Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of CNY 174,267,399.74, with a parent company net profit of CNY 510,437,943.04[5] - The company's operating revenue for 2024 was approximately ¥5.37 billion, a decrease of 11.61% compared to ¥6.08 billion in 2023[21] - Net profit attributable to shareholders for 2024 was approximately ¥174.27 million, down 70.59% from ¥592.56 million in 2023[21] - Basic earnings per share for 2024 were ¥0.36, a decline of 70.73% from ¥1.23 in 2023[22] - The company reported a net cash flow from operating activities of approximately ¥564.51 million, a decrease of 19.32% compared to ¥699.65 million in 2023[21] - The total net assets attributable to shareholders at the end of 2024 were approximately ¥6.81 billion, a decrease of 1.93% from ¥6.94 billion at the end of 2023[21] - The company reported a total revenue of 5.37 billion RMB, a year-on-year decrease of 11.61%[172] - Net profit attributable to shareholders was 174 million RMB, down 70.59% year-on-year[172] - The gross profit margin for the reporting period was 74.07%[172] Dividend Distribution - The proposed cash dividend distribution is CNY 1.10 per 10 shares, totaling CNY 52,619,897.44, which represents 30.19% of the net profit attributable to shareholders[5] - The profit distribution plan has been approved by the board and awaits shareholder meeting approval[6] Risks and Compliance - The company has not reported any significant risks affecting its operations during the reporting period[3] - The company has not reported any violations in decision-making procedures for external guarantees[8] - The company emphasizes that forward-looking statements in the report do not constitute commitments to investors[7] - There are risks associated with new product development, including potential deviations in R&D technology routes and high costs[159] - The company has established a complete safety assessment system for cosmetics, but faces risks related to registration costs and timelines due to regulatory changes[160] - The company's core products, primarily hyaluronic acid, face risks of being replaced by more advanced materials or products in the future[161] Government Subsidies - The company reported a total of ¥66.12 million in government subsidies recognized in 2024, compared to ¥125.70 million in 2023[27] - Government subsidies accounted for 32.47% of the total profit, amounting to 69.28 million RMB[168] Research and Development - The company has a strong R&D team of 920 people, ensuring continuous innovation capabilities across the entire industry chain[156] - The company has established eight R&D platforms, enhancing its competitive advantage through a comprehensive technology system[145] - The company is focusing on optimizing its business structure and enhancing operational efficiency to achieve high-quality growth[158] - The company is actively collaborating with top global research institutions to accelerate the transition from R&D to market application[156] - The company has initiated 57 skin science innovation R&D projects during the reporting period, focusing on various innovative technologies[138] Product Development and Innovation - The company launched new products including BloomseaN™ PDRN and Bloomsurfact™ during the reporting period, enhancing its product structure[37] - The company has launched multiple medical aesthetic products under the brands "润百颜" and "润致," including 9 Class III medical device registrations in the domestic market as of the end of the reporting period[60] - The company has developed a series of skincare brands focusing on different skin issues, with 36 special cosmetic administrative licenses for products related to sun protection, whitening, and hair loss as of the end of the reporting period[64] - The company has introduced innovative skincare products targeting skin barrier damage and aging, utilizing high concentrations of active ingredients for effective results[63] - The company has launched nutritional brands such as "华熙当康" and "当康未来," focusing on health and metabolism[65] Market Performance - The company is expanding its market presence in Asia, targeting a 30% increase in market share by the end of the fiscal year[99] - The medical beauty industry is experiencing rapid growth, particularly in non-invasive procedures, driven by increasing consumer demand for aesthetic treatments[77] - The company has established a stable sales network in over 70 countries, with more than 4,000 global customers, demonstrating strong market presence[154] Sustainability and ESG - The company has achieved a continuous improvement in ESG ratings, with MSCI ratings increasing for two consecutive years and obtaining EcoVadis bronze medal, ranking in the top 28% globally[54] - The company has set a carbon reduction strategy for 2030, optimizing its energy structure through distributed photovoltaic projects and renewable energy purchases[54] - The company is actively transforming its supply chain towards sustainability, implementing an ESG management mechanism for suppliers[55] Financial Outlook - The company provided guidance for the next quarter, expecting revenue between $1.6 billion and $1.7 billion, indicating a growth rate of 20% to 25%[99] - The company is focusing on expanding its product line in the medical sector, with new products like scar repair silicone gel and lidocaine anesthetic cream, projected to generate revenues of 800 million and 1,400 million respectively[122]

证券代码：688363 证券简称：华熙生物 公告编号：2025-005 华熙生物科技股份有限公司 关于高级管理人员调整及聘任的公告 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、准确性和完整性依法承担法律责任。 2025 年 3 月 18 日，华熙生物科技股份有限公司（以下简称"公司"）召开第 二届董事会第十六次会议，审议通过《关于高级管理人员调整以及聘任的议案》。 公司正在进行管理变革，为调整管理架构，结合公司战略发展需要，根据《公司 法》《公司章程》等有关规定，经公司总经理提议，对部分高级管理人员职务进 行调整，同时根据公司经营管理需要，聘任新的高级管理人员，具体情况如下： 一、公司高级管理人员的调整 （一）刘爱华女士 鉴于刘爱华女士已超过法定退休年龄，退休时与公司签订了返聘合同，现该 返聘合同将于近期到期，且到期后不再续签。刘爱华女士不再担任副总经理职务， 后续将不再在公司担任任何职务。 （二）徐桂欣女士、栾依峥先生 公司正在进行管理变革，为调整管理架构、精简管理层级，公司决定减少非 法定要求的副总经理职位数量。徐桂欣女士与栾依峥先生不再担任副总经 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The bio-manufacturing sector has vast potential and is poised to drive a new wave of industrial revolution, leveraging industrial biotechnology to produce bio-based materials, chemicals, and bioenergy [3][4] - The global synthetic biology market is expected to maintain rapid growth, projected to approach $50 billion by 2028, with a compound annual growth rate (CAGR) of approximately 24% from 2023 to 2028 [22][24] - Technological breakthroughs and policy support are driving the synthetic biology industry forward, with significant advancements in gene synthesis, sequencing, and editing technologies [4][37] Summary by Sections Industry Overview - Bio-manufacturing utilizes industrial biotechnology, enzymes, and microbial cells, playing a crucial role in producing bio-based materials and chemicals [13] - Synthetic biology is a design-driven science that re-engineers biological systems for useful purposes, with applications across various sectors including healthcare, agriculture, and chemicals [13][22] Policy Support and Technological Breakthroughs - Governments worldwide are increasingly prioritizing synthetic biology, with strategic plans and funding initiatives to support its development [28][29] - The reduction in costs for gene synthesis and sequencing technologies has laid a solid foundation for the rapid advancement of synthetic biology [37] Synthetic Biology Reshaping Industry Models - Synthetic biology is transforming production models, offering more efficient and environmentally friendly synthesis solutions compared to traditional methods [4][22] - The industry is expected to significantly reduce carbon emissions, with estimates suggesting a reduction of 1 to 2.5 billion tons of CO2 annually by 2030 through industrial biotechnology [4] Related Companies - Companies to watch include Chuan Ning Bio, Kingfisher Biotech, and Kailai Ying, which are positioned to benefit from advancements in synthetic biology [5] Investment Recommendations - The report suggests focusing on companies like Chuan Ning Bio, Kingfisher Biotech, and others that are leveraging synthetic biology for growth [5]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - PDRN, known as "liquid gold" in the field of regenerative medicine, is derived primarily from salmon sperm and has significant anti-inflammatory and regenerative properties, making it widely applicable in pharmaceuticals and medical aesthetics [1][20]. - The global PDRN market is expected to grow at a CAGR of 43.32% from 2023 to 2029, with China's market potentially growing at 49% during the same period, indicating strong growth potential [2]. - The company has established itself as a leader in the PDRN sector through self-research and strategic partnerships, positioning itself as a national team in the PDRN market in China [2][3]. Summary by Sections PDRN Overview - PDRN is a DNA derivative with a length of 50-2000 bp and a molecular weight of 50-1500 kDa, primarily sourced from salmon sperm, which is expensive and has supply stability issues due to environmental factors [1][21]. - PDRN exhibits anti-inflammatory, regenerative, and skin-whitening effects, making it valuable in various applications [23][26]. Market Potential - The PDRN market in China is entering a high-growth phase, with expectations of rapid development driven by local production and new product launches in skincare and medical aesthetics [2]. - The comparison with collagen suggests that PDRN could become the next "explosive" product in the beauty sector [2]. Company Positioning - The company has successfully navigated the challenges of raw material production and has extensive experience in downstream functional skincare and medical aesthetics, enhancing its competitive edge [3]. - The company forecasts net profits of 163 million, 595 million, and 768 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 143, 39, and 30 [3][4].

Financial Performance - Total revenue for 2024 was RMB 5,370,823,906.35, a decrease of 11.60% compared to the previous year[3] - Net profit attributable to shareholders was RMB 164,315,939.59, down 72.27% year-on-year[3] - The company reported a significant decline in net profit excluding non-recurring gains and losses, amounting to RMB 101,220,042.48, a drop of 79.36%[3] Assets and Equity - Total assets at the end of the reporting period were RMB 8,630,976,709.76, reflecting a 1.90% increase from the beginning of the period[4] - Shareholder equity decreased by 2.00% to RMB 6,805,043,213.48 compared to the beginning of the period[4] Business Challenges and Strategic Adjustments - The company faced challenges in its functional skincare business due to intensified market competition and strategic adjustments, with ongoing adjustments expected to continue[5] - Management transformation costs exceeded RMB 70 million, impacting short-term profitability but aimed at long-term growth[6] - A significant impairment provision of approximately RMB 190 million was made for accounts receivable, inventory, and goodwill due to identified impairment risks[7] Strategic Investments and Future Growth - Strategic investments in innovative business areas, including regenerative medicine and functional foods, exceeded RMB 100 million, targeting future growth opportunities[6] - The company is undergoing a strategic upgrade focusing on synthetic biology and aims to enhance operational efficiency and achieve high-quality growth[8]

Investment Rating - The investment rating for the company is "Trading Buy" with a target price of 53 CNY [2][8]. Core Insights - The company is expected to face significant profit declines in 2024, with a projected net profit of 146 million to 175 million CNY, representing a year-on-year decrease of 70.5% to 75.4% [8]. - The skincare business is under pressure due to competition and strategic adjustments, while the raw materials and medical terminal businesses are expected to maintain growth [11]. - The company plans to launch two new medical aesthetic injection products in the second half of 2024, which may enhance its competitive edge in the medical aesthetics sector [11]. Summary by Sections Company Overview - The company operates in the pharmaceutical and biotechnology industry, with a current A-share price of 48.92 CNY and a market capitalization of 23.564 billion CNY [3]. Recent Ratings - The previous rating on August 26, 2024, was "Trading Buy" with a closing price of 52.86 CNY [4]. Financial Performance - The company forecasts a net profit of 168 million CNY for 2024, down 78.6% from the previous year, with an expected EPS of 0.35 CNY [10]. - Revenue for 2024 is projected at 5.509 billion CNY, with a significant decline from 2023 [15]. Business Segments - The product mix includes functional skincare (49.14%), medical terminal products (26.43%), and raw materials (22.41%) [4]. - The medical terminal business is expected to grow at a high double-digit rate, while the skincare segment is anticipated to stabilize and recover in 2025 [11].

Investment Rating - The report maintains a "Hold" rating for the company [3][8]. Core Views - The company is expected to face significant pressure in its 2024 performance, with a projected decline in net profit attributable to shareholders by 70.47% to 75.36% year-on-year due to a transformation phase and a substantial drop in revenue from its cosmetics business [1][8]. - The target price has been adjusted to RMB 52.2, reflecting a potential upside of 7.9% from the current price of RMB 48.4 [3][8]. - The company is undergoing a reform in its functional skincare segment, which is anticipated to lead to a turnaround by 2025, although the timing of this recovery remains uncertain [8]. Financial Forecast Summary - The updated financial forecasts for the company are as follows: - 2024E revenue is projected at RMB 5,188 million, a decrease of 9.6% from previous estimates - 2024E net profit is forecasted at RMB 159 million, down 61.3% from prior predictions - The net profit margin for 2024E is expected to be 3.1%, a decline of 4.1 percentage points [2][9]. - For 2025E, revenue is expected to be RMB 5,727 million, a reduction of 16.7%, and net profit is projected at RMB 457 million, down 35.8% [2][9]. - The 2026E forecasts show a continued decline, with revenue expected at RMB 6,420 million and net profit at RMB 520 million, representing decreases of 19.8% and 39.7% respectively [2][9].

证券代码：688363 证券简称：华熙生物 公告编号：2025-003 减持计划的实施结果情况 重要内容提示： 大股东持股的基本情况 本次减持计划实施前，国寿成达（上海）健康产业股权投资中心（有限合伙） （以下简称"国寿成达"）直接持有华熙生物科技股份有限公司（以下简称"本 公司"）股份数量为 34,433,286 股，占本公司总股本的 7.15%。上述股份全部为 本公司首次公开发行前股份，并已于 2022 年 11 月 7 日起上市流通。 截至 2025 年 1 月 28 日，本次减持时间区间已届满，国寿成达在减持期间内 共计减持本公司股份 5,496,782 股，占本公司总股本 1.14%，其中以集中竞价方 式减持 4,816,782 股，占本公司总股本 1.00%，以大宗交易方式减持 680,000 股， 占本公司总股本 0.14%，实际减持数量占计划减持数量的比例为 45.65%。 华熙生物科技股份有限公司股东减持计划时间区 间届满暨减持股份结果公告 本公司于 2024 年 10 月 9 日披露《华熙生物科技股份有限公司股东减持股份 计划公告》（公告编号：2024-034），国寿成达计划根据市场情况通 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company is undergoing a transformation period, with expectations that the skincare segment will bottom out in 2025. The management is implementing structural changes and strategic investments to enhance long-term growth potential despite short-term performance pressures [5][7][8]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 6,076 million, with a year-on-year decline of 4.5%. For 2024, the expected revenue is 5,458 million, reflecting a further decline of 10.2%. However, a recovery is anticipated in 2025 with revenue projected at 5,750 million, representing a growth of 5.3% [6][10]. - The net profit attributable to the parent company for 2023 is estimated at 593 million, with a significant drop to 162 million in 2024, a decrease of 72.7%. A rebound is expected in 2025 with a forecasted profit of 451 million, marking a growth of 179.1% [6][10]. - The company’s gross margin is expected to improve gradually from 73.3% in 2023 to 75.1% by 2026, indicating enhanced operational efficiency [6]. Management Changes and Strategic Investments - The company is committed to management reforms, which include organizational restructuring and a new compensation system, leading to short-term cost increases exceeding 70 million. These changes are aimed at laying a solid foundation for long-term development [5]. - Significant investments exceeding 200 million are being made in supply chain upgrades and innovative business areas such as regenerative medicine and functional foods, which are expected to enhance the company's competitive edge in the long run [5][8]. Market Performance and Comparisons - The company's stock closed at 49.24 yuan on January 24, 2025, with a market capitalization of 23,718 million. The stock has seen a yearly high of 84.59 yuan and a low of 44.72 yuan [1]. - The company’s performance is being compared against the Shanghai Composite Index and the Shenzhen Component Index, with the stock's performance being closely monitored in relation to these benchmarks [1][2].