证券代码：688363 证券简称：华熙生物 公告编号：2025-027 华熙生物科技股份有限公司 关于选举第三届董事会职工代表董事的公告 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。 附：郭珈均先生简历 郭珈均，男，1975 年 9 月出生，中国国籍，无境外永久居留权，毕业于 美国福坦莫大学，MBA，研究生学历。1998 年 8 月至 2001 年 10 月任山东省 威海市住房公积金管理中心科员；2002 年 1 月至 2008 年 8 月任华熙国际投 资集团有限公司行政部经理；2008 年 9 月至 2012 年 6 月任华熙生物科技有 限公司执行董事；2008 年 8 月至 2018 年 5 月任华熙国际投资集团有限公司 副总经理；2018 年 5 月至 2019 年 3 月任华熙福瑞达生物医药有限公司（公 司前身）首席运营官；2019 年 3 月至 12 月任公司董事、副总经理、财务总 监、首席运营官。现任公司董事、副总经理。 华熙生物科技股份有限公司（以下简称"公司"）于 2025 年 6 月 11 日召开 20 ...

Core Viewpoint - Huaxi Biological's financial performance has significantly declined, with a notable drop in revenue and net profit for 2024, primarily due to poor sales in its skin science innovation transformation business [1][5][21] Financial Performance - In 2024, Huaxi Biological achieved operating revenue of 5.371 billion yuan, a year-on-year decrease of 11.61%, and a net profit attributable to shareholders of 174 million yuan, down 70.59% year-on-year [1][3] - Revenue from the skin science innovation transformation business fell by 31.62% in 2024, contributing to 47.92% of the company's main business revenue [5] Brand Performance - The sales of four core skincare brands have continuously declined over the past two years, with significant drops in revenue: - Runbaiyan: 2023 down 13.86%, 2024 down 22.63% - Kuaidi: 2023 down 18.64%, 2024 down 41.69% - Mibeier: 2023 down 29.75%, 2024 down 31.76% - BM Ji Huo: 2023 down 35.19%, 2024 down 52.06% [1][8][5] Operational Efficiency - The company's operational capabilities are concerning, with multiple operational efficiency indicators, such as total asset turnover and inventory turnover, declining in 2024 [2][10] - Total asset turnover rates from 2022 to 2024 were 0.79, 0.71, and 0.63, indicating a decrease in asset utilization efficiency [10][12] - Inventory turnover days increased from 196.69 days in 2021 to 307.93 days in 2024, reflecting a weakening inventory turnover capability [12] Inventory Management - As of the end of 2024, the inventory balance for functional skincare products was 479 million yuan, with an average inventory age of 465.6 days, indicating potential issues with product turnover [14][17] - The company has made provisions for inventory depreciation, with a total of 77 million yuan, of which 43 million yuan is for functional skincare products, the highest proportion [17][18] Future Outlook - In the first quarter of 2025, Huaxi Biological's performance continued to decline, with operating revenue of 1.078 billion yuan, down 20.77% year-on-year, and a net profit of 102 million yuan, down 58.13% year-on-year, primarily due to the ongoing decline in the skin science innovation transformation business [21]

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty industry, indicating a "Buy" recommendation for several companies within the sector [2][14]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with the Shenwan Beauty Care Index rising by 1.5% from July 4 to July 11, 2025, which is below the market average [3][5]. - The introduction of new products in the regenerative medicine sector, particularly in the "童颜针" (youthful needle) category, is expected to enhance consumer interest and expand the market [2][8]. - The report highlights strong anticipated earnings growth for several key companies in the cosmetics sector for the second quarter of 2025, with notable increases in revenue and net profit for brands like 上美股份 (Shangmei), 丸美股份 (Marubi), and 珀莱雅 (Proya) [9][10][11]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has underperformed the market, with specific indices showing varied performance, such as the Shenwan Cosmetics Index increasing by 2.6% [3][5]. - The report notes that the demand for cosmetics is recovering, with a 4.1% year-on-year increase in retail sales for the first five months of 2025 [19][20]. Company Performance - 上美股份 (Shangmei) is expected to see a revenue increase of 16% and a net profit increase of 25% in the first half of 2025 [10]. - 丸美股份 (Marubi) anticipates a 22% revenue growth and a 28% increase in net profit for the second quarter of 2025 [10]. - 珀莱雅 (Proya) is projected to achieve a 10% revenue growth and a 15% increase in net profit for the second quarter of 2025 [10]. - 毛戈平 (Mao Geping) expects a significant revenue increase of 38% and a net profit increase of 35% in the first half of 2025 [10]. - 若羽臣 (Ruoyuchen) forecasts a remarkable 70% revenue growth and a 75% increase in net profit for the second quarter of 2025 [10]. Market Trends - The report emphasizes the ongoing trend of domestic brands gaining market share, with national brands occupying five of the top ten positions in the skincare market [32]. - The regenerative medicine sector is expanding, with new products enhancing consumer engagement and market growth potential [2][8]. Investment Recommendations - The report recommends focusing on companies with strong brand matrices and high growth potential, such as 上美股份 (Shangmei), 珀莱雅 (Proya), and 丸美股份 (Marubi) [14]. - It suggests monitoring companies that leverage e-commerce and social media platforms effectively, such as 若羽臣 (Ruoyuchen) and 毛戈平 (Mao Geping) [14].

Core Insights - The article discusses the potential of synthetic biology to address various global challenges, including energy security, food safety, and mental health issues [1][3][4]. Group 1: Synthetic Biology Overview - Synthetic biology is presented as a solution to resource scarcity and environmental pollution, with a focus on sustainable utilization of natural resources [3][4]. - The evolution of biotechnology is outlined, from natural fermentation (first generation) to directed fermentation (second generation) and finally to synthetic biology (third generation), which involves designing and modifying microorganisms for specific human needs [3][4]. Group 2: Future Applications and Innovations - The concept of "cell factories" is introduced, where high-yield crops like corn and wheat serve as fermentation raw materials, and genetically modified strains are used to produce desired substances [4]. - Future advancements may allow for the synthesis of materials directly from atmospheric nitrogen and carbon dioxide, eliminating the need for traditional agricultural inputs [4]. Group 3: Ethical Considerations and Public Engagement - Ethical concerns regarding the misuse of synthetic biology, such as cloning and the revival of extinct species, are highlighted, emphasizing the need for cautious research and public consensus on boundaries [9]. - The engagement of young students in discussions about synthetic biology reflects a growing interest in the field, with imaginative ideas about potential applications, such as creating hybrid fruits or reviving extinct animals [5][7][9].

Core Viewpoint - Huaxi Biological has reported a seemingly contradictory financial performance for 2024, with total revenue of 5.371 billion yuan, a year-on-year decline of 11.61%, and a net profit of 174 million yuan, down 70.59%. However, the company increased its R&D investment by 4.46% to a record high of 466 million yuan, representing 8.68% of its revenue, positioning it among the leaders in A-shares [2][10]. Financial Performance - Total revenue for Huaxi Biological in 2024 was 5.371 billion yuan, a decrease of 11.61% year-on-year [2]. - Net profit fell to 174 million yuan, a significant drop of 70.59% [2]. - R&D investment reached 466 million yuan, marking a 4.46% increase and a historical high [2]. - The R&D expense ratio was 8.68%, placing the company at the forefront of the A-share market [2][10]. Business Strategy - The company aims to return to an entrepreneurial organization to awaken its innovative capabilities, as stated by Chairman Zhao Yan [2]. - Huaxi Biological's international revenue from raw materials reached 608 million yuan, a year-on-year increase of 17.65%, supported by FDA certification [5]. - The medical terminal business generated 1.44 billion yuan, a remarkable increase of 32.03%, becoming the largest revenue contributor [6]. - The functional skincare segment saw revenue decline by 31.62% to 2.569 billion yuan due to intensified market competition and channel adjustments [6]. R&D and Innovation - Huaxi Biological has established eight R&D platforms and holds 580 valid patents, with 392 applicable to its main business [7]. - The company is transitioning from a focus on hyaluronic acid to two foundational sciences: glycoscience and cell biology [9]. - The R&D team consists of 920 members, reflecting the company's commitment to long-term investment in innovation [10]. Market Position and Future Outlook - The FDA certification is expected to facilitate Huaxi Biological's expansion into high-end markets in Europe and the United States [4]. - The company is diversifying its business across four major fields: raw materials, medical devices, functional foods, and tissue engineering, creating a "cell-level anti-aging" ecosystem [9]. - Despite short-term profit pressures, Huaxi Biological announced a cash dividend of 52.62 million yuan, accounting for 30.19% of its net profit [9].

Industry Overview - The medical beauty injection materials industry in China has a limited number of publicly listed companies, primarily including Huaxi Biological, Haohai Biological, Aimeike, and Juzhi Biological, with most companies involved in the supply of upstream raw materials [1][7]. Company Summaries - Huaxi Biological is a global leader in hyaluronic acid, with a projected revenue of 53.71 billion yuan in 2024, and has expanded into collagen products through acquisitions [2][9]. - Haohai Biological has secured exclusive rights for domestic and international botulinum toxin products and is focusing on a dual product line of hyaluronic acid and botulinum toxin [6][15]. - Aimeike is expected to generate approximately 29.60 billion yuan in sales for its medical beauty injection materials in 2024, emphasizing high-end products [9][15]. - Juzhi Biological is projected to achieve sales of around 55.20 billion yuan in 2024, focusing on collagen products and leading the industry in standard-setting [9][15]. Sales and Production Data - Huaxi Biological has sold over 10 million units of its products, while Haohai Biological and Aimeike have sales around 7 million units each [13]. - Juzhi Biological's collagen products have a sales volume of approximately 55.20 billion yuan, indicating a strong market presence [11][13]. Business Strategies - Huaxi Biological is focusing on core technologies in glyco-biology and cell biology, aiming to enhance its position in the extracellular matrix and anti-aging sectors [15]. - Haohai Biological is pursuing international collaborations and technology imports to strengthen its product offerings and market competitiveness [15]. - Aimeike is developing a high-end product matrix centered on regenerative materials, with significant investments in training and technology [15]. - Juzhi Biological is leading the development of industry standards and expanding its product offerings in the collagen segment [15]. Regional Distribution - The majority of medical beauty injection material companies are concentrated in Shandong Province, with key players in raw material production and equipment manufacturing [7].

Core Viewpoint - Huaxi Biological Technology Co., Ltd. has received a "zero defect" result from the FDA, indicating the highest level of compliance in its quality management system, which will enhance its global market competitiveness and facilitate overseas business expansion [1][2]. Group 1: FDA Audit and Certification - The FDA audit lasted five days and was conducted according to ICH Q7 guidelines, covering six major systems including quality systems and laboratory systems, confirming the company's meticulous management and commitment to quality [2]. - This is not the first time Huaxi Biological has received a "zero defect" recognition; it previously passed a similar audit by the Korean MFDS in February 2025 [2]. - The company has successfully passed five FDA audits, one PMDA audit in Japan, and two MFDS audits in Korea for its sodium hyaluronate raw materials [2]. Group 2: Global Market Position - Huaxi Biological has established a significant presence in the global market, holding 34 registration qualifications across various countries, including the EU, the US, Japan, and Korea, making it one of the suppliers with the most comprehensive registrations for pharmaceutical-grade sodium hyaluronate [2][4]. - The company has a marketing and supply chain network spanning over 70 countries and regions, with overseas subsidiaries in key markets such as the US, France, Japan, and South Korea [4]. Group 3: Product Development and Recognition - In addition to raw materials, Huaxi Biological has received global recognition in skin science innovation and medical devices, recently obtaining a medical device registration certificate from Brazil's ANVISA, known for its stringent regulatory standards [4]. - The company has accumulated over 70 medical device and skincare product registrations across more than 15 countries or regions [4]. Group 4: Long-term Strategy and Investment - Huaxi Biological emphasizes long-term research and development investment, maintaining high standards and a stable supply chain to build a strong foundation for quality products and brand development [5]. - The company follows a "technology breakthrough—quality control—global compliance—standard leadership" model, focusing on international standards and resource allocation to enhance its industrial capabilities and product standards [5].

Core Insights - The skincare industry is experiencing intense competition in technology, with numerous suppliers showcasing unique ingredients and certifications at a recent cosmetics trade show [1][2][3] - The trend of emphasizing active ingredients and technical claims on product packaging is prevalent, as brands seek to carve out market positions by replicating successful commercial models [4][5] - The lack of authoritative industry standards and clarity on ingredient efficacy is causing confusion and skepticism among consumers [6][7][8] Group 1: Active Ingredients and Technology Trends - Active proteins and plant extracts remain core competitive areas in the skincare industry, with leading brands continuing to invest heavily in research and development [10][11] - The popularity of active proteins is driven by their previous applications in medical and aesthetic fields, which lend credibility to their use in consumer products [15][20] - New technologies in plant extraction are emerging, aiming to address traditional challenges such as stability and absorption rates [18][19] Group 2: Marketing and Industry Challenges - The rapid iteration of core ingredients in domestic beauty brands has outpaced normal industry evolution, leading to communication gaps between technology, products, and consumers [22][23] - The absence of unified national standards for new ingredients has resulted in market confusion and potential harm to consumers [24][26] - Overemphasis on marketing claims has led to exaggerated efficacy narratives, causing consumer dissatisfaction and adverse reactions [30][31][33] Group 3: Future Directions and Brand Strategies - The skincare industry is entering a period of deep adjustment, with competition shifting from ingredient-based to ecosystem-building capabilities [37][39] - Brands must find new competitive advantages beyond ingredient efficacy, such as emotional value and consumer experience [41][42] - The rise of niche markets, including male skincare and elderly care, presents new opportunities for growth and diversification [48][49]

Group 1 - The establishment of Huaxi Tang'an Bio-Tech in Guangming marks a significant strategic deployment for Huaxi Bio, expanding its diversification beyond hyaluronic acid and establishing a global non-animal heparin full industry chain platform in the Guangdong-Hong Kong-Macao Greater Bay Area [2] - Huaxi Bio focuses on synthetic biology, with four main business segments: bioactive raw materials, pharmaceuticals and medical devices, skin science innovation, and nutritional science innovation, featuring brands such as Runzhi, Runbaiyan, Kuadi, Mibeier, and BM Jihuo [2] - Huaxi Tang'an has achieved multi-dimensional technological breakthroughs in the field of fully enzymatic synthesis of heparin, with applications in cosmetics, pharmaceuticals, and medical devices, serving as key drugs for the prevention and treatment of thromboembolic diseases, myocardial infarction, and anticoagulation in cardiovascular surgeries [2] Group 2 - The signing ceremony included agreements with Guangming District, the National Bio-Manufacturing Industry Innovation Center, and Xingbo Shenghui Private Venture Capital Fund for landing and angel round financing [3] - A roundtable forum titled "Synthetic Biology Empowering Heparin Industry Transformation" was held with key figures from academia and industry, including Zhang Xian'en, Guo Xueping, Ma Yingfei, Gu Zheyi, and Fang Xing [3] Group 3 - Guangming District has gathered over 130 enterprises in the synthetic biology field, with an estimated industry valuation of nearly 40 billion [4]

Group 1 - Morning Light Biological expects a net profit of 202.0 million to 232.0 million yuan for the first half of 2025, representing a year-on-year increase of 102.33% to 132.38% [1] - Northern Rare Earth anticipates a net profit of 900.0 million to 960.0 million yuan for the first half of 2025, with a significant year-on-year growth of 1882.54% to 2014.71% [1] - Youfa Group forecasts a net profit of 277.0 million to 307.0 million yuan for the first half of 2025, reflecting a year-on-year increase of 151.69% to 178.93% [1] Group 2 - Torch Electronics projects a net profit of approximately 247.0 million to 280.0 million yuan for the first half of 2025, indicating a year-on-year growth of 50.36% to 70.45% [3] - Zhiwei Intelligent expects a net profit of 91.98 million to 112.43 million yuan for the first half of 2025, with a year-on-year increase of 62.85% to 99.06% [4] - Youhao Group anticipates a net profit of 12.0 million yuan for the first half of 2025, representing a year-on-year growth of 51% [5] Group 3 - Nami Technology expects a net profit of 61.0 million to 73.0 million yuan for the first half of 2025, with a year-on-year increase of 35% to 62% [7] - Xinda Co. forecasts a net profit of 130.0 million to 150.0 million yuan for the first half of 2025, reflecting a substantial year-on-year growth of 2443.43% to 2834.73% [8] Group 4 - Shaanxi Coal Industry reported a coal production of 14.36 million tons in June, a year-on-year decrease of 5.07% [9] - Huanxu Electronics announced a consolidated revenue of 4.587 billion yuan in June, a year-on-year decline of 1.23% [10] Group 5 - Huadian International successfully issued 2.0 billion yuan in medium-term notes with a maturity of 3+N years and a coupon rate of 1.89% [20] - Zhongmin Energy reported a total power generation of 1.405 billion kilowatt-hours in the first half of 2025, a year-on-year decrease of 0.89% [20] Group 6 - Huaxia Biotech passed the FDA inspection with zero deficiencies, covering six major systems [21] - Ruikeda's application for convertible bond issuance has been accepted by the Shanghai Stock Exchange [22] Group 7 - Dafu Technology plans to invest no more than 100 million yuan in Anhui Yunta [42] - Tongda Co. won a bid for a project valued at 180.3 million yuan from the Southern Power Grid [46]