CMB International has revised its valuation for GIANT BIOGENE (02367), lowering the target price from HK$79.96 to HK$73.54 based on discounted cash flow analysis. This adjustment corresponds to 29 times projected 2025 price-to-earnings ratio, with the investment bank reaffirming its "Buy" recommendation.

Market intelligence from Mojing Data reveals the company's flagship brands Kefumei and Kelijin generated approximately RMB 1.08 billion in combined GMV across Tmall, Taobao, and Douyin during May-June—a modest 2% year-on-year uptick. Despite this near-flat performance, the brands achieved robust 38% collective GMV growth during the entire first half of 2025, building upon strong sales momentum from the initial four months. While recent public sentiment temporarily dampened online sales acceleration, CMB interprets the May-June figures as demonstrating remarkable commercial resilience under challenging market conditions.

Looking forward, analysts cite Kefumei and Kelijin's superior product efficacy and consumer experience as foundational elements for sales recovery. The anticipated rebound stems from GIANT BIOGENE's strategic initiatives to reinstate frequent livestream commerce sessions and amplify promotional activities. Furthermore, the company's diverse product ecosystem and dual-brand architecture substantially enhance its risk mitigation capabilities. As China's pioneer in industrial-scale production of recombinant collagen skincare, GIANT BIOGENE's deep technological expertise in collagen applications provides a competitive moat that should facilitate market resurgence.

Conservative projections indicate 10% and 35% year-on-year online revenue growth for Kefumei and Kelijin respectively during the latter half of 2025. Full-year estimates suggest 20% expansion for Kefumei's e-commerce revenue and 60% for Kelijin, with offline channels maintaining stable performance. CMB consequently moderates GIANT BIOGENE's overall 2025 revenue growth forecast to 23%, reflecting a measured recovery trajectory.