A股玻尿酸龙头市值蒸发超千亿

Core Viewpoint - The stock price of Hyaluronic Acid leader, Huaxi Biological (688363.SH), has fallen below its issue price, reflecting concerns over its performance and market conditions [1][3]. Financial Performance - For the first three quarters of 2025, Huaxi Biological reported revenue of 3.163 billion yuan, a year-on-year decline of 18.36% [3]. - The net profit attributable to shareholders was 252 million yuan, down 30.29% year-on-year, continuing the downward trend from 2024 [3]. - In Q3 2025, despite a 55.63% increase in net profit to 32 million yuan, revenue of 900 million yuan still represented a 15.16% year-on-year decline, indicating a situation of "profit increase without revenue increase" [3]. Market Capitalization and Stock Performance - The company's market capitalization has decreased to approximately 22 billion yuan, down over 118 billion yuan from its peak value of over 140 billion yuan [3]. - The stock has seen a cumulative decline of 10.53% this year, with a historical low of 42.42 yuan per share [3]. Shareholder Actions - The second-largest shareholder, Guoshou Chengda, plans to reduce its holdings by up to 9.6336 million shares, representing no more than 2% of the total share capital, with an estimated market value of around 500 million yuan based on the closing price of 52.05 yuan per share on November 4 [4]. - This marks the second reduction by Guoshou Chengda in the past year, having previously sold 549.68 million shares [4]. Index Exclusions - Huaxi Biological has been removed from two major indices: the STAR 50 Index and the FTSE China A400 Index, which will take effect on December 12 and December 19, respectively [4]. Industry Competition - The competitive landscape is shifting, with a debate over the relevance of hyaluronic acid versus collagen in skincare. Market trends suggest that collagen-based skincare may surpass hyaluronic acid, with a projected compound annual growth rate of 52.6% [4]. Strategic Initiatives - In response to these pressures, Huaxi Biological has initiated organizational restructuring and is focusing on strategic investments in new biotechnologies, such as PDRN and ergothioneine, which are expected to contribute to revenue growth in 2026 [5].