“玻尿酸第一股”华熙生物艰难转身？从“卖原料”到“做平台”

In early 6 of 2026, Bloomage Biotech hosted approximately 64 institutional investors for research visits within a single week. Once renowned as the "leading hyaluronic acid raw material supplier" with a market cap exceeding 1200 billion yuan, its current valuation has shrunk to 161 billion yuan. Financial data is equally concerning: Q2026 revenue was 8.29 billion yuan, down 23.06% year-over-year; net profit was 0.65 billion yuan, down 36.55% year-over-year.

Amidst such performance pressure, Bloomage Biotech has repeatedly signaled to the capital market: The management team noted during its research visit thatThe company is evolving from a leader in single-raw-material production to a biotechnology firm driven by synthetic biology innovation and a full-chain platform for bio-based materials.。

Breaking Through: From Selling Raw Materials to Building a Platform.

The hyaluronic acid raw material market is becoming increasingly competitive, making a growth model based solely on scale expansion unsustainable. Transitioning to synthetic biology and focusing on two key application scenarios—anti-aging intervention and tissue regeneration—aligns with the industry's shift from "manufacturing" to "creation."

Hardware levelThe company has established a globally leading synthetic biology R&D and pilot-scale conversion platform and has been selected forMinistry of Industry and Information Technology's First Batch of Five-Star Pilot Capacity Building Platform for Biomanufacturing。

Basic Research LevelThe company has anchored its focus on two foundational disciplines: glycobiology and cell biology, alongsidePeking UniversityThe Beijing Key Laboratory of Sugar Intelligent Manufacturing and Functional Applications, jointly established, has been successfully approved to advance the widespread use of sugar substances in the field of big health.

Product implementation，PDRN (a tissue regeneration material), sterile-grade hyaluronic acid, recombinant collagenThree new products are expected to drive incremental growth over the next 3-5 years. Specifically, the PDRN pharmaceutical-grade production line is scheduled to commence operations in Q3 of year 2026, with a total capacity of approximately 2 tons and projected annual sales in the tens of millions this year. Sterile-grade hyaluronic acid has received its drug manufacturing license, and recombinant collagen has completed its Medical Device Master File registration.

The core value of the Raw Material Platform is connecting "Basic Research → Pilot Scale-up → Mass Production → End-User ApplicationEnd-to-end: We incubate products in-house and offer open technical capabilities, delivering active substance R&D, manufacturing, and customized solutions for the industry.

[Betting on Medical Aesthetics]

The aesthetic medicine business is the most imaginative yet patient-demanding campaign in this transformation. The company statedQ3 of 2026 will mark the launch point for new medical aesthetic products.2027 is expected to be a year of concentrated earnings release.

Specifically, the second-generation micro-crosslinked baby needle is expected to receive approval in Q2026; self-developed PDRN Class III medical devices and recombinant collagen products are currently in clinical trials or registration phases, while pipeline projects advanced jointly with partners are projected for approval in H2026.

However, new business segments will take time to contribute incremental growth. Products like PDRN are still in the early stages of commercialization, and concentrated revenue growth from medical aesthetics is not expected until 2027. Meanwhile, the traditional skincare business continues its deep restructuring.

Company leadership stated during the review that "the most difficult phase of proactive adjustment has passed." However, whether the growth target for 2027 can be delivered remains to be seen.

Bloomage Biotech's transformation reflects a broader industry trend—Traditional bio-ingredient companies are upgrading to technology-driven enterprises.However, along this path, there is a significant time lag between technological breakthroughs, regulatory approvals, and market scaling. For any biomanufacturing company, transitioning from "scale dividends" to "technology dividends" requires enduring this prolonged period of pain.

This transformation is challenging, yet worth the wait.

2026 (2nd) EMBC Bio-Manufacturing Industry Conference & Exhibition (Summer)

2026 (2nd) EMBC Bio-Manufacturing Industry Conference & Exhibition (Summer)will be8 27-28Held in Shanghai, the exhibition will invite2000+ Attendees,100+Speaker,20+Premium exhibitors, featuring "Exhibitions - Products - Conferences - PartnershipsFour core modules focused on "breakthroughs in fundamental research + cross-domain industrial implementation."

Whether you are an entrepreneur, investor, technical expert, or procurement decision-maker in the bio-manufacturing sector, this exhibition offers a platform to explore the latest policy trends and industry developments, connect with top-tier capital and high-quality projects, and showcase cutting-edge technologies and innovative products.