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]

【导读】 高层 " 大换血 " ！华熙生物交出上市 " 最差 " 半年报 见习记者 荧墨 昔日 " 玻尿酸大王 " 正在经历业绩增长阵痛期。 8 月 27 日， 华熙生物 （ 688363.SH ）交出 " 最差 " 半年报，三大核心指标集体下滑： 2025 年上半年，华熙生物实现营收 22.61 亿元，同比下降 19.57% ；归母净利润为 2.21 亿元，同比下降 35.38% ；扣非净利润为 1.73 亿元，同比下降 45% 。 " 改革 " 成了华熙生物的关键词。公司将 2024 年定义为 " 变革元年 " 。 2025 年第一季 度末，改革进一步升级：董事长兼总经理赵燕亲自下沉管理 " 皮肤科学创新转化业务 " ，直 接接手品牌与传播管理中心、 BM 肌活、米蓓尔品牌，试图以管理层的直接介入加快战略落 地。 但从业绩反馈来看，改革效果尚未能传导至经营端。对于业绩下滑原因，华熙生物归结为 " 皮肤科学创新转化业务 " 收入同比下降。 核心业务成拖累 华熙生物在半年报中坦言， " 总经理下沉管理后对经营理念、业务方向及人才组织模式进行 系统性调整，目前相关调整尚处于初期阶段 " 。 记者注意到，华熙生物 ...

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]

文｜胡香赟 36氪获悉，再生医学领域企业「白衣缘生物」近期获得一笔数千万元人民币融资。本轮融资由上市公司康哲药业独家投资，募集资金将主要用于新品研发、 市场开拓及产线升级。穆棉资本担任长期战略首席财务顾问，协助白衣缘与康哲药业达成股权及产品战略全面合作。 前者主要应用于口腔种植牙治疗的引导骨再生术（GBR）中，其相对持久的屏障作用和诱导再生功能可以为骨再生提供理想的微环境，从而减少术后并发 症的发生；后者则针对神经外科领域，适用于硬脑膜修复和重建，降低术后感染风险。白衣缘生物方面提供的临床数据显示，对比同类进口产品，在相同周 期内，百建固®可吸收生物膜在GBR手术完成后骨增量流失率约为3-5%，而进口产品约为10%左右。 据悉，两款产品均已进入商业化阶段，并在全国24省完成挂网。在2024年首个完整销售年份，实现超千万元级收入。 白衣缘生物成立于2011年，专注于研发和生产以细胞外基质（ECM）为代表的组织修复、创面愈合及再生医疗美容等新型生物医用材料产品。公司现已在 上海建设研发中心及GMP产业化基地，并于2019年取得高新技术企业认证。 当前，公司主要以猪小肠粘膜下层细胞外基质（SIS-ECM）动物源性的 ...