Hong Kong-listed Giant Biogene Holding Co., Ltd. (stock code 2367) released its audited results for the year ended 31 December 2025.
Key Financials • Revenue edged down 0.4% year-on-year (YoY) to RMB 5.52 billion. • Gross profit slipped 2.5% YoY to RMB 4.43 billion; gross margin narrowed to 80.3% from 82.1% in 2024. • Profit before tax declined 4.4% YoY to RMB 2.35 billion; net profit fell 7.1% YoY to RMB 1.91 billion. • Adjusted net profit (non-IFRS) dropped 8.9% YoY to RMB 1.96 billion. • Basic and diluted EPS were RMB 1.83 and RMB 1.81 respectively, down 12.9% and 12.1% YoY.
Dividend Proposal The Board recommends a final dividend of RMB 0.5390 and a special dividend of RMB 0.6714 per ordinary share, totalling RMB 1.2104 per share, subject to shareholder approval.
Revenue Breakdown • Professional skin-treatment products contributed 99.6% of total revenue: – Functional skincare: RMB 4.34 billion (+0.8% YoY, 78.6% of total). – Medical dressings: RMB 1.16 billion (-4.8% YoY, 21.0% of total). • Functional foods and others generated RMB 21.7 million (+17.8% YoY).
Channel Mix • Direct-sales revenue was RMB 4.14 billion, stable YoY and accounting for 74.9% of total. – Online DTC stores: RMB 3.40 billion (-5.2% YoY). – Online sales to e-commerce platforms: RMB 508.5 million (+34.8% YoY). – Offline direct sales: RMB 224.7 million (+32.2% YoY). • Distributor sales fell 1.5% YoY to RMB 1.38 billion (25.1% of total).
Cost Structure & Expenses • Cost of sales rose 9.4% to RMB 1.09 billion, driven by product-mix shifts, logistics upgrades and new production capacity. • Selling & distribution expenses increased 2.4% to RMB 2.06 billion, reflecting higher brand-building and channel investment. • R&D spend declined 16.6% to RMB 88.8 million, equivalent to 1.6% of revenue. • Administrative expenses rose 11.9% to RMB 168.5 million, mainly from personnel expansion and digital-system upgrades.
Cash & Balance Sheet • Cash and cash equivalents stood at RMB 6.31 billion (+56.5% YoY); no interest-bearing debt was reported. • Net current assets reached RMB 8.22 billion. • Capital expenditure for the year was RMB 428.1 million, primarily for factory construction and equipment.
Other Highlights • Approved class III medical devices and continued expansion of recombinant collagen and ginsenoside R&D, holding 209 patents in total. • Cash-funded share repurchases of HKD 182.62 million in December 2025 (5.20 million shares, to be cancelled). • Two top-up placings in May 2024 and April 2025 raised a combined net HKD 3.92 billion; approximately HKD 2.75 billion remains unutilised as at year-end.
Outlook Stated by Management The company targets a return to growth in 2026 through intensified R&D, new product launches, expanded medical-aesthetics pipeline, deeper omni-channel penetration and overseas expansion.
The audited results have been reviewed by the Audit Committee and are prepared in accordance with IFRS Accounting Standards.
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