GIANT BIOGENE (2367) H1 2025 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2025 reached RMB3.11 billion, up 22.5% year-over-year, with net profit at RMB1.18 billion, up 20.6% year-over-year.

• Growth was driven by new product launches, brand promotion, and channel expansion, with strong performance from core brands Comfy and Collgene.

• R&D remained a focus, with RMB41 million invested and over 140 ongoing projects; 19 new patents were granted or applied for during the period.

• The company maintained its leadership in recombinant collagen technology, expanding applications into hair regeneration and whitening.

Financial highlights

• Gross profit rose 21.5% to RMB2.54 billion, with gross margin slightly down to 81.7% from 82.4% due to product mix changes.

• Basic EPS increased 15.2% to RMB1.14; diluted EPS rose 16.5% to RMB1.13.

• Total assets grew 40.4% to RMB11.29 billion; total equity increased 29.1% to RMB9.19 billion.

• Cash and cash equivalents surged 72.3% to RMB6.94 billion as of 30 June 2025.

• Direct sales contributed 74.7% of revenue, with online DTC stores accounting for 58.4% of total revenue.

Outlook and guidance

• The company plans to intensify scientific research, strengthen brand promotion, and refine channel operations in the second half of 2025.

• Focus remains on long-term growth, technological leadership, and organizational resilience.

• No interim dividend declared for the period.