Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [11]. Core Insights - The company reported a revenue of 5.371 billion yuan in 2024, a decrease of 11.61% year-on-year, with a net profit attributable to shareholders of 174 million yuan, down 70.59% [12][13]. - The medical beauty segment is experiencing rapid growth, while the skincare segment is undergoing adjustments [13][16]. - The company plans to distribute a cash dividend of 1.10 yuan per 10 shares (tax included) [12]. Financial Performance Summary - Revenue breakdown for 2024 includes: - Raw material products: 1.236 billion yuan, accounting for 23.02% of total revenue, up 9.47% [13]. - Medical terminal products: 1.440 billion yuan, accounting for 26.80%, up 32.03% [13]. - Skin science innovation conversion business: 2.569 billion yuan, accounting for 47.84%, down 31.62% [13]. - Other products: 116 million yuan, up 17.81% [13]. - The company’s gross margin for 2024 was 74.07%, an increase of 0.75 percentage points, while the net profit margin was 3.24%, a decrease of 6.51 percentage points [15]. Expense Analysis - The overall expense ratio for 2024 was 66.69%, an increase of 4.97 percentage points [14]. - Sales expense ratio decreased to 45.88%, while management expense ratio increased to 12.26% due to organizational adjustments [14]. - R&D expense ratio rose to 8.68%, reflecting an increase in R&D projects and associated costs [14]. Future Projections - Revenue projections for 2025-2027 are estimated at 5.782 billion yuan, 6.646 billion yuan, and 7.818 billion yuan, respectively [14][17]. - Net profit projections for the same period are 457 million yuan, 634 million yuan, and 808 million yuan, respectively [14][17]. - Corresponding price-to-earnings (PE) ratios are expected to be 51x, 36x, and 29x for 2025, 2026, and 2027, respectively [14][17].

在公司盈利能力下滑的同时，现任董监高2024年薪酬却较上年翻倍、高层出现"大换血" 营收同比下滑逾10%、净利创上市后新低，昔日玻尿酸龙头华熙生物（688363.SH）大刀阔斧调整业务 之际，2024年业绩遭遇"滑铁卢"。 功能性护肤品业务是华熙生物的核心业务，受市场竞争加剧与战略调整影响，2024年该项业务在上年同 期下滑的情形下，进一步下滑三成，使得公司整体收入承压。管理费用增长、董监高薪资骤增、计提资 产减值等因素侵蚀了净利润，公司去年销售净利率下降至3.14%，为上市后最低值。 华熙生物表示，去年经营业绩表现不佳，是因为"管理变革和战略升级带来了短期的业绩压力"。但在公 司盈利能力下滑的同时，现任董监高2024年薪酬却较上年接近翻倍、高层出现"大换血"，这也让不少投 资者担忧转型的真实成果。 截至最新收盘日，华熙生物股价报48元，较历史最高价回撤约85%，上周盘中曾创下历史最低价 （42.51元），总市值231亿元。 核心业务收入下滑，拖累全年业绩 财报显示，2024年华熙生物实现营业收入53.7亿元，同比减少11.61%，实现归母净利润1.74亿元，同比 下滑70.6%，扣非后归母净利润1.07亿元 ...

近期，美国在全世界挥舞着关税大棒成为全球资本市场的焦点话题。在这一背景下，华熙生物的2024年 财报不仅关乎企业自身的发展轨迹，更成为观察中国生物科技企业在全球产业链中地位与韧性的重要窗 口。尽管财报数据显示公司业绩短期承压，但深入剖析其战略布局与科技投入，我们不难发现，华熙生 物正以一种更具前瞻性和战略定力的姿态，稳步迈向从"玻尿酸龙头"到"生命科学解决方案商"的华丽转 身，其在糖生物学与再生医学领域的深耕，更是为全球生物科技产业贡献了"中国方案"的新思路。 短期波动： 行业转型期的"成长之痛" 在全球经济风云变幻、国内消费市场深度调整的大背景下，华熙生物2024年财报数据的波动引发广泛关 注。财报数据显示，2024年华熙生物实现营业收入53.71亿元，同比下降11.61%；归属于上市公司股东的 净利润为1.74 亿元，下降70.59%。但拨开数据表象，深入探寻公司战略布局、行业发展趋势以及跨行业 创新融合的脉络，就会发现，这一短期波动实则是行业发展周期与企业自身战略转型叠加的必然结果。 当下，生命科学关联产业，如美妆护肤、医美等细分赛道，正经历从增量扩张向存量博弈的关键转变。 以功能性护肤品市场为例，全球 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, indicating challenges in its financial performance and operational adjustments [2][5]. Group 1: Financial Performance - In 2024, the company achieved revenue of 5.37 billion yuan, a year-on-year decrease of 11.6%, and a net profit attributable to shareholders of 170 million yuan, down 70.6% year-on-year [2]. - For Q4 2024, the company recorded revenue of 1.5 billion yuan, a decline of 19.3% year-on-year, and a net profit of -190 million yuan, marking a shift from profit to loss [2]. - The gross profit margin for 2024 was 74.1%, an increase of 0.8 percentage points year-on-year, while the net profit margin was 3.2%, a decrease of 6.5 percentage points year-on-year [5][6]. Group 2: Business Segments - The raw material business showed steady growth, with revenue of 1.24 billion yuan, a year-on-year increase of 9.5%, while the medical terminal business grew significantly by 32.0% to 1.44 billion yuan. However, the skin science innovation transformation business saw a decline of 31.6%, generating 2.57 billion yuan [3]. - The company’s revenue from domestic and international markets was 4.47 billion yuan and 890 million yuan, respectively, with domestic revenue decreasing by 14.9% and international revenue increasing by 8.6% [3]. - The company launched 96 raw material and synthetic biology R&D projects in 2024, resulting in the introduction of 10 new bioactive raw materials [3]. Group 3: Medical Aesthetics Business - In 2024, the company sold 11.44 million units of injectable products, a year-on-year increase of 24.5%, with significant growth in the revenue from the "Runzhi Doll Needle" product, which more than doubled [4]. - The company plans to launch more products targeting high-value areas such as the nose, chin, and eye regions within the next 1-2 years, expanding its anti-aging product matrix [4]. Group 4: Management and Strategic Changes - The company faced short-term pressure on operating performance due to management changes, increased strategic investments, and impairment provisions totaling approximately 190 million yuan [8]. - The increase in operating expenses was attributed to organizational restructuring, supply chain improvements, and strategic innovation investments exceeding 100 million yuan [8].

转自：推广 文 | 周涛 4月11日，华熙生物交出了一份喜忧参半的年度答卷：公司全年实现营业收入53.71亿元，同比下降 11.61%，归母净利润1.74亿元，同比大幅下滑70.59%。显然，这一业绩表现低于市场预期。 根据华熙生物2024年年度报告，华熙生物核心业务板块呈现明显分化：原料业务逆势增长9.47%至12.36 亿元，医疗终端业务同比大增32.03%至14.4亿元，而占营收47.92%的皮肤科学创新转化业务（原护肤 品）收入下滑31.62%。这一"两升一降"的格局，恰是华熙生物战略调整的缩影。 具体来看，华熙生物医疗终端业务逆势爆发式增长，全年收入14.40亿元，同比激增32.03%，成为业绩 核心支撑点。其中，皮肤类医疗产品收入首次突破10亿元大关，达10.73亿元，同比增幅高达43.57%。 明星产品微交联润致娃娃针凭借差异化技术优势，收入同比增长超100%，覆盖医美机构数量突破5000 家，单针复购率超过40%。该产品通过微交联技术实现18-24个月的长效抗衰效果，在轻医美市场中形 成独特竞争壁垒。 图 华熙生物构建了"基础研究——应用开发——产业转化"的三级研发体系，通过全球研发平台整合资 ...

4月10日，国内生物科技龙头企业华熙生物(688363.SH)发布了2024年度财报。数据显示，全年实现营收 53.71亿元，净利润1.74亿元。其中，医疗终端业务表现尤为亮眼，营收达14.40亿元，同比增长 32.03%；原料业务也保持稳健增长态势，收入达12.36亿元，同比增长9.47%。值得关注的是，华熙生物 目前正处于第三次战略升级的关键期，正重塑创业精神，力求在生物科技领域继续保持领先优势。 原料业务创新成果显著，多个新品完成试产 华熙生物作为国内生物活性物质研发生产的领军企业，其原料业务的表现一直备受市场关注。2024年， 其原料业务维持了良好增长势头，实现营收12.36亿元，占主营业务收入的23.06%。其中，国际市场原 料收入达6.08亿元，增幅17.65%，显示出强劲的全球竞争力。原料业务(不含弗思特)毛利率为65.57%， 医药级透明质酸原料毛利率更是高达87.56%，稳居行业高位。 在创新层面，华熙生物首次详细披露原料业务三试进展，构建了完整的"新品研发-试产验证-中试转 化"创新链条。2024年开展96个原料及合成生物研发项目，新品不断涌现。BloomseaN PDRN多聚脱氧 核糖核 ...

Core Viewpoint - Huaxi Biological is undergoing a deep transformation in brand positioning and team philosophy, facing performance pressures while revealing new growth opportunities through foundational scientific research [1] Group 1: Financial Performance - In the 2024 financial report, Huaxi Biological reported a revenue decline of 11.61% to 5.371 billion yuan and a net profit decrease of 70.59% to 174 million yuan [2] - The company is currently in a crisis not solely due to performance decline but due to organizational entropy exceeding acceptable limits, necessitating significant internal restructuring [2] - Management changes, including organizational upgrades and a new compensation system, have incurred costs exceeding 70 million yuan, impacting short-term profits [2] Group 2: Strategic Investments - The company is increasing long-term strategic investments, including supply chain improvements and production efficiency enhancements, with related expenses exceeding 100 million yuan [3] - Continuous investment in forward-looking research and development is being made, focusing on emerging business areas such as regenerative medicine and nutritional science, with strategic innovation investments exceeding 100 million yuan [3] Group 3: Business Line Adjustments - The "Functional Skincare Business" has been rebranded as "Skin Science Innovation Transformation Business," which saw a revenue decline of 31.62% to 2.569 billion yuan, accounting for nearly 50% of main business revenue [4] - The company is restructuring brand positioning and scientific foundations for various brands, emphasizing a focus on scientific validation and team capability adjustments [4] Group 4: Growth Engines - The Nutritional Science Innovation Transformation Business (formerly Functional Food Business) experienced a significant revenue increase of 40.97% [5] - The medical terminal business grew over 30%, generating approximately 1.44 billion yuan, with skin-related medical products revenue reaching 1.073 billion yuan, a 43.57% increase [5] Group 5: Research Focus - Huaxi Biological is concentrating on foundational research in glycoscience and cell biology, aiming to translate scientific innovations into consumer-grade solutions [6][7] - The company has expanded the application of hyaluronic acid into new fields such as tissue engineering and targeted drug delivery, with ongoing research into the signaling mechanisms of glycan substances [9] Group 6: Future Directions - The company is committed to exploring aging intervention and regenerative medicine, with a focus on developing animal-free, serum-free cell culture media expected to launch in the second half of the year [16] - Huaxi Biological plans to leverage its research capabilities to create customized skincare products, with over 108 customization options validated scientifically [15]

财报显示，华熙生物在"薪酬政策"中新增两条表述：为适应外部快速变化环境，支撑平台型组织运作， 该公司执行宽带薪酬模式。以绩效为导向，强调员工能力与业绩贡献相结合，以岗定级、以能定档、人 岗匹配、易岗易薪，形成岗位—能力—薪酬匹配的薪酬激励体系。 据悉，2023年起，华熙生物主动作出全面管理变革的战略决策，聘请IBM管理咨询团队梳理该公司的变 革目标、变革路径和变革办法，针对该公司的组织能力和人才能力进行提升。 值得注意的是，华熙生物高层的薪酬总额从2023年的2543.43万元增加至2024年的4355.02万元，增幅为 71.23%。其中，报酬总额增幅最大的是华熙生物董事、副总经理郭珈均，其报酬总额由2023年的92.53 万元增长至2024年的622.13万元，增幅超570%。 根据其财报，华熙生物副总经理人数由2023年的7人减少至2024年的5人；业务副总裁由2023年的1人增 加至2024年的4人。对于高层人员的调整，华熙生物在2025年3月的公告中解释称，该公司正在进行管理 变革，为调整管理架构、精简管理层级，决定减少非法定要求的副总经理职位数量。 针对薪酬调整问题，4月11日，华熙生物回复经济观 ...

Core Insights - Huaxi Biological Technology Co., Ltd. reported a significant decline in financial performance for the year 2024, with total revenue of 5.37 billion yuan, a decrease of 11.61% year-on-year, and a net profit attributable to shareholders of 174 million yuan, down 70.59% from the previous year [1][2]. Financial Performance - The company's operating income for 2024 was 5,370,770,254.64 yuan, compared to 6,075,923,853.74 yuan in 2023, reflecting an 11.61% decrease [2]. - The net profit attributable to shareholders was 174,267,399.74 yuan, a decline of 70.59% from 592,555,911.37 yuan in 2023 [2]. - The net profit after deducting non-recurring gains and losses was 107,271,950.81 yuan, down 78.13% from 490,482,932.05 yuan in the previous year [2]. - Cash flow from operating activities was 564,505,133.92 yuan, a decrease of 19.32% compared to 699,648,201.22 yuan in 2023 [2]. Asset and Equity Position - As of the end of 2024, the total assets amounted to 8,656,731,837.99 yuan, an increase of 2.20% from 8,470,008,293.83 yuan at the end of 2023 [2]. - The net assets attributable to shareholders were 6,810,170,453.97 yuan, a slight decrease of 1.93% from 6,944,100,603.15 yuan in the previous year [2]. Reasons for Performance Decline - The company attributed the overall pressure on operating results to several factors, including management transformation costs exceeding 70 million yuan, increased long-term strategic investments, and significant investments in emerging businesses exceeding 100 million yuan [2]. - The company also conducted impairment tests on accounts receivable, inventory, and goodwill, resulting in a large impairment provision of approximately 189 million yuan [2]. - The consumer goods sector faced challenges due to intensified market competition, cyclical fluctuations, and strategic adjustments [2]. Compensation for Executives - In 2024, the total pre-tax compensation for 34 current and former executives and core technical personnel was 43.55 million yuan, representing a year-on-year increase of 71.23% from 25.43 million yuan in 2023 [3]. - The chairman and general manager, Zhao Yan, received a total compensation of 2.23 million yuan, an increase from 2.02 million yuan in 2023 [3].

2025 年 4 月 11 日 公司研究 管理变革进行时，期待短期阵痛后的焕发新生 ——华熙生物（688363.SH）2024 年年报点评 021-52523872 wuziqian@ebscn.com 市场数据 | 总股本(亿股) | 4.82 | | --- | --- | | 总市值(亿元)： | 236.50 | | 一年最低/最高(元)： | 42.51/84.59 | | 近 3 月换手率： | 39.80% | 股价相对走势 -20% -3% 14% 31% 47% 04/24 07/24 10/24 01/25 华熙生物 沪深300 买入（维持） 当前价：49.10 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 5.65 | 1.06 | -16.61 | | 绝对 | 0.72 | 1.13 | -10.04 | | 资料来源：Wind | | | | 相 ...