证券代码：688363 证券简称：华熙生物 公告编号：2024-040 华熙生物科技股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年第一次临时股东大会 召开日期时间：2024 年 12 月 2 日 14 点 30 分 召开地点：北京市朝阳区建国门外大街甲六号华熙国际中心 D 座 36 层会议 室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 12 月 2 日 至 2024 年 12 月 2 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2024年12月2日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召 ...

重要内容提示： 证券代码：688363 证券简称：华熙生物 公告编号：2024-039 华熙生物科技股份有限公司 关于持股 5%以上股东减持达到 1%的提示性公告 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。 3、 本次变动前后国寿成达持有的股份数量及比例； | 股东名称 | 本次权益变动前持有股份 | | 本次权益变动后持有股份 | | | --- | --- | --- | --- | --- | | | 股份数量（股） | 占公司总股本 | 股份数量（股） | 占公司总股本 | | | | 比例 | | 比例 | | 国寿成达（上 | 34,433,286 | 7.15% | 29,616,504 | 6.15% | | 海）健康产业 | | | | | | 股权投资中心 | | | | | | （有限合伙） | | | | | 一、 本次权益变动基本情况 华熙生物科技股份有限公司（以下简称"公司"）于 2024 年 10 月 9 日披露 了《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：2024-03 ...

Investment Rating - The report maintains a "Recommended" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [4][15]. Core Insights - In Q3 2024, the company reported revenue of 1.064 billion yuan, a year-over-year decrease of 7%. The net profit attributable to shareholders was 20 million yuan, down 77% year-over-year, while the net profit excluding non-recurring items was 11 million yuan, down 85% year-over-year [1]. - For the first three quarters of 2024, the company achieved revenue of 3.875 billion yuan, a decrease of 8% year-over-year, with a net profit of 360 million yuan, down 29.6% year-over-year [1]. - The company is undergoing organizational changes in its cosmetics division and is exploring new synthetic biological components, which may help in developing new cosmetic ingredients [2]. - The company launched several new products in the medical aesthetics sector, including the "润百颜紧塑霜" and "夸迪 CT50 抗垮面霜," which are based on regenerative medicine and cellular regulation mechanisms [2]. - The gross margin for the company increased to 72.4%, up 1.2 percentage points year-over-year, while the sales expense ratio improved to 42.5%, down 3.1 percentage points year-over-year [3]. Financial Summary - The company’s total revenue for 2023 is projected at 6.076 billion yuan, with a year-over-year decline of 4.5%. The net profit attributable to shareholders is expected to be 593 million yuan, down 39% year-over-year [3]. - Revenue forecasts for 2024-2026 have been adjusted to 5.711 billion yuan, 6.090 billion yuan, and 6.849 billion yuan, respectively, reflecting a downward revision from previous estimates [3]. - The projected net profit for 2024-2026 is revised to 586 million yuan, 695 million yuan, and 818 million yuan, respectively [3].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a downward adjustment from previous assessments [2][5]. Core Insights - The company reported a revenue decline of 8.21% year-on-year for the first three quarters of 2024, with a net profit decrease of 29.62% [3]. - The gross margin improved slightly to 73.93%, while the net profit margin decreased to 9.34%, reflecting significant pressure on profitability [3]. - The company is undergoing a management transformation with the assistance of IBM, launching 48 transformation projects aimed at improving operational efficiency [4]. - New product launches in the cosmetics segment, including "润百颜胶原紧塑霜" and "夸迪 CT50 抗垮面霜," are expected to enhance business performance [4]. - The medical aesthetics segment has seen the approval of a new product, "润致·格格," which is anticipated to drive growth in this area [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 3.875 billion yuan, with a gross profit margin of 73.93% [3]. - The net profit for the same period was 362 million yuan, reflecting a significant decline compared to the previous year [3]. - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 1.04 yuan, 1.47 yuan, and 1.79 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 58, 41, and 33 [5]. - The company’s total revenue is projected to decline to approximately 5.79 billion yuan in 2024, before recovering to 6.74 billion yuan in 2025 and 7.75 billion yuan in 2026 [7].

Core Viewpoint - The A-share market is experiencing a low level of restricted stock unlocks, with significant implications for companies like Huaxi Biological and Baotong Energy [1][2]. Summary by Sections Restricted Stock Unlocks - This week, 30 companies had restricted stocks unlocked, totaling 887 million shares with a market value of 26.032 billion yuan [1]. - Huaxi Biological (688363.SH) accounted for a significant portion, with 284 million shares unlocking, representing 58.86% of its total share capital and a market value of approximately 17.01 billion yuan [1][2]. - Four companies had unlocks exceeding 1 billion yuan, including Huaxi Biological, Baotong Energy (001376.SZ), Lei'ao Planning (300989.SZ), and Nasda (002180.SZ) [1]. Shareholder Actions - Guoshou Chengda plans to reduce its holdings in Huaxi Biological by up to 12.042 million shares, or 2.5% of total shares, aiming to raise around 700 million yuan [2]. - Following the announcement of the reduction plan, Huaxi Biological's stock price has declined by 25% [2]. Financial Performance - Huaxi Biological has seen a decline in both revenue and net profit since 2023, with a reported net profit of 593 million yuan in the previous year, down approximately 39% year-on-year [2]. - For the first three quarters of this year, the company reported revenue of 3.875 billion yuan, a decrease of 8.21%, and a net profit of 362 million yuan, down about 30% [2]. - The third quarter's net profit was the lowest since the company's listing, with figures of 243 million yuan, 98 million yuan, and 20 million yuan for the three quarters respectively [2]. Business Transformation - Huaxi Biological has initiated a transformation in its medical aesthetics business since 2021, which has reportedly entered a positive development phase by 2023 [4]. - The company's main business, functional skincare products, has seen a revenue drop from over 70% of total revenue in 2022 to around 60% in 2023, with a 29.74% decline in revenue for the first half of 2024 [4]. - The chairman indicated that the company is undergoing a phased adjustment across various aspects, including brand development and product structure, which may take time to show results [4]. Market Impact - The unlocking of shares from Baotong Energy, which has 169 million shares unlocking, is expected to impact its stock price significantly due to the involvement of 275 shareholders [5]. - Baotong Energy's stock price has dropped from a peak of 49.40 yuan to 15.98 yuan, although it still shows a 250% increase from its issue price of 4.56 yuan [5]. - The overall market for restricted stock unlocks includes various types, with a focus on original shareholders and equity incentive shares [6].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 60.00 CNY [4]. Core Views - The company has faced short-term performance pressure due to organizational changes and is advised to focus on quality improvement and efficiency enhancement post-adjustment [2]. - The company is a leader in hyaluronic acid, with a solid foundation in raw materials, and the medical beauty business is expected to grow rapidly driven by the "Runzhi" brand [2]. - The company is focusing its R&D on glyco-biology and cell biology, which are expected to provide rich application scenarios for aging intervention and regenerative medicine [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 3.875 billion CNY, a year-on-year decrease of 8.21%, and a net profit attributable to shareholders of 362 million CNY, down 29.62% [2]. - The gross profit margin for the first three quarters of 2024 was 73.93%, with a net profit margin of 9.34% [2]. - The company expects net profits for 2024-2026 to be 511 million CNY, 745 million CNY, and 997 million CNY, with year-on-year growth rates of -13.7%, +45.7%, and +33.8% respectively [3][5]. Sales and Cost Structure - The sales expense ratio for the first three quarters of 2024 was 42.09%, a decrease of 3.92 percentage points year-on-year, while the management expense ratio increased to 10.92%, up 3.34 percentage points [2]. - The R&D expense ratio was 8.08%, reflecting an increase of 1.52 percentage points year-on-year [2]. Product Development and Market Strategy - The skincare business is undergoing product upgrades and new launches based on the latest research, including the introduction of new products like collagen tightening cream and CT50 anti-gravity cream [2]. - The medical terminal business is expanding its product line, with new offerings such as neck wrinkle injections and lip fillers, enhancing the company's position in the anti-aging market [2]. Long-term Growth Potential - The company is expected to see a rebound in performance in the medium to long term, with a projected increase in net profit driven by strategic adjustments and product innovation [2][3].

Investment Rating - The report maintains a "Hold" rating for Huaxi Biotech (688363 CH) with a target price of RMB 62 1, implying a potential upside of 3 7% from the current price of RMB 59 9 [2][9] Core Views - Huaxi Biotech's functional skincare business and management restructuring are still ongoing, leading to a 7 1% YoY decline in 3Q24 revenue and a 77% YoY drop in net profit attributable to shareholders [1] - The company's skincare business is expected to take a longer time to complete its transformation, with 3Q24 skincare revenue down 22% YoY, though the decline narrowed from 1H24 (-30%) [1] - The medical aesthetics business is driving growth, with 3Q24 revenue up 10% YoY, supported by new product launches and clear channel strategies [1] - Management expenses rose significantly in 3Q24 due to increased backend costs and consulting fees, leading to a 5 1ppt decline in core operating profit margin [1] Financial Performance and Forecasts - Revenue for 2024E is projected at RMB 5,741 million, down 5 5% YoY, with net profit attributable to shareholders expected to decline 30 6% YoY to RMB 411 million [4][5] - The company's gross margin improved to 72 4% in 3Q24, up 1 3ppt YoY, driven by higher-margin medical aesthetics products [1] - Operating cash flow is expected to improve, with 2024E operating cash flow projected at RMB 917 million, up from RMB 700 million in 2023 [6] Business Segments - Skincare business: Revenue declined 22% YoY in 3Q24, but the company has launched new products focusing on functional sugar and cell biology, aiming to stabilize Q4 revenue [1] - Medical aesthetics business: Revenue grew 10% YoY in 3Q24, with new products expected to drive further growth in 2025 [1] - Raw materials business: Revenue remained flat in 3Q24, while the medical terminal business became the only growth driver [1] Valuation and Market Performance - The target price of RMB 62 1 is based on an upward revision due to the rising valuation center of the cosmetics industry [1] - The company's PE ratio for 2024E is 70 1x, reflecting the market's expectation of future growth [4] - The stock's 52-week price range is RMB 44 7-84 6, with a current market cap of RMB 28,843 million [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][10][12] Core Views - The company's revenue for the first three quarters of 2024 was 3.875 billion yuan, a year-on-year decrease of 8.21%, with a net profit attributable to shareholders of 362 million yuan, down 29.62% year-on-year. The third quarter alone saw revenue of 1.064 billion yuan, a decline of 7.14% year-on-year, and a net profit of 20 million yuan, down 77.44% year-on-year [5][10] - The company is undergoing a transformation in its skincare business and internal management changes, which have temporarily impacted performance. However, the introduction of new medical beauty products and adjustments in the skincare business are expected to lead to a gradual recovery in future performance [5][10] - The medical terminal business has shown strong growth, with a 45% increase in the first three quarters, driven by an improved product matrix and increased coverage of medical beauty institutions [5][10][11] Financial Summary - The company's gross margin in the third quarter was 72.38%, an increase of 1.25 percentage points year-on-year, benefiting from a higher proportion of high-margin medical beauty products [6][10] - Operating cash flow for the first three quarters was 274 million yuan, a year-on-year increase of 16.67%, indicating good cash flow conditions [6][10] - The report projects a decline in net profit for 2024-2026, with revised estimates of 534 million yuan, 636 million yuan, and 775 million yuan for those years, respectively, reflecting ongoing adjustments in the brand and organizational structure [10][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.875 billion yuan for the first three quarters of 2024, a year-on-year decrease of 8.21%, and a net profit attributable to shareholders of 362 million yuan, down 29.62% year-on-year [2] - The cosmetic business is undergoing adjustments, with a significant decline in functional skincare revenue, which was 1.4 billion yuan in the first half of 2024, down 30% year-on-year. The company is focusing on developing major products and series around six categories of substances [2] - The medical beauty business is growing rapidly, with skin-related medical product revenue reaching 600 million yuan in the first half of 2024, a year-on-year increase of 70%. New products targeting neck and lip treatments were launched in October 2024 [2] - The increase in operating expenses significantly impacted net profit margins, with the net profit margin for the first three quarters of 2024 at 9.34%, down 2.84 percentage points year-on-year [2] - The company is a global leader in the hyaluronic acid industry, and despite short-term pressures on growth due to strategic adjustments in the skincare segment, the profit forecasts for 2024-2026 have been revised downwards [2] Summary by Sections Financial Performance - Total revenue for 2022 was 6.359 billion yuan, with a year-on-year growth of 28.53%. In 2023, revenue decreased to 6.076 billion yuan, down 4.45%. The forecast for 2024 is 5.941 billion yuan, a further decline of 2.21% [1] - Net profit attributable to shareholders was 970.92 million yuan in 2022, decreasing to 592.56 million yuan in 2023, a drop of 38.97%. The forecast for 2024 is 541.67 million yuan, down 8.59% [1] - The latest diluted EPS is projected to be 1.12 yuan for 2024, with a P/E ratio of 53.98 based on the current price [1] Business Segments - The functional skincare segment is currently in a state of adjustment, with a focus on innovation and the development of new biological materials [2] - The medical beauty segment is expanding, with significant revenue growth and new product launches aimed at addressing specific cosmetic concerns [2] Profitability Metrics - Gross margin for the first three quarters of 2024 was 73.93%, an increase of 0.86 percentage points year-on-year. However, the net profit margin was pressured due to rising operating expenses [2]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Viewpoints - The company's performance is under pressure due to adjustments in its cosmetics business and management reforms, leading to a decline in revenue and net profit [3] - The cosmetics segment is dragging down revenue growth, while the medical terminal business is growing rapidly, supported by new product launches [4] - Management reforms have increased administrative expenses, impacting net profit margins [4] - The company is expected to achieve net profits of 530 million, 740 million, and 1 billion yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 55x, 39x, and 29x [4] Business Performance Summary - Revenue for 24Q1-Q3 was 3.87 billion yuan, down 8.2% YoY, with net profit of 360 million yuan, down 29.6% YoY [3] - In 24Q3, revenue was 1.06 billion yuan, down 7.1% YoY, and net profit was 20 million yuan, down 77.4% YoY [3] - Gross margin for 24Q1-Q3 was 73.9%, up 1.3 percentage points YoY, while Q3 gross margin was 72.4%, down 0.4 percentage points YoY [4] - Sales expense ratio for 24Q1-Q3 was 42.1%, down 3.9 percentage points YoY, while administrative expense ratio increased by 3.3 percentage points to 10.9% [4] - R&D expense ratio for 24Q1-Q3 was 8.1%, up 1.5 percentage points YoY [4] Financial Forecasts - Revenue is expected to grow from 5.75 billion yuan in 2024 to 7.58 billion yuan in 2026, with a CAGR of 14.7% [5] - Net profit is projected to increase from 532 million yuan in 2024 to 1 billion yuan in 2026, with a CAGR of 37.2% [5] - EPS is forecasted to rise from 1.10 yuan in 2024 to 2.08 yuan in 2026 [5] Business Segment Analysis - The raw materials business showed steady growth, driven by food-grade product expansion [4] - The medical terminal business grew rapidly, supported by new medical aesthetic products [4] - The cosmetics business faced challenges due to weak consumer demand and internal brand adjustments [4]