华熙生物急什么？

Core Viewpoint - The article discusses the ongoing conflict between Huaxi Biological and several securities firms regarding the market perception of hyaluronic acid versus collagen protein, highlighting Huaxi's efforts to defend its core business amidst declining performance and market competition [1][10]. Company Performance - Huaxi Biological started with hyaluronic acid and currently holds nearly 50% of the global market share, expanding into downstream medical products, functional skincare, and functional foods [4][5]. - Despite the pandemic, Huaxi maintained positive revenue and profit growth until 2021, with a peak market value exceeding 140 billion yuan [5][7]. - From 2022 to 2024, Huaxi's net profit is projected to decline from 9.71 billion yuan to 1.74 billion yuan, with its market value dropping from over 140 billion yuan to 25.3 billion yuan [7]. Market Comparison - In contrast, collagen protein companies like Juzhi Biological and Jinbo Biological have seen significant growth, with Juzhi's net profit 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, reflecting compound annual growth rates of 43.45% and 158.97%, respectively [8]. - Both companies have achieved new stock price highs, with market values of 87.5 billion HKD and 51.1 billion yuan [8]. Industry Dynamics - The article emphasizes that both hyaluronic acid and collagen are essential components that decrease with age, suggesting that both can positively impact skin health [10][12]. - There is currently no official data to determine which component is superior, but the market's shift towards collagen indicates a growing consumer preference for new ingredients [11][12]. - Huaxi's recent acquisition of a stake in a collagen company and the introduction of collagen products indicate its recognition of the market trend, although its current revenue from collagen remains unspecified [13][14]. Future Outlook - The article suggests that regardless of the outcome of the ongoing dispute, Huaxi may continue to face challenges in growing its hyaluronic acid sales while struggling to establish its collagen product line [14].