登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688363 证券简称：华熙生物 公司负责人赵燕女士、主管会计工作负责人汪卉先生及会计机构负责人（会计主管人员）田涛先生保证 季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 （三） 主要会计数据、财务指标发生变动的情况、原因 √适用 □不适用 2025年第三季度，公司实现归属于上市公司股东的净利润 ...

Core Insights - Huaxi Biological Technology Co., Ltd. reported a 20.89% year-on-year increase in net profit attributable to shareholders in Q2 2025, marking the first time since Q1 2024 that both year-on-year and quarter-on-quarter profit margins have improved, indicating initial success of strategic transformation [1] - The company generated a net cash flow of 220 million yuan from operating activities in the first half of the year, with a profit cash ratio of 98.6%, reflecting improved accounts receivable turnover and high-quality business returns [1] - Inventory turnover days decreased from 391 days in Q1 to 321 days in Q2, with inventory value reduced by 75.72 million yuan, demonstrating effective inventory management strategies [1][2] Business Strategy - Huaxi Biological focuses on an integrated business model from raw materials to end products, particularly in the field of aging intervention, providing comprehensive solutions across pharmaceuticals, medical aesthetics, nutritional science, and dermatology [2] - Following a systematic reform initiated by General Manager Zhao Yan in March, the company has restructured its brand communication and organizational framework, shifting from a sales-centric model to a precise marketing loop, resulting in a 12.46 percentage point decrease in sales expense ratio in Q2 [2] - The company has seen significant results from brand adjustments, with the brands "Runbaiyan" and "Kuadi" undergoing changes by the end of Q2, alongside a provision for asset impairment of 48.37 million yuan [2] Revenue Performance - In the first half of 2025, Huaxi Biological achieved 626 million yuan in revenue from its raw materials segment, with international market sales accounting for 52.93%, and double-digit growth in Europe, Southeast Asia, and Japan [3] - The sales volume of the "First" brand HA increased by 23% to 80 tons, generating revenue of 56.58 million yuan, a 61.28% year-on-year increase, while the main brand HA sales volume grew by 9% to 150 tons [3] Research and Development - The company invested 231 million yuan in R&D in the first half of 2025, a 15.25% increase year-on-year, focusing on high-end hyaluronic acid and new bioactive products [4] - Huaxi Biological streamlined 30% of its R&D projects, concentrating on three key areas: extracellular matrix, intercellular communication, and intracellular processes, resulting in 340 new authorized patents, including 29 invention patents [4] - The successful application of "INFIHA Cell Repair Technology" and "CT50 Cell Energy Liquid" has led to over 50% of revenue from barrier repair and anti-aging products [4] Market Positioning - Industry experts believe that Huaxi Biological's strategic adjustments have entered a critical phase, with the profit recovery in Q2 validating the effectiveness of the transformation path [5] - The continuous conversion of R&D results and the enhancement of the high-end product matrix are expected to help the company rebuild competitive barriers in the biomaterials sector [5]

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]