Group 1 - The core viewpoint of the report is that Giant Bio's performance in the first half of the year slightly exceeded expectations, with total revenue reaching 3.113 billion yuan, representing a year-on-year growth of 22.5% [1] - Based on the strong performance in the first half and robust online sales in July, the company has raised its revenue forecast for the Comfy brand, adjusting total revenue projections for 2025 to 2027 upwards by 1.9% [1] - The earnings per share forecasts have been increased by 2%, 1.7%, and 1.7% for the years 2025, 2026, and 2027 respectively [1] Group 2 - The target price for the company has been slightly raised from 79 Hong Kong dollars to 79.5 Hong Kong dollars, maintaining a "buy" rating [1] - The report highlights a high visibility of growth in the restructuring of collagen products [1]

Core Viewpoint - Bank of America Securities has raised the target price for Giant Bio (02367) to HKD 79.5, maintaining a "Buy" rating due to the strong visibility of growth in its collagen product restructuring [1][2]. Financial Performance - Giant Bio's revenue for the first half of the year reached RMB 3.113 billion, representing a year-on-year increase of 22.5% [2]. - The company has adjusted its revenue forecast for the Comfy brand upwards based on the strong performance in July [2]. Earnings Forecast - The total revenue forecasts for 2025 to 2027 have been increased by 1.9% each [2]. - Earnings per share forecasts for 2025, 2026, and 2027 have been raised by 2%, 1.7%, and 1.7% respectively [2]. Cost Structure - Due to a decrease in the contribution from live streaming revenue, the sales expense ratio for 2025 has been lowered [2].

Core Viewpoint - Bank of America Securities reports that Giant Bio (02367) slightly exceeded expectations in the first half of the year, with total revenue of 3.113 billion RMB, representing a year-on-year growth of 22.5% [1] Group 1: Financial Performance - The company’s revenue forecast for its brand Comfy has been raised based on strong performance in the first half and robust online sales in July [1] - Total revenue forecasts for 2025 to 2027 have been increased by 1.9% each [1] - Due to a decrease in live streaming revenue contribution, the sales expense ratio for 2025 has been lowered [1] Group 2: Earnings Forecast - Earnings per share forecasts for 2025 to 2027 have been adjusted upwards by 2%, 1.7%, and 1.7% respectively [1] - The target price for the company has been slightly increased from 79 HKD to 79.5 HKD [1] - The "Buy" rating is reaffirmed, as there is high visibility for growth in the restructured collagen product line [1]