近期，美国在全世界挥舞着关税大棒成为全球资本市场的焦点话题。在这一背景下，华熙生物的2024年 财报不仅关乎企业自身的发展轨迹，更成为观察中国生物科技企业在全球产业链中地位与韧性的重要窗 口。尽管财报数据显示公司业绩短期承压，但深入剖析其战略布局与科技投入，我们不难发现，华熙生 物正以一种更具前瞻性和战略定力的姿态，稳步迈向从"玻尿酸龙头"到"生命科学解决方案商"的华丽转 身，其在糖生物学与再生医学领域的深耕，更是为全球生物科技产业贡献了"中国方案"的新思路。 短期波动： 行业转型期的"成长之痛" 在全球经济风云变幻、国内消费市场深度调整的大背景下，华熙生物2024年财报数据的波动引发广泛关 注。财报数据显示，2024年华熙生物实现营业收入53.71亿元，同比下降11.61%；归属于上市公司股东的 净利润为1.74 亿元，下降70.59%。但拨开数据表象，深入探寻公司战略布局、行业发展趋势以及跨行业 创新融合的脉络，就会发现，这一短期波动实则是行业发展周期与企业自身战略转型叠加的必然结果。 当下，生命科学关联产业，如美妆护肤、医美等细分赛道，正经历从增量扩张向存量博弈的关键转变。 以功能性护肤品市场为例，全球 ...

Core Viewpoint - Huaxi Biological is undergoing a deep transformation in brand positioning and team philosophy, facing performance pressures while revealing new growth opportunities through foundational scientific research [1] Group 1: Financial Performance - In the 2024 financial report, Huaxi Biological reported a revenue decline of 11.61% to 5.371 billion yuan and a net profit decrease of 70.59% to 174 million yuan [2] - The company is currently in a crisis not solely due to performance decline but due to organizational entropy exceeding acceptable limits, necessitating significant internal restructuring [2] - Management changes, including organizational upgrades and a new compensation system, have incurred costs exceeding 70 million yuan, impacting short-term profits [2] Group 2: Strategic Investments - The company is increasing long-term strategic investments, including supply chain improvements and production efficiency enhancements, with related expenses exceeding 100 million yuan [3] - Continuous investment in forward-looking research and development is being made, focusing on emerging business areas such as regenerative medicine and nutritional science, with strategic innovation investments exceeding 100 million yuan [3] Group 3: Business Line Adjustments - The "Functional Skincare Business" has been rebranded as "Skin Science Innovation Transformation Business," which saw a revenue decline of 31.62% to 2.569 billion yuan, accounting for nearly 50% of main business revenue [4] - The company is restructuring brand positioning and scientific foundations for various brands, emphasizing a focus on scientific validation and team capability adjustments [4] Group 4: Growth Engines - The Nutritional Science Innovation Transformation Business (formerly Functional Food Business) experienced a significant revenue increase of 40.97% [5] - The medical terminal business grew over 30%, generating approximately 1.44 billion yuan, with skin-related medical products revenue reaching 1.073 billion yuan, a 43.57% increase [5] Group 5: Research Focus - Huaxi Biological is concentrating on foundational research in glycoscience and cell biology, aiming to translate scientific innovations into consumer-grade solutions [6][7] - The company has expanded the application of hyaluronic acid into new fields such as tissue engineering and targeted drug delivery, with ongoing research into the signaling mechanisms of glycan substances [9] Group 6: Future Directions - The company is committed to exploring aging intervention and regenerative medicine, with a focus on developing animal-free, serum-free cell culture media expected to launch in the second half of the year [16] - Huaxi Biological plans to leverage its research capabilities to create customized skincare products, with over 108 customization options validated scientifically [15]

报名：首届全球眼科大会 | 议程更新 报名：首届全球骨科大会 | 议程更新 报名：首届全球心血管大会 | 奖项申报 合作伙伴征集：2025全球手术机器人大会 2025年3月26日，NMPA公布了创新医疗器械特别审查申请审查结果公示（2025年第3号），有 14款产品 进入创新通道。其中包括， 卓阮医疗科技（苏州）有限公 司 申请的" 生物疝修补补片 "。 # 揭开"基底膜"的神秘面纱 # 生物疝修补补片 材料来源 ：该产品由猪膀胱基底膜和猪小肠粘膜下层经过脱细胞处理、复合制成的 三明治结构补片 。 在机体的自我修复过程中，完整的BM对子宫内膜、皮肤、肌肉、角膜等组织功能性再生必不可少。如同机体内的天然BM的惊人诱导再生能力，BM产品植入后可 以快速促进机体细胞的黏附、迁移和分化，帮助组织特异性细胞定位并引导组织有序性再生，显著增强组织修复和伤口愈合，实现组织特异性再生。 超高生物活性 调节机体免疫应答，组织相容性高 降低瘢痕、降低粘连组织形成 减少并发症、远期力学强度稳定 有助于实现部分程度的特异性、功能性修复 结构特点 ：产品设计为" 粘膜下层+基底膜" 的仿生结构，具有贯穿孔，加速周围组织细胞长入，利于组 ...

Financial Data and Key Metrics Changes - No revenue was reported for the fourth quarter of 2024 or 2023, and no revenue for the years ended December 31, 2024, and 2023. However, commercial revenues have started to be booked for the first time in the company's history within the last several weeks [23] - Research and development expenses were $20.7 million for the fourth quarter of 2024, a decrease from $22.9 million in the third quarter of 2024, but a slight increase from $20.2 million in the fourth quarter of 2023. For the year ended December 31, 2024, R&D expenses were $88.6 million compared to $76.6 million in 2023 [24] - General and administrative expenses were $7.4 million for the fourth quarter of 2024, consistent with the previous quarter, but an increase from $6 million in the fourth quarter of 2023. Total G&A expenses for the year were $25.8 million compared to $23.5 million in 2023 [25] - Net loss was $20.9 million for the fourth quarter of 2024, down from $39.2 million in the third quarter of 2024 and $25.1 million in the fourth quarter of 2023. The net loss for the year was $148.7 million compared to $110.8 million in 2023 [28] Business Line Data and Key Metrics Changes - The commercial launch of Symvess is proceeding at full speed, with 34 hospitals initiating their Value Analysis Committee (VAC) approval process. Three hospitals have already approved the purchase of Symvess [9][10] - The ATEV program for dialysis access has shown superior function and patency compared to AV fistula in clinical trials, with plans for a supplemental BLA submission in the second half of 2026 [18][20] Market Data and Key Metrics Changes - The market response to Symvess has been positive, with hospitals engaged in the VAC process and early commercial shipments made to Level 1 trauma centers [9][10] - A Budget Impact Model published in the Journal of Medical Economics indicates that the use of Symvess can lead to cost reductions associated with avoiding vascular infections and amputations [12] Company Strategy and Development Direction - The company aims to drive adoption of Symvess through a highly experienced sales team and is focused on expanding its pipeline, including the ATEV program and small diameter ATEV for coronary artery bypass grafting [16][20] - The company is committed to delivering transformative regenerative medicine solutions and improving patient outcomes, with a strong emphasis on commercial execution and pipeline development [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercial strategy and the potential impact of Symvess on vascular patient care, anticipating a significant year ahead [31] - The company is evaluating its cash position and prioritizing investments for future trials, particularly for the PAD program [75] Other Important Information - The company completed a public offering of common stock that provided approximately $46.6 million in additional net proceeds [29] - A new U.S. patent covering key aspects of the manufacturing system for Symvess was issued, providing protection until 2040 [14] Q&A Session Summary Question: Characteristics of hospitals that approved Symvess - Management noted that the speed of VAC approvals is influenced by hospitals committed to improving patient care and having surgeon champions advocating for the product [35][36] Question: Goals for the U.S. launch in 2025 - Management provided estimates that many Level 1 trauma centers would initiate the VAC process by the end of the year, with projected sales between $7 million and $13 million, primarily in the second half of the year [40][43] Question: Feedback from surgeons regarding a controversial article - Surgeons involved in clinical trials expressed strong discontent with the article, drafting a rebuttal that was not published by the New York Times [49][50] Question: Interim analysis for the V012 trial - The interim analysis will focus on catheter-free days during the first year, with expectations for positive results based on previous data [60] Question: Supplemental BLA submission timeline - Management hopes for a shorter review time for the supplemental BLA compared to the initial application, aiming for priority review [90] Question: Cost of manufacturing small diameter ATEV - The cost of producing smaller diameter ATEV is expected to be less than that of larger sizes, with no need for new equipment [95] Question: Update on the biovascular pancreas project - The company is continuing primate studies, showing long-term insulin production and survival of islets, with ongoing adjustments to maximize therapeutic effects [100][102]

对标胶原蛋白，具"爆品"潜质 据QYR预测，2023-2029年全球PDRN市场规模CAGR达到43.32%，其中中国地区CAGR可达到49%，虽然国内 PDRN行业已开始进入高速增长期，但由于原料本土化规模生产的问题才得到解决，以及终端市场目前还没有 大量的应用产品推出，当下市场规模仍然偏低。然而通过比对PDRN与胶原蛋白，我们认为中国PDRN市场， 随着原料本土规模化生产所带来的价格降低，以及护肤和医美领域的产品上市，其发展进度将远超预期。我们 认为PDRN将成为求美领域下一个"爆品"级赛道。 自研+资本，华熙系已成为PDRN的国家队 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 PDRN——再生医学领域的"液体黄金" PDRN（多聚脱氧核糖核苷酸）是一种长度50-2000 bp、 ...