特别申明： 点击注册小程序 查看完整报告 一季度公司原料及医疗终端业务收入保持增长，生物活性物原料和医疗终端新管线研发、注册和市场化进 度加快，但皮肤科学创新及转化业务依然处于调整周期，拖累整体业绩表现。 毛利率同比小幅下滑，管理变革+长期战略性投入，期间费用率同比有所升高：1Q2025，公司毛利率为 72.2%，同比-3.6pcts；公司归母净利率为9.5%，同比-8.4pcts。 1Q2025，公司期间费用率为58.4%，同比+7.1pcts，其中销售、管理、研发和财务费用率分别为： 36.6%/12.5%/9.7%/-0.4%，分别同比+0.5/+4.0/+2.7 /-0.1pcts。我们认为管理费用率升高的主要原因系管理 变革以及长期战略性产能布局导致相关费用增加。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报 ...

Core Viewpoint - The domestic market competition for hyaluronic acid injection products is intensifying, with Huaxi Biological's new product "Bobo" being the first hyaluronic acid injection containing lidocaine approved for sale in China, aimed at improving user experience by reducing pain during injection [1][2]. Group 1: Product Launch and Market Position - Huaxi Biological's "Bobo" is composed of 15mg/ml hyaluronic acid and 3mg/ml lidocaine, designed to enhance treatment experience by minimizing pain [1]. - The product's pricing is yet to be determined, and its market performance remains uncertain due to the presence of numerous existing competitors in the market [3]. - "Bobo" is the 10th medical beauty injection product from Huaxi Biological, following several successful launches in the hyaluronic acid category [4]. Group 2: Financial Performance and Future Outlook - In 2024, Huaxi Biological's skincare business is expected to face challenges, but the medical beauty segment is showing steady growth, with projected revenue of 1.44 billion yuan, a year-on-year increase of 32.03% [5]. - The revenue from the micro-crosslinked "Renzhi® Doll Needle" has more than doubled year-on-year, while the newly launched "Renzhi·Gege" has surpassed 10 million yuan in revenue within just three months [5]. - The ability of Huaxi Biological to return to a growth trajectory in 2025 through its medical beauty business is under scrutiny [6].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.08 billion yuan in Q1 2025, a year-on-year decrease of 20.8%, and a net profit attributable to the parent company of 100 million yuan, down 58.1% year-on-year [1] - The skin science innovation and transformation business is still in an adjustment phase, impacting overall performance, although raw material and medical terminal business revenues continue to grow [2] - The approval of the first domestic Class III medical device for "facial skin quality improvement" enhances the company's aesthetic medicine product matrix, addressing market pain points and expected to open new growth opportunities [3] - The company is projected to achieve net profits of 467 million yuan, 668 million yuan, and 910 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 49, 34, and 25 [3][4] Financial Summary - For 2025, the company is expected to generate a revenue of 5.594 billion yuan, with a growth rate of 4.15% [4] - The gross profit margin for Q1 2025 was 72.2%, a decrease of 3.6 percentage points year-on-year, while the net profit margin was 9.5%, down 8.4 percentage points year-on-year [2] - The company’s operating expenses ratio for Q1 2025 was 58.4%, an increase of 7.1 percentage points year-on-year, attributed to management changes and long-term strategic investments [2] Profitability and Valuation Metrics - The projected EPS for 2025 is 0.97 yuan, with a return on equity (ROE) of 6.47% [4][10] - The company’s gross margin is expected to improve to 74.3% by 2025, with a net profit margin of 8.3% [10] - The company’s total assets are projected to reach 8.906 billion yuan by 2025, with total liabilities of 1.664 billion yuan [9]

Group 1: Aging Research and ECM - The 13th aging biomarker, "changes in the extracellular matrix (ECM)," has been added to the influential aging classification standards, highlighting its core role in human aging [1] - The decline in ECM viscoelasticity during aging is linked to various health improvements, including reduced cancer incidence and improved muscle function when high molecular weight hyaluronic acid (HA) is introduced [1] - ECM is a dynamic network that includes HA, collagen, and elastin, and its degradation accelerates systemic aging by affecting mitochondrial homeostasis and inflammation [1] Group 2: Role of Hyaluronic Acid - Hyaluronic acid (HA) plays a crucial role in ECM aging, providing structural support for collagen and activating fibroblasts through signaling pathways [2] - The interaction between HA and collagen is essential for ECM function, and a decline in HA leads to impaired collagen synthesis and overall aging [2] - Traditional anti-aging strategies often focus on single components, but a systemic approach that includes high molecular weight HA can restore ECM balance and promote long-term repair [2] Group 3: Company Insights - Huaxi Biological, a leader in the hyaluronic acid sector, has developed a unique polysaccharide research and development platform and holds a significant position in the global sugar biology industry [3] - The company’s product "Runbaiyan.BoBo," a hyaluronic acid sodium solution with lidocaine, has received approval as a Class III medical device, marking a significant advancement in ECM aging intervention research [3] - The approval of this product indicates stricter regulations in the market, raising entry barriers and promoting industry standardization [3]

公司股东户数为3.27万户，前十大股东持股数量为3.55亿股，占总股本比例为73.70%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | J | 华熙昕宇投资有限公司 | 58.86% | | 2 | 国寿股权投资有限公司-国寿成达(上海)健康产业股权投资中心(有限合伙) | 6.01% | | 3 | 招商银行股份有限公司-华夏上证科创板50成份交易型开放式指数证券投资基金 | 2.26% | | 4 | 中国工商银行股份有限公司-易方达上证科创板50成份交易型开放式指数证券投 资基金 | 1.61% | | ર્ | 刘正 | 1.25% | | 6 | 北京通汇泰和投资管理有限公司-北京国寿泰和一期股权投资合伙企业(有限合伙) | 1.15% | | 7 | 香港中央结算有限公司 | 0.93% | | 8 | 中国银行股份有限公司-招商国证生物医药指数分级证券投资基金 | 0.65% | | 9 | 中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金 | 0.52% | | 10 | 全国社保基金 -- 八组合 | 0.4 ...

Core Viewpoint - The company reported a significant recovery in net profit for the first quarter of 2025, achieving a net profit of 102 million yuan, compared to a loss of 188 million yuan in the fourth quarter of 2024, indicating a positive turnaround in financial performance [4][19]. Financial Performance - The company achieved a net profit of 102 million yuan in Q1 2025, an increase of approximately 290 million yuan compared to the loss of 188 million yuan in Q4 2024 [4]. - Excluding impairment losses, the net profit increased by about 180 million yuan compared to the previous quarter [4]. - The company recognized credit impairment losses and asset impairment losses totaling 20.6853 million yuan in Q1 2025 [20]. Business Segments - The company's bioactive materials and medical terminal businesses remained stable, with accelerated R&D and marketization of new products [4]. - The skin science innovation transformation business is undergoing an adjustment period, with management changes initiated by the chairman to address underlying issues [4][6]. - The decline in the skin science business is attributed to a deviation from the company's core technological advantages rather than increased market competition [4][6]. Strategic Initiatives - The chairman has taken direct management of brand and communication strategies, focusing on maintaining the company's brand and implementing a new content system based on technological strength [6]. - The company has restructured its personal health consumer goods business into a skin science innovation transformation business, aiming to build a young and professional management team [6]. - A "Frontier Insight Scientific Content Research Center" has been established to integrate technological innovations across various business lines [6]. Industry Context - Glycobiology, the field of study focused on glycans, is rapidly developing and holds significant potential for applications in aging intervention and cancer treatment [11][12]. - The company is positioned as a leader in the glycoscience industry, leveraging its expertise in hyaluronic acid and its extensive research and production capabilities [13].

Core Insights - Huaxi Bio reported a revenue of 1.078 billion and a net profit attributable to shareholders of 102 million for Q1 2025, showing an increase of approximately 290 million compared to Q4 2024. Excluding impairment losses, net profit increased by about 180 million compared to Q4 2024 [1] Business Performance - The company's bioactive substances and medical terminal businesses remained stable, with accelerated R&D, registration, and marketization of new raw materials and pipelines [1] - The skin science innovation transformation business, which has a significant revenue share, is undergoing an adjustment period. The decline is attributed not to intensified market competition but to a deviation from the company's core technological advantages in hyaluronic acid and glyco-biology [1][2] Management Changes - The chairman and general manager has begun to directly manage the skin science innovation transformation business, focusing on brand management and implementing technology and brand positioning based on global research advancements [2] - The company has renamed its "personal health consumer products business" to "skin science innovation transformation business" and is restructuring its management and operations team to enhance its competitive edge [2] Strategic Investments - The establishment of a "Frontier Insight Scientific Content Research Center" aims to integrate underlying technological innovations across various business lines to support brand communication [3] - The company is investing in supply chain transformation to enhance production efficiency and has made significant investments in strategic innovation businesses, including regenerative medicine and nutritional science [3] - The overall employee compensation has increased due to the implementation of a new compensation system, reflecting the company's commitment to long-term strategic investments [3]

本次一季报公告中，华熙生物再次强调，近年来，公司对长期性、战略性、前置性的投入较大。包括： 一，公司推进供应链改造，提升生产效率和智能化水平，落地包括海口（再生医学基地）、天津（64 条中试转化生产线）、东营、湘潭等产能布局，进一步巩固全产业链优势，上述投资陆续转固，公司供 应链相关费用同比增加。二，公司持续保持前瞻性研发投入，聚焦前沿科技领域，为公司可持续发展和 提升中长期竞争力提供研发资源保障，研发费用同比有所增加。三，公司持续加大在创新业务领域的投 入，积极布局未来市场空间大、发展前景好的新兴业务，如再生医学、营养科学创新转化业务等。报告 期内，战略性创新业务投入同比保持稳定，将有望为公司未来发展打开新的增长空间。四，公司管理变 革——薪酬体系套改 2024 年 4 月左右落地，员工整体薪酬同比有所增加。 股价方面，截至4月25日收盘，华熙生物报47.60元/股，收涨0.57%，总市值约229亿元。 对于2024年业绩承压，华熙生物解释称，原因包括：第一，公司坚持并持续贯彻管理变革，推进管理变 革项目的落地。因管理变革的组织架构升级、薪酬体系变革、咨询公司费用和股权激励费用等超过 7,000 万元，影响 ...

一、 计提资产减值准备的概述 2025年第一季度，公司确认信用减值损失和资产减值损失共计2,068.53万元, 具体情况如下表所示： 单位：人民币万元 | 序号 | 项目 | 年第一季度发生金额 2025 | 备注 | | --- | --- | --- | --- | | 1 | 信用减值损失（损失以"-" | | 应收账款、其他应收 -2,166.89 | | | 号填列） | | 款的坏账准备 | | 2 | 资产减值损失（损失以"-" 号填列） | | 98.36存货跌价准备 | | | 合计 | | -2,068.53 | 证券代码：688363 证券简称：华熙生物 公告编号：2025-015 华熙生物科技股份有限公司 关于 2025 年第一季度计提大额资产减值准备的公告 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。 华熙生物科技股份有限公司（以下简称"公司"）根据财政部发布的企业会 计准则及其应用指南、解释及其他有关规定（统称："企业会计准则"）、公司 会计政策及会计估计的规定，基于谨慎性原则，对截至2025 ...

华熙生物科技股份有限公司 关于董事会及监事会延期换届的提示性公告 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。 华熙生物科技股份有限公司（以下简称"公司"）第二届董事会、监事会任 期于 2025 年 4 月 25 日届满。鉴于公司新一届董事会及监事会换届工作尚在积极 筹备中，为保证公司董事会、监事会相关工作的连续性和稳定性，公司董事会、 监事会将延期换届，董事会各专门委员会、高级管理人员的任期亦相应顺延。 证券代码：688363 证券简称：华熙生物 公告编号：2025-016 在董事会、监事会换届选举工作完成前，公司第二届董事会、监事会全体成 员、董事会各专门委员会成员及高级管理人员将依照相关法律法规和《公司章程》 等的规定，继续履行董事、监事及高级管理人员的职责和义务。 2025 年 4 月 26 日 特此公告。 华熙生物科技股份有限公司董事会 公司董事会、监事会延期换届不会影响公司的正常运营。公司将积极推进相 关工作，尽快完成董事会与监事会的换届选举工作并及时履行信息披露义务。 ...