华熙生物（688363）2025 年中报点评 推荐（维持） 仍处系统性调整阶段，利润端初见成效 事项： 华熙生物业绩一览：25H1 收入同比-19.57%，归母净利润同比-35.38%，其中 Q2 业绩现拐点，归母净利润同比转正。1）25H1：收入 22.61 亿（同比-19.57%， 下同），归母净利润 2.21 亿（-35.38%），扣非归母净利润 1.74 亿（-45.00%）。 2）25Q2：收入 11.83 亿（-18.44%），归母净利润 1.19 亿（+20.89%），扣非 归母净利润 0.92 亿（+8.75%）。 评论： 风险提示：市场竞争加剧、新品推广不及预期、医疗器械拿证不及预期等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,371 | 4,959 | 5,461 | 6,254 | | 同比增速(%) | -11.6% | -7.7% | 10.1% | 14.5% | | 归母净利润(百万) | 17 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][15]. Core Views - The company is undergoing a transformation towards efficiency-oriented brand communication, which has led to revenue growth pressure but improved profitability. Revenue projections for 2025-2027 are estimated at 45.65 billion, 50.31 billion, and 57.10 billion yuan, with corresponding growth rates of -15.0%, 10.2%, and 13.5%. Net profit attributable to shareholders is expected to be 4.63 billion, 5.67 billion, and 6.46 billion yuan, with growth rates of 165.5%, 22.6%, and 13.9% respectively. Earnings per share (EPS) are projected at 0.96, 1.18, and 1.34 yuan per share [4][15]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 22.61 billion yuan (down 19.6% year-on-year) and a net profit of 2.21 billion yuan (down 35.4% year-on-year). In Q2 2025, revenue was 11.83 billion yuan (down 18.4% year-on-year), while net profit was 1.19 billion yuan (up 20.9% year-on-year) [12][13]. Business Strategy - The company’s management has returned to frontline operations for systematic adjustments, focusing on restructuring brand communication and prioritizing efficiency. In Q2 2025, the sales expense ratio decreased by 12.46 percentage points. The company is concentrating on high-barrier technology asset transformation and enhancing its consumer goods business advantages [13][14]. Medical Business - The medical terminal business generated revenue of 6.73 billion yuan in the first half of 2025, with skin-related medical product revenue at 4.67 billion yuan (down 1.8% year-on-year). The company launched compliant water-light products and strengthened its one-stop anti-aging solutions. The direct sales channel accounts for over 80% of the revenue, and the company is optimizing its product structure and channel layout [14]. Profitability Forecast - The company is expected to face revenue growth challenges but improve profitability. The projected revenue for 2025-2027 is 45.65 billion, 50.31 billion, and 57.10 billion yuan, with net profits of 4.63 billion, 5.67 billion, and 6.46 billion yuan respectively. The EPS is forecasted to be 0.96, 1.18, and 1.34 yuan per share [15][16].

Core Viewpoint - The performance of listed medical beauty companies in China shows significant divergence in the first half of 2025, with major players in the hyaluronic acid market facing growth bottlenecks, while companies in the recombinant collagen segment are experiencing substantial growth [1][2][7]. Group 1: Performance of Major Companies - Huaxi Biological reported revenue of 2.261 billion yuan, a year-on-year decline of 19.57%, and a net profit of 221 million yuan, down 35.38% [1][2]. - Haohai Biological achieved revenue of 1.304 billion yuan, a decrease of 7.12%, with a net profit of 211 million yuan, down 10.29% [1][2]. - Aimeike's revenue was 1.299 billion yuan, down 21.59%, with a net profit of 789 million yuan, a decline of 29.57% [1][2]. - In contrast, Jinbo Biological, the first stock of recombinant collagen on the Beijing Stock Exchange, reported revenue of 859 million yuan, an increase of 42.43%, and a net profit of 392 million yuan, up 26.65% [1][2]. - Giant Biological's revenue reached 3.113 billion yuan, a year-on-year increase of 21.66%, with a net profit of 1.182 billion yuan, up 20.23% [1][2]. Group 2: Market Trends and Competition - The medical beauty market in China has seen rapid growth, with the market size increasing from 99.3 billion yuan in 2017 to 189.2 billion yuan in 2021, reflecting a compound annual growth rate of 17.5% [4]. - The competition in the hyaluronic acid sector has intensified, leading to price reductions and impacting the performance of leading companies [4][6]. - The demand for aesthetic products is evolving, with a shift towards user-oriented solutions and a growing emphasis on product innovation and technology [3][7]. Group 3: Strategic Adjustments and Innovations - Huaxi Biological is shifting its marketing strategy to focus on brand building and consumer engagement through platforms like Xiaohongshu and WeChat, moving away from price-driven promotions [5]. - Haohai Biological is also adapting its product offerings, with new high-end hyaluronic acid products showing promising market performance [6]. - The recombinant collagen market is projected to grow significantly, with estimates suggesting it will reach 585.7 billion yuan by 2025, driven by new product launches and market expansion [8][9]. Group 4: Regulatory and International Expansion - The medical beauty industry is witnessing an increase in compliant products, with several companies obtaining third-class medical device registration certificates, enhancing market offerings [10][11]. - Companies like Huaxi Biological and Haohai Biological are actively pursuing international markets, with Huaxi reporting significant revenue from overseas operations [11][12]. - Aimeike's acquisition of a majority stake in a South Korean company highlights the trend of domestic firms expanding their global footprint [12].

自2 0 2 3年以来，华熙生物遭遇了一系列来自公司内部和外部的严峻挑战。 但在2 0 2 5年上半年的第二季度，这家中国生物科技企业出现盈利业绩拐点，也让市场看到其 重回增长的曙光。 《FBe a u t y未来迹》观察发现，这种势头的转变始于今年3月。彼时华熙生物董事长兼总裁赵 燕宣布回到业务一线，以"创业状态"推动改革，从经营理念、业务方向及人才组织模式层面对 公司进行了一系列大刀阔斧的改革。 此后短短3个多月，公司业绩表现就从一季度的营收、利润双下滑的泥潭中迈出了一只脚，有 了 诸 多 包 括 盈 利 能 力 提 升 、 销 售 费 用 率 大 幅 下 降 、 周 转 天 数 下 降 、 库 存 下 降 等 多 项 向 好 的 指 标。 问题在于，赵燕究竟做了什么？ 报告期内，公司整体实现营业收入2 2 . 6 1亿元，同比下降1 9 . 5 7%；归属于上市公司股东的净利 润2 . 2 1亿元，同比下降3 5 . 3 8%；扣非后净利润1 . 7 4亿元，同比下降4 5 . 0 0%。 财报显示，业绩下滑主要来自皮肤科学创新转化业务的收入减少。但公司也强调，将持续以科 技创新为核心，推动合成生物技术 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown significant improvement in profits in Q2 2025, with a notable recovery in net profit compared to Q1 2025 [1][10]. - The chairman's active involvement in management is expected to drive positive changes in the company's performance in the second half of the year [10]. - The company is undergoing a transformation towards an "efficiency-oriented" approach, which has led to a significant reduction in sales expense ratios [9][10]. Financial Performance Summary - For the first half of 2025, the company reported revenues and net profits of 2.26 billion and 220 million yuan, respectively, reflecting year-on-year declines of 19.6% and 35.4% [4]. - Q2 2025 saw revenues and net profits of 1.18 billion and 120 million yuan, with a year-on-year decline of 18.4% in revenue but a 20.9% increase in net profit [4]. - The company's gross margin for the first half of 2025 was 71.0%, down 3.5 percentage points year-on-year [8]. Business Segment Performance - The raw materials segment showed resilience, with revenue of 630 million yuan, a slight decline of 0.6% year-on-year, while the medical terminal products segment generated 670 million yuan, down 9.4% [5]. - The skin science innovation transformation business experienced a significant decline of 34.0% in revenue, totaling 910 million yuan, while the nutrition science innovation transformation business grew by 32.4% to 40 million yuan [5]. - The company launched several new medical aesthetic products in 2025, contributing to a diversified product matrix [6]. Market Outlook - The company is expected to return to a positive growth trajectory, with revenue forecasts adjusted to 4.825 billion, 5.631 billion, and 6.735 billion yuan for 2025, 2026, and 2027, respectively [11]. - The report anticipates that the company's earnings per share (EPS) will be 0.98, 1.23, and 1.66 yuan for 2025, 2026, and 2027, respectively [11]. - The chairman's plan to increase shareholding by 200 to 300 million yuan within six months reflects confidence in the company's future development [11].

Core Viewpoint - ECM (Extra Cellular Matrix) has been identified as a significant marker of aging, leading to increased focus and competition among beauty brands in anti-aging research and product development [1][3][10]. Group 1: Industry Trends - The recognition of ECM as an aging marker has prompted major beauty companies to rapidly advance their research and product offerings related to ECM [6][9]. - Companies like Huaxi and Marubi are expanding their research to include all major ECM proteins, indicating a shift towards a more comprehensive understanding of skin aging [6][9]. - The launch of innovative products, such as Huaxi's "润百颜·玻玻" and Shiseido's MicroClick Concentrate, highlights the industry's commitment to integrating ECM research into practical applications [6][9][10]. Group 2: Key Research Findings - ECM plays a crucial role in maintaining mitochondrial homeostasis, cellular aging, and stem cell depletion, making it a pivotal focus in anti-aging research [3][10]. - The dynamic network of ECM, composed of hyaluronic acid, collagen, and elastin, is essential for skin elasticity and vitality, with its degradation being a primary mechanism of skin aging [10][14][19]. - Research indicates that a healthy ECM can rejuvenate aging skin, restoring its appearance and function [17][19]. Group 3: Competitive Landscape - Major beauty brands are leveraging their existing research on key ingredients like hyaluronic acid and collagen to enhance their ECM-focused anti-aging strategies [24][26]. - The integration of ECM research is seen as a way to unify various scientific advancements within the beauty industry, creating a more holistic approach to skin aging [24][25]. - The collaboration between medical aesthetics and beauty sectors is expected to accelerate the development of innovative anti-aging solutions based on ECM [26][27]. Group 4: Future Opportunities - The potential applications of ECM research extend beyond facial care, with implications for hair follicle regeneration and other areas of dermatology [22][27]. - The beauty industry is positioned to explore new avenues in regenerative medicine and tissue engineering, utilizing ECM's properties to enhance skincare products [27][28]. - ECM is viewed as a "new gold mine" for the beauty industry, offering significant opportunities for innovation and market growth [27][28].

Core Viewpoint - The article highlights the emerging significance of Extracellular Matrix (ECM) in the anti-aging beauty industry, marking it as a new frontier for research and product development in skincare [2][4][5]. Group 1: ECM's Role in Aging - ECM has been identified as the thirteenth hallmark of aging, influencing mitochondrial homeostasis, cellular senescence, and stem cell exhaustion [2][4]. - Changes in ECM can be both a cause and a result of aging, suggesting its dual role in regulating the aging process [4][5]. - The recognition of ECM as a marker of aging has sparked a competitive race among beauty brands to explore its potential in anti-aging products [7][14]. Group 2: Industry Response and Innovations - Major beauty companies are rapidly advancing their research on ECM, with notable developments such as Huaxi's approval of a hyaluronic acid product aimed at improving skin quality [9]. - Marubi Biotech has expanded its research to include all major ECM proteins, indicating a broader focus on ECM-related skincare solutions [11]. - Various companies, including L'Oréal and Shiseido, are developing products that target ECM degradation and enhance skin elasticity through innovative ingredients [12][14]. Group 3: Mechanisms and Applications - ECM serves as a mechanical scaffold for skin cells, providing essential support and nutrition, which is crucial for maintaining skin elasticity and vitality [21][24]. - It acts as a signaling hub, dynamically regulating cellular behaviors such as proliferation and differentiation, which are vital for skin health [23][24]. - The degradation of ECM components, such as collagen and hyaluronic acid, is a primary mechanism of facial skin aging, leading to wrinkles and loss of elasticity [24][25]. Group 4: Future Directions and Market Potential - The integration of ECM research into anti-aging strategies represents a shift towards a more holistic understanding of skin aging, moving beyond single-ingredient solutions [33][34]. - The collaboration between hyaluronic acid and collagen in ECM functions is expected to unlock new anti-aging potentials, enhancing the efficacy of skincare products [33][34]. - The article suggests that ECM research holds vast potential for innovation in the beauty industry, with opportunities for new product development and market expansion [32][37].

Group 1 - The latest research published in the journal "Cell" identifies the decline of extracellular matrix (ECM) as the 13th hallmark of aging, highlighting hyaluronic acid (HA) as a key regulator of ECM dynamics [1] - High molecular weight hyaluronic acid can regulate fibroblast activity and drive collagen regeneration through CD44 receptor signaling pathways, restoring the viscoelasticity of ECM [1] - The perception of hyaluronic acid is shifting from a mere "filler material" to a "systemic anti-aging agent," potentially transforming its market valuation logic [1] Group 2 - Chinese companies hold a leading position in the global hyaluronic acid industry, accounting for 82% of the global raw material market sales as of 2021 [2] - Huaxi Biological achieved a breakthrough in enzymatic cutting technology in 2011, allowing for precise control over the molecular weight and end groups of hyaluronic acid, which has advanced research in various fields [2] - The Chinese hyaluronic acid raw material market was valued at approximately 4.71 billion yuan in 2023, with a year-on-year growth of 9.0%, and is expected to reach hundreds of billions by 2025 with a compound annual growth rate exceeding 20% [2] Group 3 - Future innovations in the hyaluronic acid industry are expected to be driven by a combination of technology, application scenarios, and policies, positioning Chinese companies to lead globally [3]

Investment Rating - The industry investment rating is "Overweight" (看好) [2] Core Insights - The report highlights a scientific revolution in the anti-aging field, emphasizing the role of hyaluronic acid (HA) as a key component in extracellular matrix (ECM) aging intervention [5][6] - Recent studies indicate that high molecular weight HA can extend healthy lifespan in mice, reduce cancer risk, and improve inflammatory responses, suggesting its potential beyond traditional moisturizing [5] - The report notes that the repositioning of HA in the scientific community opens new growth opportunities in the anti-aging market [5] Summary by Sections Industry Overview - The report discusses the transition of anti-aging strategies from local interventions to systemic interventions, marking a new era in anti-aging research [5][6] Company Analysis - Huaxi Biological Technology has positioned itself at the forefront of ECM research, recently obtaining approvals for two Class III medical devices aimed at facial quality improvement [6] - The first product, "Runbaiyan·Glass," utilizes a non-crosslinked HA formula combined with lidocaine, achieving a treatment efficacy rate of 94% with effects lasting over three months [6] - The second product, "Runzhi·Titu," is the first compliant product in China to explicitly target facial quality improvement through kinetic factors, indicating a shift towards cellular-level anti-aging solutions [6] Market Dynamics - Huaxi Biological has undergone multiple industrial revolutions, transitioning from microbial fermentation to precise molecular weight control and exploring synthetic biology for HA production [6] - The company leads the industry with the largest synthetic biology pilot platform and the highest market share in HA and Class III medical device registrations [6] - The report identifies Huaxi Biological and Aimeike as beneficiaries of these advancements in the anti-aging sector [6]

Investment Rating - The industry investment rating is "Positive" (首次) [2] Core Insights - The report highlights a scientific revolution in the anti-aging field, emphasizing the role of hyaluronic acid (HA) as a key element in extracellular matrix (ECM) aging intervention [5] - Recent studies indicate that high molecular weight HA can extend healthy lifespan in mice, reduce cancer risk, and improve inflammatory responses, suggesting its benefits go beyond traditional moisturizing [5] - The report notes that the repositioning of HA in the scientific community opens new growth opportunities in the anti-aging market [5] Summary by Sections Industry Overview - The report discusses the transition of anti-aging strategies from local interventions to systemic interventions, marking a new era in anti-aging research [5] Company Developments - Huaxi Biotechnology has positioned itself at the forefront of ECM research, with two Class III medical device products recently approved [6] - The first product, "Runbaiyan·Glass," is the first approved water-light product for facial skin quality improvement in China, showing a clinical effectiveness rate of 94% [6] - The second product, "Runzhi·Titu," is the first compliant active ingredient product with a clear indication for facial skin quality improvement [6] Market Positioning - Huaxi Biotechnology leads the HA industry with the largest synthetic biology pilot platform and superior HA raw material preparation capabilities [6] - The company has 11 registered Class III medical devices in aesthetic injections, surpassing competitors like Aimeike and Haohai Biological [6] - The report identifies Huaxi Biotechnology and Aimeike as beneficiaries of the industry's growth [6]