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]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company has shown significant growth in its medical beauty business, and there are expectations for the results of its third strategic upgrade to materialize [2][4] - The company’s revenue for the first three quarters of 2024 was 3.87 billion yuan, a year-on-year decrease of 8.2%, with a net profit attributable to the parent company of 360 million yuan, down 29.6% year-on-year [3][4] - The medical beauty business has been highlighted as a key growth area, with new product launches expected to enhance market presence [5][7] Summary by Sections Revenue Performance - The company reported a revenue of 1.06 billion yuan in Q3 2024, a year-on-year decrease of 7.1%, and a net profit of 2.026 million yuan, down 77.4% year-on-year [3][4] Business Segments - The raw materials business remains stable, while the medical beauty segment has shown notable growth despite some slowdown due to macroeconomic factors [4][5] - The skincare business is undergoing a strategic transformation, with new products launched that leverage advanced technologies for skin health [4][5] Financial Metrics - The gross margin for the first three quarters of 2024 was 73.9%, an increase of 0.9 percentage points year-on-year, driven by a higher proportion of high-margin medical beauty revenue [5][6] - The company’s expense ratio for the first three quarters of 2024 was 60.9%, up 1.3 percentage points year-on-year, with a focus on controlling sales expenses [6][7] Future Outlook - Revenue forecasts for 2024-2026 have been adjusted to 5.63 billion, 6.56 billion, and 7.68 billion yuan respectively, reflecting downward revisions of 9%, 8%, and 11% [7] - The company is expected to enhance its competitive advantage in R&D and product offerings through its strategic focus on synthetic biology and regenerative medicine [7]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5][8]. Core Insights - The company reported a revenue of 3.875 billion yuan for the first three quarters of 2024, a year-on-year decline of 8.21%, and a net profit attributable to shareholders of 362 million yuan, down 29.62% year-on-year [5][6]. - The gross margin remains stable at 73.93%, while the net profit margin has decreased to 9.34% [6][8]. - The company is focusing on biological research and product innovation, launching new products in regenerative medicine and aesthetic medicine [7][8]. - The cosmetics segment is undergoing transformation, with a focus on hyaluronic acid and cell biology research, aiming for improved performance in the skincare market [8]. Financial Summary - For the first three quarters of 2024, the company reported a revenue of 38.75 billion yuan, a decrease of 8.21% year-on-year, and a net profit of 3.62 billion yuan, down 29.62% year-on-year [5][13]. - The projected net profits for 2024 to 2026 are revised to 5.12 billion yuan, 6.32 billion yuan, and 7.46 billion yuan, respectively, with corresponding price-to-earnings ratios of 57, 46, and 39 [8][9]. - The company’s total revenue for 2023 was 6.076 billion yuan, with a projected revenue of 5.992 billion yuan for 2024, indicating a slight decline [9][15].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is undergoing an adjustment phase, with revenue and profit under pressure, leading to a downward revision of earnings forecasts. The expected EPS for 2024-2026 is projected at 1.08 (-0.43), 1.59 (-0.55), and 2.01 (-0.69) yuan respectively. The overall cost reduction potential is significant, and the company has substantial room for profit improvement compared to peers in the medical beauty sector. A PS valuation method is used, with a target price raised to 78.86 (+16.05) yuan, reflecting a market sentiment recovery [2][4] Financial Summary - For Q1-Q3 2024, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 387.5 million, 36.2 million, and 32.7 million yuan, respectively, showing declines of 8%, 30%, and 25% year-on-year. Q3 figures were 106 million, 2 million, and 1.1 million yuan, with year-on-year declines of 7%, 77%, and 85% [2] - The gross margin for Q3 2024 was 72.4%, up 1.2 percentage points year-on-year, primarily due to an increase in the proportion of high-margin medical terminal business. The net profit margin was 1.7%, down 5.7 percentage points year-on-year, attributed to revenue decline and rigid expense rates [2] - The company’s sales, management, and R&D expense ratios for Q3 2024 were 42.5%, 16.6%, and 10.6%, showing year-on-year changes of -3.1, +6.6, and +2.7 percentage points respectively [2] Business Performance - The medical beauty segment performed relatively well, with medical terminal revenue expected to grow approximately 45% year-on-year for Q1-Q3 2024. The company’s new medical beauty products are set to launch in Q4 2024, with expectations for significant growth in 2025 [2] - The company is focusing on two main directions: glyco-biology and regenerative medicine, with new skincare products being launched. The management team has been adjusted, and the company is concentrating on precise cell regulation and self-repair mechanisms [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is undergoing an organizational management transformation, which is expected to lead to a return to growth after a challenging third quarter due to a sluggish consumer environment and ongoing changes [1][3] - The company reported a revenue of 3.875 billion yuan for the first three quarters of 2024, a decrease of 8.2% year-on-year, and a net profit of 362 million yuan, down 29.6% [1] - The third quarter alone saw revenues of 1.064 billion yuan, down 7.1%, and a net profit of 204 million yuan, down 77.4% [1] - The earnings forecast for 2024-2026 has been revised downwards, with expected net profits of 563 million yuan, 722 million yuan, and 901 million yuan respectively [1] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the gross margin was 73.9%, an increase of 0.9 percentage points [2] - The sales expense ratio improved to 42.1%, down 3.9 percentage points, indicating enhanced operational efficiency [2] - Research and development expense ratio increased to 8.1%, reflecting a commitment to R&D investment [2] - Management expense ratio rose to 10.9%, up 3.3 percentage points [2] Business Developments - The company has completed the "Hua Xi Bio Intermediate Product Transformation Center," which can support various bioactive raw materials for small-scale commercial production [2] - The self-developed "Sodium Hyaluronate Injection Compound Solution" received approval, marking a significant milestone in the medical aesthetics sector [2] - New product launches in September, including "Run Bai Yan Collagen Tightening Cream" and "Quadi CT50 Anti-Sagging Cream," are anticipated to help revive the functional skincare segment [2][3] Future Outlook - The company is focused on internationalization to maintain its global market share in hyaluronic acid and is enhancing its product structure through foundational R&D [3] - New product releases in October aim to expand the product matrix and tap into niche markets [3] - The company expects its four major brands in functional skincare to return to growth after the adjustment period [3]

证券时报e公司讯，企查查APP显示，近日，华熙生物科技（天津）有限公司发生工商变更，注册资本 由2亿元增至14亿元，增幅600%。 企查查信息显示，该公司成立于2018年，法定代表人为郭珈均，经营范围含药品生产、药用辅料生产、 药品批发、药品互联网信息服务等，由华熙生物全资持股。 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,064,002,047.03, representing a decrease of 7.14% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥20,258,275.61, down 77.44% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥10,583,321.09, a decrease of 85.37% compared to the previous year[2]. - The net cash flow from operating activities for Q3 2024 was ¥9,433,742.96, down 80.53% year-on-year[2]. - The basic earnings per share for Q3 2024 was ¥0.04, a decrease of 78.95% compared to the same period last year[3]. - Total operating revenue for the first three quarters of 2024 was approximately ¥3.87 billion, a decrease of 8.2% compared to ¥4.22 billion in the same period of 2023[14]. - Net profit for the first three quarters of 2024 was approximately ¥359 million, down 29.2% from ¥507 million in the same period of 2023[15]. - Operating profit for the first three quarters of 2024 was approximately ¥436 million, a decrease of 28.6% compared to ¥611 million in the same period of 2023[15]. - The basic earnings per share for the first three quarters of 2024 were ¥0.75, down from ¥1.07 in the same period of 2023[16]. Research and Development - The total R&D investment for Q3 2024 was ¥112,579,760.38, an increase of 24.52% year-on-year, accounting for 10.58% of operating revenue[3]. - Research and development expenses for the first three quarters of 2024 were approximately ¥313 million, an increase of 13.0% compared to ¥277 million in the same period of 2023[14]. Assets and Liabilities - The total assets at the end of the reporting period were ¥8,687,961,992.22, an increase of 2.57% compared to the end of the previous year[3]. - As of September 30, 2024, the total assets of the company amounted to RMB 8,687,961,992.22, an increase from RMB 8,470,008,293.83 at the end of 2023, reflecting a growth of approximately 2.58%[12]. - The company's total current liabilities decreased to RMB 1,136,227,866.53 from RMB 1,220,791,687.05, a reduction of approximately 6.9%[13]. - Total liabilities as of the end of the third quarter of 2024 were approximately ¥1.63 billion, an increase of 9.9% from ¥1.49 billion at the end of the third quarter of 2023[14]. - The company's total non-current assets reached RMB 6,005,480,452.74, up from RMB 5,347,153,037.58, reflecting an increase of about 12.2%[13]. Shareholder Information - The company reported a total of 32,273 common shareholders at the end of the reporting period[7]. - The largest shareholder, Huaxi Xinyu Investment Co., Ltd., held 58.86% of the shares[7]. - The company did not report any significant changes in the top 10 shareholders or their participation in margin trading activities during the reporting period[12]. Cash Flow - Cash flow from operating activities for the first three quarters of 2024 was approximately ¥4.18 billion, a decrease of 10.7% compared to ¥4.68 billion in the same period of 2023[17]. - Cash outflow from investment activities totaled approximately 953.74 million, a decrease from 1.85 billion in the previous period[19]. - Net cash flow from investment activities was negative at approximately -306.09 million, compared to -378.60 million last year[19]. - Cash inflow from financing activities was 100 million, an increase from 51.72 million in the previous period[19]. - Cash outflow from financing activities totaled approximately 449.70 million, slightly down from 465.54 million last year[19]. - Net cash flow from financing activities was negative at -349.70 million, compared to -413.83 million in the previous period[19]. - The ending balance of cash and cash equivalents was approximately 434.81 million, a decrease from 692.96 million in the previous period[19]. - The company's cash and cash equivalents decreased to RMB 511,521,498.37 from RMB 1,168,717,886.67, indicating a decline of about 56.3%[12]. Other Information - The company has adopted new accounting standards starting in 2024, which may affect financial reporting[20].

(一) 审议通过《关于审议公司 2024 年第三季度报告的议案》 表决结果：9 票赞成，0 票弃权，0 票反对。 证券代码：688363 证券简称：华熙生物 公 告 编 号 ： 2024- 036 华熙生物科技股份有限公司 第二届董事会第十五次会议决议公告 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。 一、董事会会议召开情况 2024 年 10 月 30 日华熙生物科技股份有限公司（以下简称"公司"或"华熙生 物"）于公司会议室以现场会议结合通讯方式召开了第二届董事会第十五次会议， 会议通知已于 2024 年 10 月 25 日以电子邮件形式发出。本次会议由董事长赵燕 女士主持，应出席董事 9 人，实际出席并表决董事 9 人，公司监事及部分高级管 理人员列席了本次董事会。会议的召开及程序符合《中华人民共和国公司法》 《公司章程》等相关法律法规的规定。 二、董事会会议审议情况 本议案尚需提交股东大会审议。 (三) 审议通过《关于提议召开临时股东大会的议案》 表决结果：9 票赞成，0 票弃权，0 票反对。 本议案在呈交董事会审 ...

关于续聘会计师事务所的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 拟聘任的会计师事务所名称：致同会计师事务所（特殊普通合伙） 一、 拟聘任会计师事务所的基本情况 证券代码：688363 证券简称：华熙生物 公告编号：2024-038 华熙生物科技股份有限公司 （二） 项目信息 1. 基本信息 项目组 成员 姓名 何时成 为注册 会计师 何时开 始从事 上市公 司审计 何时开 始在本 所执业 何时开 始为本 公司提 供审计 服务 近三年签署或复核 上市公司审计报告 情况 项目合 伙人 钱华丽 2009 年 2007 年 2015 年 2024 年 近三年签署中科软、 药康生物、方大新材 上市公司年度审计 报告 签字注 册会计 师 张国静 2020 年 2007 年 2020 年 2021 年 近三年签署中科软、 药康生物、中兴商 业、华熙生物、方大 （一） 机构信息 1. 基本信息 | 名称 | 致同会计师事务所（特殊普通合伙），前身是 | | 1981 年成立的 | | --- | --- | ...

本公司监事会及全体监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。 一、监事会会议召开情况 2024 年 10 月 30 日华熙生物科技股份有限公司（以下简称"公司"）以现场 结合通讯方式召开了第二届监事会第十一次会议，会议通知及会议材料已于 2024 年 10 月 25 日以电子邮件形式发出。本次会议由监事会主席于静主持，应 出席监事 3 人，实际出席并表决的监事 3 人。会议的召开及程序符合《中华人民 共和国公司法》《公司章程》及公司《监事会议事规则》的相关规定。 二、监事会会议审议情况 (一) 审议通过《关于审议公司 2024 年第三季度报告的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 证券代码：688363 证券简称：华熙生物 公告编号：2024-037 华熙生物科技股份有限公司 第二届监事会第十一次会议决议公告 具体内容详见公司于 2024 年 10 月 31 日在上海证券交易所网站 （www.sse.com.cn）披露的《华熙生物科技股份有限公司 2024 年第三季度报告》。 (二) 审议通过《关于续聘公司 20 ...