Core Viewpoint - The major shareholder of Hyaluronic Acid giant, Huaxi Biological, has reduced its stake, indicating potential shifts in shareholder dynamics and company performance concerns [1][3]. Shareholder Actions - Guoshou Chengda reduced its holdings by 4.85 million shares, representing 1.01% of the total shares, leaving it with 24.08 million shares, or approximately 5.00% of the total share capital [1][3]. - The reduction was part of a planned divestment, with a total of up to 9.63 million shares (2.00% of total shares) expected to be sold between November 26, 2025, and February 23, 2026 [3]. Company Performance - Huaxi Biological has faced declining profits since 2023, with revenue and net profit dropping by 4.45% and 38.97% respectively in 2023 [5]. - The functional skincare segment saw a revenue decrease of 18.45%, contributing to 61.84% of the main business income [5]. - In 2024, the company rebranded its personal health consumer products line to "Skin Science Innovation Transformation," but still reported a revenue decline of 11.61% to 5.371 billion CNY and a net profit drop of 70.59% to 174 million CNY [5]. Market Position - The company's stock price has seen significant declines, with a market value dropping from a peak of over 100 billion CNY to 21.892 billion CNY as of January 9, 2026 [6]. - The stock price has decreased by 12.71%, 50.48%, 23.34%, and 14.24% from 2022 to 2025 [6].

涨幅几倍甚至十倍大牛市，基本上是供给收缩（市占率提高）+需求增加＋货币宽松三大因素，如果 再加一个因素，那就是公司变革（国企改革、企业创新等）。 往往是在公司出现业绩严重下滑甚至出现巨亏的时候，股价是最低的。而且所处行业越长时间出现亏 损，供给出清越透彻，股价反弹幅度越高。 这一篇是此前 《牛市操作指南（一）》 、 《牛市操作指（二）：新质生产力，如何压重注？》 的延 续。 （市值风云APP） 我们将以中远海控、紫金矿业、牧原股份、一拖股份、宇通客车、浙能电力、永辉超市为案例进行分 析说明。 供给收缩+需求增加＋货币宽松+公司变革。 作者 | 木盒 编辑 | 小白 ...