6 月 23 日晚，巨子生物在官方微信公众号发布关于重组胶原蛋白产品有关问题的说明，明晰 了自查结果和下一步措施。 巨子生物承认： " 我公司现有的质量标准、检测方法和标签标识在某些方面已逐渐显现出其 局限性，难以完全适配行业发展与技术进步的高标准和高要求。 " 【导读】巨子生物回应重组胶原蛋白产品问题 中国基金报记者 赵心怡 两大医美巨头 —— 巨子生物和华熙生物之间的纷争迎来 " 最终章 " 。（此前详情可参考报 道《 价值研究所｜撕扯、炒作？美妆巨头成分 " 罗生门 " 》） 6 月 24 日开盘，巨子生物股价一度大涨超 7% 。 巨子生物：检测标准和方法存在局限性 从现有行业标准来看，发布和实施日期基本集中在近 5 年，目前最新的一版是 2025 年发布 的医药行业标准 YY/T 1947-2025 《重组胶原蛋白敷料》，将于 2026 年 3 月实施。 巨子生物表示： " 随着重组胶原蛋白产业的快速发展，以及消费者对产品质量要求的日益增 长，我公司现有的质量标准、检测方法和标签标识在某些方面已逐渐显现出其局限性，难以 完全适配行业发展与技术进步的高标准和高要求，需要不断优化迭代。 " 对于未来发展， ...

Core Viewpoint - The ongoing controversy regarding the content of recombinant collagen products from Giant Bio (02367.HK) remains unresolved, with the company not directly addressing anonymous criticisms from testing agencies [1][2]. Group 1: Company Response and Actions - On June 23, Giant Bio acknowledged the limitations of its current quality standards and announced a technical improvement plan in response to market discussions about its recombinant collagen products [2][3]. - The company has conducted a comprehensive self-inspection of its production, testing, and packaging processes, and is validating different testing methods to address recent controversies [3]. - Giant Bio plans to collaborate with research institutions to optimize qualitative and quantitative testing methods for cosmetic recombinant collagen, and will gradually disclose key technical parameters and quality control data [3][4]. Group 2: Industry Standards and Market Impact - Giant Bio has been a pioneer in the recombinant collagen field since applying for a patent in 2001, and it adheres to various industry standards that have been implemented from 2021 to 2025 [3]. - The company's recent statement led to a rebound in its stock price, although it has experienced significant volatility over the past month, dropping from a high of 85.14 HKD on May 20 to 54.6 HKD by June 24 [4]. - The company's market capitalization has decreased by nearly 30 billion HKD from its previous peak, now standing at 584.7 billion HKD [5].

Core Viewpoint - The company, Xi'an Juzhi Biological Gene Technology Co., Ltd. (referred to as "Juzhi Biological"), has issued a statement addressing controversies surrounding its recombinant collagen product, Kefu Mei, emphasizing its commitment to quality standards and ongoing improvements in response to industry developments [1][2]. Group 1: Company Background and Standards - Juzhi Biological applied for the first domestic invention patent related to recombinant collagen in 2001, naming the innovative substance "human-like collagen" and applying for the "human-like" trademark [1]. - The company has accumulated over 20 years of technical expertise, transitioning the substance from laboratory research to industrial application [1]. - Multiple industry standards related to recombinant collagen have been established, including the 2021 "Guidelines for Naming Recombinant Collagen Biological Materials" and the 2022 medical industry standard YY/T 1849-2022 [1]. Group 2: Quality Control and Self-Inspection - The company claims that its product development and production adhere to established standards, implementing quality control measures for raw materials and products [2]. - In response to the controversies, Juzhi Biological conducted a comprehensive self-inspection of all production, testing, and labeling processes, validating different testing methods [2]. - The company acknowledged limitations in its existing quality standards and testing methods, indicating a need for continuous optimization to meet evolving industry standards [2]. Group 3: Controversy and Response - The controversy began when a beauty blogger accused Juzhi Biological's Kefu Mei product of ingredient fraud, claiming the actual collagen content was only 0.0177% [3]. - Juzhi Biological refuted these claims, stating that their testing results showed collagen content exceeding 0.1%, contradicting the blogger's assertions [3]. - The dispute centers on differing testing methods, with both parties accusing each other of using "unscientific" approaches, as there are currently no national standards for testing recombinant collagen in cosmetics [3]. Group 4: Market Impact - As of June 23, Juzhi Biological's total market value was HKD 54.83 billion, reflecting a nearly 40% decline from its peak on May 20 [4].

Core Viewpoint - The company has issued a statement regarding the standards and developments related to recombinant collagen products, highlighting the need for continuous improvement in quality standards and testing methods to meet industry demands and consumer expectations [1][2]. Group 1: Industry Standards - In 2021, the guideline for naming recombinant collagen biomaterials was published and implemented [1] - In 2022, the pharmaceutical industry standard YY/T 1849-2022 for recombinant collagen was published and implemented [1] - In 2023, the pharmaceutical industry standard YY/T 1888-2023 for recombinant humanized collagen was published and implemented [1] - In 2023, the group standard T/ZGKSL 004-2023 for recombinant collagen raw materials used in cosmetics was published and implemented [1] - In 2025, the pharmaceutical industry standard YY/T 1947-2025 for recombinant collagen dressings is set to be published, with implementation in March 2026 [1] Group 2: Company Response and Actions - The company has conducted a comprehensive self-inspection of all aspects of production, testing, and labeling in response to recent discussions about the recombinant collagen content in its products [1] - The company acknowledges the limitations of its current quality standards, testing methods, and labeling, which need to be optimized to align with industry advancements and high consumer expectations [2] - The company plans to collaborate with research institutions to accelerate the optimization and validation of qualitative and quantitative testing methods for recombinant collagen in cosmetics [2] - The company aims to gradually disclose key technical parameters and quality control data for raw materials and finished products to empower industry development and accept public supervision [2] - The company will continue to participate in the formulation of national and industry standards related to recombinant collagen in cosmetics to promote standardized industry development [2]

华熙生物否认针对竞争对手的"商战"传言，反对成分命名上的"名称游戏"。 近期，医美行业中围绕"重组胶原蛋白"的探讨，已从学术概念之争演变为医美龙头企业的股价剧烈波 动，引发广泛关注。 这场行业论战始于华熙生物对胶原蛋白领域的质疑，随后美妆博主"大嘴博士"郝宇对巨子生物提出技术 质疑，使争议进一步发酵。 数据显示，5月24日至6月18日期间，市场反应呈现两极分化：华熙生物股价累计上涨23.65%，而主打 重组胶原蛋白概念的巨子生物同期跌幅超过31%。 但从市值来看，截至6月18日收盘，巨子生物市值约514亿元人民币，而华熙生物市值245亿元，仍不足 前者一半。 针对近期争议，华熙生物在回应媒体采访时强调，公司坚决反对在成分命名上玩"名称游戏"，并否认相 关举措存在"商战"动机。 反对"名称游戏" 华熙生物指出，资本市场概念切换导致对透明质酸和重组胶原蛋白的认知出现偏差，这不仅影响了企业 经营环境，也给相关企业带来资源错配风险。 华熙生物表示，其坚决反对成分"名称游戏"。 在关于重组胶原蛋白添加问题的讨论中，华熙生物认为，国货品牌可信度不能建立在学术概念滥用、利 用标准疏漏和水军引导消费者误判的基础上，否则将扭曲 ...

Group 1 - The State Council of China, led by Premier Li Qiang, is promoting the replication of pilot measures from the China (Shanghai) Free Trade Zone and is reviewing new models for real estate development [2] - The U.S. stock market experienced a decline, with major indices falling over 1%, including the Dow Jones down 1.79% and the Nasdaq down 1.3% [2] - International gold prices rose, with spot gold increasing by 1.4% to $3433.35 per ounce, while oil prices also surged, with WTI crude oil up 7.55% to $73.18 per barrel [3] Group 2 - The European stock indices all fell, with Germany's DAX down 1.07% and France's CAC40 down 1.04% [4] - As of the end of May, China's M2 money supply reached 325.78 trillion yuan, growing by 7.9% year-on-year, while M1 increased by 2.3% [5] - The China Securities Regulatory Commission has issued new regulations for the management of algorithmic trading in the futures market, effective from October 2025 [6] Group 3 - The Ministry of Industry and Information Technology is seeking public opinions on the "Automobile Data Export Security Guidelines (2025 Edition)" [7] - The Chinese defense ministry has expressed strong dissatisfaction with Japan's recent military provocations and has called for an end to such actions [8] - The official report on the "Luo Mouyu Fall Incident" indicates that the case was ruled a suicide, with investigations ongoing [8] Group 4 - Guizhou Moutai announced an adjustment to its profit distribution plan for 2024, increasing the cash dividend per share from 27.624 yuan to 27.673 yuan [14] - Tencent has clarified that it is not considering acquiring Nexon, dispelling market speculation [15] - Ant Group has changed its legal representative to CEO Han Xinyi, while the core management team remains unchanged [16] Group 5 - Huaxia Happiness's debt restructuring has faced challenges, with a significant portion of shareholders opposing a key proposal [19] - Zijin Mining reported that its largest copper mine, Kamoa-Kakula, is expected to see a production decrease of over 22% year-on-year due to operational suspensions [25] - The company Chasing has denied rumors regarding a failed bet and is actively addressing false information spread about it [27]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 6月13日，智通财经搜索微博平台获悉，曾质疑巨子生物旗下可复美造假的美妆博主"大嘴博士"账号已 经被禁言，多条视频已经下架，微博也搜索不到相关内容。 巨子生物在严正声明中称，有关"可复美"未添加重组胶原蛋白的争议，5月30日公司收到了来自"大嘴博 士"所用检测机构的道歉声明，该机构明确表示"我司对此做法不仅不予认同，更从未做出任何形式的授 权"，并严令要求"大嘴博士""立即停止使用及转发该《测试报告》的行为，以避免对社会公众产生更严 重的误导。" 与此同时，当天晚上，华熙生物官微发布《关于支持郝宇博士维护消费者权益的声明》称，由"大嘴博 士"担任法人代表的上海柳页医创医疗科技服务有限公司属于华熙生态的重要成员，华熙生物理应予以 坚定支持和依法保护。 该博主微博账号实时粉丝数量为170.6万，认证为时尚美妆视频自媒体。 公开信息显示，"大嘴博士"原名郝宇，在抖音、小红书、微博平台共计拥有超280万粉丝，是美妆领域 知名的专业KOL。据"大嘴博士"微博账号简介，其为香港大学化学博士，曾任欧莱雅中国科学传播负责 人，拥有19年化妆品研发及科普 ...

Core Insights - The medical beauty industry in China is projected to grow, with a consumption penetration rate increasing from 3.2% in 2020 to 5.8% by 2025, indicating over 80 million people have undergone medical beauty procedures [1] - The brand "可复美" (Kefumei) under 巨子生物 (Giant Bio) is facing significant negative publicity due to allegations of product fraud related to its key ingredient, recombinant collagen [2][3] - The controversy has led to a substantial decline in Giant Bio's stock price, dropping nearly 30% from its peak of 87.1 HKD [3][25] Industry Overview - The medical beauty market is expanding rapidly, with a notable increase in consumer engagement and product usage [1] - The competitive landscape is intensifying, particularly with rival companies like 华熙生物 (Huaxi Bio) actively targeting Giant Bio amid the ongoing controversies [4][5] Company Performance - Giant Bio's revenue grew from 20 billion RMB in 2022 to 35.24 billion RMB in 2023, marking a 49.05% increase, and further to 55.39 billion RMB in 2024, with a 57.2% year-on-year growth [25] - Despite strong revenue growth, the company has faced challenges in maintaining investor confidence due to recent scandals, leading to a market capitalization drop of over 60 billion HKD [3][25] Product Controversies - The allegations against Kefumei include claims that the amount of recombinant collagen in its products is significantly lower than advertised, raising questions about product integrity [3][6] - Previous controversies involved undisclosed ingredients like epidermal growth factor (EGF), which is banned in cosmetic products, further complicating the brand's reputation [10][12][17] Market Dynamics - The ongoing disputes have prompted consumers to reconsider their loyalty to Kefumei, with potential shifts towards alternative brands like 修丽可 (Xiu Li Ke) and 敷尔佳 (Fu Er Jia) [27] - The company's reliance on sales and marketing over research and development is evident, with a stark contrast between sales expenses and R&D investment, which may impact long-term sustainability [28][29]

Core Viewpoint - The controversy surrounding the collagen product "Kefumei" and its alleged false claims has led to significant media attention and a public dispute between two major players in the beauty and medical aesthetics industry, Juzhibio and Huaxi Biological. Group 1: Allegations and Responses - The beauty blogger "Dr. Big Mouth" raised concerns about the collagen content in "Kefumei" products, claiming it was only 0.02%, below the regulatory threshold of 0.1% [5] - Juzhibio, the parent company of "Kefumei," denied these allegations, asserting that their internal tests showed collagen content exceeding 0.1%, with third-party tests indicating levels between 0.2% and 0.22% [8] - The blogger's videos related to Juzhibio were removed from social media platforms, which he attributed to malicious reporting rather than voluntary deletion [1] Group 2: Industry Dynamics - The dispute is seen as a competitive clash between Juzhibio and Huaxi Biological, with the latter supporting the blogger's claims and hinting at a potential "business war" [8] - Juzhibio's market capitalization is reported to be over twice that of Huaxi Biological, despite similar performance levels, indicating a market preference for Juzhibio's collagen products [8] - Huaxi Biological had previously attempted to enter the collagen market through acquisitions, indicating a strategic interest in this segment [9] Group 3: Market Impact - Following the public dispute, both Juzhibio and Huaxi Biological experienced stock price declines, with Juzhibio opening at 59.8 HKD per share and Huaxi Biological at 54.34 CNY per share [11]

Core Viewpoint - The article discusses the ongoing competition between two major players in the medical beauty industry, Huaxi Biological and Juzhi Biological, highlighting the market dynamics and the impact of recent controversies on their valuations and reputations [4][12][44]. Group 1: Market Dynamics - Huaxi Biological publicly criticized the notion that hyaluronic acid is outdated, directly targeting nine brokerage firms for their lack of rigor in research reports, which favored Juzhi Biological [4][12]. - Juzhi Biological's market capitalization has decreased significantly, dropping to approximately HKD 65 billion, a nearly one-third reduction from its peak on May 20 [8][46]. - The medical beauty market is experiencing rapid changes, with Juzhi Biological's revenue surpassing Huaxi Biological's in 2024, and its net profit being nearly twelve times that of Huaxi Biological [12][44]. Group 2: Controversies and Responses - Juzhi Biological faced allegations of product ingredient fraud, specifically regarding its core product, Kefu Mei, which is crucial for its revenue [6][29]. - The company initially responded slowly to the allegations, which led to investor dissatisfaction and a significant drop in stock price [28][29]. - Despite attempts to clarify the situation through third-party testing, Juzhi Biological's responses have been met with skepticism, particularly regarding the validity of their testing methods [26][27]. Group 3: Competitive Landscape - The competition between Huaxi Biological and Juzhi Biological is characterized as a market "replacement," with both companies vying for dominance in the medical beauty sector [13][44]. - Huaxi Biological's management attributes the market shift to capital chasing new trends, particularly the rise of collagen products over hyaluronic acid [44][45]. - The article emphasizes the fragility of the business models in the medical beauty industry, as both companies heavily rely on specific products, making them vulnerable to market changes [47][48].