Core Insights - Huaxi Biological Technology Co., Ltd. reported a revenue of 2.261 billion yuan and a net profit of 221 million yuan for the first half of 2025, facing short-term pressure due to industry conditions but focusing on reform measures for long-term development [2] - The company increased its R&D investment to 231 million yuan, a year-on-year growth of 15.25%, with R&D expenses accounting for 10.22% of revenue, up 3.09 percentage points from the previous year [2] R&D and Product Development - The company successfully launched six new bioactive raw materials, including injection-grade cross-linked sodium hyaluronate and recombinant type III humanized collagen, leveraging eight R&D platforms [2][3] - The injection-grade BloomColla® recombinant type III humanized collagen has 100% homology with human collagen sequences, leading the industry in safety and stability [2] - The food-grade MitoEGT ergothioneine, with 99.9% purity, has been included in the national standard material library, ranking high in compliance usage [2] Technological Advancements - The company made significant progress in the independent R&D and production of high-specification sterile HA raw materials, achieving breakthroughs in technology and industrial production [3] - The injection-grade non-animal source chondroitin sodium completed process validation and initiated medical device documentation registration, supporting high-end medical and innovative drug fields [3] - As of June, the company holds a total of 632 patents, reinforcing its technological barriers and focusing on basic research and application of functional sugars and amino acids [3] Business Performance - The raw material business generated 626 million yuan in revenue, maintaining stability, with a gross margin of 85.09% for pharmaceutical-grade sodium hyaluronate and over 90% for some medical aesthetics and orthopedic raw materials [3] - The medical terminal business achieved revenue of 673 million yuan, with a 20% year-on-year increase in sales of Class III medical devices [3] International Market Expansion - International sales of raw materials reached 331 million yuan, accounting for 52.93% of the company's raw material business revenue [3] - The company experienced nearly 10% continuous growth in sales in Europe, Southeast Asia, and South Korea, and over 20% growth in Japan, benefiting from localized operations in its international strategy [3]

责任编辑：小浪快报 8月27日，华熙生物盘中上涨2.10%，截至13:06，报59.40元/股，成交2.98亿元，换手率1.06%，总市值 286.12亿元。 资金流向方面，主力资金净流出1477.66万元，特大单买入448.58万元，占比1.50%，卖出1371.44万元， 占比4.59%；大单买入6117.73万元，占比20.50%，卖出6672.52万元，占比22.35%。 华熙生物今年以来股价涨16.63%，近5个交易日涨7.67%，近20日涨12.29%，近60日涨6.87%。 资料显示，华熙生物科技股份有限公司位于山东省济南市高新技术开发区天辰大街678号，成立日期 2000年1月3日，上市日期2019年11月6日，公司主营业务涉及微生物发酵和交联两大技术平台,开发有助 于人类生命健康的生物活性材料,建立了从原料到医疗终端产品、功能性护肤品及功能性食品的全产业 链业务体系,服务于全球的医药、化妆品、食品制造企业、医疗机构及终端用户。主营业务收入构成 为：皮肤科学创新转化业务47.84%，医疗终端产品26.80%，原料产品23.02%，其他2.17%，其他(补 充)0.18%。 华熙生物所属申万行业 ...

此次会议得到了华熙生物总部和华熙生物科技(天津)有限公司的支持。与会嘉宾参观了公司在天津重点 投资建设的合成生物中试成果转化中心。该中心具有"柔性化"和"平台化"两大创新特点。首先，通 过"模块化"和"抽屉式"的先进理念优化中试环节，覆盖从发酵、纯化到精制的全工艺流程，旨在为技术 成果转化提供高效可靠的工艺支持与全面解决方案，可承接医药级、护肤品级、食品级等多种生物活性 物原料产品的中试及小规模商业化生产；同时，该平台以"平台化"模式向社会开放，提供生物制造的中 试转化服务，打造具有概念验证、工艺研发、中试验证、检验检测、产业化应用等全方位中试服务平 台，加速科技成果从实验室样品到生产线产品以及市场化商品的转化。 颜江瑛说，中国香妆协会将持续深化媒体协作机制建设，强化国际传播能力，推动中国香妆行业在全球 科技与创新浪潮中占据更高地位。期待媒体朋友们以真知灼见碰撞思想火花，让专业声音穿透信息迷 雾，让国货科技赢得信赖，推动中国香妆从"中国制造"向"中国智造""中国创造"的跃迁升级，在全球美 妆产业格局中奏响中国最强音。 中国香妆协会产业研究中心主任姚永斌介绍了媒体协作机制年度工作情况。为促进多方观点碰撞，会议 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to a decrease in income from its skin science innovation transformation business [1] Financial Performance - Revenue for the first half of 2025 decreased by 19.57% to 2.261 billion yuan, while net profit attributable to shareholders fell by 35.38% to 221 million yuan [1] - In Q2 2025, the company achieved revenue of 1.183 billion yuan, a year-on-year decline of 18.44%, but net profit increased by 20.89% to 119 million yuan [1] - The company recorded a credit impairment loss and asset impairment loss of approximately 48.37 million yuan in Q2 2025 [1] Business Segments - The raw material business generated revenue of 626 million yuan, a slight decrease of 0.58%, accounting for 27.70% of total revenue [1] - The medical terminal business reported revenue of 673 million yuan, down 9.44%, representing 29.77% of total revenue [2] - The skin science innovation transformation business saw revenue drop by 33.97% to 912 million yuan, making up 40.36% of total revenue [3] Product and Brand Development - The overall gross margin for the raw material business (excluding First) was 66.34%, with medical-grade hyaluronic acid raw materials achieving a gross margin of 85.09% [2] - The First brand generated revenue of 56.58 million yuan, a growth of 61.28%, while the Huaxi brand remained stable at 569 million yuan [2] - The company is focusing on product structure optimization and has introduced new products like the "All-in-One Repair Essence" and CT50 series targeting anti-aging [4][5] Market Strategy - The company is shifting from a sales logic driven by traffic to a brand communication logic based on scientific validation [3] - The company aims to enhance brand trust through deep interactions with consumers on platforms like Xiaohongshu and WeChat, creating a marketing loop from content to sales conversion [3] - The company has optimized its organizational structure to improve operational efficiency and reduce costs [5]

Core Viewpoint - Huaxi Bio's performance in the first half of 2025 showed significant declines in revenue and profit, but there are signs of recovery in the second quarter, indicating potential for future growth [1][4][14]. Financial Performance Summary - In the first half of 2025, Huaxi Bio reported revenue of 2.26 billion yuan, a year-on-year decrease of 19.57% [1][3]. - The net profit attributable to shareholders was 221 million yuan, down 35.38% year-on-year, while the net profit after deducting non-recurring gains and losses fell by 45% to 218 million yuan [1][3]. - Operating cash flow was 218 million yuan, a decline of 17.49% compared to the previous year [1][3]. - In the second quarter, revenue was 1.18 billion yuan, a decrease of 18.44% year-on-year, but net profit increased by 20.89% to 119 million yuan, marking a return to growth [4][14]. Operational Changes and Strategies - Founder Zhao Yan returned to the frontline in March 2025, implementing significant reforms including management restructuring and cost-cutting measures [4][8]. - Sales expenses decreased by 31.44% to 808 million yuan in the first half of 2025, with a sales expense ratio of 35.74%, the lowest in five years [10][12]. - The company is shifting its marketing strategy from a scale-oriented approach to an efficiency-oriented model, focusing on brand efficacy [12][13]. Inventory and Efficiency - The inventory turnover days improved from 391 days in the first quarter to 321 days in the second quarter, indicating enhanced operational efficiency [4][14]. - Despite a reduction in inventory balance to 1.168 billion yuan, it remains at historically high levels, suggesting further optimization is needed [4][14]. Business Segment Performance - The revenue from the raw materials segment was 626 million yuan, down 0.58%, while the medical terminal business generated 673 million yuan, down 9.44% [15]. - The skin science innovation segment saw a significant decline, with revenue of 912 million yuan, down 33.97%, while the nutrition science segment grew by 32.4% to 38 million yuan [15][16]. - The skin science segment remains the largest, accounting for 40.34% of total revenue, despite being the most affected by declines [16]. Company Culture and Market Position - The return of Zhao Yan has led to a shift in the company's culture, characterized by a more aggressive stance in addressing market challenges and public relations issues [17][18]. - The company has actively engaged in industry discussions, particularly regarding the comparison of its products with competitors, showcasing a strong commitment to market leadership [18][19].

公司代码：688363 公司简称：华熙生物 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn网站仔细阅读半年度报告全文。 1.2重大风险提示 报告期内，不存在对公司生产经营构成实质性影响的重大风险。公司已于本报告中详细描述了生产经营 中面临的有关风险，详见本报告第三节"管理层讨论与分析"中关于公司风险因素的相关内容。 1.3本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.4公司全体董事出席董事会会议。 1.5本半年度报告未经审计。 1.6董事会决议通过的本报告期利润分配预案或公积金转增股本预案 1.7是否存在公司治理特殊安排等重要事项 □适用 √不适用 第二节 公司基本情况 2.1公司简介 公司股票简况 ■ 公司存托凭证简况 □适用 √不适用 联系人和联系方式 无 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4前十名境内存托凭证持有人 ...

Core Insights - The company has made significant progress in its "Quality Improvement and Efficiency Enhancement" initiative, focusing on core business areas, operational management, technological innovation, corporate governance, and investor returns [1][5][6] Group 1: Business Performance - The company reported a revenue of 1.183 billion yuan in Q2 2025, a year-on-year decrease of 18.44%, while net profit attributable to shareholders was 119 million yuan, an increase of 20.89% [5] - For the first half of 2025, total revenue was 2.261 billion yuan, down 19.57% year-on-year, with net profit attributable to shareholders declining by 35.38% [5] - The company’s inventory turnover days decreased from 391 days in Q1 2025 to 321 days in Q2 2025, indicating improved operational efficiency [5] Group 2: Research and Development - The company has reduced its R&D projects by 88 compared to 2024, focusing on high-barrier raw materials and medical terminal businesses [2][5] - R&D expenses for the first half of 2025 were approximately 231 million yuan, representing a 15.25% increase year-on-year, with R&D expenses accounting for 10.22% of total revenue [24] - The company has obtained 293 new authorized intellectual property rights, including 33 invention patents, as part of its ongoing innovation efforts [24] Group 3: Market Strategy - The company is focusing on high-barrier technology asset transformation and enhancing its consumer goods business advantages, particularly in the fields of aging intervention and tissue regeneration [2][5] - The company has launched new products, including injection-grade Hyatrue cross-linked sodium hyaluronate and BloomColla recombinant type III humanized collagen, to strengthen its product matrix [7][26] - The company aims to optimize its brand communication model, shifting from a sales volume-driven approach to an efficiency-driven strategy [2][5] Group 4: Organizational Changes - The company is restructuring its organizational and talent systems, focusing on selecting and cultivating entrepreneurial talents aligned with its values [3][4] - Management expenses increased by approximately 29 million yuan due to organizational upgrades, impacting short-term profits but laying a foundation for long-term growth [4] Group 5: Supply Chain and Quality Management - The company is enhancing its global supply chain resilience and optimizing production efficiency through automation and digital systems [20][21] - A quality insight mechanism has been established to convert scattered quality information into valuable insights, driving continuous quality improvement [21] Group 6: Sustainability and Governance - The company is implementing an ESG management system to promote low-carbon transformation across its value chain [30][31] - The governance structure has been revised to align with the latest regulatory requirements, ensuring compliance and operational efficiency [32][33]

华熙生物科技股份有限公司（以下简称"公司"）根据财政部发布的企业会 计准则及其应用指南、解释及其他有关规定（统称："企业会计准则"）、公司 会计政策及会计估计的规定，基于谨慎性原则，对截至2025年6月30日合并报表 范围内可能发生信用及资产减值损失的有关资产计提了资产减值准备。 证券代码：688363 证券简称：华熙生物 公告编号：2025-031 一、 计提资产减值准备的概述 认信用减值损失 599.86 万元，因计提存货跌价准备而确认资产减值损失 4,237.41 万元，具体情况如下表所示： 华熙生物科技股份有限公司 关于 2025 年第二季度计提大额资产减值准备的公告 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。 单位：人民币万元 根据《企业会计准则第 22 号－金融工具确认和计量》及公司会计政策的相关 规定，对各类金融资产进行分类，对不同类别的金融资产，分别进行会计计量及减 值处理。对于应收账款、其他应收款，无论是否存在重大融资成分，公司始终按照 相当于整个存续期内预期信用损失的金额计量其减值准备。通常按照共同 ...

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue at 2.261 billion yuan, down 19.57% year-on-year, and net profit attributable to shareholders at 221 million yuan, down 35.38% [1] - The decline in revenue is primarily attributed to a decrease in the skin science innovation transformation business, which saw a revenue drop of 33.97% [1] Revenue Breakdown - The raw material business generated revenue of 626 million yuan, a slight decrease of 0.58%, accounting for 27.70% of the company's main business revenue [1] - The medical terminal business reported revenue of 673 million yuan, down 9.44%, representing 29.77% of the main business revenue [1] - The skin science innovation transformation business earned 912 million yuan, down 33.97%, making up 40.36% of the main business revenue [1] - The nutrition science innovation transformation business, under Huaxi Dangkang, achieved revenue of 38 million yuan, an increase of 32.40% [1] Product Portfolio - The company offers medical beauty products under two main brands, "Runbaiyan" and "Runzhi," covering a range of applications from skin care to layered anti-aging [2] - The core brand Runzhi has launched multiple products targeting different skin layer needs, including Runzhi Natural, No. 2, No. 3, No. 5, Feiran Needle, and Yaoran Needle [2] - The company has developed a matrix of compliant skin care products based on in-depth research of extracellular matrix (ECM) effects on aging, including Runbaiyan·Glass, Runzhi·Tito, Runzhi·Gege, and Runzhi Doll Needle [2] - Runzhi Zhenhuo(®) is marketed for post-operative skin care, providing a comprehensive solution to enhance customer and consumer satisfaction through a diverse product series [2]

华熙生物表示，净利下滑主要是皮肤科学创新转化业务收入同比下降所致。公司将继续坚持科技创新， 推动合成生物技术在更多领域的应用，同时优化业务结构，提升运营效率，最终实现高质量发展的目 标。 （文章来源：北京商报） 8月26日晚间，华熙生物（688363）发布半年报显示，上半年实现营业收入22.61亿元，同比下降 19.57%；归属净利润2.21亿元，同比下降35.38%。 ...