证券代码：688363 证券简称：华熙生物 公告编号：2025-005 华熙生物科技股份有限公司 关于高级管理人员调整及聘任的公告 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。 2025 年 3 月 18 日，华熙生物科技股份有限公司（以下简称"公司"）召开第 二届董事会第十六次会议，审议通过《关于高级管理人员调整以及聘任的议案》。 公司正在进行管理变革，为调整管理架构，结合公司战略发展需要，根据《公司 法》《公司章程》等有关规定，经公司总经理提议，对部分高级管理人员职务进 行调整，同时根据公司经营管理需要，聘任新的高级管理人员，具体情况如下： 一、公司高级管理人员的调整 （一）刘爱华女士 鉴于刘爱华女士已超过法定退休年龄，退休时与公司签订了返聘合同，现该 返聘合同将于近期到期，且到期后不再续签。刘爱华女士不再担任副总经理职务， 后续将不再在公司担任任何职务。 （二）徐桂欣女士、栾依峥先生 公司正在进行管理变革，为调整管理架构、精简管理层级，公司决定减少非 法定要求的副总经理职位数量。徐桂欣女士与栾依峥先生不再担任副总经 ...

Investment Rating - The report recommends a "buy" rating for the cosmetics and medical beauty sectors, highlighting a favorable outlook for 2025 due to improved consumer expectations and policy support [4][6]. Core Insights - The report emphasizes that the cosmetics sector will focus on three key elements: domestic brands, segmentation, and cost-effectiveness, with a projected steady growth in demand for 2025 [4][6]. - The medical beauty industry is expected to benefit from improved income expectations, with domestic companies poised to become major competitors in the light medical beauty segment [4][6]. - E-commerce is identified as a growth area, with new consumption models and brands emerging to drive development [4][6]. Summary by Sections 1. Industry Performance Review - The beauty and personal care sector has not achieved excess returns in 2025 due to trading disruptions, but is expected to rebound with policy support [7][8]. - The SW beauty index has seen a growth of 0.6% since the beginning of 2025, underperforming compared to the broader A-share index [8][10]. 2. Cosmetics Sector - The report forecasts a recovery in the cosmetics demand in 2025, with a focus on high cost-performance brands benefiting from consumer preferences [15][18]. - Domestic brands are gaining market share, with significant growth in the skincare market, where domestic brands now occupy four out of the top ten positions [18][19]. - The report highlights the success of domestic brands in e-commerce platforms, particularly during promotional events, indicating a strong competitive position against international brands [21][22]. 3. Medical Beauty Sector - The medical beauty market is transitioning from a blue ocean to a red ocean, with domestic companies expanding their product lines and research pipelines [4][6]. - Key recommendations include focusing on companies with strong product pipelines and high profitability, such as Ai Meike [4][6]. 4. E-commerce Sector - The report suggests that the e-commerce sector will continue to thrive with the rise of new consumption models and brands, particularly benefiting from the growth of domestic brands [4][6]. 5. Key Company Recommendations - The report recommends several companies based on their brand matrix and growth potential, including Shangmei Co., Pulaile, and others in the cosmetics sector [4][6]. - In the medical beauty sector, Ai Meike is highlighted as a key player, with a focus on companies with strong product offerings and research capabilities [4][6].

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The prospects for biomanufacturing are broad, contributing to industrial upgrades. Biomanufacturing, centered on industrial biotechnology, utilizes enzymes and microbial cells in the processing of target products, including bio-based materials, chemicals, and bioenergy. Synthetic biology plays a crucial role as a platform technology in biomanufacturing. The global synthetic biology market is expected to maintain rapid growth, reaching nearly $50 billion by 2028 [3][4][22]. - Technological breakthroughs combined with policy support are driving the synthetic biology industry forward. Factors such as reduced costs of gene synthesis and sequencing, along with advancements in efficient gene editing technologies, provide a solid technical foundation for the rapid development of synthetic biology. Governments worldwide are increasingly prioritizing the development of synthetic biology, with various supportive policies being introduced [4][28]. - Synthetic biology is reshaping industrial models, offering more efficient and environmentally friendly synthesis solutions. It addresses issues associated with traditional chemical synthesis and natural extraction methods, such as high costs, limited yields, and environmental pollution. With breakthroughs in gene editing, enzyme engineering, and metabolic engineering, synthetic biology not only reduces drug production costs but also enhances capacity, enabling large-scale industrial production [4][5]. Summary by Sections Industry Overview - Biomanufacturing is defined as the processing of target products using industrial biotechnology, involving enzymes and microbial cells. Synthetic biology is a key platform technology in this field, enabling the design and construction of biological systems for various applications [13][14]. Policy Support and Technological Breakthroughs - The development of synthetic biology is supported by various policies and technological advancements. Governments are investing in funding, technology, and talent development to foster innovation and industrialization in this field [28][29]. - Major countries are establishing synthetic biology research centers and networks, with the UK and the US leading in policy initiatives to promote synthetic biology [29][30]. Synthetic Biology's Impact on Industrial Models - Synthetic biology is transforming production methods, achieving tasks that traditional biotechnologies cannot, while providing more efficient and eco-friendly synthesis options. This shift is crucial for addressing environmental challenges and enhancing production efficiency [4][5]. Investment Recommendations - Companies to watch include Chuan Ning Biological, Kingfisher Biotech, Kylin Biotech, and Huaxi Biological, which are positioned to benefit from the growth in synthetic biology [5].

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The bio-manufacturing sector has vast potential and is poised to drive a new wave of industrial revolution, leveraging industrial biotechnology to produce bio-based materials, chemicals, and bioenergy [3][4] - The global synthetic biology market is expected to maintain rapid growth, projected to approach $50 billion by 2028, with a compound annual growth rate (CAGR) of approximately 24% from 2023 to 2028 [22][24] - Technological breakthroughs and policy support are driving the synthetic biology industry forward, with significant advancements in gene synthesis, sequencing, and editing technologies [4][37] Summary by Sections Industry Overview - Bio-manufacturing utilizes industrial biotechnology, enzymes, and microbial cells, playing a crucial role in producing bio-based materials and chemicals [13] - Synthetic biology is a design-driven science that re-engineers biological systems for useful purposes, with applications across various sectors including healthcare, agriculture, and chemicals [13][22] Policy Support and Technological Breakthroughs - Governments worldwide are increasingly prioritizing synthetic biology, with strategic plans and funding initiatives to support its development [28][29] - The reduction in costs for gene synthesis and sequencing technologies has laid a solid foundation for the rapid advancement of synthetic biology [37] Synthetic Biology Reshaping Industry Models - Synthetic biology is transforming production models, offering more efficient and environmentally friendly synthesis solutions compared to traditional methods [4][22] - The industry is expected to significantly reduce carbon emissions, with estimates suggesting a reduction of 1 to 2.5 billion tons of CO2 annually by 2030 through industrial biotechnology [4] Related Companies - Companies to watch include Chuan Ning Bio, Kingfisher Biotech, and Kailai Ying, which are positioned to benefit from advancements in synthetic biology [5] Investment Recommendations - The report suggests focusing on companies like Chuan Ning Bio, Kingfisher Biotech, and others that are leveraging synthetic biology for growth [5]

视觉 | 诺言 "这个公司离开了谁都可以重新组织，唯一离不开的是我这个创始人。" "所有贪腐人员无论职务高低，必须在3月31日前限时交代问题、提交辞呈。" 3月3日，山东企业华熙生物，公开发布董事长赵燕的周一内部讲话全文，其言辞犀利，引发市场关注。 事后， 华熙生物对盐财经记者表示："从严治理组织是华熙生物董事会的一贯要求。" 作者｜ 张来 编辑｜ 宝珠 赵燕内部讲话全文节选 /图源：华熙生物 面对盐财经记者提出的业绩承压等具体问题，华熙生物未作答复。两名曾与媒体建立联系的华熙生物公 关人员，均告诉记者"因个人原因已离职"，并表示不方便评价公司其他信息。 事实上，此番"刮骨疗毒"并非空穴来风。自去年以来， 这家被称为"玻尿酸大王"的国内传奇医美企业， 舆论危机频出，技术骨干接连离退，业绩大幅下滑。 2 月 27 日晚间，讲话事件的3天前，华熙生物发布 2024 年度业绩快报公告，被业内锐评为"最差成绩 单"：营收53.71亿元，同比下降11.6%；归母净利润1.64亿元，同比下降72.27%；扣非净利润为1.01亿 元，同比下降79.36%。 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | - ...

对标胶原蛋白，具"爆品"潜质 据QYR预测，2023-2029年全球PDRN市场规模CAGR达到43.32%，其中中国地区CAGR可达到49%，虽然国内 PDRN行业已开始进入高速增长期，但由于原料本土化规模生产的问题才得到解决，以及终端市场目前还没有 大量的应用产品推出，当下市场规模仍然偏低。然而通过比对PDRN与胶原蛋白，我们认为中国PDRN市场， 随着原料本土规模化生产所带来的价格降低，以及护肤和医美领域的产品上市，其发展进度将远超预期。我们 认为PDRN将成为求美领域下一个"爆品"级赛道。 自研+资本，华熙系已成为PDRN的国家队 点击注册小程序 特别申明： 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。 报告摘要 PDRN——再生医学领域的"液体黄金" PDRN（多聚脱氧核糖核苷酸）是一种长度50-2000 bp、 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - PDRN, known as "liquid gold" in the field of regenerative medicine, is derived primarily from salmon sperm and has significant anti-inflammatory and regenerative properties, making it widely applicable in pharmaceuticals and medical aesthetics [1][20]. - The global PDRN market is expected to grow at a CAGR of 43.32% from 2023 to 2029, with China's market potentially growing at 49% during the same period, indicating strong growth potential [2]. - The company has established itself as a leader in the PDRN sector through self-research and strategic partnerships, positioning itself as a national team in the PDRN market in China [2][3]. Summary by Sections PDRN Overview - PDRN is a DNA derivative with a length of 50-2000 bp and a molecular weight of 50-1500 kDa, primarily sourced from salmon sperm, which is expensive and has supply stability issues due to environmental factors [1][21]. - PDRN exhibits anti-inflammatory, regenerative, and skin-whitening effects, making it valuable in various applications [23][26]. Market Potential - The PDRN market in China is entering a high-growth phase, with expectations of rapid development driven by local production and new product launches in skincare and medical aesthetics [2]. - The comparison with collagen suggests that PDRN could become the next "explosive" product in the beauty sector [2]. Company Positioning - The company has successfully navigated the challenges of raw material production and has extensive experience in downstream functional skincare and medical aesthetics, enhancing its competitive edge [3]. - The company forecasts net profits of 163 million, 595 million, and 768 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 143, 39, and 30 [3][4].

Financial Performance - Total revenue for 2024 was RMB 5,370,823,906.35, a decrease of 11.60% compared to the previous year[3] - Net profit attributable to shareholders was RMB 164,315,939.59, down 72.27% year-on-year[3] - The company reported a significant decline in net profit excluding non-recurring gains and losses, amounting to RMB 101,220,042.48, a drop of 79.36%[3] Assets and Equity - Total assets at the end of the reporting period were RMB 8,630,976,709.76, reflecting a 1.90% increase from the beginning of the period[4] - Shareholder equity decreased by 2.00% to RMB 6,805,043,213.48 compared to the beginning of the period[4] Business Challenges and Strategic Adjustments - The company faced challenges in its functional skincare business due to intensified market competition and strategic adjustments, with ongoing adjustments expected to continue[5] - Management transformation costs exceeded RMB 70 million, impacting short-term profitability but aimed at long-term growth[6] - A significant impairment provision of approximately RMB 190 million was made for accounts receivable, inventory, and goodwill due to identified impairment risks[7] Strategic Investments and Future Growth - Strategic investments in innovative business areas, including regenerative medicine and functional foods, exceeded RMB 100 million, targeting future growth opportunities[6] - The company is undergoing a strategic upgrade focusing on synthetic biology and aims to enhance operational efficiency and achieve high-quality growth[8]

Investment Rating - The investment rating for the company is "Trading Buy" with a target price of 53 CNY [2][8]. Core Insights - The company is expected to face significant profit declines in 2024, with a projected net profit of 146 million to 175 million CNY, representing a year-on-year decrease of 70.5% to 75.4% [8]. - The skincare business is under pressure due to competition and strategic adjustments, while the raw materials and medical terminal businesses are expected to maintain growth [11]. - The company plans to launch two new medical aesthetic injection products in the second half of 2024, which may enhance its competitive edge in the medical aesthetics sector [11]. Summary by Sections Company Overview - The company operates in the pharmaceutical and biotechnology industry, with a current A-share price of 48.92 CNY and a market capitalization of 23.564 billion CNY [3]. Recent Ratings - The previous rating on August 26, 2024, was "Trading Buy" with a closing price of 52.86 CNY [4]. Financial Performance - The company forecasts a net profit of 168 million CNY for 2024, down 78.6% from the previous year, with an expected EPS of 0.35 CNY [10]. - Revenue for 2024 is projected at 5.509 billion CNY, with a significant decline from 2023 [15]. Business Segments - The product mix includes functional skincare (49.14%), medical terminal products (26.43%), and raw materials (22.41%) [4]. - The medical terminal business is expected to grow at a high double-digit rate, while the skincare segment is anticipated to stabilize and recover in 2025 [11].

Investment Rating - The report maintains a "Hold" rating for the company [3][8]. Core Views - The company is expected to face significant pressure in its 2024 performance, with a projected decline in net profit attributable to shareholders by 70.47% to 75.36% year-on-year due to a transformation phase and a substantial drop in revenue from its cosmetics business [1][8]. - The target price has been adjusted to RMB 52.2, reflecting a potential upside of 7.9% from the current price of RMB 48.4 [3][8]. - The company is undergoing a reform in its functional skincare segment, which is anticipated to lead to a turnaround by 2025, although the timing of this recovery remains uncertain [8]. Financial Forecast Summary - The updated financial forecasts for the company are as follows: - 2024E revenue is projected at RMB 5,188 million, a decrease of 9.6% from previous estimates - 2024E net profit is forecasted at RMB 159 million, down 61.3% from prior predictions - The net profit margin for 2024E is expected to be 3.1%, a decline of 4.1 percentage points [2][9]. - For 2025E, revenue is expected to be RMB 5,727 million, a reduction of 16.7%, and net profit is projected at RMB 457 million, down 35.8% [2][9]. - The 2026E forecasts show a continued decline, with revenue expected at RMB 6,420 million and net profit at RMB 520 million, representing decreases of 19.8% and 39.7% respectively [2][9].