Core Viewpoint - The article highlights serious violations by Guangdong Hanfei Plastic Surgery Hospital regarding the promotion and use of a medical product labeled as "medical device number," leading to the revocation of its "AAAAA Medical Beauty Hospital" rating by the China Association of Plastic Surgery [1][2]. Company Summary - Guangdong Hanfei Plastic Surgery Hospital was established in September 2017 with a registered capital of 73.5 million yuan, controlled by Huang Zhaobiao and represented by Chen Jianhong [3]. - The hospital is part of a large cosmetic surgery chain that integrates clinical and research services [3]. - Since 2022, the hospital has been involved in multiple medical service contract disputes [3]. Product and Regulatory Summary - The product in question, "Silk 516 Energy Essence," is registered under the number "Xiang Medical Device Approval 20222141869" and is classified as a second-class medical device, which is only approved for external use and not for invasive injections [1][2]. - The product is manufactured by Xiangtan Huaxi Biotechnology Co., a wholly-owned subsidiary of Huaxi Biological (688363.SH) [1][2]. - The China Association of Plastic Surgery stated that the hospital's actions violated national medical device usage regulations and contradicted the integrity and quality standards required for the "AAAAA Medical Beauty Hospital" title [2]. Industry Context - The medical beauty market has seen a surge in demand for skin care products, but it is also plagued by issues such as counterfeit products and improper usage of medical devices [5][6]. - A report by Sullivan indicated that only 35% of medical beauty injectables in circulation are genuine, highlighting the prevalence of fake and substandard products in the market [5]. - Regulatory bodies, including the Guangzhou Health Commission, have initiated investigations into the hospital's practices and the use of the disputed product [6].

Core Viewpoint - Despite facing overall performance pressure in the first half of 2025, Huaxi Biological's strategic adjustments have begun to yield results, indicating a potential turning point in profitability [2][3]. Financial Performance - In the first half of 2025, Huaxi Biological achieved operating revenue of 2.261 billion yuan, with a net profit attributable to shareholders of 221 million yuan, and a net profit excluding non-recurring gains and losses of 174 million yuan. The overall performance did not show growth [2]. - In Q2 2025, the company reported operating revenue of 1.183 billion yuan, a year-on-year decline of 18.44%. However, the net profit attributable to shareholders increased by 20.89% to 119 million yuan, marking the first year-on-year and quarter-on-quarter increase in net profit margin since Q1 2024 [2]. Strategic Transformation - The return of the General Manager to the front line has driven significant changes, shifting the company's strategy from "scale expansion" to a "benefit-oriented development model" centered on scientific research and innovation [3]. - Huaxi Biological aims to continue focusing on technological innovation to expand the application of synthetic biology and optimize its business structure for high-quality development [3]. R&D Investment - R&D expenses increased by 15.25%, focusing on three key areas: synthetic biology technology, industrialization of recombinant collagen, and microecological preparations, with a 30% improvement in strain modification efficiency [4]. - The company is actively developing new bioactive substances using cutting-edge synthetic biology technologies and has initiated 34 skin science innovation R&D projects and 17 nutrition science innovation R&D projects during the reporting period [4]. Industrial Application and Future Growth - Huaxi Biological is applying its leading synthetic biology manufacturing capabilities across three major sectors, establishing a complete R&D chain from basic research to technology transfer and industrial application [6]. - The company has completed process validation for its sterile HA production line and is advancing the national synthetic biology technology innovation center in Tianjin, aiming to overcome the "scaling up" bottleneck in biomanufacturing [6]. - The establishment of Huaxi Tang'an Biotechnology Co., Ltd. is noteworthy, as it utilizes synthetic biology technology for the precise synthesis of heparin polysaccharides, positioning the company to transition the heparin industry from "animal resource dependence" to "green biomanufacturing" [6].

Core Viewpoint - Huaxi Biological is experiencing a significant decline in performance, with a notable drop in both revenue and profit in the first half of 2025, primarily due to the structural collapse of its core business in skin science innovation [1][3][4]. Financial Performance - In the first half of 2025, Huaxi Biological reported revenue of 2.261 billion yuan, a year-on-year decrease of 19.57%, and a net profit attributable to shareholders of 221 million yuan, down 35.38% [1][3]. - The company's revenue in Q2 2025 was 1.183 billion yuan, a decline of 18.44% year-on-year, while net profit for the same period was 119 million yuan, marking a 20.89% increase, indicating a potential turning point in profitability [3][4]. Core Business Challenges - The skin science innovation transformation business, previously known as functional skincare products, has seen a revenue decline of 33.97% in the first half of 2025, contributing to 40.36% of the company's main business revenue [3][4]. - The functional skincare business, which had previously driven growth, has seen its revenue shrink from 4.607 billion yuan in 2022 to 2.569 billion yuan in 2024, nearly halving its contribution to main business revenue [4]. Other Business Segments - Besides the core skincare business, Huaxi Biological's other two segments—raw materials and medical terminal businesses—also faced declines, with raw materials revenue at 626 million yuan (down 0.58%) and medical terminal revenue at 673 million yuan (down 9.44%) in the first half of 2025 [5][6]. Reform and Management Changes - The company has initiated a series of reforms since 2024, focusing on business process restructuring, organizational changes, and enhancing management efficiency, but these efforts have yet to yield significant results [6][7]. - In the first half of 2025, there were notable changes in the management structure, with 11 executives leaving and an increase in R&D personnel by 35, although management costs rose by 11.63% [6][7]. R&D Investment - Huaxi Biological increased its R&D expenditure to 231 million yuan in the first half of 2025, a 15.25% increase year-on-year, focusing on high-barrier products and medical terminal business [7]. - The company is currently undergoing a strategic upgrade, shifting its R&D focus towards glycoscience and cell biology, while maintaining that the decline in functional skincare products is not due to missing market opportunities [7].

Core Insights - Huaxi Biological reported its worst half-year results, with revenue of 2.261 billion yuan, a year-on-year decline of 19.57%, and a net profit of 221 million yuan, down 35.38% [1][2] - The company is undergoing significant reforms, with 2024 designated as the "Year of Transformation," and management changes aimed at accelerating strategic implementation [1][4] - The decline in performance is attributed to a significant drop in the skin science innovation business, which saw revenue decrease by 33.97% to 912 million yuan, accounting for 40.36% of total revenue [2][4] Business Performance - The core skin science innovation business has been a major drag on overall performance, with revenue from this segment declining for the second consecutive year [2][4] - Other business segments, including raw materials and medical terminal businesses, also experienced declines, with raw materials revenue slightly down by 0.58% and medical terminal revenue down by 9.44% [4] - R&D projects decreased by 88 compared to 2024, with a focus on raw materials and medical terminal businesses, although new product launches have not yet contributed to revenue growth [4] Management Changes - The company underwent a significant management overhaul, with 11 executives leaving during the reporting period, leading to increased management costs of approximately 29 million yuan [4] - A new board of directors was elected on June 11, 2025, as part of the organizational restructuring aimed at long-term development [4] Legal Issues - Huaxi Biological's wholly-owned subsidiary, Julang Co., has initiated international arbitration against South Korean biopharmaceutical company Medytox, claiming damages of up to 750 million HKD due to contract violations [5]

Core Viewpoint - Huaxi Biological has reported its worst half-year results, with significant declines in key financial metrics, indicating a period of operational challenges and a need for strategic reform [2][4]. Financial Performance - In the first half of 2025, Huaxi Biological achieved revenue of 2.261 billion yuan, a year-on-year decrease of 19.57% [2]. - The net profit attributable to shareholders was 221 million yuan, down 35.38% year-on-year [2]. - The net profit after deducting non-recurring items was 173 million yuan, reflecting a decline of 45% [2]. Business Challenges - The core business, particularly the skin science innovation transformation segment, has seen a significant revenue drop of 33.97%, contributing to 40.36% of the main business income [5][7]. - The company is transitioning its sales logic from a traffic-driven model to a scientifically validated brand communication approach [5]. - Marketing expenses remain high amidst fierce online competition, further compressing profit margins and straining cash flow [4]. Management Changes - A significant restructuring of the management team has occurred, with 11 senior executives leaving the company [7]. - The company has initiated a systematic adjustment of its management philosophy, business direction, and talent organization model [4][7]. Legal Issues - Huaxi Biological's wholly-owned subsidiary, Julang Co., has initiated international arbitration against Medytox, claiming damages of up to 750 million Hong Kong dollars due to a breach of contract regarding the supply of A-type botulinum toxin products [8].

华熙生物控股股东增持计划进展要点解读 增持计划基本情况 •增持主体：控股股东华熙昕宇投资有限公司 •增持期间：2025年8月8日至2026年2月7日（6个月） •增 持规模：金额2-3亿元，股份比例不超过总股本1% •增持价格：不超过70元/股 首次增持执行情况 关键信息 • 控股股东将继续按计划用自有或自筹资金执行后续增持 • 本次增持不会导致控股股东及实控人发生变 化 • 公司将按规定及时披露增持进展 •增持时间：2025年8月27-28日 •增持数量：153.36万股，占总股本0.32% •增持金额：8,868.30万元 •增持 方式：上交所集中竞价交易 股东持股结构 •增持前持股：华熙昕宇持股2.835亿股，占比58.86% •一致行动人：包括实控人赵燕女士等，合计持股 59.17% ...

证券代码：688363 证券简称：华熙生物 公告编号：2025-032 增持计划无法实施风险：本次增持计划可能存在因资本市场情况发生变 化或目前尚无法预判的其他风险因素导致增持计划的实施无法达到预期的风险。 华熙生物科技股份有限公司 关于控股股东首次增持公司股份暨增持计划进展的 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"华熙生 物""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. ...

自2 0 2 3年以来，华熙生物遭遇了一系列来自公司内部和外部的严峻挑战。 但在2 0 2 5年上半年的第二季度，这家中国生物科技企业出现盈利业绩拐点，也让市场看到其 重回增长的曙光。 《FBe a u t y未来迹》观察发现，这种势头的转变始于今年3月。彼时华熙生物董事长兼总裁赵 燕宣布回到业务一线，以"创业状态"推动改革，从经营理念、业务方向及人才组织模式层面对 公司进行了一系列大刀阔斧的改革。 此后短短3个多月，公司业绩表现就从一季度的营收、利润双下滑的泥潭中迈出了一只脚，有 了 诸 多 包 括 盈 利 能 力 提 升 、 销 售 费 用 率 大 幅 下 降 、 周 转 天 数 下 降 、 库 存 下 降 等 多 项 向 好 的 指 标。 问题在于，赵燕究竟做了什么？ 报告期内，公司整体实现营业收入2 2 . 6 1亿元，同比下降1 9 . 5 7%；归属于上市公司股东的净利 润2 . 2 1亿元，同比下降3 5 . 3 8%；扣非后净利润1 . 7 4亿元，同比下降4 5 . 0 0%。 财报显示，业绩下滑主要来自皮肤科学创新转化业务的收入减少。但公司也强调，将持续以科 技创新为核心，推动合成生物技术 ...

Group 1 - The medical beauty sector increased by 0.6% on August 28, with Huaxi Biological leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] - The closing prices and performance of key stocks in the medical beauty sector include: - Huaxi Biological: 57.78, up 1.60%, with a trading volume of 82,100 shares and a turnover of 471 million yuan - Aimeike: 190.36, up 0.17%, with a trading volume of 49,700 shares and a turnover of 940.1 million yuan - Jinbo Biological: 299.27, down 1.81%, with a trading volume of 9,644 shares and a turnover of 289 million yuan - *ST Meigu: 3.21, down 3.60%, with a trading volume of 195,800 shares and a turnover of 62.64 million yuan [1] Group 2 - The medical beauty sector experienced a net outflow of 122 million yuan from main funds, while retail funds saw a net inflow of 66.68 million yuan [1] - The fund flow for key stocks shows: - *ST Meigu: net outflow of 5.87 million yuan, down 9.37% - Huaxi Biological: net outflow of 27.85 million yuan, down 5.92% - Aimeike: net outflow of 88.21 million yuan, down 9.39% [2]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown significant improvement in profits in Q2 2025, with a notable recovery in net profit compared to Q1 2025 [1][10]. - The chairman's active involvement in management is expected to drive positive changes in the company's performance in the second half of the year [10]. - The company is undergoing a transformation towards an "efficiency-oriented" approach, which has led to a significant reduction in sales expense ratios [9][10]. Financial Performance Summary - For the first half of 2025, the company reported revenues and net profits of 2.26 billion and 220 million yuan, respectively, reflecting year-on-year declines of 19.6% and 35.4% [4]. - Q2 2025 saw revenues and net profits of 1.18 billion and 120 million yuan, with a year-on-year decline of 18.4% in revenue but a 20.9% increase in net profit [4]. - The company's gross margin for the first half of 2025 was 71.0%, down 3.5 percentage points year-on-year [8]. Business Segment Performance - The raw materials segment showed resilience, with revenue of 630 million yuan, a slight decline of 0.6% year-on-year, while the medical terminal products segment generated 670 million yuan, down 9.4% [5]. - The skin science innovation transformation business experienced a significant decline of 34.0% in revenue, totaling 910 million yuan, while the nutrition science innovation transformation business grew by 32.4% to 40 million yuan [5]. - The company launched several new medical aesthetic products in 2025, contributing to a diversified product matrix [6]. Market Outlook - The company is expected to return to a positive growth trajectory, with revenue forecasts adjusted to 4.825 billion, 5.631 billion, and 6.735 billion yuan for 2025, 2026, and 2027, respectively [11]. - The report anticipates that the company's earnings per share (EPS) will be 0.98, 1.23, and 1.66 yuan for 2025, 2026, and 2027, respectively [11]. - The chairman's plan to increase shareholding by 200 to 300 million yuan within six months reflects confidence in the company's future development [11].