Group 1 - The medical beauty sector experienced a slight decline of 0.06% on September 26, with Jinbo Biological leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - The individual stock performance in the medical beauty sector showed mixed results, with Aimeike increasing by 1.31% to 182.21, while Jinbo Biological decreased by 1.43% to 286.15 [1] Group 2 - The net capital outflow from the medical beauty sector amounted to 23.59 million yuan, while retail investors saw a net outflow of 35.19 million yuan [1] - Institutional investors had a net inflow of 58.78 million yuan into the sector [1] - Detailed capital flow data for individual stocks indicated significant variations, with Aimeike experiencing a net outflow of 42.64 million yuan, while ST Meigu saw a net inflow of 4.09 million yuan [2]

Core Viewpoint - The investment in Saint Nor Pharmaceutical is a strategic move for the company to enhance its position in the biopharmaceutical sector, particularly in innovative drug development and to leverage synergies in its core business areas [1][2]. Investment Strategy - The investment amount is approximately HKD 138 million, funded entirely from the company's own resources, and will be paid in installments as per the agreement [2]. - The company recognizes the long development cycles and high risks associated with small nucleic acid drug research and has established risk control and exit arrangements through the investment agreement [2]. Business Development - The company reported a steady increase in sales revenue from its innovative hyaluronic acid products and other bioactive substances, accounting for over 23% of total sales in the first half of 2025 [3]. - Six new bioactive raw material products have been launched, including Hyatrue® cross-linked sodium hyaluronate and BloomColla® recombinant type III humanized collagen [3]. Operational Adjustments - The company has undergone systematic adjustments in its operational philosophy and business direction since March 2025, leading to a significant reduction in sales expense ratio by 12.46 percentage points year-on-year in Q2 [4]. - The focus is on transforming consumer products based on long-term technological barriers and scientific assets, particularly in the fields of cell biology and glycoscience [5]. Organizational Changes - The company is shifting away from hiring external "professional operators" and is instead selecting and training entrepreneurial talents who align with the company's values for management positions [6]. - A one-time management expense of approximately CNY 29 million was incurred during this transition, aimed at laying a solid foundation for long-term development [6]. Scientific Communication - The company is committed to reshaping its scientific image and defending scientific values, aiming to establish a rigorous scientific communication system to counter misinformation in the industry [6].

Group 1 - The medical beauty sector experienced a slight increase of 0.05% on September 25, with *ST Meigu leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - The trading volume and turnover for *ST Meigu were 216,900 hands and 70.9732 million yuan, respectively, with a price increase of 3.14% [1] Group 2 - The medical beauty sector saw a net outflow of 26.412 million yuan from institutional funds, while retail investors contributed a net inflow of 10.4691 million yuan [1] - The individual stock performance showed *ST Meigu with a net inflow of 10.6411 million yuan, while Huaxi Biological and Aimeike experienced net outflows of 3.1146 million yuan and 26.2049 million yuan, respectively [2]

Core Points - The controlling shareholder of Hyaluronic Acid Giant, Huaxi Biological, has increased its shareholding from 59.17% to 60.01%, with an investment exceeding 200 million RMB in just over a month [1][2] - The company has faced continuous performance decline over the past two years, with revenue and net profit dropping significantly [4][6] - Chairman Zhao Yan has returned to the front line of business, implementing a series of reforms to revitalize the company [3][4] Shareholding Increase - Huaxi Xingyu Investment Co., the controlling shareholder, acquired 4.036842 million shares between August 27 and September 19, 2025, raising its total shareholding to approximately 287.54 million shares [1] - The total investment amount for the share increase is projected to be around 250 million RMB, with plans to invest between 200 million and 300 million RMB within six months [2] Business Performance - Huaxi Biological's revenue for 2022, 2023, and 2024 was 6.359 billion RMB, 6.076 billion RMB, and 5.371 billion RMB, respectively, with net profits of 971 million RMB, 593 million RMB, and 174 million RMB [4] - The company's stock price has seen a drastic decline, with a maximum drop of 86.45% from its peak of 312.99 RMB in late 2021 to a low of 42.40 RMB in April 2025 [4] Management Changes - Several vice presidents have left the company as part of a management restructuring aimed at streamlining operations [4][5] - The company is focusing on a talent team with actionable capabilities and a strategic emphasis on scientific research [3] Revenue Breakdown - In the first half of 2025, Huaxi Biological reported a revenue of 2.261 billion RMB, a year-on-year decrease of 19.57%, with a net profit of 221 million RMB, down 35.38% [6] - The skin science innovation transformation business, the largest segment, generated 912 million RMB, a decline of 33.97%, while the nutrition science innovation transformation business saw a growth of 32.40% [6]

Core Viewpoint - The stock of Giant Bio (02367) experienced a significant decline of 15% during trading, with a current drop of 11.8%, trading at HKD 54.2, and a transaction volume of HKD 1.716 billion. This decline is linked to allegations regarding the quality of its collagen products, which have raised concerns about potential false advertising [1]. Group 1: Company Response and Actions - Huaxi Biological has officially responded to the situation involving Dr. Hao Yu, stating that after receiving his request for assistance, it collaborated with multiple third-party testing organizations to assess the relevant products, revealing that the recombinant collagen content did not meet standards in several test results [1]. - Huaxi Biological has submitted dozens of test reports to the National Medical Products Administration, indicating a proactive approach to addressing the allegations [1]. Group 2: Allegations and Product Quality Issues - On May 24, beauty blogger Dr. Hao Yu published a report claiming that the collagen content in Giant Bio's "Collagen Stick" was only 0.0177%, significantly below the advertised standard, and that a key amino acid, glycine, was "not detected," raising suspicions of false advertising [1]. - Giant Bio quickly denied these claims, asserting that their products comply with regulations and that internal testing results exceed 0.1% [1]. - Following a series of exchanges, on June 23, Giant Bio acknowledged that its existing quality standards, testing methods, and labeling have shown limitations in certain aspects [1].

Core Viewpoint - The stock of Giant Bio (02367) experienced a significant decline of 15% during trading, with a current drop of 11.8%, trading at HKD 54.2, and a transaction volume of HKD 1.716 billion [1] Group 1: Company Response and Actions - Huaxi Bio has officially responded to the controversy surrounding Dr. Hao Yu, stating that it has collaborated with multiple third-party testing organizations to assess related products, revealing that the recombinant collagen protein content did not meet standards in several test results [1] - Huaxi Bio has submitted dozens of test reports to the National Medical Products Administration [1] - Giant Bio quickly denied the allegations, asserting that its product complies with standards and that internal testing results exceed 0.1% [1] Group 2: Controversy and Public Reactions - On May 24, beauty blogger Dr. Hao Yu released a test report claiming that the actual recombinant collagen protein content in Giant Bio's "Collagen Stick" was only 0.0177%, significantly lower than advertised, and that the key amino acid glycine was "not detected," raising concerns of false advertising [1] - Following the initial claims, Giant Bio received an apology from the testing organization used by Dr. Hao Yu, stating that it had "never authorized Dr. Hao to use the report" [1] - On June 23, Giant Bio acknowledged that its "existing quality standards, testing methods, and labeling have gradually shown limitations in certain aspects" [1]

Core Viewpoint - The stock of Giant Bio (02367) experienced a significant decline of 15% during trading, with a current drop of 11.8%, trading at HKD 54.2, and a transaction volume of HKD 1.716 billion. This decline is linked to allegations regarding the quality of its collagen products, which have raised concerns about potential false advertising [1]. Group 1: Company Response and Actions - Huaxi Biological has officially responded to the situation involving Dr. Hao Yu, stating that after receiving his request for assistance, it collaborated with multiple third-party testing organizations to conduct tests on related products, revealing that the recombinant collagen content did not meet standards [1]. - Huaxi Biological has submitted dozens of test reports to the National Medical Products Administration, indicating a proactive approach to address the allegations [1]. Group 2: Allegations and Product Quality Issues - On May 24, beauty blogger Dr. Hao Yu released a report claiming that the actual recombinant collagen content in Giant Bio's "Collagen Stick" was only 0.0177%, significantly lower than advertised, and that a key amino acid, glycine, was "not detected," raising suspicions of false advertising [1]. - Giant Bio quickly denied these claims, asserting that its products comply with regulations and that internal testing showed results exceeding 0.1% [1]. - On June 23, Giant Bio acknowledged that its existing quality standards, testing methods, and labeling have shown limitations in certain aspects, indicating a recognition of potential issues within its product quality assurance processes [1].

Core Viewpoint - The stock of Giant Bio (02367) has dropped over 4%, currently trading at 58.9 HKD with a transaction volume of 272 million HKD, following allegations regarding the quality of its collagen products [1] Group 1: Company Response and Allegations - Huaxi Bio has officially responded to the allegations surrounding Dr. Hao Yu, stating that it has conducted tests with multiple third-party institutions, revealing that the recombinant collagen content in related products did not meet standards [1] - Huaxi Bio has submitted dozens of test reports to the National Medical Products Administration, indicating a serious approach to addressing the quality concerns raised [1] - The controversy began in May when beauty blogger Dr. Hao Yu accused Giant Bio's product "Collagen Stick" of having a recombinant collagen content of only 0.0177%, significantly below the 0.1% non-trace addition standard [1] Group 2: Ongoing Disputes and Company Statements - Giant Bio quickly denied the allegations, asserting that its products comply with regulations and that internal testing results exceed the 0.1% standard [1] - On June 1, Huaxi Bio publicly supported Dr. Hao Yu, intensifying the conflict between the two parties [1] - Following a series of exchanges, Giant Bio acknowledged on June 23 that its existing quality standards, testing methods, and labeling have shown limitations in certain aspects [1]

Core Viewpoint - The stock of Giant Bio (02367) has dropped over 4%, currently trading at 58.9 HKD with a transaction volume of 272 million HKD, following allegations regarding the quality of its collagen products [1] Group 1: Company Developments - Huaxi Bio has officially responded to the controversy surrounding Dr. Hao Yu, revealing that it has conducted tests on related products in collaboration with multiple third-party testing agencies, which indicated that the recombinant collagen content did not meet standards [1] - Huaxi Bio has submitted dozens of test reports to the National Medical Products Administration, highlighting the seriousness of the findings [1] - In May, beauty blogger Dr. Hao Yu accused Giant Bio's product "Collagen Stick" of having a recombinant collagen content of only 0.0177%, significantly below the 0.1% non-trace addition standard, and lacking the core amino acid glycine [1] Group 2: Company Responses - Giant Bio quickly denied the allegations, asserting that its products comply with regulations and that internal testing results exceed the 0.1% standard [1] - On June 1, Huaxi Bio publicly supported Dr. Hao Yu, indicating a division in the industry regarding the quality of Giant Bio's products [1] - Following a series of exchanges, on June 23, Giant Bio acknowledged that its existing quality standards, testing methods, and labeling have shown limitations in certain aspects [1]

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