Core Viewpoint - The development paths of medical beauty companies are diverging amid industry adjustments, with three leading companies—Hua Xi Bio, Juzi Bio, and Fulejia—reporting significantly different half-year results, reflecting a shift from "traffic dividends" to "technical barriers" in the industry [1] Group 1: Company Performance - Juzi Bio led with a revenue of 31.13 billion yuan and a year-on-year growth rate of 22.5% [4] - Hua Xi Bio reported a revenue of 22.61 billion yuan, a decline of 19.57% year-on-year, marking its worst interim report since listing [2][3] - Fulejia's revenue was 8.63 billion yuan, down 8.15% year-on-year, with a net profit drop of 32.54% [3][4] Group 2: Strategic Adjustments - Hua Xi Bio attributed its revenue decline to a drop in income from its skin science innovation transformation business, which saw a 33.97% decrease to 9.12 billion yuan [5][6] - Fulejia's revenue drop was linked to offline channel optimization, which increased sales expenses by 39.56% to 4.2 billion yuan [5][9] - Juzi Bio's growth was driven by the sales increase of professional skin care products, contributing 99.7% of its revenue [10][11] Group 3: Market Dynamics - The medical beauty industry is experiencing a shift, with the competition now focusing on research and development capabilities, patent layouts, and compliance [17] - The market for recombinant collagen products is projected to grow at a compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 [15] - Hua Xi Bio is expanding into recombinant collagen while maintaining its position in hyaluronic acid, indicating a dual strategy to adapt to market changes [15][16]