Giant Biogene (02367.HK): Analysis of Growth Drivers and Market Prospects for the Recombinant Collagen Leader

Giant Biogene (02367.HK) is a leading enterprise in China’s recombinant collagen sector, focusing on the R&D and sales of medical devices, functional skincare products, and functional foods [3]. In H1 2025, it achieved operating revenue of RMB 3.113 billion, a YoY increase of 22.5%; net profit of RMB 1.182 billion, a YoY increase of 20.6%. Despite the ingredient controversy, sales are still recovering [1][3]. Its core brand KeyiMei contributed RMB 2.54 billion in revenue, accounting for over 80% [3], and the online direct sales channel (DTC stores + e-commerce platforms) accounted for 71.0% [3].

1. Breakthrough in Medical Aesthetics Sector
   : In August 2025, the company’s recombinant collagen implant application was accepted by the National Medical Products Administration (NMPA). This is its second Class III medical device application, marking an important expansion into the medical aesthetics filling sector [3].
2. New Track Layout
   : By investing RMB 165 million to acquire a 10% stake in Siyu Hair Care and cooperating with Kidsland to enter the hair care track, it has enriched its business matrix [2].
3. Industry Growth Expectations
   : China’s recombinant collagen market is expected to reach RMB 219.38 billion by 2030, with a CAGR of 44.93%. As a leader, the company has a first-mover advantage [3].

• Hong Kong Stock Market Background
  : The Hong Kong stock market is affected by Fed interest rate policy expectations. In November 2025, Asian stock markets followed the upward trend of U.S. stocks and performed positively [6]. Other Hong Kong stocks such as Hesai Technology (2525.HK) had significant gains [5].
• Intensified Industry Competition
  : Nearly 10 A-share enterprises have entered the recombinant collagen sector, the market is facing pressure of “cooling down”, and industry competition is becoming increasingly fierce [4].

• Opportunities
  : The recombinant collagen sector has high technical barriers, and the company’s advantages in R&D and brand are expected to maintain market share; the expansion into new medical aesthetics and hair care tracks will open up long-term growth space [3][2].
• Risks
  : Intensified industry competition may lead to a decline in gross margin; declining market enthusiasm may affect product sales growth rate; policy regulatory changes may have potential impacts on the progress of medical device applications [4].