Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but showed signs of improvement compared to the previous quarter, with expectations for gradual transformation effects to materialize [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 1.078 billion yuan, a year-on-year decrease of 20.77% [1]. - The net profit attributable to shareholders was 102 million yuan, down 58.13% year-on-year [1]. - Compared to Q4 2024, the net profit increased by approximately 290 million yuan, and when excluding impairment losses, the net profit rose by about 180 million yuan [2]. Business Segments - The bioactive substances and medical terminal businesses remained stable in Q1 2025, with accelerated R&D, registration, and marketization of new raw materials and pipelines [2]. - The skin science innovation transformation business is still undergoing an adjustment period, prompting the chairman and general manager to take a more hands-on management approach [2]. - The company launched the first Class III medical device for facial skin quality improvement, which is expected to contribute positively to the medical terminal business [2]. Future Outlook - The company anticipates revenue growth for 2025-2027, with projected revenues of 5.774 billion, 6.362 billion, and 7.221 billion yuan, corresponding to growth rates of 7.5%, 10.2%, and 13.5% respectively [3]. - The net profit attributable to shareholders is expected to be 455 million, 530 million, and 628 million yuan for the same period, with growth rates of 161.2%, 16.3%, and 18.7% respectively [3]. - Earnings per share (EPS) are projected to be 0.94, 1.10, and 1.30 yuan per share for 2025-2027 [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is undergoing organizational management changes that are currently impacting short-term performance, but a growth inflection point is anticipated in 2025 [4][5] - The company reported a revenue of 5.371 billion yuan in 2024, a decrease of 11.6% year-on-year, and a net profit attributable to shareholders of 174 million yuan, down 70.6% [4] - For Q1 2025, the company achieved a revenue of 1.078 billion yuan, a decline of 20.8%, and a net profit of 102 million yuan, down 58.1% [4] - The company is expected to return to growth after completing its strategic adjustments, with projected net profits for 2025-2027 at 439 million, 581 million, and 742 million yuan respectively [4][5] Financial Summary - The total revenue for 2024 is projected at 5.371 billion yuan, with a year-on-year decline of 11.6% [7] - The net profit for 2024 is expected to be 174 million yuan, reflecting a significant decrease of 70.6% [7] - The gross margin for 2024 is estimated at 74.1%, slightly up from the previous year [7] - The earnings per share (EPS) for 2025 is projected to be 0.91 yuan, with a price-to-earnings (P/E) ratio of 52.3 times [7] Business Segments - The skin science innovation business generated revenue of 2.569 billion yuan in 2024, down 31.6%, with a gross margin of 72.8% [5] - The medical terminal products business saw revenue growth of 32.0%, reaching 1.440 billion yuan, with a gross margin of 84.4% [5] - The raw materials business achieved revenue of 1.236 billion yuan, an increase of 9.5%, with a gross margin of 65.6% [5] - The company has expanded its medical aesthetic institution coverage to 7,000, with significant growth in the revenue from its "baby needle" products [6]

Core Viewpoint - Huaxi Biological, once a giant in the hyaluronic acid sector, is currently facing significant challenges, including a sharp decline in revenue and profit as reflected in its Q1 2025 financial report [2][3]. Financial Performance - In Q1 2025, Huaxi Biological reported revenue of 1.078 billion yuan, a year-on-year decrease of 20.77%, and a net profit attributable to shareholders of 102 million yuan, down 58.13% year-on-year [2]. - The company's revenue decline in Q1 2025 marks the worst quarterly performance in its history, despite it being the best profit level in the last four quarters [2]. Business Segment Analysis - The skin science innovation transformation business, previously the company's cash cow, has entered a phase of negative growth, significantly impacting overall performance [2][4]. - From 2018 to 2022, the functional skincare segment experienced rapid growth, peaking at 4.607 billion yuan in 2022, contributing over 70% to total revenue [4][5]. - However, this segment's revenue is projected to decline to 3.757 billion yuan in 2023 and 2.569 billion yuan in 2024, with year-on-year decreases of 18.45% and 31.62%, respectively [5]. Management Changes - The chairman and general manager, Zhao Yan, has taken direct control of the skin science innovation transformation business to address the ongoing challenges [4]. - The company has experienced significant personnel turnover, with 34 senior executives and key technical personnel leaving in 2024, contributing to increased management costs [5]. Strategic Adjustments - Huaxi Biological is emphasizing high-end product development to improve profit margins, as the gross margin of its functional skincare segment has been declining [6]. - The company has halted ineffective promotional activities and is focusing on building a brand content system based on technological strength and AI [6]. Future Directions - The company is shifting its focus towards sugar biology and cell biology, aiming to enhance its R&D capabilities and develop new raw materials [9]. - Huaxi Biological's innovative raw material business has expanded into various fields, including reproductive health and pet food, with revenue from the raw material segment growing by 15.22% and 9.47% in 2023 and 2024, respectively [10][11]. - The medical terminal product segment has also seen growth, with revenue reaching 1.44 billion yuan in 2024, a year-on-year increase of 32.03% [10].

Core Insights - The medical aesthetics industry is experiencing significant revenue declines among major players, indicating a painful transformation phase for traditional companies [1][2][5] - Huaxi Biological, Aimeike, and Haohai Biological show varying degrees of revenue decline, highlighting differences in business structure and strategic deployment [1][2] - The industry is facing fundamental changes, raising concerns about which companies may fall behind in this transformation [1][8] Company Performance - Huaxi Biological reported a 20.77% year-on-year revenue decline in Q1 2025, with revenue shrinking to 1.078 billion yuan [1] - Aimeike's revenue decreased by 17.90% to 663 million yuan, while Haohai Biological's revenue fell by 4.25% to 619 million yuan [1] - Huaxi Biological's net profit plummeted from 961 million yuan in 2022 to 174 million yuan in 2024, with a further 58.13% decline in Q1 2025 [2][4] Strategic Adjustments - Huaxi Biological is undergoing a significant management overhaul, with leadership changes aimed at addressing operational challenges and improving performance [3][4] - The company is focusing on new fields such as glycoscience and cell biology, which has led to increased management costs [2][3] - Aimeike is shifting its strategy to accelerate product updates and pursue acquisitions in new areas like botulinum toxin and semaglutide [5][6] Market Dynamics - The medical aesthetics market is witnessing intense competition, particularly in the hyaluronic acid segment, raising concerns about whether the market has peaked [8][9] - New materials like hydroxyapatite and recombinant collagen are emerging as potential competitors to hyaluronic acid, indicating a shift in market dynamics [8][9] - Regulatory challenges and lengthy approval processes for medical products are significant barriers to industry growth, impacting companies' ability to innovate [9][10] Future Outlook - Huaxi Biological's turnaround efforts may take time to yield results, especially given its high marketing expenditures [10] - Aimeike's success will depend on the speed of product approvals and market acceptance of its diversified product strategy [6][10] - Haohai Biological is exploring new materials to drive growth, but its performance is still affected by pricing pressures from centralized procurement policies [7][10]

特别申明： 点击注册小程序 查看完整报告 一季度公司原料及医疗终端业务收入保持增长，生物活性物原料和医疗终端新管线研发、注册和市场化进 度加快，但皮肤科学创新及转化业务依然处于调整周期，拖累整体业绩表现。 毛利率同比小幅下滑，管理变革+长期战略性投入，期间费用率同比有所升高：1Q2025，公司毛利率为 72.2%，同比-3.6pcts；公司归母净利率为9.5%，同比-8.4pcts。 1Q2025，公司期间费用率为58.4%，同比+7.1pcts，其中销售、管理、研发和财务费用率分别为： 36.6%/12.5%/9.7%/-0.4%，分别同比+0.5/+4.0/+2.7 /-0.1pcts。我们认为管理费用率升高的主要原因系管理 变革以及长期战略性产能布局导致相关费用增加。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报 ...

Core Viewpoint - The domestic market competition for hyaluronic acid injection products is intensifying, with Huaxi Biological's new product "Bobo" being the first hyaluronic acid injection containing lidocaine approved for sale in China, aimed at improving user experience by reducing pain during injection [1][2]. Group 1: Product Launch and Market Position - Huaxi Biological's "Bobo" is composed of 15mg/ml hyaluronic acid and 3mg/ml lidocaine, designed to enhance treatment experience by minimizing pain [1]. - The product's pricing is yet to be determined, and its market performance remains uncertain due to the presence of numerous existing competitors in the market [3]. - "Bobo" is the 10th medical beauty injection product from Huaxi Biological, following several successful launches in the hyaluronic acid category [4]. Group 2: Financial Performance and Future Outlook - In 2024, Huaxi Biological's skincare business is expected to face challenges, but the medical beauty segment is showing steady growth, with projected revenue of 1.44 billion yuan, a year-on-year increase of 32.03% [5]. - The revenue from the micro-crosslinked "Renzhi® Doll Needle" has more than doubled year-on-year, while the newly launched "Renzhi·Gege" has surpassed 10 million yuan in revenue within just three months [5]. - The ability of Huaxi Biological to return to a growth trajectory in 2025 through its medical beauty business is under scrutiny [6].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.08 billion yuan in Q1 2025, a year-on-year decrease of 20.8%, and a net profit attributable to the parent company of 100 million yuan, down 58.1% year-on-year [1] - The skin science innovation and transformation business is still in an adjustment phase, impacting overall performance, although raw material and medical terminal business revenues continue to grow [2] - The approval of the first domestic Class III medical device for "facial skin quality improvement" enhances the company's aesthetic medicine product matrix, addressing market pain points and expected to open new growth opportunities [3] - The company is projected to achieve net profits of 467 million yuan, 668 million yuan, and 910 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 49, 34, and 25 [3][4] Financial Summary - For 2025, the company is expected to generate a revenue of 5.594 billion yuan, with a growth rate of 4.15% [4] - The gross profit margin for Q1 2025 was 72.2%, a decrease of 3.6 percentage points year-on-year, while the net profit margin was 9.5%, down 8.4 percentage points year-on-year [2] - The company’s operating expenses ratio for Q1 2025 was 58.4%, an increase of 7.1 percentage points year-on-year, attributed to management changes and long-term strategic investments [2] Profitability and Valuation Metrics - The projected EPS for 2025 is 0.97 yuan, with a return on equity (ROE) of 6.47% [4][10] - The company’s gross margin is expected to improve to 74.3% by 2025, with a net profit margin of 8.3% [10] - The company’s total assets are projected to reach 8.906 billion yuan by 2025, with total liabilities of 1.664 billion yuan [9]

Group 1: Aging Research and ECM - The 13th aging biomarker, "changes in the extracellular matrix (ECM)," has been added to the influential aging classification standards, highlighting its core role in human aging [1] - The decline in ECM viscoelasticity during aging is linked to various health improvements, including reduced cancer incidence and improved muscle function when high molecular weight hyaluronic acid (HA) is introduced [1] - ECM is a dynamic network that includes HA, collagen, and elastin, and its degradation accelerates systemic aging by affecting mitochondrial homeostasis and inflammation [1] Group 2: Role of Hyaluronic Acid - Hyaluronic acid (HA) plays a crucial role in ECM aging, providing structural support for collagen and activating fibroblasts through signaling pathways [2] - The interaction between HA and collagen is essential for ECM function, and a decline in HA leads to impaired collagen synthesis and overall aging [2] - Traditional anti-aging strategies often focus on single components, but a systemic approach that includes high molecular weight HA can restore ECM balance and promote long-term repair [2] Group 3: Company Insights - Huaxi Biological, a leader in the hyaluronic acid sector, has developed a unique polysaccharide research and development platform and holds a significant position in the global sugar biology industry [3] - The company’s product "Runbaiyan.BoBo," a hyaluronic acid sodium solution with lidocaine, has received approval as a Class III medical device, marking a significant advancement in ECM aging intervention research [3] - The approval of this product indicates stricter regulations in the market, raising entry barriers and promoting industry standardization [3]

公司股东户数为3.27万户，前十大股东持股数量为3.55亿股，占总股本比例为73.70%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | J | 华熙昕宇投资有限公司 | 58.86% | | 2 | 国寿股权投资有限公司-国寿成达(上海)健康产业股权投资中心(有限合伙) | 6.01% | | 3 | 招商银行股份有限公司-华夏上证科创板50成份交易型开放式指数证券投资基金 | 2.26% | | 4 | 中国工商银行股份有限公司-易方达上证科创板50成份交易型开放式指数证券投 资基金 | 1.61% | | ર્ | 刘正 | 1.25% | | 6 | 北京通汇泰和投资管理有限公司-北京国寿泰和一期股权投资合伙企业(有限合伙) | 1.15% | | 7 | 香港中央结算有限公司 | 0.93% | | 8 | 中国银行股份有限公司-招商国证生物医药指数分级证券投资基金 | 0.65% | | 9 | 中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金 | 0.52% | | 10 | 全国社保基金 -- 八组合 | 0.4 ...

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