Healthcare - China (H): 2026 China Conference: Day 3 Highlights – Giant Bio, Everest

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Healthcare - China (H): 2026 China Conference: Day 3 Highlights – Giant Bio, Everest

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Healthcare - China (H)

2026 China Conference: Day 3 Highlights –

Giant Bio, Everest

Industry Overview

Giant Bio: new launches support 2026 growth outlook 13 May 2026

In Apr 2026, Giant Bio launched its new key product, Chaotoubang (“Ultra-Penetrating Equity

Stick”). According to mgmt., Chaotoubang generated over RMB30mn GMV from self- China

operated channels in its first week of launch. The company also introduced its injectable Healthcare

medical aesthetics product in Apr 2026, with commercialization expected in 2Q26. Other David Li >>

recent launches include a collagen cream in February 2026 and Collgene “Jiaojuan” Research Analyst

Serum last week. For this year’s June 18 campaign, management plans to maintain a Merrill+852 3508Lynch4531(Hong Kong)

similar pricing and promotional strategy versus last year. Management reiterated its davidbo.li@bofa.com

2026 revenue growth target of c.10% YoY, with both Comfy and Collgene expected to Sandra Sun >>

Research Analyst

deliver similar c.10% YoY growth. By product, management targets positive growth for Merrill Lynch (Hong Kong)

Comfy Collagen Stick, c.20% YoY growth for Focus Cream, and revenue contribution of sandra.sun@bofa.com

RMB200mn/RMB100mn from Chaotoubang/ medical aesthetics products. Given the on- Ethan Cui >>

track new product launches, we reiterate our Buy rating and PO on Giant Bio. Merrill Lynch (Hong Kong)

ethan.cui@bofa.com

Everest: c.RMB2.5bn sales target for Nefecon in 2026

Mgmt. discussed the development of its key products. Nefecon: Management targets

GMV: Gross Merchandise Value~RMB2.5bn revenue from Nefecon in 2026, supported by its position as the only NRDL-

listed therapy for IgAN this year.