真正优秀的成分，总会随着时间焕发新的生命力。 在护肤领域，透明质酸（ HA），也就是我们熟知的玻尿酸，堪称初代 "顶流巨星"。从保湿到抗皱，从修复到紧致，它的功效几乎覆盖了消费者对护肤 品的所有期待。然而，随着胜肽、烟酰胺等新兴成分的涌现，一时间，质疑声四起：曾经风靡护肤界的玻尿酸，如今是否还能保持它的优势？ 这种断层式领先表明，无论市场如何变化，透明质酸依然是品牌配方中的核心选择。 为什么透明质酸能够保持这样的地位？答案很简单 ——它不仅是一种经典成分，更是一种经过时间验证、安全可靠且功效显著的护肤原料。 透明质酸 的抗皱紧致 地位坚如磐石 数据不会撒谎。 根据中国香妆和用户说联合发布的《 2025原料成分趋势洞察榜单》，透明质酸稳坐"抗皱紧致"成分应用热度榜首。在2025年1-2月备 案的护肤品中，含有透明质酸的产品数量高达10562个，是第二名烟酰胺（5504个）的近两倍。 早期的透明质酸提取工艺复杂且成本高昂。 1949 年，Boas 从鸡冠中分离出透明质酸。提取 1g 透明质酸需要 200 公斤鸡冠（约 2 万只鸡），导致生 产成本极高，每公斤售价高达10万美元，被誉为"液体黄金"。 从 "液体黄金 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is experiencing a phase of operational pressure, with expectations for gradual improvements from management reforms and strategic investments [1] - Revenue for 2024 is projected at 5.371 billion yuan, a year-over-year decrease of 11.61%, while net profit is expected to be 174 million yuan, down 70.59% year-over-year [1] - The company is positioned as a biotechnology materials platform, with potential for steady growth across its diversified business segments as management reforms take effect [5] Business Segment Summaries Raw Material Business - Revenue reached 1.236 billion yuan, an increase of 9.47% year-over-year, with international markets contributing 608 million yuan, up 17.65% [2] - The overall gross margin for the raw material business was 65.57%, a slight increase of 0.86 percentage points [2] Medical Terminal Business - Revenue for this segment was 1.440 billion yuan, reflecting a significant growth of 32.03% year-over-year, with a gross margin of 84.37% [3] - The aesthetic medicine business showed notable improvement, with skin-related medical products generating 1.073 billion yuan, up 43.57% [3] Skin Science Innovation Business - This segment reported revenue of 2.569 billion yuan, a decline of 31.62% year-over-year, with a gross margin of 72.80% [4] - The company is focusing on product innovation in skin repair and anti-aging, with new product launches aimed at enhancing competitive positioning [4] Nutritional Science Innovation Business - Revenue in this area was 82 million yuan, marking a growth of 40.97% year-over-year, focusing on key areas such as nutrition and immunity [4] Financial Forecasts and Investment Recommendations - Revenue projections for 2025-2027 are set at 5.848 billion yuan, 6.522 billion yuan, and 7.387 billion yuan, representing year-over-year growth rates of 8.9%, 11.5%, and 13.3% respectively [5] - Net profit forecasts for the same period are 469 million yuan, 624 million yuan, and 778 million yuan, with significant growth anticipated in 2025 at 169.2% [5]