沪指6月16日上涨0.35%，申万所属行业中，今日上涨的有18个，涨幅居前的行业为传媒、通信，涨幅 分别为2.70%、2.11%。跌幅居前的行业为农林牧渔、美容护理，跌幅分别为0.76%、0.49%。美容护理 行业位居今日跌幅榜第二。 资金面上看，两市主力资金全天净流出2.93亿元，今日有10个行业主力资金净流入，传媒行业主力资金 净流入规模居首，该行业今日上涨2.70%，全天净流入资金31.81亿元，其次是计算机行业，日涨幅为 1.99%，净流入资金为26.70亿元。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300888 | 稳健医疗 | -3.77 | 6.48 | -3571.59 | | 600315 | 上海家化 | -3.74 | 2.31 | -3411.57 | | 603630 | 拉芳家化 | 0.50 | 5.29 | -1952.65 | | 688363 | 华熙生物 | 3.31 | 0.95 | -1406.98 | | 002243 | 力合科创 | -0. ...

Core Viewpoint - The article addresses misleading perceptions in the capital market regarding hyaluronic acid and recombinant collagen, emphasizing the need to correct these misconceptions to avoid resource misallocation and risks for companies like Huaxi Bio [1][2]. Industry Perspective - Recombinant collagen is a small branch of collagen research and industrial transformation, with the main advancements still held by life science research institutions and pharmaceutical companies [1]. - In 2024, China's hyaluronic acid exports reached 161 tons, with 11.8 tons being high-end pharmaceutical-grade, while recombinant collagen exports were less than 0.02 tons, indicating a lack of market support for the notion that recombinant collagen is replacing hyaluronic acid [2][3]. - The growth rate for hyaluronic acid in the domestic and international markets is over 10%, with Huaxi Bio's pharmaceutical-grade hyaluronic acid showing over 20% growth, contradicting claims of market pressure [3]. Company Performance - Huaxi Bio's performance decline is attributed to a drop in consumer goods business and one-time asset impairment losses, rather than competition from recombinant collagen [3]. - The company maintains a high profit margin of around 50% across its active ingredient and medical terminal businesses, with significant revenue contributions from hyaluronic acid [3]. Market Dynamics - Recent successful companies in the skincare sector are not solely due to the rise of recombinant collagen but are also driven by strong e-commerce capabilities and complex formulations [4]. - The article highlights the misuse of the term "recombinant collagen" by some companies, which may mislead consumers and investors, emphasizing the need for a credible market environment [5][8]. Regulatory and Scientific Standards - There is a lack of detection standards for recombinant collagen, leading to the misuse of the term and potential consumer deception [8]. - The company advocates for a collaborative approach among professionals, testing institutions, and media to enhance understanding and improve the industry ecosystem [7][9].

对此，华熙生物表示根据我们的竞争情报分析，这一传言是基于一套标准的母内容模板，已经通过网络 水军散布了数年时间，并与不负责任的所谓"研报"形成了共振。一旦华熙生物有什么风吹草动，都会被 归结为"竞争失败"，归结为"透明质酸过时，重组胶原蛋白兴起"。但这些并不符合经营数据反映的真 相。 6月14日，华熙生物今日晚间发文《关于透明质酸和重组胶原蛋白的传言与真相》，再度回应近期与巨 子生物之间的风波。 有传言说华熙生物上述举措是基于"商战"，根本原因是华熙生物的透明质酸业务承压、重组胶原蛋白无 法与对手竞争，导致了业绩大幅下滑？ 华熙业绩下滑的主要原因其实是消费品业务下滑和一次性为了夯实资产质量而进行的资产减值带来的亏 损。如果没有这些亏损，华熙生物是一个盈利能力卓越的公司。另一方面，从竞争大图景看，最近一两 年业绩良好的公司也并非是重组胶原蛋白赛道兴起的原因，如一些电商运营能力强的企业一直都在领跑 护肤品业务的增长，而这一业务是基于复合配方而非单一成分。重组胶原这个赛道也有很多企业在亏 损，所以不能仅归因于某一赛道的兴起，还是因为这个领域有些C端企业一直保持着强运营的基因，在 这个问题上，我们跟市场上的传言有完全 ...

6月14日，华熙生物今日晚间发文《关于透明质酸和重组胶原蛋白的传言与真相》，再度回应近期风 波。 5月17日，华熙生物发布了"概念总在重演，科技永远向前"一文，质疑券商热捧重组胶原蛋白并非基于 科学逻辑。随后，市场出现了针对重组胶原蛋白产品学术概念及有效添加的质疑，华熙生物随后也表达 了支持这类讨论，提出反对成分"名称游戏"，这一系列举措的根本目的是什么？ 最后，从产业角度，华熙生物表示，"还没有看到这一领域有像透明质酸那样的成熟并高速发展的国际 市场，2024年中国的透明质酸出口量达到了161吨，其中医药级高端透明质酸出口了11.8吨。而同期， 重组胶原蛋白的出口量却不到0.02吨。所以，'重组胶原蛋白'正在取代'透明质酸'的传言在全球市场没 有原料消耗的数据支持。即便在资本概念切换中期待很高的国内市场，这种热度也是缺乏真实数据支持 的，我们非常了解市场上以重组胶原蛋白为概念的品牌采购了多少华熙生物的透明质酸和其他活性物， 也非常清楚其交叉检测的真实添加数据。" 责任编辑：陈钰嘉 华熙生物强调，近几年基于基因工程表达的重组胶原蛋白获得了快速发展，华熙生物也在从事相关的研 究和产业转化，华熙生物的重组胶原蛋白 ...

Core Viewpoint - The controversy surrounding the cosmetic brand "Kefumei" and its alleged false advertising of a collagen product has escalated, leading to significant public attention and legal implications for the involved parties [1][3]. Group 1: Company Responses - "Giant Bio" issued a statement acknowledging the apology from the testing agency used by "Dr. Big Mouth" and emphasized that the agency did not authorize the testing report [4]. - "Giant Bio" reiterated that their product contains real recombinant collagen protein and denied any allegations of false advertising or misleading consumers [5]. - "Huaxi Bio" publicly supported "Dr. Big Mouth," stating that the company is an important member of its ecosystem and has invested in related ventures [4]. Group 2: Influencer Background - "Dr. Big Mouth," whose real name is Hao Yu, is a well-known beauty influencer with over 2.8 million followers across various platforms and holds a PhD in chemistry from the University of Hong Kong [3]. - The influencer's allegations against "Giant Bio" regarding the authenticity of their collagen product gained significant traction, even trending on social media [3]. Group 3: Legal and Regulatory Implications - "Giant Bio" announced intentions to pursue legal action against those spreading false information, highlighting the seriousness of the allegations and the potential impact on their brand [4]. - The testing agency involved has demanded that "Dr. Big Mouth" cease using and sharing the disputed test report to prevent further public misinformation [4].

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].

Core Viewpoint - The botulinum toxin industry in China is experiencing rapid growth, with the market size projected to increase from 1.9 billion yuan in 2017 to 9.9 billion yuan by 2024, reflecting a compound annual growth rate (CAGR) of 26.6% [1][13]. Industry Overview - Botulinum toxin, originally used for treating muscle spasms, has become a popular choice in medical aesthetics due to its minimal invasiveness and quick recovery time [3][13]. - The application range of botulinum toxin is expanding beyond traditional uses like wrinkle reduction and facial slimming to include treatments for conditions such as migraines and muscle tension disorders [1][13]. Market Dynamics - The medical aesthetics market in China is projected to reach 288 billion yuan by 2024, with a year-on-year increase of 8.03%, indicating a growing consumer demand for beauty enhancement services [11][13]. - The market is characterized by a "six-way split" among leading products, with brands like Botox, Hengli, and Letyb gaining significant market shares [15][17]. Competitive Landscape - The botulinum toxin market is competitive, with established companies like Fosun Pharma, Haohai Biological Technology, and Lanzhou Biological Products Research Institute leading the industry [17][18]. - New entrants are emerging, leveraging innovative technologies and marketing strategies to capture market share [17]. Development Trends 1. **Increasing Industry Penetration** - As living standards rise, the penetration rate of medical aesthetics is expected to increase, particularly in lower-tier cities and rural areas, driven by a younger consumer base [23]. 2. **Enhanced Regulatory Oversight** - The government is intensifying regulations on botulinum toxin production and distribution to ensure safety and quality, which will promote the healthy development of the market [24]. 3. **Rise of Recombinant Botulinum Toxin** - Recombinant botulinum toxin is anticipated to become a future trend due to its lower biological risks, higher purity, and production efficiency, addressing limitations of traditional products [25].

Core Viewpoint - The first Global Aesthetic Technology Conference 2025 was held in Beijing, showcasing innovations in the medical aesthetics industry and promoting technology transfer and cross-industry collaboration [2]. Group 1: Awards Overview - The conference featured the announcement of the 2025 Global Aesthetic Technology Innovation Awards, which included three categories: Technology Innovation Award, Innovation Service Award, and Innovation Transformation Award [2]. Group 2: Technology Innovation Award Winners - Huaxi Biological was recognized for its integration of basic research and industrial transformation, particularly through its brand Runzhi, which focuses on high-quality materials for injection and tissue repair [5]. - Langxi Ziyuan Medical Devices developed a comprehensive technology system for regenerative medicine, enhancing exosome therapy for chronic wound repair with a 3D biomimetic culture system [6]. - Weimai Qingtong Medical Technology launched a new monopolar RF anti-aging system, YOUMAGIC, which has received both NMPA and FDA approvals, breaking international monopolies in high-end RF equipment [8]. - Suzhou Baifu Laser Technology specializes in high-end medical laser equipment, achieving significant technological breakthroughs in various laser types, enhancing treatment precision and safety [10]. - Suzhou Fumailai Medical Technology focuses on innovative design and application of high-end medical optical devices, achieving breakthroughs in energy stability and treatment accuracy [12]. - Guangzhou Yicheng Biological Technology emphasizes the development of innovative materials for injection fillers and sutures, providing reliable domestic raw material sources [13]. Group 3: Innovation Service Award Winners - Beijing Tonghe Litai Bio-Tech specializes in preclinical research for medical devices, having completed over 900 NMPA registration reports, ensuring scientific data and compliance for innovative products [16]. - Beijing Baoli Yongchang Medical Technology (Lihe Kang) has developed a mature methodology for compliance transformation services in the medical aesthetics field, facilitating the rapid market entry of innovative products [17]. - Hainan Susong Biological Technology introduced Swiss SmartBone® on Demand bone regeneration materials, demonstrating effective cross-border medical technology integration [19]. Group 4: Innovation Transformation Award Winners - Yao Guijin led the establishment of an ecosystem for medical aesthetic technology transformation, connecting medical, research, enterprise, and regulatory sectors [21]. - Professor An Yang's team developed solutions for nasal reconstruction, enhancing tissue regeneration and application in aesthetic surgery [22]. - Professor Niu Xufeng innovated a composite material system for skin fillers, addressing common industry challenges and improving product stability [23]. - Professor Zhang Guifeng achieved breakthroughs in medical collagen research, establishing a closed-loop system for industry standards and quality control [24]. Conclusion - The awards highlighted the breadth and depth of innovation in the medical aesthetics sector, showcasing the emerging strength of Chinese companies and experts in the global industry landscape [25].

Core Viewpoint - The first Global Aesthetic Technology Conference 2025 was held in Beijing, showcasing innovations in the medical aesthetics industry and promoting technology transfer and cross-industry collaboration [2] Group 1: Awards Overview - The conference featured the 2025 Global Aesthetic Technology Innovation Awards, which included three categories: Technology Innovation Award, Innovation Service Award, and Innovation Transformation Award, highlighting innovations in materials, equipment, and technology transfer in China's medical aesthetics sector [2] Group 2: Technology Innovation Award Winners - Huaxi Biological was recognized for its integration of basic research and industrial transformation, particularly through its brand Runzhi, which utilizes synthetic biology technology in hyaluronic acid and extracellular matrix [4] - Langxi Ziyuan Medical Devices focused on regenerative medicine and developed a 3D biomimetic culture system that enhances the yield and bioactivity of exosomes for chronic wound repair [5] - Weimai Qingtong Medical Technology created a new monopolar RF anti-aging system, YOUMAGIC, which has received both NMPA and FDA approvals, breaking the international brand monopoly in high-end RF equipment [7] - Suzhou Baifu Laser Technology specializes in high-end medical laser equipment, achieving significant technological breakthroughs in stability and precision, with products that meet international standards [9] - Suzhou Fumai Lei Medical Technology has developed innovative high-end medical optical devices, focusing on energy stability and treatment precision, contributing to the rise of domestic optical medical equipment [11] - Guangzhou Yicheng Biological focuses on regenerative materials and has developed various medical devices with a clear product line and compliance registration paths [12] Group 3: Innovation Service Award Winners - Beijing Tonghe Litai Biotechnology specializes in preclinical research for medical devices, having completed over 900 NMPA registration reports, ensuring scientific data and compliance for innovative medical products [14] - Beijing Baoli Yongchang Medical Technology (Lihokang) has established a mature methodology for compliance transformation services in the medical aesthetics field, facilitating the rapid market entry of innovative products [16] - Hainan Susong Biotechnology has introduced Swiss SmartBone® on Demand bone regeneration materials, demonstrating effective cross-border medical technology integration and personalized medical needs [17] Group 4: Innovation Transformation Award Winners - Yao Guijin led the establishment of an ecosystem for medical aesthetics technology transfer, facilitating collaboration among medical, research, enterprise, and regulatory sectors [19] - Professor An Yang's team developed solutions for nasal reconstruction, achieving significant advancements in tissue regeneration and repair [20] - Professor Niu Xufeng addressed common issues in skin fillers by innovating a polyester microsphere/collagen composite material system, enhancing stability and integration [21] - Professor Zhang Guifeng made breakthroughs in medical collagen research, establishing a closed-loop system for industry standards and quality control [22] Conclusion - The Global Aesthetic Technology Awards highlighted the breadth and depth of innovation in the medical aesthetics sector, showcasing the emerging strength of Chinese companies and experts in the global industry landscape [23]