Core Viewpoint - The article emphasizes the need for companies, particularly Huaxi Biological, to adapt and innovate in a rapidly changing market environment, focusing on scientific evidence and technological strength to regain market leadership in skin science innovation [4][5][6]. Group 1: Company Strategy and Leadership - Zhao Yan, the leader of Huaxi Biological, acknowledges past mistakes in market awareness and emphasizes the importance of a strong operational team to navigate the competitive landscape [3][4]. - The company is shifting its focus from merely being known for hyaluronic acid to positioning itself as a synthetic biotechnology firm with a robust research and development foundation [5][16]. - Huaxi Biological aims to stabilize its core business while exploring new product categories, leveraging its significant investment in a large-scale synthetic biology pilot platform [6][26]. Group 2: Marketing and Brand Strategy - The company has faced declining revenue and profit margins in its functional skincare segment from 2022 to 2024, prompting a reevaluation of its marketing strategies [8]. - Zhao Yan has restructured the brand division to emphasize skin science and health, moving away from reliance on high-profile influencers to a more diversified marketing approach [9][10]. - The company is focusing on scientific communication in its marketing efforts, aiming to clarify the benefits of its products based on research data rather than vague marketing jargon [10][13]. Group 3: Research and Development Focus - Huaxi Biological has invested heavily in R&D, establishing a state-of-the-art research center to support its product development and quality assurance processes [11][18]. - The company is expanding its research into glycoscience and cell biology, with a focus on developing new materials that can address aging and tissue regeneration [19][20]. - The strategic decision to develop a range of glycan-based products reflects the company's commitment to innovation and its understanding of market demands for new anti-aging solutions [20][21]. Group 4: Market Position and Future Outlook - The company is positioned to capitalize on the growing demand for synthetic biology products, with a focus on overcoming the challenges of scaling production from laboratory to market [23][24]. - Huaxi Biological's investment in a flexible pilot platform is seen as a critical infrastructure for the synthetic biology industry, enabling faster and more efficient product development [26]. - The company aims to maintain its entrepreneurial spirit and adaptability in the face of market fluctuations, emphasizing the importance of scientific integrity over marketing hype [27].

在盛夏的北京，一场近两小时的访谈沟通中，华熙生物掌门人赵燕连说四次"睡着了"。她直白剖析，如果华熙"早点醒"，不至于受到概念炒作的冲击，让 透明质酸价值一度被误读。 2025年初，这位纵横商海三十多年的传奇女企业家，决定回到一线，"亲自组织一支真正具有战斗力的运营团队"，在AI和生命科学的浪潮下，再创业。 如今，妆品和医美行业极度内卷，流量和渠道为王，众品牌为了触达消费者、占领用户心智，在营销侧全力厮杀。造概念、夸大产品功效、虚假"种 草"等，早已屡见不鲜，消费者也不胜其烦。 面对炮火连天、近乎扭曲的竞争战场，赵燕掀起了一系列"攻防战"。对外，严正辟谣前员工举报；呼吁行业回归科学理性，揭开重组胶原蛋白赛道的营销 乱象；倡导基于科学证据的市场沟通，纠正罔顾科学的言论。对内，主动踩下刹车，进行流程和组织变革，重塑创业型团队。 真正具有企业家精神的人，不会被环境裹挟，而是要改变规则，将事情推往正确的方向。 从缔造长安街地标、华熙Live·五棵松的"地产女王"，到跨界生物科技、带领华熙将产品卖到70多个国家，赵燕曾多次预判宏观经济走势和产业前景，提前 入局、一度跻身"全球白手起家女富豪榜"前十名。 "前两年，我们的C ...

2025年上半年，医美行业"双姝对决"成为资本市场的热门话题。 一边是陕西新首富范代娣掌舵的巨子生物（02367）以31.13亿元营收、11.82亿元净利润交出双增答卷，净利润率高达38%，赚钱能力稳 定；另一边是山东女首富赵燕旗下的华熙生物（688363）营收同比下滑19.57%至22.61亿元、净利润下滑35.38%至2.21亿元，创下上市7年以 来最差半年业绩。 矛盾背后既是资本与利润的博弈，也是研发与长期主义的考验。 巨子生物：增长动能与潜在隐忧 财报表明，巨子生物业绩增长源于产品、渠道、品牌协同发力。然而，毛利率微降、研发投入收缩、应收款及销售费用增长等问题，正对 公司长期增长质量构成考验。 从产品端看，专业皮肤护理产品占总营收99.7%，是增长核心引擎，其中占比77.4%的功效性护肤品收入24.10亿元，同比增长24.2%，主要 依赖可复美焦点面霜持续放量、可丽金蘊活系列渗透。然而，公司上半年总体毛利率81.7%，同比微降0.7个百分点，因高毛利医用敷料占 比下滑，功效性护肤品面临竞品压力，同期净利润率从38.6%微降至38%。 | | | 截至6月30日止六個月 | | | | --- | -- ...

| 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 300896 爱美客 | 2987.03万 | 3.48% | -263.98万 | -0.31% | -2723.05万 | -3.17% | | 688363 华熙生物 | 680.81万 | 2.55% | 988.79万 | 3.71% | -1669.60万 | -6.26% | | 000615 *ST美谷 | -30.09万 | -1.81% | 107.98万 | 6.48% | -77.89万 | -4.67% | | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300896 | 爱美客 | 190.83 | 3.67% | 4.59万 | | 8.58亿 | | 688363 | 华熙生物 | 57.14 | 3.23% | 4.75万 | | 2.671Z | | 000615 | *ST美谷 | 3.17 | 0.63% ...

| | 本报告期末 | 上年度末 | 本报告期末比上年度末 | | | --- | --- | --- | --- | --- | | | | | 增减(%) | | | 总资产 | 8,572,805,787.86 | 8.656.731.837.99 | | -0. 97 | | 归属于上市公司股 | 7, 032, 912, 753. 70 | 6,810,170,453.97 | | 3. 27 | | 东的净资产 | | | | | | | 本报告期 | 上年同期 | 本报告期比上年同期增 | | | | | | 減(%) | | | 营业收入 | 2, 260, 691, 517. 33 | 2, 810, 742, 396. 15 | | -19.57 | | 利润总额 | 260, 324, 427. 05 | 417.411.890.71 | | | | 归属于上市公司股 | 220,851,905.02 | 341,765,629.08 | | -35. 38 | | 东的净利润 | | | | | | 归属于上市公司股 东的扣除非经常性 | 173,745,743.69 | 315, 9 ...

截至目前，多家国货美妆品牌交出上半年成绩单，珀莱雅、上美股份、毛戈平、水羊股份营收、净利润 双增，贝泰妮、华熙生物依然挣扎在增长难的困境中，逸仙电商仍徘徊在亏损边缘。当流量红利期退 去，国货美妆各家面临的困境浮出水面。多品牌、高端化、出海……各美妆品牌纷纷亮牌，随着国内美 妆市场竞争进入下半场，谁能抢先寻得破解之法，谁便能在接下来的竞争中抢占先机。 毛戈平净利增长 逸仙电商持续亏损 单从业绩数据来看，上半年上美股份表现亮眼，收入41.08亿元，同比增长17.3%；净利润5.24亿元，同 比增长30.65%。其中主品牌韩束撑起大半江山。同样在上半年表现不错的还有毛戈平和水羊股份。根 据财报数据，毛戈平上半年营收25.88亿元，同比增长31.3%；净利润6.7亿元，同比增长36.1%。水羊股 份上半年收入25亿元，同比增长9.02%；净利润1.23亿元，同比增长16.54%。与去年同期相比，水羊股 份净利润下滑状态。 相较上述美妆品牌的增长幅度，国货美妆龙头珀莱雅"中规中矩"。财报显示，今年上半年，珀莱雅营收 53.62亿元，同比增长7.21%；净利润7.99亿元，同比增长13.8%。不过，与前几年相比，珀莱雅的 ...

Core Viewpoint - The article discusses the recent developments in the domestic beauty market, highlighting the completion of a Series B funding round for HuazhiXiao, led by domestic beauty giant Proya, and the strategic shifts among the top ten domestic beauty companies as they seek new growth avenues amid a slowing market [3][4]. Group 1: Financial Performance of Top Domestic Beauty Companies - Proya, Shangmei, and Shanghai Jahwa ranked as the top three domestic beauty companies, with Proya achieving a revenue of 5.362 billion yuan in the first half of the year, surpassing half of last year's total revenue [5][6]. - Shangmei's revenue grew by 17.3% year-on-year to 4.108 billion yuan, with net profit increasing by 34.7% [5][6]. - The top ten domestic beauty companies saw eight achieve revenue growth, and seven companies reported positive net profit growth, indicating a robust overall performance [6][8]. Group 2: Strategic Shifts and Market Positioning - The top domestic beauty companies are rapidly building multi-brand matrices and advancing overseas strategies to adapt to the slowing domestic market [3][4]. - Proya's skincare segment remains dominant, while its hair care and color cosmetics categories have shown significant growth, with hair care growing by 131.25% and color cosmetics by 25.79% [11]. - Shangmei's main brand, Han Shu, generated 3.344 billion yuan in revenue, while its new brand, newpage, focusing on children's skincare, achieved a remarkable 146.5% growth [14][16]. Group 3: International Expansion and Investment Strategies - Proya aims to enter the top ten global cosmetics companies by 2035, targeting a revenue of at least 50 billion yuan, and is actively pursuing international market opportunities [22][23]. - The investment in HuazhiXiao is a strategic move for Proya to enhance its multi-brand strategy and recognize HuazhiXiao's global potential [23]. - Water Sheep Co. is also focusing on international expansion, with a goal to become a global luxury beauty brand management group, launching a "10+3" global strategy [26][28]. Group 4: Challenges and Future Outlook - The domestic beauty market is facing challenges such as slowing growth and increased competition, prompting companies to seek international opportunities to escape price wars [29]. - Companies that possess product originality, brand narrative capabilities, and cross-market operational efficiency are more likely to transition from "Chinese leaders" to "global players" [29].

Core Insights - Several domestic beauty brands have reported mixed results for the first half of the year, with some achieving revenue and net profit growth while others struggle with stagnation or losses [1][3][4] Group 1: Performance Overview - Up to mid-2025, companies like Proya, Shangmei, Mao Geping, and Shuiyang have shown revenue and net profit growth, while Betaini, Huaxi Biology, and Yixian E-commerce continue to face challenges [1][3] - Shangmei achieved revenue of 4.108 billion yuan, a 17.3% increase year-on-year, and a net profit of 524 million yuan, up 30.65% [3] - Mao Geping reported revenue of 2.588 billion yuan, a 31.3% increase, and a net profit of 670 million yuan, up 36.1% [3] - Shuiyang's revenue reached 2.5 billion yuan, growing 9.02%, with a net profit of 123 million yuan, up 16.54% [3] - Proya's revenue was 5.362 billion yuan, a 7.21% increase, and net profit was 799 million yuan, up 13.8% [4] - Betaini's revenue fell to 2.372 billion yuan, down 15.43%, with a net profit decrease of 49.01% to 247 million yuan [4] - Yixian E-commerce reported revenue of 1.92 billion yuan, a 22.48% increase, but a net loss of 22.97 million yuan [4] - Huaxi Biology's revenue dropped 19.57% to 2.261 billion yuan, with a net profit decline of 35.38% to 221 million yuan [4] Group 2: Strategic Responses - Companies are adapting to the end of the traffic dividend era by focusing on multi-brand strategies and high-end product offerings [6][9] - Proya is pursuing a multi-brand strategy, acquiring various brands to strengthen its market position [7] - Shuiyang is focusing on high-end transformation, acquiring international brands to enhance its premium offerings [7] - Betaini is also working on a multi-brand approach, with significant growth in its high-end anti-aging brand [8] - Shangmei is leveraging price advantages in the budget market, but this has led to concerns about entering a price war [8] Group 3: International Expansion - Domestic beauty brands are increasingly looking for growth opportunities overseas [9][10] - Proya plans to issue H-shares for international expansion and has announced overseas acquisitions in various beauty segments [9] - Betaini is establishing regional headquarters in Thailand and expanding its product presence in local markets [9] - Yixian E-commerce has launched a global innovation R&D center and is expanding into Southeast Asia and North America [10] - Shuiyang is also pursuing a global strategy, focusing on brand and supply chain globalization [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][15]. Core Views - The company is undergoing a transformation towards efficiency-oriented brand communication, which has led to revenue growth pressure but improved profitability. Revenue projections for 2025-2027 are estimated at 45.65 billion, 50.31 billion, and 57.10 billion yuan, with corresponding growth rates of -15.0%, 10.2%, and 13.5%. Net profit attributable to shareholders is expected to be 4.63 billion, 5.67 billion, and 6.46 billion yuan, with growth rates of 165.5%, 22.6%, and 13.9% respectively. Earnings per share (EPS) are projected at 0.96, 1.18, and 1.34 yuan per share [4][15]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 22.61 billion yuan (down 19.6% year-on-year) and a net profit of 2.21 billion yuan (down 35.4% year-on-year). In Q2 2025, revenue was 11.83 billion yuan (down 18.4% year-on-year), while net profit was 1.19 billion yuan (up 20.9% year-on-year) [12][13]. Business Strategy - The company’s management has returned to frontline operations for systematic adjustments, focusing on restructuring brand communication and prioritizing efficiency. In Q2 2025, the sales expense ratio decreased by 12.46 percentage points. The company is concentrating on high-barrier technology asset transformation and enhancing its consumer goods business advantages [13][14]. Medical Business - The medical terminal business generated revenue of 6.73 billion yuan in the first half of 2025, with skin-related medical product revenue at 4.67 billion yuan (down 1.8% year-on-year). The company launched compliant water-light products and strengthened its one-stop anti-aging solutions. The direct sales channel accounts for over 80% of the revenue, and the company is optimizing its product structure and channel layout [14]. Profitability Forecast - The company is expected to face revenue growth challenges but improve profitability. The projected revenue for 2025-2027 is 45.65 billion, 50.31 billion, and 57.10 billion yuan, with net profits of 4.63 billion, 5.67 billion, and 6.46 billion yuan respectively. The EPS is forecasted to be 0.96, 1.18, and 1.34 yuan per share [15][16].

证券之星消息，9月4日医疗美容板块较上一交易日下跌1.3%，锦波生物领跌。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。医疗美容板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000615 | *ST美谷 | 3.15 | 0.32% | 9.57万 | 3034.47万 | | 688363 | 华熙生物 | 55.35 | -0.66% | 4.67万 | 2.59 Z | | 300896 | 爱美客 | 184.07 | -1.83% | 4.12万 | 7.63亿 | | 832982 | 锦波生物 | 305.00 | -3.81% | 9732.97 | 3.01亿 | 从资金流向上来看，当日医疗美容板块主力资金净流出5863.91万元，游资资金净流入3415.42万元，散户 资金净流入2448.49万元。医疗美容板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104 ...