Yesterday, Chinese collagen leader Giant Biogene released its 2025 interim results for the six months ended June 30. The report showed that the company achieved revenue of RMB 3.113 billion in the first half of the year, up 22.5% year on year; net profit was RMB 1.182 billion ($165.7 million), an increase of 20.6%; and gross profit rose 21.5% to RMB 2.542 billion ($356.4 million) compared with the same period last year.
Leveraging its first-mover advantage in recombinant collagen technology, Giant Biogene has gradually built a diversified product portfolio in recent years, continuously expanding its business scale and ultimately growing into a multi-billion-yuan biotechnology enterprise. The company was successfully listed on the Hong Kong Stock Exchange at the end of 2020, officially entering the capital market.
Although Giant Biogene started with medical dressings, the high growth of the functional skincare market in recent years, together with the consumer opportunities brought by recombinant collagen technology, has meant that revenue from its functional skincare segment has far surpassed that of medical dressings—and the gap continues to widen.
According to the report, the company’s professional skin care products (functional skincare and medical dressings), along with health supplements and others, all recorded double-digit growth in the first half of this year. Revenue from functional skincare jumped 24.2% year on year to RMB 2.41 billion ($337.9 million); medical dressings reached RMB 693 million ($97 million), up 17.1%, driven mainly by the further enrichment of its product portfolio.
The company emphasized that overall revenue growth was mainly fueled by the strong performance of its professional skincare products, especially the best-selling functional skincare line. Growth was also supported by refined omnichannel operations, stronger brand influence, and the iteration of hero products—for example, the sales ramp-up of Kefumei Focus Cream and the launch of Collgene Big Mask 3.0.
Kefumei and Collgene, the company’s two core brands, combine skincare and medical dressings with strong consumer mindshare and repeat purchase rates, driving robust growth both in segments and overall. From the latest report, Collgene recorded first-half revenue of RMB 503 million ($70.5 million), up 26.9% year on year, accounting for 16.1% of total revenue.
The strong growth of Collgene was attributed to two main factors: (1) continued expansion of online channels, boosting brand awareness; and (2) upgrades and iterations of its hero product Big Mask, which further penetrated the market. Meanwhile, Kefumei maintained steady performance, with revenue reaching RMB 2.542 billion ($356.4 million) in the first half, accounting for 81.7% of total revenue, up 22.7% year on year.
According to Giant Biogene, Kefumei’s solid growth was driven by three factors:
expansion of both online and offline channels, optimized operational strategies, and greater brand visibility;
stronger consumer recognition of hero products;
a progressively enriched portfolio of drug-device products.
From a channel perspective, the company revealed that sales are mainly divided into direct sales and distributor sales. In the first half, 74.7% of revenue came from direct sales, totaling RMB 2.325 billion ($326 million). Of this, online direct sales from Giant Biogene’s DTC stores reached RMB 1.816 billion ($254.6 million), up 13.3% year on year, representing 58.4% of total revenue. This growth was linked to strengthened refined operations across multiple platforms, such as targeted customer acquisition on Douyin and deeper brand influence through livestreaming and membership operations on Tmall.
