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]

Financial Performance - The company expects a net profit attributable to shareholders of RMB 146 million to RMB 175 million for 2024, a decrease of RMB 417.56 million to RMB 446.56 million, representing a year-on-year decline of 70.47% to 75.36%[2] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is RMB 80 million to RMB 109 million, a decrease of RMB 381.48 million to RMB 410.48 million, representing a year-on-year decline of 77.78% to 83.69%[2] - The previous year's net profit attributable to shareholders was RMB 592.56 million, with a total profit of RMB 701.72 million[3] - The company has experienced a decrease in government subsidies directly impacting current profits compared to the previous year[9] Business Development - The company has maintained steady growth in its raw material business, benefiting from localized operations in international markets, leading to sustained sales growth in Europe, Japan, and the Americas[5] - The company launched two new medical aesthetic injection products under its brand, which are expected to enhance its product line and market presence[5] - The company has increased strategic investments in emerging business areas such as regenerative medicine and functional foods, with over RMB 100 million allocated to innovation initiatives[6] Management and Strategy - Management transformation initiatives have incurred costs exceeding RMB 70 million, impacting short-term profitability but laying a foundation for long-term growth[5] - The company is undergoing a strategic upgrade focused on high-quality growth and operational efficiency improvements, which may create greater long-term development space despite short-term pressures[8] Impairment and Provisions - A significant impairment provision of approximately RMB 210 million has been made for accounts receivable, inventory, and goodwill due to impairment indications[6]

暴利行业持续分化洗牌。 作者 | 贝壳XY 编辑 | 小白 正所谓，爱美之心，人皆有之。如今，美容护理已越发融入人们的日常生活中，其市场需求持续扩 大。国家统计局数据显示，我国化妆品类零售总额在过去二十多年里呈现稳步提升，2023年达到4,14 2亿元，较2011年增长接近3倍。 但2024年1-11月的情况却有些不同，化妆品类零售总额罕见出现负增长，同比下滑了1.3%，莫非化妆 品生意不好做了？ （来源：Choice终端，制表：市值风云APP） 这组数据背后，其实意味着两层含义，其一是化妆品需求的小幅减少，其二则是行业内卷越发严重。 消费需求越发向头部品牌集中，质量不佳、规模较小、生产不良的尾部企业正逐渐被淘汰出局，一场 席卷整个行业的大洗牌或许正在进行。 动荡过后，仍能留在牌桌上的企业必定各有各的看家本领，今天我们便从美容护理板块前十大市值公 司来一探究竟。 参考申万行业分类及截至2024年12月31日的市值排名，前十大公司分别为爱美客（300896.SZ）、珀 莱雅（603605.SH）、华熙生物（688363.SH）、稳健医疗（300888.SZ）、锦波生物（832982.BJ）、 贝泰妮（30095 ...

中国北京建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-14th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于华熙生物科技股份有限公司 2024 年第一次临时股东大会的法律意见书 致：华熙生物科技股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》 （以下简称"《股东大会规则》"）等法律、法规及规范性文件和《华熙生物 科技股份有限公司章程》（以下简称"《公司章程》"）的规定，北京市通商 律师事务所（以下简称"通商"或"本所"）接受华熙生物科技股份有限公司 （以下简称"公司"）委托，指派本所律师出席了公司于 2024年 12月 2日召开 的 ...

2024 年第一次临时股东大会决议公告 本公司董事会及全体董事保证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。 证券代码：688363 证券简称：华熙生物 公告编号：2024-042 华熙生物科技股份有限公司 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 12 月 02 日 （二） 股东大会召开的地点：北京市朝阳区建国门外大街甲六号华熙国际中心 D 座 36 层会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 390 | | --- | --- | | 普通股股东人数 | 390 | | 2、出席会议的股东所持有的表决权数量 | 329,682,535 | | 普通股股东所持有表决权数量 | 329,682,535 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 68.9189 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | ...