FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 公司名稱: 上海昊海生物科技股份有限公司 (「本公司」)（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 06826 說明 H股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 38,529,240 RMB 1 RMB 38,529,240 增加 / 減少 (-) 0 RMB 0 本月底結存 38,529,240 RMB 1 RMB 38,529,240 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | | A股（上海證券交易所科創板，股份代號：688366） | | | | | | | | 法定/註冊 ...

Core Viewpoint - The performance of listed medical beauty companies in China shows significant divergence in the first half of 2025, with major players in the hyaluronic acid market facing growth bottlenecks, while companies in the recombinant collagen segment are experiencing substantial growth [1][2][7]. Group 1: Performance of Major Companies - Huaxi Biological reported revenue of 2.261 billion yuan, a year-on-year decline of 19.57%, and a net profit of 221 million yuan, down 35.38% [1][2]. - Haohai Biological achieved revenue of 1.304 billion yuan, a decrease of 7.12%, with a net profit of 211 million yuan, down 10.29% [1][2]. - Aimeike's revenue was 1.299 billion yuan, down 21.59%, with a net profit of 789 million yuan, a decline of 29.57% [1][2]. - In contrast, Jinbo Biological, the first stock of recombinant collagen on the Beijing Stock Exchange, reported revenue of 859 million yuan, an increase of 42.43%, and a net profit of 392 million yuan, up 26.65% [1][2]. - Giant Biological's revenue reached 3.113 billion yuan, a year-on-year increase of 21.66%, with a net profit of 1.182 billion yuan, up 20.23% [1][2]. Group 2: Market Trends and Competition - The medical beauty market in China has seen rapid growth, with the market size increasing from 99.3 billion yuan in 2017 to 189.2 billion yuan in 2021, reflecting a compound annual growth rate of 17.5% [4]. - The competition in the hyaluronic acid sector has intensified, leading to price reductions and impacting the performance of leading companies [4][6]. - The demand for aesthetic products is evolving, with a shift towards user-oriented solutions and a growing emphasis on product innovation and technology [3][7]. Group 3: Strategic Adjustments and Innovations - Huaxi Biological is shifting its marketing strategy to focus on brand building and consumer engagement through platforms like Xiaohongshu and WeChat, moving away from price-driven promotions [5]. - Haohai Biological is also adapting its product offerings, with new high-end hyaluronic acid products showing promising market performance [6]. - The recombinant collagen market is projected to grow significantly, with estimates suggesting it will reach 585.7 billion yuan by 2025, driven by new product launches and market expansion [8][9]. Group 4: Regulatory and International Expansion - The medical beauty industry is witnessing an increase in compliant products, with several companies obtaining third-class medical device registration certificates, enhancing market offerings [10][11]. - Companies like Huaxi Biological and Haohai Biological are actively pursuing international markets, with Huaxi reporting significant revenue from overseas operations [11][12]. - Aimeike's acquisition of a majority stake in a South Korean company highlights the trend of domestic firms expanding their global footprint [12].

Core Viewpoint - The performance of listed medical beauty companies in China shows significant divergence in the first half of 2025, with major players in the hyaluronic acid market facing growth bottlenecks while companies in the collagen reconstruction sector are experiencing substantial growth [1][2]. Group 1: Performance of Major Companies - Huaxi Biological reported revenue of 2.261 billion yuan, a year-on-year decline of 19.57%, and a net profit of 221 million yuan, down 35.38% [2]. - Haohai Biological achieved revenue of 1.304 billion yuan, a decrease of 7.12%, with a net profit of 211 million yuan, down 10.29% [2]. - Aimeike's revenue was 1.299 billion yuan, down 21.59%, with a net profit of 789 million yuan, a decline of 29.57% [2]. - In contrast, Jinbo Biological, the first stock of collagen reconstruction on the Beijing Stock Exchange, reported revenue of 859 million yuan, an increase of 42.43%, and a net profit of 392 million yuan, up 26.65% [1][2]. Group 2: Market Dynamics - The medical beauty industry is undergoing a transformation driven by increasing aesthetic demands and technological upgrades, necessitating higher core technology and product innovation capabilities from companies [3]. - The competition in the hyaluronic acid sector has intensified, with a significant increase in supply and aggressive pricing strategies from downstream medical beauty institutions [4]. - The market for collagen reconstruction products is rapidly growing, with projections indicating a compound annual growth rate of 44.93%, reaching 585.7 billion yuan by 2025 [9][10]. Group 3: Strategic Adjustments - Companies like Huaxi Biological are shifting from a traffic-driven sales model to a brand communication strategy based on scientific validation, aiming to enhance brand efficacy and customer acquisition [5][6]. - Haohai Biological is focusing on high-end hyaluronic acid products, with the "Haimeiyuebai" product showing promising market performance despite overall revenue declines in its hyaluronic acid segment [7]. - Aimeike acknowledges the shift towards a user-oriented market, emphasizing the importance of product innovation and systematized competition [8]. Group 4: Regulatory and International Expansion - The medical beauty industry is witnessing an increase in compliant products, with several companies obtaining third-class medical device registration certificates, enhancing market options [11][12]. - Companies are actively pursuing international markets, with Huaxi Biological reporting 331 million yuan in international raw material business revenue, accounting for 52.93% of its raw material income [12][13]. - Aimeike's acquisition of a majority stake in a South Korean company marks its strategic entry into the global regenerative injection market [13].

Group 1 - The core viewpoint of the article is that Haohai Biological's revenue and net profit have declined in the first half of 2025, indicating challenges in its key business segments, particularly in medical aesthetics and ophthalmology [1][2][3] - The company reported a revenue of 1.304 billion yuan, a year-on-year decrease of 7.12%, and a net profit attributable to shareholders of 211 million yuan, down 10.29% [1][2] - The main product segments, including medical aesthetics, ophthalmology, and orthopedics, all experienced revenue declines, with medical aesthetics generating 575 million yuan, down 9.31%, ophthalmology 368 million yuan, down 18.61%, and orthopedics 227 million yuan, down 2.58% [2][3] Group 2 - The decline in the hyaluronic acid business is attributed to changes in VAT rates affecting sales revenue and weak sales of entry-level products, which have not sustained their market advantage for nearly a decade [3][4] - The company’s high-end products, such as the third-generation and fourth-generation hyaluronic acid series, are performing well, but the overall medical aesthetics business may face negative growth for the first time this year [5][6] - The ophthalmology segment has seen significant revenue drops, particularly in cataract surgery products, which fell by 28.76%, largely due to national medical cost control policies [6][7] Group 3 - The company is actively responding to declining performance by focusing on high-end products and has seen a 73.82% increase in sales of mid-range pre-filled non-spherical products [9][10] - The competitive landscape in the medical aesthetics market is challenging, with several leading companies reporting similar revenue declines, indicating a broader industry adjustment [5][6] - The strategic shift towards mid-to-high-end products is seen as an opportunity, but the company faces challenges in product development and market penetration due to strong competition from imported brands [9][10]

Group 1 - The core viewpoint of the article highlights the fluctuating investment and financing trends in China's medical beauty industry, with a peak in 2016 and a decline thereafter [1][17] - Investment events peaked in 2016 with 19 occurrences and an investment amount of 1.353 billion RMB, while the highest investment amount was recorded in 2018 at 2.374 billion RMB [1] - By 2024, only 3 investment events occurred with a total investment of 150 million RMB, and as of June 5, 2025, only 1 event with an investment of 30 million RMB was reported [1] Group 2 - The majority of investment rounds in the medical beauty industry are concentrated in early stages, particularly angel and A-round financing [2] - The industry encompasses various fields such as medical beauty raw materials, equipment, and service platforms, indicating strong innovation and technical barriers [2] Group 3 - Investment activities are primarily concentrated in Beijing and Guangdong, with 49 and 23 financing events respectively, followed by Sichuan and Shanghai with 12 and 9 events [4] - The focus on these regions is attributed to the concentration of resources and opportunities in the medical beauty sector [4] Group 4 - The investment direction is primarily focused on the construction of medical beauty platforms [6] Group 5 - The main investment entities in the medical beauty industry are capital organizations, accounting for 73% of the total, while industrial entities like Gree Electric and Xiaomi Group make up 27% [5] Group 6 - There are few industry investment funds specifically targeting medical beauty, with only 2 private funds identified [13] Group 7 - Recent years have seen a trend of horizontal acquisitions among midstream enterprises in the medical beauty industry as a means to expand scale [15] - Notable acquisition events include 康哲药业 acquiring 旭俐医疗 with a 100% stake and 新氧 acquiring 奇致激光 [16] Group 8 - Overall, the investment and financing landscape in China's medical beauty industry has shown fluctuations, with a concentration of activities in Beijing and Guangdong, primarily driven by capital investment institutions [17]

Core Viewpoint - Haohai Biological Technology (688366) reported a decline in both revenue and net profit for the first half of 2025 compared to the same period in 2024, indicating potential challenges in its financial performance and operational efficiency [1] Financial Performance Summary - Total revenue for the first half of 2025 was 1.304 billion yuan, a decrease of 7.12% year-on-year [1] - Net profit attributable to shareholders was 211 million yuan, down 10.29% year-on-year [1] - In Q2 2025, total revenue was 686 million yuan, reflecting a 9.57% decline year-on-year [1] - Q2 net profit attributable to shareholders was 121 million yuan, a decrease of 12.33% year-on-year [1] - Gross margin stood at 70.17%, a slight decrease of 0.49% year-on-year [1] - Net margin was 15.46%, down 0.24% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 566 million yuan, accounting for 43.39% of revenue, an increase of 3.38% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents decreased to 2.562 billion yuan, down 3.93% year-on-year [1] - Accounts receivable slightly decreased to 333 million yuan, a decline of 0.92% year-on-year [1] - Interest-bearing liabilities increased to 416 million yuan, up 3.19% year-on-year [1] - Net asset value per share was 24.06 yuan, a decrease of 0.37% year-on-year [1] - Earnings per share fell to 0.91 yuan, down 9.90% year-on-year [1] - Operating cash flow per share was 1.3 yuan, a decrease of 6.89% year-on-year [1] Cash Flow Analysis - Net cash flow from investing activities showed a significant decline of 455.44%, primarily due to net outflows related to new large bank deposits [2] - Net cash flow from financing activities decreased by 87.47%, attributed to the absence of cash inflows from new share issuance and increased cash outflows related to share buybacks and privatization activities [2] Business Evaluation - The company's Return on Invested Capital (ROIC) for the previous year was 5.01%, indicating average capital returns [3] - Historical data shows a median ROIC of 8.49% since the company went public, suggesting a generally favorable investment return [3] - The company's net profit margin was reported at 13.95%, indicating a high value-added from its products or services [3] Business Model Insights - The company's performance is primarily driven by marketing efforts, necessitating a thorough examination of the underlying factors influencing this drive [4]

Core Viewpoint - The company, Haohai Biological Technology Co., Ltd., has reported a decline in its financial performance for the first half of 2025, with a focus on revenue and profit reductions, while also announcing a cash dividend distribution plan for shareholders [2][4]. Financial Performance Summary - For the first half of 2025, the company's main revenue was 1.304 billion yuan, a year-on-year decrease of 7.12% [2][6]. - The net profit attributable to shareholders was 211 million yuan, down 10.29% year-on-year [2][6]. - The net profit after deducting non-recurring gains and losses was 204 million yuan, a decline of 11.35% compared to the previous year [2][6]. - In Q2 2025, the company reported a single-quarter main revenue of 686 million yuan, a decrease of 9.57% year-on-year [2][6]. - The single-quarter net profit attributable to shareholders was 121 million yuan, down 12.33% year-on-year [2][6]. - The company's debt ratio stood at 18.14%, with investment income recorded at -28,700 yuan and financial expenses at 30.89 million yuan [2][6]. - The gross profit margin was reported at 70.17% [2][6]. Company Announcements Summary - The company’s subsidiary, Haohai Biological Technology Holdings Co., Ltd., has terminated its exclusive distribution agreement with Hengtai Optical and Hengtai Vision due to Hengtai Optical's acquisition by Carl Zeiss [3]. - As part of the termination agreement, Hengtai Optical's major shareholders will pay 80 million yuan as a termination compensation [3]. - Hengtai Vision reported total assets of 11.52 million yuan, net assets of 5.06 million yuan, and an operating income of 18.85 million yuan, with a net loss of 3.65 million yuan for the first half of 2025 [3]. - The company plans to increase market promotion for its self-developed OK lens products and optimize product structure [3]. - The cash dividend distribution plan for the first half of 2025 is set at 4.00 yuan per 10 shares (including tax), totaling 91.49 million yuan, which accounts for 43.35% of the net profit attributable to shareholders [4][6].

Core Insights - Haohai Biological Technology (688366.SH) released its semi-annual report for 2025 on August 23, 2025, indicating a total of 1 institutional investor holding shares, amounting to 2.9878 million shares, which represents 1.28% of the total share capital [1] - The institutional holding ratio increased by 0.22 percentage points compared to the previous quarter [1] - Three public funds were disclosed during this period, including Huabao CSI Medical ETF, Tianhong Pension 2035 Three-Year A, and Tianhong Yongyu Stable Pension One-Year A, which were not reported in the previous quarter [1]

证券代码：688366 证券简称：昊海生科 公告编号：2025-039 上海昊海生物科技股份有限公司 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： ● 每股分配比例：每 10 股派发现金红利人民币 4.00 元（含税）。不送红 股，不进行资本公积金转增股本。 ● 本次利润分配以实施权益分派股权登记日登记的总股本扣除上海昊海生 物科技股份有限公司（以下简称"公司"）回购专用证券账户中股份为基数，具 体日期将在权益分派实施公告中明确。 ● 本次利润分配已获 2025 年 6 月 10 日召开的 2024 年度股东周年大会授权， 无须提交公司股东会审议。 一、利润分配方案内容 公司 2025 年半年度中国会计准则及国际财务报告准则合并财务报表归属于 母公司股东的净利润均为人民币 211,065,253.90 元，母公司净利润均为人民币 人民币 1,236,161,032.63 元。前述财务数据均未经审计。经董事会决议，公司 2025 年半年度拟以实施权益分派股权登记日登记的公司总股本扣除公司回购专用证 券账户中 ...

（编辑 任世碧） 证券日报网讯 8月22日晚间，昊海生科发布2025年半年度利润分配方案公告称，公司拟向全体股东每10 股派发现金红利人民币4.00元（含税）。截至审议本次利润分配方案的董事会召开日，公司总股本为 232，581，095股，扣除回购专用证券账户中股份数3，848，095股（全部为A股股份），以此计算合计 拟派发现金红利共计人民币91，493，200.00元（含税），占公司2025年半年度合并报表归属于上市公 司股东净利润的43.35%。 ...