Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 61.31 yuan [3]. Core Views - The company is a leader in hyaluronic acid, with a solid foundation in raw materials. The launch of new products under the Runzhi brand is expected to drive rapid growth in the medical aesthetics business. The performance of functional skincare products is undergoing adjustments, but medium to long-term growth in earnings is anticipated. The projected net profit attributable to the parent company for 2024-2026 is 712 million, 859 million, and 1.077 billion yuan, respectively, with year-on-year growth rates of +20.1%, +20.6%, and +25.4% [2][3]. Financial Forecast and Indicators - The company is expected to achieve operating revenues of 6,076 million, 6,529 million, 7,275 million, and 8,196 million yuan for the years 2024 to 2026, with growth rates of -4.5%, 7.5%, 11.4%, and 12.7% respectively [3][7]. - The net profit attributable to the parent company is forecasted to be 593 million, 712 million, 859 million, and 1,077 million yuan for the same period, with growth rates of -39.0%, 20.1%, 20.6%, and 25.4% [3][7]. - Earnings per share are projected to be 1.23, 1.48, 1.78, and 2.24 yuan for 2024 to 2026 [3][9]. - The price-to-earnings (PE) ratios for 2024, 2025, and 2026 are expected to be 50, 41, and 34, respectively, indicating a decrease in valuation over time [3][9]. Product Launches and Market Position - The company launched two new medical aesthetic products, "Runzhi·Gege" and "Runzhi·Feiran," on October 13, 2024. "Runzhi·Feiran" focuses on lip filling, enhancing the facial anti-aging product matrix, while "Runzhi·Gege" targets neck wrinkle correction, filling a gap in the neck anti-aging market [2]. - The introduction of the collagen tightening cream by the Runbaiyan brand on September 27, 2024, further strengthens the company's competitive position in the anti-aging sector and aims to meet diverse consumer needs through a combination of medical and cosmetic products [2].

证券代码：688363 证券简称：华熙生物 公告编号：2024-034 大股东持股的基本情况 截至本公告披露日，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。 减持计划的主要内容 国寿成达计划根据市场情况通过集中竞价、大宗交易的方式减持其所持有的本公 司股份合计不超过 12,041,955 股，拟减持股份数量占本公司总股本的比例合计不 超过 2.50%，其中以集中竞价方式减持比例不超过 1.00%，减持数量不超过 4,816,782 股；以大宗交易方式减持比例不超过 1.50%，减持数量不超过 7,225,173 股，减持期间为本公告披露 15 个交易日后 3 个月内，即 2024 年 10 月 31 日至 2025 年 1 月 28 日。 若计划减持期间本公司有送股、转增股本、配股、回购注销等股份变动事项，上 述股份数量做相应的调整，减持比例不变。 1 一、减持主体的 ...

Investment Rating - The report maintains a "Recommend" rating for the company, with expected net profit growth of +20.1%/+20.6%/+25.4% for 2024-2026 [2] Core Views - The company is a leader in the hyaluronic acid industry, with a stable raw material business and rapid growth in the medical aesthetics sector driven by the Runze brand [2] - The company's functional skincare business is undergoing strategic adjustments, with medium to long-term growth potential [2] - The newly launched medical-grade skincare products under the QuadHA brand are expected to enhance the company's product matrix and market positioning [1] Business Development - The company's Xiangtan production base officially commenced operations on September 22, 2024, focusing on medical terminal products [1][2] - The QuadHA brand entered the medical-grade skincare market with 5 new products across three series: Green Cross, Blue Cross, and Red Cross [1] - The Green Cross and Blue Cross series utilize the company's innovative enzyme-cut hyaluronic acid technology, targeting post-cosmetic procedure care [1] - The Red Cross series features medical-grade recombinant human collagen, providing wound healing and skin barrier protection [1] Financial Projections - Revenue is projected to grow from 6,076 million yuan in 2024E to 8,196 million yuan in 2026E, with growth rates of 7.5%, 11.4%, and 12.7% respectively [3][6] - Net profit attributable to parent company is expected to increase from 712 million yuan in 2024E to 1,077 million yuan in 2026E [3][6] - EPS is forecasted to grow from 1.23 yuan in 2024E to 2.24 yuan in 2026E [3][6] - PE ratio is expected to decrease from 31x in 2024E to 20x in 2026E [3][6] Product Portfolio - The company has a rich portfolio of Class III medical device products, including the Runyan series, Runze series, and CYTOCARE series [2] - In July 2024, the company's self-developed "Hyaluronic Acid Sodium Compound Solution for Injection" (Runze·Gege) was approved, further enriching the medical aesthetics product line [2]

证券代码：688363 证券简称：华熙生物 公告编号：2024-033 华熙生物科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 9 月 30 日(星期一) 上午 09:00-10:00 会议召开地点： 上海证券 交易所上证路演中心（ 网 址 ： https://roadshow.sseinfo.com/） 华熙生物科技股份有限公司（以下简称"公司"）已于 2024 年 8 月 24 日发 布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半 年度经营成果、财务状况，公司计划于 2024 年 9 月 30 日 上午 09:00-10:00 举 行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年半年度的经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的 ...

司 研 华福证券 华熙生物（688363.SH） 中报业绩暂承压，医疗终端业务高增 投资要点： 中报业绩暂承压，管理仍在变革。公司 24H1 营收 28.11 亿元，同比下 滑 8.61%，归母净利润为 3.42 亿元，同比下滑 19.51%，扣非归母净利润为 3.16 亿元，同比下滑 12.38%。单 Q2 营收 14.50 亿元，同比下滑 18.09%， 归母净利润为 0.98 亿元，同比下滑 56.10%，扣非归母净利润为 0.84 亿元， 同 比 下 滑 59.7% 。 24H1 毛 利 率 为 74.52%/yoy+0.72pct ， 净 利 率 为 12.11%/yoy-1.6pct。上半年业绩承压主要系：1）管理变革在短期产生费用， 影响短期损益；2）对研发、创新业务等长期性、战略性的投入持续增长； 3）功能性护肤品业务等正处于管理变革深水区，成果短期受到影响。 原料和医疗终端业务稳健增长，医疗终端业务为主要增长驱动力。拆 分来看：1）原料业务：2024 H1 公司原料业务实现收入 6.30 亿元 /+yoy11.02%，收入占比 22.47%。原料业务（不含弗思特）整体毛利率为 70.71%， ...

证券代码：688363 证券简称：华熙生物 公告编号：2024-032 华熙生物科技股份有限公司 关于回购公司股份期限届满暨回购实施结果公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2023/8/30，由实际控制人、董事长兼总经理赵燕 | | --- | --- | | | 女士提议 | | 回购方案实施期限 | 董事会审议通过后 12 个月 | | 预计回购金额 | 亿元~3 亿元 2 | | 回购价格上限 | 129.62 元/股（含）（调整后的价格） | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | 实际回购股数 | 3,315,538 股 | | 实际回购股数占总股本比例 | 0.6883% | | 实际回购金额 | 元 219,947,377.83 | | 实际回购价格区间 | 56.37 元/股~89.71 元/股 | 一、 回购审批情况和回购方案内容 公司于 2023 年 8 ...

公司点评 华熙生物(688363.SH) 2024 年 08 月 27 日 评级 买入 | --- | --- | |---------------------|-------------| | 评级变动 | 维持 | | 交易数据 | | | 当前价格（元） | 49.07 | | 52 周价格区间（元） | 49.07-93.92 | | 总市值（百万） | 23635.96 | | 流通市值（百万） | 9724.61 | | 总股本（万股） | 48167.90 | | 流通股（万股） | 19817.90 | 涨跌幅比较 华熙生物 美容护理 15% -5% -25% -45% | --- | --- | --- | --- | |----------|---------|---------|---------| | 2023-08 | 2024-02 | 2024-05 | 2024-08 | | % | 1M | 3M | 12M | | 华熙生物 | -16.31 | -17.25 | -44.63 | | 美容护理 | -8.48 | -24.06 | -38.99 | 张曦月 分析师 执业证 ...

医美业务高速增长，护肤品业务仍处于变 革调整期 核心观点 ⚫ 公司发布 24H1 中报，实现营业收入 28.1 亿，同比下滑 8.6%，实现归母净利润 3.4 亿，同比下滑 19.5%，其中 24Q2 收入和归母净利润分别同比下滑 18.1%和 56.1%。上半年公司经营净现金同比增长 42%。 ⚫ 中报显示，公司综合毛利率同比增长 0.7 个百分点，主要来自于高毛利率医美收入 占比的提升；但净利率同比下降 1.6 个百分点，主要来自变革带来的管理费用率上 升和资产减值的增加。 ⚫ 原料业务：增长稳健，其中出口业务表现亮眼。24H1 原料业务收入为 6.3 亿，同比 增长 11%，其中出口销售收入为 3.28 亿，同比增长 19.8%。分区域来看，欧洲、日 本、美洲等地销量实现持续增长，其中美洲地区销售收入实现高速增长。产品品牌 方面，原料业务主品牌销售收入稳步增长，弗思特品牌收入同比增长 19.1%。 ⚫ 医疗终端业务：高速增长，医美业务经营质量也逐步改善。24H1 医疗终端业务收入 为 7.4 亿，同比增长 51.9%，其中公司皮肤类医疗产品（医美业务）实现收入 5.55 亿元，同比增长 70.1%，差异 ...

Investment Rating - The report maintains a "Hold" rating for the company and lowers the target price to RMB 48.9 [1][2]. Core Views - The company experienced a revenue decline of 18.1% in Q2 2024, with a significant drop in net profit attributable to shareholders by 56% year-on-year, indicating that a return to growth will take time [1]. - Adjustments in the functional skincare product line are ongoing, with a 30% year-on-year revenue decline in the first half of 2024. Despite some improvements in the brand structure, revenue for the leading brand, Runbaiyan, still fell by over 10% [1]. - The company anticipates a sequential growth in the second half of 2024 due to new product launches and increased marketing efforts for major sales events like Double Eleven [1]. - Revenue from raw materials and medical aesthetic products has supported overall revenue during the decline in functional skincare, with raw material revenue growing by 11% year-on-year in the first half of 2024 [1]. - The report projects a recovery in profit margins due to reduced promotional expenses and cost control measures, despite a temporary increase in sales and management expense ratios [1]. Financial Summary - The company's revenue is projected to decline from RMB 6,359 million in 2022 to RMB 5,880 million in 2024, with a year-on-year change of -3.2% [2][7]. - Net profit attributable to shareholders is expected to recover slightly from RMB 593 million in 2023 to RMB 597 million in 2024, reflecting a minimal year-on-year increase of 0.7% [2][7]. - The price-to-earnings (PE) ratio is projected to be 42.7x in 2024, decreasing to 30.3x in 2025 [2][7]. - The return on equity (ROE) is expected to decline from 8.7% in 2023 to 8.2% in 2024, before recovering to 10.7% in 2025 [2][7].

证券代码：688363 证券简称：华熙生物 公告编号：2024-030 华熙生物科技股份有限公司 第二届监事会第十次会议决议公告 监事会认为：公司 2024 年半年度报告已经公司第二届董事会第十四次会议 审议通过，其编制及审议程序符合法律、行政法规及中国证监会的规定，内容和 格式符合中国证监会和上海证券交易所的相关规定，所载资料真实、准确、完整 地反映了公司的经营情况和财务状况，不存在任何虚假记载、误导性陈述或重大 遗漏。 具 体 内 容 详 见 公 司 于 2024 年 8 月 24 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《华熙生物科技股份有限公司 2024 年半年度报告》及 《华熙生物科技股份有限公司 2024 年半年度报告摘要》。 (二) 审议通过《关于2024年半年度募集资金存放与实际使用情况的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 二、监事会会议审议情况 本公司监事会及全体监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。 (一) 审议通过《关于审议公司 2024 年半 ...