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 ...

Core Insights - Huaxi Biological, a leading domestic biotechnology company, reported a revenue of 5.371 billion yuan and a net profit of 174 million yuan for the fiscal year 2024, with significant growth in its medical terminal and raw material businesses [1][4]. Revenue Performance - The medical terminal business generated 1.440 billion yuan in revenue, marking a year-on-year increase of 32.03%, with skin-related medical products exceeding 1 billion yuan in sales [4][5]. - The raw material business achieved a revenue of 1.236 billion yuan, reflecting a year-on-year growth of 9.47%, with international market revenue reaching 608 million yuan, up 17.65% [2][3]. Strategic Upgrades - Huaxi Biological is undergoing its third strategic upgrade, focusing on reshaping its entrepreneurial spirit and maintaining its leading position in the biotechnology sector [1][6]. - The company is transitioning from basic biological research to applied fields, emphasizing glycomics and cell biology, and leveraging synthetic biology for life health solutions [6][8]. Innovation and R&D - The company has initiated 96 raw material and synthetic biology R&D projects in 2024, with several new products completing trial production [2][3]. - Huaxi Biological invested 466 million yuan in R&D, accounting for 8.68% of its revenue, and holds 1,047 patent applications, ensuring a strong foundation for continuous innovation [7]. Market Expansion - The medical aesthetics business has expanded significantly, with over 7,000 institutions covered and a focus on differentiated products driving growth [4][5]. - The company has launched new products targeting specific markets, such as neck anti-aging and lip beauty, contributing to its revenue growth [4][5]. Organizational Transformation - The company is restructuring its business organization to enhance innovation and operational efficiency, aiming to return to an entrepreneurial model [7][8]. - Management is focusing on streamlining operations and improving market promotion effectiveness while controlling costs [7]. Future Outlook - Huaxi Biological aims to continue its long-term commitment to the synthetic biology field, promoting high-quality development in the life health industry through strategic upgrades and cultural transformation [8].

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 ...

上 市 公 司 美容护理 2025 年 04 月 11 日 华熙生物 (688363) ——坚定变革与战略性投入，25 年预计触底反弹 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 10 日 | | --- | --- | | 收盘价（元） | 49.10 | | 一年内最高/最低（元） | 84.59/42.51 | | 市净率 | 3.4 | | 股息率%（分红/股价） | 0.77 | | 流通 A 股市值（百万元） | 23,650 | | 上证指数/深证成指 | 3,223.64/9,754.64 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 14.14 | | 资产负债率% | 20.99 | | 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： 04-10 05-10 06-10 07-10 08-10 09-10 10-10 11-10 12-10 0 ...

Core Insights - The article discusses the strategic transformation of Huaxi Biological (688363.SH) as it shifts its focus from consumer products to skin science innovation, led by Chairman Zhao Yan [1][3]. Group 1: Industry Challenges - The Chinese cosmetics market experienced a 2.8% decline in 2024, with a total market size of 774.6 billion, indicating stagnation in industry growth [2]. - The retreat of traffic dividends has led to increased costs on e-commerce platforms, creating a vicious cycle where brands struggle to maintain efficiency [2]. Group 2: Strategic Shift - Huaxi Biological's transformation is characterized by a shift from a focus on consumer goods to a focus on skin science, emphasizing the importance of scientific solutions to consumer pain points [3][5]. - The company aims to leverage its technological capabilities, including eight research platforms, to develop effective skincare products targeting various skin issues [5]. Group 3: Brand Positioning - Huaxi Biological has redefined its four major brands—Runbaiyan, Kuadi, BM Jihuo, and Mibeier—each focusing on specific skincare needs driven by scientific research [6][18]. - Runbaiyan focuses on skin repair, Kuadi targets anti-aging, BM Jihuo addresses oily skin metabolism, and Mibeier specializes in damaged skin care [7][11][14][17]. Group 4: Marketing and Collaboration - The company is optimizing its marketing channels by collaborating with Tmall, aligning with Tmall's new strategy to support innovative and quality brands [19]. - This partnership aims to enhance brand visibility and reach among younger consumers, particularly in the life sciences and beauty sectors [19]. Group 5: Long-term Vision - Huaxi Biological is undergoing a short-term performance adjustment to build long-term technological barriers, as evidenced by its previous success in the medical aesthetics sector [20]. - The company anticipates that its focus on scientific-driven skincare will resonate with consumers, moving away from the "traffic bubble" towards a more product-centric approach [20].

Core Viewpoint - Huaxi Bio's 2024 performance report disappointed investors, showing significant declines in revenue and net profit, raising concerns about the company's future prospects [1][2]. Financial Performance - In 2024, Huaxi Bio reported 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% [1]. - This marks the second consecutive year of decline in both revenue and net profit, with the rate of decline accelerating [1]. - Quarterly performance in 2024 showed revenues of 1.361 billion yuan, 1.450 billion yuan, 1.064 billion yuan, and 1.496 billion yuan, with net profits of 243 million yuan, 98 million yuan, 20 million yuan, and a loss of 188 million yuan in the fourth quarter [2]. Business Segment Performance - The raw materials segment generated revenue of 1.236 billion yuan, up 9.47%, accounting for 23.06% of total revenue [2]. - The medical terminal segment achieved revenue of 1.440 billion yuan, a 32.03% increase, representing 26.85% of total revenue [2]. - The skin science innovation transformation segment, previously the functional skincare business, saw a significant decline, with revenue of 2.569 billion yuan, down 31.62%, making up 47.92% of total revenue [2]. Management and Strategic Changes - Huaxi Bio attributed its performance decline to ongoing management reforms, including organizational restructuring and increased costs related to consulting and stock incentives exceeding 70 million yuan [3]. - The company is investing in long-term strategic initiatives, including supply chain improvements and capacity expansion, with related costs exceeding 100 million yuan [3]. - A significant impairment provision of approximately 189 million yuan was made for assets showing signs of impairment, with inventory valued at 1.248 billion yuan at the end of 2024 [3]. Executive Compensation - The total pre-tax compensation for 34 executives and key personnel was 43.55 million yuan in 2024, up from 25.43 million yuan in 2023 [4]. - Notable increases in executive compensation included the chairman's pay rising to 2.2282 million yuan, and the vice president's pay increasing from 1.8209 million yuan to 3.3504 million yuan [4][5]. - The compensation for R&D personnel increased slightly, with a total of 202 million yuan in 2024, compared to 191 million yuan in 2023 [6]. Market Reaction and Future Outlook - The disappointing performance and significant executive pay raises have led to widespread market skepticism regarding the management's decisions and the company's future [6]. - Investors expressed concerns during the earnings call about the reasons for the performance decline, the effectiveness of management reforms, and the justification for executive compensation increases [6]. - The ongoing decline in performance poses risks to the company's market image and investor confidence, raising questions about the alignment of management and shareholder interests [6].