财通证券此前指出，可复美5.24舆情事件后受到一定影响但整体可控，根据天猫大美妆618期间可复美 天猫排名排名16（24年第12名）。线下方面，公司药店、医院、丝芙兰等渠道稳定覆盖，核心械二产品 用户口碑较好，预计线下销售受影响较小。线上方面，舆情发酵期间达播停播影响大促后半段销售，7 月以来部分头部主播已恢复直播可复美产品，合作频次逐加大，经营数据出现反弹势头，久谦数据显示 7月可复美天猫和抖音GMV分别同比增长70%、17%，下半年销售逐步回升可期。 智通财经APP获悉，巨子生物(02367)跌近5%，截至发稿，跌4.92%，报52.15港元，成交额4.53亿港元。 消息面上，巨子生物公布2025年中期业绩，收入约31.13亿元，同比增长22.5%；毛利约25.42亿元，同 比增长21.5%；归属于母公司持有者盈利约11.82亿元，同比增长20.2%。报告期内，可复美品牌实现收 入25.4亿元，同比增长22.7%；可丽金品牌实现收入5亿元，同比增长26.9%。值得注意的是，去年同 期，该公司营收和归母净利润的同比增幅分别为58.2%和47.4%。其中可复美品牌收入同比增幅68.6%， 可丽金品牌收入同比增 ...

Summary of Giant Biogene Holding (2367.HK) Earnings Call Company Overview - **Company**: Giant Biogene Holding (2367.HK) - **Market Cap**: HK$58.7 billion / $7.5 billion - **Industry**: China/Korea Cosmetics & Jewelry Key Financial Highlights - **1H25 Performance**: - Sales increased by 23% year-over-year (yoy) to Rmb3,113 million, in line with Goldman Sachs estimates (GSe) [17] - Net income (NI) rose by 20% yoy to Rmb1,182 million, matching GSe [22] - Operating profit grew by 25% yoy to Rmb1,360 million, exceeding GSe by 6% [21] Core Insights - **Sales Growth**: - Professional skin treatment products sales grew by 23% yoy, with Comfy brand sales up 23% to Rmb2,542 million, and Collgene sales up 27% to Rmb503 million [17] - Cosmetics sales increased by 24% yoy to Rmb2,410 million, while medical device sales rose by 17% to Rmb693 million [17] - **Channel Performance**: - Direct sales increased by 26% yoy to Rmb2,325 million, with online direct-to-consumer (DTC) sales growing by 134% [17] - Distribution sales grew by 12% yoy to Rmb787 million [18] Margin Analysis - **Gross Margin**: Contracted by 0.7 percentage points yoy to 81.7%, in line with GSe [19] - **Operating Margin**: Expanded by 0.9 percentage points yoy to 43.7%, exceeding GSe by 2.4 percentage points due to lower selling and R&D expenses [21] - **Net Margin**: Declined by 1.8 percentage points yoy to 38.7%, consistent with GSe [22] Guidance and Future Outlook - **Full Year Guidance**: - Sales growth expected at 25-28% and NI growth at 21-24% yoy [1] - Management plans to invest in brand revitalization in 2H25, anticipating a stronger KOL lineup ahead of Double 11 [2] - **Earnings Revisions**: - 2025E NI revised to Rmb2.4 billion, reflecting a 16% yoy increase, with sales growth of 25% [23] Valuation and Price Target - **Target Price**: Remains unchanged at HKD71, implying a 29% upside from the current price of HKD54.85 [1][24] - **P/E Ratio**: Target 2025-26E P/E set at 25x, based on expected NI growth of 16% and 27% for 2025E and 2026E respectively [24] Risks - **Key Risks**: - Slower-than-expected growth in the professional skin treatment market - Increased competition - Regulatory risks [24][27] Additional Insights - **Operational Efficiency**: Improved ROI measured by GPM-Selling expenses ratio, which increased by 0.4 percentage points yoy [1] - **Cost Management**: Selling and distribution expenses increased by 19% yoy but were lower than GSe, contributing to improved margins [19][20] This summary encapsulates the key points from the earnings call, highlighting the company's performance, future outlook, and associated risks.

Performance Summary - China People's Insurance Group reported revenue of 324.12 billion yuan, a year-on-year increase of 10.87%, and a net profit of 26.67 billion yuan, up 13.98% [1] - China Life Insurance recorded revenue of 239.49 billion yuan, a 2.2% increase, with a net profit of 40.93 billion yuan, growing by 6.9% [1] - CNOOC's revenue was approximately 207.61 billion yuan, down 8.45%, with net profit around 69.5 billion yuan, a decrease of 13% [2] - Meituan's revenue reached 178.40 billion yuan, up 14.7%, but adjusted net profit fell by 41% to 12.44 billion yuan [3] - CITIC Bank's revenue was 105.43 billion yuan, down 2.96%, while net profit increased by 2.8% to 36.48 billion yuan [3] - Fosun International's revenue decreased by 10.8% to 87.28 billion yuan, with net profit down 8.2% to 0.66 billion yuan [3] - New Hope Energy reported revenue of 55.67 billion yuan, a 2% increase, but net profit decreased by 5.6% to 2.43 billion yuan [4] - China Cinda's revenue was 34.36 billion yuan, down 2%, while net profit increased by 5.8% to 2.28 billion yuan [5] - China Orient Group's revenue decreased by 12% to 19.86 billion yuan, but net profit surged by 116% to 0.20 billion yuan [6] - Shimao Group's revenue fell by 49% to 14.80 billion yuan, with a net loss of 8.93 billion yuan, narrowing by 61% [7] - Chongqing Steel's revenue was approximately 13.08 billion yuan, down 13.26%, with a net loss of 0.13 billion yuan, narrowing by 81% [8] - United Group's revenue increased by 197.3% to 12.08 billion yuan, with a net profit of 1.69 billion yuan, reversing from a loss of 0.21 billion yuan [9] - Chow Sang Sang's revenue decreased by 2.5% to 11.04 billion yuan, while net profit increased by 71.4% to 0.90 billion yuan [10] - Tianhong International's revenue was 11.03 billion yuan, down 1.86%, with net profit rising by 53.33% to 0.42 billion yuan [11] - Meidong Automotive's revenue fell by 4.9% to 10.14 billion yuan, with a net loss of approximately 0.82 billion yuan, expanding by about 29 times [12] - Jian Sha Tsui's revenue was 8.24 billion yuan, down 6.6%, with net profit of 2.33 billion yuan, a decrease of 7.06% [13] - Sino Land's revenue decreased by 6.64% to 8.18 billion yuan, with net profit down 8.7% to 4.02 billion yuan [14] - Xinyi International's revenue was 8.10 billion yuan, down 5.7%, with net profit of 0.14 billion yuan, a decrease of 19.22% [15] - Fuyao Glass reported revenue of approximately 7.74 billion yuan, down 27.7%, with net profit of approximately 0.26 billion yuan, a decrease of 82.6% [16] - Tianjin Port Development's revenue increased by 3% to 6.95 billion yuan, while net profit decreased by 17.3% to 0.35 billion yuan [17] - Guotai Junan International's revenue was approximately 2.83 billion yuan, up 30%, with net profit of approximately 0.55 billion yuan, a growth of 182% [21] - IGG's revenue decreased by 0.5% to 2.72 billion yuan, with net profit down 2.85% to 0.32 billion yuan [22] - China Aircraft Leasing's revenue was 2.40 billion yuan, down 4.86%, while net profit increased by 6.66% to 0.14 billion yuan [22] - China Orient Education's revenue increased by 10.2% to 2.19 billion yuan, with net profit rising by 48.4% to 0.40 billion yuan [23] Corporate News - China Shengmu signed a new procurement framework agreement with Yiyingmei Dairy for milk powder [24] - Rongchang Bio's clinical trial for Taitasip in treating IgA nephropathy reached its primary endpoint in Phase III [24] - China Huaxing's Bagua City project is expected to start construction in October, with completion by the end of 2026 [24] Buyback Activities - Tencent Holdings repurchased 909,000 shares for 550 million HKD at prices between 596-614.5 HKD [24] - HSBC repurchased 1.5472 million shares for approximately 156 million HKD at prices between 100.2-101.5 HKD [24] - Hang Seng Bank repurchased 210,000 shares for approximately 23.49 million HKD at prices between 111.5-112.2 HKD [24] - MGM China repurchased 1 million shares for approximately 16.02 million HKD at prices between 15.92-16.13 HKD [24]

Group 1 - The core viewpoint of the articles highlights the robust performance growth of the companies, with 巨子生物 achieving a revenue of RMB 3.11 billion, a year-on-year increase of 22.5%, and a net profit of RMB 1.18 billion, up 20.6% [1] - The revenue growth for 巨子生物 is attributed to deepening online and offline channels, enhancing operational capabilities, consolidating star products, upgrading core products, and strengthening brand marketing [1] - 可丽金 reported a sales revenue of RMB 502.7 million, a 26.9% increase compared to the same period in 2024, accounting for 16.1% of total revenue, driven by online channel expansion and successful upgrades of star products [2] Group 2 - 巨子生物 invested RMB 41 million in R&D, representing 1.3% of its revenue, with over 140 projects under research and 186 patents authorized or applied for [1] - 可丽金's products are available in approximately 1,700 public hospitals, 3,000 private hospitals and clinics, over 130,000 chain pharmacies, and around 6,000 CS/KA stores, utilizing various online platforms for sales and promotion [2] - Looking ahead to the second half of 2025, 可丽金 plans to strengthen its technological research and brand communication, ensuring sustainable and high-quality operational capabilities [2]

Core Insights - The company, Giant Bio (02367), reported a mid-year performance for 2025 with revenue of approximately 3.113 billion yuan, representing a year-on-year growth of 22.5% [1] - Gross profit was about 2.542 billion yuan, showing a year-on-year increase of 21.5% [1] - Profit attributable to shareholders was around 1.182 billion yuan, reflecting a year-on-year growth of 20.2% [1] - Basic earnings per share stood at 1.14 yuan [1] Revenue Growth Drivers - The revenue growth was primarily driven by the company's efforts in deepening both online and offline channels, enhancing operational capabilities, consolidating the growth of star products, upgrading core products, and strengthening brand marketing to increase brand influence [1]

GIANT BIOGENE HOLDING CO., LTD 巨子生物控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 獲 豁 免 有 限 公 司） （股 份 代 號：2367） 董事名單及其角色和職能 巨子生物控股有限公司董事會（「董事會」）成 員 載 列 如 下： 執行董事 嚴建亞先生 （董 事 長） 葉娟女士 方娟女士 張慧娟女士 嚴鈺博女士 獨立非執行董事 黃進先生 單文華先生 黃斯穎女士 董 事 會 轄 下 設 有 四 個 委 員 會。下 表 載 列 各 董 事 會 成 員 在 這 些 委 員 會 中 所 擔 任 的 職 務。 | 董事會委員會 | 審 核 | 提 名 | 薪 酬 | 公司管治 | | --- | --- | --- | --- | --- | | 董 事 | 委員會 | 委員會 | 委員會 | 委員會 | | 嚴建亞先生 | | C | M | C | | 葉娟女士 | | | | | | 方娟女士 | | | | M | | 張慧娟女士 | | | | | | 嚴鈺博女士 | | | | | | 黃進先生 | M | M | | | | 單文華先生 | M | | C | ...

3. 會 議 GIANT BIOGENE HOLDING CO., LTD 巨子生物控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 獲 豁 免 有 限 公 司） （股 份 代 號：2367） 提名委員會 － 職權範圍 1. 成 員 2. 提名委員會的秘書 – 1 – 1.1 本公司提名委員會（「提名委員會」）須由本公司董事會（「董事會」）設 立， 且 大 部 分 成 員 應 為 獨 立 非 執 行 董 事。董 事 會 應 委 任 至 少 一 名 不 同 性 別 的 董 事 加 入 提 名 委 員 會。 1.2 提 名 委 員 會 的 主 席 須 由 董 事 會 委 任，並 須 由 董 事 長 或 提 名 委 員 會 中 的 獨 立 非 執 行 董 事 擔 任。 1.3 提 名 委 員 會 成 員 的 委 任 年 期 須 由 董 事 會 於 委 任 之 日 決 定。 2.1 提 名 委 員 會 的 秘 書 須 由 本 公 司 的 公 司 秘 書 擔 任。 2.2 提名委員會可不時委任其他任何具備合適資格及經驗的人士為提名 委 員 會 的 秘 書。 3.1 提 名 委 員 會 成 員 可 以 在 有 需 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 巨子生物控股有限公司（「本公司」、「公 司」或「巨子生物」）董 事（「董 事」）會（「董 事 會」）欣然宣佈本公司及其附屬公司（統 稱「本集團」）截 至2025年6月30日止六個月 （「報告期」）之未經審核簡明合併中期業績以及2024年 同 期 的 比 較 數 字。上 述 中 期業績根據《國 際 財 務 報 告 準 則》（「《國 際 財 務 報 告 準 則》」）編 製，並 已 經 本 公 司 審核委員會（「審核委員會」）審 閱。截 至2025年6月30日止六個月的中期業績未經 審 核，但 已 由 本 公 司 獨 立 核 數 師 安 永 會 計 師 事 務 所 根 據 香 港 會 計 師 公 會 頒 佈 的香港審閱工作準則第2410號「實 體 的 獨 立 核 數 師 對 中 期 財 務 資 料 的 審 閱」進 行 審 閱。 GIANT BIOGENE ...

Market Overview - The Hong Kong stock market experienced a significant decline in the afternoon, with the Hang Seng Index dropping by 1.27%, losing over 300 points. The Hang Seng China Enterprises Index and the Hang Seng Tech Index fell by 1.4% and 1.47% respectively, with the former barely holding above the 9000-point mark [2] - Major technology stocks, which serve as market indicators, continued to decline in the afternoon. Kuaishou and Meituan fell over 3%, while JD.com dropped by 2.5%. Baidu, NetEase, and Tencent saw declines close to 2%, and Xiaomi fell by 0.56%. Alibaba managed to stay slightly positive [3] Sector Performance - The financial sector, including banks, insurance companies, and Chinese brokerage firms, collectively underperformed, contributing to the overall market decline. The performance of individual stocks continued to be affected by ongoing earnings reports, with property management and real estate stocks experiencing significant drops [3] - Biopharmaceutical stocks faced a collective downturn, particularly in the innovative drug sector, following comments from Trump regarding the rapid imposition of tariffs on pharmaceuticals. This led to notable declines in various biopharma stocks [3] Specific Stock Movements - Several biopharmaceutical companies saw substantial declines, including Kanghao Ya-B (-8.59%), Qiansirui Biotechnology (-7.42%), and Kangfang Biotechnology (-7.10%). Other notable decliners included Xiansheng Pharmaceutical (-6.79%) and Shiyao Group (-6.36%) [3] - In contrast, the rare earth sector remained strong, benefiting from the implementation of supply reforms and multiple catalysts. Apple’s upcoming event on September 9, where the iPhone 17 series is expected to be launched, led to a rise in Apple-related stocks, with Lens Technology (300433) surging nearly 8% and reaching a new high since its listing [4]

Core Viewpoint - The stock of Giant Bio (02367) has dropped over 5%, currently down 5.7% at HKD 54.6, with a trading volume of HKD 560 million. The company is set to hold a board meeting to approve its mid-year results for 2025, amid negative media coverage affecting its performance during the 618 shopping festival [1]. Group 1: Financial Performance - According to China Merchants Securities International, the GMV growth rate for May and June has slowed to a mid-single-digit percentage year-on-year due to negative media sentiment [1]. - The firm projects that the company will achieve revenue and net profit of RMB 3.1 billion and RMB 1.2 billion respectively in the first half of 2025, primarily driven by sales growth of approximately 25% for Comfy and over 50% for Collgene [1]. - The target price for the stock remains unchanged at HKD 77.0 [1]. Group 2: Market Outlook - Caitong Securities believes that after the recovery of the data for Kefu Mei in July, sales are expected to gradually rebound in the second half of the year [1].