证券代码：688363 证券简称：华熙生物 公告编号：2024-035 华熙生物科技股份有限公司 部分首次公开发行限售股上市流通公告 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。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 283,500,000 股。 本次股票上市流通总数为 283,500,000 股。 本次股票上市流通日期为 2024 年 11 月 6 日。 公司实际控制人赵燕承诺： 一、 本次上市流通的限售股类型 根据中国证券监督管理委员会于 2019 年 9 月 29 日出具的《关于同意华熙生 物科技股份有限公司首次公开发行股票注册的批复》（证监许可[2019]1796 号），华 熙生物科技股份有限公司（以下简称"公司"）向社会公开发行人民币普通股 49,562,556 股，发行后公司总股本为 480,000,000 股。其中有流通限制或限售安排 的股票数量为 434,334,363 股，无流通限制及限售安排的股票数量为 45,665,637 股， 股票详情如下： | 股票类型 ...

华泰联合证券有限责任公司 关于华熙生物科技股份有限公司 除上述情况外，本次上市流通的限售股形成后至本核查意见出具之日，公司 股本数量未发生变化。截至本核查意见出具日，公司总股本为 481,678,242 股。 本次上市流通的限售股为公司控股股东华熙昕宇投资有限公司（以下简称 "华熙昕宇"）持有的首次公开发行限售股，限售期限为自公司股票上市之日起 六十个月，对应股票数量 283,500,000 股，占公司总股本的 58.86%，该部分限售 部分首次公开发行限售股上市流通的核查意见 1 华泰联合证券有限责任公司（以下简称"华泰联合"或"保荐机构"）作为 华熙生物科技股份有限公司（以下简称"华熙生物"或"公司"）首次公开发行 股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管 指引第 1 号——规范运作》等相关规定，对华熙生物部分首次公开发行限售股将 上市流通情况进行了审慎核查，并出具本核查意见，具体核查情况如下： 一、本次上市流通的限售股类型 股将于 2024 年 11 月 6 日起上市流通。 根据中国证券监督管理委员会于 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has launched two new products, "Runzhi·Gege" and "Runzhi·Feiran," which enhance its competitiveness in the medical beauty sector [3] - The launch of "Runzhi·Gege," a compound solution for neck anti-aging, expands the product matrix from facial to neck treatments, focusing on anti-aging [3] - "Runzhi·Feiran" is designed for lip enhancement, further broadening the brand's appeal to different age groups seeking comprehensive beauty solutions [3] - The company is advancing 48 transformation projects in 2024, indicating a strategic focus on innovation and market adaptation [3] - The planned reduction of shares by Guoshou Chengda is seen as a normal fund expiration, which will improve the company's liquidity in the secondary market [3] Financial Projections - The company is projected to achieve revenues of 6.175 billion, 7.112 billion, and 8.305 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 746 million, 886 million, and 1.040 billion yuan [4] - The expected price-to-earnings (PE) ratios for the same years are 37, 31, and 27 times [4] - Revenue growth rates are forecasted at 1.63%, 15.16%, and 16.78% for 2024, 2025, and 2026 respectively, following a decline of 4.45% in 2023 [5] Product Development and Market Strategy - The company is focusing on enhancing its product development capabilities, particularly in the field of hyaluronic acid, to support pipeline expansion [4] - The introduction of new products is expected to address the changing demands of consumers in the medical beauty market, which is becoming increasingly competitive [3][4]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 61.31 yuan [3]. Core Views - The company is a leader in hyaluronic acid, with a solid foundation in raw materials. The launch of new products under the Runzhi brand is expected to drive rapid growth in the medical aesthetics business. The performance of functional skincare products is undergoing adjustments, but medium to long-term growth in earnings is anticipated. The projected net profit attributable to the parent company for 2024-2026 is 712 million, 859 million, and 1.077 billion yuan, respectively, with year-on-year growth rates of +20.1%, +20.6%, and +25.4% [2][3]. Financial Forecast and Indicators - The company is expected to achieve operating revenues of 6,076 million, 6,529 million, 7,275 million, and 8,196 million yuan for the years 2024 to 2026, with growth rates of -4.5%, 7.5%, 11.4%, and 12.7% respectively [3][7]. - The net profit attributable to the parent company is forecasted to be 593 million, 712 million, 859 million, and 1,077 million yuan for the same period, with growth rates of -39.0%, 20.1%, 20.6%, and 25.4% [3][7]. - Earnings per share are projected to be 1.23, 1.48, 1.78, and 2.24 yuan for 2024 to 2026 [3][9]. - The price-to-earnings (PE) ratios for 2024, 2025, and 2026 are expected to be 50, 41, and 34, respectively, indicating a decrease in valuation over time [3][9]. Product Launches and Market Position - The company launched two new medical aesthetic products, "Runzhi·Gege" and "Runzhi·Feiran," on October 13, 2024. "Runzhi·Feiran" focuses on lip filling, enhancing the facial anti-aging product matrix, while "Runzhi·Gege" targets neck wrinkle correction, filling a gap in the neck anti-aging market [2]. - The introduction of the collagen tightening cream by the Runbaiyan brand on September 27, 2024, further strengthens the company's competitive position in the anti-aging sector and aims to meet diverse consumer needs through a combination of medical and cosmetic products [2].

证券代码：688363 证券简称：华熙生物 公告编号：2024-034 大股东持股的基本情况 截至本公告披露日，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。 减持计划的主要内容 国寿成达计划根据市场情况通过集中竞价、大宗交易的方式减持其所持有的本公 司股份合计不超过 12,041,955 股，拟减持股份数量占本公司总股本的比例合计不 超过 2.50%，其中以集中竞价方式减持比例不超过 1.00%，减持数量不超过 4,816,782 股；以大宗交易方式减持比例不超过 1.50%，减持数量不超过 7,225,173 股，减持期间为本公告披露 15 个交易日后 3 个月内，即 2024 年 10 月 31 日至 2025 年 1 月 28 日。 若计划减持期间本公司有送股、转增股本、配股、回购注销等股份变动事项，上 述股份数量做相应的调整，减持比例不变。 1 一、减持主体的 ...

Investment Rating - The report maintains a "Recommend" rating for the company, with expected net profit growth of +20.1%/+20.6%/+25.4% for 2024-2026 [2] Core Views - The company is a leader in the hyaluronic acid industry, with a stable raw material business and rapid growth in the medical aesthetics sector driven by the Runze brand [2] - The company's functional skincare business is undergoing strategic adjustments, with medium to long-term growth potential [2] - The newly launched medical-grade skincare products under the QuadHA brand are expected to enhance the company's product matrix and market positioning [1] Business Development - The company's Xiangtan production base officially commenced operations on September 22, 2024, focusing on medical terminal products [1][2] - The QuadHA brand entered the medical-grade skincare market with 5 new products across three series: Green Cross, Blue Cross, and Red Cross [1] - The Green Cross and Blue Cross series utilize the company's innovative enzyme-cut hyaluronic acid technology, targeting post-cosmetic procedure care [1] - The Red Cross series features medical-grade recombinant human collagen, providing wound healing and skin barrier protection [1] Financial Projections - Revenue is projected to grow from 6,076 million yuan in 2024E to 8,196 million yuan in 2026E, with growth rates of 7.5%, 11.4%, and 12.7% respectively [3][6] - Net profit attributable to parent company is expected to increase from 712 million yuan in 2024E to 1,077 million yuan in 2026E [3][6] - EPS is forecasted to grow from 1.23 yuan in 2024E to 2.24 yuan in 2026E [3][6] - PE ratio is expected to decrease from 31x in 2024E to 20x in 2026E [3][6] Product Portfolio - The company has a rich portfolio of Class III medical device products, including the Runyan series, Runze series, and CYTOCARE series [2] - In July 2024, the company's self-developed "Hyaluronic Acid Sodium Compound Solution for Injection" (Runze·Gege) was approved, further enriching the medical aesthetics product line [2]

证券代码：688363 证券简称：华熙生物 公告编号：2024-033 华熙生物科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 9 月 30 日(星期一) 上午 09:00-10:00 会议召开地点： 上海证券 交易所上证路演中心（ 网 址 ： https://roadshow.sseinfo.com/） 华熙生物科技股份有限公司（以下简称"公司"）已于 2024 年 8 月 24 日发 布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半 年度经营成果、财务状况，公司计划于 2024 年 9 月 30 日 上午 09:00-10:00 举 行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年半年度的经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的 ...

司 研 华福证券 华熙生物（688363.SH） 中报业绩暂承压，医疗终端业务高增 投资要点： 中报业绩暂承压，管理仍在变革。公司 24H1 营收 28.11 亿元，同比下 滑 8.61%，归母净利润为 3.42 亿元，同比下滑 19.51%，扣非归母净利润为 3.16 亿元，同比下滑 12.38%。单 Q2 营收 14.50 亿元，同比下滑 18.09%， 归母净利润为 0.98 亿元，同比下滑 56.10%，扣非归母净利润为 0.84 亿元， 同 比 下 滑 59.7% 。 24H1 毛 利 率 为 74.52%/yoy+0.72pct ， 净 利 率 为 12.11%/yoy-1.6pct。上半年业绩承压主要系：1）管理变革在短期产生费用， 影响短期损益；2）对研发、创新业务等长期性、战略性的投入持续增长； 3）功能性护肤品业务等正处于管理变革深水区，成果短期受到影响。 原料和医疗终端业务稳健增长，医疗终端业务为主要增长驱动力。拆 分来看：1）原料业务：2024 H1 公司原料业务实现收入 6.30 亿元 /+yoy11.02%，收入占比 22.47%。原料业务（不含弗思特）整体毛利率为 70.71%， ...

证券代码：688363 证券简称：华熙生物 公告编号：2024-032 华熙生物科技股份有限公司 关于回购公司股份期限届满暨回购实施结果公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2023/8/30，由实际控制人、董事长兼总经理赵燕 | | --- | --- | | | 女士提议 | | 回购方案实施期限 | 董事会审议通过后 12 个月 | | 预计回购金额 | 亿元~3 亿元 2 | | 回购价格上限 | 129.62 元/股（含）（调整后的价格） | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | 实际回购股数 | 3,315,538 股 | | 实际回购股数占总股本比例 | 0.6883% | | 实际回购金额 | 元 219,947,377.83 | | 实际回购价格区间 | 56.37 元/股~89.71 元/股 | 一、 回购审批情况和回购方案内容 公司于 2023 年 8 ...

公司点评 华熙生物(688363.SH) 2024 年 08 月 27 日 评级 买入 | --- | --- | |---------------------|-------------| | 评级变动 | 维持 | | 交易数据 | | | 当前价格（元） | 49.07 | | 52 周价格区间（元） | 49.07-93.92 | | 总市值（百万） | 23635.96 | | 流通市值（百万） | 9724.61 | | 总股本（万股） | 48167.90 | | 流通股（万股） | 19817.90 | 涨跌幅比较 华熙生物 美容护理 15% -5% -25% -45% | --- | --- | --- | --- | |----------|---------|---------|---------| | 2023-08 | 2024-02 | 2024-05 | 2024-08 | | % | 1M | 3M | 12M | | 华熙生物 | -16.31 | -17.25 | -44.63 | | 美容护理 | -8.48 | -24.06 | -38.99 | 张曦月 分析师 执业证 ...