Core Viewpoint - Shanghai Haohai Biological Technology Co., Ltd. (688366.SH) announced that its controlling shareholder and actual controller Jiang Wei received a notice of administrative penalty from the China Securities Regulatory Commission (CSRC) regarding insider trading allegations [2] Group 1: Company Information - Jiang Wei was investigated by the CSRC in May 2025 for suspected insider trading, and the current notice pertains solely to him as an individual, not affecting Haohai Biological [2] - Jiang Wei and You Jie are the actual controllers of Haohai Biological, holding 28.53% and 17.29% of shares respectively [2] - Haohai Biological is a well-known hyaluronic acid producer in China, reporting revenue of 1.304 billion yuan and a net profit of 211 million yuan in the first half of 2025, both showing a year-on-year decline [2] Group 2: Regulatory and Compliance - The final outcome of the administrative penalty will be determined by the CSRC's official decision [2] - Haohai Biological stated it will continue to monitor the situation and fulfill its information disclosure obligations in a timely manner [2]

Summary of Haohai Biology Conference Call Company Overview - **Company**: Haohai Biology - **Date**: September 18, 2025 Key Points Industry and Company Performance - **Revenue Decline**: Haohai Biology's revenue for the first half of 2025 decreased by 34% year-on-year, primarily due to changes in VAT policy affecting hyaluronic acid products, resulting in a profit reduction of approximately 30 million yuan [2][3] - **Overall Revenue**: The company achieved a revenue of 1.304 billion yuan in the first half of 2025, a year-on-year decline of 7% but a quarter-on-quarter increase of about 11% [3] - **Net Profit**: The net profit attributable to shareholders was 210 million yuan, down 10% year-on-year, but up 34% quarter-on-quarter [3] Business Segment Performance - **Aesthetic Medicine Segment**: - Revenue decreased by 9% year-on-year, with hyaluronic acid sales down 17% [2][4] - Human epidermal growth factor sales increased by 14% [2] - High-end hyaluronic acid product "Haimi" saw sales growth exceeding double digits, now accounting for over 40% of the segment [2][7] - **Ophthalmology Segment**: - Revenue decreased by 20% year-on-year, but sales of preloaded aspheric intraocular lenses increased by 74% [2][4] - High oxygen permeability orthokeratology lenses saw an 86% increase in sales [2][5] - **Surgical Segment**: - Revenue grew by 60%, with innovative hemostatic product "Kangrui Gel" contributing 44 million yuan [2][5] - New anti-adhesion surgical products performed well, achieving 40 million yuan in sales shortly after launch [2][24] Product Development and Market Strategy - **High-End Product Focus**: The company is focusing on exporting high-end products, with preparations for "Haimi" and "Haimi Yuebai" underway [10] - **New Product Lines**: The company is expanding its aesthetic medicine offerings, including dermal fillers and light therapy devices, with some products receiving FDA certification [11][12] - **Technological Advantages**: "Haimi" utilizes a unique cross-linking process for smooth injection, while "Haimi Yuebai" employs amino acid cross-linking for safety and effectiveness [9] Market Challenges and Responses - **Impact of VAT Policy**: The adjustment of VAT from 3% to 13% on hyaluronic acid and chitosan products is expected to impact profits throughout 2025, but no similar effects are anticipated in 2026 [2][5] - **Competitive Landscape**: The OK lens segment faced challenges due to competition from new products like defocus frame glasses, leading to a decline in sales [20][21] - **Price Pressure**: The company is increasing R&D investment in mid-to-high-end products to counteract potential price pressures from upcoming procurement policies [15] Future Outlook - **Performance Expectations**: The company remains optimistic about future growth despite current economic uncertainties, focusing on steady marketing efforts and product development [26] - **Market Share Potential**: The domestic multifocal intraocular lens market share is expected to increase due to price adjustments in procurement policies [16] Additional Insights - **Sales of Human Epidermal Growth Factor**: This product has seen significant growth due to its application in aesthetic medicine, with sales increasing since 2024 [13] - **Surgical Product Innovations**: The innovative hemostatic product "Kangrui Gel" has entered the Shanghai medical insurance directory, with plans to expand into other provinces [25] This summary encapsulates the key insights from Haohai Biology's conference call, highlighting the company's performance, strategic focus, and market challenges.

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 上海昊海生物科技股份有限公司（於中華人民共和國註冊成立的股份有限公司） 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06826 | H 股 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 ...

昊海生物科技(06826)发布公告，于2025年9月18日该公司斥资64.92万港元回购2.35万股，回购价格为每 股27.60-27.72港元。 ...

智通财经APP讯，昊海生物科技(06826)发布公告，于2025年9月18日该公司斥资64.92万港元回购2.35万 股，回购价格为每股27.60-27.72港元。 ...

FF305 第 1 頁 共 7 頁 v 1.3.0 呈交日期： 2025年9月18日 | 1). | 於 2025 年9月15日回購股份但尚未註銷 | | 67,400 | % | HKD | 27.78 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年9月15日 | | | | | | 2). | 於 2025 年9月16日回購股份但尚未註銷 | | 10,000 | % | HKD | 27.68 | | | 變動日期 | 2025年9月16日 | | | | | | 3). | 於 2025 年9月17日回購股份但尚未註銷 | | 18,400 | % | HKD | 28 | | | 變動日期 | 2025年9月17日 | | | | | | 4). | 於 2025 年9月18日回購股份但尚未註銷 | | 23,500 | 0.0103 % | HKD | 27.63 | | | 變動日期 | 2025年9月18日 | | | | | | 2. 股份分類 | 普通股 | A 股份類別 | | 於香港聯交所上市 | 否 | | ...

Core Viewpoint - Shanghai Haohai Biological Technology Co., Ltd. (688366.SH) is facing potential regulatory penalties due to insider trading allegations against its controlling shareholder Jiang Wei, although the company asserts that this matter will not significantly impact its operations or financials [1][3]. Group 1: Company Structure and Shareholding - Jiang Wei and his spouse You Jie are the actual controllers of Haohai Biological, holding a combined 45.82% of the company's shares as of March 2025, with Jiang Wei owning 28.53% and You Jie 17.29% [3]. - The regulatory penalty is directed solely at Jiang Wei, and the company clarifies that the issue is unrelated to its business operations [3]. Group 2: Business Overview and Financial Performance - Haohai Biological is a prominent producer of hyaluronic acid in China, operating in four main sectors: aesthetic medicine, ophthalmology, orthopedics, and hemostasis [3]. - In 2024, the revenue breakdown by product category shows that aesthetic medicine accounts for 44.30%, ophthalmic products 31.79%, and orthopedic products 16.92% [3]. - The ophthalmology segment is expected to see a revenue decline of 7.6% to 858 million yuan due to the impact of bulk procurement of artificial lenses [3]. - For the first half of 2025, the company reported a revenue of 1.304 billion yuan, a year-on-year decrease of 7.12%, and a net profit of 211 million yuan, down 10.29% year-on-year [3].

Core Viewpoint - Haohai Biological Technology (688366.SH) is facing challenges due to a decline in revenue across multiple product lines, while the investigation of its controlling shareholder for insider trading is stated to have no significant impact on the company's operations or finances [1][2]. Financial Performance - For the first half of 2024, Haohai Biological reported a revenue of 1,304.40 million yuan, a year-on-year decrease of 7.12% [2]. - The main business revenue was 1,297.55 million yuan, down 7.52% year-on-year [2]. - Revenue from medical beauty and wound care products was 575.45 million yuan, a decline of 9.31% [2]. - Revenue from ophthalmic products fell by 18.61% to 367.54 million yuan [2]. - Orthopedic product revenue decreased by 2.58% to 226.81 million yuan [2]. - Notably, revenue from anti-adhesion and hemostatic products increased by 59.61% to 110.39 million yuan, although this segment accounted for only 8.51% of total revenue [2]. - The net profit attributable to shareholders was 211.07 million yuan, down 10.29% year-on-year [2]. - The net profit excluding non-recurring gains and losses was 204.21 million yuan, a decrease of 11.35% [2]. - The overall gross margin for the first half was 70.17%, remaining stable compared to 70.51% in the previous year [2]. Research and Development - Haohai Biological's R&D expenses for the first half of 2024 were 98.40 million yuan, a decrease of 21.53% year-on-year [3]. - R&D expenses accounted for 7.54% of revenue, down from 8.93% in the same period last year [3]. - The reduction in R&D spending is attributed to several core projects entering late clinical trial or registration review stages, leading to a temporary decrease in direct labor costs and materials [3].

Core Viewpoint - The announcement regarding the administrative penalty against Jiang Wei, a controlling shareholder of Shanghai Haohai Biological Technology Co., Ltd., is significant as it stems from an insider trading investigation by the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: Company Overview - Shanghai Haohai Biological Technology Co., Ltd. is a well-known hyaluronic acid producer in China, operating in four major fields: medical aesthetics, ophthalmology, orthopedics, and hemostasis [4]. - The company is recognized as one of the "three giants" in the Chinese hyaluronic acid market, alongside Huaxi Biological and Aimeike [4]. Group 2: Shareholding Structure - Jiang Wei and his spouse, You Jie, are the actual controllers of Haohai Biological, holding a combined 45.82% of the company's shares as of March 2025, with Jiang Wei owning 28.53% and You Jie 17.29% [4]. Group 3: Financial Performance - In the first half of 2025, the company reported a revenue of 1.304 billion yuan, a year-on-year decrease of 7.12%, and a net profit of 211 million yuan, down 10.29% year-on-year [5]. - For 2024, the revenue from the medical aesthetics segment is projected to account for 44.30% of total revenue, while ophthalmology products will contribute 31.79%, and orthopedics will make up 16.92% [4]. - The ophthalmology business is expected to see a revenue decline of 7.6% to 858 million yuan due to the impact of bulk procurement of artificial lenses [4].

Core Viewpoint - The core issue revolves around Jiang Wei, a significant shareholder and actual controller of Hyaluronic Acid giant Haohai Biological Technology, receiving a notice of administrative penalty from the China Securities Regulatory Commission for suspected insider trading. The company asserts that the matter is unrelated to its operations and is solely a personal issue concerning Jiang Wei [1]. Company Summary - Haohai Biological Technology announced that Jiang Wei, one of its major shareholders and actual controllers, has been penalized by the China Securities Regulatory Commission for alleged insider trading [1]. - The company emphasized that the penalty pertains to Jiang Wei as an individual and does not involve the company itself [1]. - Although Jiang Wei founded Haohai Biological Technology, he has largely remained behind the scenes and does not actively participate in the company's operations [1]. - Jiang Wei has established a shareholding structure that allows him to maintain control over Haohai Biological Technology, and he has received over 250 million yuan in dividends from the company during its six years as a publicly listed entity [1]. Industry Context - The incident highlights the ongoing scrutiny of insider trading practices within the biotechnology sector in China, particularly among companies with significant market presence like Haohai Biological Technology [1]. - The company's chairman, Hou Yongtai, previously stated that Jiang Wei is primarily an investor who enjoys trading stocks, but he does not engage in trading Haohai Biological Technology's shares [1].