Core Viewpoint - The article discusses the challenges faced by Juzi Biotechnology, particularly regarding allegations of product fraud and the company's heavy reliance on its flagship product, Kefu Mei, amidst increasing scrutiny and competition in the beauty and healthcare industry [1][5][7]. Company Overview - Juzi Biotechnology, founded by Fan Daidi, specializes in recombinant collagen products, with its flagship offerings being Kefu Mei and Keli Jin [1][4]. - The company went public on the Hong Kong Stock Exchange in 2022, achieving a market capitalization of approximately HKD 821 billion (RMB 753 billion) as of May 23, 2025 [4]. Financial Performance - Juzi Biotechnology reported a revenue of RMB 55.39 billion in 2024, marking a 57.17% year-on-year increase, with a net profit of RMB 20.62 billion, up 42.06% [7]. - The contribution of Kefu Mei to the company's revenue rose from 30.3% in 2019 to 82% in 2024, while the second brand, Keli Jin, decreased to 15.2% [7]. Research and Development - The company's R&D expenditure in 2024 was only RMB 1.07 billion, accounting for 1.9% of its revenue, significantly lower than competitors like Huaxi Biotechnology and Jinbo Biotechnology, which spent 7.13% and 4.92% of their revenues on R&D, respectively [8]. - Juzi Biotechnology's core patents are primarily from 2005 to 2013, indicating a slow pace of new product development [8]. Market Challenges - The company is currently facing allegations of product fraud, specifically regarding the efficacy of its recombinant collagen products, which has led to public scrutiny and potential reputational damage [5][6]. - There are concerns about the company's supply chain management and regulatory compliance, particularly following allegations of using banned ingredients in its products [7][8].
440亿医美新贵范代娣陷争议风暴 巨子生物依赖单品研发费率仅1.9%