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 ...

Core Viewpoint - The ongoing public dispute between Huaxi Biological and Juzhi Biological highlights the competitive tension in the aesthetic medicine industry, particularly regarding hyaluronic acid and recombinant collagen products [3][10]. Group 1: Company Statements - Huaxi Biological issued a statement on June 1, 2023, supporting beauty blogger Dr. Hao Yu, criticizing an unnamed company for using "internet water army" tactics and threatening to disclose testing results if issues are not addressed [3][4]. - Juzhi Biological responded later that day, accepting an apology from the testing agency used by Dr. Hao Yu but asserting that they would pursue legal action against those spreading false information [3][8]. - Dr. Hao Yu contested Juzhi Biological's claims, stating that the testing agency's statement did not include an apology and questioned why Juzhi had not released its own testing results after ten days [9][10]. Group 2: Market Dynamics - The dispute is rooted in a broader competition for market share between hyaluronic acid and recombinant collagen, with Huaxi Biological's performance declining alongside the perception of hyaluronic acid as "outdated" [10]. - Huaxi Biological's revenue from functional skincare products, which include recombinant collagen, has seen significant declines of 18.45% and 31.62% in 2023 and 2024, respectively, while Juzhi Biological's "Kefumei" brand has shown strong growth with revenues of 27.88 billion and 45.4 billion in the same years [11]. - The pricing landscape for aesthetic products indicates that domestic hyaluronic acid is positioned at the lower end of the market, with prices ranging from approximately 1,000 to 2,000 yuan per unit, while recombinant collagen is priced higher, around 3,000 yuan [13][14]. Group 3: Industry Trends - The aesthetic medicine market is experiencing a shift with the introduction of new injectable materials, which has led to a decrease in hyaluronic acid's market share from 42% in 2021 to an estimated 36% in 2024 [16]. - The emergence of new materials, such as hydroxyapatite and PDRN solutions, is expected to further challenge the dominance of hyaluronic acid, although its unique properties may still provide competitive advantages [16][17].

Core Viewpoint - The dispute over the ingredients in medical beauty products is escalating, particularly between Huaxi Biological and Juzhi Biological, with accusations of misleading information and legal threats being exchanged [1][5][6]. Group 1: Company Statements - Huaxi Biological issued a statement supporting Dr. Hao Yu, indicating that they had confirmed the authenticity of the testing reports and would cooperate with regulatory bodies if needed [2][3]. - Huaxi Biological accused Juzhi Biological of using online marketing tactics to undermine competition and suggested that they are prepared for a "real business war" [1][4]. - Juzhi Biological responded by stating that they would pursue legal action against those spreading false information and emphasized their commitment to consumer interests [1][5]. Group 2: Product Controversy - Dr. Hao Yu claimed that the product "Kefumei" from Juzhi Biological contained only 0.0177% of recombinant collagen, which does not meet regulatory standards for labeling as a non-trace component [3]. - Huaxi Biological highlighted that their products have the highest number of medical device certifications in the industry, asserting that there is no evidence to support the safety of recombinant collagen over hyaluronic acid [4]. Group 3: Financial Performance - Juzhi Biological reported significant revenue growth from 2022 to 2024, with revenues of 2.364 billion, 3.524 billion, and 5.539 billion yuan, and net profits of 1.002 billion, 1.452 billion, and 2.062 billion yuan respectively [6]. - In contrast, Huaxi Biological experienced a decline in both revenue and net profit for 2024, with revenues of approximately 5.371 billion yuan (down 11.61%) and net profits of about 174 million yuan (down 70.59%), marking their worst performance since going public [7]. Group 4: Market Reaction - Following the controversy, Juzhi Biological's stock price fell by 18.07% from its peak on May 20, closing at 68.25 HKD per share on June 2, reflecting market concerns over the ongoing disputes [6].

Core Viewpoint - The controversy surrounding the collagen content in the product "Collagen Stick" from the brand Kefu Mei, owned by Giant Biological (02367.HK), has intensified due to allegations of misleading advertising and low actual collagen levels compared to what is claimed [1][4]. Group 1: Controversy and Responses - Beauty blogger "Big Mouth Doctor" (Hao Yu) claims that the actual collagen content in Kefu Mei's product is only 0.0177%, significantly lower than the advertised "≥0.1%" [4][5]. - Giant Biological issued a statement acknowledging an apology from the testing agency used by "Big Mouth Doctor" and stated that they are pursuing legal action against those spreading false information [3][6]. - The company has sent products to multiple testing agencies for verification, but results are still pending due to the complexity of the testing process [3][6]. Group 2: Financial Performance and Market Impact - Giant Biological has shown steady revenue growth from 2020 to 2024, with revenues increasing from 1.19 billion to 5.54 billion yuan, and net profits rising from 826 million to 2.06 billion yuan [6]. - The Kefu Mei brand accounted for 82% of Giant Biological's total revenue in 2024, with its revenue reaching 4.54 billion yuan [6]. - The ongoing controversy coincides with the 618 e-commerce promotion period, raising concerns among industry experts about potential impacts on Giant Biological's performance [6]. Group 3: Industry Context and Competitor Actions - Competitors like Huaxi Biological (688363.SH) and Jinbo Biological (832982.BJ) have higher R&D expenditure ratios at 8.68% and 4.94%, respectively, compared to Giant Biological's 1.9% [7]. - Huaxi Biological publicly supported "Big Mouth Doctor" and has conducted its own testing on the allegations, emphasizing the importance of product integrity and transparency [10][11]. - Huaxi Biological has criticized the overhyped claims surrounding recombinant collagen, suggesting that such narratives lack scientific backing and may mislead consumers [11].

Core Viewpoint - The conflict between Huaxi Biological (688363.SH) and Juzhi Biological (02367.HK) is escalating from subtle accusations to open confrontation, with both companies making public statements regarding the controversy surrounding the "Kefumei" product and its alleged lack of added recombinant collagen [2][3][8]. Group 1: Huaxi Biological's Position - Huaxi Biological publicly supports Dr. Hao Yu, stating that his company, Shanghai Liuyue Medical Technology Service Co., is an important member of the Huaxi ecosystem, and they will provide legal protection [2][4]. - The company claims to have conducted thorough evaluations and multiple tests on the materials provided by Dr. Hao, and has obtained results from third-party institutions [4][7]. - Huaxi Biological accuses Juzhi Biological of engaging in malicious competition and using online tactics to undermine its reputation, asserting that they are prepared for a transparent business battle [7][8]. Group 2: Juzhi Biological's Response - Juzhi Biological asserts that it received an apology from the testing agency used by Dr. Hao, which clarified that it never authorized the use of the test report and demanded that Dr. Hao cease using it to avoid public misinformation [2][8]. - The company emphasizes that the testing report's results are influenced by various factors and should only be considered as reference values, indicating that the methodology used was flawed [8][12]. - Juzhi Biological expresses shock and disappointment at Huaxi Biological's accusations, labeling them as malicious and harmful to consumer trust in domestic brands [13][14].