毛利率方面，原料业务（不含弗思特）整体毛利率为65.57%，同比+0.86pcts，医药级透明质酸原料毛 利率为87.56%。公司原料产品不断丰富，2024 年进行原料及合成生物研发项目96 个，10 种生物活性物 原料新产品完成上市。 2）医疗终端业务：实现收入14.40 亿元（yoy+32.03%），毛利率同比+2.27pcts至84.37%，医美业务变 革效果显著，运营能力提升，费用率稳步下降。皮肤类医疗产品实现收入10.73 亿元（yoy+43.57%）， 公司医美机构覆盖数量为7000 家，同增30%+。其中差异化优势品类微交联润致娃娃针收入同增 100%+，覆盖机构数量超5000 家；坚持产品家族化组合应用，润致填充剂收入同增30%+，覆盖机构数 量超3000 家，2024 年10 月发布新品"润致·格格"与"润致·斐然"，分别聚焦颈部抗衰和唇部美容市场， 公司多款新型交联技术产品已进入临床或注册阶段，未来1-2 年内将推出更多适用于鼻背、下颏、颞 部、眼周等高价值部位产品。公司2 款透明质酸三类医疗器械水光产品均已完成临床试验进入注册审评 阶段，预计2025 年上半年取得注册证，有望成为首批合规 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 18 年 月 日 原料/医疗终端业务稳健同增 9.47%/32.03%，皮肤科学创新转化业务承压。 2024 年分业务板块来看： 1）原料业务：实现收入 12.36 亿元（yoy+9.47%），其中国际市场原料实现收入 6.08 亿元（yoy+17.65%），美洲、欧洲、东南亚等地销售收入同比增长均超过 20%。 毛利率方面，原料业务（不含弗思特）整体毛利率为 65.57%，同比+0.86pcts， 医药级透明质酸原料毛利率为 87.56%。公司原料产品不断丰富，2024 年进行原 料及合成生物研发项目 96 个，10 种生物活性物原料新产品完成上市。 2）医疗终端业务：实现收入 14.40 亿元（yoy+32.03%），毛利率同比+2.27pcts 至 84.37%，医美业务变革效果显著，运营能力提升，费用率稳步下降。皮肤类医 疗产品实现收入 10.73 亿元（yoy+43.57%），公司医美机构覆盖数量为 7000 家， 同增 30%+。其中差异化优势品类微交联润致娃娃针收入同增 100%+，覆盖机构 数量超 5000 家；坚持产品 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is experiencing a phase of operational pressure, with expectations for gradual improvements from management reforms and strategic investments [1] - Revenue for 2024 is projected at 5.371 billion yuan, a year-over-year decrease of 11.61%, while net profit is expected to be 174 million yuan, down 70.59% year-over-year [1] - The company is positioned as a biotechnology materials platform, with potential for steady growth across its diversified business segments as management reforms take effect [5] Business Segment Summaries Raw Material Business - Revenue reached 1.236 billion yuan, an increase of 9.47% year-over-year, with international markets contributing 608 million yuan, up 17.65% [2] - The overall gross margin for the raw material business was 65.57%, a slight increase of 0.86 percentage points [2] Medical Terminal Business - Revenue for this segment was 1.440 billion yuan, reflecting a significant growth of 32.03% year-over-year, with a gross margin of 84.37% [3] - The aesthetic medicine business showed notable improvement, with skin-related medical products generating 1.073 billion yuan, up 43.57% [3] Skin Science Innovation Business - This segment reported revenue of 2.569 billion yuan, a decline of 31.62% year-over-year, with a gross margin of 72.80% [4] - The company is focusing on product innovation in skin repair and anti-aging, with new product launches aimed at enhancing competitive positioning [4] Nutritional Science Innovation Business - Revenue in this area was 82 million yuan, marking a growth of 40.97% year-over-year, focusing on key areas such as nutrition and immunity [4] Financial Forecasts and Investment Recommendations - Revenue projections for 2025-2027 are set at 5.848 billion yuan, 6.522 billion yuan, and 7.387 billion yuan, representing year-over-year growth rates of 8.9%, 11.5%, and 13.3% respectively [5] - Net profit forecasts for the same period are 469 million yuan, 624 million yuan, and 778 million yuan, with significant growth anticipated in 2025 at 169.2% [5]

（原标题：华熙生物(688363.SH)：主要使用DeepSeek及自研AI应用主要应用于品牌、营销、研发、供 应链、采购等业务领域） 格隆汇4月16日丨华熙生物(688363.SH)在互动平台表示，公司于2025年2月7日接入了DeepSeek的官方 API，并本地化部署了DeepSeek-R1 32b版本的模型。此后，公司还接入了其他三方平台的满血版 DeepSeek作为补充。2025年2月24日，DeepSeek模型及相关AI应用升级版本，随公司内部AI应用集成平 台的迭代计划正式发布。 在应用方面，公司主要使用DeepSeek及自研AI应用主要应用于品牌、营销、 研发、供应链、采购等业务领域以及人力、法务、流程、风险等职能领域，发布了诸如AI客服、AI营 销助手、AI论文助手、AI专家问答、内部Helpdesk问答等AI应用。从业务角度，公司重点关注AI应用对 业务的ROI（投资回报率）评估，并结合技术实现成熟度对AI应用开发进行优先级排序。公司重点将AI 用于优化和提效业务流程、提效员工生产力、加速内外部知识和信息获取、替代重复性人工劳动、辅助 管理和运营决策和降低运营风险等领域。 在成本和收益方面 ...

Core Viewpoint - The company reported a significant decline in its 2024 full-year performance, with revenue dropping by 11.6% to 5.371 billion yuan and net profit decreasing by 70.6% to 174 million yuan, indicating challenges in its skincare business and increased one-time costs related to strategic adjustments [1][2]. Financial Performance - For the full year of 2024, the company achieved revenue of 5.371 billion yuan, a decrease of 11.6%, and a net profit of 174 million yuan, down 70.6%. The adjusted net profit was 107 million yuan, reflecting a decline of 78.1% [1]. - In Q4 2024, revenue was 1.496 billion yuan, down 19.3%, with a net loss of 188 million yuan and an adjusted net loss of 219 million yuan [2]. Business Adjustments - The skincare business is undergoing a strategic repositioning, now named "Skin Science Innovation Transformation," with a focus on enhancing its biotechnology attributes. The revenue for the skincare segment is projected to decline by 31.6% to 2.569 billion yuan in 2024 [2][3]. - The company is initiating its third strategic upgrade, focusing on life sciences and restructuring its organization to enhance market responsiveness and problem-solving capabilities [3]. Growth Areas - The medical aesthetics segment is experiencing significant growth, with medical terminal business revenue reaching 1.44 billion yuan, up 32.0%, and skincare medical products revenue increasing by 43.6% to 1.073 billion yuan. The company expects continued growth in this area, particularly with new product approvals anticipated in H1 2025 [3]. - The raw materials business reported revenue of 1.236 billion yuan, an increase of 9.5%, with international raw material revenue growing by 17.7% to 608 million yuan [3]. Cost Structure - The company faced increased one-time costs due to strategic adjustments, including 70 million yuan in stock incentive consulting fees and over 100 million yuan in investments for innovative businesses. Inventory and goodwill impairments amounted to approximately 189 million yuan [2][4]. - The gross margin for 2024 was 73.6%, up 0.8 percentage points, driven by a higher proportion of high-margin pharmaceutical-grade products [4]. Future Outlook - The company is expected to see a recovery in its medical aesthetics business, driven by successful product launches and increased market penetration. The performance of the skincare business will be a critical indicator of the company's operational turnaround [5].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：新消费主张/cici 仍在转型阵痛期，2024年华熙生物业绩表现依旧低迷，甚至不如2023年。 4月10日晚，华熙生物披露了2024年年报，公司实现营业收入53.71亿元，同比下降11.61%；归母净利润为1.74亿元，同比下降70.59%。其中，第四季 度还出现了亏损的状况，归母净利润亏损1.88亿元，这也是其自2019年A股上市以来的首次单季度亏损。 另外，2024年公司多项营运能力考核指标，如总资产周转率、存货周转率等均有所下降，存货周转天数及存货规模均创新高。在公司多项营运能力 考核指标不乐观的情况下，2024年公司的管理费用大幅度上市，同比增长33.77%至6.58亿元，而这与公司管理层薪酬提升有着紧密的联系。 2024年，华熙生物及报告期内离任董事、监事、高级管理人员和核心技术人员的税前报酬总额为4355.02万元，而去年同期仅为2543.43万元，同比增 长71.23%。其中，公司董事、副总经理郭珈均的薪酬更是从2023年的92.53万元，增长至622.13万元，同比增长572.35%。 ...

在2025年第五届中国国际消费品博览会上，华熙生物无疑是一颗闪耀的明星，其在5号国际馆搭建的展台，宛如一座连接实验室与全球消费终 端的科技桥梁，彰显出中国生物科技企业的强大实力。 在全球化布局上，华熙生物通过收购法国Revitacare，整合其先进的中胚层美塑疗法技术和美容护肤产品，进一步拓展全球市场。此次消博会 上，华熙生物携生物活性物原料、医疗终端、功能性护肤品及功能性食品四大业务板块，以及多个知名消费品牌亮相，展现出强大的品牌矩 阵。 值得一提的是，华熙生物在消博会现场设立皮肤定制化专区。消费者通过手机小程序进行智能AI肤质分析，华熙生物就能从细胞级层面剖析 肌肤问题根源，提供定制化解决方案。其将"微流控"工艺应用于"一人量"产品标准化生产，精准配方平台涵盖超108种定制方案，能应对15625 种皮肤状态，保障产品安全与功效。 从更宏观的角度看，华熙生物体现了中西方科研产业化的互补趋势。中国在科技成果转化方面具有围绕供应链研发和强大产能的优势，华熙生 物以此为基础，不断强化研发。而西方企业侧重于从研发突破推动产业化，国际前沿基础研究需要与中国产业链供应链结合提高效率。华熙生 物积极与哈佛大学、加州理工大 ...

【文/王力 编辑/周远方】 4月10日，国内生物科技龙头企业华熙生物（688363.SH）披露的2024年度财报显示，公司全年营收53.71亿元同比下降11.61%，归母净利润1.74亿元同比骤 降70.59%，扣非净利润仅1.07亿元缩水78.13%，第四季度更创下单季亏损1.88亿元的历史性拐点。 在营收利润双降的冲击下，华熙生物于今年3月启动了一场"刮骨疗毒"式的组织重构。董事长赵燕主导的反腐行动要求贪腐人员限期自首，同时推动管理层 改组与供应链革新。 此外，上年度公司在技术层面迭代自动化设备、智能控制系统及供应商评估体系，通过产线升级提升生产效率。即便在净利润承压背景下，其研发投入占比 也攀升至8.68%，公司研发人员占全体员工总数的 20.70%。 然而，这场转型远未抵达终点。当医美终端业务遭遇机构的渠道红海竞争，华熙生物既要应对贝泰妮等对手的市场挤压，又需破解组织能力与战略布局的适 配难题。董事长赵燕提出的"重返创业状态"，既是对过往路径的反思，亦是对未来的郑重宣言——在功能性护肤品市场集中度持续走低的背景下，这场触及 筋骨的管理革命与技术创新能否形成共振效应，将成为检验企业转型成色的关键标尺。 ...

21世纪经济报道记者韩利明上海报道 日前，华熙生物（688363.SH）发布最新财报数据显示，2024年实现营业收入53.71亿元，同比下降 11.61%；归母净利润为1.74亿元，同比下降70.59%。这也是华熙生物在2022年业绩登顶后，营收和净利 润连续两年下滑，且跌幅逐年加大。作为对比，华熙生物2023年营收和归母净利润的跌幅分别为 4.45%、38.97%。 对于2024年经营成果承压的原因，华熙生物称受到多方面综合影响，其中包括管理变革；收入占比较高 的消费品相关业务调整仍在持续，从流程到组织运营、人才培养、产品体系建设等方面不断夯实业务基 础等。 在年报披露前一个月，华熙生物董事长赵燕在内部讲话时直言，"华熙生物近两年有较大的业绩调整， 一部分是市场导致，更大一部分原因是我意识到公司组织、人才没有跟上时代的变化而主动'踩了刹 车'。" "目前华熙生物依然没有走出危机，这种危机并不是因为业绩的下滑，而在于现有组织的熵增远远超过 了这个时代允许的速度，已经到了必须出重手整顿的时候。"赵燕强调。管理变革是否能加速业绩"触底 反弹"，华熙生物尚有答卷待交。 核心业务收入下滑超三成 在华熙生物三个细分业务 ...

Core Viewpoint - The article highlights the significance of the fifth China International Consumer Products Expo (CICPE) as a platform for showcasing global consumer goods and promoting trade cooperation, particularly in the context of China's expanding market and the establishment of the Hainan Free Trade Port [2][6][10]. Group 1: Event Overview - The CICPE, held from April 13 to 18, features over 1,700 consumer enterprises and more than 4,100 brands from 71 countries and regions, with participation from 65 Fortune 500 companies [3][6]. - The event includes eight major exhibition halls focusing on various consumer trends such as technology, health, and green consumption [3][6]. Group 2: Economic and Trade Cooperation - The expo serves as a significant platform for deepening economic and trade cooperation, aiming for mutual benefits and enhanced interaction between global and Chinese enterprises [5][9]. - The Hainan Free Trade Port is expected to facilitate smoother trade and investment with policies like "zero tariffs, low tax rates, and simplified tax systems" [7][10]. Group 3: Consumer Market Insights - China's retail sales are projected to reach 48.8 trillion yuan in 2024, reflecting a 3.5% increase from the previous year, with a cumulative import of 7.4 trillion yuan in consumer goods from 2021 to 2024 [10][11]. - The government is focused on expanding domestic demand and enhancing consumer spending through various initiatives, including promoting consumption upgrades and organizing consumption activities [11][12]. Group 4: Participation of Global Brands - The UK is the guest country of honor at this year's expo, showcasing 53 brands, which is double the number from the previous year [16][17]. - Major global brands like Estée Lauder, Volkswagen, and Charoen Pokphand Group are participating, indicating the expo's role as a barometer for the Chinese consumer market [13][19]. Group 5: Innovations and New Products - The expo will feature a new consumption technology exhibition area, showcasing innovations from leading tech companies like Huawei and Tesla [18]. - Numerous listed companies are participating, with many launching new products, highlighting the vitality of the "first launch economy" [20][22].