HK Stock Market Move | GIANT BIOGENE (02367) dropped nearly 7% after the announcement of its results, as the company proactively adjusted its sales structure, with net profit for the first half of the year decreasing by over 20% year-on-year.

GIANT BIOGENE (02367) fell nearly 7% after announcing its results, and as of the time of writing, it was down 4.34%, trading at HKD 26.88, with a turnover of HKD 88.6863 million. In terms of news, GIANT BIOGENE announced that its revenue for the first half of the year was approximately 2.918 billion yuan, a year-on-year decrease of 6.3%; the net profit attributable to the parent company was 940 million yuan, a year-on-year decrease of 20.5%. Sinolink published a research report stating that the companys performance is under short-term pressure mainly due to its proactive adjustment of the sales structure, focusing on the long-term quality of operations. Although overall revenue has declined, the companys core brands performed well during the 618 promotion, with the online omni-channel GMV for and increasing by over 25% and over 30% year-on-year, respectively, indicating a recovery turning point has emerged.