Core Viewpoint - Haohai Biological Technology has been actively repurchasing its shares, indicating a strategy to support its stock price amid declining performance metrics in the medical aesthetics sector [1][4]. Share Buyback Activity - The company spent HKD 805,700 to repurchase 29,600 shares on November 5, marking the third consecutive trading day of buybacks in November [1]. - In total, Haohai has conducted 23 share repurchase operations this year, with 11 in the first half and 12 in the second half [1]. - The share buybacks are segmented into two phases: the first from September 15 to September 24, and the second from October 27 to November 5 [1]. Financial Performance - For Q3 2025, the company reported revenue of CNY 594 million, a year-on-year decline of 11.29%, and a net profit of CNY 93.58 million, down 11.39% [4]. - Year-to-date revenue for the first three quarters was CNY 1.899 billion, down 8.47%, with net profit decreasing by 10.63% to CNY 305 million [4]. - The decline in revenue is attributed to insufficient domestic consumer demand, intensified industry price competition, and tax rate adjustments [4]. Business Segment Analysis - The medical aesthetics segment generated CNY 575 million in revenue, accounting for 44.35% of total revenue, with hyaluronic acid products contributing CNY 347 million, down 16.80% [4][6]. - The epidermal growth factor products saw a revenue increase of 13.73% to CNY 92.38 million [4][6]. Market Position and Valuation - Haohai's current PE (TTM) ratio stands at 14.82, below the industry average of 20 [3]. - Despite the declining stock price, the company maintains a net asset value of HKD 26.93 per share, providing potential profit opportunities for investors [8]. Strategic Focus on Botulinum Toxin - The company has entered a partnership with Eirion to develop botulinum toxin products, aiming to capture a share of the growing market [10][15]. - The botulinum toxin market is seen as a promising area for growth, with significant potential for market penetration in China compared to more mature markets like the U.S. [12][13]. Industry Trends - The medical aesthetics market is currently experiencing a transition, with hyaluronic acid and botulinum toxin being the leading products [10][11]. - The domestic market for botulinum toxin is still developing, with a low penetration rate compared to the U.S., indicating room for growth [13][14].
被港股通资金“越跌越买”，昊海生物科技(06826)能否找到估值回升的钥匙