Giant pandas do not hibernate like other bear species, but they have their own way of dealing with seasonal changes. Whatever the case, they still have to migrate when the seasons change. Their migrations typically follow the altitude variation, marking the acceptable shift in seasons.
In the cold months, giant pandas move to lower altitudes, while in the warm months, they move to higher altitudes. After all, how could they hibernate at all? They still need to eat to build up energy for the cold weather.
Giant pandas do not hibernate due to their diet. Since they eat bamboo, which lacks sufficient nutrients, they cannot store enough fat to sustain themselves through hibernation.