华熙生物，大降三成

Core Viewpoint - Huaxi Biological reported a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in its core business despite a slight recovery in the third quarter [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 3.163 billion yuan, a year-on-year decrease of 18.36% [1][2]. - The net profit attributable to shareholders was 252.38 million yuan, down 30.29% year-on-year [1][2]. - In Q3 2025, revenue was 903 million yuan, a decline of 15.16% compared to the same period last year, while net profit increased by 55.63% to 31.53 million yuan [2][3]. Cost Management - The increase in Q3 net profit was attributed to a reduction in promotional expenses and an optimized brand communication model, with the sales expense ratio dropping to 34.26%, the lowest in five years [3]. - The company recognized credit impairment losses of 17.54 million yuan and inventory impairment losses of 5.71 million yuan in Q3 2025, impacting total profit by 23.25 million yuan [3][4]. Strategic Investments - Huaxi Biological invested 138 million HKD in Saintno Pharmaceutical, acquiring a 9.44% stake, aiming for business synergy in the innovative drug and medical aesthetics sector [7]. - The investment is expected to leverage Huaxi's expertise in hyaluronic acid to enhance RNAi therapy development, particularly in targeted delivery technologies [7]. Market Position and Challenges - Saintno Pharmaceutical is currently in a "zero revenue, continuous loss" phase, with significant losses reported and no products on the market [8]. - Despite the potential in the weight loss drug market, competition is intense, and the success of integrating innovative drugs with medical aesthetics remains uncertain [7][8].