Core Viewpoint - The investigation of insider trading involving the controlling shareholder of Haohai Biological Technology has raised concerns about the company's future performance and governance, despite the company's efforts to distance itself from the allegations [1][2][3]. Company Overview - Haohai Biological Technology, founded in 2007 by Jiang Wei, has established a significant presence in the medical absorbable biomaterials sector, particularly in hyaluronic acid products [2][6]. - Jiang Wei and his wife, You Jie, are the largest shareholders, holding 28.53% and 17.29% of the shares, respectively, as of the latest quarterly report [3][4]. Financial Performance - In 2024, Haohai Biological reported revenues of 2.698 billion yuan, a slight increase of 1.64% year-on-year, with a net profit of 420 million yuan, up 1.04% [8][11]. - The medical aesthetics and wound care segment has become the largest revenue source, surpassing the ophthalmology segment, which has faced challenges due to centralized procurement policies [7][8]. Market Dynamics - The company's hyaluronic acid products have seen a significant decline in revenue growth, dropping from 95.54% in 2023 to 23.23% in 2024, indicating a shift in market dynamics and increased competition [8][11]. - The overall gross margin for the company decreased from 70.46% to 69.89%, reflecting pressures from price reductions in traditional product lines due to procurement policies [10][11]. Industry Context - The medical aesthetics industry is experiencing a downturn, with competitors like Langzi Co. and Huaxi Biological also reporting revenue declines, indicating a broader market challenge [12][13]. - The rise of alternative materials and negative press surrounding hyaluronic acid products have added to the operational challenges faced by companies in this sector [13].

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 来源丨财经天下WEEKLY（ID：cjtxweekly） 作者丨林木 编辑丨吴跃 图源丨Midjourney 因为陷入"EGF（表皮生长因子）罗生门"，可复美近期被推上风口浪尖。 不久前，有消费者反映可复美产品"违规添加EGF"。随后可复美母公司巨子生物予以否认，称"旗下所有 产品均未添加"。伴随着舆论发酵，社媒平台上，看客们吵得沸沸扬扬，力挺声、质疑声四起，也让"可 复美"这个名字被更多人知晓。 做过医美或者皮肤敏感的消费者，大多对"可复美"三个字不陌生。这个主打皮肤修复的品牌，早年间主 要深耕院线渠道，之后乘上直播电商风口，进入更多人视野，撬开更多钱包。过去6年，其母公司巨子生 物营收从9.57亿元涨至55.39亿元，翻了5倍多。 2024年，巨子生物一举超越珀莱雅，成为市值最高的国货美妆公司，此后一直保持至今。公司创始人， 现年59岁的陕西人范代娣，也因此登顶国货美妆首富。 95后女生冯琳第一次知道"可复美"，是被皮肤敏感的姐姐种草的。202 ...

Core Insights - The medical aesthetics industry is experiencing significant revenue declines among major players, indicating a painful transformation phase for traditional companies [1][2][5] - Huaxi Biological, Aimeike, and Haohai Biological show varying degrees of revenue decline, highlighting differences in business structure and strategic deployment [1][2] - The industry is facing fundamental changes, raising concerns about which companies may fall behind in this transformation [1][8] Company Performance - Huaxi Biological reported a 20.77% year-on-year revenue decline in Q1 2025, with revenue shrinking to 1.078 billion yuan [1] - Aimeike's revenue decreased by 17.90% to 663 million yuan, while Haohai Biological's revenue fell by 4.25% to 619 million yuan [1] - Huaxi Biological's net profit plummeted from 961 million yuan in 2022 to 174 million yuan in 2024, with a further 58.13% decline in Q1 2025 [2][4] Strategic Adjustments - Huaxi Biological is undergoing a significant management overhaul, with leadership changes aimed at addressing operational challenges and improving performance [3][4] - The company is focusing on new fields such as glycoscience and cell biology, which has led to increased management costs [2][3] - Aimeike is shifting its strategy to accelerate product updates and pursue acquisitions in new areas like botulinum toxin and semaglutide [5][6] Market Dynamics - The medical aesthetics market is witnessing intense competition, particularly in the hyaluronic acid segment, raising concerns about whether the market has peaked [8][9] - New materials like hydroxyapatite and recombinant collagen are emerging as potential competitors to hyaluronic acid, indicating a shift in market dynamics [8][9] - Regulatory challenges and lengthy approval processes for medical products are significant barriers to industry growth, impacting companies' ability to innovate [9][10] Future Outlook - Huaxi Biological's turnaround efforts may take time to yield results, especially given its high marketing expenditures [10] - Aimeike's success will depend on the speed of product approvals and market acceptance of its diversified product strategy [6][10] - Haohai Biological is exploring new materials to drive growth, but its performance is still affected by pricing pressures from centralized procurement policies [7][10]

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 毛利率在80%以上，研发投入却较低。 作者：林木 编辑：吴跃 来源：财经天下WEEKLY 因为陷入"EGF（表皮生长因子）罗生门"，可复美近期被推上风口浪尖。 不久前，有消费者反映可复美产品"违规添加EGF"。随后可复美母公司巨子生物予以否认， 称"旗下所有产品均未添加"。伴随着舆论发酵，社媒平台上，看客们吵得沸沸扬扬，力挺声、 质疑声四起，也让"可复美"这个名字被更多人知晓。 做过医美或者皮肤敏感的消费者，大多对"可复美"三个字不陌生。这个主打皮肤修复的品牌， 早年间主要深耕院线渠道，之后乘上直播电商风口，进入更多人视野，撬开更多钱包。过去6 年，其母公司巨子生物营收从9.57亿元涨至55.39亿元，翻了5倍多。 2024年，巨子生物一举超越珀莱雅，成为市值最高的国货美妆公司，此后一直保持至今。公 司创始人，现年59岁的陕西人范代娣，也因此登顶国货美妆首富。 爱美的女生，这些年托举过不少美妆公司。当下风头最盛的可复美和巨子生物，到底是何来 头？为 ...