21世纪经济报道记者韩利明上海报道 截至7月28日午间休盘，华熙生物（688363.SH）收报52.43元/股，下跌2.6%，总市值252.54亿元。拉长 时间线观察，该公司股价自2021年7月达到314.99元/股的历史峰值后，便进入震荡下跌通道。今年以来 更是在50元/股附近徘徊，总市值约为250亿元。 消息面上，日前，自称曾担任华熙资本市场部总经理、华熙生物首席执行官特别助理兼全球投资者负责 人的李振（David），在社交平台发布《玻尿酸女王那些事儿》，称其于2018年发现华熙存在严重的财 务造假和欺诈发行债券的行为。该消息迅速在医美圈掀起波澜，再次将华熙生物推向风口浪尖。 针对此事，华熙生物在官方微博发布声明指出，上述信息发布于境外网站，内容纯属捏造，恶意歪曲事 实。同时澄清，信息发布者李某曾任华熙昕宇投资市场部总监，在华熙工作18个月。2018年，李某通过 个人注册的第三方公司，骗取本应支付给券商的900万元。事情暴露后，华熙昕宇向公安机关报案。而 李某为减轻罪责，曾向公司写下《道歉信》。 华熙生物方面强调，相关信息是毫无道德底线的编造，涉嫌诽谤犯罪，已向公安机关报案。对此，李振 也在社交平台作出回 ...

Core Viewpoint - Huaxi Biological, a major player in the medical aesthetics industry, is facing significant turmoil due to allegations of financial fraud and internal disputes, raising uncertainties about its future performance and ability to recover its previous market stature [1][2]. Group 1: Allegations and Internal Conflicts - On July 25, a former employee, claiming to be a whistleblower, accused Huaxi Biological of financial fraud and plans to submit evidence to regulatory authorities [3]. - Huaxi Biological responded on July 26, denying the allegations and stating that the claims are fabricated and defamatory, leading to a police report against the accuser [3][4]. - The company has faced multiple internal complaints in recent years, including accusations of misappropriating shareholder interests and disputes over profit distribution among executives [4][5]. Group 2: Financial Performance - Huaxi Biological has experienced a decline in both revenue and net profit for two consecutive years, with Q1 2025 showing further decreases, reporting a net profit of 1.02 billion yuan [1][9]. - The company's revenue fell from 63.59 billion yuan in 2022 to 53.71 billion yuan in 2024, marking a year-on-year decline of 11.61% [9]. - The proportion of revenue from functional skincare products decreased from 61.83% in 2023 to 47.84% in 2024, while terminal business revenue grew significantly during the same period [9]. Group 3: Market Position and Valuation - At its peak in 2021, Huaxi Biological's market capitalization exceeded 150 billion yuan, but it has since plummeted to approximately 26 billion yuan, resulting in a loss of over 120 billion yuan in market value [1][11]. - The company's stock price as of July 25, 2025, was 53.83 yuan per share, reflecting the significant decline from its previous highs [11].

Group 1 - The World Health Organization warns that the Chikungunya virus is spreading globally, with 119 countries reporting cases and approximately 5.5 million people at risk of infection [1] - In Foshan, Guangdong Province, over 4,000 confirmed cases of Chikungunya have been reported, with Shunde District accounting for 3,627 cases, all of which are mild [1] Group 2 - Domestic animal health mRNA vaccines are entering a clinical boom, with recent approvals for clinical trials of mRNA vaccines for pig diarrhea and cat infectious peritonitis [2] - The rapid approval of mRNA vaccines reflects an accelerating trend in the application of mRNA technology in animal health, although the high development barriers pose risks for investors [2] Group 3 - Huaxi Bio issued a statement addressing false information circulating online, emphasizing the malicious nature of the claims and the background of the individual responsible for the misinformation [3] - The company's swift response highlights its commitment to managing reputation risks, especially in the sensitive beauty and medical aesthetics industry [3] Group 4 - Guangsheng Tang announced the successful enrollment of the first subject in the Phase III clinical trial for its innovative hepatitis B treatment, GST-HG141, marking a significant milestone in its development [4] - GST-HG141 is a novel hepatitis B core protein/capsid regulator and is the first of its kind with global intellectual property rights held by Guangsheng Tang [4]

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, highlighting the strong performance of domestic brands amid stricter regulations [1]. Core Insights - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 5.4% from July 18 to July 25, 2025, surpassing the Shenwan A Index by 1.2 percentage points [5][6]. - Stricter advertising regulations are expected to benefit leading domestic brands, as new rules will increase operational barriers and allow market share to concentrate among top players [11]. - The report emphasizes the importance of new product launches as brands prepare for the competitive landscape in the second half of 2025 [11]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index increased by 3.4%, outperforming the Shenwan A Index by 1.2 percentage points, while the Shenwan Personal Care Index rose by 7.7%, exceeding the Shenwan A Index by 5.5 percentage points [5][6]. Key Company Highlights - Lin Qingxuan, a high-end domestic skincare brand, saw revenue grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with net profit turning from a loss of 6 million yuan to a profit of 187 million yuan [17]. - The company has a diverse product matrix with 188 SKUs, a robust supply chain with an annual production capacity of 40 million units, and a comprehensive OMO channel strategy [19]. Market Trends - The report notes a shift in the cosmetics market from quantity to quality, with e-commerce sales expected to account for 47% of total cosmetics sales by 2024, up from 22% in 2016 [13]. - The domestic market is witnessing a rise in local brands, with significant market share gains, particularly in the skincare segment [37]. Investment Recommendations - The report recommends several companies based on their market positioning and growth potential, including Up Beauty, Proya, and Marubi, while suggesting to pay attention to Shanghai Jahwa, Betaini, and Huaxi Biological [5].

Core Viewpoint - The article discusses serious allegations against Huaxi Biological, a leading player in the medical aesthetics industry, regarding financial misconduct and governance issues, which have led to significant market concerns and a drastic decline in the company's stock price and market value [1][4][12]. Company Response - Huaxi Biological quickly responded to the allegations, stating that the claims are fabricated and maliciously distort the facts, and they have reported the matter to law enforcement [2][6][8]. - The company emphasized that the whistleblower, Li, had a brief tenure and was previously involved in a financial misconduct case, which raises questions about the credibility of the allegations [10][11]. Market Impact - Following the allegations, Huaxi Biological's stock price fell to 53.83 CNY, a decrease of 1.73%, with a market capitalization of 25.9 billion CNY, reflecting a significant drop from its peak valuation of over 100 billion CNY [5][14]. - The company's market value has shrunk by over 80% from its peak, indicating a severe loss of investor confidence [14][15]. Financial Performance - Huaxi Biological's financial performance has deteriorated, with a reported revenue of 5.371 billion CNY in 2024, down 11.61% year-on-year, and a net profit of 174 million CNY, a staggering decline of 70.59% [18]. - The first quarter of 2025 showed continued declines in revenue and net profit, with year-on-year decreases of 20.77% and 58.13%, respectively [19]. Industry Context - The medical aesthetics industry is facing intense competition, with Huaxi Biological struggling against rivals like Juzhi Biological, which has seen significant growth and market capitalization [22][24]. - The article highlights a shift in consumer preferences towards product safety and efficacy, suggesting that companies with genuine technological advantages will prevail in the evolving market landscape [24].

Core Viewpoint - The article discusses serious allegations against Huaxi Biological, a leading player in the medical aesthetics industry, regarding financial misconduct and governance issues, which have led to significant market concerns and a drastic decline in the company's stock price and market value [1][3][10]. Company Response - Huaxi Biological quickly responded to the allegations, stating that the claims are fabricated and maliciously distorted, and they have reported the matter to law enforcement [2][6][9]. Allegations and Background - The whistleblower, who claims to be a former key capital operator at Huaxi Biological, alleges financial fraud and governance failures, asserting possession of 450,000 words of insider material intended for regulatory submission [1][3][8]. - The whistleblower previously held a position as the marketing director at Huaxi and was involved in a case of embezzlement amounting to 9 million yuan, which led to a police report by the company [8]. Market Impact - Following the allegations, Huaxi Biological's stock price has seen a dramatic decline, from a peak of 314.99 yuan per share in July 2021 to approximately 53.83 yuan per share, representing a drop of over 80% and a market capitalization reduction from over 1,000 billion yuan to 259 billion yuan [11][13]. Financial Performance - The company's financial performance has deteriorated significantly, with a reported revenue of 5.371 billion yuan in 2024, down 11.61% year-on-year, and a net profit of 174 million yuan, down 70.59%, marking the largest annual decline since its listing [13][14]. - In comparison, competitors like Juzhi Biological and Jinbo Biological have shown strong growth, with Juzhi achieving a revenue increase of 57.07% and a net profit growth of 42.06% in 2024 [13][14]. Industry Context - The medical aesthetics industry is undergoing intense competition, with Huaxi Biological facing challenges from competitors like Juzhi Biological, which has seen its market value rise significantly [16][18]. - The article highlights a shift in consumer expectations towards product safety and efficacy, indicating that mere concept marketing is no longer sustainable, and companies must possess genuine technological advantages to succeed [21].

Group 1 - The core issue revolves around allegations of financial fraud against Huaxi Biological, initiated by a former employee who claims the company and its controlling shareholder engaged in deceptive practices [1][2] - Huaxi Biological responded by stating that the allegations were investigated during the IPO review process in 2019 and were found to be unfounded, with relevant disclosures made in the prospectus [2][3] - The former employee, referred to as Li, claims that the accusations against him regarding embezzlement are false and that he reported the company for financial misconduct [1][3] Group 2 - The allegations include claims that Huaxi Xinyu Investment, the controlling shareholder, concealed the fact of holding 30 million shares of Jinzhou Bank and committed fraud during bond issuance [1][3] - As of the first quarter of 2025, Huaxi Xinyu holds 283.5 million shares of Huaxi Biological, representing a 58.86% ownership stake [1] - In 2020, the Beijing Securities Regulatory Bureau issued a warning letter to Huaxi Xinyu for inaccuracies in financial data disclosed during the issuance of exchangeable bonds [2] Group 3 - The former employee asserts that the warning letter from the regulatory body was a result of his whistleblowing, providing partial evidence to the regulatory authorities [3] - The allegations also include claims of significant omissions in the documentation submitted during Jinzhou Bank's IPO in December 2015, where Huaxi Xinyu allegedly made false commitments regarding shareholding [3] - Huaxi Biological's prospectus states that Huaxi Xinyu's shareholding was below 5%, thus not classified as a major shareholder and not obligated to disclose information during the overseas listing process [3][4]

Core Viewpoint - The article discusses allegations of financial fraud against Huaxi Biological (688363.SH) and its controlling shareholder, Huaxi Xinyu Investment Co., Ltd. The company has denied these allegations and claims that the accuser has a history of embezzlement [1][2]. Group 1: Allegations and Responses - A former employee, referred to as Mr. Li, accused Huaxi Biological of financial fraud, including concealing the holding of 30 million shares of Jinzhou Bank and fabricating revenue and inflated expenses in 2017 [1][4]. - Huaxi Biological issued a statement claiming that Mr. Li had previously committed embezzlement and that his allegations are unfounded [1][2]. - The company stated that Mr. Li had reported similar accusations during the IPO review process in 2019, which were investigated and found to be false [2]. Group 2: Financial Practices and Regulatory Actions - Huaxi Xinyu issued exchangeable bonds in May 2017, and the financial data disclosed during this process was later found to be inaccurate, leading to a warning from the Beijing Securities Regulatory Bureau [3]. - The warning was linked to Mr. Li's allegations, as he provided evidence to the regulatory body [4]. - Huaxi Xinyu's financial practices included adjustments to costs and expenses based on actual business conditions, which were reported in compliance with tax regulations [2]. Group 3: Shareholding and Legal Disputes - As of the first quarter of 2025, Huaxi Xinyu holds 283.5 million shares of Huaxi Biological, representing a 58.86% stake [1]. - There have been legal disputes related to the shareholding of Jinzhou Bank, where Huaxi Xinyu was involved in a lawsuit concerning the holding of 30 million shares on behalf of another entity [5].

Core Viewpoint - The article discusses the controversy surrounding Hyaluronic Acid giant Huaxi Bio (688363.SH), following accusations of financial fraud and bond issuance fraud made by a former employee, Li, who previously served as the marketing director of a subsidiary [1][2]. Group 1: Allegations and Company Response - Li, the former marketing director, accused Huaxi Bio of "financial fraud" and "fraudulent bond issuance" [1]. - In response, Huaxi Bio issued a strong statement denying the allegations, labeling them as "morally bankrupt fabrications" and asserting that they severely damage the company's reputation [1][7]. - The company reported that it has filed a police complaint against Li and intends to pursue legal action against those spreading the allegations [1][7]. Group 2: Historical Context and Internal Issues - Huaxi Bio revealed that in 2018, Li had embezzled 9 million yuan (approximately 1.3 million USD) through a third-party company he registered, which was meant for a brokerage firm [3][4]. - Following the discovery of this embezzlement, Huaxi Bio reported the incident to the police [3]. - Li had previously written an apology letter, promising to return the embezzled funds and offering an additional compensation of 1.5 million yuan (approximately 220,000 USD) [4]. Group 3: Management Changes and Company Performance - Recently, Huaxi Bio has undergone significant management changes, with the CEO emphasizing a strict governance approach to address internal issues and corruption [7][9]. - The company announced the resignation of three senior executives as part of its restructuring efforts [9]. - Huaxi Bio's financial performance has declined, reporting a revenue of 5.371 billion yuan (approximately 800 million USD) in 2024, a decrease of 11.6% year-on-year, and a net profit of 164 million yuan (approximately 24 million USD), down 72.27% year-on-year [10].

Group 1 - Chinese government proposed the establishment of a World Artificial Intelligence Cooperation Organization, with the headquarters tentatively located in Shanghai, aiming to promote global governance and bridge the digital divide [4][5] - The China Capital Market Society was established in Shanghai, marking the creation of an official think tank for the capital market, with key figures from the China Securities Regulatory Commission (CSRC) involved [5] - The CSRC simplified the inheritance process for small estates of deceased investors, allowing direct handling of inheritances under 50,000 yuan without notarization [6] Group 2 - The State Council's Food Safety Office emphasized increased regulatory efforts for infant food and disaster relief food, ensuring public safety during peak consumption periods [7] - Shanghai plans to establish a leading high-level autonomous driving zone by 2027, aiming to create a competitive smart connected vehicle industry cluster [7] - China Mobile's chairman announced the enhancement of the "AI+" initiative to drive innovation and integration across industries [15] Group 3 - Alibaba is set to launch its first self-developed AI glasses, which will support various applications including navigation and payment [14] - Tesla showcased its advancements in smart driving technology at the World Artificial Intelligence Conference, with plans to further implement its driver-assist system in China and Europe [17] - The Chinese Academy of Sciences released the "Panshi Scientific Foundation Model," which aims to support scientific innovation through advanced data understanding [18] Group 4 - Huaxi Biological issued a statement denying false information circulating online and reported the matter to law enforcement, emphasizing the importance of maintaining corporate integrity [20][21] - Meta appointed former OpenAI executive Shengjia Zhao as the chief scientist of its new "Superintelligence" AI team, indicating a strategic move to enhance its AI capabilities [22]