Bloomage Biotech(SH:688363) Xin Hua Cai Jing·2025-08-27 13:36Core Viewpoint - Huaxi Biological reported significant marginal improvement in performance for the first half of 2025, with a notable recovery in the second quarter despite an overall decline in revenue and profit for the first half [1][2]. Financial Performance - For the first half of 2025, Huaxi Biological achieved revenue of 2.26 billion yuan, a year-on-year decrease of 19.57%, and a net profit attributable to shareholders of 221 million yuan, down 35.38% [2][3]. - The second quarter saw a revenue of 1.18 billion yuan, a decline of 18.44% year-on-year, but net profit increased by 20.89% to 119 million yuan, marking a return to growth after a year [5]. - Operating cash flow turned positive in the second quarter with a net inflow of 241 million yuan, reversing the outflow from the first quarter [5]. Business Segments - The raw materials segment showed resilience with revenue of 626 million yuan, a slight decline of 0.58%, accounting for 27.70% of total revenue [6]. - The medical terminal business generated 673 million yuan, down 9.44%, with skin-related products contributing 467 million yuan, a decrease of 1.8% [6]. - The skin science innovation transformation business reported revenue of 912 million yuan, down 33.97%, representing 40.36% of total revenue [7]. - The nutrition science innovation transformation business achieved revenue of 38 million yuan, a year-on-year increase of 32.40% [8]. Research and Development - R&D investment totaled 231 million yuan, up 15.25%, with R&D expenses accounting for 10.22% of revenue, an increase of 3.09 percentage points [8]. Management Changes - The company is undergoing transformation with the return of the CEO to frontline operations, focusing on restructuring management and business direction [9][10]. - Significant adjustments include a shift from sales volume to efficiency-oriented marketing strategies, resulting in a 12.46 percentage point decrease in sales expense ratio in the second quarter [10][11].