Shares of GIANT BIOGENE (02367) extended their decline, falling more than 6% on Thursday. As of the time of writing, the stock was down 5.95% at HK$27.84, with trading turnover reaching HK$118 million.

In terms of fundamentals, GIANT BIOGENE released its interim results, reporting first-half revenue of approximately RMB 2.918 billion, a year-on-year decline of 6.3%. Net profit attributable to shareholders stood at RMB 940 million, down 20.5% from the prior-year period. The weaker performance is primarily attributed to the company's proactive restructuring of its channel strategy, which reduced the share of sales from celebrity livestreams, coupled with increased spending on brand building and new product promotions. Despite these headwinds, the company remains focused on long-term operational quality, strengthening its channel network and product competitiveness.

According to GF Securities, a low comparison base combined with new product ramping is expected to drive a growth recovery in the second half of 2026. The company's brand momentum is stabilizing and rebounding, with its two flagship brands delivering standout results during the 618 shopping festival. Looking ahead, on the skincare front, the brokerage is optimistic about the ramp-up of new products such as the "Ultra-Transparent Stick" and the ongoing optimization of the channel structure. In the medical aesthetics segment, the commercialization of Class III collagen devices is expected to unlock a second growth curve, steering the company's performance back onto a growth trajectory.