随着行业调整的深入，医美企业的发展路径正在分化。近日，华熙生物、巨子生物、敷尔佳三家头部医美企业的半年报交出截然不同的答卷：巨子生物以 31.13亿元营收、22.5%的同比增速领跑；华熙生物受战略转型拖累，上半年营利指标下滑明显；敷尔佳则受困于渠道顽疾与库存压力，同样出现明显的业绩 下滑。这场半年考不仅勾勒出三家企业各自的战略得失，更折射出行业从"流量红利"向"技术壁垒"转型的清晰轨迹。当重组胶原蛋白与玻尿酸的赛道之争白 热化，当"械三证"成为新的入场券，三家企业的不同选择也成为未来业绩走向的关键变量。 营销策略调整阵痛，两大巨头业绩承压 华熙生物交出上市以来"最差中报"。半年报显示，2025年上半年，华熙生物实现营业收入22.61亿元，同比下降19.57%；归属于上市公司股东的净利润为2.21 亿元，同比下降35.38%；归属于上市公司股东的扣除非经常性损益的净利润为1.74亿元，同比下降45%。 皮肤科学创新转化业务即原来的"功能性护肤品"业务，曾是华熙生物的业绩"主力"。半年报显示，上半年该业务实现收入9.12亿元，同比大幅下降33.97%。 敷尔佳同样对业绩作出了解释。营收下降，主要系报告期内敷尔佳优 ...

随着行业调整的深入，医美企业的发展路径正在分化。近日，华熙生物、巨子生物、敷尔佳三家头部医美企业的半年报交出截然不同的答卷：巨子生物以 31.13亿元营收、22.5%的同比增速领跑；华熙生物受战略转型拖累，上半年营利指标下滑明显；敷尔佳则受困于渠道顽疾与库存压力，同样出现明显的业绩 下滑。这场半年考不仅勾勒出三家企业各自的战略得失，更折射出行业从"流量红利"向"技术壁垒"转型的清晰轨迹。当重组胶原蛋白与玻尿酸的赛道之争白 热化，当"械三证"成为新的入场券，三家企业的不同选择也成为未来业绩走向的关键变量。 营销策略调整阵痛，两大巨头业绩承压 华熙生物交出上市以来"最差中报"。半年报显示，2025年上半年，华熙生物实现营业收入22.61亿元，同比下降19.57%；归属于上市公司股东的净利润为2.21 亿元，同比下降35.38%；归属于上市公司股东的扣除非经常性损益的净利润为1.74亿元，同比下降45%。 | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报 年目其 | | --- | --- | --- | --- | | 营业收入 | 2,260,691,517.33 | 2, 810, 742 ...

导语："华熙"失速，并非"被对手单点击穿"这么简单；而巨子生物，也不是高枕无忧。 在医美与护肤行业，华熙生物 （ 688363.SH） 和巨子生物（2367.HK） 既是明星级企业，又是一对 "冤家" 。自今年那场轰动一时的 "成分大 战"爆发以来，二者的竞争态势愈发引人关注。 近期两家公司几乎同时发布 2025 年中期财报，从数据上，华熙生物在业绩表现上远不如巨子生物。 在营业收入、归母净利润、毛利润三大财务指标上，华熙生物分别交出了 22.61 亿元、 2.21 亿元和 16.05 亿元的成绩，同比分别下降 19.57% 、 35.38% 和 23.35% ；而巨子生物则分别为 31.13 亿元、 11.82 亿元和 25.42 亿元，同比增长均超过 20% 。 其实，在 2024 年之前，华熙生物的"成绩"几乎是碾压巨子生物，但自从巨子生物 2022 年港股上市后，业绩开始大爆发， 2022 年至 2024 年 营收同比增幅都在 50% 左右；而华熙生物正好相反，营收增速从 2022 年开始掉头向下， 2023 年至 2024 年甚至连续同比缩水，而且一直持 续至今年上半年。 2022 年， 华熙生物 ...

一场围绕肌肤修护的深度科技竞争，正在拉开帷幕。 细胞生物学、再生医学、合成生物学等这些曾经远离日常护肤的前沿科技，正迅速融入 产品研发。而一个清晰的信号已经出现：修护，不再止于皮肤表面和皮肤屏障，它正在 进入细胞级。 市场数据也印证了这一趋势。《2 0 2 4中国化妆品年鉴》显示，中国舒缓修护类市场规 模已达1 7 8 2 . 4 6亿元，同比增长8 . 8 1%，占整个化妆品市场近四分之一。从市场地位来 看，修护市场也已经从一个附加功能，进阶为皮肤健康的底层需求。 8月底，华熙生物旗下核心品牌润百颜在敦煌举办"修护焕颜，肌底新生"品牌升级发布 会，宣布进入"细胞修护2 . 0时代"，以细胞级科研切入这条千亿赛道。 在《FBe a u t y未来迹》看来，这既是品牌对市场需求的精准响应，也是华熙生物今年战 略调整中"功效护肤板块焕新"的关键落地动作。 8月的敦煌，夕阳为大漠铺上一层金色的薄纱，驼铃声仿佛穿越千年，与现代的文明相遇。在 这片见证无数文明交融的土地上，一场关于"修护"的对话，正悄然发生。 润百颜举办的"修护焕颜，肌底新生"品牌升级发布会，不同于传统，而是选择以"体验代替陈 述"的形式，将传统文化与 ...

Core Viewpoint - Huaxi Biological (688363.SH) reported a significant decline in financial performance for the first half of 2025, with revenue and net profit both experiencing substantial year-on-year decreases [1][2][3]. Financial Performance Summary - The company achieved operating revenue of 2.261 billion RMB in the first half of 2025, a decrease of 19.57% compared to the same period last year [1][2]. - Net profit attributable to shareholders was 221 million RMB, down 35.38% year-on-year [1][2]. - The net profit after deducting non-recurring gains and losses was 174 million RMB, reflecting a 45.00% decline [1][2]. - The net cash flow from operating activities was 218 million RMB, showing an increase of 17.49% compared to the previous year [2]. Historical Performance Trends - From 2022 to 2024, the company's net profit has consistently declined, with figures of 970 million RMB, 593 million RMB, and 174 million RMB respectively [2]. - The net profit after deducting non-recurring gains and losses also decreased from 852 million RMB in 2022 to 107 million RMB in 2024 [2]. Management Changes and Corporate Governance - In March 2025, founder Zhao Yan returned to the frontline, initiating significant reforms in the company's operational philosophy, business direction, and talent organization [3]. - Zhao Yan implemented strict anti-corruption measures, demanding all involved personnel to report issues and submit resignations by March 31 [3]. - The management team has seen considerable turnover, with 11 executives leaving since the beginning of the year, including the former chief scientist and vice presidents [4]. Allegations and Legal Matters - A former employee accused Huaxi Biological of financial fraud, which the company has firmly denied, labeling the claims as fabricated and malicious [4]. - The company has reported the allegations to law enforcement, and the investigation is ongoing [4].

Summary of Key Points Core Viewpoint - On September 2, a total of 33 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Zhongcai International, Zhucheng Technology, and Guangyun Technology, reflecting significant potential upside in their respective sectors [1][2]. Group 1: Target Price Increases - Zhongcai International received a target price increase of 43.65%, with a new target price of 13.00 yuan [2]. - Zhucheng Technology's target price was raised by 41.51%, now set at 75.00 yuan [2]. - Guangyun Technology saw a target price increase of 35.72%, with a new target price of 22.00 yuan [2]. Group 2: Brokerage Recommendations - A total of 35 listed companies received brokerage recommendations on September 2, with notable mentions including Datang Power and China General Nuclear Power, each receiving one recommendation [3]. - Guangyun Technology's rating was upgraded from "Hold" to "Increase" by CITIC Securities [5]. Group 3: Rating Adjustments - One company, Yihua Tong, had its rating downgraded from "Buy" to "Hold" by Changjiang Securities [6]. - The only company receiving a new coverage rating was Chifeng Gold, which was rated "Buy" by CITIC Securities [7].

Core Viewpoint - The article discusses the initiatives and events organized by the China Fragrance and Cosmetic Industry Association to promote safety in cosmetic use and enhance the industry's global standing through media collaboration and scientific communication [4][12]. Group 1: Events and Initiatives - The 2025 Safety Cosmetic Use Science Promotion Week will take place from September 1 to 7, with the theme "Safe Use of Cosmetics, Science to Safeguard" [5]. - The China Fragrance and Cosmetic Industry Association aims to strengthen public awareness of safe cosmetic use and establish a new social governance model [5][12]. - The association's annual media collaboration meeting focuses on building a better media cooperation ecosystem and enhancing scientific communication within the industry [14][17]. Group 2: Key Activities - The first execution plan for the Safety Cosmetic Use Science Promotion Week includes a "Full Media Science Promotion Action" with activities such as expert-written articles and engaging multimedia content [10]. - The second plan involves a "Consumer Safety Use of Cosmetics Public Welfare Action," encouraging companies to showcase their green and sustainable development practices [11]. - The third plan, "Green Action: Empty Bottle Recycling," aims to set up around 300 recycling points nationwide and promote consumer participation in sustainability efforts [11]. Group 3: 2025 CAME Highlights - The 2025 China Fragrance and Cosmetic Industry Annual Conference and Boutique Expo (2025 CAME) will be held from September 25 to 27 in Nanjing, focusing on "Technology and Brand Co-Progress" [21][23]. - The expo will feature over 115 exhibitors and more than 500 brands, showcasing innovations in the industry, including biotechnological advancements and sustainable packaging [25][27]. - The event will also host numerous thematic conferences, inviting over 100 influential guests to discuss key industry topics, enhancing the exchange of ideas and collaboration [28][30].

Core Viewpoint - The article highlights that Huaxi Biological's Q2 profits rebounded despite a decline in overall revenue for the first half of 2025, with a focus on the return of the chairman to frontline operations [1][2]. Financial Performance - In Q2 2025, Huaxi Biological reported revenue of 1.183 billion yuan, a year-on-year decrease of 18.44%, while net profit attributable to shareholders increased by 20.89% [2]. - For the first half of 2025, the company achieved revenue of 2.261 billion yuan, down 19.57% year-on-year, and a net profit of 221 million yuan, a decline of 35.38% [2][3]. - The company's cash flow from operating activities for the first half was 218 million yuan, compared to 265 million yuan in the same period last year [3]. Cost Control Measures - Huaxi Biological implemented significant cost-cutting measures, particularly in advertising expenses, which decreased by 31.44% to 808 million yuan in the first half of 2025 [6]. - The reduction in promotional expenses was substantial, dropping from 627 million yuan in the previous year to 393 million yuan, a decrease of over 37% [6]. - However, management expenses increased by 11.63%, with employee compensation rising by 25.3% to 145 million yuan, attributed to organizational restructuring [6]. Government Subsidies - The increase in net profit in Q2 2025 was significantly influenced by government subsidies, which amounted to 48.84 million yuan for the first half, accounting for 18.76% of total profit [7]. - In Q2 alone, government subsidies reached 31.35 million yuan, representing 26.30% of the net profit for that quarter [7]. Organizational Changes - The company emphasized a shift away from hiring external "professional operators" and focused on selecting and nurturing entrepreneurial talents aligned with the company's values for management positions [3].

| | | | 医美上市企业2025年期中业绩（节选,单位:亿元) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 2025年期中 营业总收入 | 2024年期中 营业总收入 | 同比 | 2025年期中 归母净利润 | 2024年期中 旧母浄利润 | 同比 | | 2367.HK | 巨子生物 | 31.13 | 25.58 | 21.66% | 11.82 | 9.83 | 20.23% | | 688363 CH | 半 生物 | 22.61 | 28.11 | -19.57% | 2.21 | 3.42 | -35.38% | | 688366. SH | 音海生材 | 13.04 | 14.04 | -7.12% | 2.11 | 2.35 | -10.29% | | 300896.SZ | 爰美客 | 12.99 | 16.57 | -21.59% | 7.89 | 11.21 | -29.57% | | 0460.HK | 四环医药 | 11.46 | 9.77 | 17.35% | 1.03 ...

21世纪经济报道记者 韩利明 2025年上半年，我国医美上市企业业绩分化态势持续加剧，不同细分赛道企业表现差异明显。 具体来看，在玻尿酸市场备受热捧的"医美三剑客"——华熙生物、昊海生科、爱美客（300896），似乎正在遭遇增 长瓶颈。其中，华熙生物实现营业收入22.61亿元，同比下滑19.57%，归母净利润2.21亿元，同比下滑35.38%；昊海 生科营业收入13.04亿元，同比下滑7.12%，归母净利润2.11亿元，同比下滑10.29%；爱美客营业收入12.99亿元，同 比下滑21.59%，归母净利润7.89亿元，同比下滑 29.57%。 而在重组胶原蛋白赛道，北交所"重组胶原蛋白第一股"锦波生物上半年实现营业收入8.59亿元，同比上涨42.43%； 归母净利润3.92亿元，同比上涨26.65%。港股重组胶原蛋白企业巨子生物业绩也持续上涨，今年上半年实现收入 31.1亿元，同比上涨21.66%；净利润11.8亿元，同比上涨20.23%。 | | | | 医美上市企业2025年期中业绩（节选,单位:亿元) | | | | | | --- | --- | --- | --- | --- | --- | --- ...