此次会议得到了华熙生物总部和华熙生物科技(天津)有限公司的支持。与会嘉宾参观了公司在天津重点 投资建设的合成生物中试成果转化中心。该中心具有"柔性化"和"平台化"两大创新特点。首先，通 过"模块化"和"抽屉式"的先进理念优化中试环节，覆盖从发酵、纯化到精制的全工艺流程，旨在为技术 成果转化提供高效可靠的工艺支持与全面解决方案，可承接医药级、护肤品级、食品级等多种生物活性 物原料产品的中试及小规模商业化生产；同时，该平台以"平台化"模式向社会开放，提供生物制造的中 试转化服务，打造具有概念验证、工艺研发、中试验证、检验检测、产业化应用等全方位中试服务平 台，加速科技成果从实验室样品到生产线产品以及市场化商品的转化。 颜江瑛说，中国香妆协会将持续深化媒体协作机制建设，强化国际传播能力，推动中国香妆行业在全球 科技与创新浪潮中占据更高地位。期待媒体朋友们以真知灼见碰撞思想火花，让专业声音穿透信息迷 雾，让国货科技赢得信赖，推动中国香妆从"中国制造"向"中国智造""中国创造"的跃迁升级，在全球美 妆产业格局中奏响中国最强音。 中国香妆协会产业研究中心主任姚永斌介绍了媒体协作机制年度工作情况。为促进多方观点碰撞，会议 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to a decrease in income from its skin science innovation transformation business [1] Financial Performance - Revenue for the first half of 2025 decreased by 19.57% to 2.261 billion yuan, while net profit attributable to shareholders fell by 35.38% to 221 million yuan [1] - In Q2 2025, the company achieved revenue of 1.183 billion yuan, a year-on-year decline of 18.44%, but net profit increased by 20.89% to 119 million yuan [1] - The company recorded a credit impairment loss and asset impairment loss of approximately 48.37 million yuan in Q2 2025 [1] Business Segments - The raw material business generated revenue of 626 million yuan, a slight decrease of 0.58%, accounting for 27.70% of total revenue [1] - The medical terminal business reported revenue of 673 million yuan, down 9.44%, representing 29.77% of total revenue [2] - The skin science innovation transformation business saw revenue drop by 33.97% to 912 million yuan, making up 40.36% of total revenue [3] Product and Brand Development - The overall gross margin for the raw material business (excluding First) was 66.34%, with medical-grade hyaluronic acid raw materials achieving a gross margin of 85.09% [2] - The First brand generated revenue of 56.58 million yuan, a growth of 61.28%, while the Huaxi brand remained stable at 569 million yuan [2] - The company is focusing on product structure optimization and has introduced new products like the "All-in-One Repair Essence" and CT50 series targeting anti-aging [4][5] Market Strategy - The company is shifting from a sales logic driven by traffic to a brand communication logic based on scientific validation [3] - The company aims to enhance brand trust through deep interactions with consumers on platforms like Xiaohongshu and WeChat, creating a marketing loop from content to sales conversion [3] - The company has optimized its organizational structure to improve operational efficiency and reduce costs [5]

Core Viewpoint - Huaxi Bio's performance in the first half of 2025 showed significant declines in revenue and profit, but there are signs of recovery in the second quarter, indicating potential for future growth [1][4][14]. Financial Performance Summary - In the first half of 2025, Huaxi Bio reported revenue of 2.26 billion yuan, a year-on-year decrease of 19.57% [1][3]. - The net profit attributable to shareholders was 221 million yuan, down 35.38% year-on-year, while the net profit after deducting non-recurring gains and losses fell by 45% to 218 million yuan [1][3]. - Operating cash flow was 218 million yuan, a decline of 17.49% compared to the previous year [1][3]. - In the second quarter, revenue was 1.18 billion yuan, a decrease of 18.44% year-on-year, but net profit increased by 20.89% to 119 million yuan, marking a return to growth [4][14]. Operational Changes and Strategies - Founder Zhao Yan returned to the frontline in March 2025, implementing significant reforms including management restructuring and cost-cutting measures [4][8]. - Sales expenses decreased by 31.44% to 808 million yuan in the first half of 2025, with a sales expense ratio of 35.74%, the lowest in five years [10][12]. - The company is shifting its marketing strategy from a scale-oriented approach to an efficiency-oriented model, focusing on brand efficacy [12][13]. Inventory and Efficiency - The inventory turnover days improved from 391 days in the first quarter to 321 days in the second quarter, indicating enhanced operational efficiency [4][14]. - Despite a reduction in inventory balance to 1.168 billion yuan, it remains at historically high levels, suggesting further optimization is needed [4][14]. Business Segment Performance - The revenue from the raw materials segment was 626 million yuan, down 0.58%, while the medical terminal business generated 673 million yuan, down 9.44% [15]. - The skin science innovation segment saw a significant decline, with revenue of 912 million yuan, down 33.97%, while the nutrition science segment grew by 32.4% to 38 million yuan [15][16]. - The skin science segment remains the largest, accounting for 40.34% of total revenue, despite being the most affected by declines [16]. Company Culture and Market Position - The return of Zhao Yan has led to a shift in the company's culture, characterized by a more aggressive stance in addressing market challenges and public relations issues [17][18]. - The company has actively engaged in industry discussions, particularly regarding the comparison of its products with competitors, showcasing a strong commitment to market leadership [18][19].

公司代码：688363 公司简称：华熙生物 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn网站仔细阅读半年度报告全文。 1.2重大风险提示 报告期内，不存在对公司生产经营构成实质性影响的重大风险。公司已于本报告中详细描述了生产经营 中面临的有关风险，详见本报告第三节"管理层讨论与分析"中关于公司风险因素的相关内容。 1.3本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.4公司全体董事出席董事会会议。 1.5本半年度报告未经审计。 1.6董事会决议通过的本报告期利润分配预案或公积金转增股本预案 1.7是否存在公司治理特殊安排等重要事项 □适用 √不适用 第二节 公司基本情况 2.1公司简介 公司股票简况 ■ 公司存托凭证简况 □适用 √不适用 联系人和联系方式 无 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4前十名境内存托凭证持有人 ...

Core Insights - The company has made significant progress in its "Quality Improvement and Efficiency Enhancement" initiative, focusing on core business areas, operational management, technological innovation, corporate governance, and investor returns [1][5][6] Group 1: Business Performance - The company reported a revenue of 1.183 billion yuan in Q2 2025, a year-on-year decrease of 18.44%, while net profit attributable to shareholders was 119 million yuan, an increase of 20.89% [5] - For the first half of 2025, total revenue was 2.261 billion yuan, down 19.57% year-on-year, with net profit attributable to shareholders declining by 35.38% [5] - The company’s inventory turnover days decreased from 391 days in Q1 2025 to 321 days in Q2 2025, indicating improved operational efficiency [5] Group 2: Research and Development - The company has reduced its R&D projects by 88 compared to 2024, focusing on high-barrier raw materials and medical terminal businesses [2][5] - R&D expenses for the first half of 2025 were approximately 231 million yuan, representing a 15.25% increase year-on-year, with R&D expenses accounting for 10.22% of total revenue [24] - The company has obtained 293 new authorized intellectual property rights, including 33 invention patents, as part of its ongoing innovation efforts [24] Group 3: Market Strategy - The company is focusing on high-barrier technology asset transformation and enhancing its consumer goods business advantages, particularly in the fields of aging intervention and tissue regeneration [2][5] - The company has launched new products, including injection-grade Hyatrue cross-linked sodium hyaluronate and BloomColla recombinant type III humanized collagen, to strengthen its product matrix [7][26] - The company aims to optimize its brand communication model, shifting from a sales volume-driven approach to an efficiency-driven strategy [2][5] Group 4: Organizational Changes - The company is restructuring its organizational and talent systems, focusing on selecting and cultivating entrepreneurial talents aligned with its values [3][4] - Management expenses increased by approximately 29 million yuan due to organizational upgrades, impacting short-term profits but laying a foundation for long-term growth [4] Group 5: Supply Chain and Quality Management - The company is enhancing its global supply chain resilience and optimizing production efficiency through automation and digital systems [20][21] - A quality insight mechanism has been established to convert scattered quality information into valuable insights, driving continuous quality improvement [21] Group 6: Sustainability and Governance - The company is implementing an ESG management system to promote low-carbon transformation across its value chain [30][31] - The governance structure has been revised to align with the latest regulatory requirements, ensuring compliance and operational efficiency [32][33]

Overview - The company announced a significant asset impairment provision for the second quarter of 2025, totaling 4,837.27 million RMB, which includes credit impairment losses of 599.86 million RMB and inventory impairment losses of 4,237.41 million RMB [1][2][4] Asset Impairment Provision Summary - The company recognized credit impairment losses of 599.86 million RMB, with accounts receivable bad debt provision amounting to 688.00 million RMB and a reversal of other receivables bad debt provision of 88.14 million RMB [2] - The total bad debt provision for the second quarter reached 599.86 million RMB, with the balance of accounts receivable bad debt provision at 12,430.66 million RMB, representing 18.22% of the accounts receivable balance [2] - The company also recognized inventory impairment losses of 4,237.41 million RMB, with the total balance of inventory impairment provision at 8,047.73 million RMB, accounting for 6.44% of the inventory balance [2] Impact on Financials - The asset impairment provision will reduce the company's total profit for the second quarter of 2025 by 4,837.27 million RMB, but it will not change the overall profit or loss situation of the company [3][4] - The provision reflects the company's actual situation and complies with accounting standards, ensuring that it does not harm the interests of the company and its shareholders [4]

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue at 2.261 billion yuan, down 19.57% year-on-year, and net profit attributable to shareholders at 221 million yuan, down 35.38% [1] - The decline in revenue is primarily attributed to a decrease in the skin science innovation transformation business, which saw a revenue drop of 33.97% [1] Revenue Breakdown - The raw material business generated revenue of 626 million yuan, a slight decrease of 0.58%, accounting for 27.70% of the company's main business revenue [1] - The medical terminal business reported revenue of 673 million yuan, down 9.44%, representing 29.77% of the main business revenue [1] - The skin science innovation transformation business earned 912 million yuan, down 33.97%, making up 40.36% of the main business revenue [1] - The nutrition science innovation transformation business, under Huaxi Dangkang, achieved revenue of 38 million yuan, an increase of 32.40% [1] Product Portfolio - The company offers medical beauty products under two main brands, "Runbaiyan" and "Runzhi," covering a range of applications from skin care to layered anti-aging [2] - The core brand Runzhi has launched multiple products targeting different skin layer needs, including Runzhi Natural, No. 2, No. 3, No. 5, Feiran Needle, and Yaoran Needle [2] - The company has developed a matrix of compliant skin care products based on in-depth research of extracellular matrix (ECM) effects on aging, including Runbaiyan·Glass, Runzhi·Tito, Runzhi·Gege, and Runzhi Doll Needle [2] - Runzhi Zhenhuo(®) is marketed for post-operative skin care, providing a comprehensive solution to enhance customer and consumer satisfaction through a diverse product series [2]

Core Viewpoint - Huaxi Biological (688363) reported a decline in both revenue and net profit for the first half of the year, indicating challenges in its skin science innovation business [2]. Financial Performance - The company achieved operating revenue of 2.261 billion yuan, a year-on-year decrease of 19.57% [2]. - The net profit attributable to shareholders was 221 million yuan, down 35.38% year-on-year [2]. Business Strategy - The decline in net profit is primarily attributed to the decrease in revenue from the skin science innovation transformation business [2]. - The company aims to continue its focus on technological innovation and the application of synthetic biology in more fields, while optimizing its business structure and improving operational efficiency to achieve high-quality development [2].

Growth - Shudao Equipment reported a net profit of 10.15 million yuan in the first half of the year, a year-on-year increase of 5972.30% [1] - Aerospace Science and Technology achieved a net profit of 88.97 million yuan, up 2161.91% year-on-year [1] - Tianbao Infrastructure's net profit reached 118 million yuan, growing by 2106.58% year-on-year [1] - Northern Rare Earth reported a net profit of 931 million yuan, an increase of 1951.52% year-on-year [1] - Liugang Co., Ltd. posted a net profit of 36.8 million yuan, up 579.54% year-on-year [1] - Cheng Tian Wei Ye's net profit was 10.88 million yuan, increasing by 562.05% year-on-year [1] - Perfect World reported a net profit of 503 million yuan, a year-on-year increase of 384.52% [1] - Shenghong Technology achieved a net profit of 2.143 billion yuan, up 366.89% year-on-year [1] - Zhongke Magnetic Industry's net profit was 20.90 million yuan, increasing by 271.78% year-on-year [1] - Xinjiang Communications Construction reported a net profit of 255 million yuan, up 255.25% year-on-year [1] - Shennong Group achieved a net profit of 388 million yuan, a year-on-year increase of 212.65% [1] - Daikin Heavy Industries reported a net profit of 547 million yuan, up 214.32% year-on-year [1] - Fostar's net profit was 251 million yuan, increasing by 140.45% year-on-year [1] - Guohua Airlines achieved a net profit of 1.24 billion yuan, up 86.15% year-on-year [1] - China Electric Port reported a net profit of 181 million yuan, increasing by 64.98% year-on-year [1] - Ailisi's net profit was 1.051 billion yuan, up 60.22% year-on-year [1] - Zijin Mining reported a net profit of 23.292 billion yuan, a year-on-year increase of 54.41% [1] - Zhongke Chuangda achieved a net profit of 158 million yuan, up 51.84% year-on-year [1] - Sichuan Gold reported a net profit of 209 million yuan, increasing by 48.41% year-on-year [1] - Dongxing Securities achieved a net profit of 819 million yuan, up 42.12% year-on-year [1] - Fosun Pharma reported a net profit of 1.702 billion yuan, a year-on-year increase of 38.96% [1] - Kotec Power's net profit was 23.99 million yuan, increasing by 35.52% year-on-year [1] - Dongshan Precision reported a net profit of 758 million yuan, up 35.21% year-on-year [1] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87% [1] - Shenzhen Huaqiang reported a net profit of 236 million yuan, increasing by 33.45% year-on-year [1] - Conch Cement achieved a net profit of 4.368 billion yuan, up 31.34% year-on-year [1] - Jiuzhoutong reported a net profit of 1.446 billion yuan, increasing by 19.7% year-on-year [1] - Aofei Data achieved a net profit of 87.89 million yuan, a year-on-year increase of 16.09% [2] Decline and Loss - Huachang Chemical reported a net profit of 1.09 million yuan, a year-on-year decrease of 97.58% [2] - Meibang Apparel achieved a net profit of 993,030 yuan, down 87.07% year-on-year [2] - Toukeng Life reported a net profit of 275,930 yuan, a decrease of 58.41% year-on-year [2] - BlueFocus reported a net profit of 96.44 million yuan, down 47.33% year-on-year [2] - China Gold achieved a net profit of 31.9 million yuan, a decrease of 46.35% year-on-year [2] - Huaxi Biological reported a net profit of 22.1 million yuan, down 35.38% year-on-year [2] - Zhejiang New Energy achieved a net profit of 29.2 million yuan, down 34.65% year-on-year [2] - Hainan Mining reported a net profit of 28.1 million yuan, a decrease of 30.36% year-on-year [2] - Changying Precision achieved a net profit of 30.6 million yuan, down 29.37% year-on-year [2] - China Duty Free reported a net profit of 2.6 billion yuan, down 20.81% year-on-year [2] - Jiangling Motors achieved a net profit of 73.3 million yuan, down 18.17% year-on-year [2] - Donghua Software reported a net profit of 24.4 million yuan, down 15.78% year-on-year [2] - Hengda New Materials achieved a net profit of 3.4235 million yuan, down 12.68% year-on-year [2] - Yaoji Technology reported a net profit of 25.6 million yuan, down 9.98% year-on-year [2] - Ping An Insurance achieved a net profit of 68.047 billion yuan, down 8.8% year-on-year [2] - China Petroleum reported a net profit of 840.07 billion yuan, down 5.4% year-on-year [2] - 360 reported a net loss of 28.2 million yuan [2] - Electric Wind Power reported a net loss of 27.9 million yuan [2] Losses - Suzhou Keda reported a net loss of 21.7 million yuan [3] - Yuntian Lifa achieved a net loss of 20.6 million yuan [3] - Kosen Technology reported a net loss of 10.5 million yuan [3] - Xinyada reported a net loss of 5.2635 million yuan [3] - Chengfei Integration achieved a net loss of 1.49208 million yuan [3] - China Film reported a net loss of 11 million yuan, turning from profit to loss year-on-year [3]

Core Viewpoint - Huaxi Biological (688363) reported a significant decline in both revenue and net profit for the first half of the year, indicating challenges in its skin science innovation business [1] Financial Performance - The company achieved operating revenue of 2.261 billion yuan, a year-on-year decrease of 19.57% [1] - The net profit attributable to shareholders was 221 million yuan, down 35.38% year-on-year [1] Business Strategy - The decline in net profit is primarily attributed to the decrease in revenue from the skin science innovation transformation business [1] - The company aims to continue its focus on technological innovation and the application of synthetic biology in more fields [1] - There is an emphasis on optimizing business structure and improving operational efficiency to achieve high-quality development goals [1]