Core Viewpoint - Huaxi Biological has reported a seemingly contradictory financial performance for 2024, with total revenue of 5.371 billion yuan, a year-on-year decline of 11.61%, and a net profit of 174 million yuan, down 70.59%. However, the company increased its R&D investment by 4.46% to a record high of 466 million yuan, representing 8.68% of its revenue, positioning it among the leaders in A-shares [2][10]. Financial Performance - Total revenue for Huaxi Biological in 2024 was 5.371 billion yuan, a decrease of 11.61% year-on-year [2]. - Net profit fell to 174 million yuan, a significant drop of 70.59% [2]. - R&D investment reached 466 million yuan, marking a 4.46% increase and a historical high [2]. - The R&D expense ratio was 8.68%, placing the company at the forefront of the A-share market [2][10]. Business Strategy - The company aims to return to an entrepreneurial organization to awaken its innovative capabilities, as stated by Chairman Zhao Yan [2]. - Huaxi Biological's international revenue from raw materials reached 608 million yuan, a year-on-year increase of 17.65%, supported by FDA certification [5]. - The medical terminal business generated 1.44 billion yuan, a remarkable increase of 32.03%, becoming the largest revenue contributor [6]. - The functional skincare segment saw revenue decline by 31.62% to 2.569 billion yuan due to intensified market competition and channel adjustments [6]. R&D and Innovation - Huaxi Biological has established eight R&D platforms and holds 580 valid patents, with 392 applicable to its main business [7]. - The company is transitioning from a focus on hyaluronic acid to two foundational sciences: glycoscience and cell biology [9]. - The R&D team consists of 920 members, reflecting the company's commitment to long-term investment in innovation [10]. Market Position and Future Outlook - The FDA certification is expected to facilitate Huaxi Biological's expansion into high-end markets in Europe and the United States [4]. - The company is diversifying its business across four major fields: raw materials, medical devices, functional foods, and tissue engineering, creating a "cell-level anti-aging" ecosystem [9]. - Despite short-term profit pressures, Huaxi Biological announced a cash dividend of 52.62 million yuan, accounting for 30.19% of its net profit [9].

Core Viewpoint - Huaxi Biological's 2024 annual report indicates significant growth in both domestic and international raw material business revenues, with a focus on expanding overseas operations and enhancing product certifications to capture market opportunities [1][2]. Group 1: Revenue Growth - In 2024, the raw material business achieved revenue of 1.236 billion yuan, with domestic revenue at 628 million yuan (up 2.61%) and international revenue at 608 million yuan (up 17.60%) [1]. - The sales volume of the Furst brand HA reached 143.12 tons (up approximately 22%), while Huaxi Biological brand HA sales volume reached 261 tons (up approximately 13%) [3]. - The medical terminal business generated revenue of 1.44 billion yuan, a year-on-year increase of 32.03%, driven by a 43.57% increase in skin-related medical products [3]. Group 2: International Expansion - The company has deepened its overseas business layout by localizing operations, including hiring foreign sales teams and participating in international raw material exhibitions [1]. - In 2024, the company participated in 27 overseas exhibitions and held 8 seminars, establishing connections with various international associations [1]. Group 3: Sales Strategy - The sales strategy involves a two-phase approach: initially targeting customers with the Furst brand for cost-effective products, followed by introducing Huaxi Biological's high-end products to meet upgraded customer needs [2]. - The direct sales channel accounted for over 65% in 2023 and is expected to exceed 75% in 2024, with a goal of reaching 80% by 2025 [4]. Group 4: Inventory Management - The company has implemented a plan to manage inventory effectively, with a significant reduction in over one-year-old inventory from 185 million yuan to 112 million yuan by the end of 2024 [5]. - The inventory turnover rate for Huaxi Biological was 1.11, slightly lower than some peers, attributed to its self-production model [6][7]. Group 5: Market Positioning - The company’s online sales accounted for 43.92% of revenue, indicating a strong digital presence compared to competitors [7][8]. - The overseas sales revenue accounted for 16.56% of total revenue, highlighting the company's commitment to international markets [8].

证券代码：688363 证券简称：华熙生物 公告编号：2025-024 华熙生物科技股份有限公司 关于 2024 年年度报告的信息披露监管问询函的回复 公告 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。 华熙生物科技股份有限公司（以下简称"公司" "华熙生物"）于近日收到 上海证券交易所科创板公司管理部下发的《关于华熙生物科技股份有限公司 （上证科创公函【2025】0245 号，以 下简称" 《问询函》"）。公司对上述《问询函》提到的问题高度重视，公司与致 同会计师事务所（特殊普通合伙） （以下简称"年审会计师"或"会计师"）对 《问询函》所涉及的问题进行了审慎核查，现就相关问题回复如下： 问题一、关于公司主营业务和经营业绩。年报披露，2024 年度，公司营 业收入 53.71 亿元，同比下滑 11.61%，其中功能性护肤品业务收入同比下滑 肤品业务收入下滑、期间费用增加及资产减值损失等因素影响，公司实现净利 润 1.74 亿元，同比下滑 70.59%。公司近年从产品、渠道、组织、品牌等方面 进行调整以夯实业务基础，20 ...

丨证券研究报告丨 公司研究丨点评报告丨华熙生物（688363.SH） [Table_Title] 华熙生物 2024 年报及 2025 一季报点评：医疗 终端增势亮眼，护肤品业务持续调整 报告要点 [Table_Summary] 2024 年，公司实现营业收入 53.7 亿元，同比下滑 11.6%；实现归母净利润 1.7 亿元，同比下 滑 70.6%。2024Q4，公司实现营业收入 15.0 亿元，同比下滑 19.3%；实现归母净利润-1.9 亿 元，扣非归母净利润-2.2 亿元。2025Q1，公司实现营业收入 10.8 亿元，同比下滑 20.8%；实 现归母净利润 1.0 亿元，同比下滑 58.1%。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 华熙生物（688363.SH） cjzqdt11111 [Table_Title 华熙生物 2024 2] 年报及 2025 一季报点评：医疗 终端增势 ...

Core Viewpoint - The domestic market competition for hyaluronic acid injection products is intensifying, with Huaxi Biological's new product "Bobo" being the first hyaluronic acid injection containing lidocaine approved for sale in China, aimed at improving user experience by reducing pain during injection [1][2]. Group 1: Product Launch and Market Position - Huaxi Biological's "Bobo" is composed of 15mg/ml hyaluronic acid and 3mg/ml lidocaine, designed to enhance treatment experience by minimizing pain [1]. - The product's pricing is yet to be determined, and its market performance remains uncertain due to the presence of numerous existing competitors in the market [3]. - "Bobo" is the 10th medical beauty injection product from Huaxi Biological, following several successful launches in the hyaluronic acid category [4]. Group 2: Financial Performance and Future Outlook - In 2024, Huaxi Biological's skincare business is expected to face challenges, but the medical beauty segment is showing steady growth, with projected revenue of 1.44 billion yuan, a year-on-year increase of 32.03% [5]. - The revenue from the micro-crosslinked "Renzhi® Doll Needle" has more than doubled year-on-year, while the newly launched "Renzhi·Gege" has surpassed 10 million yuan in revenue within just three months [5]. - The ability of Huaxi Biological to return to a growth trajectory in 2025 through its medical beauty business is under scrutiny [6].

点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2024年年报，2024年实现营收53.7亿元，同比-11.6%，实现归母净利润1.7亿元，同比-70.6%；其 中4Q2024实现营收15.0亿元，同比-19.3%，实现归母净利润-1.9亿元，同比由盈转亏。 点评： 原料业务稳健增长，医疗终端业务高速成长，皮肤科学创新转化业务变革进行时 2024年，分产品看，公司原料产品/医疗终端产品/皮肤科学创新转化业务分别实现营收12.4/14.4/25.7亿 元，分别同比+9.5%/+32.0%/-31.6%；分地区看，公司中国/境外分别实现营收44.7/8.9亿元，分别同 比-14.9%/+8.6%；分渠道看，公司经销/直销渠道分别实现营收18.5/35.1亿元，分别同比-4.8 ...

4月10日，国内生物科技龙头企业华熙生物(688363.SH)发布了2024年度财报。数据显示，全年实现营收 53.71亿元，净利润1.74亿元。其中，医疗终端业务表现尤为亮眼，营收达14.40亿元，同比增长 32.03%；原料业务也保持稳健增长态势，收入达12.36亿元，同比增长9.47%。值得关注的是，华熙生物 目前正处于第三次战略升级的关键期，正重塑创业精神，力求在生物科技领域继续保持领先优势。 原料业务创新成果显著，多个新品完成试产 华熙生物作为国内生物活性物质研发生产的领军企业，其原料业务的表现一直备受市场关注。2024年， 其原料业务维持了良好增长势头，实现营收12.36亿元，占主营业务收入的23.06%。其中，国际市场原 料收入达6.08亿元，增幅17.65%，显示出强劲的全球竞争力。原料业务(不含弗思特)毛利率为65.57%， 医药级透明质酸原料毛利率更是高达87.56%，稳居行业高位。 在创新层面，华熙生物首次详细披露原料业务三试进展，构建了完整的"新品研发-试产验证-中试转 化"创新链条。2024年开展96个原料及合成生物研发项目，新品不断涌现。BloomseaN PDRN多聚脱氧 核糖核 ...