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华熙生物停止价格促销投流 营收探底 二季度净利率重回增长

Core Viewpoint - Huaxi Biological's performance continues to decline, with significant drops in revenue and net profit in the first half of 2025, indicating ongoing pressure on the company's operations [2][5]. Financial Performance - The company's revenue for the first half of 2025 was 2.261 billion yuan, a year-on-year decrease of 19.57% [2][4]. - The net profit attributable to shareholders was 220 million yuan, down 35.38% year-on-year [2]. - The skin science innovation transformation business, which accounts for 40.36% of total revenue, saw a revenue decline of 33.97% to 912 million yuan [5][6]. Business Segments - The skin science innovation transformation business is the most severely affected segment, with a significant drop in revenue [5]. - The raw material business generated 626 million yuan, with a slight decline of 0.58%, while the medical terminal business brought in 673 million yuan, down 9.44% [6]. - The medical products in the terminal business achieved 467 million yuan in revenue, a decrease of 1.8% [6]. Reform Measures - The company has implemented significant reforms, including the return of the general manager to frontline operations to drive change [7]. - Sales expenses decreased by 31.44% year-on-year, attributed to reduced promotional costs in the skin science innovation transformation business [7]. - Research and development investment increased to 10.22% of total revenue, up from 7.13% in the previous year, indicating a strong commitment to innovation despite poor performance [7]. Quarterly Insights - In the second quarter of 2025, the company reported revenue of 1.183 billion yuan, a decline of 18.44% year-on-year, but net profit increased by 20.89% to 119 million yuan [8]. - The net profit margin rose for the first time since the first quarter of 2024, suggesting that reform measures may be starting to yield positive results [8].