Bloomage Biotech(SH:688363) Xin Lang Zheng Quan·2025-10-29 12:55Core Viewpoint - Huaxi Biological is a leading company in the global hyaluronic acid industry, leveraging microbial fermentation and cross-linking technologies to establish a comprehensive business model from raw materials to end products [1] Group 1: Business Performance - In Q3 2025, Huaxi Biological achieved a revenue of 3.163 billion yuan, ranking first in the industry, surpassing the industry average of 2.108 billion yuan and the median of 1.865 billion yuan [2] - The main business segments include skin science innovation transformation (0.912 billion yuan, 40.34%), medical terminal products (0.673 billion yuan, 29.76%), and raw material products (0.626 billion yuan, 27.70%) [2] - The net profit for the same period was 0.252 billion yuan, ranking third in the industry, below the industry average of 0.641 billion yuan and the median of 0.565 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Huaxi Biological's debt-to-asset ratio was 16.29%, lower than the previous year's 18.82% and below the industry average of 16.58%, indicating good solvency [3] - The gross profit margin for the same period was 70.68%, down from 73.93% year-on-year and below the industry average of 84.95% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.79% to 31,300, while the average number of circulating A-shares held per household increased by 3.94% to 15,400 [5] - Major shareholders include various ETFs, with significant reductions in holdings noted for several funds [5] Group 4: Executive Compensation - The chairman and general manager Zhao Yan's compensation increased from 2.0249 million yuan in 2023 to 2.2282 million yuan in 2024, an increase of 203,300 yuan [4] Group 5: Future Outlook - Huachuang Securities projects net profits for 2025-2027 to be 0.458 billion, 0.618 billion, and 0.748 billion yuan respectively, with a target valuation of 30.89 billion yuan for 2026 [6] - Longjiang Securities anticipates EPS for 2025-2027 to be 0.99, 1.36, and 1.60 yuan per share, maintaining a "buy" rating [6]