华熙生物核心业务下滑拖累业绩，上半年营收、净利双降

Core Insights - Huaxi Bio reported a revenue of 2.261 billion yuan for the first half of 2025, a year-on-year decline of 19.57% [1] - The net profit attributable to shareholders was 221 million yuan, down 35.38% year-on-year, while the net profit excluding non-recurring items was 173 million yuan, a decrease of 45% [1] - In Q2 2025, the company achieved a revenue of 1.183 billion yuan, a decline of 18.44% year-on-year, but the net profit increased by 20.89% to 119 million yuan, marking the first rebound in net profit margin since Q1 2024 [1] Business Segment Performance - The decline in overall performance is primarily attributed to the skin science innovation transformation business, which generated 912 million yuan in revenue, down 33.97% year-on-year, accounting for 40.36% of the company's main business revenue [1] - This segment had already seen a decline of 31.62% in 2024, indicating a continued contraction that negatively impacts Huaxi Bio's overall revenue [1] - Besides the core skincare business, the raw materials and medical terminal businesses also experienced declines, with raw materials revenue at 626 million yuan (down 0.58%) and medical terminal revenue at 673 million yuan (down 9.44%) [2]