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]

Core Viewpoint - The internal speech by Zhao Yan, chairman of Huaxi Biological, highlights the urgent need for organizational reform and accountability within the company, amidst significant performance declines and internal turmoil [1][3][5]. Financial Performance - Huaxi Biological reported a revenue of 5.37 billion yuan for 2024, a year-on-year decrease of 11.6%, and a net profit of 164 million yuan, down 72.27% compared to the previous year [4][12]. - The company experienced a significant drop in its core functional skincare product revenue, which fell by over 18% for two consecutive years, with a 29.74% decline in the first half of 2024 [12][24]. Internal Challenges - The company has faced a high turnover of key technical personnel, with seven executives leaving in the past two years, including core technical staff [10][11]. - Zhao Yan's speech indicated a crisis within the organization, with terms like "problems" and "reform" frequently mentioned, reflecting the urgency of addressing internal management issues [5][6]. Strategic Shifts - Zhao Yan emphasized a return to a "start-up" mentality, focusing on operational aspects and addressing the need for a more agile and responsive organizational structure [5][21]. - The company is undergoing a significant internal restructuring, which has already cost over 270 million yuan, raising concerns about its financial health and future profitability [11][17]. Market Context - The broader pharmaceutical and biotechnology industry has seen a total market value decline of 14.3% in 2024, indicating a challenging environment for Huaxi Biological and its peers [20][21]. - The medical beauty industry, once characterized by high growth, is now facing a period of adjustment, with competitors also reporting declines in net profits [18][21]. Future Outlook - Zhao Yan expressed excitement and caution regarding the integration of AI in the life sciences sector, suggesting potential for significant changes in consumer engagement and decision-making processes [18][24]. - The company plans to introduce new talent and possibly restructure its core team to enhance its operational effectiveness and restore investor confidence [25].

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].

证券代码：688363 证券简称：华熙生物 公告编号：2025-003 减持计划的实施结果情况 重要内容提示： 大股东持股的基本情况 本次减持计划实施前，国寿成达（上海）健康产业股权投资中心（有限合伙） （以下简称"国寿成达"）直接持有华熙生物科技股份有限公司（以下简称"本 公司"）股份数量为 34,433,286 股，占本公司总股本的 7.15%。上述股份全部为 本公司首次公开发行前股份，并已于 2022 年 11 月 7 日起上市流通。 截至 2025 年 1 月 28 日，本次减持时间区间已届满，国寿成达在减持期间内 共计减持本公司股份 5,496,782 股，占本公司总股本 1.14%，其中以集中竞价方 式减持 4,816,782 股，占本公司总股本 1.00%，以大宗交易方式减持 680,000 股， 占本公司总股本 0.14%，实际减持数量占计划减持数量的比例为 45.65%。 华熙生物科技股份有限公司股东减持计划时间区 间届满暨减持股份结果公告 本公司于 2024 年 10 月 9 日披露《华熙生物科技股份有限公司股东减持股份 计划公告》（公告编号：2024-034），国寿成达计划根据市场情况通 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company is undergoing a transformation period, with expectations that the skincare segment will bottom out in 2025. The management is implementing structural changes and strategic investments to enhance long-term growth potential despite short-term performance pressures [5][7][8]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 6,076 million, with a year-on-year decline of 4.5%. For 2024, the expected revenue is 5,458 million, reflecting a further decline of 10.2%. However, a recovery is anticipated in 2025 with revenue projected at 5,750 million, representing a growth of 5.3% [6][10]. - The net profit attributable to the parent company for 2023 is estimated at 593 million, with a significant drop to 162 million in 2024, a decrease of 72.7%. A rebound is expected in 2025 with a forecasted profit of 451 million, marking a growth of 179.1% [6][10]. - The company’s gross margin is expected to improve gradually from 73.3% in 2023 to 75.1% by 2026, indicating enhanced operational efficiency [6]. Management Changes and Strategic Investments - The company is committed to management reforms, which include organizational restructuring and a new compensation system, leading to short-term cost increases exceeding 70 million. These changes are aimed at laying a solid foundation for long-term development [5]. - Significant investments exceeding 200 million are being made in supply chain upgrades and innovative business areas such as regenerative medicine and functional foods, which are expected to enhance the company's competitive edge in the long run [5][8]. Market Performance and Comparisons - The company's stock closed at 49.24 yuan on January 24, 2025, with a market capitalization of 23,718 million. The stock has seen a yearly high of 84.59 yuan and a low of 44.72 yuan [1]. - The company’s performance is being compared against the Shanghai Composite Index and the Shenzhen Component Index, with the stock's performance being closely monitored in relation to these benchmarks [1][2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 146 to 175 million yuan in 2024, representing a year-on-year decrease of 70.47% to 75.36% [5] - The functional skincare segment is under pressure, while the medical beauty business is experiencing rapid growth, with expectations for a rebound in functional skincare by the second half of 2025 [6][10] - Strategic investments and organizational changes have led to increased costs, impacting the company's current operating performance [6][11] Summary by Sections Financial Performance - The company forecasts a significant decline in net profit for 2024, with a projected net profit of 163 million yuan, down 72.49% year-on-year [11] - Revenue estimates for 2024 to 2026 have been adjusted to 5.368 billion, 6.146 billion, and 7.3 billion yuan respectively, reflecting downward revisions of 5% to 6% [11] Business Segments - The raw materials business is expected to grow at a high single-digit rate in 2024, benefiting from international expansion and local operations [6] - The medical beauty segment has shown outstanding growth, with new product launches expected to drive revenue in 2025 [7][8] - The functional skincare segment is undergoing a strategic upgrade, with new products aimed at addressing skin issues at the cellular level [10] Market Position and Strategy - The company is positioned as a full-chain platform, integrating raw materials, medical terminal products, functional skincare, and functional foods [11] - The introduction of new medical beauty products is anticipated to significantly contribute to overall revenue growth in 2025 [7][11]