Comprehensive Analysis of Popular Stock Giant Biogene Holdings Limited (02367.HK)

Giant Biogene Holdings Limited (02367.HK) is a leading enterprise in the recombinant collagen track within the Hong Kong stock market’s beauty care/biotechnology sector, and was listed on the main board of the Hong Kong Stock Exchange in 2022 [1]. Its core brand Keyaimei contributes over 82% of revenue, with a gross profit margin of 82.1% in 2024, reflecting strong brand influence and profitability [1].

From an industry background perspective, Frost & Sullivan predicts that the market size of China’s recombinant collagen will reach 108.3 billion yuan by 2027, with skin care products accounting for nearly 60% of the market, indicating huge growth potential [1]. In February 2025, the company obtained a patent for recombinant human type IV collagen, which can be applied to high-end skin care scenarios such as barrier repair and post-photoelectric surgery repair, consolidating its technological leading position in the recombinant collagen field [2].

1. Track Potential and Enterprise Position
   : As an emerging skin care raw material, recombinant collagen has rapidly growing market demand. Giant Biogene Holdings Limited occupies a leading position in the industry with first-mover advantages and brand strength, but needs to be alert to potential risks brought by intensified track competition and lack of industry standards [1].

2. Imbalance Between Brand and R&D
   : The company highly relies on the single brand “Keyaimei” (accounting for 82% of revenue), while R&D investment only accounts for 1.07% of revenue, far lower than the industry average (6% for Bloomage Biotechnology, 10.89% for Kinbpo Bio), resulting in weak technological iteration and risk resistance capabilities [1].

3. Warning from Trust Crisis
   : The trust crisis in May 2025 exposed the problems of lack of industry standards and insufficient consumer awareness of recombinant collagen. Although the company is a technological leader in the recombinant collagen field, it still needs to strengthen consumer education and brand trust building [1].

• Opportunities
  : The recombinant collagen market continues to grow, and the company’s patented technology provides space for product upgrades and expansion into new application scenarios; as a Hong Kong Stock Connect target, it still has the potential to attract mainland funds [1][2].

• Risks
  :
  • Single Brand Risk: The core brand “Keyaimei” contributes most of the revenue. If the brand image is damaged or market competition intensifies, it will have a significant impact on the company’s performance [1].
  • Insufficient R&D Investment: Low R&D investment may lead to the technological advantages being caught up, unable to respond to changes in market demand [1].
  • Market Competition and Regulatory Risks: The recombinant collagen track is highly competitive, and the lack of industry standards may trigger policy supervision, affecting the overall development of the industry [1].

Giant Biogene Holdings Limited (02367.HK), as a leading enterprise in the recombinant collagen track, benefits from the rapid growth of the industry but also faces challenges such as a single brand, insufficient R&D investment, and trust crisis. Recent price and trading volume data are missing, and investors need to pay attention to the company’s product structure optimization, R&D investment increase, and brand trust reconstruction.

(Note: This report is based on existing public information and does not constitute investment advice.)