Core Viewpoint - The ongoing public dispute between Huaxi Biological and Juzhi Biological highlights the competitive tension in the aesthetic medicine industry, particularly regarding hyaluronic acid and recombinant collagen products [3][10]. Group 1: Company Statements - Huaxi Biological issued a statement on June 1, 2023, supporting beauty blogger Dr. Hao Yu, criticizing an unnamed company for using "internet water army" tactics and threatening to disclose testing results if issues are not addressed [3][4]. - Juzhi Biological responded later that day, accepting an apology from the testing agency used by Dr. Hao Yu but asserting that they would pursue legal action against those spreading false information [3][8]. - Dr. Hao Yu contested Juzhi Biological's claims, stating that the testing agency's statement did not include an apology and questioned why Juzhi had not released its own testing results after ten days [9][10]. Group 2: Market Dynamics - The dispute is rooted in a broader competition for market share between hyaluronic acid and recombinant collagen, with Huaxi Biological's performance declining alongside the perception of hyaluronic acid as "outdated" [10]. - Huaxi Biological's revenue from functional skincare products, which include recombinant collagen, has seen significant declines of 18.45% and 31.62% in 2023 and 2024, respectively, while Juzhi Biological's "Kefumei" brand has shown strong growth with revenues of 27.88 billion and 45.4 billion in the same years [11]. - The pricing landscape for aesthetic products indicates that domestic hyaluronic acid is positioned at the lower end of the market, with prices ranging from approximately 1,000 to 2,000 yuan per unit, while recombinant collagen is priced higher, around 3,000 yuan [13][14]. Group 3: Industry Trends - The aesthetic medicine market is experiencing a shift with the introduction of new injectable materials, which has led to a decrease in hyaluronic acid's market share from 42% in 2021 to an estimated 36% in 2024 [16]. - The emergence of new materials, such as hydroxyapatite and PDRN solutions, is expected to further challenge the dominance of hyaluronic acid, although its unique properties may still provide competitive advantages [16][17].

Core Viewpoint - The dispute over the ingredients in medical beauty products is escalating, particularly between Huaxi Biological and Juzhi Biological, with accusations of misleading information and legal threats being exchanged [1][5][6]. Group 1: Company Statements - Huaxi Biological issued a statement supporting Dr. Hao Yu, indicating that they had confirmed the authenticity of the testing reports and would cooperate with regulatory bodies if needed [2][3]. - Huaxi Biological accused Juzhi Biological of using online marketing tactics to undermine competition and suggested that they are prepared for a "real business war" [1][4]. - Juzhi Biological responded by stating that they would pursue legal action against those spreading false information and emphasized their commitment to consumer interests [1][5]. Group 2: Product Controversy - Dr. Hao Yu claimed that the product "Kefumei" from Juzhi Biological contained only 0.0177% of recombinant collagen, which does not meet regulatory standards for labeling as a non-trace component [3]. - Huaxi Biological highlighted that their products have the highest number of medical device certifications in the industry, asserting that there is no evidence to support the safety of recombinant collagen over hyaluronic acid [4]. Group 3: Financial Performance - Juzhi Biological reported significant revenue growth from 2022 to 2024, with revenues of 2.364 billion, 3.524 billion, and 5.539 billion yuan, and net profits of 1.002 billion, 1.452 billion, and 2.062 billion yuan respectively [6]. - In contrast, Huaxi Biological experienced a decline in both revenue and net profit for 2024, with revenues of approximately 5.371 billion yuan (down 11.61%) and net profits of about 174 million yuan (down 70.59%), marking their worst performance since going public [7]. Group 4: Market Reaction - Following the controversy, Juzhi Biological's stock price fell by 18.07% from its peak on May 20, closing at 68.25 HKD per share on June 2, reflecting market concerns over the ongoing disputes [6].

Core Viewpoint - The ongoing dispute between Hyaluronic Acid and recombinant collagen has gained significant attention, particularly involving major players in the medical aesthetics industry, Huaxi Biological and Juzhi Biological, leading to market volatility and investor caution [1][8]. Company Responses - Huaxi Biological expressed support for Dr. Hao Yu, emphasizing the importance of consumer rights and the integrity of product testing, while also indicating that they have conducted thorough evaluations of the claims made by Dr. Hao [2][5]. - Juzhi Biological issued a statement condemning Huaxi Biological's accusations as malicious and unfounded, highlighting their commitment to consumer trust and the integrity of their products [2][3]. Market Reaction - Following the controversy, Juzhi Biological's stock price fell over 5.6% on June 2, closing at 68.25 HKD per share, with a market capitalization of 731 billion HKD, reflecting investor concerns about the ongoing dispute [1][8]. Testing and Standards - The testing report that Dr. Hao Yu referenced was clarified by the testing agency, stating it was not legally valid for public proof and lacked comprehensive methodology, which raised questions about the reliability of the results [3][7]. - The lack of unified testing standards in the recombinant collagen industry has been highlighted as a significant issue, contributing to consumer distrust and regulatory challenges [7][9]. Industry Implications - The incident has exposed vulnerabilities in the regulatory framework and testing standards for the recombinant collagen sector, prompting discussions about the need for clearer guidelines and industry standards [7][9]. - The National Medical Products Administration has initiated the development of industry standards for recombinant collagen testing, indicating a move towards greater regulatory oversight [7].

Core Viewpoint - The controversy surrounding the collagen content in the product "Collagen Stick" from the brand Kefu Mei, owned by Giant Biological (02367.HK), has intensified due to allegations of misleading advertising and low actual collagen levels compared to what is claimed [1][4]. Group 1: Controversy and Responses - Beauty blogger "Big Mouth Doctor" (Hao Yu) claims that the actual collagen content in Kefu Mei's product is only 0.0177%, significantly lower than the advertised "≥0.1%" [4][5]. - Giant Biological issued a statement acknowledging an apology from the testing agency used by "Big Mouth Doctor" and stated that they are pursuing legal action against those spreading false information [3][6]. - The company has sent products to multiple testing agencies for verification, but results are still pending due to the complexity of the testing process [3][6]. Group 2: Financial Performance and Market Impact - Giant Biological has shown steady revenue growth from 2020 to 2024, with revenues increasing from 1.19 billion to 5.54 billion yuan, and net profits rising from 826 million to 2.06 billion yuan [6]. - The Kefu Mei brand accounted for 82% of Giant Biological's total revenue in 2024, with its revenue reaching 4.54 billion yuan [6]. - The ongoing controversy coincides with the 618 e-commerce promotion period, raising concerns among industry experts about potential impacts on Giant Biological's performance [6]. Group 3: Industry Context and Competitor Actions - Competitors like Huaxi Biological (688363.SH) and Jinbo Biological (832982.BJ) have higher R&D expenditure ratios at 8.68% and 4.94%, respectively, compared to Giant Biological's 1.9% [7]. - Huaxi Biological publicly supported "Big Mouth Doctor" and has conducted its own testing on the allegations, emphasizing the importance of product integrity and transparency [10][11]. - Huaxi Biological has criticized the overhyped claims surrounding recombinant collagen, suggesting that such narratives lack scientific backing and may mislead consumers [11].

Core Viewpoint - The conflict between Huaxi Biological (688363.SH) and Juzhi Biological (02367.HK) is escalating from subtle accusations to open confrontation, with both companies making public statements regarding the controversy surrounding the "Kefumei" product and its alleged lack of added recombinant collagen [2][3][8]. Group 1: Huaxi Biological's Position - Huaxi Biological publicly supports Dr. Hao Yu, stating that his company, Shanghai Liuyue Medical Technology Service Co., is an important member of the Huaxi ecosystem, and they will provide legal protection [2][4]. - The company claims to have conducted thorough evaluations and multiple tests on the materials provided by Dr. Hao, and has obtained results from third-party institutions [4][7]. - Huaxi Biological accuses Juzhi Biological of engaging in malicious competition and using online tactics to undermine its reputation, asserting that they are prepared for a transparent business battle [7][8]. Group 2: Juzhi Biological's Response - Juzhi Biological asserts that it received an apology from the testing agency used by Dr. Hao, which clarified that it never authorized the use of the test report and demanded that Dr. Hao cease using it to avoid public misinformation [2][8]. - The company emphasizes that the testing report's results are influenced by various factors and should only be considered as reference values, indicating that the methodology used was flawed [8][12]. - Juzhi Biological expresses shock and disappointment at Huaxi Biological's accusations, labeling them as malicious and harmful to consumer trust in domestic brands [13][14].

Core Viewpoint - The ongoing controversy regarding the authenticity of collagen content in the "可复美胶原棒" product has sparked significant industry attention, with both 华熙生物 and 巨子生物 responding to the allegations made by 郝宇 and the testing institution involved [1][2]. Group 1: Company Responses - 华熙生物 issued a statement supporting 郝宇, indicating that they have conducted thorough evaluations and testing of the claims made against their products, and are willing to cooperate with regulatory bodies regarding the testing results [1]. - 巨子生物's 可复美 brand acknowledged the apology from the testing institution used by 郝宇 but stated their intention to pursue legal action against those spreading false information [2][3]. Group 2: Industry Implications - The dispute highlights the growing scrutiny within the medical aesthetics industry regarding product integrity and consumer trust, as both companies emphasize their commitment to transparency and consumer rights [2].

Core Viewpoint - The public dispute regarding the content of recombinant collagen in the product "Collagen Stick" from the brand Kefu Mei, owned by Giant Biological (02367.HK), has intensified, with accusations of misleading information about the actual collagen content [1][3]. Group 1: Company Response and Actions - Giant Biological received an apology from the testing agency used by the beauty blogger "Big Mouth Doctor" (Hao Yu) on May 30, and the company has sent products to multiple testing institutions for compliance checks [2][4]. - The company claims that multiple tests have shown collagen content greater than 0.1%, adhering to the standards set by the Chinese Pharmacopoeia [4]. - Giant Biological clarified that the rumors about the product "Collagen Stick 1.0" being taken off the shelves are false, stating it was a normal product iteration that began in April [6]. Group 2: Industry Context and Competitor Involvement - The controversy has drawn attention from competitors, notably Huaxi Biological, which publicly supported the claims made by "Big Mouth Doctor" and offered to assist in testing and regulatory communication [10]. - Huaxi Biological has criticized the overhyped claims surrounding recombinant collagen, suggesting that the industry is experiencing inflated expectations without sufficient scientific backing [13]. - The financial performance of Huaxi Biological has been declining, with a reported revenue of 5.371 billion in 2024, down 11.61% year-on-year, and a significant drop in net profit [13]. Group 3: Financial Performance of Giant Biological - Giant Biological has shown steady revenue growth from 1.19 billion in 2020 to 5.539 billion in 2024, with net profit increasing from 826 million to 2.062 billion during the same period [7]. - The Kefu Mei brand is a significant contributor to Giant Biological's revenue, accounting for 82% of total income in 2024, with a reported revenue of 4.542 billion [7]. - Concerns have been raised about the potential impact of the ongoing controversy on the company's performance during the critical 618 e-commerce promotion period [7].

Group 1: Hong Kong Stock Market Highlights - Mixue Group (02097) rose over 7%, reaching a new high, with Daiwa raising its target price to HKD 608, optimistic about same-store sales growth and store opening speed [1] - Lianlian Digital (02598) increased nearly 10% following the official enactment of the "Stablecoin Regulation" in Hong Kong [1] - Automotive stocks collectively declined, with Li Auto-W, Great Wall Motors, and GAC Group all dropping over 2%, as the Ministry of Industry and Information Technology and the China Association of Automobile Manufacturers opposed "involution-style" price wars [1] - CSPC Pharmaceutical Group (02005) fell over 7% after reporting a 36.9% year-on-year decline in revenue and a 59.5% drop in net profit attributable to shareholders for Q1, with expectations of a 45%-60% decline in profit for the first half of the year due to demand drop and intensified competition [1] - Solar energy stocks dropped across the board, with New Special Energy, Xinyi Energy, Fuyao Glass, and Xinyi Solar all declining over 4%, as the anticipated "531" rush in May did not materialize following the April rush [1] - Chinese property stocks fell collectively in early trading, with R&F Properties, Sunac China, New City Development, and Agile Group all dropping over 4%, as data showed a 10.8% year-on-year decline in sales for the top 100 real estate companies from January to May, with a 17.3% drop in May alone [1] Group 2: Other Notable Stocks - Chongqing Rural Commercial Bank (03618) rose nearly 5% after being included in the CSI 300 Index, becoming the first local financial institution from Chongqing to be included, with a 6.25% year-on-year increase in net profit attributable to shareholders for Q1 [2] - Baker Hughes (02149) increased over 8%, reaching a new high after completing a placement of 3 million new H-shares, raising approximately HKD 117 million [2] - Giant Bio (02367) fell over 4% amid ongoing controversies regarding its product components, with the company stating it received an apology from the relevant testing agency and will pursue accountability for the rumors [2] - Chip stocks declined across the board, with Hua Hong Semiconductor, Jingmen Semiconductor, SMIC, and Shanghai Fudan all dropping over 2%, influenced by fluctuating U.S. policies and a decline in the Philadelphia Semiconductor Index [2] - Beike-W (02423) dropped nearly 6% as Huaxi Securities reported a significant slowdown in second-hand housing transaction growth, with a mere 8% year-on-year increase in 15 cities for the first 29 days of May, the lowest since October of the previous year [2] Group 3: U.S. Stock Market Highlights - AstraZeneca (AZN.US) rose over 2% after its cancer drug Imfinzi received EU approval for specific muscle-invasive bladder cancer treatments [3] - Trump Media & Technology Group (DJT.US) increased over 2.4% after announcing the completion of approximately USD 2.44 billion in financing, planning to use about USD 2.32 billion for Bitcoin reserves, potentially becoming one of the largest Bitcoin holders among U.S. public companies [3] - Nvidia (NVDA.US) fell over 2.92% after the CEO announced plans to sell up to 6 million shares by the end of 2025 [3] - Palantir (PLTR.US) rose over 7.73% as reports indicated the Trump administration relies on its technology for inter-agency data sharing, with over USD 113 million in government contracts since Trump took office [3] - Costco (COST.US) increased over 3.12% after reporting Q3 earnings that exceeded expectations, with revenue of USD 63.2 billion, an 8% year-on-year increase, and EPS of USD 4.28, demonstrating its scale advantage and member loyalty [3]

Group 1 - The Ministry of Defense of China strongly opposes negative remarks made by the U.S. Secretary of Defense regarding China, asserting that such actions will ultimately backfire on the U.S. [5] Group 2 - The sales revenue from the consumer goods trade-in program in China has surpassed 1 trillion yuan this year, indicating a strong recovery in consumer spending. [6] - The program has led to approximately 1.1 trillion yuan in sales across five major categories, with 175 million subsidies issued to consumers. [6] - Specific figures include 4.12 million applications for automobile trade-ins, 49.86 million consumers purchasing 12 categories of home appliances totaling 77.62 million units, and 5.35 million consumers buying 5.66 million digital products. [6] Group 3 - The film box office for the 2025 Dragon Boat Festival period has exceeded 300 million yuan, significantly surpassing last year's figures. [8] Group 4 - NIO confirmed that there has been no change in the shareholding of its president, Qin Lihong, countering false information circulating on various platforms. [17] Group 5 - JD.com plans to expand its full-time delivery rider workforce to 150,000, having already surpassed 100,000 riders ahead of schedule. [19] Group 6 - BYD led the electric vehicle market in May with sales of 382,500 units, a year-on-year increase from 331,800 units. [20] - Other notable performances include Geely's sales of 235,200 units, a 46% increase year-on-year, and significant growth from new entrants like Leap Motor and Xpeng Motors. [20] Group 7 - Hongxin Securities has officially changed its name to Tianfu Securities, signaling a strategic repositioning following the acquisition by Shudao Group. [21]

Core Viewpoint - The article discusses the ongoing controversy surrounding the cosmetic brand "可复美" (Kefumei) and its alleged failure to include recombinant collagen in its products, as raised by a social media influencer known as "大嘴博士" (Dr. Big Mouth) [1][10]. Group 1: Company Responses - 华熙生物 (Hua Xi Biological) expressed strong support for Dr. 郝宇 (Hao Yu) and his company, 上海柳页医创医疗科技服务有限公司, emphasizing the importance of consumer rights and product integrity [3]. - The company has conducted thorough evaluations and tests on the materials provided by Dr. 郝宇 and has received third-party testing results, indicating a commitment to transparency and accountability in the industry [3]. - 华熙生物 called for industry participants and social entities to engage in cross-verification of testing results and urged testing institutions to fulfill their professional responsibilities [3]. Group 2: Controversy and Clarifications - 巨子生物 (Giant Biological) issued a statement acknowledging an apology from the testing institution used by Dr. 郝宇, which clarified that the report was not authorized for public use and was intended solely for research and internal quality control [6][8]. - The testing institution emphasized that the results of the report are not legally binding and are subject to various factors, including sample authenticity and testing conditions, thus limiting their reliability [8]. - 巨子生物 firmly denied allegations of product falsification and asserted that all products comply with regulatory standards, ensuring quality and safety through rigorous verification processes [15].