改革成效未达预期，华熙生物业绩困局待解

Core Viewpoint - Huaxi Biological is experiencing a significant decline in performance, with a notable drop in both revenue and profit in the first half of 2025, primarily due to the structural collapse of its core business in skin science innovation [1][3][4]. Financial Performance - In the first half of 2025, Huaxi Biological reported revenue of 2.261 billion yuan, a year-on-year decrease of 19.57%, and a net profit attributable to shareholders of 221 million yuan, down 35.38% [1][3]. - The company's revenue in Q2 2025 was 1.183 billion yuan, a decline of 18.44% year-on-year, while net profit for the same period was 119 million yuan, marking a 20.89% increase, indicating a potential turning point in profitability [3][4]. Core Business Challenges - The skin science innovation transformation business, previously known as functional skincare products, has seen a revenue decline of 33.97% in the first half of 2025, contributing to 40.36% of the company's main business revenue [3][4]. - The functional skincare business, which had previously driven growth, has seen its revenue shrink from 4.607 billion yuan in 2022 to 2.569 billion yuan in 2024, nearly halving its contribution to main business revenue [4]. Other Business Segments - Besides the core skincare business, Huaxi Biological's other two segments—raw materials and medical terminal businesses—also faced declines, with raw materials revenue at 626 million yuan (down 0.58%) and medical terminal revenue at 673 million yuan (down 9.44%) in the first half of 2025 [5][6]. Reform and Management Changes - The company has initiated a series of reforms since 2024, focusing on business process restructuring, organizational changes, and enhancing management efficiency, but these efforts have yet to yield significant results [6][7]. - In the first half of 2025, there were notable changes in the management structure, with 11 executives leaving and an increase in R&D personnel by 35, although management costs rose by 11.63% [6][7]. R&D Investment - Huaxi Biological increased its R&D expenditure to 231 million yuan in the first half of 2025, a 15.25% increase year-on-year, focusing on high-barrier products and medical terminal business [7]. - The company is currently undergoing a strategic upgrade, shifting its R&D focus towards glycoscience and cell biology, while maintaining that the decline in functional skincare products is not due to missing market opportunities [7].