Bloomage Biotech(SH:688363) Cai Jing Wang·2025-06-15 02:15Core Viewpoint - The article addresses misleading perceptions in the capital market regarding hyaluronic acid and recombinant collagen, emphasizing the need to correct these misconceptions to avoid resource misallocation and risks for companies like Huaxi Bio [1][2]. Industry Perspective - Recombinant collagen is a small branch of collagen research and industrial transformation, with the main advancements still held by life science research institutions and pharmaceutical companies [1]. - In 2024, China's hyaluronic acid exports reached 161 tons, with 11.8 tons being high-end pharmaceutical-grade, while recombinant collagen exports were less than 0.02 tons, indicating a lack of market support for the notion that recombinant collagen is replacing hyaluronic acid [2][3]. - The growth rate for hyaluronic acid in the domestic and international markets is over 10%, with Huaxi Bio's pharmaceutical-grade hyaluronic acid showing over 20% growth, contradicting claims of market pressure [3]. Company Performance - Huaxi Bio's performance decline is attributed to a drop in consumer goods business and one-time asset impairment losses, rather than competition from recombinant collagen [3]. - The company maintains a high profit margin of around 50% across its active ingredient and medical terminal businesses, with significant revenue contributions from hyaluronic acid [3]. Market Dynamics - Recent successful companies in the skincare sector are not solely due to the rise of recombinant collagen but are also driven by strong e-commerce capabilities and complex formulations [4]. - The article highlights the misuse of the term "recombinant collagen" by some companies, which may mislead consumers and investors, emphasizing the need for a credible market environment [5][8]. Regulatory and Scientific Standards - There is a lack of detection standards for recombinant collagen, leading to the misuse of the term and potential consumer deception [8]. - The company advocates for a collaborative approach among professionals, testing institutions, and media to enhance understanding and improve the industry ecosystem [7][9].