Core Insights - The functional skincare industry in China is primarily driven by online sales channels, with companies like Betaini and Huaxi Biological having established mature online sales strategies [1][5][10] - The contribution of professional channels to the sales of functional skincare products is limited, with most companies focusing on online marketing for rapid growth [2][4] Channel Analysis - **Online Channels**: - Advantages include wide reach and lower costs compared to offline channels, leading to higher profit margins [4] - Major platforms include Tmall, Douyin, Kuaishou, and JD, with private traffic channels also playing a significant role [4] - Disadvantages include rising customer acquisition costs and challenges in consumer repurchase rates [4] - **Offline Channels**: - Advantages include better control over terminal pricing and profit margins, particularly in tier-three and tier-four cities [4] - Disadvantages include higher channel costs and the complexity of entering professional channels [4] Company Strategies - Companies like Betaini and Huaxi Biological have a balanced approach with both online and offline channels, while older brands leverage established offline distribution networks [5][8] - The sales model for most companies in the functional skincare sector involves direct sales online and distribution through dealers offline [7][8] Revenue Insights - In 2024, the online revenue for the functional skincare industry is projected to be led by Proya, with online revenue reaching 9.59 billion yuan, accounting for 88.98% of its total revenue [10]

Core Viewpoint - Huaxi Biological's performance continues to decline, with significant drops in revenue and net profit in the first half of 2025, indicating ongoing pressure on the company's operations [2][5]. Financial Performance - The company's revenue for the first half of 2025 was 2.261 billion yuan, a year-on-year decrease of 19.57% [2][4]. - The net profit attributable to shareholders was 220 million yuan, down 35.38% year-on-year [2]. - The skin science innovation transformation business, which accounts for 40.36% of total revenue, saw a revenue decline of 33.97% to 912 million yuan [5][6]. Business Segments - The skin science innovation transformation business is the most severely affected segment, with a significant drop in revenue [5]. - The raw material business generated 626 million yuan, with a slight decline of 0.58%, while the medical terminal business brought in 673 million yuan, down 9.44% [6]. - The medical products in the terminal business achieved 467 million yuan in revenue, a decrease of 1.8% [6]. Reform Measures - The company has implemented significant reforms, including the return of the general manager to frontline operations to drive change [7]. - Sales expenses decreased by 31.44% year-on-year, attributed to reduced promotional costs in the skin science innovation transformation business [7]. - Research and development investment increased to 10.22% of total revenue, up from 7.13% in the previous year, indicating a strong commitment to innovation despite poor performance [7]. Quarterly Insights - In the second quarter of 2025, the company reported revenue of 1.183 billion yuan, a decline of 18.44% year-on-year, but net profit increased by 20.89% to 119 million yuan [8]. - The net profit margin rose for the first time since the first quarter of 2024, suggesting that reform measures may be starting to yield positive results [8].

Market Overview - The Shanghai Composite Index fell by 1.76% on August 27, with only one industry, telecommunications, showing an increase of 1.66% [1] - The beauty and personal care sector experienced the largest decline, dropping by 3.86%, followed by the real estate sector, which fell by 3.51% [1] Capital Flow - The net outflow of capital from the two markets reached 129.75 billion yuan, with all sectors under Shenwan showing a net outflow [1] - The computer industry had the highest net outflow at 16.31 billion yuan, followed by the pharmaceutical and biological sector with a net outflow of 12.32 billion yuan [1] Beauty and Personal Care Sector - The beauty and personal care sector saw a net outflow of 755 million yuan, with 29 stocks in the sector; only 2 stocks rose while 26 fell [1] - The stocks with the highest net inflow included: - Wanjian Medical: 10.31 million yuan - Jiaheng Jiahua: 6.45 million yuan - Marubi Biological: 3.16 million yuan [1] - The stocks with the highest net outflow included: - Proya: 247 million yuan - Aimeike: 121.78 million yuan - Qingdao Kingking: 84.85 million yuan [1] Individual Stock Performance - Proya (603605) decreased by 7.59% with a turnover rate of 6.81% and a net outflow of 247.03 million yuan [2] - Aimeike (300896) fell by 3.88% with a turnover rate of 2.98% and a net outflow of 121.78 million yuan [2] - Qingdao Kingking (002094) dropped by 3.31% with a turnover rate of 10.87% and a net outflow of 84.85 million yuan [2] - Other notable declines included Huaxi Biological (688363) down by 2.25% and Zhongshun Jierou (002511) down by 4.26% [2]

Market Overview - The medical beauty sector experienced a decline of 3.11% on August 27, with Aimeike leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Aimeike (300896) closed at 190.03, down 3.88%, with a trading volume of 62,200 shares and a transaction value of 1.207 billion yuan [1] - Huaxi Biological (688363) closed at 56.87, down 2.25%, with a trading volume of 99,400 shares and a transaction value of 580 million yuan [1] - Jinbo Biological (832982) closed at 304.80, down 3.24%, with a trading volume of 10,300 shares and a transaction value of 319 million yuan [1] - ST Meigu (000615) remained unchanged at 3.33, with a trading volume of 142,300 shares and a transaction value of 47.7013 million yuan [1] Capital Flow Analysis - The medical beauty sector saw a net outflow of 199 million yuan from main funds, while retail investors contributed a net inflow of 153 million yuan [1] - Aimeike experienced a net outflow of 143 million yuan from main funds, with retail investors contributing a net inflow of 98.8281 million yuan [2] - Huaxi Biological had a net outflow of 57.973 million yuan from main funds, but a net inflow of 53.4443 million yuan from retail investors [2]

Core Insights - Huaxi Biological Technology Co., Ltd. reported a revenue of 2.261 billion yuan and a net profit of 221 million yuan for the first half of 2025, facing short-term pressure due to industry conditions but focusing on reform measures for long-term development [2] - The company increased its R&D investment to 231 million yuan, a year-on-year growth of 15.25%, with R&D expenses accounting for 10.22% of revenue, up 3.09 percentage points from the previous year [2] R&D and Product Development - The company successfully launched six new bioactive raw materials, including injection-grade cross-linked sodium hyaluronate and recombinant type III humanized collagen, leveraging eight R&D platforms [2][3] - The injection-grade BloomColla® recombinant type III humanized collagen has 100% homology with human collagen sequences, leading the industry in safety and stability [2] - The food-grade MitoEGT ergothioneine, with 99.9% purity, has been included in the national standard material library, ranking high in compliance usage [2] Technological Advancements - The company made significant progress in the independent R&D and production of high-specification sterile HA raw materials, achieving breakthroughs in technology and industrial production [3] - The injection-grade non-animal source chondroitin sodium completed process validation and initiated medical device documentation registration, supporting high-end medical and innovative drug fields [3] - As of June, the company holds a total of 632 patents, reinforcing its technological barriers and focusing on basic research and application of functional sugars and amino acids [3] Business Performance - The raw material business generated 626 million yuan in revenue, maintaining stability, with a gross margin of 85.09% for pharmaceutical-grade sodium hyaluronate and over 90% for some medical aesthetics and orthopedic raw materials [3] - The medical terminal business achieved revenue of 673 million yuan, with a 20% year-on-year increase in sales of Class III medical devices [3] International Market Expansion - International sales of raw materials reached 331 million yuan, accounting for 52.93% of the company's raw material business revenue [3] - The company experienced nearly 10% continuous growth in sales in Europe, Southeast Asia, and South Korea, and over 20% growth in Japan, benefiting from localized operations in its international strategy [3]

Core Viewpoint - Huaxi Biological has shown a significant stock price increase this year, with a 16.63% rise, indicating positive market sentiment despite recent financial challenges [1][2]. Company Overview - Huaxi Biological Technology Co., Ltd. was established on January 3, 2000, and went public on November 6, 2019. The company is located in Jinan, Shandong Province, and specializes in microbial fermentation and cross-linking technology platforms [1]. - The company has developed a full industry chain business system that includes raw materials, medical terminal products, functional skincare products, and functional foods, serving global pharmaceutical, cosmetic, food manufacturing enterprises, medical institutions, and end-users [1]. Business Performance - For the first half of 2025, Huaxi Biological reported a 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% year-on-year [2]. - The company's main business revenue composition includes: 47.84% from skin science innovation transformation, 26.80% from medical terminal products, 23.02% from raw materials, and 2.17% from other sources [1]. Shareholder Information - As of July 31, 2025, the number of Huaxi Biological shareholders increased to 32,500, up 1.78% from the previous period, while the average circulating shares per person decreased by 1.75% to 14,799 shares [2]. - The company has distributed a total of 1.138 billion yuan in dividends since its A-share listing, with 528 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, major institutional shareholders include Huaxia SSE Sci-Tech Innovation Board 50 ETF, E Fund SSE Sci-Tech Innovation Board 50 ETF, and Huabao CSI Medical ETF, with varying changes in their holdings [3].

此次会议得到了华熙生物总部和华熙生物科技(天津)有限公司的支持。与会嘉宾参观了公司在天津重点 投资建设的合成生物中试成果转化中心。该中心具有"柔性化"和"平台化"两大创新特点。首先，通 过"模块化"和"抽屉式"的先进理念优化中试环节，覆盖从发酵、纯化到精制的全工艺流程，旨在为技术 成果转化提供高效可靠的工艺支持与全面解决方案，可承接医药级、护肤品级、食品级等多种生物活性 物原料产品的中试及小规模商业化生产；同时，该平台以"平台化"模式向社会开放，提供生物制造的中 试转化服务，打造具有概念验证、工艺研发、中试验证、检验检测、产业化应用等全方位中试服务平 台，加速科技成果从实验室样品到生产线产品以及市场化商品的转化。 颜江瑛说，中国香妆协会将持续深化媒体协作机制建设，强化国际传播能力，推动中国香妆行业在全球 科技与创新浪潮中占据更高地位。期待媒体朋友们以真知灼见碰撞思想火花，让专业声音穿透信息迷 雾，让国货科技赢得信赖，推动中国香妆从"中国制造"向"中国智造""中国创造"的跃迁升级，在全球美 妆产业格局中奏响中国最强音。 中国香妆协会产业研究中心主任姚永斌介绍了媒体协作机制年度工作情况。为促进多方观点碰撞，会议 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to a decrease in income from its skin science innovation transformation business [1] Financial Performance - Revenue for the first half of 2025 decreased by 19.57% to 2.261 billion yuan, while net profit attributable to shareholders fell by 35.38% to 221 million yuan [1] - In Q2 2025, the company achieved revenue of 1.183 billion yuan, a year-on-year decline of 18.44%, but net profit increased by 20.89% to 119 million yuan [1] - The company recorded a credit impairment loss and asset impairment loss of approximately 48.37 million yuan in Q2 2025 [1] Business Segments - The raw material business generated revenue of 626 million yuan, a slight decrease of 0.58%, accounting for 27.70% of total revenue [1] - The medical terminal business reported revenue of 673 million yuan, down 9.44%, representing 29.77% of total revenue [2] - The skin science innovation transformation business saw revenue drop by 33.97% to 912 million yuan, making up 40.36% of total revenue [3] Product and Brand Development - The overall gross margin for the raw material business (excluding First) was 66.34%, with medical-grade hyaluronic acid raw materials achieving a gross margin of 85.09% [2] - The First brand generated revenue of 56.58 million yuan, a growth of 61.28%, while the Huaxi brand remained stable at 569 million yuan [2] - The company is focusing on product structure optimization and has introduced new products like the "All-in-One Repair Essence" and CT50 series targeting anti-aging [4][5] Market Strategy - The company is shifting from a sales logic driven by traffic to a brand communication logic based on scientific validation [3] - The company aims to enhance brand trust through deep interactions with consumers on platforms like Xiaohongshu and WeChat, creating a marketing loop from content to sales conversion [3] - The company has optimized its organizational structure to improve operational efficiency and reduce costs [5]

Core Viewpoint - Huaxi Bio's performance in the first half of 2025 showed significant declines in revenue and profit, but there are signs of recovery in the second quarter, indicating potential for future growth [1][4][14]. Financial Performance Summary - In the first half of 2025, Huaxi Bio reported revenue of 2.26 billion yuan, a year-on-year decrease of 19.57% [1][3]. - The net profit attributable to shareholders was 221 million yuan, down 35.38% year-on-year, while the net profit after deducting non-recurring gains and losses fell by 45% to 218 million yuan [1][3]. - Operating cash flow was 218 million yuan, a decline of 17.49% compared to the previous year [1][3]. - In the second quarter, revenue was 1.18 billion yuan, a decrease of 18.44% year-on-year, but net profit increased by 20.89% to 119 million yuan, marking a return to growth [4][14]. Operational Changes and Strategies - Founder Zhao Yan returned to the frontline in March 2025, implementing significant reforms including management restructuring and cost-cutting measures [4][8]. - Sales expenses decreased by 31.44% to 808 million yuan in the first half of 2025, with a sales expense ratio of 35.74%, the lowest in five years [10][12]. - The company is shifting its marketing strategy from a scale-oriented approach to an efficiency-oriented model, focusing on brand efficacy [12][13]. Inventory and Efficiency - The inventory turnover days improved from 391 days in the first quarter to 321 days in the second quarter, indicating enhanced operational efficiency [4][14]. - Despite a reduction in inventory balance to 1.168 billion yuan, it remains at historically high levels, suggesting further optimization is needed [4][14]. Business Segment Performance - The revenue from the raw materials segment was 626 million yuan, down 0.58%, while the medical terminal business generated 673 million yuan, down 9.44% [15]. - The skin science innovation segment saw a significant decline, with revenue of 912 million yuan, down 33.97%, while the nutrition science segment grew by 32.4% to 38 million yuan [15][16]. - The skin science segment remains the largest, accounting for 40.34% of total revenue, despite being the most affected by declines [16]. Company Culture and Market Position - The return of Zhao Yan has led to a shift in the company's culture, characterized by a more aggressive stance in addressing market challenges and public relations issues [17][18]. - The company has actively engaged in industry discussions, particularly regarding the comparison of its products with competitors, showcasing a strong commitment to market leadership [18][19].

公司代码：688363 公司简称：华熙生物 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn网站仔细阅读半年度报告全文。 1.2重大风险提示 报告期内，不存在对公司生产经营构成实质性影响的重大风险。公司已于本报告中详细描述了生产经营 中面临的有关风险，详见本报告第三节"管理层讨论与分析"中关于公司风险因素的相关内容。 1.3本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.4公司全体董事出席董事会会议。 1.5本半年度报告未经审计。 1.6董事会决议通过的本报告期利润分配预案或公积金转增股本预案 1.7是否存在公司治理特殊安排等重要事项 □适用 √不适用 第二节 公司基本情况 2.1公司简介 公司股票简况 ■ 公司存托凭证简况 □适用 √不适用 联系人和联系方式 无 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4前十名境内存托凭证持有人 ...