Core Viewpoint - Despite facing overall performance pressure in the first half of 2025, Huaxi Biological's strategic adjustments have begun to yield results, indicating a potential turning point in profitability [2][3]. Financial Performance - In the first half of 2025, Huaxi Biological achieved operating revenue of 2.261 billion yuan, with a net profit attributable to shareholders of 221 million yuan, and a net profit excluding non-recurring gains and losses of 174 million yuan. The overall performance did not show growth [2]. - In Q2 2025, the company reported operating revenue of 1.183 billion yuan, a year-on-year decline of 18.44%. However, the net profit attributable to shareholders increased by 20.89% to 119 million yuan, marking the first year-on-year and quarter-on-quarter increase in net profit margin since Q1 2024 [2]. Strategic Transformation - The return of the General Manager to the front line has driven significant changes, shifting the company's strategy from "scale expansion" to a "benefit-oriented development model" centered on scientific research and innovation [3]. - Huaxi Biological aims to continue focusing on technological innovation to expand the application of synthetic biology and optimize its business structure for high-quality development [3]. R&D Investment - R&D expenses increased by 15.25%, focusing on three key areas: synthetic biology technology, industrialization of recombinant collagen, and microecological preparations, with a 30% improvement in strain modification efficiency [4]. - The company is actively developing new bioactive substances using cutting-edge synthetic biology technologies and has initiated 34 skin science innovation R&D projects and 17 nutrition science innovation R&D projects during the reporting period [4]. Industrial Application and Future Growth - Huaxi Biological is applying its leading synthetic biology manufacturing capabilities across three major sectors, establishing a complete R&D chain from basic research to technology transfer and industrial application [6]. - The company has completed process validation for its sterile HA production line and is advancing the national synthetic biology technology innovation center in Tianjin, aiming to overcome the "scaling up" bottleneck in biomanufacturing [6]. - The establishment of Huaxi Tang'an Biotechnology Co., Ltd. is noteworthy, as it utilizes synthetic biology technology for the precise synthesis of heparin polysaccharides, positioning the company to transition the heparin industry from "animal resource dependence" to "green biomanufacturing" [6].

记者从振东制药（300158）获悉，近期公司在多个创新药管线研发上取得进展。 据悉，阴道用乳杆菌二联活菌胶囊为复方制剂，主要成分为格氏乳杆菌和鼠李糖乳杆菌活菌，用于治疗 因菌群紊乱引发的细菌性阴道病(BV)。目前，BV的常规疗法多采用甲硝唑、替硝唑、克林霉素等抗生 素。但长期使用抗生素易产生耐药性、复发率高，且无法针对性恢复阴道微生态平衡。 针对目前市场上同类药物存在的痛点，振东制药表示，阴道用乳杆菌二联活菌胶囊通过重建阴道微生态 平衡发挥治疗作用，由单纯的"杀菌"转变为"定殖优势乳杆菌—特异性占位—恢复菌群平衡"的治疗模 式，大大满足了该治疗领域目前长期未被满足的临床需求，未来市场潜力巨大。 除了阴道用乳杆菌二联活菌胶囊之外，振东制药还重点围绕肿瘤、皮肤等管线布局研发。公司在研新药 中，抗肿瘤领域储备有治疗胃癌的ZD09、针对乳腺癌骨转移的ZDH02、针对皮肤领域有治疗特应性皮 炎的SH003等，多项管线并行加速实现突破。 近日发布的2025年半年报显示，今年上半年振东制药研发投入9169.07万元，占营业收入的6.29%。振东 制药表示，公司未来将持续推进创新药研发管线的多元化发展，加快在研创新药的临床进 ...

发力C端与海外市场，产品竞争力持续强化。报告期内，公司战略投资青禾世相，双方正在合作开发适 合青少年的即食型益生菌产品，进一步拓展C 端市场；此外，公司成立海外事业部并亮相国际展会，标 志着"中国菌"出海迈出实质性步伐，为打开全球市场奠定基础。公司产品力根植于深厚的研发底蕴，参 与国家标准制定、发布明星菌株科学白皮书等措施，持续强化其在菌株资源、功能验证及应用转化上的 核心壁垒，构筑长期竞争优势。 投资建议：公司具备益生菌核心技术优势，积累了一批优质、稳定的B 端客户形成良好的示范效应，C 端积极多渠道布局未来预计贡献增量，同时实施股权激励凝心聚力，有利于推动公司高质量发展。预计 公司2025-2027 年实现营收3.83/4.71/5.69 亿元，分别同比增长26.5%/23%/20.7%；实现归母净利润 1.1/1.41/1.84 亿元，分别同比增长16.5%/28.4%/30.3%；对应PE估值分别为50/39/30X，维持"买入"评 级。 风险提示：行业竞争加剧、二级市场股价波动风险、益生菌客户开拓不及预期、复配食品业务不及预 期、食品安全风险。 事件： 公司发布2025 年中报， 2025H1 公司 ...