以下文章来源于猛犸资本局 ，作者闫晓寒 导语："玻尿酸女王"赵燕重回华熙生物业务一线已经半年，公司业绩尚未走出低迷。 近日，华熙生物 （688363.SH） 发布2025年第三季度报告显示，前三季度，公司实现营收31.63亿元，同比下降18.36%；归属于上司公司股 东的净利润为2.52亿元，同比下降30.29%。今年前三季度利润的下滑同样受皮肤科学创新转化业务（原功能性护肤品）收入同比下降影响。 穿越产业周期，洞察资本玄机。互联网新闻信息服务许可证编号：44120230006 图源：图虫创意 在2024年华熙生物遭遇上市以来"最差业绩"后，华熙生物董事长赵燕在今年3月宣布从研发端重回经营一线、重返创业状态，并在内部开启"刮骨 疗毒"式的变革。 "对经营理念、业务方向及人才组织模式进行了系统性调整。"华熙生物在财报中表示，从过去一年的表现来看，这些调整包括管理层调整、压缩销 售费用、战略转型等。 创始人回归，华熙生物业绩自今年第二季度开始出现改善。上半年公司营收、净利润仍在下滑，但第二季度归属于上市公司股东的净利润同比增长 20.89%，这是自2024年第二季度以来首次实现增长。今年第三季度利润恢复趋势延续， ...

Core Insights - The medical beauty sector experienced a decline of 0.81% on October 30, with Jinbo Biological leading the drop at 7.07% [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Medical Beauty Sector Performance - Huaxi Biological closed at 53.55, down 0.70%, with a trading volume of 30,900 shares and a transaction value of 166 million [1] - *ST Meigu closed at 3.53, down 0.84%, with a trading volume of 71,000 shares and a transaction value of 25.09 million [1] - Aimeike closed at 158.89, down 0.89%, with a trading volume of 30,100 shares and a transaction value of 47.9 million [1] - Jinbo Biological closed at 245.50, down 7.07%, with a trading volume of 29,300 shares and a transaction value of 733 million [1] Capital Flow Analysis - The medical beauty sector saw a net outflow of 2.1553 million from main funds, while retail funds experienced a net outflow of 3.2717 million [1] - Speculative funds had a net inflow of 5.4269 million [1] Individual Stock Capital Flow - Aimeike had a net outflow of 15.355 million, down 3.21%, with a net inflow of 21.139 million, down 0.44% [2] - *ST Meigu experienced a net outflow of 5.6326 million, down 22.45%, with a net inflow of 4.3275 million, up 17.25% [2] - Huaxi Biological had a net outflow of 13.9915 million, down 8.41%, with a net inflow of 16.4544 million, up 9.89% [2]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company reported a revenue of 3.163 billion yuan for the first three quarters of 2025, a year-on-year decrease of 18.36%, while the net profit attributable to the parent company was 252 million yuan, down 30.29% [7] - In Q3 2025, the company achieved a revenue of 903 million yuan, a year-on-year decline of 15.16%, but the net profit increased by 55.63% to 31.53 million yuan [7] - The company is focusing on high-quality development and has reduced sales expenses significantly, leading to the lowest sales expense ratio in five years at 34.26% [7] - The company is enhancing its research and development capabilities, particularly in high-end raw materials and medical terminal businesses, while also exploring brand building in skincare [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 4.789 billion yuan, with a year-on-year decline of 10.8% [6] - The net profit for 2025 is projected to be 425 million yuan, representing a significant increase of 143.8% compared to the previous year [6] - The company’s gross margin is expected to be 71.6% in 2025, with a return on equity (ROE) of 5.9% [6] - The earnings per share (EPS) for 2025 is forecasted to be 0.88 yuan [6] Business Segments - The raw materials business generated revenue of 923 million yuan in the first three quarters of 2025, with a gross margin of 84.81% [7] - The medical terminal business achieved revenue of 1.031 billion yuan, with a 14.51% year-on-year growth in Q3 2025 [7] - The skincare innovation segment is undergoing transformation, focusing on long-term technological advantages and product conversion [7]

Core Viewpoint - The return of Zhao Yan, the founder of Hyaluronic Acid Biotech, to the frontline of operations has not yet led to a recovery in the company's performance, which remains in decline despite some signs of improvement in recent quarters [1][3]. Financial Performance - In 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 attributable to shareholders of 252 million yuan, down 30.29% year-on-year [1]. - The decline in profit is attributed to a decrease in revenue from the skin science innovation transformation business, previously known as functional skincare products [1]. - The company experienced its worst performance since its IPO in 2024, prompting Zhao Yan to return to operational management and initiate significant internal reforms [1][3]. - Despite the overall decline, the second quarter of 2025 saw a net profit increase of 20.89% year-on-year, marking the first growth since the second quarter of 2024 [1][2]. Cost Control Measures - The improvement in profit margins is primarily due to cost control, with the sales expense ratio dropping to 34.26% in the third quarter, the lowest in five years [2]. - The company has shifted away from a purely promotional sales model, focusing instead on optimizing brand research and communication, which has allowed for a significant reduction in promotional expenses [2]. Market Position and Stock Performance - The company's market capitalization has significantly decreased from nearly 150 billion yuan at its peak in July 2021 to approximately 25.977 billion yuan as of October 29, 2025, representing less than 20% of its peak value [3]. - The stock price has fallen over 82% from its all-time high of 312.99 yuan per share [3]. Industry Context - The decline in Hyaluronic Acid Biotech's performance is mirrored by other major players in the hyaluronic acid market, such as Haohai Biological and Aimeike, which have also seen significant stock price drops [5]. - The emergence of collagen peptide products has shifted investor focus away from hyaluronic acid, with companies like Juzhibio and Jinbo Biological experiencing substantial revenue growth [5][6]. - The functional skincare segment, which previously saw rapid growth, has faced challenges, with revenue declining over 15% year-on-year in both the second and third quarters of 2025 [2][6]. Strategic Adjustments - The company is undergoing a comprehensive transformation involving organizational structure, talent systems, marketing models, and supply chain collaboration [2]. - Zhao Yan's return to the operational front is seen as a critical move to address the company's recent performance issues and align its strategies with market changes [9][10].

Core Insights - The rise of new consumer brands in Jinan is driven by technological advancements and a focus on meeting consumer needs, showcasing the potential of local industries to innovate and adapt [2][3][4][5][6][7] Group 1: Technological Innovation - Tanghe Tang Biotechnology, a subsidiary of Shengquan Group, has transformed from a traditional industrial player to a high-end food ingredient provider, increasing its revenue from 10 million to over 400 million yuan through the development of a fully automated xylitol production line [3] - Huaxi Biological has shifted from B2B to B2C, investing 3 billion yuan to build the world's largest pilot platform, enabling rapid transformation of research into consumer products and achieving a 44% global market share in hyaluronic acid [4] - The technological breakthroughs in these companies have restructured the supply chain and allowed Jinan's manufacturing sector to penetrate the functional sugar market, with Tanghe Tang aiming for an annual output value of 1 billion yuan in the next 3-5 years [3][4] Group 2: Market Demand and Consumer Focus - Tangpai Group has been addressing the silver economy since 2010, creating a comprehensive supply chain for elderly products, with over 3,000 items integrated into its brand, and establishing the first silver economy center in Shandong [6] - The company has introduced a new consumption model that includes a silver economy center, elderly care display center, and community service stations, ensuring accessibility and affordability of products for the elderly [6] - Weirkan Group has transformed from a traditional meat processing factory to a cold chain service provider, expanding its cold storage capacity from 10,000 tons to 360,000 tons and increasing its distributor network from 200 to over 1,800 [7]

Core Insights - A new wave of consumer brands is emerging in Jinan, focusing on various sectors such as beauty, silver economy products, functional sugars, and cold chain food, driven by technological advancements and market demand [2][5]. Group 1: Company Developments - Huaxi Biological has transitioned from a B2B model supplying hyaluronic acid to a B2C model, investing 3 billion yuan to build the world's largest pilot platform, enhancing its product development capabilities and market responsiveness [4]. - Tanghe Tang Biotechnology, a subsidiary of Shengquan Group, has evolved from a 10 million yuan revenue company in 2008 to over 400 million yuan by leveraging patented technology to produce high-value functional sugars [3]. - Tangpai Group has established a comprehensive supply chain for silver economy products, offering over 3,000 types of products and creating a new consumption model with a focus on elderly care [5]. Group 2: Market Trends - The silver economy is gaining traction in China, with Tangpai Group addressing the supply-demand mismatch by launching 20-30 new products weekly domestically and 100-200 products internationally [5]. - The cold chain logistics sector is being transformed by Weierkang Group, which has expanded its cold storage capacity from 10,000 tons to 360,000 tons, establishing a nationwide distribution network [6][7].

Group 1 - Huaxi Bio's subsidiary reached a settlement with Medytox, terminating arbitration and signing an agreement, which is expected to yield approximately 9.6 million HKD, positively impacting the consolidated financial statements [1] - The resolution of potential legal disputes and financial gains from the settlement are likely to enhance the company's valuation in the capital market, facilitating future financing and development [1] Group 2 - Peking University Pharmaceutical announced that its chairman and president, Xu Xiren, has been criminally detained, affecting the company's decision-making and operational stability [2] - The company has appointed Chen Yuezhong and Yu Mengchuan to temporarily assume the roles of chairman and president, respectively, but uncertainty remains regarding the new management's ability to stabilize operations and maintain performance [2] Group 3 - Fosun Pharma plans to spin off its vaccine business, Fosun Antigen, for a listing on the Hong Kong Stock Exchange, which is not expected to affect its control over the subsidiary [3] - The spin-off is anticipated to enhance Fosun Antigen's financing channels and market competitiveness, while also deepening Fosun Pharma's strategic positioning in the vaccine sector [3]

Core Viewpoint - The company has reached a settlement with Medytox regarding the arbitration case, which will positively impact its financial statements through the distribution of remaining assets from the joint venture Medybloom Limited [1][3][6]. Arbitration Background - The arbitration was initiated by Gentix Limited (the company's wholly-owned subsidiary) against Medytox on January 18, 2023, due to the inability to achieve the cooperation objectives outlined in the joint venture agreement [2][4]. - The joint venture, Medybloom Limited, was established in 2015 to develop and sell specific medical beauty products in mainland China [1][2]. Settlement Details - The settlement agreement was signed on October 29, 2025, terminating the arbitration proceedings and allowing both parties to withdraw all related claims within ten days [6]. - A memorandum of understanding was also signed to explore further cooperation opportunities in the future [6]. Financial Impact - The company expects to recover approximately HKD 9.6 million from the remaining asset distribution, which will have a positive effect on its current financial results [6].

Core Viewpoint - Huaxi Biological is a leading company in the global hyaluronic acid industry, leveraging microbial fermentation and cross-linking technologies to establish a comprehensive business model from raw materials to end products [1] Group 1: Business Performance - In Q3 2025, Huaxi Biological achieved a revenue of 3.163 billion yuan, ranking first in the industry, surpassing the industry average of 2.108 billion yuan and the median of 1.865 billion yuan [2] - The main business segments include skin science innovation transformation (0.912 billion yuan, 40.34%), medical terminal products (0.673 billion yuan, 29.76%), and raw material products (0.626 billion yuan, 27.70%) [2] - The net profit for the same period was 0.252 billion yuan, ranking third in the industry, below the industry average of 0.641 billion yuan and the median of 0.565 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Huaxi Biological's debt-to-asset ratio was 16.29%, lower than the previous year's 18.82% and below the industry average of 16.58%, indicating good solvency [3] - The gross profit margin for the same period was 70.68%, down from 73.93% year-on-year and below the industry average of 84.95% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.79% to 31,300, while the average number of circulating A-shares held per household increased by 3.94% to 15,400 [5] - Major shareholders include various ETFs, with significant reductions in holdings noted for several funds [5] Group 4: Executive Compensation - The chairman and general manager Zhao Yan's compensation increased from 2.0249 million yuan in 2023 to 2.2282 million yuan in 2024, an increase of 203,300 yuan [4] Group 5: Future Outlook - Huachuang Securities projects net profits for 2025-2027 to be 0.458 billion, 0.618 billion, and 0.748 billion yuan respectively, with a target valuation of 30.89 billion yuan for 2026 [6] - Longjiang Securities anticipates EPS for 2025-2027 to be 0.99, 1.36, and 1.60 yuan per share, maintaining a "buy" rating [6]

Core Viewpoint - Huaxi Biological Technology Co., Ltd. announced a settlement regarding arbitration with Medytox Inc., leading to the termination of the arbitration process and the planned dissolution of their joint venture, Medybloom Limited, with an expected positive financial impact from asset recovery [1][2][3] Group 1: Arbitration Background and Settlement Progress - The joint venture, Medybloom Limited, was established in May 2015, with both parties holding 50% stakes, focusing on the development and sales of Medytox's medical aesthetic products in mainland China [2] - Due to the inability to achieve the cooperation objectives, Gentix Limited initiated arbitration in January 2023 [2] - The settlement agreement stipulates the termination of arbitration by October 29, 2025, with all related claims withdrawn within ten days of signing [2] Group 2: Joint Venture Dissolution and Financial Impact - Medybloom Limited will be dissolved after the distribution of remaining assets, with Huaxi Biological expecting to recover approximately 9.6 million Hong Kong dollars, positively affecting current profits [3] - The company had previously fully impaired its long-term equity investment in Medybloom by the end of 2023 [3] - The settlement is seen as beneficial for maintaining a cooperative relationship with Medytox, avoiding additional costs associated with arbitration [3]