证券代码：688363 证券简称：华熙生物 公告编号：2025-025 华熙生物科技股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/7/11 | 2025/7/14 | 2025/7/14 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 11 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的除华熙生物科技 股份有限公司回购专用证券账户外的本公司全体股东。 3. 差异化分红送转方案： （1） 差异化分红送转方案 根据公司 2024 年年度股东大会审议通过的《关于公司 2024 年度利润分配预 由于公司本次进行差异化分红送转，上述公式中现金 ...

Core Insights - The light medical beauty market in China has surpassed half of the overall medical beauty market, becoming the mainstream beauty method by 2024, with significant contributions from non-invasive and minimally invasive procedures [1][2] Market Overview - Light medical beauty is defined as professional medical beauty projects that fall between surgical procedures and lifestyle beauty, utilizing non-invasive or minimally invasive methods for skin management, contour modification, and anti-aging effects [1] - The rapid growth of the light medical beauty market is attributed to its advantages such as minimal trauma, quick recovery, significant results, and relatively low risks, aligning with modern consumers' dual demands for beauty and quality of life [2] Consumer Trends - The penetration rate of the light medical beauty market is increasing, with 34% of consumers planning to engage in light medical beauty services in the coming year, marking a 36% increase from the previous year [4] - Among the interested consumer group, over one-third are new entrants, injecting fresh growth vitality into the Chinese medical beauty industry [4] Popular Products - Injectable and photothermal products are the main attractions for light medical beauty consumers, with ultrasound-based products (e.g., ultrasound scalpel) rapidly gaining popularity [5] Consumption Behavior - Consumers are increasingly rational in their light medical beauty choices, prioritizing needs-based combinations of projects and products, with over half selecting options based on specific needs [7] - The average planned consumption has increased to 2.4 projects per consumer, reflecting a 14% year-on-year growth [7] Consumer Demographics - The consumer base for light medical beauty exhibits high retention and strong growth, with seasoned consumers making up 35% of the existing market, indicating their essential role in the market [10] - Among the new consumer group, high-end novices represent 38%, characterized by high standards for beauty and a willingness to pay, with a focus on facial anti-aging solutions [10]

Core Insights - The article discusses recent developments in the nutrition and health industry, highlighting regulatory changes, new product approvals, and market trends that could impact investment opportunities [2][3][4][5][6]. Regulatory Developments - The State Administration for Market Regulation issued a guideline clarifying the definition of commercial advertising under the Advertising Law, addressing ongoing disputes in advertising enforcement [2]. - The National Health Commission approved D-alloheptulose and four other substances as new food raw materials, indicating a push for innovation in the nutrition sector [3]. - The market regulator released multiple responses to proposals regarding health food regulations, signaling a focus on traditional Chinese medicine formulations as a potential growth area [4]. Market Trends and Investment Opportunities - Yangtuo Technology Inc. submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for market expansion and supply chain optimization, reflecting growing investor interest in the nutrition and health sector [5]. - A report on 68 nutrition and health companies showed an average market value increase of 20% in the first half of the year, driven by rising consumer health awareness and demand for nutritional products [6]. Company Performance - New Hope Liuhe (002001) projected a net profit of 3.3 billion to 3.75 billion yuan for the first half of 2025, representing a year-on-year growth of 50% to 70% [12]. - Brother Technology (002562) expects a net profit of 60 million to 75 million yuan for the same period, marking an increase of 325% to 431% compared to the previous year [13]. New Product Launches - Guangji Pharmaceutical (000952) received a notice of administrative penalty for information disclosure violations, indicating regulatory scrutiny in the sector [14]. - TCM brand Tongrentang launched its first OTC glucosamine product, expanding its product line in the bone and joint health category [14].

Group 1 - The majority of consumers in the medical beauty market spend between 10,000 to 50,000 yuan annually, indicating a diverse range of services from basic skincare to moderately complex cosmetic procedures [1] - First-tier cities dominate the medical beauty consumption market, accounting for approximately 69% of total spending, driven by concentrated medical resources and advanced consumer capabilities [3] - The average age of consumers in the medical beauty sector is around 35 years, with over 72% of high-end consumers aged 30 and above, reflecting a mature and stable consumption mindset [5][7] Group 2 - There is a notable increase in male consumers seeking medical beauty services, with 43% planning to increase their spending in this area, highlighting a shift in self-image management among men [7][8] - The demand for outbound medical beauty services is rising, particularly in Japan and South Korea, with about 31% of middle to high-income consumers planning to seek these services abroad in 2024 [10]

Group 1 - The Shandong provincial government has implemented a plan to boost consumption, focusing on six key tasks and 20 specific measures, including the enhancement of health consumption and the development of health-related industries such as health tourism and biomedicine [2] - The hyaluronic acid industry in Shandong, led by companies like Huaxi Bio and Furuida, has formed a trillion-level industrial cluster, responding to rapidly changing consumer aesthetics and demands [2][14] - Huaxi Bio has emphasized the importance of establishing scientific and unified testing standards for the industry, following a public dispute with competitor Juzhi Bio regarding product quality and testing methods [3][6] Group 2 - The competition between Huaxi Bio and Juzhi Bio has highlighted the challenges in the hyaluronic acid market, with Huaxi Bio accusing Juzhi Bio of misleading research that undermines the hyaluronic acid industry [6][8] - Despite the ongoing competition, the hyaluronic acid market is experiencing a decline in product prices, with some high-end products dropping to as low as 10% of their previous prices [9][10] - The three major players in the hyaluronic acid sector, including Huaxi Bio, have reported negative growth in revenue and net profit in recent quarters, contrasting with the strong performance of companies in the recombinant collagen sector [10][11] Group 3 - Huaxi Bio has maintained a leading position in the global hyaluronic acid market, holding a 44% share of global sales in 2021 and actively participating in the development of industry standards [16] - The company is undergoing a strategic upgrade, investing over 100 million yuan in innovative business areas such as regenerative medicine and nutritional science [16] - Furuida is also expanding into the recombinant collagen market, recognizing the need for transformation and innovation in response to industry pressures [19][20] Group 4 - Experts suggest that the hyaluronic acid industry has reached maturity and needs to explore a "second growth curve" to maintain competitiveness and sustainable development [21] - The relationship between hyaluronic acid and collagen is viewed as complementary rather than competitive, with both having unique advantages in various applications [20] - The industry is focusing on developing new business models and products that align with consumer health trends, including functional foods and personalized raw materials [19][20]

Core Viewpoint - Huaxi Biological asserts that claims exempt from scientific verification are inherently pseudoscientific, emphasizing the necessity of measurable and verifiable scientific methods in the industry [1][2]. Group 1: Huaxi Biological's Position - Huaxi Biological argues that the absence of standardized testing methods does not negate the existence of scientific methods for validation, using their product "Runbaiyan" as an example of verifiable testing results for recombinant collagen [2][5]. - The company highlights the use of High-Performance Liquid Chromatography-High-Resolution Mass Spectrometry (HPLC-HRMS) as a reliable method to accurately measure recombinant collagen content, claiming it effectively avoids complex matrix interference [5][12]. Group 2: Response from Juzhi Biological - Juzhi Biological acknowledged the limitations of their existing quality standards and testing methods in a statement, indicating a need for continuous optimization to meet industry advancements [6][9]. - The company plans to collaborate with research institutions to enhance the qualitative and quantitative detection methods for recombinant collagen in cosmetics, aiming for greater transparency and industry standardization [9][10]. Group 3: Testing Method Controversy - The debate over testing methods arose when beauty blogger Dazui Doctor (Hao Yu) questioned the recombinant collagen content in a product, using a high-precision HPLC amino acid quantification method, which Juzhi Biological claimed was not included in industry standards [10][11]. - Experts noted that both HPLC amino acid quantification and HPLC-HRMS methods have their unique applications and challenges, particularly in detecting low concentrations of collagen in complex cosmetic formulations [12][13].

Investment Rating - The report indicates a strong growth potential for the non-surgical medical aesthetic industry in China, with an expected compound annual growth rate (CAGR) of over 20% in the coming years, positioning it as one of the fastest-growing markets globally [9][10]. Core Insights - The Chinese non-surgical medical aesthetic market has surpassed 150 billion RMB in 2023 and is projected to exceed 250 billion RMB by 2025, driven by rising disposable income, changing beauty standards, and technological advancements [9][10]. - The market is characterized by a significant shift towards non-surgical procedures, with injectables like hyaluronic acid and botulinum toxin leading the growth, supported by technological innovations in materials and devices [9][10]. - The industry is undergoing a transformation towards compliance and regulation, with increased scrutiny from government bodies aimed at eliminating illegal practices and ensuring consumer safety [9][10]. Summary by Sections Chapter 1: Overview of the Non-Surgical Medical Aesthetic Industry - The non-surgical medical aesthetic industry is defined as a blend of medical and cosmetic services that utilize non-invasive or minimally invasive techniques for skin care and rejuvenation [12]. - The industry has evolved through three phases: exploration (pre-2015), rapid growth (2015-2021), and regulation and integration (2022-present) [19][21]. - The macro environment analysis indicates a tightening regulatory framework, rising disposable income, and shifting societal beauty standards as key drivers of industry growth [25][27]. Chapter 2: Market Size and Consumer Insights - The market size has grown from approximately 65 billion RMB in 2018 to over 150 billion RMB in 2023, with a CAGR exceeding 20% [30][31]. - Non-surgical procedures are increasingly favored due to their lower risk and quicker recovery times, leading to a growing market share for these services [34][35]. - Consumer demographics show a significant trend towards younger consumers, with those born in the 1990s and 2000s becoming the primary market [39]. Chapter 3: Industry Chain Analysis - The industry chain consists of three segments: upstream (product and equipment manufacturers), midstream (medical aesthetic service providers), and downstream (marketing and referral platforms) [45]. - Upstream manufacturers face high technical barriers and are experiencing a shift towards domestic brands replacing international ones, driven by innovation and cost advantages [46][47]. - Midstream service providers are characterized by intense competition and high customer acquisition costs, prompting a trend towards brand consolidation and chain operations [49]. Chapter 4: Competitive Landscape and Key Players - The competitive landscape shows a high concentration of international brands in the high-end market, while domestic brands are rapidly gaining market share through innovation and localized strategies [46][47]. - The report highlights key players such as Ai Meike and Huaxi Biological, which are leveraging technological advancements to challenge established foreign brands [47]. Chapter 5: Regulatory Policies and Compliance - The regulatory environment is becoming increasingly stringent, with multiple government agencies implementing measures to ensure compliance and consumer safety [24][25]. - The report outlines the impact of these regulations on market dynamics, emphasizing the need for companies to adapt to a more compliant operational framework [24][25]. Chapter 6: Industry Challenges, Opportunities, and Future Trends - The industry faces challenges such as price wars and a shortage of qualified professionals, but also opportunities in market penetration and technological innovation [8][10]. - Future trends indicate a shift towards personalized and diversified consumer demands, with an emphasis on natural results and preventive care [44].

Core Viewpoint - The article discusses the recent controversy surrounding Juzhi Biotechnology (巨子生物) and its admission of limitations in quality standards and testing methods, which has raised further questions about the integrity of its products and the broader implications for the industry [2][4][10]. Group 1: Company Response and Market Impact - Juzhi Biotechnology acknowledged its limitations in quality standards and testing methods, marking a significant shift from its previous defensive stance against accusations regarding its collagen products [4][10]. - Following the controversy, Juzhi's stock price fell from 87.1 HKD to 53.9 HKD, resulting in a market capitalization loss of over 330 billion HKD [10]. - The company's internal investor meeting indicated confidence in recovering from short-term impacts, despite the ongoing public skepticism [4][11]. Group 2: Industry Context and Competition - The controversy highlights a broader "ingredient war" between Juzhi Biotechnology and Huaxi Biotechnology (华熙生物), with both companies competing in the collagen and hyaluronic acid markets [14][15]. - Huaxi Biotechnology, a leader in the hyaluronic acid market, has criticized Juzhi's claims about collagen superiority, emphasizing the lack of scientific basis for such assertions [15][16]. - The article suggests that the current lack of unified testing standards in the collagen industry poses challenges for quality control and consumer trust [17][19]. Group 3: Consumer Trust and Market Dynamics - The incident has led to a decline in consumer trust, particularly among core users who prioritize ingredient efficacy, which could have long-term repercussions for Juzhi's brand reputation [12][13]. - The article notes a shift in consumer behavior towards more informed purchasing decisions, moving from concept-driven marketing to a focus on ingredient transparency and scientific validation [23][24]. - The controversy may catalyze regulatory changes and industry standards, potentially leading to a market reshuffle where companies lacking core R&D capabilities may struggle to survive [22][24].

Core Viewpoint - The company is undergoing a strategic upgrade focusing on glycoscience and cell biology, leveraging its advantages in synthetic biology for health solutions [6] Financial Performance - Total revenue for 2024 is approximately 5.37 billion, a decrease of 11.61% compared to 2023 [2] - Net profit attributable to shareholders is about 174 million, down 70.59% from the previous year [2] - Net profit after deducting non-recurring gains and losses is approximately 107 million, a decline of 78.13% year-on-year [2] - Operating cash flow for the year is around 564 million, a decrease of 19.32% from 2023 [2] - The company's net assets at the end of 2024 are approximately 6.81 billion, a decrease of 1.93% compared to the end of 2023 [2] Profit Distribution - The company plans to distribute a cash dividend of 0.11 yuan per 10 shares (including tax) [3] R&D Investment - Total R&D investment is approximately 466 million, representing an increase of 1.33 percentage points in relation to total revenue [4] Business Operations - Revenue from raw materials is approximately 1.24 billion, showing a year-on-year growth of 9.47% [5] - Medical terminal business revenue is about 1.44 billion, an increase of 32.03% [11] - Revenue from skin science innovation transformation business is approximately 2.57 billion, down 31.62% year-on-year [11] - Basic earnings per share are 0.36 yuan, a decrease of 70.73% compared to the previous year [5] Strategic Focus - The company is focusing on management transformation, including business process restructuring, organizational and talent changes, and performance system reforms [6] - The company aims to continue technological innovation and optimize its business structure to enhance operational efficiency and achieve high-quality development [6] Market Position - The company is a leading player in the global hyaluronic acid market, with significant presence in Europe, Japan, and the Americas [13] - The company is transitioning from rapid growth to high-quality development, increasing investments in synthetic biology and regenerative medicine [13]

Industry Overview - The medical beauty injection products mainly include hyaluronic acid, collagen, regenerative materials, and botulinum toxin, with hyaluronic acid and collagen being classified as medical devices, while botulinum toxin is categorized as a toxic medical drug [1][2][5] Industry Chain Analysis - The upstream of the medical beauty injection materials includes raw materials and equipment manufacturing, while the midstream focuses on product research and manufacturing, and the downstream consists of sales channels such as public hospitals and private chains [2][5] Industry Development History - The Chinese medical beauty injection materials market has evolved from reliance on imports to self-innovation, with significant milestones including the approval of the first domestic hyaluronic acid filler in 2009 and the emergence of domestic leaders like Huaxi Biological, Aimeike, and Haohai Biological by 2015 [6][8] Industry Policy Background - Regulatory measures have been strengthened since 2019, with guidelines issued for the clinical trial of hyaluronic acid products and stricter management of medical beauty injection materials to enhance product quality and safety [9][11][12] Current Industry Status - The market size of China's medical beauty injection materials is projected to reach approximately 34.6 billion yuan in 2024, reflecting a year-on-year growth of 28.6% and a CAGR of 31.3% from 2021 to 2024 [14][16] Market Structure - Hyaluronic acid and botulinum toxin dominate the market, with hyaluronic acid accounting for about 36% and botulinum toxin for about 29% of the total market share [17][19] Competitive Landscape - Major competitors in the hyaluronic acid market include Huaxi Biological, Aimeike, and Haohai Biological, while the botulinum toxin market is primarily represented by Lanzhou Biological, which is currently the only domestic company with approved products [23][25] Future Industry Outlook - The medical beauty injection materials market is expected to reach 93.7 billion yuan by 2030, driven by technological advancements, compliance, and the rise of male consumers [28][30] Industry Development Trends - Key trends include the long-lasting and precise application of materials, the rise of intelligent and customized solutions, and increased regulatory scrutiny leading to higher approval thresholds for injection materials [32]