A bit more explanation of how genesis is one figure:

Triax figures such as Genesis, Genesis 2, the DS version of Dawn or the DAZ Horse 2 distinguish their characters by folder heirarchy. Any morphs below a particular character directory are loaded for that figure. 

For example if you were to look in the structure for genesis at data - DAZ 3D-Genesis ,  you would see a 'Base' folder (and possible a genitalia folder(s) if you bought any of the pro packs that had it). then below that are folders for the UVs, morphs, projections, clones, etc. So both the male and female morphs are combined when the figure is loaded.

For Genesis 2, instead of a base directory there is a Male and a Female directory, each containing sets of morph, UV, etc directories. So this is set up for a male and female figure. Since morphs and uvs are files, you can easily just copy morphs and uvs back and forth for them to be available in each figure, though for morphs there may be some slight differences because the deltas are based on a particular base.