自2024年启动业务流程与组织改革以来，华熙生物董事长赵燕亲自下沉核心板块管理的举措未能立竿见 影。目前华熙生物正陷入新旧动能转换的空窗期：既面临传统玻尿酸市场萎缩压力，又未能在新赛道形 成竞争壁垒。面对行业新风口冲击与自身多业务板块下滑压力，这场始于18个月前的自救运动，尚未能 扭转业绩下滑的颓势。 昔日"玻尿酸大王"正在经历业绩增长阵痛期。8月26日晚，华熙生物披露2025年半年报显示，上半年实 现营业收入22.61亿元，同比下降19.57%，归母净利润2.21亿元，同比下降35.38%，扣非后的归母净利 润降幅高达45%。这场业绩颓势背后是核心业务的结构性塌陷：占营收近半的皮肤科学创新转化业务 （原功能性护肤品业务）延续2024年31.62%的下滑惯性，成为业绩主要拖累。而华熙生物押注的新 品，尚未能填补传统玻尿酸产品的需求缺口。 自2019年上市以来，华熙生物营收和利润始终保持着双位数增长，但2023年开始，华熙生物的业绩开始 出现下滑。这一变化背后，也是华熙生物功能性护肤品业务逐渐显露疲态。2019—2022年，华熙生物功 能性护肤品业务始终保持增长态势，并在2022年迎来高光时刻，当年实现营业收入 ...

功能性护肤品行业主要上市公司：贝泰妮(300957.SZ);华熙生物(688363.SH);上海家化(600315.SH);创尔 生物(831187.NQ);巨子生物(02367.HK);敷尔佳(301371.SZ) 本文核心数据：中国功能性护肤品行业上市企业线上渠道营业收入及其占比 转自：前瞻产业研究院 线上渠道为主流，专业渠道贡献有限 | | 渠道 | 优势 | 劣势 增长驱动 | | --- | --- | --- | --- | | 线上渠道 | | 天猫、抖音、快手、京东、1）触达范围广易出爆品: | 线上基本触达可触达群 体,但仍是消费者回购的 流量成本升高 | | | 拼多多等私域流量 | 2) 渠道成本较线下低,利润率高 | 主要场所及新品牌营销 | | | | | 的主战场 | | 线下渠道 | 直营专柜、KA 渠道、CS | 1)终端价格可控、利润率可控: | 1) 渠道成本高,较线上 2) 专业渠道门槛较高,开拓线下自营、中高端渠 | | | | | 高出约 55个百分点: 1) 新锐集团利用品牌力 | | | 渠道、专业渠道(OTC& | | OTC 渠道仅械享号可以通(如屈臣氏): ...

众所周知，高品质的化妆品是建立在好配方、好肤感、好功效等多个维度基础之上的，做好其中一项并 不难，难的是做好每一项。多年以来，敷尔佳始终以产品创新为核心，以研发作为第一生产力，以高标 准覆盖产品的研发端、生产端和成品端，体现品牌持续秉持"科技赋能、品质第一、功效先行"的产品理 念。 敷尔佳的产品，从源头到出厂都需要经过四性测试，包括开展临床测试/功效性测试、安全性评价、以 及在不同环境条件下，考察产品稳定性，包材兼容性测试。与此同时，产品还要通过十道安全把关，最 终才能送到消费者手中，充分保证了产品的高品质。具体来看，在研发期，产品需要进行国标基础检 测，经过多次皮肤刺激性实验、皮肤斑贴实验以及功效评价。在原料、包材采购方面，对供应商及物料 进行严格筛选，并从化妆品原料、辅料的入库到出货前，按照研发计划进行严格验收。 智能化的触角，已延伸至生产全流程。敷尔佳产品的配制设备采用全自动控制系统，通过智能人机界面 实现高效操作与全程监控，最大程度降低人为干预风险。该系统更能实现自动清洗(CIP)与在线灭菌 (SIP)等关键环节，确保生产的连续性与无菌性，严格符合GMP标准。 在国民经济水平提升、人民对美好生活需求不 ...

Investment Rating - The report initiates coverage with an OUTPERFORM rating, setting a target price of Rmb 419.80, indicating a potential upside of 25.5% from the current price of Rmb 338.65 [2][9]. Core Insights - Shanxi Jinbo Bio-Pharmaceutical is a leading domestic company in the industrialization of recombinant human collagen, holding three Class III medical device certificates for its products, which positions it favorably in the market [3][11]. - The company reported a revenue of Rmb 1.44 billion in 2024, reflecting a year-on-year growth of 84.92%, driven by significant increases in its medical devices, functional skincare products, and raw materials segments [3][8]. - The report anticipates revenue growth for 2025-2027 to reach Rmb 2.17 billion, Rmb 2.92 billion, and Rmb 3.72 billion, respectively, with growth rates of 55%, 37%, and 29% [9]. Summary by Sections Company Overview - Shanxi Jinbo Bio-Pharmaceutical specializes in recombinant collagen medical devices, with a focus on injectable products that are classified as Class III medical devices, which have stringent approval processes and high technical barriers [3][11]. - The company has established a significant market presence with its proprietary brand Wei Yimei and has also engaged in contract manufacturing for L'Oréal's SkinCeuticals brand [3][27]. Financial Performance - The company has shown consistent revenue and profit growth over the past five years, with a net profit of Rmb 732 million in 2024, up 144% year-on-year [8][9]. - The gross profit margin for 2024 was reported at 92.02%, with the medical device segment achieving a margin of 95.03% [8][9]. Product and Market Position - The medical device segment accounted for 87% of total revenue in 2024, with a compound annual growth rate (CAGR) of 94% from 2020 to 2024 [25][27]. - Jinbo Bio's main products include recombinant collagen injectables, which are primarily used in aesthetic medicine and surgical repair treatments [23][27]. Strategic Partnerships - The company has formed a strategic partnership with Yangshengtang, leveraging its extensive retail network of over 3 million outlets to enhance market penetration and brand visibility [4][20]. - This collaboration is expected to facilitate the application of Jinbo's collagen products across various sectors, including skincare and health products [4][20]. Research and Development - Jinbo Bio is actively investing in R&D, with a focus on its new drug EK1, which is in the pre-clinical stage and aims to address broad-spectrum antiviral needs [5][9]. - The company holds multiple patents for its core ingredients, enhancing its competitive edge in the high-end skincare market [4][20].

Core Viewpoint - The company is advancing its product offerings in the field of ergothioneine, with significant developments in both raw materials and functional skincare products [1] Group 1: Product Development - The company’s food-grade ergothioneine is set to receive Self-GRAS certification in the U.S. by 2024 [1] - The company has launched Bioyouth™-EGT Pro and Bioyouth™-EGT Pure, with full production capacity at a tonnage level, and raw material sales have exceeded one million [1] Group 2: Industry Standards - The company has led the drafting of the group standard for high-purity ergothioneine in cosmetics, which was officially implemented in September 2023 [1] Group 3: Nutritional Science Innovation - The company focuses on four core areas and has developed a product matrix around key raw materials such as hyaluronic acid, ergothioneine, rhodiola rosea glycosides, and GABA [1] - Oral ergothioneine products are now available on Tmall through the company’s flagship store, utilizing cross-border e-commerce for sales [1]

Core Viewpoint - Huaxi Biological, once a giant in the hyaluronic acid market, is facing significant challenges as its stock price has plummeted over 80% since 2021, leading to a market capitalization drop from over 140 billion to around 20 billion [3][15]. Group 1: Company Performance - Huaxi Biological's revenue for 2024 is projected at 5.371 billion, a year-on-year decrease of 11.6%, with a net profit of 164 million, down 72.27% [15]. - The decline in performance is primarily attributed to the rapid downturn in its functional skincare segment, which generated 2.569 billion, accounting for 47.92% of total revenue [17]. - This segment has seen consecutive declines, with an 18.45% drop in 2023 and a further 31.62% decrease in 2024 [18]. Group 2: Market Dynamics - The hyaluronic acid industry is experiencing overall growth pressure, with a general decline in the consumption medical sector, affecting major players like Haohai Biological [28][29]. - The market is characterized by intense price competition, with over 77 brands in the domestic hyaluronic acid market, leading to a lack of differentiation and pricing power [32][30]. - Despite the challenges, both Huaxi Biological and Haohai Biological maintain a gross margin above 70%, indicating that hyaluronic acid remains a profitable business [35]. Group 3: Competitive Landscape - The rise of recombinant collagen as a competing product has gained traction, with a projected market share surpassing hyaluronic acid by 2026, driven by a compound annual growth rate of 52.6% [39]. - The competition in the collagen sector is intensifying, with many companies entering the market, which may lead to a similar competitive environment as seen in the hyaluronic acid market [41][43]. - Huaxi Biological's struggles highlight the need for companies to innovate and establish strong brand identities to avoid falling into price wars and market saturation [48].

Core Viewpoint - The medical beauty industry is experiencing a significant performance divergence among listed companies, driven by a shift from hyaluronic acid to collagen products, indicating a potential restructuring of industry value logic [1][3]. Group 1: Performance Analysis - In 2024, the performance of upstream medical beauty companies showed significant divergence, with companies like Juzi Biological and Jinbo Biological leading with high growth rates, while major hyaluronic acid players like Aimeike, Huaxi Biological, and Haohai Biological faced pressure [2][3]. - Aimeike's revenue growth slowed to 5.45%, the lowest since its listing, while Huaxi Biological's revenue declined by 11.61% and net profit dropped by 70.59% [3][5]. - Juzi Biological achieved revenue of 5.539 billion, a year-on-year increase of 57.2%, and a net profit of 2.062 billion, up 42.4% [5][7]. Group 2: Market Trends - The market for recombinant collagen products in China is projected to grow from 18.5 billion in 2022 to 108.3 billion by 2027, with a compound annual growth rate of 42.4% [7]. - Companies are increasingly entering the collagen market, including Aimeike and Huaxi Biological, which are exploring new opportunities in this segment [7][8]. - Huaxi Biological is developing proprietary recombinant human collagen products that have entered clinical trials, indicating a strategic shift towards innovative product development [7].

Group 1 - The core viewpoint of the articles highlights the resilience and growth of the company, with a revenue of 11.665 billion yuan in 2024, maintaining over 10 billion yuan for seven consecutive years, despite intensified industry competition [2] - In the first quarter of 2025, the company achieved a nearly 20% year-on-year increase in net profit attributable to shareholders, with a gross profit margin improvement to 37.12%, indicating significant enhancement in profitability [2] - The company has made notable advancements in its pharmaceutical segment, including the approval of the first domestic generic product for psoriasis treatment, marking a significant breakthrough in the field [2] Group 2 - The medical business segment is still in the development phase, with revenue from Songshan Hospital reaching 678 million yuan in 2024, and other hospitals generating a combined revenue of 351 million yuan, showing a stable upward trend [3] - The tourism segment leverages core resources from listed company Lijiang Co. and NEEQ-listed Qinling Tourism, with operations across five major 5A scenic areas, focusing on enhancing visitor service quality and increasing tourist reception [3] - The company plans to continue executing its "big health" development strategy, concentrating on pharmaceuticals and medical services, while enhancing its full industry chain development model [3]

Core Viewpoint - Huaxi Bio's 2024 performance report disappointed investors, showing significant declines in revenue and net profit, raising concerns about the company's future prospects [1][2]. Financial Performance - In 2024, Huaxi Bio reported revenue of 5.371 billion yuan, a year-on-year decrease of 11.61%, and a net profit attributable to shareholders of 174 million yuan, down 70.59% [1]. - This marks the second consecutive year of decline in both revenue and net profit, with the rate of decline accelerating [1]. - Quarterly performance in 2024 showed revenues of 1.361 billion yuan, 1.450 billion yuan, 1.064 billion yuan, and 1.496 billion yuan, with net profits of 243 million yuan, 98 million yuan, 20 million yuan, and a loss of 188 million yuan in the fourth quarter [2]. Business Segment Performance - The raw materials segment generated revenue of 1.236 billion yuan, up 9.47%, accounting for 23.06% of total revenue [2]. - The medical terminal segment achieved revenue of 1.440 billion yuan, a 32.03% increase, representing 26.85% of total revenue [2]. - The skin science innovation transformation segment, previously the functional skincare business, saw a significant decline, with revenue of 2.569 billion yuan, down 31.62%, making up 47.92% of total revenue [2]. Management and Strategic Changes - Huaxi Bio attributed its performance decline to ongoing management reforms, including organizational restructuring and increased costs related to consulting and stock incentives exceeding 70 million yuan [3]. - The company is investing in long-term strategic initiatives, including supply chain improvements and capacity expansion, with related costs exceeding 100 million yuan [3]. - A significant impairment provision of approximately 189 million yuan was made for assets showing signs of impairment, with inventory valued at 1.248 billion yuan at the end of 2024 [3]. Executive Compensation - The total pre-tax compensation for 34 executives and key personnel was 43.55 million yuan in 2024, up from 25.43 million yuan in 2023 [4]. - Notable increases in executive compensation included the chairman's pay rising to 2.2282 million yuan, and the vice president's pay increasing from 1.8209 million yuan to 3.3504 million yuan [4][5]. - The compensation for R&D personnel increased slightly, with a total of 202 million yuan in 2024, compared to 191 million yuan in 2023 [6]. Market Reaction and Future Outlook - The disappointing performance and significant executive pay raises have led to widespread market skepticism regarding the management's decisions and the company's future [6]. - Investors expressed concerns during the earnings call about the reasons for the performance decline, the effectiveness of management reforms, and the justification for executive compensation increases [6]. - The ongoing decline in performance poses risks to the company's market image and investor confidence, raising questions about the alignment of management and shareholder interests [6].

股票简称：敷尔佳 股票代码：301371 哈尔滨敷尔佳科技股份有限公司 Harbin Fuerjia Technology Co., Ltd. （哈尔滨市松北区美谷路 500 号） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二三年七月 特别提示 哈尔滨敷尔佳科技股份有限公司（以下简称"敷尔佳"、"公司"、"本公司" 或"发行人"）股票将于 2023 年 8 月 1 日在深圳证券交易所上市。 创业板公司具有业绩不稳定、经营风险高、退市风险高等特点，投资者面临 较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎作出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词释义与本公司首次公开发行股 票招股说明书中的相同。如本上市公告书中合计数与各加数直接相加之和在尾数 上存在差异，系由于四舍五入所致。 2 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监 ...