华熙生物急什么？

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publicly criticized several securities firms for promoting collagen products and suggesting that hyaluronic acid is "outdated," indicating a defensive stance amid declining performance and market competition [1][2][3] Company Performance - Huaxi Biological started with hyaluronic acid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]