Core Viewpoint - The controversy surrounding the collagen product "Kefumei" from Giant Biological has escalated due to allegations of ingredient falsification, leading to a crisis of trust among investors and consumers [5][6][10]. Company Summary - Dr. Hao Yu published a report claiming that the collagen content in "Kefumei" is only 0.0177%, significantly below the stated minimum of 0.1%, and that key component glycine was not detected [5][10]. - Giant Biological quickly responded to the allegations, asserting that their products comply with regulatory standards and that they have commissioned multiple third-party testing agencies to verify the collagen content [12][15]. - The company emphasized that their products have passed strict regulatory reviews and that the testing methods used by Dr. Hao Yu are not recognized by industry standards [15][12]. - As of May 25, "Kefumei" has sold over 1 million units, contributing significantly to the company's revenue, with sales projected to reach 27.88 billion yuan and 45.42 billion yuan in 2023 and 2024, respectively [17][19]. Industry Summary - The incident highlights a broader issue within the recombinant collagen industry, where there is currently no unified testing standard, leading to discrepancies in results from different testing methods [22]. - The controversy reflects a struggle between technical standards and commercial interests, with the ultimate resolution depending on consumer trust and regulatory oversight [22]. - The need for transparency in testing and a shift from marketing-driven to technology-driven strategies is critical for the long-term success of companies in the recombinant collagen sector [22].

声明中公布的检测结果 声明中还称，其深知单一的内部检测结果或许无法完全打消消费者的疑虑，公司已经委托多家权威第三 方检测机构对该相关产品采用多种检测方法进一步进行检测，拿到最新检测报告后会第一时间公布。且 由于化妆品中的重组胶原蛋白含量还没有行业标准及国家标准，此次检测参考中华人民共和国医药行业 标准YY/T 1947-2025《重组胶原蛋白敷料》中重组胶原蛋白含量的多种检测方法进行检测。 "而不实指控中使用的检测方法并未列入上述行业标准，因该检测方法以及相对应的样品预处理方法未 经严格的方法学验证，检测结果不准确。截至目前，对方尚未向我们索要该重组胶原蛋白原料，我们也 尚未对外提供或出售该原料，对方是无法进行其所采用检测方法的方法学验证的。因此，其检测结果不 可信。" 声明中称，该公司将对这种恶意传播不实言论、企图诋毁巨子生物及可复美品牌声誉的行为表示强烈谴 责。"我们已经收集并固定了相关证据，会尽快启动法律程序，将依法追究造谣者的法律责任，以维护 公司的合法权益以及消费者和投资人的利益。" 5月24日晚上，针对网传"巨子生物可复美产品检测未添加重组胶原蛋白成分"等指控，陕西巨子生物技 术有限公司官方微信" ...

Core Viewpoint - A social media influencer raised concerns about potential fraud by Juzhi Biotechnology regarding their collagen product, claiming that the detected collagen content was significantly lower than what was stated on the product label [2][3]. Group 1: Detection and Analysis - The influencer utilized high-precision HPLC amino acid quantification methods to test the collagen product, revealing that the detected collagen content was only 0.0177%, which is below the expected threshold of 0.1% for non-trace ingredients [2][3]. - The influencer's analysis indicated that glycine, a key component of collagen, was not detected in the sample, contradicting established knowledge that glycine constitutes one-third of collagen's amino acid residues [3]. Group 2: Company Response - In response to the allegations, Juzhi Biotechnology's brand Kefu Mei stated that their own testing showed collagen content exceeding 0.1%, with results of 0.27%, 0.27%, and 0.28% from multiple samples taken on May 24 [4]. - The company criticized the influencer's testing methods as not being recognized by industry standards and claimed that the influencer did not request the original collagen material for testing [4]. Group 3: Regulatory Context - A consumer previously reported adverse effects after using a product from Juzhi Biotechnology, leading to a separate investigation regarding the presence of epidermal growth factor (EGF), which is prohibited in cosmetics [4][5]. - The Shaanxi Provincial Drug Administration conducted inspections and found no evidence of EGF in the products, concluding that the company did not engage in illegal practices regarding EGF [5].

1 国家网信办持续深入整治网上金融信息乱象 5月24日，据网信中国微信公众号消息，近期，国家网信办会同金融管理部门依法处置一批散布资本市场不实信息、开展非法荐股、炒作虚拟货币交易等的 账号、网站。"爱股票App"等账号发布资本市场不实信息。"侃哥说财经"等账号开展非法荐股。"火哥聊加密"等账号、网站宣传炒作虚拟货币交易。"小北 呦"等账号散布金融领域黑灰产信息。涉及的账号、网站已被依法依约关闭。 据中国证券报5月24日消息，证监会日前更新披露的一则行政处罚决定书显示，证监会对田汉等违反限制性规定转让股票、信息披露违法行为进行立案调 查。审理发现，田汉、京汉控股集团有限公司、建水泰融企业管理有限公司违反限制性规定转让"奥园美谷"；田汉、京汉控股信息披露违法，导致奥园美谷 2020年年报披露股东情况存在虚假记载。证监会决定，综合上述两项违法事实，对田汉合计没收违法所得1.93亿元，并处以2250万元罚款；对京汉控股合计 处以800万元罚款；对建水泰融没收违法所得298.31万元，并处以50万元罚款。 5 国际新闻 香港特区行政长官李家超5月24日出席"购在中国·2025大湾区消费季"启动仪式并致辞。他表示将善用香 ...

每经编辑｜胡玲 1 国家网信办持续深入整治网上金融信息乱象 5月24日，据网信中国微信公众号消息，近期，国家网信办会同金融管理部门依法处置一批散布资本市场不实信息、开展非法荐股、炒作虚拟货币交易等的 账号、网站。"爱股票App"等账号发布资本市场不实信息。"侃哥说财经"等账号开展非法荐股。"火哥聊加密"等账号、网站宣传炒作虚拟货币交易。"小北 呦"等账号散布金融领域黑灰产信息。涉及的账号、网站已被依法依约关闭。 2 李家超：将香港打造成为区内的跨境电商物流配送中心 香港特区行政长官李家超5月24日出席"购在中国·2025大湾区消费季"启动仪式并致辞。他表示将善用香港优越的地理位置，以及一流的运输物流基建设施， 将香港打造成为区内的跨境电商物流配送中心。李家超表示，未来，香港特区政府会继续加快产业数字转型、加强数字基础建设、研究促进数据交易生态， 并且以大湾区作试点探讨便利数据跨境流动安排，推动数字经济和实体经济融合发展。（大湾区之声） 3 浙江余姚一学校食堂绞肉机发现活蛆：对有关人员停职、免职处理 5月23日，有网友反映浙江宁波余姚市姚北实验学校食堂的绞肉机中有大量蠕动的活蛆。宁波市教育局随后派出工作组赴余姚 ...

每经编辑｜张锦河 5月24日深夜，巨子生物旗下品牌可复美发布告消费者书：——关于近期网传"巨子生物（HK02367，股价76.7港元，市值821.38亿港元）可复美产品检测未 添加重组胶原蛋白成分"的严正声明。 | 【产品信息】 | | | --- | --- | | 产品名称: | 可复美重组胶原蛋白肌御修护次抛精华液 | | 备案编号: | 陕G妆网备字2025000048 | | 备案日期: | 2025-03-28 | | 备案人: | 西安巨子生物基因技术股份有限公司 | | 备案人住所地址: | 西安市高新区锦业路69号创业研发园C区20号 | | 生产企业: | 企业名称：西安巨子生物基因技术股份有限公司 企业地址：西安市高新区锦业路69号创业研发园C区20号 生产地址： 西安市高新区毕原三 路3365号 生产许可证: 陕妆20160024 | | 成分: | ("水","甘油聚碳-26","丁二醇","1,2-己二醇","四氨甲基吨啶技酸","甜菜碱","可溶性胶原","1,3-丙二醇","丙烯酸（酯）类/C10- 30 烷醇丙烯酸酯交联聚合物","透明质酸钠","辛甘醇","即肽","甘草酸 ...

Core Viewpoint - The news highlights the rise of Fan Daidi, the new vice president of Northwest University, as a prominent figure in the business world, particularly in the biotechnology sector, due to her significant stake in the listed company, Juzhi Biotechnology, which has achieved substantial market value and success in the industry [1][4]. Company Overview - Juzhi Biotechnology, co-founded by Fan Daidi and her husband Yan Jianya in 2001, has successfully commercialized human-like collagen through genetic engineering, becoming a model for industry-academia collaboration [3]. - As of 2017, Juzhi Biotechnology had established 11 production lines, with its products being used in over 1,000 hospitals across seven countries and regions, achieving cumulative terminal sales of nearly 10 billion yuan [3]. Market Performance - Juzhi Biotechnology went public on the Hong Kong Stock Exchange in November 2022, with Fan Daidi listed as a co-founder and chief scientific officer [3]. - As of May 12, 2023, Juzhi Biotechnology's market capitalization was approximately 836 billion HKD (about 773 billion yuan), contributing significantly to the combined market value of nearly 900 billion yuan for both Juzhi Biotechnology and another listed company, Xi'an Triangle Defense [4]. Leadership and Governance - Fan Daidi was appointed as the vice president of Northwest University on April 1, 2025, after serving in various leadership roles within the university [4]. - The appointment of Fan Daidi complies with the management regulations for leadership personnel in public institutions in Shaanxi Province, confirming her eligibility for the role [4].

Core Insights - The news highlights the rise of Fan Daidi, the new vice president of Northwest University, who has become the richest person in Shaanxi with a net worth exceeding 45 billion yuan [3][17] - Fan Daidi is a co-founder of Juzi Biotechnology, which specializes in recombinant collagen products and has seen significant growth in its stock price and market capitalization [4][12] Company Overview - Juzi Biotechnology was founded in 2000 by Fan Daidi and her husband, Yan Jianya, focusing on the commercialization of recombinant collagen technology [4][5] - The company went public on the Hong Kong Stock Exchange in November 2022, becoming the first stock in the collagen sector [4] - Juzi Biotechnology is recognized as a global leader in recombinant collagen, with a strong market position and profitability [4][9] Financial Performance - Juzi Biotechnology has experienced continuous revenue and net profit growth for five consecutive years, with revenue reaching 35.26 billion yuan in 2023 and projected to grow to 55.39 billion yuan in 2024 [10] - The company's net profit for 2023 was 14.52 billion yuan, expected to rise to 20.62 billion yuan in 2024, reflecting growth rates of 44.88% and 42.06% respectively [10] - The operating cash flow has also shown consistent growth, with net cash flows of 9.32 billion yuan in 2022, 16.47 billion yuan in 2023, and projected 20.41 billion yuan in 2024 [10] Stock Market Performance - Juzi Biotechnology's stock price has surged approximately 65% in 2023, with a market capitalization increasing from 51.7 billion HKD at the beginning of the year to 88.3 billion HKD by May 13, 2023 [11][12] - The stock reached a high of 83.35 HKD per share on May 6, 2023, reflecting strong investor interest and confidence in the company's growth trajectory [11] Ownership Structure - Fan Daidi and Yan Jianya hold approximately 56% of Juzi Biotechnology through a family trust, contributing significantly to their wealth, which totals around 476.7 billion yuan [13][16] - In addition to their holdings in Juzi Biotechnology, the couple also has indirect stakes in Triangle Defense, valued at approximately 1.97 billion yuan [15][16]

Group 1 - The new richest individuals in Shaanxi are Fan Daidi and her husband Yan Jianya, who are associated with two listed companies: Juzhi Biotechnology and Triangle Defense [1][7] - Juzhi Biotechnology, founded in 2000, focuses on high-tech products in skincare, medical devices, and functional foods, and went public in November 2022 with a market capitalization of approximately 857 billion HKD (about 790 billion RMB) as of May 13 [1][2] - Triangle Defense, established in 2002, specializes in the production and sales of special alloy forgings for the aerospace and maritime industries, with a market capitalization of 14.3 billion RMB [1][7] Group 2 - Juzhi Biotechnology's financial performance shows significant growth, with projected revenues of 5.539 billion RMB and net profits of 2.062 billion RMB by December 31, 2024, maintaining a profit margin of 45%-50% [4] - The stock price of Juzhi Biotechnology has increased from an opening price of 25.03 RMB at its IPO to a recent high of 83 RMB, with the founders continuing to increase their holdings to 55.03% [2][4] - Yan Jianya and Fan Daidi ranked 196th on the 2024 Hurun Rich List with a net worth of 24.5 billion RMB, previously ranking third among the wealthy in Shaanxi [7]

Investment Rating - The investment rating for Giant Biogene Holding Co Ltd is Overweight [6] Core Insights - The report highlights that Giant Biogene (GB) has seen limited positive impact on its P&L from supportive policies and subsidies from online platforms, as some platforms refocus on leading brands over white labels [2] - GB has expanded its product offerings to Hong Kong and Southeast Asia, utilizing social media for branding and adjusting product sizes to match local purchasing power [3] - The Mi Xiu series targets premium customers with an average selling price (ASP) of Rmb500-800, with plans for further expansion into medical aesthetics and online channels [4] - The Collagen Stick 2.0 has received encouraging sales feedback and is a key product for upcoming promotions, with expectations for improved gross profit margins [9] - The company plans to use US$300 million from share issuance primarily for overseas expansion and potential mergers and acquisitions in cosmetics, medical aesthetics, and healthcare [9] Financial Metrics - The price target for Giant Biogene is set at HK$85.00, representing a 7% upside from the current price of HK$79.20 [6] - Projected revenue growth shows an increase from Rmb5,539 million in 2024 to Rmb10,523 million by 2027, with EBITDA expected to rise from Rmb2,502 million to Rmb4,507 million in the same period [6] - The estimated EPS is projected to grow from Rmb2.06 in 2024 to Rmb3.67 in 2027, indicating a strong growth trajectory [6]