【文/王力 编辑/周远方】 12月23日晚间，"医美三剑客"之一昊海生科（688366.SH）发布公告，公司控股股东、实际控制人之一蒋伟因内幕交易、建议他人买卖证券行为，被中国证 监会没收违法所得470.97万元，并处以1462.92万元罚款，合计罚没金额达1933.89万元。至此，历时七个月的调查程序正式落幕。 值得关注的是，这位被处罚的实控人堪称A股市场"幕后老板"的典型样本：蒋伟自2007年创立昊海生科前身昊海有限公司以来，从未在上市公司任职，也不 参与日常经营管理，却与妻子游捷合计持有公司45.82%的股份，长期稳坐控股股东之位。 2025年胡润全球富豪榜显示，蒋伟夫妇以73亿元财富位列第3206位。公开资料显示，除昊海生科外，蒋伟还出现在中洲特材、神宇股份等多家上市公司的前 十大股东名单中，显示其活跃于二级市场的投资风格。 与此同时，昊海生科正经历增长瓶颈。2024年公司营收26.98亿元，同比仅增1.64%，为2021年以来首次跌至个位数；2025年前三季度更是营收、净利双降， 分别下滑8.47%和10%以上。曾经的高增长明星标的，如今业绩承压、股价较巅峰期跌去七成，而实控人内幕交易案的落地，无疑 ...

Core Viewpoint - The announcement regarding the insider trading investigation of Jiang Wei, a major shareholder and actual controller of Haohai Biological Technology Co., Ltd., has raised concerns among investors about the company's future, despite the company's claims that the incident is unrelated to its operations [1][2]. Group 1: Company Background - Haohai Biological Technology was founded in 2007 and has evolved into a technology-driven enterprise engaged in the research, production, and sales of medical devices and pharmaceuticals, focusing on aesthetic medicine and wound care, ophthalmology, and orthopedic products [5]. - The company was listed on the Hong Kong Stock Exchange in April 2015 and later on the Shanghai Stock Exchange's Sci-Tech Innovation Board in October 2019 [5]. Group 2: Shareholder Structure - Jiang Wei and You Jie are the controlling shareholders, holding 28.53% and 17.29% of the shares, respectively, making them the first and second largest shareholders [3]. - Jiang Wei is also the ultimate beneficiary of a partnership that holds 1% of the company's shares, indicating a significant influence over the company's governance [3]. Group 3: Financial Performance - In 2024, Haohai Biological reported revenue of 2.698 billion yuan, a mere 1.64% increase compared to previous years, indicating a significant slowdown in growth [5]. - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue dropping by 7.12% to 1.304 billion yuan and net profit decreasing by 10.29% to 211 million yuan [6]. - The three main business segments—medical aesthetics, ophthalmology, and orthopedics—saw revenue declines of 9.31%, 18.61%, and 2.58%, respectively, in the first half of 2025 [6]. Group 4: Management and Strategy - The company's operational management is handled by a professional team led by key figures such as Hou Yongtai and Wu Jianying, who hold significant positions within the company [3]. - The company has reported a 21.53% decrease in R&D expenses, with the R&D expense ratio falling to 7.54% from 8.93% in the previous year, attributed to the completion of core projects [6].

Core Viewpoint - The company, Haohai Biological Technology, is facing scrutiny as its controlling shareholder, Jiang Wei, has been notified of an investigation by the China Securities Regulatory Commission (CSRC) for suspected insider trading, although the company asserts that this matter is unrelated to its operations [1][3]. Company Overview - Haohai Biological Technology is engaged in the research, production, and sales of medical devices and pharmaceuticals, focusing on four main areas: medical aesthetics and wound care products, ophthalmic products, orthopedic viscoelastic supplements, and anti-adhesion and hemostatic products [3]. Financial Performance - In 2024, the company reported revenues of approximately 2.698 billion yuan, a year-on-year increase of 1.64%, and a net profit attributable to shareholders of about 420 million yuan, up 1.04% [5]. - The company's overall gross margin decreased from 70.46% to 69.89% due to significant price reductions in certain products, which offset the growth in high-margin medical aesthetic products [5]. - The medical aesthetics and wound care segment contributed over 40% of the company's revenue, with a year-on-year increase of 13.08%, although this growth rate has slowed compared to the previous year's 41.27% [5][6]. Market Reaction - Following the announcement of the investigation, Haohai Biological Technology's stock opened down 4.31% on May 8, with a closing price of 52.26 yuan per share, reflecting a decline of 1.71% and a total market capitalization of 12.19 billion yuan [4]. - The company's stock has seen a cumulative decline of 71.76% from its peak in July 2021, and the current share price has fallen below its initial public offering price of 89.23 yuan [7]. Future Outlook - The company plans to continue utilizing its own funds to explore advancements in the medical aesthetics, ophthalmology, orthopedics, and surgical fields, seeking to enhance its product portfolio through technology introduction or investment partnerships [7].

Group 1 - The core issue involves the investigation of Jiang Wei, a major shareholder and actual controller of Haohai Biological Technology, by the China Securities Regulatory Commission for suspected insider trading [1] - The investigation pertains solely to Jiang Wei as an individual and does not involve the company's stock or daily operations, indicating no significant impact on the company's regular business activities [2] Group 2 - On May 7, Haohai Biological Technology's stock closed at 53.17 yuan per share, down 0.21%, with a market capitalization of 12.4 billion yuan [3] - The company recently announced a stock buyback, having repurchased approximately 1.49 million A-shares, accounting for 0.64% of the total share capital, with a total transaction amount of about 85.94 million yuan [3] - For the fiscal year 2024, Haohai Biological Technology reported revenue of 2.698 billion yuan, a year-on-year increase of 1.64%, and a net profit of 420 million yuan, a year-on-year increase of 1.04%, indicating stagnation in growth [3] - The overall gross margin decreased from 70.46% to 69.89%, despite the increasing revenue share from high-margin hyaluronic acid products, due to significant price declines in other products [3] Group 3 - In Q1 2025, Haohai Biological Technology reported total revenue of 619 million yuan, a year-on-year decrease of 4.25%, and a net profit attributable to shareholders of 90.31 million yuan, down 7.41% [4] - The decline in performance reflects intense competition in the hyaluronic acid and medical aesthetics market, with emerging alternative materials reshaping the landscape [4] - Research indicates that recombinant collagen may replicate the success of hyaluronic acid, supported by continuous improvements in supply chain policies and technological breakthroughs [4]