昔日"玻尿酸大王"正在经历业绩增长阵痛期。8月26日，华熙生物披露2025年半年报显示，上半年实现 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%；扣非后的归母净利润 降幅高达45%。这场业绩颓势背后是核心业务的结构性塌陷：占营收近半的皮肤科学创新转化业务（原 功能性护肤品业务）延续2024年31.62%的下滑惯性，成为业绩主要拖累。而华熙生物押注的新品，尚 未能填补传统玻尿酸产品的需求缺口。 自2024年启动业务流程与组织改革以来，华熙生物董事长兼总经理赵燕亲自下沉核心板块管理的举措未 能立竿见影。目前华熙生物正陷入新旧动能转换的空窗期：既面临传统玻尿酸市场萎缩压力，又未能在 新赛道形成竞争壁垒。面对行业新风口冲击与自身多业务板块下滑压力，这场始于18个月前的自救运 动，尚未能扭转业绩下滑的颓势。 华熙生物方面告诉北京商报记者，受市场竞争加剧影响，公司原料业务和医疗终端业务在一定程度上承 压，但公司产品销售量均实现了显著增长。例如在医疗终端业务板块，公司直销渠道占比持续保持在 80%以上，三类医疗器械销售支数同比增长20%。 改革何时拉住下滑的业绩 核心业务成最大 ...

自2024年启动业务流程与组织改革以来，华熙生物董事长赵燕亲自下沉核心板块管理的举措未能立竿见 影。目前华熙生物正陷入新旧动能转换的空窗期：既面临传统玻尿酸市场萎缩压力，又未能在新赛道形 成竞争壁垒。面对行业新风口冲击与自身多业务板块下滑压力，这场始于18个月前的自救运动，尚未能 扭转业绩下滑的颓势。 昔日"玻尿酸大王"正在经历业绩增长阵痛期。8月26日晚，华熙生物披露2025年半年报显示，上半年实 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%，扣非后的归母净利 润降幅高达45%。这场业绩颓势背后是核心业务的结构性塌陷：占营收近半的皮肤科学创新转化业务 （原功能性护肤品业务）延续2024年31.62%的下滑惯性，成为业绩主要拖累。而华熙生物押注的新 品，尚未能填补传统玻尿酸产品的需求缺口。 自2019年上市以来，华熙生物营收和利润始终保持着双位数增长，但2023年开始，华熙生物的业绩开始 出现下滑。这一变化背后，也是华熙生物功能性护肤品业务逐渐显露疲态。2019—2022年，华熙生物功 能性护肤品业务始终保持增长态势，并在2022年迎来高光时刻，当年实现营业收入 ...

Financial Data and Key Metrics Changes - The company achieved net sales of $175 million for the quarter, with organic sales up 2% compared to the previous year [10] - Adjusted diluted earnings per share were $0.17, and adjusted EBITDA was $17 million, with adjusted gross margins at 55.7% and SG&A as a percentage of revenue at 45.2% [10] - A non-cash impairment charge of $77 million was recorded in the pain management and recovery reporting unit due to goodwill assessment [10] Business Line Data and Key Metrics Changes - The Specialty Nutrition Systems segment grew 5% organically, reaffirming its number one position in internal feeding [12] - The short-term internal feeding portfolio experienced double-digit growth globally, driven by the U.S. CoreTrack offering [13] - The pain management and recovery segment saw normalized organic sales up 3.4%, with the radiofrequency ablation (RFA) business growing nearly 14% [14][15] Market Data and Key Metrics Changes - The neonatal solutions business grew over 12% compared to the prior year [13] - The hyaluronic acid injections and intravenous infusion product lines reported a decline of over 20% due to pricing pressure [18] Company Strategy and Development Direction - The company closed the sale of its hyaluronic acid product line, focusing on growth in Specialty Nutrition Systems and Pain Management and Recovery segments [9] - The management is optimistic about improving commercial effectiveness through organizational enhancements and strategic partnerships [8] - The company aims to exit from China-sourced NeoMed products by 2026 as part of its supply chain strategy [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 financial guidance despite challenges from tariffs and market conditions [10][22] - The company anticipates approximately $15 million in incremental tariff-related manufacturing costs for the year [21] - Management noted that currency conditions have improved, and strategic segment growth remains healthy [22] Other Important Information - The company maintains a strong balance sheet with $90 million in cash and $105 million in debt as of June 30 [18] - Free cash flow for the quarter was negative approximately $4 million, but the company anticipates generating about $40 million of free cash flow for the year [19] Q&A Session Summary Question: 2025 guidance and its implications for SNS and pain management - Management reaffirmed full-year guidance, noting strong performance in Specialty Nutrition Systems and Pain Management segments [26][27] Question: Growth sustainability in the RF ablation business - Management highlighted strong momentum in the RF ablation segment, driven by a dedicated focus and a three-tiered offering [30][31] Question: Long-term impact of divestiture on income statement - Management indicated that the divestiture would not have a material impact on the bottom line, as strong performance in strategic segments would offset any losses [39][40]

Summary of Medical Aesthetics Industry Conference Call Industry Overview - The medical aesthetics industry is experiencing lower-than-expected performance in Q2 2025, primarily due to a decline in average transaction value (down 5% in April), a decrease in high-ticket project proportion, slower growth in first-tier cities, and increased regulatory scrutiny. As a result, mid-May revenue growth is only about 5% year-on-year, significantly below the expected target of 15% for the year [1][2][3]. Key Points and Arguments - **Revenue Growth and Customer Traffic**: April saw a revenue increase of only 3% year-on-year, failing to meet the 15% target. Customer traffic increased by 8%, but the continuous decline in average transaction value hindered overall revenue performance. The May holiday contributed somewhat, but revenue growth remained below expectations [2][3]. - **Customer Acquisition Challenges**: The proportion of new customers decreased year-on-year, with a 2% drop from January to April and a nearly 7% decline in April alone. The expected decrease during the May holiday is projected to be between 3% to 5% [1][10]. - **Product Performance**: - Collagen products are showing significant growth, with the Shanxi Jingbai Weimei series performing well, and the micro-aesthetic product line growing by 47%. - The botulinum toxin product line is experiencing stable growth of about 10%, while the hyaluronic acid product line shows mixed results, with brands like Juvederm and Restylane slowing down, and the HiTi series experiencing negative growth in April [1][12][13]. - **Market Dynamics**: The introduction of new brands like Aisufei is positively impacting the regenerative injection market, although traditional products like Bai Tian Shi are seeing a slowdown in sales. The company is considering introducing brands like Gaode Mei and Sofina Bodhi Source, which may disrupt existing products [1][15]. - **Promotional Activities**: March's promotional activities led to significant customer traffic growth, but the effectiveness of promotions in April and May was disappointing. High-ticket products like Tongyan Needle and Thermage are facing price declines due to increased competition, contributing to overall revenue slowdown [5][6]. - **Annual Performance Outlook**: Achieving the 15% annual performance target is challenging. The company plans to open new stores and hospitals and expand into untapped markets while promoting profitable products and controlling costs to maintain growth momentum [6][7]. Additional Important Insights - **Regulatory Impact**: Increased regulatory scrutiny is affecting marketing and product usage, contributing to the industry's overall performance challenges [4]. - **Emerging Products**: New products like the three-type humanized collagen gel from Weimei are expected to become market highlights, with a price point above 8,000 yuan, targeting the mid-face filling market [17][18]. - **Market Trends**: The market for collagen products is expanding, with a diverse range of offerings, including skincare and freeze-dried powders. Despite a decline in terminal prices, procurement prices have not decreased significantly, putting pressure on manufacturers to find alternatives [22][34]. - **Future Projections**: The botulinum toxin product line is expected to see continued growth, with new brands entering the market and a stable growth rate anticipated for 2025 and 2026 [26][27]. - **Compliance and Market Share**: Currently, compliant water light needles hold 0% market share, but this is expected to change as new registrations are approved, leading to a gradual increase in compliant product adoption [24]. This summary encapsulates the key insights and trends from the medical aesthetics industry conference call, highlighting the challenges and opportunities within the sector.