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].

6月1日，巨子生物发布声明，表示接受"大嘴博士"（郝宇）所用检测机构道歉，但将追究造谣者法律责任。 声明介绍，有关"可复美"未添加重组胶原蛋白的争议，5月30日我司收到了来自"大嘴博士"（郝宇）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"（郝 宇）"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 "。 根据上海东谱检测技术服务有限公司的声明，近期，名为"大嘴博士"的网络博主在各大网络平台，针对"可复美"品牌 某款化妆品中"重组胶原蛋白"的成分含量提出质疑，并发布相关视频及博文，其中可能引用了我司出具的《测试报 告》作为依据，此举引发了广泛争议。针对该《测试报告》相关情况，我司特作如下澄清说明: 1.报告用途与授权说明:我司出具的该《测试报告》，其明确用途限定为科研、教学以及内部质量控制与研究的目的， 并不具备对社会公众进行证明的法律效力。在受托进行测试时，委托人并未向我司告知其真实用途是为利用该《测试 报告》向社会公众宣传并证明博主观点。我司对此做法不仅不予认同，更从未作出任何形式的授权。 2.测试结果的科学性 ...

Core Viewpoint - The stock price of Giant Bio has dropped 19.80% over 7 trading days, resulting in a market value loss of nearly 18 billion HKD due to allegations regarding the collagen content in its skincare products [2] Company Overview - Giant Bio operates in the professional skincare industry based on bioactive ingredients, with its brand "Kefumei" accounting for 87.04% of total revenue in 2024 [2] - The company reported a revenue of 5.539 billion CNY and a net profit of 2.062 billion CNY in its 2024 annual report, with a gross margin of 82.09% [4] Controversy and Response - On May 24, a beauty blogger, "Dr. Big Mouth," questioned the collagen content in Kefumei's core product, claiming it was only 0.0177% and lacked glycine, a key component [2] - Giant Bio responded by stating the allegations were "seriously inaccurate" and provided self-test results showing collagen content exceeding 0.1% [2] - The company has not yet released third-party test results despite claims of having engaged multiple authoritative testing agencies [2] Testing Methods - The blogger's team used high-performance liquid chromatography (HPLC) combined with amino acid quantification, while Giant Bio employed methods from the Chinese Pharmacopoeia and industry standards [3] - The blogger raised concerns about the testing methods used by Giant Bio, suggesting they may lead to inflated results due to the presence of polyglutamic acid [3] Market Impact - Market regulatory authorities are currently investigating the situation, which could negatively affect consumer sentiment and the performance of Kefumei during the upcoming 618 promotional event [4]

以下文章来源于36氪Pro ，作者胡香赟 36氪Pro . 36氪旗下官方账号。深度、前瞻，为1%的人捕捉商业先机。 市场担忧， 如果争议持续发酵，或冲击公司的业绩。 文 ｜ 胡香赟 来源｜ 36氪Pro（ID：krkrpro） 封面来源 ｜ Pexels 临近年中电商大促，"重组胶原蛋白第一股"巨子生物却陷入巨大争议。 近日，一位自称为香港大学化学博士、前欧莱雅中国科学传播负责人的社交媒体博主"大嘴博士"连续发文称，经检测，巨子生物旗下品牌可复美的核心产 品"胶原棒（Human-Like重组胶原蛋白肌御修护次抛精华）"中的重组胶原蛋白实际含量低于宣传口径。 作为巨子生物的收入王牌，可复美系列在2024年大赚45亿元、同比增长62.9%，占公司总收入的80%。其中，以"胶原棒"为核心的功效型护肤品品类又为 可复美贡献了近八成的收入。 在小红书等社交媒体上，不少质疑声因此认为，如果连头部企业都可能存在"造假"现象，作为普通消费者，还能不能何信任和选择重组胶原蛋白产品？ 行业内其实从未回避这些问题。相反，正是这份稀缺性，支撑起了重组胶原蛋白产品的高昂售价，以及巨子生物、锦波生物等概念公司的数百亿市值。 那么，所谓 ...

Core Viewpoint - The recent controversy surrounding hyaluronic acid and recombinant collagen products has led to significant scrutiny and volatility for leading companies in the medical beauty biotechnology sector, including Huaxi Biological, Juzhi Biological, and Jinbo Biological [2][11]. Group 1: Controversy and Market Reactions - Huaxi Biological publicly criticized brokerage reports for promoting the "hyaluronic acid is outdated" narrative, suggesting that the recombinant collagen concept is being overly hyped [3][11]. - Juzhi Biological faced public backlash due to a report indicating that its product "Kefumei" contained only 0.0177% recombinant collagen, below the legal threshold of 0.1% [4][11]. - Jinbo Biological's stock price was affected by the overall negative sentiment in the collagen sector, experiencing a significant drop of 17.23% from its peak [5][7]. Group 2: Financial Performance - Huaxi Biological reported its worst performance since going public in 2024, with revenue of 5.371 billion yuan, a year-on-year decrease of 11.61%, and a net profit of 174 million yuan, down 70.59% [9][10]. - Juzhi Biological achieved a revenue of 5.539 billion yuan in 2024, a year-on-year growth of 57.2%, but its core product's growth rate has been declining for four consecutive years [9][10]. - Jinbo Biological reported a revenue of 1.443 billion yuan in 2024, a year-on-year increase of 84.92%, but its growth rate has also shown signs of slowing down [10]. Group 3: Industry Dynamics - The ongoing "ingredient dispute" highlights the competition between hyaluronic acid and recombinant collagen technologies, with Huaxi Biological emphasizing the scientific value of hyaluronic acid [11][13]. - The controversy may intensify competition in technology development, market promotion, and brand building within the medical beauty industry, pushing for more emphasis on product efficacy and scientific validation [13].