报告期内，集团防黏连及止血产品线收入较2024年同期增长约人民币4110万元，增幅约59.68%，主要 是集团「康瑞胶」产品于2024年12月被纳入《上海市生物医药「新优药械」产品目录》(第四批)。纳入 目录的产品可获得上海公立医院准入绿色通道，同时优先获得上海医保谈判推荐资格，加速进入地方医 保目录，提高患者支付意愿。报告期内，集团迅速完成「康瑞胶」产品在上海、河南等部分地区的市场 准入、打开了营销新局面。 格隆汇8月22日丨昊海生物科技(06826.HK)公布中期业绩，截至2025年6月30日止六个月，集团共录得营 业收入约人民币12.93亿元，同比减少约7.48%；集团研发开支约人民币9840万元，同比下降约21.53%， 集团研发开支占收入比重为7.61%；公司普通股权益持有人应占利润约为人民币2.11亿元，同比下降约 10.29%。每股基本盈利为人民币0.91元。董事会宣派中期股息为每股人民币0.40元(含税)。 报告期内，集团紧密围绕医美、眼科、骨科、防黏连及止血四大核心业务板块，积极应对外部环境的机 遇与挑战，持续深化产品创新、市场拓展和精益管理，集团整体经营继续保持了稳健发展态势。报告期 内， ...

Investment Rating - The report assigns a "Buy" rating for the company [4][18]. Core Views - The company is accelerating its diversification transformation in the cardiovascular platform, entering the medical aesthetics field with the approval of its polylactic acid facial filler, which is expected to grow significantly in market size by 2030 [1][4]. - The company holds a 13.17% stake in Lepu Biopharma, which is advancing its PD-1 commercialization and ADC pipeline, contributing to cash flow and potential future growth [1][4]. - The company is a leading provider of comprehensive solutions in the cardiovascular department, with continuous expansion of its product pipeline across devices, pharmaceuticals, and services [4][12]. Financial Summary - Revenue projections for 2025-2027 are estimated at 67.81 billion, 74.63 billion, and 81.41 billion CNY, respectively, with net profit forecasts of 9.27 billion, 11.91 billion, and 13.65 billion CNY [4][5]. - The company is expected to experience a revenue growth rate of 11.11% in 2025, following a decline in 2024 [5][15]. - The projected PE ratios for 2025-2027 are 26X, 21X, and 18X, indicating a potential for valuation improvement [4][5]. Market Position - The company is positioned as a leader in the cardiovascular device market, with a significant share in the medical aesthetics sector and ongoing development in the pharmaceutical space [1][4][12]. - The report highlights the expected growth in the medical aesthetics market, with a compound annual growth rate of approximately 23% from 2024 to 2030 [1][4].

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].

Financial Performance - The company reported total revenue of 619 million yuan for Q1 2025, a decrease of 4.25% year-on-year [1] - The net profit attributable to shareholders was 90.31 million yuan, down 7.41% compared to the same period last year [1] - The gross margin was 69.52%, an increase of 0.44% year-on-year, while the net profit margin decreased to 13.55%, down 5.36% [1] - Total expenses (selling, administrative, and financial) amounted to 272 million yuan, accounting for 43.96% of revenue, an increase of 5.94% year-on-year [1] - Earnings per share (EPS) was 0.39 yuan, a decrease of 7.14% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable represented 77.11% of the latest annual net profit, indicating a significant amount of outstanding payments [1] - Operating cash flow per share was 0.37 yuan, down 18.22% year-on-year [1] Business Model and Market Position - The company's return on invested capital (ROIC) was 5.01%, indicating average capital returns [3] - The net profit margin for the previous year was 13.95%, suggesting high added value for products or services [3] - The company relies heavily on marketing-driven performance, necessitating further investigation into the underlying drivers [3] Future Expectations - Analysts expect the company's performance in 2025 to reach 505 million yuan, with an average EPS forecast of 2.17 yuan [4] Fund Holdings - The largest fund holding the company’s shares is Tianhong Pension 2035 Three-Year (FOF) A, with 12,400 shares newly entered into the top ten holdings [5] - The fund's current scale is 120 million yuan, with a net value of 1.0282 as of April 23, showing a 0.12% increase from the previous trading day [5] Product Performance - The company anticipates a 65% year-on-year increase in hyaluronic acid product sales in 2024, despite a slowdown in growth due to market conditions [7]

合作伙伴征集：2025全球手术机器人大会 报名：首届全球骨科大会 | 奖项评选 2025年3月22日， 昊海生科 发布了2024年年报。 # 财报数据 # 关于昊海生科 报名：首届全球眼科大会 | 名额有限 报名：首届全球心血管大会 | 奖项申报 2024年营业收入 26.98亿 元，同比增长1.64%； 归母净利润4.20亿元，同比增长1.04%；扣非归母净 利润3.79亿元，同比下滑1.12%。 2024Q4营业收入 6.23亿 元，同比下滑7.35%，环比增长9.74%； 归母净利润0.80亿元，同比下降 10.93%；扣非归母净利润0.58亿元，同比下滑26.83%。 分产品：2024年医疗美容与创面护理产品收入11.95亿元，同比增长13.08%，其中玻尿酸产品收入 7.42亿元，同比增长23.23%；眼科产品收入8.58亿元，同比下降7.60%；骨科产品收入4.57亿元，同 比下降4.11%；防粘连及止血产品1.46亿元，同比下降0.58%；其他产品收入0.38亿元，同比增长 1.56%。 2024 年公司整体毛利率为 69.89%，与上年度的 70.46%相比略有下降，其中，医美玻尿酸产品收入 ...

暴利行业持续分化洗牌。 作者 | 贝壳XY 编辑 | 小白 正所谓，爱美之心，人皆有之。如今，美容护理已越发融入人们的日常生活中，其市场需求持续扩 大。国家统计局数据显示，我国化妆品类零售总额在过去二十多年里呈现稳步提升，2023年达到4,14 2亿元，较2011年增长接近3倍。 但2024年1-11月的情况却有些不同，化妆品类零售总额罕见出现负增长，同比下滑了1.3%，莫非化妆 品生意不好做了？ （来源：Choice终端，制表：市值风云APP） 这组数据背后，其实意味着两层含义，其一是化妆品需求的小幅减少，其二则是行业内卷越发严重。 消费需求越发向头部品牌集中，质量不佳、规模较小、生产不良的尾部企业正逐渐被淘汰出局，一场 席卷整个行业的大洗牌或许正在进行。 动荡过后，仍能留在牌桌上的企业必定各有各的看家本领，今天我们便从美容护理板块前十大市值公 司来一探究竟。 参考申万行业分类及截至2024年12月31日的市值排名，前十大公司分别为爱美客（300896.SZ）、珀 莱雅（603605.SH）、华熙生物（688363.SH）、稳健医疗（300888.SZ）、锦波生物（832982.BJ）、 贝泰妮（30095 ...