Core Viewpoint - Huaxi Biological criticized ten research reports from nine brokerages, claiming they misled the market by promoting a "hyaluronic acid obsolescence theory" in favor of recombinant collagen products [2][3][5] Group 1: Research Reports Criticism - Huaxi Biological specifically named four reports from brokerages including Huatai Securities and Anxin Securities, which emphasized the advantages of recombinant collagen over hyaluronic acid in terms of efficacy and safety [3][5] - The reports in question did not explicitly use the term "obsolete" but suggested that collagen had superior applications in certain scenarios [5] - Huaxi Biological's article indicated that the emergence of the "hyaluronic acid obsolescence" narrative was driven by "restless capital" seeking new investment themes [3][9] Group 2: Timeline and Context - The criticism of the research reports is rooted in a timeline starting from 2022, when the recombinant collagen concept gained traction in the capital market [7][10] - Huaxi Biological itself entered the recombinant collagen market in April 2022 by acquiring a 51% stake in Beijing Yierkang Biological Engineering for 233 million yuan [9] - The reports were published between 2022 and 2024, with the earliest being from August 2022 and the latest from February 2024 [8] Group 3: Regulatory and Compliance Issues - The article raised questions about the compliance and independence of the research reports, referencing the "Interim Regulations on the Release of Securities Research Reports" which mandates objectivity and fairness [10][11] - There were indications that some brokerages had deleted the criticized reports from the WIND platform, although they remained accessible on other platforms like Choice [5][11] - The production process of research reports involves ensuring data legality and undergoing compliance checks before publication, highlighting the importance of rigorous standards in the industry [11]

沪指5月22日下跌0.22%，申万所属行业中，今日上涨的有3个，涨幅居前的行业为银行、传媒、家用电 器，涨幅分别为1.00%、0.12%、0.04%。跌幅居前的行业为美容护理、社会服务，跌幅分别为2.03%、 1.80%。美容护理行业位居今日跌幅榜首位。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002094 | 青岛金王 | 6.60 | 38.89 | 49250.10 | | 600249 | 两面针 | 4.83 | 22.21 | 16705.65 | | 001328 | 登康口腔 | 2.73 | 14.01 | 2803.29 | | 688363 | 华熙生物 | -1.01 | 1.08 | 1449.76 | | 002511 | 中顺洁柔 | -0.14 | 1.34 | 1289.38 | | 300886 | 华业香料 | -5.41 | 21.25 | 262.17 | | 300955 | 嘉亨家化 | 3.58 | 24.50 | 122.21 | | 30 ...

Core Viewpoint - The ongoing debate between hyaluronic acid and recombinant collagen in the capital market highlights the challenges faced by companies like Huaxi Biological, which is experiencing a decline in revenue and net profit after reaching a peak in 2022 [2][6]. Group 1: Company Response and Market Dynamics - Huaxi Biological criticized the recent reports from several securities firms that favor recombinant collagen over hyaluronic acid, claiming these reports misrepresent the safety and efficacy of hyaluronic acid [3][4]. - The company emphasized the importance of a healthy industry ecosystem, stating that without it, no company can achieve long-term success or maintain competitive advantages [5][6]. - Huaxi Biological is undergoing a comprehensive management transformation in 2024, including business process restructuring and digitalization, to address the challenges in the current operating environment [2][6]. Group 2: Financial Performance - In 2024, Huaxi Biological reported a 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% [6]. - The skin science innovation business, which accounts for nearly half of the company's revenue, saw a significant decline of 31.62% in revenue, totaling 2.569 billion yuan [6]. - In contrast, the medical terminal business achieved a revenue of 1.44 billion yuan in 2024, marking a growth of 32.03% [7]. Group 3: Industry Trends and Competition - The medical aesthetics industry is witnessing a shift from hyaluronic acid to recombinant collagen and other regenerative products, driven by evolving consumer preferences and technological advancements [5][9]. - The market for recombinant collagen is growing rapidly, with companies like Jinbo Biological and Giant Bio achieving substantial revenue increases in 2024, indicating a competitive landscape with low market concentration [8][9]. - Huaxi Biological is also investing in recombinant collagen research and development, aiming to leverage synthetic biology for technological upgrades and high-quality applications [7][8].

5月21日晚间，华熙生物官方公众号发布消息，再次就透明质酸、重组胶原蛋白等问题进行回应。 在谈到对透明质酸市场的现在和未来看法时，华熙生物表示，任何产业领域都有一个共同点：当某一领域展现出良好 的赚钱效应后就会吸引大量资本和企业涌入，随之引发价格和利润的下滑。这个现象在透明质酸领域发生过，在其他 任何领域都会发生。 但并非所有的企业都会在低端竞争，华熙生物的进阶道路并非特殊，是在中国很多企业中发生过的，这就是进入高端 透明质酸市场，做精做深，做出新的延伸和高度。在医用和试验用的高端透明质酸和生物制造领域，华熙生物依靠健 全的酶库和全球最大的中式转化平台，占据着高端市场技术与品牌的制高点，并依靠透明质酸打开了庞大的糖生物产 业和细胞生物学的认知窗口。 对于如何看待重组胶原蛋白，华熙生物方面指出，首先，就像不能比较肝脏与肾脏孰强孰弱一样，在很多场景下，也 无法比较透明质酸（HA）与胶原蛋白孰强孰弱。透明质酸和胶原蛋白都是人体重要的物质，透明质酸与胶原蛋白的 互动，构成了细胞外基质ECM功能的核心，这两个物质形成了信号共生、力学共生、病理共损的三重关系： 1、在力学层面，HA凭借其卓越的高保水性和粘弹性，在细胞外基 ...

Core Viewpoint - The article discusses the conflict between Huaxi Biological and several securities firms regarding the comparison of hyaluronic acid and recombinant collagen protein, with Huaxi asserting that the notion of hyaluronic acid being outdated is a misleading narrative driven by "restless capital" [2][11]. Summary by Sections Company Background - Huaxi Biological, once a darling of the capital market, saw its stock peak at 313.1 yuan and market capitalization exceed 150 billion yuan, but has since experienced a significant decline, with its stock price dropping to 52.61 yuan and market cap to 25.3 billion yuan as of May 21 [3][12]. Market Dynamics - The rise of recombinant collagen protein companies like Juzhi Biological and Jinbo Biological has shifted capital focus, with these companies achieving record highs in stock prices [4][14]. - Huaxi Biological's performance has been declining, particularly in its functional skincare segment, while the recombinant collagen protein sector is experiencing rapid growth [4][20]. Securities Firms' Reports - Huaxi Biological criticized reports from nine securities firms that favor recombinant collagen over hyaluronic acid, claiming these reports mislead the market [6][9]. - Specific reports from Huatai Securities, Guojin Securities, and others highlighted the advantages of recombinant collagen, such as its biological features and safety, which Huaxi disputes [7][8]. Industry Trends - The market for recombinant collagen products in China is projected to grow at a compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 [12]. - Huaxi Biological's sales of hyaluronic acid accounted for 44% of the global market in 2021, but its revenue has been declining due to challenges in its functional skincare business [12][17]. Financial Performance - Huaxi Biological's revenue and net profit have been declining, with 2023 revenue at 6.08 billion yuan and a net profit of 593 million yuan, reflecting a year-on-year decrease of 4.45% and 38.97%, respectively [17][18]. - The company's functional skincare revenue peaked in 2022 but has since dropped, leading to overall performance issues [17][19]. Strategic Response - In response to declining performance, Huaxi Biological is restructuring its management and focusing on core competencies, including a shift in branding and operational strategies [19][20]. - The company has also made acquisitions to enter the collagen market, although its recent acquisition has not yet proven profitable [20]. Competitive Landscape - The article notes that both hyaluronic acid and recombinant collagen have their respective advantages, with hyaluronic acid still holding a competitive edge in certain applications despite market challenges [21].

Core Viewpoint - The article discusses the conflict between Huaxi Biological and several brokerage firms regarding the comparison of hyaluronic acid and recombinant collagen protein, with Huaxi asserting that the notion of hyaluronic acid being outdated is a misleading narrative driven by "restless capital" [1][9]. Group 1: Company Performance - Huaxi Biological's stock price peaked at 313.1 yuan with a market value exceeding 150 billion yuan, but as of May 21, it has plummeted to 52.61 yuan, with a market value of only 25.3 billion yuan, representing a loss of over 120 billion yuan in market capitalization [2][10]. - The company's revenue for 2023 and 2024 was 6.076 billion yuan and 5.371 billion yuan, respectively, showing a year-on-year decline of 4.45% and 11.61% [14]. - The net profit attributable to shareholders for the same years was 593 million yuan and 174 million yuan, reflecting a significant decline of 38.97% and 70.59% [14]. Group 2: Market Dynamics - The market is witnessing a shift in focus from hyaluronic acid to recombinant collagen protein, with companies like Juzhi Biological and Jinbo Biological experiencing significant stock price increases and strong revenue growth [12][17]. - The recombinant collagen protein market in China is projected to grow at a compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 [9]. Group 3: Industry Comparison - Huaxi Biological argues that the claims made by brokerage reports regarding the superiority of recombinant collagen protein over hyaluronic acid are misleading and lack scientific backing [5][18]. - Both hyaluronic acid and recombinant collagen protein have their respective advantages in different applications, with hyaluronic acid still holding competitive strength due to its established market presence [18]. Group 4: Company Strategy - In response to declining performance, Huaxi Biological is restructuring its management and focusing on core competencies, including a renewed emphasis on its strengths in hyaluronic acid [16]. - The company has also made strategic acquisitions, such as a 51% stake in Beijing Yierkang Biological Engineering, to enter the animal-derived collagen protein market, although this subsidiary reported losses in 2024 [17].

Core Viewpoint - Huaxi Biological (688363.SZ) criticizes certain brokerage reports for misleading the market regarding the hyaluronic acid (HA) industry, claiming that these reports promote the idea that HA is outdated and misrepresent its value compared to recombinant collagen [1][2][5] Group 1: Criticism of Brokerage Reports - Huaxi Biological specifically names brokerages such as Western Securities, Anxin Securities, and Xinda Securities, accusing them of publishing misleading conclusions that favor recombinant collagen over hyaluronic acid [1][2][4] - The company argues that these reports distort scientific facts and mislead consumers, damaging the trust in the Chinese biotechnology and medical aesthetics industry [1][6] - Huaxi Biological emphasizes the importance of maintaining a fair competitive environment and the integrity of scientific information in the industry [1][6] Group 2: Market Dynamics and Competition - The criticism from Huaxi Biological is seen as a response to the rising competition from Juzhi Biological (02367.HK), which focuses on recombinant collagen and has been gaining market traction [1][8][12] - Huaxi Biological's performance has been declining, with projected revenues and net profits for 2024 showing significant decreases compared to previous years, while Juzhi Biological has experienced substantial growth [10][12] - The company highlights that the narrative of HA being outdated is a construct of "restless capital" aiming to shift focus to new market trends, which undermines the established value of HA [13][14] Group 3: Industry Support and Response - Following Huaxi Biological's statements, two industry associations, the China Fragrance and Cosmetic Industry Association and the China Aesthetic Medicine Association, issued a joint initiative advocating for scientific integrity and ethical marketing practices [7] - Huaxi Biological reports that many institutions have retracted erroneous reports and some have issued apologies, indicating a recognition of the misleading nature of the previous analyses [6][12] - The company maintains ongoing communication with brokerage firms regarding the accuracy of research reports and their implications for the industry [6][12]

Core Viewpoint - The article discusses the conflict between Huaxi Biological and several brokerage firms regarding the comparison of hyaluronic acid and recombinant collagen protein, with Huaxi asserting that the notion of hyaluronic acid being outdated is misleading and driven by "restless capital" [1][7]. Company Overview - Huaxi Biological specializes in hyaluronic acid-related products and has faced significant stock price and market capitalization declines since reaching a peak in July 2021, with its stock price dropping from 313.1 yuan to 52.61 yuan as of May 21, 2023, resulting in a market cap reduction from over 1500 billion yuan to 253 billion yuan [2][8]. - The company has reported continuous revenue declines, with revenues of 60.76 billion yuan and 53.71 billion yuan for 2023 and 2024, respectively, representing year-on-year decreases of 4.45% and 11.61% [10]. Industry Dynamics - The market has seen a shift in focus towards recombinant collagen protein, with companies like Juzhi Biological and Jinbo Biological experiencing significant stock price increases and revenue growth, contrasting with Huaxi's struggles [2][13]. - The recombinant collagen protein market in China is projected to grow at a compound annual growth rate of 44.93%, reaching 585.7 billion yuan by 2025 [7]. Performance Comparison - Juzhi Biological's revenues for 2022, 2023, and 2024 were 23.75 billion yuan, 35.26 billion yuan, and 55.39 billion yuan, respectively, with year-on-year growth rates around 50% [13]. - Jinbo Biological's revenues during the same period were 3.9 billion yuan, 7.8 billion yuan, and 14.43 billion yuan, with growth rates of 67.15%, 99.97%, and 84.92% [13]. Regulatory and Market Response - Huaxi Biological has reported the brokerage firms to the China Securities Regulatory Commission for allegedly misleading reports that could distort market perceptions [1][3]. - The company has emphasized the need for a healthy industry ecosystem and has engaged with industry associations to advocate for a return to scientific principles in the market [5][7].

Core Viewpoint - Huaxi Biological has publicly criticized several securities firms for promoting collagen products and suggesting that hyaluronic acid is "outdated," indicating a defensive stance amid declining performance and market competition [1][2][3] Company Performance - Huaxi Biological started with hyaluronic acid and holds nearly 50% of the global market share, expanding into medical products, skincare, and functional foods [5][6] - Despite maintaining positive growth during the pandemic years of 2020 and 2021, the company's revenue and profit have declined since 2021, with net profits projected to drop from 9.71 billion yuan in 2022 to 1.74 billion yuan in 2024 [10] - The company's market capitalization has plummeted from over 140 billion yuan in 2021 to 25.3 billion yuan as of May 21, 2025 [10] Market Comparison - In contrast, competitors like Juzhi Biological and Jinbo Biological have seen significant growth, with Juzhi's net profits increasing from 1 billion yuan in 2022 to 20.62 billion yuan in 2024, and Jinbo's from 1.09 billion yuan to 7.31 billion yuan in the same period [14] - Both companies have also achieved substantial stock price increases, with market capitalizations of 87.5 billion HKD and 51.1 billion yuan, respectively [14] Industry Dynamics - The rise of collagen products has created a competitive threat to hyaluronic acid, with market trends favoring new ingredients [15][18] - The demand for collagen is expected to exceed supply, with projections indicating a production of 200,000 tons against a demand of over 220,000 tons by 2025 [19] Challenges Ahead - Despite Huaxi's efforts to defend hyaluronic acid, the company faces challenges due to internal management issues and a tarnished brand image, which may hinder future sales growth [20][21] - The company's recent foray into collagen products has not yet shown significant revenue impact, suggesting ongoing struggles in adapting to market changes [21]

Group 1: Industry Dynamics - The medical beauty industry is experiencing a shift from technology competition to capital narrative, as highlighted by Huaxi Biological's recent criticism of major brokerages for downplaying hyaluronic acid in favor of collagen products [2][7] - The market for hyaluronic acid is becoming increasingly competitive, with over 50 approved Class III medical devices and more than 400 circulating brands in China by 2024, leading to a saturation of supply [8][9] - Emerging alternative materials, such as hydroxyapatite and recombinant collagen, are reshaping the market landscape, with predictions that the collagen market in China will reach 173.8 billion yuan by 2027, with recombinant collagen accounting for over 60% [9][6] Group 2: Company Performance - Huaxi Biological's revenue declined from 6.359 billion yuan in 2022 to 5.371 billion yuan in 2024, with net profit dropping from 961 million yuan to 174 million yuan, and a further 58.13% decrease in Q1 2025 net profit year-on-year [7][10] - Aimei Ke's revenue growth slowed to a historical low of 5% in 2024, with its flagship product "Hi Body" achieving 314 million yuan in sales, but injection product growth rates fell to single digits [7] - Haohai Biological's revenue for 2024 was 2.698 billion yuan, a slight increase of 1.64%, but its ophthalmology and orthopedics businesses faced significant declines due to centralized procurement policies [7] Group 3: Marketing Strategies - The marketing strategies in the medical beauty sector are evolving, with institutions leveraging consumer psychology to shift focus from hyaluronic acid to collagen products, promoting the latter as safer and more effective [5][4] - Social media plays a crucial role in shaping consumer perceptions, with narratives around collagen's benefits and the risks associated with hyaluronic acid injections driving consumer behavior [5][4] - The pricing dynamics show that while hyaluronic acid injections are becoming more affordable, collagen injections remain significantly more expensive, creating a new revenue opportunity for institutions [4][6]