GB's First Class-III Medical Aesthetic Injectable Unveiled

Research evidence excerpt

GB's First Class-III Medical Aesthetic Injectable Unveiled

China (PRC) | Healthcare Services

Giant Biogene EquityJuneResearch12, 2026

FLASH NOTEGB's First Class-III Medical Aesthetic

RATING HOLDInjectable Unveiled

PRICE HK$26.86^

GB officially unveiled its first Class-III medical aesthetic injectable product

on 9 Jun in Xi'an, on track with mgmt's target, which marks a milestone PRICE TARGET | % TO PT HK$35.00 | +30%

of medical aesthetic business roll-out. Meanwhile, restriction of medical 52W HIGH-LOW HK$65.70 - HK$26.02

insurance use for (medical device) facial masks has been gradually FLOAT (%) | ADV MM (USD) 44.4% | 133.48

implemented. We expect this may cause ST channel disruption but would MARKET CAP HK$28.8B | HK$28.8B

benefit leading industry players in LT. TICKER 2367 HK ^Prior trading day's closing price unless otherwise

noted.

Event 1: GB officially launched its first Class-III medical aesthetic injectable device product

on 9 Jun. According to Collgene Medical Research Aesthetics' WeChat news release dated 11

Jun, it indicated that GB officially launched Collgene Xinsheng 753 recombinant Type I collagen Chart 1 - In 2023, Winona and Comfy brands

facial injectable to public on 9 Jun in Xi'an. This is the co's first Class-III medical aesthetic were top 2 dermoskincare brands in OTC in

injectable device product as well as the first facial injectable based on recombinant Type I China

share/Retail salesnative-sequence collagen in China. To recap, GB announced this receipt of Class-III certificate Brand

Dermoskincare

Rmb968mn42.7%for its RC facial injectable last Oct (see our note here). Brand Share in OTC (2023)

JEF view: We view this development in line and on track with mgmt's target mentioned in 2025

20.6%earnings call.