2025 年 8 月 28 日 公司研究 董事长亲赴一线，Q2 利润显著改善 ——华熙生物（688363.SH）2025 年半年报点评 执业证书编号：S0930525070004 021-52523872 wuziqian@ebscn.com 市场数据 | 总股本(亿股) | 4.82 | | --- | --- | | 总市值(亿元)： | 280.24 | | 一年最低/最高(元)： | 42.42/84.41 | | 近 3 月换手率： | 52.61% | 股价相对走势 -20% -3% 14% 31% 48% 08/24 11/24 02/25 05/25 华熙生物 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 3.18 | -1.31 | -14.64 | | 绝对 | 10.84 | 14.66 | 20.07 | 买入（维持） 当前价：58.18 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：吴子倩 ...

| | 2021中报 | 2022中报 | 2023中报 | 2024中报 | 2025中报 | | --- | --- | --- | --- | --- | --- | | ■ | 19.37亿 | 29.35亿 | 30.76亿 | 28.11亿 | 22.61亿 | | . | 104.44% | 51.58% | 4.77% | -8.61% | -19.57% | 华熙生物营收走势。 化妆品巨头华熙生物的业绩还在探底。8月27日，华熙生物发布2025年半年报。财报显示，上半年营收为22.61亿 元，同比减少19.57%；归属于上市公司股东的净利润为2.2亿元，同比下滑35.38%。整体业绩依然承压。最核心的 皮肤科学创新转化业务占据最大收入比重，同样呈现较大下滑趋势，同比下降33.97%至9.12亿元。 不过值得一提的是，华熙生物第二季度净利润率上升，是自2024年一季度以来首次上升。华熙生物创始人赵燕大 刀阔斧实行的改革措施能否让华熙生物的业绩触底反弹，还有待观察。 值得一提的是，业绩不佳却不妨碍华熙生物在研发投入上加码。上半年研发投入占总营收比例高达10.22%，上年 同期为7.13%。从国货 ...

8月26日晚间，华熙生物发布2025年半年度报告。上半年，华熙生物实现营业收入22.61亿元，同比下降19.57%；归母净利润2.21亿元，同比下降35.38%；扣 非后归母净利润2.18亿元，同比大降45%；经营活动现金净流入2.18亿元，同比下降17.49%。 | 主要会计数据 | 本报告期 | 上年同期 | | --- | --- | --- | | | (1-6月) | | | 营业收入 | 2, 260, 691, 517. 33 | 2,810,742,396. | | 归属于上市公司股东的净利润 | 220, 851, 905. 02 | 341,765,629. | | 归属于上市公司股东的扣除非经常 性损益的净利润 | 173, 745, 743. 69 | 315,921,167. | | 经营活动产生的现金流量净额 | 218, 332, 257. 91 | 264,622,521. | | | 本报告期末 | 上年度末 | | 归属于上市公司股东的净资产 | 7, 032, 912, 753. 70 | 6.810. 170. 453. ! | | 总资产 | 8, 572, 805, ...

Core Viewpoint - The establishment of Huaxi Tang'an Bio-Tech in Guangming Science City marks a significant strategic deployment for Huaxi Bio, expanding its diversification beyond hyaluronic acid and establishing a global non-animal heparin full industry chain platform in the Guangdong-Hong Kong-Macao Greater Bay Area [1][3]. Group 1: Company Development - Huaxi Bio focuses on synthetic biology, emphasizing glycomics and cell biology, and has developed four major business segments: bioactive raw materials, pharmaceuticals and medical devices, skin science innovation, and nutritional science innovation [1]. - Huaxi Tang'an has achieved multi-dimensional technological breakthroughs in the field of enzyme-synthesized heparin, with applications in cosmetics, pharmaceuticals, and medical devices, particularly in preventing and treating thromboembolic diseases and cardiovascular surgeries [1][3]. Group 2: Industry Collaboration and Ecosystem - The signing ceremony involved partnerships with Guangming District, the National Bio-Manufacturing Industry Innovation Center, and private equity funds, leveraging policy and resource advantages to accelerate project development [3]. - Guangming District has attracted over 130 companies in the synthetic biology sector, with an estimated industry valuation of nearly 40 billion, establishing a comprehensive innovation ecosystem covering research, technology development, and talent support [3][4]. Group 3: Future Prospects - The establishment of Huaxi Tang'an is expected to attract more upstream and downstream enterprises in the medical beauty and cosmetics sectors, contributing to the creation of a distinctive industrial cluster in Guangming [4].

Core Viewpoint - The article discusses the recent controversy surrounding Juzhi Biotechnology (巨子生物) and its admission of limitations in quality standards and testing methods, which has raised further questions about the integrity of its products and the broader implications for the industry [2][4][10]. Group 1: Company Response and Market Impact - Juzhi Biotechnology acknowledged its limitations in quality standards and testing methods, marking a significant shift from its previous defensive stance against accusations regarding its collagen products [4][10]. - Following the controversy, Juzhi's stock price fell from 87.1 HKD to 53.9 HKD, resulting in a market capitalization loss of over 330 billion HKD [10]. - The company's internal investor meeting indicated confidence in recovering from short-term impacts, despite the ongoing public skepticism [4][11]. Group 2: Industry Context and Competition - The controversy highlights a broader "ingredient war" between Juzhi Biotechnology and Huaxi Biotechnology (华熙生物), with both companies competing in the collagen and hyaluronic acid markets [14][15]. - Huaxi Biotechnology, a leader in the hyaluronic acid market, has criticized Juzhi's claims about collagen superiority, emphasizing the lack of scientific basis for such assertions [15][16]. - The article suggests that the current lack of unified testing standards in the collagen industry poses challenges for quality control and consumer trust [17][19]. Group 3: Consumer Trust and Market Dynamics - The incident has led to a decline in consumer trust, particularly among core users who prioritize ingredient efficacy, which could have long-term repercussions for Juzhi's brand reputation [12][13]. - The article notes a shift in consumer behavior towards more informed purchasing decisions, moving from concept-driven marketing to a focus on ingredient transparency and scientific validation [23][24]. - The controversy may catalyze regulatory changes and industry standards, potentially leading to a market reshuffle where companies lacking core R&D capabilities may struggle to survive [22][24].

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].

Core Viewpoint - The company, Huaxi Biological Technology Co., Ltd., reported a decline in revenue and net profit for the year 2024, prompting inquiries from the Shanghai Stock Exchange regarding its business performance and strategic adjustments [1]. Group 1: Business Performance - In 2024, the company's revenue was 5.371 billion yuan, a year-on-year decrease of 11.61%, with net profit falling to 174 million yuan, down 70.59% [1]. - The decline in revenue was attributed to a drop in functional skincare product sales, increased operating expenses, and asset impairment losses [1]. - The company maintained its R&D investment at 466 million yuan, consistent with the previous year, indicating a focus on strategic innovation and technology-driven brand development [1]. Group 2: Revenue Breakdown - The company reported a significant increase in overseas raw material business revenue, reaching 608 million yuan, with a year-on-year growth of 2.61% domestically and 17.60% internationally [2][3]. - The overseas revenue growth was driven by increased purchases from existing clients and a 13% rise in the number of overseas clients, contributing 48.5 million yuan in revenue [3]. - The company’s brands, Huaxi and Furst, target different market segments, with Furst focusing on cost-effective raw materials while Huaxi aims at high-value end products [3]. Group 3: Medical Terminal Business Growth - The medical terminal business saw a substantial increase, with total revenue reaching 1.44 billion yuan, a 32.03% increase from the previous year [4]. - Skin-related medical products generated 1.073 billion yuan, up 43.57%, with specific products like the micro-crosslinked "Renzhi Doll Needle" seeing over 100% growth [4][5]. - The company has established a comprehensive sales network covering 31 provinces and over 7,000 partner institutions, with direct sales accounting for over 75% of total sales in 2024 [6]. Group 4: Strategic Adjustments - The company is undergoing a third strategic upgrade, focusing on sugar biology and cell biology, leveraging its strengths in synthetic biology and biomanufacturing [12][13]. - The business model is built on three core capabilities: R&D innovation, results conversion, and market transformation, enabling comprehensive service offerings to global enterprises and consumers [13]. - The company aims to enhance its product, channel, organization, and brand strategies to align with its long-term goals in the life sciences sector [12][13].

Core Viewpoint - The ongoing debate between hyaluronic acid and recombinant collagen in the capital market highlights the challenges faced by companies like Huaxi Biological, which is experiencing a decline in revenue and net profit after reaching a peak in 2022 [2][6]. Group 1: Company Response and Market Dynamics - Huaxi Biological criticized the recent reports from several securities firms that favor recombinant collagen over hyaluronic acid, claiming these reports misrepresent the safety and efficacy of hyaluronic acid [3][4]. - The company emphasized the importance of a healthy industry ecosystem, stating that without it, no company can achieve long-term success or maintain competitive advantages [5][6]. - Huaxi Biological is undergoing a comprehensive management transformation in 2024, including business process restructuring and digitalization, to address the challenges in the current operating environment [2][6]. Group 2: Financial Performance - In 2024, Huaxi Biological reported a revenue of 5.371 billion yuan, a year-on-year decrease of 11.61%, and a net profit of 174 million yuan, down 70.59% [6]. - The skin science innovation business, which accounts for nearly half of the company's revenue, saw a significant decline of 31.62% in revenue, totaling 2.569 billion yuan [6]. - In contrast, the medical terminal business achieved a revenue of 1.44 billion yuan in 2024, marking a growth of 32.03% [7]. Group 3: Industry Trends and Competition - The medical aesthetics industry is witnessing a shift from hyaluronic acid to recombinant collagen and other regenerative products, driven by evolving consumer preferences and technological advancements [5][9]. - The market for recombinant collagen is growing rapidly, with companies like Jinbo Biological and Giant Bio achieving substantial revenue increases in 2024, indicating a competitive landscape with low market concentration [8][9]. - Huaxi Biological is also investing in recombinant collagen research and development, aiming to leverage synthetic biology for technological upgrades and high-quality applications [7][8].

Core Insights - Huaxi Bio reported a revenue of 1.078 billion and a net profit attributable to shareholders of 102 million for Q1 2025, showing an increase of approximately 290 million compared to Q4 2024. Excluding impairment losses, net profit increased by about 180 million compared to Q4 2024 [1] Business Performance - The company's bioactive substances and medical terminal businesses remained stable, with accelerated R&D, registration, and marketization of new raw materials and pipelines [1] - The skin science innovation transformation business, which has a significant revenue share, is undergoing an adjustment period. The decline is attributed not to intensified market competition but to a deviation from the company's core technological advantages in hyaluronic acid and glyco-biology [1][2] Management Changes - The chairman and general manager has begun to directly manage the skin science innovation transformation business, focusing on brand management and implementing technology and brand positioning based on global research advancements [2] - The company has renamed its "personal health consumer products business" to "skin science innovation transformation business" and is restructuring its management and operations team to enhance its competitive edge [2] Strategic Investments - The establishment of a "Frontier Insight Scientific Content Research Center" aims to integrate underlying technological innovations across various business lines to support brand communication [3] - The company is investing in supply chain transformation to enhance production efficiency and has made significant investments in strategic innovation businesses, including regenerative medicine and nutritional science [3] - The overall employee compensation has increased due to the implementation of a new compensation system, reflecting the company's commitment to long-term strategic investments [3]