华熙生物“冰火两重天”：业绩大幅下滑，高管薪酬却逆势“狂飙”

Core Viewpoint - Huaxi Bio's 2024 performance report disappointed investors, showing significant declines in revenue and net profit, raising concerns about the company's future prospects [1][2]. Financial Performance - In 2024, Huaxi Bio reported revenue of 5.371 billion yuan, a year-on-year decrease of 11.61%, and a net profit attributable to shareholders of 174 million yuan, down 70.59% [1]. - This marks the second consecutive year of decline in both revenue and net profit, with the rate of decline accelerating [1]. - Quarterly performance in 2024 showed revenues of 1.361 billion yuan, 1.450 billion yuan, 1.064 billion yuan, and 1.496 billion yuan, with net profits of 243 million yuan, 98 million yuan, 20 million yuan, and a loss of 188 million yuan in the fourth quarter [2]. Business Segment Performance - The raw materials segment generated revenue of 1.236 billion yuan, up 9.47%, accounting for 23.06% of total revenue [2]. - The medical terminal segment achieved revenue of 1.440 billion yuan, a 32.03% increase, representing 26.85% of total revenue [2]. - The skin science innovation transformation segment, previously the functional skincare business, saw a significant decline, with revenue of 2.569 billion yuan, down 31.62%, making up 47.92% of total revenue [2]. Management and Strategic Changes - Huaxi Bio attributed its performance decline to ongoing management reforms, including organizational restructuring and increased costs related to consulting and stock incentives exceeding 70 million yuan [3]. - The company is investing in long-term strategic initiatives, including supply chain improvements and capacity expansion, with related costs exceeding 100 million yuan [3]. - A significant impairment provision of approximately 189 million yuan was made for assets showing signs of impairment, with inventory valued at 1.248 billion yuan at the end of 2024 [3]. Executive Compensation - The total pre-tax compensation for 34 executives and key personnel was 43.55 million yuan in 2024, up from 25.43 million yuan in 2023 [4]. - Notable increases in executive compensation included the chairman's pay rising to 2.2282 million yuan, and the vice president's pay increasing from 1.8209 million yuan to 3.3504 million yuan [4][5]. - The compensation for R&D personnel increased slightly, with a total of 202 million yuan in 2024, compared to 191 million yuan in 2023 [6]. Market Reaction and Future Outlook - The disappointing performance and significant executive pay raises have led to widespread market skepticism regarding the management's decisions and the company's future [6]. - Investors expressed concerns during the earnings call about the reasons for the performance decline, the effectiveness of management reforms, and the justification for executive compensation increases [6]. - The ongoing decline in performance poses risks to the company's market image and investor confidence, raising questions about the alignment of management and shareholder interests [6].