Core Viewpoint - The ongoing controversy surrounding the collagen product from Juzhibio's brand Kefu Mei highlights a significant conflict between two major players in the medical beauty industry, Juzhibio and Huaxi Biological, which may represent a deeper technical rivalry between recombinant collagen and hyaluronic acid [1][2]. Group 1: Company Actions and Responses - Juzhibio confirmed that its Kefu Mei Human-like recombinant collagen essence contains more than 0.1% recombinant collagen, countering claims made by beauty blogger "Big Mouth Doctor" that the actual content was only 0.0177% [1]. - Following the allegations, Huaxi Biological publicly supported the claims made by the beauty blogger, escalating the conflict between the two companies [1]. - The dispute has led to a series of emotional exchanges between the companies, with accusations of malicious competition and misinformation being exchanged [2]. Group 2: Consumer Concerns and Industry Implications - Consumers are primarily concerned about the quality and compliance of the medical beauty products rather than the corporate disputes, indicating a need for clarity and assurance regarding product safety [2]. - The controversy has overshadowed scientific standards, with conflicting reports and a lack of consensus on the testing methods used, leading to confusion among consumers [2][3]. - The ongoing conflict reflects deeper issues within the medical beauty industry, such as unclear product standards and marketing boundaries, which have allowed for such disputes to arise [3]. Group 3: Regulatory and Industry Response - The situation calls for neutral arbitration from regulatory bodies to investigate the claims and provide credible testing reports to resolve the dispute and restore consumer trust [2]. - The market regulatory authorities have issued guidelines to strengthen oversight of the medical beauty industry, aiming to address long-standing issues such as false advertising and lack of transparency [3]. - This public incident could serve as an opportunity for the industry to establish clearer standards and regulations, ultimately benefiting both the sector and consumers [3].

随着事件进一步发酵升级，背后隐藏的技术路线之争与行业标准缺失问题也浮出水面。一位化妆品行业 人士直指，巨子生物和华熙生物的"开撕"，本质是两家企业对市场份额和行业主导权的争夺。 昨晚，巨子生物发布最新回应，并公布了多家权威检测机构的检测数据：经多个检测机构对多批次"胶 原棒"进行检测分析，确认产品中重组胶原蛋白含量均大于0.1%。巨子生物强调，可复美相关产品不存 在"虚假宣传"的行为。同时，可复美胶原棒1.0版本因售罄陆续下架，并非网传的"悄悄下架"。 近几年，凭借核心护肤品牌可复美，巨子生物的业绩节节攀升，2024年可复美品牌贡献45.4亿元，营收 占比达到82%。然而，巨子生物也多次因产品成分陷入争议，舆论风波使得公司的品牌公信力受到严峻 考验。 检测报告引爆争议，巨子生物最新回应 巨子生物与华熙生物"开撕"的导火索源于香港大学化学博士"大嘴博士"郝宇发布的检测报告。 文 | 新浪财经 徐苑蕾 国内医美行业正经历一场"成分风暴"。 近日，业内两大巨头——巨子生物与华熙生物因"重组胶原蛋白"真实含量问题爆发激烈争议，从产品成 分质疑升级至公开"商战"。在618大促的关键节点，涉事产品可复美"胶原棒"1.0版 ...

Core Viewpoint - The controversy surrounding the collagen products from Juzi Biotechnology has escalated into a public relations battle, primarily initiated by Dr. Hao Yu, a skincare influencer and former chemist, who accused the company of serious fraud regarding their recombinant collagen products [1][2][4]. Group 1: Key Players - Dr. Hao Yu, known as "Big Mouth Doctor," is a skincare influencer with millions of followers and a background in chemistry, having worked in cosmetic research for 19 years [2]. - Juzi Biotechnology is a biotech company specializing in the beauty industry, known for its recombinant collagen products, which have seen a significant market cap drop of over 100 billion, leaving it with a valuation of around 700 billion [2]. - Huaxi Biotechnology, a leading player in the A-share medical beauty sector, primarily focuses on hyaluronic acid products [3]. Group 2: Allegations and Responses - Dr. Hao Yu has accused Juzi Biotechnology of serious fraud, claiming that their recombinant collagen is undetectable, marking his second round of accusations [4][11]. - In response to the allegations, Juzi Biotechnology quickly issued a consumer notice denying all accusations of fraud and asserting that their products contain collagen levels above 0.1% [13][14]. - Juzi Biotechnology stated that they conducted multiple tests to confirm the collagen content and promised to release third-party testing results to alleviate consumer concerns [14]. Group 3: Testing Methods and Controversies - Dr. Hao Yu utilized High-Performance Liquid Chromatography (HPLC) for his testing, which he claims provides a more accurate measurement of collagen content compared to Juzi's methods [16][19]. - Juzi Biotechnology's testing method was revealed to be the Biuret test, which Dr. Hao Yu criticized for potentially yielding inflated results [32][36]. - The lack of standardized testing methods for recombinant collagen has been highlighted as a significant issue, leading to confusion and disputes over product efficacy [19][20]. Group 4: Market and Consumer Reactions - The public reaction has been mixed, with some consumers expressing outrage over potential deception, while others remain supportive of Juzi Biotechnology [45][48]. - The controversy coincided with a major shopping event, leading to increased consumer anxiety regarding the products [11]. - The involvement of various influencers and the emergence of coordinated online narratives have raised questions about the authenticity of public sentiment and potential manipulation [50][51]. Group 5: Regulatory and Industry Implications - The incident has drawn attention from regulatory bodies, with local market supervision authorities beginning to investigate the claims and counterclaims made by both parties [91]. - A high-profile seminar on testing methods for recombinant collagen was held, featuring prominent experts, indicating the industry's recognition of the need for clearer standards [57][60]. - The ongoing dispute may lead to broader discussions about product transparency and consumer protection within the beauty and biotech industries [84][92].

Core Viewpoint - The controversy surrounding the collagen content in the product "Kefumei" from Giant Biological has raised significant consumer and investor concerns, with ongoing debates about the accuracy of testing methods and results [1][10]. Group 1: Testing Results - Giant Biological confirmed that the "Kefumei Human-like Recombinant Collagen Essence" contains recombinant collagen, with content levels greater than 0.1% as per third-party testing [2][10]. - The testing utilized two methods: LC-MS/MS for qualitative analysis and the Biuret method for quantitative analysis, with results showing collagen content of 0.2%, 0.22%, and 0.2% across three batches [2][8]. - A subsequent test on one batch indicated a collagen content of 0.17%, confirming that the product meets the stated requirements [8][9]. Group 2: Consumer Concerns and Responses - The initial claim by beauty blogger "Big Mouth Doctor" suggested that the actual collagen content was only 0.0177%, leading to widespread skepticism about the product's integrity [10][11]. - Giant Biological emphasized that there is no misleading advertising and that the product has been properly tested, countering claims of "quietly delisting" the product due to sales issues [10][11]. - The company expressed concern over consumer anxiety caused by misinformation and reiterated its commitment to transparency and product integrity [10][11]. Group 3: Industry Reactions - Huaxi Biological publicly supported the claims made by "Big Mouth Doctor," indicating that they have conducted their own evaluations and testing of the product [11][14]. - Huaxi Biological criticized Giant Biological for alleged unethical marketing practices and indicated readiness to engage in a public discourse regarding product integrity [14][15].

华熙生物的下场无疑将"战况"再度升级，叠加此前，华熙生物炮轰"玻尿酸过时论"，华熙生物的此番下场战队，也被市场解读为是护肤成分市场中玻尿酸与 重组胶原蛋的路线之争。 出品｜搜狐财经 作者｜冯圆圆 端午假期期间，巨子生物产品造假风波再度升级。 6月1日晚间，华熙生物发文表示支持大嘴博士维护消费者权益；同时，已对大嘴博士发来的相关资料进行评估和第三方测试，且已得到结果。并表示，在其 公布结果之前，希望相关企业主动面对问题。 另一方面，巨子生物也在3小时后，发布了机构的道歉声明，同时表示对某上市公司的发言感到震惊又痛心。 一来一往，双方的发言均将矛头指向了对方。 可复美造假事件再升级 6月2日，知名大V大嘴博士再度发文"炮轰"巨子生物，剑指巨子生物对其合作的检测机构施压；同时表示，自己已联系不到当时负责检测的负责人。 （图片来源：大嘴博士颜究所） 大嘴博士的此番言论，再度将双方的"骂战"升级。 回顾时间线，5月24日，知名大V大嘴博士在微博发布了一则8分钟的视频，直指巨子生物旗下大单品可复美胶原蛋白精华的胶原蛋白含量造假。 （图片来源：大嘴博士微博） 据大嘴博士表示，巨子生物大单品可复美胶原蛋白精华中重组胶原蛋白的 ...

Group 1: Market Performance - Major indices experienced a rebound on June 4, with the Shanghai Composite Index rising by 0.42%, the Shenzhen Component Index by 0.87%, and the ChiNext Index by 1.11% [2] - Over 3,700 stocks in the Shanghai and Shenzhen markets saw gains, with a total trading volume of approximately 1.15 trillion yuan [2] Group 2: Beauty and Personal Care Sector - The beauty and personal care sector showed strong performance, with companies like Haoyue Care rising by 10% and Jinbo Biological by 7.36% [2] - A report from China Merchants Securities indicated that the cosmetics sector will continue to see performance differentiation in 2024 and Q1 2025, with leading domestic brands benefiting from competitive pricing and differentiated products [2] Group 3: AI and CPO Technology - Companies involved in AI and CPO technology saw significant gains, with Taicheng Light rising by 14.88% and Xinyi Sheng by over 7% [2][3] - Yole's report predicts that the CPO market will grow from $46 million in 2024 to $8.1 billion by 2030, with a compound annual growth rate of 137% [3] Group 4: Beer Industry - The beer sector also showed strength, with companies like Pinwo Food rising by 12.84% and Huichuan Beer by over 7% [3] - Analysts noted that the beer industry is in the late stage of capital expenditure, with potential for increased dividend payouts from state-owned enterprises [3] Group 5: Battery and Solid-State Battery Sector - The battery and solid-state battery sectors were active, with Keheng Co. rising by 20% and Nord Co. by 10% [4] - Solid-state batteries are expected to start vehicle verification by 2027 and achieve mass production by 2030, with projected shipments exceeding 65 GWh by that year [4] Group 6: Declining Sectors - The logistics and airport shipping sectors faced declines, with companies like China Eastern Airlines and Shentong Express experiencing downturns [5]

Policy Developments - The State Administration for Market Regulation announced ten typical cases of illegal advertising, with multiple cases involving the medical field, including one case related to medical device advertising and two cases concerning illegal drug advertising [2] - As of the end of April, a total of 11,459 illegal advertising cases were investigated, resulting in fines totaling 88.309 million yuan [2] Drug and Device Approvals - Shuyou Shen announced that its subsidiary received a notice from the National Medical Products Administration regarding the conditional listing application for "STSP-0601," a drug aimed at promoting rapid hemostasis for adult patients with hemophilia A or B [4] - Lepu Medical received registration approval from the NMPA for its self-developed polylactic acid facial filler, known as "童颜针," marking a significant milestone in the dermatology field [5] Capital Market Activities - Baiyang Pharmaceutical announced the release of 5.3 million shares from pledge by its controlling shareholder, representing 1.44% of the shares held by the shareholder and 1.01% of the company's total share capital [7] - Jincheng Pharmaceutical provided a guarantee of 5 million yuan for its wholly-owned subsidiary, Shandong Jincheng Biological Pharmaceutical Co., Ltd. [8] Industry Developments - AstraZeneca announced significant progress in the treatment of EGFR mutation-positive non-small cell lung cancer with MET amplification, with interim results from the SACHI Phase III study to be presented at the ASCO annual meeting [10][11] - Yuheng Pharmaceutical signed a market promotion service agreement with Eisai (China) Pharmaceutical for "Mikobao," which will enhance Yuheng's product pipeline and increase revenue [12] - New Scene Intelligence authorized BeiGene to develop universal cell therapy drugs based on a specific TCR molecule, with potential milestone payments and revenue sharing [13] - Buchang Pharmaceutical withdrew its clinical trial application for a rabies vaccine, indicating the need for further research before resubmission [14] Public Opinion Alerts - Huaxi Biological responded to recent controversies regarding recombinant collagen, emphasizing the importance of product quality over naming conventions [16] - Kangning Jerey announced a share transfer agreement involving 14.6 million shares, amounting to 117 million HKD [17]

Macro Insights - The Caixin China Manufacturing PMI fell to 48.3 in May, marking the first contraction since October of the previous year, with production and new orders both dropping to their lowest levels since December 2022 and October 2022 respectively [3] - The OECD has revised down its global GDP growth forecast for 2025 to 2.9%, previously at 3.1%, and also lowered the 2026 forecast from 3.0% to 2.9% [4] Bond Market Insights - In May, the issuance of ETFs experienced a decline for the fourth consecutive month, with only 11.068 billion units issued, the lowest in five months, while bond funds dominated the market with a 55.07% share [6] Corporate Alerts - Longshan City Investment announced that its chairman is under investigation for serious violations of discipline and law [7] - The Shaanxi Xixian New Area Development Group has 70.399 billion yuan in restricted assets, accounting for 88.87% of its net assets, with overdue financing amounts reaching 443 million yuan [8] - Shenzhen Longguang Holdings announced that its restructuring and grace period proposals were not approved, with total debts of 27.8532 billion yuan as of April 30, 2025 [9] - The Qinhan New City project has generated only 8.1 million yuan in revenue against an expected 260.2 million yuan due to macroeconomic slowdown [10] - Wenzhou Public Utilities Group reported an increase in borrowings of 3.824 billion yuan, representing 29.52% of its net assets as of the end of the previous year [11] Stock Market Insights - The Shenzhen Component Index and ChiNext Index will undergo sample adjustments, effective June 16, with multiple stocks being added [13] - NIO reported a Q1 2025 adjusted net loss of 6.279 billion yuan, compared to a net loss of 4.903 billion yuan in the same period last year [15] Industry Alerts - The Ministry of Commerce responded to the EU's proposed restrictions on Chinese companies participating in public procurement for medical devices, condemning it as a discriminatory measure [36] - The National Federation of Industry and Commerce's automotive dealers' association called for a resistance against "involutionary" competition, particularly price wars [37] - The domestic refined oil prices have increased for the fourth time this year, with gasoline and diesel prices rising by 65 yuan and 60 yuan per ton respectively [39] - The China Coal Transportation and Marketing Association reported weak coal consumption since April, with high inventory levels and declining prices [40]

Group 1 - The US has accused China of violating the Geneva consensus, while China's Ministry of Foreign Affairs has firmly opposed these accusations and emphasized the need for mutual respect and factual accuracy in bilateral relations [2][4] - The US President has announced an increase in tariffs on imported steel and aluminum from 25% to 50%, effective June 4, 2025 [2] - South Korea's presidential election results show Lee Jae-myung from the Democratic Party winning with a vote share of 49.42%, marking a significant political shift [2] Group 2 - Japan's 10-year government bond auction saw a significant increase in demand, with the bid-to-cover ratio rising from 2.54 to 3.66, indicating strong market interest [3] - China's Caixin Manufacturing PMI for May recorded 48.3, a decline of 2.1 percentage points from April, marking the first drop below the critical point since October 2024 [4][11] Group 3 - The Chinese Ministry of Commerce has initiated the "Service Consumption Season" for 2025, focusing on integrating various sectors to stimulate service consumption [5] - The second "Belt and Road" Science and Technology Exchange Conference is scheduled for June 10-12 in Chengdu, aiming to enhance international cooperation in technology [5] Group 4 - The Shenzhen Stock Exchange has announced a periodic adjustment of index samples, with changes effective from June 16, including the addition of several companies to various indices [6] - The Hong Kong stock market has seen 28 IPOs in 2025, raising a total of 776.8 billion HKD, with expectations for around 80 new listings by year-end [7] Group 5 - NIO reported Q1 2025 revenue of 12.035 billion CNY, up from 9.909 billion CNY year-on-year, with a projected delivery guidance of 72,000 to 75,000 vehicles for Q2 [8] - The Chinese trust industry managed assets worth 29.56 trillion CNY by the end of 2024, reflecting a growth of 23.58% year-on-year [14] Group 6 - The US stock market indices closed higher, with the Dow Jones up 0.51% and the S&P 500 up 0.58%, driven by strong performance in technology stocks [22] - The issuance of bonds by listed companies in China has exceeded 2.41 trillion CNY in 2025, showing an 11.79% year-on-year increase [25]

Market Overview - US stock indices collectively rose, with the Dow Jones up 0.51%, Nasdaq up 0.81%, and S&P 500 up 0.58%. Notable tech stocks like Broadcom and Nvidia saw increases of over 3% and 2% respectively, with Nvidia surpassing Microsoft to become the world's most valuable company at $3.445 trillion [4] - International oil prices increased, with WTI crude oil rising 1.31% to $63.34 per barrel and Brent crude oil up 1.47% to $65.58 per barrel [5] - European stock indices also closed higher, with Germany's DAX up 0.67%, France's CAC40 up 0.34%, and the UK's FTSE 100 up 0.15% [6] Company News - Xiaomi's founder Lei Jun stated that the company will not engage in price wars and that the rumored price of the Xiaomi YU7 at 235,900 yuan is not possible. The automotive business is expected to achieve profitability by Q3 or Q4 of 2025 [17] - NIO reported Q1 2025 revenue of 12.03 billion yuan, a year-on-year increase of over 21%. The company anticipates Q2 deliveries between 72,000 and 75,000 vehicles, a significant increase of 71% to 78% from the previous quarter [18] - Seres announced May sales of 39,982 electric vehicles, a year-on-year increase of 17.15%, with total sales for the first five months reaching 126,022 vehicles [22] - The Pang Donglai Group reported sales exceeding 10.176 billion yuan as of June 2, 2025, with supermarket sales being the highest at approximately 5.566 billion yuan [24] - Porsche has significantly reduced prices, with discounts on models like the Cayenne reaching up to 35%, making it available for 750,000 yuan [26] - China Citic Bank received approval to establish a financial asset investment company with a registered capital of 10 billion yuan, aimed at supporting market-oriented debt-to-equity swaps and equity investments [30] Regulatory and Industry Developments - The National Development and Reform Commission and other departments are organizing the 2025 New Energy Vehicle Rural Promotion Campaign, targeting areas with low adoption rates [9] - The China Automobile Dealers Association issued a statement opposing "involution" competition primarily through price wars, advocating for improved dealer conditions and inventory management [10] - The regulatory body is taking action against market disruptions caused by "small essays" that affect stock market stability [11]