招商通知 第三届全球手术机器人大会 第二届全球医疗科技大会 2025年7月1日， 华熙生物 发布 2024年年度报告(修订版) 。 # 具体财报数据 | 主要会计数据 | 2024 年 | 2023 年 | 本期比上年同 | 2022 年 | | --- | --- | --- | --- | --- | | | | | 期增减(%) | | | 营业收入 | 5,370,770,254.64 | 6,075,923,853.74 | -11.61 | 6,359,191,975.49 | | 归属于上市公司股东的净利润 | 174,267,399.74 | 592,555,911.37 | -70.59 | 970,918,593.78 | | 归属于上市公司股东的扣除非 经常性损益的净利润 | 107,271,950.81 | 490,482,932.05 | -78.13 | 852,144,424.61 | | 经营活动产生的现金流量净额 | 564,505,133.92 | 699,648,201.22 | -19.32 | 635,188,642.10 | | | 2024 年末 | 2023 年 ...

丨证券研究报告丨 公司研究丨点评报告丨福瑞达（600223.SH） [Table_Title] 福瑞达 2025 年一季报点评：颐莲增势良好，药 品及原料业务企稳 报告要点 [Table_Summary] 公司发布 2025 年一季报。2025Q1，公司实现营收 8.76 亿元，同比下滑 1.63%；归母净利润 0.51 亿元，同比下滑 14.1%；扣非归母净利润 0.47 亿元，同比下滑 9.67%。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SAC：S0490524110002 SFC：BUV258 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 李锦 罗祎 秦意昂 曾维朵 福瑞达（600223.SH） cjzqdt11111 [Table_Title 福瑞达 20252]年一季报点评：颐莲增势良好，药 品及原料业务企稳 [Table_Summary2] 事件描述 公司发布 2025 年一季报。2025Q1，公司实现营收 8.76 亿元，同比下滑 1.63%；归母净利润 0.51 ...

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].