Core Insights - The "2025 Skin Pharmacology and Medical Engineering Transformation Academic Conference" was co-hosted by China Pharmaceutical University and Shanghai Skin Disease Hospital, leading to the initiative for establishing the "Skin Pharmacology Professional Committee" in China [1][3] - The skin health industry in China, encompassing skin drugs, functional skincare products, and medical aesthetics, is steadily approaching a market size of one trillion yuan, but faces challenges such as a disconnect between core discipline construction and industry development needs, insufficient interdisciplinary integration, and a shortage of high-level composite talents [3][5] Group 1 - The establishment of the Skin Pharmacology Professional Committee aims to create a collaborative mechanism covering the entire chain from basic research to clinical validation, focusing on overcoming key bottlenecks in efficacy evaluation and delivery technology [3][5] - Huaxi Biological, as a core initiator, leverages its advanced positioning and core technology in aging intervention and tissue regeneration to support the committee's establishment and the development of the discipline [5][8] - The company has developed a comprehensive research and development system centered on key substances such as hyaluronic acid, proteoglycans, and collagen, forming a complete technical chain from basic research to large-scale production [5][7] Group 2 - At the conference, Huaxi Biological's director presented a report on the physiological regulation mechanisms of extracellular matrix (ECM) in skin, highlighting the synergistic effects of hyaluronic acid and sialic acid in anti-aging and repair pathways [7] - The company has made significant contributions to academic achievements and industry experience in the ECM field, advancing cutting-edge research and establishing collaborations with top international research institutions and multinational companies [7][8] - The future focus of the Skin Pharmacology Professional Committee will include innovative drug development, efficacy evaluation system construction, breakthrough skin delivery technologies, and the application of cutting-edge technologies such as skin substitute models and AI prediction models [7][8]

Core Viewpoint - The article highlights the commitment of the company to sustainable development and ESG governance, showcasing its practices and achievements at the UN Global Compact's 25th anniversary event [1][11]. Group 1: ESG Governance Structure - The company has established a three-tier governance system for ESG management that penetrates the board, management, and operational levels, ensuring organizational, institutional, and normalized ESG management [3]. - An independent ESG committee, composed of independent directors and external ESG experts, is responsible for strategic formulation, supervision, and cross-departmental collaboration [3]. - The company has published a transparent "2030 ESG Strategic Roadmap," which includes quantifiable and auditable governance systems covering climate governance, biosecurity management, ethical compliance, and raw material sustainability [3]. Group 2: Cultural Integration of Sustainability - The company has a dedicated ESG management center with a small team, integrating ESG key performance indicators into management assessments and extending them to grassroots employee goals [4]. - Initiatives such as green skills training and zero-carbon factory practices are implemented to embed sustainable development into the corporate culture [4]. Group 3: Technology-Driven ESG Integration - The company views ESG as a "hard prerequisite" for innovation, particularly in biotechnology, ensuring compliance with domestic and international biosecurity and ethical standards [5]. - Low-carbon technologies are utilized in processes to achieve carbon reduction and resource recycling, with a focus on sustainable raw material sourcing [5]. - The company is developing an "ESG penetrating" green ecosystem in supply chain management, incorporating carbon footprint and compliance into supplier assessments [5][6]. Group 4: Financial Implications of ESG Practices - The company has effectively reduced governance and compliance-related uncertainties in the capital market through a transparent and auditable ESG governance and disclosure system, which helps lower capital risk premiums [8]. - By achieving quantifiable emission reduction results through technology-driven carbon reduction and resource efficiency improvements, the company gains advantages in green financing and green bond issuance [8]. - The company aims to shift valuation logic from "cost-oriented" to "capability-oriented," enhancing operational efficiency and resilience through ESG practices [9]. Group 5: Recognition and Future Commitment - The company received a certificate from the UN Global Compact, recognizing its achievements in ESG governance and sustainable development practices [11]. - The company plans to deepen its ESG governance structure and integrate sustainable principles with its strategic, technological, and supply chain initiatives to promote industry and societal sustainability [13].

十五五规划建议明确提出"加快打造新兴支柱产业、大力提振消费"，这不仅是产业升级的号角，更是品 牌创新与品质创新的重要契机。近日，在央视《对话·创新中国行》节目现场，华熙生物董事长赵燕围 绕企业在透明质酸（玻尿酸）领域的创新突破、全球竞争策略及产业升维思考展开深度分享。 谈及十五五规划建议提出的"推动产业绿色智能融合发展"，赵燕指出，中国企业实现产业升维的突破点 在于三大核心：一是筑高技术创新壁垒，建立持续创新体系，引领行业发展；二是强化质量标准建设， 筑牢品质根基；三是主导制定评价标准，联合国家权威部门与行业协会构建行业标准体系，掌握话语 权。"只有拥有标准话语权，在国际上才有同等对话的权利，才能真正实现从中国制造到中国创造的跨 越。" 赵燕强调，华熙生物的实践正是如此，从突破透明质酸规模化生产技术，到如今布局细胞外基质 （ECM）等前沿研究，通过单点技术突破将单一物质做到全球第一，再推动技术转化为国家标准物 质，构筑起行业技术标准的话语权，奠定核心技术壁垒进而实现系统布局。 对于未来3-5年的核心目标，赵燕聚焦生物制造产业的关键短板：持续筑牢中国的合成生物中试转换平 台。她表示，华熙生物致力于打通产学研，将 ...

在论坛发言中，赵燕董事长系统阐述了华熙生物在ESG治理方面的整体路径。她指出，企业已构建了穿 透董事会、管理层与基层运营的"三层治理体系"，实现了ESG管理的组织化、制度化与常态化。 在治理架构层面，华熙生物董事会设立了独立的ESG委员会，由独立董事与外部ESG专家共同组成，负 责战略制定、监督评估与跨部门协同。董事长作为第一责任人，确保可持续发展战略从顶层设计到落地 执行全过程闭环推进。与此同时，公司制定并对外发布了公开透明的《2030 ESG战略路线图》，从气 候治理、生物安全管理、伦理合规到原料可持续性建立了可量化、可审计的治理体系。 在风险管理方面，公司构建了覆盖生物技术全链条的风险识别与监控体系，从原料端、生物制造端到产 品应用端，全面对标国内外生物安全及伦理标准，实现全过程可追溯与透明披露。 在文化落地方面，赵燕董事长强调，华熙生物可持续发展有专门的ESG管理中心，ESG管理中心不是说 有庞大的队伍，其实只有三个专职人员，其他人员都是贯穿在整个不设"独立的ESG部门"，而是将责任 内嵌到研发、生产、经营的每一环节。公司将ESG关键指标纳入管理层薪酬考核，并延伸到基层员工年 度目标，通过绿色技能培训 ...

Industry Overview - Collagen masks are mainstream skincare products focused on anti-aging and repair, utilizing collagen as the core ingredient along with auxiliary components to achieve hydration and skin barrier repair [1][2] - The Chinese mask industry is expected to reach a market size of 72.986 billion yuan in 2024, entering a period of adjustment and transformation, facing growth slowdown and intensified competition [1][6] - The collagen market is experiencing explosive growth, with a compound annual growth rate (CAGR) of 41.9% from 2020 to 2023, and retail scale expected to exceed 269.5 billion yuan by 2030 [1][7] Market Dynamics - The market structure in China shows that sheet masks remain dominant, while cream masks are rapidly growing, focusing on hydration and repair needs [1][7] - The competitive landscape features local leaders dominating, niche players breaking through, and international brands penetrating the market, with a clear price gradient and significant differentiation between high, medium, and low-end markets [1][8] Industry Chain - The upstream of the collagen mask industry primarily uses animal-derived collagen, while recombinant collagen is rapidly developing due to its high purity and compatibility with mask formulations [6][10] - The manufacturing process involves various technologies to convert raw materials into different forms and functions of mask products, with sales channels dominated by online e-commerce and deepening offline professional channels [6][10] Current Development - The Chinese mask industry is transitioning into a phase of deep integration after rapid growth, with three emerging drivers leading market changes: consumption upgrades, male skincare market expansion, and personalized demand fostering innovative scenarios [6][7] - The market size is projected to steadily grow to 76.79 billion yuan by 2025 and potentially exceed 146.42 billion yuan by 2030, indicating robust long-term growth prospects [6][7] Key Players - Major companies in the collagen mask industry include Juzi Biotechnology, Huaxi Biotechnology, and Marubi Biotechnology, leveraging differentiated technologies and channel advantages to lead the market [2][10] - The industry is characterized by a multi-faceted competitive ecosystem, with local leaders, niche players, and international brands all contributing to the market dynamics [10] Future Trends - The industry is expected to advance towards high-end technology, refined products, and standardized ecosystems, with a focus on cross-disciplinary technology integration and precise formulations [10][12] - Regulatory tightening is anticipated to accelerate the elimination of smaller brands, increasing market concentration, while leading companies will strengthen their market positions through R&D innovation and global expansion [10][14]

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, despite recent underperformance compared to the market [4][5]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance, with the Shenwan Beauty Care Index declining by 2.0% from November 28 to December 5, 2025, underperforming the market [4][5]. - Douyin's performance in November met expectations, with domestic brands preparing actively for the upcoming Double 12 sales event, indicating a strong competitive landscape for domestic products [4][10]. - The report highlights the leading market share of Minoxidil products, particularly from Mandi International, which has established itself as a top brand in the hair growth sector [11][12]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index fell by 2.2%, while the Shenwan Personal Care Index also dropped by 2.0%, both underperforming against the Shenwan A Index [4][5]. - The top-performing stocks in the sector included Juzhibio (+5.9%) and Hongmian Co. (+3.5%), while the worst performers were Kelao Co. (-7.6%) and Baiya Co. (-4.8%) [6]. Key Market Developments - Mandi International has dominated the Minoxidil market, achieving a revenue growth from 982 million yuan in 2022 to approximately 1.455 billion yuan in 2024, with a CAGR of 21.7% [12][13]. - The company has maintained a leading position in the market for ten consecutive years, with a market share of about 57% in the hair loss treatment sector and 71% in the Minoxidil product market as of 2024 [12][14]. E-commerce Insights - In November 2025, Douyin's domestic brand GMV showed significant growth, with brands like Han Shu and New Page experiencing double-digit increases [15][18]. - The overall retail sales of cosmetics in October 2025 grew by 9.6%, driven by the Double 11 shopping festival, indicating a robust recovery in consumer spending [18][20]. Company Announcements - Lin Qingxuan updated its IPO prospectus for the Hong Kong market, reporting a revenue of 1.052 billion yuan in the first half of 2025, a year-on-year increase of 98.3% [22][19]. - The company plans to expand its research and development team and explore international markets in Southeast Asia [22][19]. Market Trends - The Chinese consumer healthcare market is projected to grow from 9.313 billion yuan in 2018 to 16.420 billion yuan in 2024, with a CAGR of 9.9% [13]. - The report emphasizes the increasing market share of domestic brands in the skincare sector, with a notable rise in the competitive landscape against international brands [24].

Core Viewpoint - The stock price of Huaxi Biological has fallen below its initial public offering (IPO) price, leading to concerns from investors and a series of measures from the management to address the situation [2][4]. Group 1: Stock Performance and Market Reaction - Huaxi Biological was listed on the STAR Market on November 6, 2019, with an IPO price of 47.79 yuan per share [2]. - The stock reached a peak price of 312.99 yuan, with a market capitalization exceeding 140 billion yuan [3]. - As of December 4, 2025, the stock closed at 45.57 yuan, resulting in a market cap of approximately 22 billion yuan, a decline of nearly 120 billion yuan from its peak [4]. - Institutional investors have been reducing their holdings, with significant sell-offs reported in recent months [4]. Group 2: Financial Performance - In 2024, Huaxi Biological faced a significant decline in performance, with annual revenue of 4.722 billion yuan, down 23.79% year-on-year, and a net profit of 490 million yuan, a drop of 64.18% [5]. - For the first three quarters of 2025, the company reported revenue of 3.163 billion yuan, a year-on-year decrease of 18.36%, and a net profit of 252 million yuan, down 30.29% [6]. - The skin science innovation business, previously a growth driver, saw a revenue decline of 33.97% in the first half of 2025, contributing only 40.36% to the main business revenue [7][8]. Group 3: Management Actions and Strategic Changes - In response to the declining performance, the management announced a return to core operations and initiated a comprehensive restructuring of business strategies and talent organization [5]. - Positive signs emerged in Q3 2025, with a net profit of 32 million yuan, reflecting a year-on-year increase of 55.63%, indicating a recovery trend [8]. - The company achieved a reduction in sales expense ratio to 34.26%, the lowest in five years, attributed to optimized brand communication and channel structure [9]. Group 4: Shareholder Actions - The controlling shareholder, Huaxi Xinyu Investment Co., announced a share buyback plan, intending to purchase between 200 million and 300 million yuan worth of shares [10]. - From August 27 to September 30, 2025, the controlling shareholder completed a buyback of 4.5187 million shares, totaling 257 million yuan [10]. - Following the buyback, the controlling shareholder's stake increased from 59.17% to 60.01% [13].

Core Viewpoint - The stock price of Hyaluronic Acid leader, Huaxi Biological (688363.SH), has fallen below its issue price, reflecting concerns over its performance and market conditions [1][3]. Financial Performance - For the first three quarters of 2025, Huaxi Biological reported revenue of 3.163 billion yuan, a year-on-year decline of 18.36% [3]. - The net profit attributable to shareholders was 252 million yuan, down 30.29% year-on-year, continuing the downward trend from 2024 [3]. - In Q3 2025, despite a 55.63% increase in net profit to 32 million yuan, revenue of 900 million yuan still represented a 15.16% year-on-year decline, indicating a situation of "profit increase without revenue increase" [3]. Market Capitalization and Stock Performance - The company's market capitalization has decreased to approximately 22 billion yuan, down over 118 billion yuan from its peak value of over 140 billion yuan [3]. - The stock has seen a cumulative decline of 10.53% this year, with a historical low of 42.42 yuan per share [3]. Shareholder Actions - The second-largest shareholder, Guoshou Chengda, plans to reduce its holdings by up to 9.6336 million shares, representing no more than 2% of the total share capital, with an estimated market value of around 500 million yuan based on the closing price of 52.05 yuan per share on November 4 [4]. - This marks the second reduction by Guoshou Chengda in the past year, having previously sold 549.68 million shares [4]. Index Exclusions - Huaxi Biological has been removed from two major indices: the STAR 50 Index and the FTSE China A400 Index, which will take effect on December 12 and December 19, respectively [4]. Industry Competition - The competitive landscape is shifting, with a debate over the relevance of hyaluronic acid versus collagen in skincare. Market trends suggest that collagen-based skincare may surpass hyaluronic acid, with a projected compound annual growth rate of 52.6% [4]. Strategic Initiatives - In response to these pressures, Huaxi Biological has initiated organizational restructuring and is focusing on strategic investments in new biotechnologies, such as PDRN and ergothioneine, which are expected to contribute to revenue growth in 2026 [5].

记者丨李益文 编辑丨叶映橙 事实上，华熙生物的股价压力与业绩表现密切相关。华熙生物2025年前三季度实现营业收入 31.63亿元，同比下降18.36%；归母净利润2.52亿元，同比下滑30.29%，延续了2024年以来的 业绩下滑态势。单季度来看，尽管第三季度单季净利润同比增长55.63%至0.32亿元，但9.03 亿元的营收仍同比下降15.16%，呈现"增利不增收"的局面。 作为2019年11月登陆科创板的"玻尿酸第一股"，华熙生物曾创下辉煌战绩。上市后股价最高 飙涨至308.77元/股，2021年市值峰值超1400亿元。然而截至12月4日， 公司市值已缩水至 220亿元左右，较峰值蒸发超1180亿元 ，今年以来股价累计跌幅达10.53%，期间一度下探至 42.42元/股的历史新低。 股东减持进一步加剧了市场担忧。11月4日华熙生物公告显示，公司第二大股东、原始股东国 寿成达计划在2025年11月26日至2026年2月23日期间，通过集中竞价或大宗交易方式减持不超 过963.36万股，占公司总股本比例不超过2%，以11月4日52.05元/股的收盘价计算，此次减持 市值约达5亿元。 这已是国寿成达近一年来的第 ...

Group 1 - The 2025 Golden Bull Enterprise Sustainable Development Forum and the third National New Cup ESG Golden Bull Award ceremony were held in Suzhou, Jiangsu, focusing on the theme "Governance for a Sustainable Future" [1] - The ESG Golden Bull Award, organized by China Securities Journal, evaluates corporate ESG performance and aims to recognize leaders in ESG practices within the capital market [1][2] - This year's awards included seven categories: "Top 100 ESG Golden Bull Awards," "Outstanding Central Enterprise ESG Golden Bull Award," "Carbon Neutrality ESG Golden Bull Award," "Technology Leadership ESG Golden Bull Award," "Governance ESG Golden Bull Award," "Rural Revitalization ESG Golden Bull Award," and "Emerging ESG Golden Bull Award" [1] Group 2 - The evaluation committee utilized the China National New ESG evaluation methodology and research outcomes from the State-owned Assets Supervision and Administration Commission, assessing corporate ESG performance based on financial significance and impact importance [2] - The assessment process involved a systematic evaluation of ESG risk events, public sentiment, and the quality of ESG disclosures, adhering to principles of classification, diversity, and avoidance of duplication [2]