证券代码：688363 证券简称：华熙生物 公告编号：2025-037 华熙生物科技股份有限公司 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： 一、 拟聘任会计师事务所的基本情况 （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 年成立的北 | | | | | --- | --- | --- | --- | --- | | | 京会计师事务所，2011 年经北京市财政局批准转制为特殊普 | | | | | | 通合伙，2012 年更名为致同会计师事务所(特殊普通合伙) | | | | | 成立日期 1981 | 年 特殊普通合伙企业 | 组织形式 | | | | 注册地址 | 北京市朝阳区建国门外大街 | 22 | 号赛特广场 | 5 层 | | 首席合伙人 李惠琦 | 239 人 | 上年度末合 | | | | | | 伙人数量 | | | | 上年末执业人员 | 注册会计师人数 | 1359 人 | | | | 数量 | 签署过证券服务业 | 445 ...

Core Viewpoint - The controlling shareholder of Huaxi Biological, Huaxi Xinyu Investment Co., Ltd., has completed a share buyback plan, increasing its stake in the company significantly [1] Summary by Relevant Sections - **Share Buyback Details** - From August 27, 2025, to September 30, 2025, Huaxi Xinyu Investment Co., Ltd. acquired a total of 4.5187 million shares through centralized bidding on the Shanghai Stock Exchange, representing 0.94% of the company's total share capital [1] - The total amount spent on the buyback was 257 million yuan [1] - **Shareholding Changes** - Prior to the buyback, Huaxi Xinyu held 283 million shares, accounting for 58.86% of the total shares [1] - After the buyback, the total shares held increased to 290 million, raising the ownership percentage to 60.11% [1] - **Completion of Buyback Plan** - The share buyback plan has been fully implemented as of the announcement date [1]

Core Insights - The medical beauty sector experienced a slight increase of 0.15% on September 30, with *ST Meigu leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Sector Performance - The closing prices and performance of key stocks in the medical beauty sector are as follows: - *ST Meigu (000615) closed at 3.34, up 1.83% with a trading volume of 122,900 shares and a turnover of 41.15 million yuan [1] - Huaxi Biological (688363) closed at 55.42, up 0.73% with a trading volume of 29,800 shares and a turnover of 164 million yuan [1] - Aimeike (300896) closed at 181.55, down 0.36% with a trading volume of 24,000 shares and a turnover of 43.5 million yuan [1] - Jinbo Biological (832982) closed at 281.59, down 0.95% with a trading volume of 5,375 shares and a turnover of 152 million yuan [1] Capital Flow - The medical beauty sector saw a net outflow of 23.11 million yuan from institutional investors, while retail investors contributed a net inflow of 31.04 million yuan [1] - Detailed capital flow for key stocks indicates: - Huaxi Biological experienced a net outflow of 9.59 million yuan, down 5.83% [2] - *ST Meigu had a net outflow of 1.25 million yuan, down 3.03% [2] - Aimeike faced a significant net outflow of 34.29 million yuan, down 7.89% [2]

Group 1 - The core viewpoint of the article is the strategic collaboration between Huaxi Bio (688363.SH) and Beijing Sails Pharmaceutical Technology Co., Ltd. in various fields including new veterinary drugs, innovative medical devices, and pet health [1] - The partnership aims to launch multiple clinically needed and high-tech innovative products over the coming years [1] - This collaboration is expected to contribute to the rapid development of the pet medical industry [1]

Core Viewpoint - Huaxi Bio and Beijing Sails Pharmaceutical Technology Co., Ltd. have announced a strategic cooperation in various fields including new veterinary drugs, innovative medical devices, and pet health, aiming to launch multiple clinically needed and high-tech innovative products in the coming years to support the rapid development of the pet medical industry [1] Group 1 - Huaxi Bio and Sails Pharmaceutical will collaborate on several high-tech innovative products [1] - The partnership focuses on areas such as new veterinary drugs and innovative medical devices [1] - The initiative aims to address clinical needs in the pet medical sector [1]

Core Insights - The medical beauty sector experienced a slight increase of 0.36% on September 29, with Huaxi Biological leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Medical Beauty Sector Performance - Huaxi Biological (688363) closed at 55.02, with a gain of 0.86% and a trading volume of 26,100 shares, amounting to a transaction value of 142 million yuan [1] - *ST Meigu (000615) closed at 3.28, up 0.61%, with a trading volume of 123,800 shares and a transaction value of 40.03 million yuan [1] - Aimeike (300896) closed at 182.20, down 0.01%, with a trading volume of 26,700 shares and a transaction value of 481 million yuan [1] - Jinbo Biological (832982) closed at 284.30, down 0.65%, with a trading volume of 4,900 shares and a transaction value of 140 million yuan [1] Capital Flow Analysis - The medical beauty sector saw a net outflow of 21.53 million yuan from institutional investors and a net outflow of 12.84 million yuan from speculative funds, while retail investors had a net inflow of 34.37 million yuan [1] - Huaxi Biological had a net inflow of 1.59 million yuan from institutional investors, while it experienced a net outflow of 4.76 million yuan from speculative funds [2] - Aimeike faced a significant net outflow of 22.60 million yuan from institutional investors, but retail investors contributed a net inflow of 29.07 million yuan [2]

Group 1 - Sanofi Pharmaceutical announced a subscription agreement with four investors, including Huaxi Biotechnology, to issue approximately 17.35 million new shares at HKD 12 per share, representing about 16.50% of the current issued share capital [2] - The share placement price reflects a discount of approximately 19.84% compared to Sanofi's closing price of HKD 14.97 on September 5 [2] - The total funds raised from this placement are expected to be around HKD 208 million, with a net amount of approximately HKD 206 million [2] Group 2 - Sanofi Pharmaceutical, a pioneer in the nucleic acid drug field in China, has not yet commercialized any products since its establishment in 2007 and is currently facing financial losses [6] - The company reported a net profit loss that narrowed from USD 216 million in 2021 to USD 50 million in 2024, but still recorded a loss of USD 3.49 million in the first half of 2025 [6] - As of June 30, 2025, the company's current assets were only USD 14 million, highlighting the need for sufficient funding to support clinical pipelines and market preparations [6] Group 3 - The core candidate drug STP705 is being developed for two tumor indications and has shown potential in the local fat reduction field, which is of particular interest to Huaxi Biotechnology [3][4] - STP705 has demonstrated excellent safety in early clinical trials, supporting its advancement to the II phase of development [4] - Huaxi Biotechnology's investment is seen as a strategic move to leverage Sanofi's technology platform, particularly in targeted fat reduction applications [7] Group 4 - Huaxi Biotechnology's investment in Sanofi is not merely financial but a strategic positioning in the small nucleic acid and RNAi technology field, with plans for further investment and collaboration if market and technology validation progresses [7] - The investment aims to provide Sanofi with much-needed capital support while opening doors for Huaxi Biotechnology in cutting-edge treatment areas [7] - The success of this partnership will depend on the clinical validation of technology, commercialization capabilities, and the depth of strategic collaboration between the two companies [7] Group 5 - Huaxi Biotechnology has faced growth challenges, with revenue declining from CNY 6.359 billion in 2022 to CNY 5.371 billion in 2024, marking a significant downturn [9] - The company's skin science innovation business, once a revenue pillar, has seen a substantial drop in income, contributing to overall performance issues [10] - The investment in Sanofi is viewed as a strategic response to these pressures, aiming to balance immediate financial needs with long-term innovation goals [12]

Core Viewpoint - Sanofi Pharmaceutical has signed a subscription agreement with four investors, including Huaxi Biotechnology, to issue approximately 17.35 million new shares at a price of HKD 12 per share, raising around HKD 208 million, which is crucial for addressing its commercialization challenges and funding needs [2][6]. Group 1: Investment Details - The share placement represents about 16.50% of the current issued share capital and is expected to account for approximately 14.16% of the total share capital post-placement [2]. - The subscription price reflects a discount of approximately 19.84% compared to Sanofi Pharmaceutical's closing price of HKD 14.97 per share on September 5 [2]. - Huaxi Biotechnology will hold a 9.44% stake in Sanofi Pharmaceutical, becoming its second-largest shareholder after the transaction [2][6]. Group 2: Company Background and Challenges - Sanofi Pharmaceutical, established in 2007 and listed on the Hong Kong Stock Exchange in 2021, focuses on RNAi technology for drug development, with its lead candidate STP705 targeting two tumor indications [2][6]. - The company has not yet commercialized any products and has been operating at a loss, with net losses narrowing from USD 216 million in 2021 to USD 50 million in 2024, but still recording a loss of USD 3.49 million in the first half of 2025 [6]. - As of June 30, 2025, the company's current assets were only USD 14 million, highlighting the need for sufficient funding to support clinical pipelines and market preparations [6]. Group 3: Strategic Implications for Huaxi Biotechnology - Huaxi Biotechnology's investment is not merely financial but a strategic move to position itself in the small nucleic acid and RNAi technology sectors, with potential applications in targeted fat reduction [7][8]. - The investment aims to open new growth avenues for Huaxi Biotechnology, which has faced declining revenues, with a 19.57% year-on-year drop in the first half of 2025 [8]. - The collaboration is expected to enhance clinical progress for Sanofi Pharmaceutical's core pipeline while also allowing Huaxi Biotechnology to explore further investments and partnerships if market and technology validations are successful [7][8]. Group 4: Market Context and Future Outlook - The investment reflects Huaxi Biotechnology's response to increasing competition in the cosmetic market, particularly in traditional areas like hyaluronic acid, which has seen a decline in growth [8][10]. - The strategic partnership aims to leverage Sanofi Pharmaceutical's innovative technology to create synergies, although challenges remain in integrating the distinct business models and technologies of both companies [14]. - The success of this collaboration will depend on the clinical validation of Sanofi Pharmaceutical's technology and the ability to commercialize products effectively [7][14].

Core Viewpoint - The article discusses the significant organizational changes and strategic shifts at Huaxi Biological, particularly focusing on the recent layoffs and the company's investment in Saint Nor Pharmaceutical, indicating a transition from a "traffic empire" to a "technology engine" in the biopharmaceutical sector [3][4][5]. Group 1: Layoff Turmoil - Huaxi Biological has undergone substantial layoffs and internal investigations, with teams like "Muscle Vitality" and "Mibelle" shrinking from over a hundred to just a few members, and compensation standards set at N+1 [4][6]. - CEO Zhao Yan has initiated a "clean-up" campaign, emphasizing zero tolerance for corruption and restructuring the company's power dynamics, leading to significant turnover in the executive team [4][5]. - The layoffs have created organizational instability, risking knowledge leakage and hindering product development and market responsiveness [6]. Group 2: Shift to Small Nucleic Acids - Huaxi Biological has invested approximately HKD 139 million to acquire a 9.44% stake in Saint Nor Pharmaceutical, aiming to leverage its RNA interference technology for weight loss treatments [8][9]. - Saint Nor is recognized as the first small nucleic acid drug company listed in the Asia-Pacific region, with a robust pipeline targeting various diseases, including cancer and metabolic disorders [9][10]. - The investment is seen as a strategic move to enter the innovative drug sector, with Huaxi planning to collaborate on clinical and commercial efforts for the STP705 targeted weight loss project [11]. Group 3: The Weight Loss Drug Market - The weight loss drug market is projected to grow significantly, with estimates suggesting it could reach CNY 800-1000 billion by 2030, capturing over one-third of the global market share [13][14]. - The increasing prevalence of obesity in China, with over 200 million individuals classified as obese, presents a substantial market opportunity for weight loss solutions [13]. - Regulatory support and advancements in drug technology are expected to facilitate market entry for new weight loss drugs, enhancing the competitive landscape [12][14]. Group 4: Future Market Dynamics - The article highlights the potential for the weight loss drug market to evolve into a comprehensive metabolic management ecosystem, integrating various therapeutic approaches and technologies [16]. - By 2035, advancements in drug delivery and treatment methodologies could significantly expand the market, with the potential for annual customer value to increase from CNY 10,000 to CNY 50,000 [16]. - The narrative emphasizes the need for stakeholders to view the weight loss drug market as part of a larger metabolic revolution, rather than merely a series of individual product launches [16].

Core Viewpoint - The 2025 CAME (China Aroma and Cosmetic Industry Annual Conference and Expo) held in Nanjing focused on "Technology, Brand, and Co-prosperity," showcasing over 500 brands and more than 1,000 new products, emphasizing the integration of government, industry, academia, research, and investment [2][5][38]. Group 1: Event Overview - The event featured high-quality, high-standard, and professional exhibitions, attracting leading beauty companies such as L'Oréal, Procter & Gamble, and Unilever, along with top raw material suppliers like BASF and DSM, creating an "all-star" lineup [5][10]. - CAME has evolved into a "core technology release conference" for domestic and international beauty brands and raw material companies, highlighting its significance in the industry [8][10]. Group 2: Technological Innovations - Numerous innovative technological achievements were showcased, with a strong emphasis on "Chinese-style innovation," including Proya's mitochondrial anti-aging technology and Shiseido's research on the hidden skincare benefits of fermented natto bacteria [10][11][17]. - Shanghai Jahwa introduced the industry's first non-invasive skin glycation quantification and imaging device, filling a gap in the cosmetic field [12]. Group 3: Industry Trends - The event highlighted a shift in the cosmetics industry from "scale expansion" to "value enhancement," with raw material innovation becoming a strategic pivot for this transformation [23][38]. - The demand for diverse consumer needs is pushing upstream supply chain companies to continuously innovate in technology research and scientific communication [23][26]. Group 4: Collaboration and Future Outlook - CAME serves as a bridge for collaboration among raw material suppliers, brands, distributors, and technology companies, accelerating technology transfer and commercial cooperation [34][37]. - The conference is viewed as a crucial opportunity for enhancing the global competitiveness of domestic brands, with a focus on high-quality innovation and development [38].