Core Viewpoint - The article discusses the escalating conflict between two major players in the biocosmetics industry, Huaxi Biological and Juzhi Biological, triggered by a dispute over product testing results and allegations of misleading information [2][5][10]. Group 1: Company Statements and Actions - On June 1, Huaxi Biological issued a statement supporting Dr. Hao Yu in maintaining consumer rights and announced the initiation of a third-party retesting process [2]. - Juzhi Biological responded swiftly, revealing that they had received an apology from the testing agency used by Dr. Hao, claiming that the agency had not authorized him to use the testing report [5]. - Dr. Hao later reported difficulties in contacting the testing agency, leading to a stalemate in the dispute [7][9]. Group 2: Regulatory and Market Reactions - The conflict has drawn regulatory attention, with Huaxi Biological reporting misleading research reports to the China Securities Regulatory Commission [9]. - Huaxi Biological's revenue for 2023 is projected to decline by 4.45% to 6.076 billion yuan, with a significant drop in net profit by 42.44% to 490 million yuan [14]. - Juzhi Biological, on the other hand, has seen substantial growth, with revenue increasing from 2.36 billion yuan in 2022 to 5.539 billion yuan in 2024, reflecting an average annual growth rate of nearly 50% [15]. Group 3: Industry Dynamics and Trends - The article highlights a shift in consumer demand from hyaluronic acid to recombinant collagen, indicating a fundamental change in industry competition [18]. - The cost of producing hyaluronic acid has significantly decreased due to technological advancements, leading to a reduction in profit margins and the erosion of traditional market barriers [18][19]. - New entrants in the market, such as Meiliu Biotechnology, are further driving down costs, potentially disrupting the high-price structure of the recombinant collagen market [19][20].

为了增进公众对透明质酸的了解，并推动中国透明质酸产业的升级与发展，华熙生物在2023年首届中国（济南）透明质酸产业大会上联合多家行业单位，倡 议将每年的6月3日设立为"透明质酸健康日"。 从 " 标准制定 " 到 " 国际话语权构建 " 改写行业规则的中国力量 "透明质酸健康日"的倡导设立，背后藏着华熙生物在透明质酸产业领域的绝对话语权，同时也印证着华熙生物在透明质酸领域所取得的诸多突破性成就。 作为透明质酸行业龙头，华熙生物主导修订了欧洲药典、中国药典相关标准，并推动 5 项国家标准落地。2024年7月1日，由华熙生物主导修订的QB/T 4576- 2023《透明质酸钠》行业标准正式实施。这一新版标准取代了原有的QB/T 4576-2013版本，正式将"透明质酸"、"玻尿酸"等商品化名称纳入标准文件。作为 新标准的第一起草单位，华熙生物全程深度参与了该标准的立项、起草和验证的全过程。公司不仅修订了多项技术指标，更推动了专利技术——"高效液相 色谱法"（专利号：ZL201110202860.X）作为测定透明质酸钠含量的方法，首次被纳入行业标准。此项技术的标准化，进一步为透明质酸钠含量的量化测定 提供科学的操作 ...

Core Viewpoint - The article discusses whether hyaluronic acid (HA) has become "outdated" in the industry and capital markets, emphasizing its ongoing technological breakthroughs and potential for further industrial application [1][4]. Group 1: Industry Overview - China has become the world's largest producer of hyaluronic acid, accounting for over 84% of global sales in 2023, with major companies like Huaxi Biological and Furuida leading the market [4][12]. - The application of hyaluronic acid spans various fields, including medical aesthetics, pharmaceuticals, skincare, and food, indicating a broad market potential [9][10]. Group 2: Technological Advancements - Technological breakthroughs have significantly reduced production costs and expanded application scenarios for hyaluronic acid, with production efficiency increasing from 3g/L to 12-14g/L through fermentation technology [13][19]. - The introduction of cross-linking technology has transformed hyaluronic acid from a liquid to a gel state, enhancing its utility in minimally invasive aesthetic procedures [8][18]. Group 3: Market Dynamics - The market for hyaluronic acid is experiencing increased competition, leading to price wars and a decline in product differentiation, with injection products priced between 600-800 RMB, and some below 100 RMB [14]. - Major companies like Huaxi Biological and Aimeike are facing challenges in revenue growth due to price reductions and market saturation, despite some product lines performing well [14][16]. Group 4: Future Directions - The future of hyaluronic acid lies in expanding its applications in medical devices, cosmetics, and food products, with a focus on developing new formulations and improving compliance with regulatory standards [17][18]. - Companies are exploring regenerative capabilities of hyaluronic acid, aiming to enhance its effectiveness and comfort in applications, indicating a shift from mere filling to regenerative functions [18][19].

Core Viewpoint - The conflict between Huaxi Biological and Juzi Biological has escalated into a public confrontation over product integrity and industry standards, with both companies making serious allegations against each other regarding the authenticity of their products and testing methods [1][3][16]. Group 1: Company Actions and Statements - Huaxi Biological announced a capital relationship with Dr. Hao Yu, holding 32.4% of the shares in his company, and positioned it as an important member of the "Huaxi ecosystem," promising technical support and personal protection [1][6]. - Huaxi's statement accused Juzi Biological of manipulating public opinion and demanded that they address product integrity issues, threatening to disclose third-party testing evidence if they do not comply [1][7]. - Juzi Biological quickly countered by claiming that the testing agency used by Dr. Hao had not authorized him to use their report and accused Huaxi of maliciously distorting facts [9][12]. Group 2: Market Reactions and Financial Implications - Following the public dispute, Juzi Biological's stock price fell over 4.69%, while Huaxi Biological's stock rose by 6.94%, indicating market concerns about Juzi's upcoming performance during the critical "618" shopping festival [2][12]. - Juzi's flagship product, "Collagen Stick," is projected to generate 3.6 billion yuan in revenue in 2024, raising concerns about the impact of the ongoing controversy on consumer trust and potential sales [2][14]. - In contrast, Huaxi Biological reported a revenue decline of 11.61% year-on-year for 2024, with a net profit drop of 70.59%, highlighting the financial pressures both companies are facing [15]. Group 3: Industry Context and Future Outlook - The dispute reflects a broader competition between two technological routes in the medical beauty industry: the hyaluronic acid camp represented by Huaxi Biological and the recombinant collagen camp represented by Juzi Biological [14][16]. - The market for collagen-based skincare products is expected to surpass that of hyaluronic acid by 2026, with a compound annual growth rate of 52.6%, attracting numerous companies to enter the sector [14]. - The ongoing conflict may lead to increased scrutiny from regulatory bodies, as the lack of clear testing standards for recombinant collagen has resulted in divergent claims from both companies [9][11].

Market Overview - As of 13:59 today, the Shanghai Composite Index stands at 3359.41 points, above the six-month moving average, with a change of 0.36% [1] - The total trading volume of A-shares today is 938.825 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 166 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Dahongli (300865) with a deviation rate of 17.40% and a daily increase of 19.98% [1] - Guangshentang (300436) with a deviation rate of 9.85% and a daily increase of 12.37% [1] - Huaxibio (688363) with a deviation rate of 6.23% and a daily increase of 7.12% [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Fusenmei (300629) with a deviation rate of 5.78% and a daily increase of 12.98% [1] - Weidao Nano (600037) with a deviation rate of 5.44% and a daily increase of 7.16% [1] - Huaping Co. (603320) with a deviation rate of 5.10% and a daily increase of 7.27% [1]

Market Overview - The Shanghai Composite Index closed at 3363.48 points, above the five-day moving average, with an increase of 0.48% [1] - The total trading volume of A-shares reached 763.885 billion yuan [1] Stock Performance - A total of 929 A-shares broke through the five-day moving average today [1] - Stocks with significant deviation rates include: - Laisai Laser (21.79%) - Kangliyuan (11.86%) - Mankalon (10.78%) [1] Top Stocks by Deviation Rate - Laisai Laser (871263): - Today's change: +30.00% - Turnover rate: 38.87% - Five-day moving average: 19.53 yuan - Latest price: 23.79 yuan - Deviation rate: 21.79% [1] - Kangliyuan (301287): - Today's change: +17.32% - Turnover rate: 32.85% - Five-day moving average: 35.00 yuan - Latest price: 39.15 yuan - Deviation rate: 11.86% [1] - Mankalon (300945): - Today's change: +19.98% - Turnover rate: 18.47% - Five-day moving average: 22.66 yuan - Latest price: 25.10 yuan - Deviation rate: 10.78% [1] Additional Notable Stocks - Beitaini (300957): - Today's change: +11.83% - Turnover rate: 4.22% - Five-day moving average: 45.58 yuan - Latest price: 49.44 yuan - Deviation rate: 8.48% [1] - Jiuling Technology (873305): - Today's change: +10.00% - Turnover rate: 13.81% - Five-day moving average: 42.79 yuan - Latest price: 46.20 yuan - Deviation rate: 7.98% [1]

Core Viewpoint - Hyaluronic acid is not just a moisturizing agent but has vast applications in pharmaceuticals, medical aesthetics, skincare, and health foods, indicating a significant growth potential in various sectors [1][2][4]. Industry Overview - The hyaluronic acid market is primarily dominated by three major companies: Huaxi Biological, Aimeike, and Haohai Biological, collectively referred to as the "big three" in the industry, with market capitalizations exceeding 100 billion yuan for Huaxi Biological and Aimeike at one point [2][3]. - In 2023, China accounted for 84% of the global hyaluronic acid raw material sales, establishing itself as the largest producer, with Shandong province being the key production hub [7][8]. Application Scenarios - Hyaluronic acid is widely used in the medical aesthetics sector, particularly in non-surgical procedures like water light needles and injection fillers, due to its excellent moisture retention and filling properties [3][4]. - The applications of hyaluronic acid have expanded from ophthalmology to include various medical fields, such as joint lubrication, vascular permeability regulation, and wound healing [5][14]. Technological Advancements - Huaxi Biological has significantly improved the production efficiency of hyaluronic acid through microbial fermentation technology, increasing the yield from 3g/L to 12-14g/L and reducing production time from 72 hours to 18 hours [8][13]. - The introduction of cross-linking technology has transformed hyaluronic acid from a liquid to a gel state, extending its metabolic duration in the body and facilitating its use in aesthetic procedures [5][8]. Market Challenges - The industry faces challenges such as overcapacity and price wars due to an influx of competitors, leading to a significant drop in raw material prices from thousands to hundreds of yuan [8][9]. - Major companies have reported varying degrees of performance challenges since 2022, with Huaxi Biological's functional skincare and food businesses experiencing declines [9]. Future Directions - The future of hyaluronic acid lies in expanding its applications in medical devices and developing new products that combine hyaluronic acid with other ingredients for enhanced therapeutic effects [11][12]. - Companies are exploring regenerative capabilities of hyaluronic acid, focusing on its dual functions of filling and regeneration, which could lead to innovative product offerings [12][14].

Market Overview - As of 10:30 AM today, the Shanghai Composite Index stands at 3352.43 points, above the six-month moving average, with a change of 0.15% [1] - The total trading volume of A-shares today is 568.946 billion yuan [1] Stocks Performance - A total of 138 A-shares have surpassed the six-month moving average today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Dahongli (300865) with a deviation rate of 17.40%, closing at 27.74 yuan, up 19.98% [1] - Huaxi Biological (688363) with a deviation rate of 6.97%, closing at 54.41 yuan, up 7.87% [1] - *ST Chengchang (001270) with a deviation rate of 5.20%, closing at 36.55 yuan, up 5.00% [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Zhejiang Shuwenhua (600633) with a deviation rate of 5.17%, closing at 13.62 yuan, up 5.66% [1] - Gehua Cable (600037) with a deviation rate of 4.76%, closing at 7.73 yuan, up 6.47% [1] - Stocks with smaller deviation rates that have just crossed the six-month line include Aotai Biological, Chitianhua, and Emei Mountain A [1]

Group 1 - The core viewpoint highlights the positive market reaction to the collaboration between Bristol-Myers Squibb and BioNTech regarding the new cancer drug BNT327, with milestone payments potentially reaching $11.1 billion, which has boosted the performance of innovative drug concept stocks [1] - The performance of the Kexin Biopharmaceutical ETF (588250.SH) increased by 1.23%, with its associated index Kexin Biopharmaceutical (000683.SH) rising by 0.96%, indicating a favorable market sentiment towards the biopharmaceutical sector [1] - Notable increases in major component stocks include Microchip Biotech rising by 9.44%, Huaxi Biotech by 7.63%, and Rongchang Biotech by 4.92%, reflecting strong investor interest in innovative drug companies [1] Group 2 - Guosen Securities reported significant advancements in domestic innovative drugs, particularly focusing on bispecific antibodies and ADC technologies, with promising clinical data from Innovent Biologics and Mingji Biotech in pancreatic cancer treatments [2] - Shenwan Hongyuan highlighted Huaxi Biotech as a key player in the recombinant collagen market, benefiting from the domestic beauty trend and strong brand recognition, suggesting potential for consumer recovery [2] - Both research institutions' insights align with the performance of innovative drug and medical beauty leading companies within the Kexin Biopharmaceutical ETF [2]

丨 2025年6月3日 星期二 丨 NO.1 华熙生物、巨子生物舆论风波升级，美妆博主回应：不认可巨子生物的说法 每经记者｜甄素静 每经编辑｜董兴生 近日，浙江海圣医疗器械股份有限公司IPO申请获北交所受理，中信证券担任保荐机构。招股书显示， 海圣医疗专注于麻醉、监护类医疗器械的研发、生产和销售，产品广泛应用于麻醉科、ICU等临床科 室。 点评：海圣医疗冲刺北交所IPO，专注于麻醉监护器械研发等，产品应用于多临床科室，若成功上市， 或将借助资本加速技术创新与市场拓展。 NO.4 和美药业递表港交所 据港交所5月29日披露，赣州和美药业股份有限公司向港交所主板递交上市申请。和美药业于2002年成 立，截至2025年5月21日，和美药业已开发7个小分子候选药物，针对具有高度未满足需求的自身免疫和 肿瘤疾病。其中4种候选药物处于II期、III期临床试验或NDA阶段，适用于12种适应证。 6月1日晚，华熙生物在微信公众号发表长文支持"大嘴博士"（郝宇）。当日深夜，巨子生物在微信公众 号发布了一份声明，称有关"可复美"未添加重组胶原蛋白的争议，5月30日公司收到了来自"大嘴博 士"所用检测机构的道歉声明，并贴出了检验机 ...