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].

Group 1: AI Industry Developments - The European Union is investing in the construction of 13 AI super factories, with a total investment goal of €200 billion, including a dedicated fund of €20 billion for these projects [1] - Each AI super factory will be equipped with over 100,000 high-end AI processors, with the best-performing factories hosting up to 25,000 processors [1] Group 2: Film Industry Response - The National Film Administration of China plans to moderately reduce the import of American films in response to the U.S. government's imposition of tariffs on Chinese goods, which may decrease the audience's favorability towards American films [1] Group 3: Telecommunications and 5G - Beijing aims to achieve comprehensive 5G large-scale applications by the end of 2027, establishing itself as a leading city in 5G applications, enhancing industrial support, network service capabilities, and ecological collaboration [2] Group 4: Corporate Financial Performance - TSMC reported March revenue of NT$285.96 billion, a year-on-year increase of 46.5%, and Q1 revenue of NT$839.25 billion, up 41.6% year-on-year [3] - Meixin Sheng expects Q1 2025 net profit to be between RMB 2 million and 5 million, marking a significant turnaround from losses, driven by a 30% to 35% increase in revenue [5] - Huaxi Biological's 2024 revenue reached RMB 5.371 billion, with skin-related medical revenue exceeding RMB 1 billion, reflecting a 43.57% year-on-year growth [6] Group 5: Corporate Actions and Shareholder Commitments - Kingsoft WPS Corporation Limited, the controlling shareholder of Kingsoft Office, has committed not to reduce its shareholding from April 10, 2025, to December 31, 2025 [4] - Jincheng Co. plans to repurchase shares worth between RMB 50 million and 100 million for employee stock ownership or equity incentives [6] - Guangge Technology intends to repurchase shares with a total amount between RMB 10 million and 20 million for employee stock ownership plans [6] Group 6: Investment and Financing Activities - Stardust Intelligence has completed several rounds of financing, raising several hundred million yuan, with participation from prominent investors [7] - Shenzhen Ruisi Zhixin Technology has received equity financing from multiple investors, indicating strong market interest [8] - Anhui Zhongsheng Traceability Biotechnology has completed B+ round financing of RMB 85 million, continuing its trend of successful fundraising [9]

华熙生物科技股份有限公司 二〇二四年度 审计报告 致同会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://scc.mof.gov.cn）"进行查到 目 录 | 审计报告 | 1-6 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 . | 9-110 | Grant Thornton 型后 审计报告 关键审计事项是我们根据职业判断,认为对本期财务报表审计最为重要 的事项。这些事项的应对以对财务报表整体进行审计并形成审计意见为背景, 我们不对这些事项单独发表意见。 (一) 收入确认 相关信息披露详见财务报表附注三、26"收入"和附注五、40"营业收 入和营业成本"。 致同审字(2025) 第 110A008979 号 华熙生物科技股份有限公司全体股东: 一、审计意见 我们审计了华熙生物科技股份有限公司(以下简称华熙生物公司)财务 报表,包括 2024年 12月 31日的合并及公司资产负债表,2024年度的 ...

华泰联合证券有限责任公司关于华熙生物科技股份有限公司 募集资金存放与实际使用情况的专项核查意见 2024 年度，华熙生物募集资金使用情况为： 华泰联合证券有限责任公司（以下简称"华泰联合"或"保荐机构"）作为 华熙生物科技股份有限公司（以下简称"华熙生物"或"公司"）首次公开发行 股票并在科创板上市的保荐机构，根据《上海证券交易所科创板股票上市规则》、 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》、《科 创板上市公司持续监管办法（试行）》等法律法规的规定，对华熙生物首次公开 发行 A 股股票募集资金 2024 年度存放与使用情况进行了核查，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 公司首次公开发行人民币普通股 49,562,556 股，发行价格为 47.79 元/股。截 至 2019 年 10 月 30 日，公司募集资金总额为 2,368,594,551.24 元，扣除承销费、 保荐费人民币 92,660,000.00 元，公司于 2019 年 10 月 30 日实收募集资金款项为 2,275,934,551.24 元，扣除已使用自筹资金支付的保荐费 ...

华熙生物科技股份有限公司 二〇二四年度 内部控制审计报告 致同会计师事务所 (特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.or.gov.cn）"进行查验 "创新 Grant Thornton 20 日 内部控制审计报告 致同审字(2025) 第 110A008973 号 华熙生物科技股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 我们审计了华熙生物股份有限公司（以下简称华熙生物公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效 性是华熙生物公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性 发表审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外, 由于情况的变化可能导致内部控制变得不恰当,或对控制政 ...