本报讯 （记者梁傲男）8月26日晚间，华熙生物科技股份有限公司（以下简称"华熙生物"）发布2025年 半年度报告。财报显示，凭借战略调整与技术深耕，华熙生物在第二季度实现归母净利润同比增长 20.89%，净利润率自2024年一季度以来首次实现同比、环比双提升，标志着其战略变革成效初步显 现。 上半年，公司经营活动产生的现金流量净额2.2亿元，盈利现金比率98.6%，与净利润基本持平，主要得 益于应收账款周转效率改善、应付账款合理统筹，业务回款质量高，具备扎实现金支撑。 通过产品迭代与库存精细化管理，公司存货周转效率边际改善，第二季度存货周转天数从第一季度的 391天降至321天，存货原值较期初减少7572万元，去库存策略成效初显。 报告期内，公司全面梳理研发资源与科研脉络，明确自身科研优势与发展边界，以优化科研投入、聚焦 业务主线，推动研发从"广度覆盖"向"深度突破"转型。 2025年上半年，公司研发投入达2.31亿元，同比增长15.25%。投入主要集中于原料（高端透明质酸、生 物活性物新产品）与医疗终端业务，预计未来随项目聚焦，研发费用与效率将进一步优化。 聚焦核心资源 华熙生物以合成生物制造能力为基础，构 ...

Core Viewpoint - The research highlights the development of engineered human mesenchymal progenitor cells (SRC) that exhibit triple resistance to aging, stress, and malignant transformation, providing a customizable cell therapy paradigm for aging intervention in primates [3][12]. Group 1: Research Background and Mechanism - Aging is characterized by the depletion of stem cell reserves, leading to decreased tissue regeneration and homeostasis, which is a key feature of aging and age-related diseases [2]. - The study published in Cell by a collaborative research team from the Chinese Academy of Sciences and Capital Medical University focuses on the mechanisms of aging regulation and the potential of SRC to counteract aging in primates [2][3]. Group 2: Development of SRC Technology - The research team utilized synthetic biology to reprogram longevity gene pathways, successfully constructing SRC with enhanced anti-aging properties [3]. - The SRC technology has evolved through various iterations, including SRC 1.0 and SRC 2.0, which involved precise genetic modifications to enhance antioxidant defenses and integrate anti-aging functionalities [6][8]. Group 3: Efficacy and Safety of SRC - The SRC cells demonstrated significant anti-aging activity and environmental adaptability, with excellent safety profiles, effectively resisting adverse effects in a primate model [8][9]. - A 44-week intervention study using SRC in aged primates showed no adverse events, confirming the safety and immune tolerance of SRC transplantation [9][11]. Group 4: Mechanistic Insights and Outcomes - SRC cells were found to release exosomes that promote cellular rejuvenation, suppress chronic inflammation, and maintain genomic stability, contributing to the delay of systemic aging [11]. - The intervention led to improvements in cognitive function, reduction of degenerative changes in multiple tissues, and a significant reversal of biological aging markers in various organs [11][12]. Group 5: Clinical Translation and Future Prospects - The study establishes a theoretical framework for stem cell transplantation to mitigate aging, addressing long-standing controversies in the field [13]. - The research opens pathways for scalable production of universal cell interventions, providing new solutions for aging and related diseases, and sets a new standard for evaluating anti-aging effects in cell therapy products [14][16]. - Future research will focus on optimizing clinical-grade production processes and understanding the interactions between SRC and the host immune system to enhance treatment strategies [18][19].

Core Viewpoint - Huaxi Biological is undergoing a deep transformation in brand positioning and team philosophy, facing performance pressures while revealing new growth opportunities through foundational scientific research [1] Group 1: Financial Performance - In the 2024 financial report, Huaxi Biological reported a revenue decline of 11.61% to 5.371 billion yuan and a net profit decrease of 70.59% to 174 million yuan [2] - The company is currently in a crisis not solely due to performance decline but due to organizational entropy exceeding acceptable limits, necessitating significant internal restructuring [2] - Management changes, including organizational upgrades and a new compensation system, have incurred costs exceeding 70 million yuan, impacting short-term profits [2] Group 2: Strategic Investments - The company is increasing long-term strategic investments, including supply chain improvements and production efficiency enhancements, with related expenses exceeding 100 million yuan [3] - Continuous investment in forward-looking research and development is being made, focusing on emerging business areas such as regenerative medicine and nutritional science, with strategic innovation investments exceeding 100 million yuan [3] Group 3: Business Line Adjustments - The "Functional Skincare Business" has been rebranded as "Skin Science Innovation Transformation Business," which saw a revenue decline of 31.62% to 2.569 billion yuan, accounting for nearly 50% of main business revenue [4] - The company is restructuring brand positioning and scientific foundations for various brands, emphasizing a focus on scientific validation and team capability adjustments [4] Group 4: Growth Engines - The Nutritional Science Innovation Transformation Business (formerly Functional Food Business) experienced a significant revenue increase of 40.97% [5] - The medical terminal business grew over 30%, generating approximately 1.44 billion yuan, with skin-related medical products revenue reaching 1.073 billion yuan, a 43.57% increase [5] Group 5: Research Focus - Huaxi Biological is concentrating on foundational research in glycoscience and cell biology, aiming to translate scientific innovations into consumer-grade solutions [6][7] - The company has expanded the application of hyaluronic acid into new fields such as tissue engineering and targeted drug delivery, with ongoing research into the signaling mechanisms of glycan substances [9] Group 6: Future Directions - The company is committed to exploring aging intervention and regenerative medicine, with a focus on developing animal-free, serum-free cell culture media expected to launch in the second half of the year [16] - Huaxi Biological plans to leverage its research capabilities to create customized skincare products, with over 108 customization options validated scientifically [15]