Core Viewpoint - The report from Minsheng Securities highlights that Aimeike's net profit attributable to shareholders for the first half of 2025 is 789 million yuan, representing a year-on-year decrease of 29.57% [1]. Financial Performance - In Q2 2025, the net profit attributable to shareholders is 346 million yuan, showing a year-on-year decline of 41.75% [1]. - The company distributed a cash dividend of 12 yuan per 10 shares (including tax), totaling 362 million yuan, which accounts for 45.82% of the net profit for the first half of the year [1]. Product Development and Market Strategy - The company has a rich pipeline of research products, with a more comprehensive product matrix [1]. - As of the end of H1 2025, the company and its subsidiaries have obtained 12 Class III medical device registration certificates, covering a diverse range of products including sodium hyaluronate fillers and polylactic acid fillers [1]. - The research pipeline has extended into biopharmaceuticals and chemical drugs, including products like botulinum toxin type A, second-generation facial implant lines, semaglutide injection, and hyaluronidase, employing a differentiated competition strategy to expand market space and ensure sustainable business growth [1]. Acquisition Activity - In the first half of the year, the company acquired 85% of South Korean REGEN for 190 million USD, with its core products AestheFill and PowerFill approved in 35 and 23 countries, respectively [1]. Rating - The report maintains a "recommended" rating for the company [1].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 188.50 CNY [6][11]. Core Insights - The company experienced short-term performance pressure, with H1 2025 revenue of 1.299 billion CNY, down 21.59% year-on-year, and a net profit of 789 million CNY, down 29.57% year-on-year [1]. - The company has a rich pipeline of products under development, including 12 approved Class III medical devices and new products in the biopharmaceutical and chemical drug sectors, which are expected to drive sustainable growth [2]. - The company is undergoing an internationalization transformation through acquisitions, notably acquiring 85% of Korean REGEN for 190 million USD, which will enhance its global presence and production capacity [4]. Financial Performance Summary - In H1 2025, the company's gross margin was 93.44%, a decrease of 1.48 percentage points year-on-year, with a net profit margin of 60.77%, down 6.88 percentage points year-on-year [3]. - Revenue projections for 2025-2027 are 3.213 billion CNY, 3.574 billion CNY, and 4.263 billion CNY, with corresponding net profits of 2.048 billion CNY, 2.303 billion CNY, and 2.778 billion CNY, reflecting growth rates of 4.6%, 12.4%, and 20.6% respectively [5][8]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 28X, 25X, and 21X respectively, indicating a favorable valuation trend [4][5].

为了增进公众对透明质酸的了解，并推动中国透明质酸产业的升级与发展，华熙生物在2023年首届中国（济南）透明质酸产业大会上联合多家行业单位，倡 议将每年的6月3日设立为"透明质酸健康日"。 从 " 标准制定 " 到 " 国际话语权构建 " 改写行业规则的中国力量 "透明质酸健康日"的倡导设立，背后藏着华熙生物在透明质酸产业领域的绝对话语权，同时也印证着华熙生物在透明质酸领域所取得的诸多突破性成就。 作为透明质酸行业龙头，华熙生物主导修订了欧洲药典、中国药典相关标准，并推动 5 项国家标准落地。2024年7月1日，由华熙生物主导修订的QB/T 4576- 2023《透明质酸钠》行业标准正式实施。这一新版标准取代了原有的QB/T 4576-2013版本，正式将"透明质酸"、"玻尿酸"等商品化名称纳入标准文件。作为 新标准的第一起草单位，华熙生物全程深度参与了该标准的立项、起草和验证的全过程。公司不仅修订了多项技术指标，更推动了专利技术——"高效液相 色谱法"（专利号：ZL201110202860.X）作为测定透明质酸钠含量的方法，首次被纳入行业标准。此项技术的标准化，进一步为透明质酸钠含量的量化测定 提供科学的操作 ...