Core Insights - The medical beauty sector experienced a slight increase of 0.18% on October 9, with Huaxi Biological leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Medical Beauty Sector Performance - Huaxi Biological (688363) closed at 56.21, with a rise of 1.43% and a trading volume of 40,100 shares [1] - Aimeike (300896) closed at 180.42, down 0.62% with a trading volume of 29,300 shares [1] - ST Meigu (000615) closed at 3.31, down 0.90% with a trading volume of 124,000 shares [1] - Jinbo Biological (920982) closed at 272.80, down 3.12% with a trading volume of 10,000 shares [1] Capital Flow Analysis - The medical beauty sector saw a net outflow of 44.2015 million yuan from main funds and a net outflow of 32.526 million yuan from speculative funds, while retail investors had a net inflow of 76.7274 million yuan [1] - Huaxi Biological had a main fund net inflow of 5.4613 million yuan, accounting for 2.45% of its total [2] - Aimeike experienced a significant main fund net outflow of 47.1115 million yuan, representing 8.95% of its total [2] - ST Meigu had a main fund net outflow of 2.5512 million yuan, accounting for -6.23% of its total [2]

Investment Rating - The report maintains a "Recommendation" rating for Huaxi Biological [2] Core Views - Huaxi Biological is currently undergoing a systematic adjustment phase, with initial positive results on the profit front. The company reported a revenue of 2.261 billion (down 19.57% year-on-year) and a net profit attributable to the parent company of 221 million (down 35.38%) for the first half of 2025. However, the second quarter showed a turning point with a net profit of 119 million, up 20.89% year-on-year [2][3] - The company is focusing on strategic marketing reductions and effective cost control, leading to a recovery in profitability. The gross margin for the first half of 2025 was 70.99% (down 3.53 percentage points), while the net margin was 9.77% (down 2.39 percentage points) [2][3] - The report highlights the resilience of the sales of Class III medical devices, despite a decline in the skin science innovation transformation business, which saw a revenue drop of 33.97% [2][3] Financial Summary - For 2025, the expected total revenue is 4.959 billion (down 7.7% year-on-year), with a projected net profit of 458 million (up 162.9% year-on-year). The earnings per share are expected to be 0.95 yuan, with a price-to-earnings ratio of 58 [4][9] - The company’s total market capitalization is approximately 26.695 billion, with a current share price of 55.42 yuan and a target price of 64.13 yuan [4][5] - The report anticipates a recovery in the core business operations, with projected net profits for 2025, 2026, and 2027 being 458 million, 618 million, and 748 million respectively [2][4]

Core Points - Huaxi Bio (688363.SH) announced that it received a notification from Huaxi Xinyu regarding share buybacks [1] - From August 27, 2025, to September 30, 2025, Huaxi Xinyu increased its holdings by 4,518,703 shares, accounting for 0.94% of the total share capital [1] - The total amount spent on the share buyback was RMB 257,478,738.40, exceeding the lower limit of the planned buyback amount of RMB 200 million [1] - The buyback plan has been completed [1]

证券代码：688363 证券简称：华熙生物 公告编号：2025-038 华熙生物科技股份有限公司 关于控股股东增持计划实施完毕暨增持股份结果 公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 已披露增持计划情况 华熙生物科技股份有限公司（以下简称"公司"）的控股股东华熙昕宇投资 有限公司（以下简称"华熙昕宇"）基于对公司未来发展的信心和长期投资价值 认可，计划自 2025 年 8 月 8 日起的 6 个月内，使用自有资金或自筹资金，通过 上海证券交易所系统允许的方式（包括但不限于集中竞价、大宗交易等）增持公 司股份，增持金额不低于人民币 2 亿元（含），不超过人民币 3 亿元（含），增持 股份比例不超过公司总股本 1%，增持股票价格不超过 70 元/股。具体内容详见 公司于 2025 年 8 月 8 日在上海证券交易所网站（www.sse.com.cn）披露的《华 熙生物科技股份有限公司关于控股股东增持公司股份计划公告》（公告编号： 2025-028）。 增持计划的实施结果 公司于 2025 年 ...

致：华熙生物科技股份有限公司 北京市通商律师事务所(以下简称"本所")是经北京市司法局批准成立，依 法在中华人民共和国(以下简称"中国"，就且仅就本法律意见书而言，不包括 中国香港特别行政区、中国澳门特别行政区和中国台湾地区)从事法律业务的律 师事务所。本所作为华熙生物科技股份有限公司(以下简称"公司")的法律顾问， 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和国 证券法》、中国证券监督管理委员会(以下简称"证监会")颁布的《上市公司收 购管理办法》(以下简称"《管理办法》")等有关法律、法规和规范性文件的规 定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神，就公司控股股东 华熙昕宇投资有限公司(以下简称"华熙昕宇"或"控股股东"或"增持人")增 持公司股份(以下简称"本次增持")的相关事项出具本法律意见书。 本所及承办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则(试行)》等规定及本法律意见书出具日以 前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用 原则，进行了充分的核查验证，保证本法律意见所认定的事实真实 ...

Group 1 - The core point of the article is that Huaxi Bio announced a significant share buyback, with Huaxi Xinyu increasing its stake in the company by approximately 4.52 million shares, representing 0.94% of the total share capital, with a total investment of around RMB 257 million, exceeding the lower limit of the planned buyback amount of RMB 200 million [1] Group 2 - The share buyback took place between August 27, 2025, and September 30, 2025, through the Shanghai Stock Exchange trading system via centralized bidding [1] - The buyback plan has been completed successfully, indicating strong confidence from Huaxi Xinyu in Huaxi Bio's future performance [1]

证券代码：688363 证券简称：华熙生物 公告编号：2025-037 华熙生物科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 一、 拟聘任会计师事务所的基本情况 （一） 机构信息 1. 基本信息 | 名称 | 致同会计师事务所（特殊普通合伙），前身是 1981 年成立的北 | | | | | --- | --- | --- | --- | --- | | | 京会计师事务所，2011 年经北京市财政局批准转制为特殊普 | | | | | | 通合伙，2012 年更名为致同会计师事务所(特殊普通合伙) | | | | | 成立日期 1981 | 年 特殊普通合伙企业 | 组织形式 | | | | 注册地址 | 北京市朝阳区建国门外大街 | 22 | 号赛特广场 | 5 层 | | 首席合伙人 李惠琦 | 239 人 | 上年度末合 | | | | | | 伙人数量 | | | | 上年末执业人员 | 注册会计师人数 | 1359 人 | | | | 数量 | 签署过证券服务业 | 445 ...

Core Viewpoint - The controlling shareholder of Huaxi Biological, Huaxi Xinyu Investment Co., Ltd., has completed a share buyback plan, increasing its stake in the company significantly [1] Summary by Relevant Sections - **Share Buyback Details** - From August 27, 2025, to September 30, 2025, Huaxi Xinyu Investment Co., Ltd. acquired a total of 4.5187 million shares through centralized bidding on the Shanghai Stock Exchange, representing 0.94% of the company's total share capital [1] - The total amount spent on the buyback was 257 million yuan [1] - **Shareholding Changes** - Prior to the buyback, Huaxi Xinyu held 283 million shares, accounting for 58.86% of the total shares [1] - After the buyback, the total shares held increased to 290 million, raising the ownership percentage to 60.11% [1] - **Completion of Buyback Plan** - The share buyback plan has been fully implemented as of the announcement date [1]

Core Insights - The medical beauty sector experienced a slight increase of 0.15% on September 30, with *ST Meigu leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Sector Performance - The closing prices and performance of key stocks in the medical beauty sector are as follows: - *ST Meigu (000615) closed at 3.34, up 1.83% with a trading volume of 122,900 shares and a turnover of 41.15 million yuan [1] - Huaxi Biological (688363) closed at 55.42, up 0.73% with a trading volume of 29,800 shares and a turnover of 164 million yuan [1] - Aimeike (300896) closed at 181.55, down 0.36% with a trading volume of 24,000 shares and a turnover of 43.5 million yuan [1] - Jinbo Biological (832982) closed at 281.59, down 0.95% with a trading volume of 5,375 shares and a turnover of 152 million yuan [1] Capital Flow - The medical beauty sector saw a net outflow of 23.11 million yuan from institutional investors, while retail investors contributed a net inflow of 31.04 million yuan [1] - Detailed capital flow for key stocks indicates: - Huaxi Biological experienced a net outflow of 9.59 million yuan, down 5.83% [2] - *ST Meigu had a net outflow of 1.25 million yuan, down 3.03% [2] - Aimeike faced a significant net outflow of 34.29 million yuan, down 7.89% [2]

Group 1 - The core viewpoint of the article is the strategic collaboration between Huaxi Bio (688363.SH) and Beijing Sails Pharmaceutical Technology Co., Ltd. in various fields including new veterinary drugs, innovative medical devices, and pet health [1] - The partnership aims to launch multiple clinically needed and high-tech innovative products over the coming years [1] - This collaboration is expected to contribute to the rapid development of the pet medical industry [1]