近日，由中国药科大学与上海市皮肤病医院联合主办的"2025皮肤药理与医工转化学术会议"在沪召开。作为会议核心成果，华熙生物联合国内顶尖科研机 构、医疗机构及产业代表，共同发布筹建"中国药理学会皮肤药理专业委员会"的倡议，并围绕细胞外基质（ECM）研究、原料创新与应用转化进行了分享， 为筹建工作提供了坚实的科学基础与产业支撑，进一步推动我国皮肤健康领域跨学科协作进入新阶段。 图：会议现场，右三为华熙生物全球研发平台原料研发中心总经理 王瑞妍 当前，在我国"健康中国"战略持续深化的背景下，皮肤健康产业覆盖皮肤药物、功效护肤品、医疗美容等多个领域，市场规模稳步迈向万亿级。然而，行业 在高速发展中也面临着核心学科建设与产业发展需求脱节、多学科交叉融合不足、高层次复合型人才短缺等挑战。皮肤药理学作为承接基础机制研究、原料 创新、新药开发与临床应用的学科桥梁，其学术组织长期处于空白状态，亟需建立高水平的协同平台。筹建皮肤药理专业委员会，旨在构建"基础研究—技 术开发—临床验证"全链条协作机制，着力突破功效评价与递送技术等关键瓶颈，加速推动行业整体发展。 在科研协作与标准建设方面，华熙生物在ECM领域已形成系统性的学术成果 ...

2025年的商业世界正站在新旧转换的十字路口。在商业叙事重构、科技浪潮席卷的当下，WISE2025商业之王大会以"风景这边独好"为基调，试 图在不确定中锚定中国商业的确定性的未来。我们在此记录这场思想盛宴的开篇，捕捉那些在变局中依然坚定前行的声音。 我们将在接下来的内容中，逐帧拆解这些"爽剧"背后的真实逻辑，一起看尽2025年商业的"风景独好"。 11月28日上午，华熙集团董事长、华熙生物董事长兼总裁赵燕发表题为《共生的力量，中国制造与生命再生》主题演讲。 华熙集团董事长、华熙生物董事长兼总裁赵燕 以下为赵燕的演讲实录，经36氪整理编辑： 在中国，我是利用生物制造技术来生产生命活性物质的人，这个行业通常被称为"未来产业"或"新兴产业"。即利用"细胞工厂"生产人类所需的生命活性物 质。 我是华熙生物的赵燕，很荣幸来到36氪的大会现场。今天我分享的主题是《共生的力量，中国制造与生命再生》。 提到华熙生物，大家往往会联想到一个学术名词——透明质酸，也就是市场上俗称的"玻尿酸"。大众对它的第一印象通常停留在医美领域，认为是填充剂、 是让女性变美的手段。但我想强调的是，透明质酸在很大程度上被大众片面误读了。 在今天探讨 ...

Core Insights - Huaxi Biological reported its worst half-year results, with revenue of 2.261 billion yuan, a year-on-year decline of 19.57%, and a net profit of 221 million yuan, down 35.38% [1][2] - The company is undergoing significant reforms, with 2024 designated as the "Year of Transformation," and management changes aimed at accelerating strategic implementation [1][4] - The decline in performance is attributed to a significant drop in the skin science innovation business, which saw revenue decrease by 33.97% to 912 million yuan, accounting for 40.36% of total revenue [2][4] Business Performance - The core skin science innovation business has been a major drag on overall performance, with revenue from this segment declining for the second consecutive year [2][4] - Other business segments, including raw materials and medical terminal businesses, also experienced declines, with raw materials revenue slightly down by 0.58% and medical terminal revenue down by 9.44% [4] - R&D projects decreased by 88 compared to 2024, with a focus on raw materials and medical terminal businesses, although new product launches have not yet contributed to revenue growth [4] Management Changes - The company underwent a significant management overhaul, with 11 executives leaving during the reporting period, leading to increased management costs of approximately 29 million yuan [4] - A new board of directors was elected on June 11, 2025, as part of the organizational restructuring aimed at long-term development [4] Legal Issues - Huaxi Biological's wholly-owned subsidiary, Julang Co., has initiated international arbitration against South Korean biopharmaceutical company Medytox, claiming damages of up to 750 million HKD due to contract violations [5]

Core Viewpoint - Huaxi Biological has reported its worst half-year results, with significant declines in key financial metrics, indicating a period of operational challenges and a need for strategic reform [2][4]. Financial Performance - In the first half of 2025, Huaxi Biological achieved revenue of 2.261 billion yuan, a year-on-year decrease of 19.57% [2]. - The net profit attributable to shareholders was 221 million yuan, down 35.38% year-on-year [2]. - The net profit after deducting non-recurring items was 173 million yuan, reflecting a decline of 45% [2]. Business Challenges - The core business, particularly the skin science innovation transformation segment, has seen a significant revenue drop of 33.97%, contributing to 40.36% of the main business income [5][7]. - The company is transitioning its sales logic from a traffic-driven model to a scientifically validated brand communication approach [5]. - Marketing expenses remain high amidst fierce online competition, further compressing profit margins and straining cash flow [4]. Management Changes - A significant restructuring of the management team has occurred, with 11 senior executives leaving the company [7]. - The company has initiated a systematic adjustment of its management philosophy, business direction, and talent organization model [4][7]. Legal Issues - Huaxi Biological's wholly-owned subsidiary, Julang Co., has initiated international arbitration against Medytox, claiming damages of up to 750 million Hong Kong dollars due to a breach of contract regarding the supply of A-type botulinum toxin products [8].

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue at 2.261 billion yuan, down 19.57% year-on-year, and net profit attributable to shareholders at 221 million yuan, down 35.38% [1] - The decline in revenue is primarily attributed to a decrease in the skin science innovation transformation business, which saw a revenue drop of 33.97% [1] Revenue Breakdown - The raw material business generated revenue of 626 million yuan, a slight decrease of 0.58%, accounting for 27.70% of the company's main business revenue [1] - The medical terminal business reported revenue of 673 million yuan, down 9.44%, representing 29.77% of the main business revenue [1] - The skin science innovation transformation business earned 912 million yuan, down 33.97%, making up 40.36% of the main business revenue [1] - The nutrition science innovation transformation business, under Huaxi Dangkang, achieved revenue of 38 million yuan, an increase of 32.40% [1] Product Portfolio - The company offers medical beauty products under two main brands, "Runbaiyan" and "Runzhi," covering a range of applications from skin care to layered anti-aging [2] - The core brand Runzhi has launched multiple products targeting different skin layer needs, including Runzhi Natural, No. 2, No. 3, No. 5, Feiran Needle, and Yaoran Needle [2] - The company has developed a matrix of compliant skin care products based on in-depth research of extracellular matrix (ECM) effects on aging, including Runbaiyan·Glass, Runzhi·Tito, Runzhi·Gege, and Runzhi Doll Needle [2] - Runzhi Zhenhuo(®) is marketed for post-operative skin care, providing a comprehensive solution to enhance customer and consumer satisfaction through a diverse product series [2]

Core Insights - The efficiency of commercializing scientific research results has become a key measure of corporate development capabilities in a competitive market [1] - Huaxi Biological, a leading global biotechnology company, has effectively transformed its research achievements in hyaluronic acid (HA) into market recognition through strong R&D and market insight [1][2] Company Overview - Huaxi Biological has focused on the research and application of hyaluronic acid and its derivatives since its establishment, successfully building a globally recognized brand in the hyaluronic acid industry over 20 years [2] - As of the end of 2024, Huaxi Biological has applied for 1,047 patents, including 826 invention patents and 587 authorized patents, with R&D investment of 466 million yuan, accounting for 8.68% of its revenue, ranking among the top in A-share listed companies [2] Market Positioning - The company emphasizes understanding consumer needs while conducting B-end research, leading to a strong focus on high-value products in the pharmaceutical and cosmetic sectors [3] - Huaxi Biological has developed a range of HA products, including pharmaceutical-grade, cosmetic-grade, and food-grade HA, to meet diverse consumer demands [3] Product Innovation - The launch of the "Next Throw" repair essence, utilizing HA targeting technology, demonstrates the company's ability to respond to scientific advancements and market trends [3] - The collaboration with the Palace Museum to create a lipstick line integrates traditional culture with modern technology, enhancing brand value and market competitiveness [5][6] Strategic Capabilities - Huaxi Biological has established three core capabilities: strong R&D innovation, effective results conversion, and high market conversion efficiency, enabling it to serve global enterprises and consumers [7] - In 2023, the company achieved revenue exceeding 6 billion yuan, solidifying its leadership in the global hyaluronic acid market [7] Future Directions - The company is exploring the health benefits of various polysaccharides and building a sugar library to support future research and applications [7] - Huaxi Biological's experience in transforming scientific achievements is seen as essential for Chinese enterprises undergoing significant transitions in the current economic landscape [7]

Core Insights - Baiyi Yuan Bio, a company in the regenerative medicine sector, recently secured several tens of millions of RMB in financing, exclusively invested by listed company Kangzhe Pharmaceutical, aimed at new product development, market expansion, and production line upgrades [1] - The company focuses on developing and producing novel biomedical materials, particularly extracellular matrix (ECM) products for tissue repair, wound healing, and regenerative medical aesthetics [1][3] - Baiyi Yuan Bio has established two major technology platforms: SIS-ECM (porcine small intestine submucosa ECM) and AAM-ECM (decellularized adipose matrix), and has developed core products such as the absorbable biological membrane and dura mater biological patch [3][4] Company Overview - Founded in 2011, Baiyi Yuan Bio has built a research and development center and a GMP industrialization base in Shanghai, and received high-tech enterprise certification in 2019 [1] - The company’s SIS-ECM is derived from porcine small intestine submucosa, known for its excellent biocompatibility and rich collagen and growth factors, which play a crucial role in tissue repair and regeneration [1][3] Product Applications - The absorbable biological membrane is primarily used in guided bone regeneration (GBR) for dental implants, providing an ideal microenvironment for bone regeneration and reducing postoperative complications [4] - The dura mater biological patch is designed for neurosurgery, aimed at repairing and reconstructing the dura mater while lowering the risk of postoperative infections [4] - Both products have entered the commercialization phase and are expected to generate over 10 million RMB in revenue in their first full sales year in 2024 [4] Market Potential - The application of ECM materials in the aesthetic medicine sector is a recent research hotspot, with a shift towards regenerative approaches that utilize biomedical engineering to repair and regenerate damaged tissues [5] - Baiyi Yuan Bio is also developing ECM materials for aesthetic applications, with plans to submit product registration applications for SIS-ECM filling products by the end of the year [5][6] - While there are existing applications of ECM materials in aesthetic medicine overseas, the widespread adoption in mainland China may still face regulatory hurdles [6]