巨子生物：Recovery expected in 2026E-20260323

CMB International Global Markets | Equity Research | Company Update Giant Biogene (2367 HK) Giant Biogene (2367 HK) - Recovery expected in 2026E 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 prod ...