近日，华熙生物发布关于2024年年度报告的信息披露监管问询函的回复公告。披露2024 年度原料业务实现收入12.36亿元，其中境内收入6.28亿元、境外收 入6.08亿元，分别较上年收入增长2.61%、17.60%。 对于境外业务收入大幅增长的主要因素，公告表示，2024 年公司持续深化境外业务布局，具体措施包括：公司持续深化境外本土化布局：在境外各属地子 公司派驻中方管理者及招聘外籍销售团队，2024 年公司境外团队人数超过10人，外籍员工超过5人，外籍员工强化了公司与境外客户的线下沟通效率，有效 推动项目落地，便捷了公司与当地行业协会与政府机构的对接，公司积极参与国际原料展会，深化本土化运营与交付能力，2024年参加公司海外展会27场， 举办研讨会8场，地区覆盖北美、南美、欧洲、亚洲等多个国家和地区，与境外当地的SocieteFrancaise de Cosmetologie、韩国生物协会、韩国医疗器械协 会、CACPA中美化妆品协会、日本化妆品技术者会等建立联系。 前瞻性注册策略：敏锐捕捉市场机遇，加速产品国际认证布局，多款生物活性原料成功获得美国GRAS、印度尼西亚HALAL等认证，顺利进入海外核心客 ...

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but showed signs of improvement compared to the previous quarter, with expectations for gradual transformation effects to materialize [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 1.078 billion yuan, a year-on-year decrease of 20.77% [1]. - The net profit attributable to shareholders was 102 million yuan, down 58.13% year-on-year [1]. - Compared to Q4 2024, the net profit increased by approximately 290 million yuan, and when excluding impairment losses, the net profit rose by about 180 million yuan [2]. Business Segments - The bioactive substances and medical terminal businesses remained stable in Q1 2025, with accelerated R&D, registration, and marketization of new raw materials and pipelines [2]. - The skin science innovation transformation business is still undergoing an adjustment period, prompting the chairman and general manager to take a more hands-on management approach [2]. - The company launched the first Class III medical device for facial skin quality improvement, which is expected to contribute positively to the medical terminal business [2]. Future Outlook - The company anticipates revenue growth for 2025-2027, with projected revenues of 5.774 billion, 6.362 billion, and 7.221 billion yuan, corresponding to growth rates of 7.5%, 10.2%, and 13.5% respectively [3]. - The net profit attributable to shareholders is expected to be 455 million, 530 million, and 628 million yuan for the same period, with growth rates of 161.2%, 16.3%, and 18.7% respectively [3]. - Earnings per share (EPS) are projected to be 0.94, 1.10, and 1.30 yuan per share for 2025-2027 [3].