Jie Mian Xin Wen·2025-03-24 09:10Core Viewpoint - Haohai Biological Technology's performance in 2024 shows stagnation in revenue and profit growth, primarily due to the declining market for hyaluronic acid and the impact of national procurement policies on its ophthalmology and orthopedics segments [3][5][16]. Revenue and Profit Summary - In 2024, Haohai Biological Technology achieved revenue of 2.698 billion yuan, a year-on-year increase of 1.64%, and a net profit of 420 million yuan, up 1.04% year-on-year [3]. - The medical beauty and wound care products contributed 1.195 billion yuan to revenue, accounting for 44.30% of total revenue, with a growth of 13.08% year-on-year [8]. Business Segment Analysis - The medical beauty segment, which includes hyaluronic acid, epidermal growth factor, and RF and laser equipment, generated 742 million yuan from hyaluronic acid, representing 62.05% of the medical beauty segment [8]. - The ophthalmology segment generated 858 million yuan, accounting for 31.79% of total revenue, showing a decline of 7.60% year-on-year [16]. Market Dynamics - The hyaluronic acid market is experiencing increased competition and a decline in growth, with high-end products facing challenges from competitors like Juvederm and Restylane [14]. - The rise of alternative products, such as hydroxyapatite, is reshaping the aesthetic market, as consumers are becoming more cautious about hyaluronic acid fillers [14]. Regulatory Impact - The regulatory changes in 2022 have affected the sales of RF and laser devices, with significant reductions in revenue from home-use and aesthetic-grade products starting in 2023 [15]. Product Performance - The revenue from cataract surgeries in 2024 was 420 million yuan, down 15.33% year-on-year, with artificial lenses and ophthalmic viscoelastic devices also showing declines [20].