高层震荡不断，博雅生物陷整合困局‌

Core Viewpoint - Frequent personnel changes at Boya Bio (300294.SZ) have raised concerns, particularly following the resignation of President Ren Hui after only 10 months in office, coinciding with a significant profit warning for 2025 [1][2]. Group 1: Management Changes - Ren Hui's resignation marks him as the shortest-serving president in the company's history, having served from May 2025 until February 2026, with his term originally set to end in March 2027 [2][3]. - The company has experienced three major leadership changes since 2021, indicating instability in management and strategic integration challenges following the acquisition by China Resources [3]. - The first major change occurred in December 2021 when founder Liao Xinxu stepped down, leading to a complete management overhaul as China Resources took control [3]. Group 2: Financial Performance - Boya Bio anticipates a significant decline in net profit for 2025, projecting a range of 105 million to 137 million yuan, representing a year-on-year decrease of 65.62% to 73.55% [2][4]. - Despite expected revenue growth of 10% to 25%, with projected sales between 1.908 billion and 2.169 billion yuan, the company faces challenges in profitability [4]. - The decline in profit is attributed to two main factors: substantial impairment losses from a poorly performing aesthetic medicine business acquired in November 2024, and pressure on the core blood products business due to regulatory changes and increased competition [6][7]. Group 3: Industry Challenges - The blood products sector is experiencing a general decline in gross margins, with Boya Bio's gross margin dropping to 53.01% in the first half of 2025, a decrease of 14.02 percentage points year-on-year [8]. - Major competitors in the industry have also reported over a 20% drop in net profits, indicating that Boya Bio's struggles are reflective of broader industry challenges [8].