Investment Rating - The industry investment rating is "Positive" (首次) [2] Core Insights - The report highlights a scientific revolution in the anti-aging field, emphasizing the role of hyaluronic acid (HA) as a key element in extracellular matrix (ECM) aging intervention [5] - Recent studies indicate that high molecular weight HA can extend healthy lifespan in mice, reduce cancer risk, and improve inflammatory responses, suggesting its benefits go beyond traditional moisturizing [5] - The report notes that the repositioning of HA in the scientific community opens new growth opportunities in the anti-aging market [5] Summary by Sections Industry Overview - The report discusses the transition of anti-aging strategies from local interventions to systemic interventions, marking a new era in anti-aging research [5] Company Developments - Huaxi Biotechnology has positioned itself at the forefront of ECM research, with two Class III medical device products recently approved [6] - The first product, "Runbaiyan·Glass," is the first approved water-light product for facial skin quality improvement in China, showing a clinical effectiveness rate of 94% [6] - The second product, "Runzhi·Titu," is the first compliant active ingredient product with a clear indication for facial skin quality improvement [6] Market Positioning - Huaxi Biotechnology leads the HA industry with the largest synthetic biology pilot platform and superior HA raw material preparation capabilities [6] - The company has 11 registered Class III medical devices in aesthetic injections, surpassing competitors like Aimeike and Haohai Biological [6] - The report identifies Huaxi Biotechnology and Aimeike as beneficiaries of the industry's growth [6]

1. Macro Data Overview - GDP in Q1 2025 increased by 5.4% year-on-year, the same as the previous quarter and higher than the same period last year [1] - In April 2025, the manufacturing PMI was 49.0%, down from 50.5% in the previous month and 50.4% in the same period last year [1] - The non-manufacturing PMI for business activities in April 2025 was 50.4%, down from 50.8% in the previous month and 51.2% in the same period last year [1] - Other economic indicators such as CPI, PPI, and social financing scale also showed corresponding changes [1] 2. Commodity Investment Reference Comprehensive - The central bank will implement a moderately loose monetary policy to support key areas of the real economy [2] - China's latest LPR has been lowered, and major banks have cut deposit and mortgage rates [2] - China's gold and platinum imports reached new highs in April [2] - The EU is considering zero quotas on Russian natural gas imports [2] Metals - The holdings of the world's largest gold ETF increased by 0.57 tons [3] Coal, Coke, Steel, and Minerals - Two coke ovens of Tangshan Guoyi Special Steel Co., Ltd. were shut down [4] Energy and Chemicals - The EU may propose to lower the price cap on Russian seaborne oil [5] - Macquarie Group expects OPEC+ to increase production in July [6] - Turkey discovered a new natural gas field [6] - Abu Dhabi National Oil Company reached agreements with US energy companies [6] - Kazakhstan's oil production increased in May [7] Agricultural Products - China's expected summer grain purchase volume in 2025 is about 200 billion jin [8] - Henan Province will implement policies to support grain production [8] - Gansu Province launched a drought emergency response [9] - South Korean flour mills bought US wheat [10] - Japan will not sacrifice its agriculture in trade agreements [10] 3. Financial News Compilation Open Market - The central bank conducted 357 billion yuan of 7-day reverse repurchase operations, resulting in a net injection of 177 billion yuan [11] - The Ministry of Finance issued treasury cash deposits with lower interest rates [11] Key News - China's LPR and bank deposit rates were lowered [12] - The central bank will support the real economy with a moderately loose monetary policy [12] - Fiscal revenue showed positive growth in April, and expenditure progress was fast [13] - Unemployment rates for different age groups were released [13] - A press conference on science and technology finance policies will be held [13] - The government will continue to support infrastructure and urban renewal projects [14][15] - The financial regulator will study a loan management method for urban renewal projects [14] - The scale of wealth management products exceeded 31 trillion yuan in May [16] - Views on the impact of interest rate cuts on bank net interest margins are divided [17] - Large - denomination certificates of deposit are losing popularity [17] - Insurance companies have raised over 74 billion yuan this year [17] - Japan's central bank's reduction in bond purchases affected the bond market [18] - There were various bond - related events and credit rating adjustments [18][19] Bond Market Summary - Treasury futures mostly declined slightly, and bond yields generally rose [20] - Exchange - traded bonds showed mixed performance [20] - Convertible bond indexes rose, and money market rates mostly declined [21] - Domestic and foreign bond yields showed different trends [23] Foreign Exchange Market - The on - shore RMB depreciated against the US dollar, and the US dollar index declined [24] Research Report Highlights - CICC believes short - end yields may be range - bound, while medium - and long - end yields may decline [25] - Guosheng believes the 4 - month economic data is strong, and mid - term bond rates have room to fall [25] Today's Reminders - Many bonds will be listed, issued, have payments, and pay principal and interest on May 21 [27] 4. Stock Market News - A - shares rose on Tuesday, with small - cap stocks active and the North Exchange 50 and micro - cap indexes hitting new highs [28] - The Hong Kong Hang Seng Index and related indexes rose, with biotech stocks performing strongly [29] - Shengsheng Guojian and Shengsheng Pharmaceutical signed a large - scale cooperation agreement with Pfizer [29][30] - Huaxi Bio responded to the "naming brokerage" incident [30] - Xinhua Insurance will participate in the establishment of Honghu Fund Phase III [30] - Bilibili's Q1 revenue increased, and it achieved profitability [30] - CATL's H - share issuance increased after the over - allotment option was exercised [31]

Core Viewpoint - Huaxi Biological Technology Co., Ltd. (688363.SH) criticized certain brokerage reports for misleading the market regarding the comparison between hyaluronic acid and recombinant collagen, claiming these reports lack scientific basis and are intended to promote a competing product [1][3][6] Group 1: Company Response - Huaxi Biological reported that it has communicated with regulatory authorities regarding the misleading content in brokerage reports and received apologies from some institutions [1][4] - The company emphasized that the reports are part of a broader issue of "hasty capital" creating a false narrative in the market [3][4] - Huaxi Biological expressed disappointment that relevant parties are not engaging in scientific discussions but are instead focusing on social media commentary [4][5] Group 2: Brokerage Reports - The reports in question were authored by multiple brokerage firms, including Huatai Securities and others, which Huaxi Biological claims are biased towards a competitor, Juzhi Biological [3][6] - Analysts involved in the reports defended their work, stating that the content was compliant and based on objective public data, and denied any intent to promote Juzhi Biological [2][7][8] - The reports highlighted the advantages of recombinant collagen over hyaluronic acid in various applications, which Huaxi Biological disputes as lacking scientific evidence [3][6][8] Group 3: Market Context - In 2024, Juzhi Biological reported a revenue of 55.39 billion yuan, a 57.07% increase, surpassing Huaxi Biological's revenue of 53.71 billion yuan, which declined by 11.61% [6] - Juzhi Biological's core brand, Kefu Mei, contributed 82% of its revenue, showcasing the competitive landscape in the beauty and medical aesthetics industry [6]

证券代码：688363 证券简称：华熙生物 公告编号：2025-020 华熙生物科技股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 6 月 11 日 14 点 30 分 召开地点：浙江省杭州市钱塘区海达北路 399 号康洲科创园 B1 座 1 层 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 11 日 至2025 年 6 月 11 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9: ...

Core Viewpoint - Huaxi Biological refutes the notion that hyaluronic acid is outdated, emphasizing its leading position in the global market and the importance of scientific integrity in the industry [2][4][7] Group 1: Company Response - Huaxi Biological published an article titled "Concepts Always Reappear, Technology Always Moves Forward" to counter the claims made by several brokerage reports that suggest hyaluronic acid is no longer relevant [2][6] - The company asserts that hyaluronic acid is a key life science material and has been subjected to unfounded criticism, which it aims to correct as an industry leader [3][4] - Huaxi Biological's statement received support from the China Fragrance and Cosmetic Industry Association and the China Aesthetic Medicine Association, highlighting a collective industry stance [3][4] Group 2: Scientific Basis and Product Strategy - The company clarifies that its chairman previously questioned the effectiveness of topical recombinant collagen products, but this was specifically aimed at exaggerated claims regarding their efficacy [6][7] - Huaxi Biological maintains that its strategic focus remains on the development of hyaluronic acid and its applications in various health-related fields, rather than shifting to recombinant collagen as a mainstream technology [7] - The company emphasizes that current scientific evidence does not support recombinant collagen's superiority in managing aging compared to hyaluronic acid [7]

华熙生物科技股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 证券代码：688363 证券简称：华熙生物 公告编号：2025-020 2024年年度股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 6 月 11 日 14 点 30 分 召开地点：浙江省杭州市钱塘区海达北路 399 号康洲科创园 B1 座 1 层 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 11 日 至2025 年 6 月 11 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年6月11日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 | ...

Core Viewpoint - The article discusses the ongoing debate in the capital market regarding the valuation and relevance of hyaluronic acid, with Huaxi Biological refuting claims that it is outdated, labeling such views as a product of "restless capital" [1][3][9]. Group 1: Company Positioning - Huaxi Biological published an article on May 17, 2023, directly criticizing nine brokerage reports that suggested hyaluronic acid is outdated, asserting that this narrative is misleading and harmful to the industry [1][3]. - The company emphasized the importance of voicing its stance to protect the integrity of the hyaluronic acid industry, which has been developed over decades of scientific research [6][9]. - Huaxi Biological's market share in the global hyaluronic acid market was reported at 44% in 2021, with China accounting for 82% of global sales [6]. Group 2: Market Dynamics - The article highlights a shift in capital market interest from hyaluronic acid to recombinant collagen, with companies like Juzhibio gaining significant market traction [10][15]. - Juzhibio's stock price has surged nearly 70% in 2023, positioning it as a leading player in the beauty and skincare sector, while Huaxi Biological and other hyaluronic acid companies have seen declining performance [10][13]. - The market for recombinant collagen is projected to grow at a compound annual growth rate (CAGR) of 44.93%, reaching 585.7 billion yuan by 2025 [16]. Group 3: Industry Trends - The article notes that the beauty and skincare industry is experiencing rapid shifts, with companies needing to adapt to changing consumer preferences and capital market trends [2][15]. - Huaxi Biological has begun to diversify its product offerings, launching multiple collagen products and obtaining medical device registrations to stay competitive [17]. - The competitive landscape for recombinant collagen is intensifying, with various companies entering the market, indicating that maintaining a leading position will be challenging for Juzhibio [16][17].

Group 1 - The article discusses the challenges faced by the hyaluronic acid (HA) industry, claiming it has been misrepresented and undermined in recent years due to misleading narratives in the capital market [2][6] - Huaxi Biological specifically names several securities firms and their reports that have contributed to the negative perception of HA, including Huatai Securities and Anxin Securities [2][5][7] - The company argues that the rise of the "outdated" narrative surrounding HA is a result of a capital market phenomenon that seeks to shift focus to new investment themes, thereby undermining established industries [6][8] Group 2 - Huaxi Biological highlights the significant growth of competitor Juzhi Biological, which reported a revenue of 5.539 billion yuan in 2024, a year-on-year increase of 57.07%, and a net profit of 2.062 billion yuan, up 42.06% [5][10] - The company emphasizes its own historical performance, noting that from 2018 to 2022, it experienced substantial revenue and profit growth, with annual revenue growth rates exceeding 87% and net profit growth rates surpassing 90% [10] - However, Huaxi Biological has faced a sharp decline in performance recently, with a projected revenue of 5.371 billion yuan and a net profit of 174 million yuan in 2024, representing year-on-year decreases of 11.61% and 70.59% respectively [10][11] Group 3 - The company is undergoing significant internal reforms, described as a "bone-scraping" process, initiated by the chairman to address management issues and improve operational efficiency [10][11] - The article indicates that Huaxi Biological is currently facing both internal challenges due to its restructuring efforts and external pressures from competition in the market [11]

针对突然向券商"开炮"，A股医美巨头华熙生物（688363.SH，股价53.21元，市值256.3亿元）作出最新 回应。 今日（5月20日）午间，华熙生物方面向《每日经济新闻》记者发来独家回应。在回应中，华熙生物表 示："透明质酸是中国在全球占据第一份额的优势产业，涉及到科研、医疗、医美、美妆、营养健康等 多个生命健康的相关领域，因此整个透明质酸产业都一直希望华熙生物作为行业龙头可以带头发声，纠 正近年来针对透明质酸这一生命科学关键物质的罔顾科学的踩踏和抹黑。" 5月19日晚间，华熙生物在其官方微信号发布《概念总在重演，科技永远向前》的文章，对市场上流行 的"玻尿酸过时"的观点，进行了点名驳斥。 《每日经济新闻》记者注意到，华熙生物在文章中点名几家券商机构称，2022年开始，随着资本市场不 断追求新的公司题材，重组胶原蛋白概念被看似幸运地选中了。为了营造比透明质酸产业更大的预期， 围绕某重组胶原企业的研报中，出现了大量直接针对中国透明质酸产业的所谓"对比研究"。 文章称，透明质酸"过时论"的兴起，本质上是一场由"浮躁资本"构建的题材幻象，试图用"神话过时"绕 开中国产业发展必然面临的进阶过程，引导资本和市场资 ...

Group 1: Industry Initiatives - The China Fragrance and Cosmetic Industry Association and the China Association of Plastic Surgery jointly released a health ecosystem initiative for the medical beauty and cosmetics industry, emphasizing the importance of scientific rigor and rational guidance in product efficacy [1] - The initiative calls for promoting public understanding through scientific education and collaboration with authoritative institutions to enhance public awareness of technological paths [1] - It advocates for innovation and diversity in the industry, encouraging cooperation in ingredient innovation, formula optimization, and process breakthroughs [1] - The initiative stresses the need for civilized marketing and honest promotion, aiming to establish objective and fair marketing practices as industry norms [1] - It proposes the establishment of an industry self-discipline system and a self-discipline alliance to evaluate and publicly disclose results of any misleading or uncivil behavior [1] Group 2: Company Positioning - Huaxi Biological published an article addressing misleading conclusions regarding the comparison between collagen and hyaluronic acid, which have been widely circulated in the media [2] - The company clarified that its concerns about collagen products primarily relate to the exaggerated claims of topical collagen skincare products, emphasizing that effective collagen products require injection [2][3] - Huaxi Biological's strategy focuses on leveraging hyaluronic acid to develop synthetic biological capabilities, exploring effective substances in life sciences, while maintaining a unified strategic logic [3] - The company has not promoted collagen as a mainstream technology in consumer products due to insufficient scientific evidence supporting its efficacy in managing aging compared to hyaluronic acid [3] - Huaxi Biological believes that the extracellular matrix (ECM) is the comprehensive research and industrial transformation direction that includes all key substances like hyaluronic acid, collagen, and elastin [3]