科创50指数样本调整名单显示，华熙生物被调出名单。 上海证券交易所与中证指数有限公司11月28日发布关于上证50、上证180、上证380等指数定期调整结果 的公告。根据指数规则，经指数专家委员会审议，上海证券交易所与中证指数有限公司决定调整上证 50、上证180、上证380、科创50等指数样本，于2025年12月12日收市后生效。其中上证50指数更换4只 样本，上证180指数更换7只样本，上证380指数更换38只样本，科创50指数更换2只样本。 | 调出名单 | | 调入名单 | | | --- | --- | --- | --- | | 证券代码 | 址寿名称 | 证券代码 | 址芬名称 | | 688363 | 华熙生物 | 688220 | 翱捷科技 | | 688563 | 航材股份 | 688702 | 盛科通信 | 新京报11月28日发布标题为《华熙生物旗下又一护肤品牌店铺清空，皮肤科学创新转化业务遇瓶颈》的 文章。文章称，皮肤科学创新转化业务"失速"，去年已无10亿级护肤品牌。华熙生物的调整早有苗头。 在今年半年报中，该公司指出，2024年是华熙生物组织变革元年，2025年继续推进变革。今年3月 ...

Core Viewpoint - The newly introduced measures aim to promote high-quality development in the cosmetics industry in Shanghai, focusing on brand building and innovation in technology and services [1][4]. Group 1: Measures and Initiatives - The measures consist of 11 initiatives across four areas: technological innovation, service system innovation, ecological development, and industrial layout optimization [2]. - Financial support is provided for new raw materials, with a maximum of 2 million yuan for registered new materials and 500,000 yuan for filed new materials, marking the highest subsidy level in the country [4]. - The establishment of a "Shanghai Manufacturing Brand" initiative aims to support high-end brand development and enhance supply response mechanisms in line with new consumption platforms [3]. Group 2: Industry Development and Collaboration - The measures emphasize the importance of collaboration between districts, with specific focuses on different cosmetic sectors such as functional skincare and AI integration in Jing'an and Qingpu districts [3][9]. - The initiative encourages the integration of AI and innovative technologies in the cosmetics industry, promoting personalized skincare solutions for various demographics [6][8]. - The development of a complete ecosystem for modern cosmetics in Qingpu district includes R&D, manufacturing, and marketing, with the aim of establishing a new highland for the beauty industry in the Yangtze River Delta [9]. Group 3: Market Response and Future Outlook - Companies are already responding to the measures, with Bayer's Beiersdorf planning to invest in new raw materials and expand its smart factory in Shanghai by 2025 [5]. - The measures also highlight the role of AI digital marketing firms in reducing marketing costs and enhancing content production efficiency for beauty brands [6][7]. - The long-term goal includes building a billion-level beauty health industry cluster by 2028, focusing on technological innovation and consumer upgrades [7][8].

Core Viewpoint - Huaxi Biological's 2024 annual report indicates significant growth in both domestic and international raw material business revenues, with a focus on expanding overseas operations and enhancing product certifications to capture market opportunities [1][2]. Group 1: Revenue Growth - In 2024, the raw material business achieved revenue of 1.236 billion yuan, with domestic revenue at 628 million yuan (up 2.61%) and international revenue at 608 million yuan (up 17.60%) [1]. - The sales volume of the Furst brand HA reached 143.12 tons (up approximately 22%), while Huaxi Biological brand HA sales volume reached 261 tons (up approximately 13%) [3]. - The medical terminal business generated revenue of 1.44 billion yuan, a year-on-year increase of 32.03%, driven by a 43.57% increase in skin-related medical products [3]. Group 2: International Expansion - The company has deepened its overseas business layout by localizing operations, including hiring foreign sales teams and participating in international raw material exhibitions [1]. - In 2024, the company participated in 27 overseas exhibitions and held 8 seminars, establishing connections with various international associations [1]. Group 3: Sales Strategy - The sales strategy involves a two-phase approach: initially targeting customers with the Furst brand for cost-effective products, followed by introducing Huaxi Biological's high-end products to meet upgraded customer needs [2]. - The direct sales channel accounted for over 65% in 2023 and is expected to exceed 75% in 2024, with a goal of reaching 80% by 2025 [4]. Group 4: Inventory Management - The company has implemented a plan to manage inventory effectively, with a significant reduction in over one-year-old inventory from 185 million yuan to 112 million yuan by the end of 2024 [5]. - The inventory turnover rate for Huaxi Biological was 1.11, slightly lower than some peers, attributed to its self-production model [6][7]. Group 5: Market Positioning - The company’s online sales accounted for 43.92% of revenue, indicating a strong digital presence compared to competitors [7][8]. - The overseas sales revenue accounted for 16.56% of total revenue, highlighting the company's commitment to international markets [8].

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].