Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown significant improvement in profits in Q2 2025, with a notable recovery in net profit compared to Q1 2025 [1][10]. - The chairman's active involvement in management is expected to drive positive changes in the company's performance in the second half of the year [10]. - The company is undergoing a transformation towards an "efficiency-oriented" approach, which has led to a significant reduction in sales expense ratios [9][10]. Financial Performance Summary - For the first half of 2025, the company reported revenues and net profits of 2.26 billion and 220 million yuan, respectively, reflecting year-on-year declines of 19.6% and 35.4% [4]. - Q2 2025 saw revenues and net profits of 1.18 billion and 120 million yuan, with a year-on-year decline of 18.4% in revenue but a 20.9% increase in net profit [4]. - The company's gross margin for the first half of 2025 was 71.0%, down 3.5 percentage points year-on-year [8]. Business Segment Performance - The raw materials segment showed resilience, with revenue of 630 million yuan, a slight decline of 0.6% year-on-year, while the medical terminal products segment generated 670 million yuan, down 9.4% [5]. - The skin science innovation transformation business experienced a significant decline of 34.0% in revenue, totaling 910 million yuan, while the nutrition science innovation transformation business grew by 32.4% to 40 million yuan [5]. - The company launched several new medical aesthetic products in 2025, contributing to a diversified product matrix [6]. Market Outlook - The company is expected to return to a positive growth trajectory, with revenue forecasts adjusted to 4.825 billion, 5.631 billion, and 6.735 billion yuan for 2025, 2026, and 2027, respectively [11]. - The report anticipates that the company's earnings per share (EPS) will be 0.98, 1.23, and 1.66 yuan for 2025, 2026, and 2027, respectively [11]. - The chairman's plan to increase shareholding by 200 to 300 million yuan within six months reflects confidence in the company's future development [11].

Core Viewpoint - Huaxi Biological, a leading hyaluronic acid company, continues to face pressure on its performance, with significant declines in revenue and net profit in the first half of 2025 [1] Financial Performance - In the first half of 2025, Huaxi Biological reported revenue of 2.261 billion yuan and a net profit attributable to shareholders of 221 million yuan, representing year-on-year declines of 19.57% and 35.38% respectively [1] - In the second quarter, the company's revenue was 1.183 billion yuan, down nearly 20% year-on-year [2] - The skincare innovation business, a key revenue driver, generated 912 million yuan, experiencing a decline of over 30% year-on-year [2] Industry Comparison - The company's performance significantly lags behind the industry, with China's cosmetic retail sales reaching 229.1 billion yuan in the first half of 2025, a year-on-year growth of 2.9% [3] - Competitors such as Proya and Shuiyang reported nearly 10% year-on-year revenue growth during the same period [3] Cost Management - Huaxi Biological has significantly reduced its sales expenses, which amounted to 808 million yuan in the first half of 2025, down 31.44% year-on-year, accounting for 35.74% of revenue, a decrease of over 6 percentage points [3] - The company has ceased price promotion campaigns on various platforms, aiming to restructure its brand's technical foundation for better customer acquisition models [3] Business Strategy - The company is adopting a "price-for-volume" strategy to boost sales of its medical beauty products, with medical product revenue at 467 million yuan, down 1.8% year-on-year, while sales of three types of medical devices increased by 20% [3] - Huaxi Biological plans to optimize its product structure and channel layout to adapt to market changes [4] Brand Development - The medical beauty brands "Run Bai Yan" and "Run Zhi" have been launched on the Meituan medical beauty platform to enhance user reach [6] - The chairman of Huaxi Biological, Zhao Yan, has returned to frontline operations to boost performance, although the effectiveness of these reforms may take more time to manifest [6]

Core Viewpoint - Huaxi Biological is experiencing a painful period of performance decline, with significant drops in both revenue and net profit in the first half of 2025 compared to the previous year [1][2] Financial Performance - In the first half of 2025, Huaxi Biological reported 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] - In Q2 2025, the company achieved revenue of 1.183 billion yuan, a decline of 18.44% year-on-year, while net profit increased by 20.89% to 119 million yuan [1] Business Segment Analysis - The decline in performance is attributed to a significant drop in the skin science innovation transformation business, which saw a 31.62% decrease in revenue in 2024 and continued to decline in the first half of 2025 [1] - Other business segments, including raw materials and medical terminal businesses, also experienced varying degrees of decline, with raw materials revenue at 626 million yuan, a slight decrease of 0.5% [1][2] Reform and Management Changes - The year 2024 was defined as the "year of reform" for Huaxi Biological, with multiple initiatives launched to reshape business processes and organizational structures [1] - In Q2 2025, the chairman and general manager, Zhao Yan, took direct control of core business segments to accelerate strategic implementation [1][2] - The company reported a turnover in its personnel structure, with 11 executives leaving and an increase of 35 R&D staff, although average salaries decreased year-on-year [2] R&D Investment - In the first half of 2025, Huaxi Biological invested 231 million yuan in R&D, a year-on-year increase of 15.25%, focusing on high-barrier products and bioactive materials [2] - The number of R&D projects decreased by 88 compared to 2024, indicating a shift in focus towards more strategic areas [2] Market Comparison - In contrast to Huaxi Biological, competitor Jinbo Biological reported revenue of 859 million yuan in the first half of 2025, a year-on-year increase of 42.43%, highlighting the competitive pressures in the functional skincare market [2]

Core Viewpoint - Huaxi Biological is experiencing a painful growth period, with significant declines in both revenue and profit in the first half of 2025, primarily due to the structural collapse of its core business, particularly the skin science innovation transformation segment [1][3][4]. Financial Performance - In the first half of 2025, Huaxi Biological reported revenue of 2.261 billion yuan, a year-on-year decrease of 19.57%, and a net profit attributable to shareholders of 221 million yuan, down 35.38% [1][3]. - The company's net profit after excluding non-recurring gains and losses fell by 45%, amounting to 174 million yuan [3][5]. - For Q2 2025, revenue was 1.183 billion yuan, a decline of 18.44%, while net profit increased by 20.89% to 119 million yuan, marking the first recovery in net profit margin since Q1 2024 [3][5]. Core Business Challenges - The skin science innovation transformation business, which previously accounted for nearly half of the revenue, continued to decline, with a 33.97% drop in revenue to 912 million yuan in the first half of 2025 [1][3][5]. - This segment's revenue had already decreased by 31.62% in 2024, indicating a persistent downward trend [3][5]. Business Strategy and Reforms - Since 2024, Huaxi Biological has initiated a series of reforms aimed at improving management efficiency and reviving business performance, including restructuring business processes and enhancing organizational capabilities [7][8]. - The chairman and general manager, Zhao Yan, has taken a hands-on approach to manage core business segments, but the effects of these reforms have yet to be reflected in the financial results [7][8]. R&D and Future Directions - In the first half of 2025, Huaxi Biological invested 231 million yuan in R&D, a 15.25% increase, focusing on high-barrier raw materials and medical terminal businesses [8]. - The company is undergoing a strategic upgrade, shifting its R&D focus towards glycoscience and cell biology, while maintaining that the decline in functional skincare products is not due to missing market opportunities [8][9].

21世纪经济报道记者雷晨 皮肤科学业务33.97%的营收降幅，折射出从规模扩张到效益优先的战略转向；而原料业务海外市场两 位数增长、医疗终端产品创新突破，则揭示其底层技术护城河的韧性。 从半年报来看，华熙生物多项核心财务指标同比下滑。 2025年上半年，中国功能性护肤品行业经历深度调整，头部企业华熙生物（688363.SH）在战略转型的 阵痛中交出阶段性答卷。 半年报显示，公司营收与净利润同比双降，但二季度经营质量已现曙光——净利润率逆势回升，存货周 转效率提升，释放出内部变革的信号。 这场由公司董事长、总经理赵燕亲自挂帅的深度调整，能否将短期业绩压力转化为长期价值重构的契 机？ 业绩短期承压，二季度有所改善 当化妆品行业从流量红利迈入存量博弈，华熙生物撕下"增长神话"的标签。 公司短期业绩承压，主要源于皮肤科学创新转化业务的大幅下滑。 根据财报披露，皮肤科学创新转化业务（以功能性护肤品为主）上半年实现收入9.12亿元，同比下降 33.97%，占主营业务收入比例从上年同期的52.1%降至40.36%。 该业务的下滑，一方面受化妆品行业整体竞争加剧、流量成本攀升影响，另一方面也与公司主动调整营 销策略，从"规模 ...

Core Viewpoint - Huaxi Biological reported significant marginal improvement in performance for the first half of 2025, with a notable recovery in the second quarter despite an overall decline in revenue and profit for the first half [1][2]. Financial Performance - For the first half of 2025, Huaxi Biological achieved revenue of 2.26 billion yuan, a year-on-year decrease of 19.57%, and a net profit attributable to shareholders of 221 million yuan, down 35.38% [2][3]. - The second quarter saw a revenue of 1.18 billion yuan, a decline of 18.44% year-on-year, but net profit increased by 20.89% to 119 million yuan, marking a return to growth after a year [5]. - Operating cash flow turned positive in the second quarter with a net inflow of 241 million yuan, reversing the outflow from the first quarter [5]. Business Segments - The raw materials segment showed resilience with revenue of 626 million yuan, a slight decline of 0.58%, accounting for 27.70% of total revenue [6]. - The medical terminal business generated 673 million yuan, down 9.44%, with skin-related products contributing 467 million yuan, a decrease of 1.8% [6]. - The skin science innovation transformation business reported revenue of 912 million yuan, down 33.97%, representing 40.36% of total revenue [7]. - The nutrition science innovation transformation business achieved revenue of 38 million yuan, a year-on-year increase of 32.40% [8]. Research and Development - R&D investment totaled 231 million yuan, up 15.25%, with R&D expenses accounting for 10.22% of revenue, an increase of 3.09 percentage points [8]. Management Changes - The company is undergoing transformation with the return of the CEO to frontline operations, focusing on restructuring management and business direction [9][10]. - Significant adjustments include a shift from sales volume to efficiency-oriented marketing strategies, resulting in a 12.46 percentage point decrease in sales expense ratio in the second quarter [10][11].

上 市 公 司 美容护理 ——Q2 业绩拐点已现，科技实力构建业务护城河 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 26 日 | | --- | --- | | 收盘价（元） | 58.18 | | 一年内最高/最低（元） | 84.59/42.51 | | 市净率 | 4.0 | | 股息率%（分红/股价） | 0.19 | | 流通 A 股市值（百万元） | 28,024 | | 上证指数/深证成指 | 3,868.38/12,473.17 | | 注："股息率"以最近一年已公布分红计算 | | 2025 年 08 月 27 日 华熙生物 (688363) | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 14.60 | | 资产负债率% | 17.59 | | 总股本/流通 A 股（百万） | 482/482 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 ...

Core Insights - Huaxi Biological Technology Co., Ltd. reported a 20.89% year-on-year increase in net profit attributable to shareholders in Q2 2025, marking the first time since Q1 2024 that both year-on-year and quarter-on-quarter profit margins have improved, indicating initial success of strategic transformation [1] - The company generated a net cash flow of 220 million yuan from operating activities in the first half of the year, with a profit cash ratio of 98.6%, reflecting improved accounts receivable turnover and high-quality business returns [1] - Inventory turnover days decreased from 391 days in Q1 to 321 days in Q2, with inventory value reduced by 75.72 million yuan, demonstrating effective inventory management strategies [1][2] Business Strategy - Huaxi Biological focuses on an integrated business model from raw materials to end products, particularly in the field of aging intervention, providing comprehensive solutions across pharmaceuticals, medical aesthetics, nutritional science, and dermatology [2] - Following a systematic reform initiated by General Manager Zhao Yan in March, the company has restructured its brand communication and organizational framework, shifting from a sales-centric model to a precise marketing loop, resulting in a 12.46 percentage point decrease in sales expense ratio in Q2 [2] - The company has seen significant results from brand adjustments, with the brands "Runbaiyan" and "Kuadi" undergoing changes by the end of Q2, alongside a provision for asset impairment of 48.37 million yuan [2] Revenue Performance - In the first half of 2025, Huaxi Biological achieved 626 million yuan in revenue from its raw materials segment, with international market sales accounting for 52.93%, and double-digit growth in Europe, Southeast Asia, and Japan [3] - The sales volume of the "First" brand HA increased by 23% to 80 tons, generating revenue of 56.58 million yuan, a 61.28% year-on-year increase, while the main brand HA sales volume grew by 9% to 150 tons [3] Research and Development - The company invested 231 million yuan in R&D in the first half of 2025, a 15.25% increase year-on-year, focusing on high-end hyaluronic acid and new bioactive products [4] - Huaxi Biological streamlined 30% of its R&D projects, concentrating on three key areas: extracellular matrix, intercellular communication, and intracellular processes, resulting in 340 new authorized patents, including 29 invention patents [4] - The successful application of "INFIHA Cell Repair Technology" and "CT50 Cell Energy Liquid" has led to over 50% of revenue from barrier repair and anti-aging products [4] Market Positioning - Industry experts believe that Huaxi Biological's strategic adjustments have entered a critical phase, with the profit recovery in Q2 validating the effectiveness of the transformation path [5] - The continuous conversion of R&D results and the enhancement of the high-end product matrix are expected to help the company rebuild competitive barriers in the biomaterials sector [5]

Core Viewpoint - Huaxi Biological is experiencing a significant decline in performance, with both revenue and profit decreasing sharply in the first half of 2025, primarily due to the structural collapse of its core business in skin science innovation [1][3][4]. Financial Performance - In the first half of 2025, Huaxi Biological reported revenue of 2.26 billion yuan, a year-on-year decrease of 19.57% [2][3]. - The net profit attributable to shareholders was 221 million yuan, down 35.38% compared to the same period last year [2][3]. - The net profit after deducting non-recurring gains and losses fell by 45%, amounting to 174 million yuan [2][3]. - The cash flow from operating activities decreased by 17.49%, totaling 218 million yuan [2]. - As of the end of the reporting period, the net assets attributable to shareholders were 7.03 billion yuan, reflecting a 3.27% increase from the previous year [2]. Business Segment Performance - The skin science innovation transformation business, which previously accounted for nearly half of the revenue, continued its decline, with a 33.97% drop in revenue to 912 million yuan, representing 40.36% of the company's main business income [3][4]. - The raw material business saw a slight decline of 0.58%, generating 626 million yuan, while the medical terminal business reported a 9.44% decrease, with revenue of 673 million yuan [5]. Strategic Reforms - Since 2024, Huaxi Biological has initiated a series of reforms aimed at improving management efficiency and business recovery, including restructuring business processes and enhancing organizational talent [6]. - The chairman has taken a hands-on approach to manage core business segments, but the effects of these reforms have yet to be reflected in the financial results [6][7]. - The company is currently undergoing its third strategic upgrade, focusing on research in glycoscience and cell biology [7]. Market Context - The decline in Huaxi Biological's performance contrasts sharply with competitors like Jinbo Biological, which reported a 42.43% increase in revenue in the same period, highlighting the competitive pressures in the functional skincare market [8].

功能性护肤品行业主要上市公司：贝泰妮(300957.SZ);华熙生物(688363.SH);上海家化(600315.SH);创尔 生物(831187.NQ);巨子生物(02367.HK);敷尔佳(301371.SZ) 本文核心数据：中国功能性护肤品行业上市企业线上渠道营业收入及其占比 转自：前瞻产业研究院 线上渠道为主流，专业渠道贡献有限 | | 渠道 | 优势 | 劣势 增长驱动 | | --- | --- | --- | --- | | 线上渠道 | | 天猫、抖音、快手、京东、1）触达范围广易出爆品: | 线上基本触达可触达群 体,但仍是消费者回购的 流量成本升高 | | | 拼多多等私域流量 | 2) 渠道成本较线下低,利润率高 | 主要场所及新品牌营销 | | | | | 的主战场 | | 线下渠道 | 直营专柜、KA 渠道、CS | 1)终端价格可控、利润率可控: | 1) 渠道成本高,较线上 2) 专业渠道门槛较高,开拓线下自营、中高端渠 | | | | | 高出约 55个百分点: 1) 新锐集团利用品牌力 | | | 渠道、专业渠道(OTC& | | OTC 渠道仅械享号可以通(如屈臣氏): ...