at +32.2%, and Proya returned to a broadly flat level on a low base.</li><li>Double 11 will be a test window for demand resilience and the sustainability of brand growth. </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.

Tracked cosmetics e-commerce GMV (Taobao/Tmall, Douyin, JD) growth slowed to -0.6% YoY in Sep from +1.8% YoY in Aug with brand performance continuing to diverge.Maogeping’s (1318 HK, NR) growth accelerated to +42.9% on skincare rebound, Forest Cabin (2657 HK, NR) maintained steady growth at +32.2%, and Proya returned to a broadly flat level on a low base.Double 11 will be a test window for demand resilience and the sustainability of brand growth. 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.

Consumer Staples - Cosmetics E-Commerce Tracker: Softer Sep Growth...

Equity Bottom-Up

<ul><li>Proya's 1H26 revenue was broadly flat at RMB5,375mn (+0.2% YoY), while attributable NP rose 46% YoY to RMB1,168mn.</li><li>The increase was due to a oneoff investment gain of RMB445mn on the step-up of consolidation of FlowerKnows (花知晓).</li><li>Excluding the one-off gain, recurring NP fell 14% YoY to RMB664mn, with underlying net margin down to 13.9% from 15.4% in 1H25. </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.

Proya's 1H26 revenue was broadly flat at RMB5,375mn (+0.2% YoY), while attributable NP rose 46% YoY to RMB1,168mn.The increase was due to a oneoff investment gain of RMB445mn on the step-up of consolidation of FlowerKnows (花知晓).Excluding the one-off gain, recurring NP fell 14% YoY to RMB664mn, with underlying net margin down to 13.9% from 15.4% in 1H25. 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.

Proya Cosmetics (603605 CH) - 1H26 Earnings Boosted by One-Off Gain

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Proya has established itself as a dominant force in China's beauty market, becoming the first domestic brand to exceed RMB 10 billion in annual revenue in 2024, driven by a highly effective digital marketing strategy and a portfolio of successful 'hero' products.</li>
 <li>The company is navigating a period of transition, facing slowing growth and margin pressure in its core 'Proya' brand amidst intense competition, while actively diversifying through the rapid expansion of sub-brands like TIMAGE and Off&amp;Relax and strategic acquisitions such as Flower Knows.</li>
 <li>Future growth hinges on elevating its brand image, strengthening R&amp;D capabilities to justify a move upmarket, and successfully expanding internationally, with a particular focus on culturally aligned Southeast Asian markets.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Proya has established itself as a dominant force in China's beauty market, becoming the first domestic brand to exceed RMB 10 billion in annual revenue in 2024, driven by a highly effective digital marketing strategy and a portfolio of successful 'hero' products.
  The company is navigating a period of transition, facing slowing growth and margin pressure in its core 'Proya' brand amidst intense competition, while actively diversifying through the rapid expansion of sub-brands like TIMAGE and Off&amp;Relax and strategic acquisitions such as Flower Knows.
  Future growth hinges on elevating its brand image, strengthening R&amp;D capabilities to justify a move upmarket, and successfully expanding internationally, with a particular focus on culturally aligned Southeast Asian markets.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Proya Cosmetics   (603605 CH) - Aug 2026

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene (2367 HK)</a> 's  stock is down 40% from its mid-May high triggered by public spat with rival <a href="https://www.smartkarma.com/entities/bloomage-biotechnology-corp-lt" target="_blank" data-smartkarma-citation="entities:30390:1" rel="noopener">Bloomage Biotechnology</a> over collagen content labelling in its skincare line.</li>
<li>Biogene’s use of recombinant collagen is rapidly emerging as the new gold standard in anti-aging skincare, giving it a clear edge over traditional ingredient players like Bloomage.</li>
<li>Giant Biogene now trades at a steep discount to peers in the functional beauty space; current valuations offer meaningful downside protection, and strong upside potential as sentiment stabilizes.</li>
</ul>



Giant Biogene (2367 HK) 's  stock is down 40% from its mid-May high triggered by public spat with rival Bloomage Biotechnology over collagen content labelling in its skincare line.
Biogene’s use of recombinant collagen is rapidly emerging as the new gold standard in anti-aging skincare, giving it a clear edge over traditional ingredient players like Bloomage.
Giant Biogene now trades at a steep discount to peers in the functional beauty space; current valuations offer meaningful downside protection, and strong upside potential as sentiment stabilizes.


Giant Biogene (2367 HK): Beaten Down Beauty. Valuation Upside After 40% Downslide

China

Proya Cosmetics Co., Ltd. operates as a cosmetics products manufacturing company. The Company researches and markets skin care products, make up, body wash, and other related products. Proya Cosmetics markets its products throughout China.

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Proya Cosmetics (603605 CH)

Consumer Staples - Cosmetics E-Commerce Tracker: Softer Sep Growth...

Tracked cosmetics e-commerce GMV (Taobao/Tmall, Douyin, JD) growth slowed to -0.6% YoY in Sep from +1.8% YoY in Aug with brand performance...

CMB International