增利不增收，华熙生物靠“省钱”撑业绩？

Core Viewpoint - Hyaluronic acid giant, Huaxi Biological Technology Co., Ltd., reported a decrease in total revenue for 2025 while achieving significant profit growth, indicating a focus on cost reduction and structural optimization [1][2]. Group 1: Financial Performance - In 2025, Huaxi Biological achieved total revenue of 4.217 billion yuan, a decrease of 21.49% compared to 5.371 billion yuan in the previous year [1]. - The net profit attributable to the parent company was 291 million yuan, an increase of 67.03% year-on-year [1]. - The net profit attributable to the parent company after deducting non-recurring gains and losses increased by 75.28% to 188 million yuan [1]. Group 2: Cost Management and Structural Optimization - Management expenses decreased by over 10% and sales expenses decreased by over 30% in 2025 [2]. - The company conducted systematic structural optimization around skin science and nutrition science innovation, adjusting its C-end brand system, product structure, and channel models [2]. - The company reduced investments in brands and projects with low return on investment, focusing on core business and major brands [2]. Group 3: Brand Adjustments - In September 2025, the skincare brand "Runxiquan," focused on anti-aging and repair effects, reportedly closed stores [2]. - In November 2025, the online operations of the brand "Dema Run," which emphasizes "customized skin solutions," faced stagnation [2]. - The adjustments of these brands were aimed at optimizing the business structure, despite short-term impacts on revenue [2].