玻尿酸巨头华熙生物近期向券商"开炮"，揭开了医美行业"热点轮动"的一角！ 针对突然向券商"开炮"，周二华熙生物对每经作出最新回应，华熙生物表示，透明质酸产业一直希望其 作为行业龙头带头发声，纠正对透明质酸的罔顾科学的踩踏和抹黑。此次发声是基于多重考虑，且已和 两大行业协会沟通并获得支持。 这一回应针对华熙生物5月17日在微信公众号发布的长文，其在文中驳斥了"玻尿酸过时"的观点，并点名 了多家券商炒作"重组胶原蛋白"，与玻尿酸进行恶意对比。 "炮轰"的背后隐藏着华熙生物的困境，随着玻尿酸产能过剩价格不断下降，行业竞争也在不断加剧，华 熙生物的业绩已经开始失速，2024年扣非净利缩水78.13%，市值也较巅峰缩水超1000亿。 反观，重组胶原蛋白成为市场的"新宠"，行业中巨子生物司股价一路走高，其业绩上完成了对华熙生物 的反超，2024年归母净利润仅为巨子生物净利润的十二分之一左右。 华熙生物发长文"开撕"券商 华熙生物认为，透明质酸"过时论"的兴起，本质上是一场由"浮躁资本"构建的题材幻象，试图用"神话过 时"绕开中国产业发展必然面临的进阶过程，引导资本和市场资源聚焦于资本新题材，用"新贵登场"塑造 沙土高楼。 ...

Core Viewpoint - The article discusses the ongoing debate in the capital market regarding the valuation and relevance of hyaluronic acid, with Huaxi Biological refuting claims that it is outdated, labeling such views as a product of "restless capital" [1][3][9]. Group 1: Company Positioning - Huaxi Biological published an article on May 17, 2023, directly criticizing nine brokerage reports that suggested hyaluronic acid is outdated, asserting that this narrative is misleading and harmful to the industry [1][3]. - The company emphasized the importance of voicing its stance to protect the integrity of the hyaluronic acid industry, which has been developed over decades of scientific research [6][9]. - Huaxi Biological's market share in the global hyaluronic acid market was reported at 44% in 2021, with China accounting for 82% of global sales [6]. Group 2: Market Dynamics - The article highlights a shift in capital market interest from hyaluronic acid to recombinant collagen, with companies like Juzhibio gaining significant market traction [10][15]. - Juzhibio's stock price has surged nearly 70% in 2023, positioning it as a leading player in the beauty and skincare sector, while Huaxi Biological and other hyaluronic acid companies have seen declining performance [10][13]. - The market for recombinant collagen is projected to grow at a compound annual growth rate (CAGR) of 44.93%, reaching 585.7 billion yuan by 2025 [16]. Group 3: Industry Trends - The article notes that the beauty and skincare industry is experiencing rapid shifts, with companies needing to adapt to changing consumer preferences and capital market trends [2][15]. - Huaxi Biological has begun to diversify its product offerings, launching multiple collagen products and obtaining medical device registrations to stay competitive [17]. - The competitive landscape for recombinant collagen is intensifying, with various companies entering the market, indicating that maintaining a leading position will be challenging for Juzhibio [16][17].

Group 1 - The article discusses the challenges faced by the hyaluronic acid (HA) industry, claiming it has been misrepresented and undermined in recent years due to misleading narratives in the capital market [2][6] - Huaxi Biological specifically names several securities firms and their reports that have contributed to the negative perception of HA, including Huatai Securities and Anxin Securities [2][5][7] - The company argues that the rise of the "outdated" narrative surrounding HA is a result of a capital market phenomenon that seeks to shift focus to new investment themes, thereby undermining established industries [6][8] Group 2 - Huaxi Biological highlights the significant growth of competitor Juzhi Biological, which reported a revenue of 5.539 billion yuan in 2024, a year-on-year increase of 57.07%, and a net profit of 2.062 billion yuan, up 42.06% [5][10] - The company emphasizes its own historical performance, noting that from 2018 to 2022, it experienced substantial revenue and profit growth, with annual revenue growth rates exceeding 87% and net profit growth rates surpassing 90% [10] - However, Huaxi Biological has faced a sharp decline in performance recently, with a projected revenue of 5.371 billion yuan and a net profit of 174 million yuan in 2024, representing year-on-year decreases of 11.61% and 70.59% respectively [10][11] Group 3 - The company is undergoing significant internal reforms, described as a "bone-scraping" process, initiated by the chairman to address management issues and improve operational efficiency [10][11] - The article indicates that Huaxi Biological is currently facing both internal challenges due to its restructuring efforts and external pressures from competition in the market [11]

针对突然向券商"开炮"，A股医美巨头华熙生物（688363.SH，股价53.21元，市值256.3亿元）作出最新 回应。 今日（5月20日）午间，华熙生物方面向《每日经济新闻》记者发来独家回应。在回应中，华熙生物表 示："透明质酸是中国在全球占据第一份额的优势产业，涉及到科研、医疗、医美、美妆、营养健康等 多个生命健康的相关领域，因此整个透明质酸产业都一直希望华熙生物作为行业龙头可以带头发声，纠 正近年来针对透明质酸这一生命科学关键物质的罔顾科学的踩踏和抹黑。" 5月19日晚间，华熙生物在其官方微信号发布《概念总在重演，科技永远向前》的文章，对市场上流行 的"玻尿酸过时"的观点，进行了点名驳斥。 《每日经济新闻》记者注意到，华熙生物在文章中点名几家券商机构称，2022年开始，随着资本市场不 断追求新的公司题材，重组胶原蛋白概念被看似幸运地选中了。为了营造比透明质酸产业更大的预期， 围绕某重组胶原企业的研报中，出现了大量直接针对中国透明质酸产业的所谓"对比研究"。 文章称，透明质酸"过时论"的兴起，本质上是一场由"浮躁资本"构建的题材幻象，试图用"神话过时"绕 开中国产业发展必然面临的进阶过程，引导资本和市场资 ...

第二，大中型药企经营业绩向上趋势明显。创新药企业整体已进入扭亏为盈区间，利润转正后未来几年 将进入非线性地高速增长阶段。同时在产业内，外资药企购买中国创新药品种趋势明显，中国创新药资 产在全球视角下处于显著低估，产业趋势临界点有望到来。 第三，政策端有明显支持的新动作。今年医保谈判时间提前，医保谈判和丙类目录调整同步进行，丙类 目录主要纳入创新程度高的产品，展现国家支持创新药发展、支持商保作为第二支付手段的决心。 上支付宝APP搜：天弘恒生沪深港创新药精选50ETF联接（C类：014565）一键打包三地创新药龙头 股，天弘国证生物医药ETF联接（C类：011041）汇聚医药各行业龙头，有望助您把握本轮医药反弹行 情。 【后市解读：医药板块后市怎么看？—天弘基金】 4月以来，市场风向开始逐渐转向创新药，创新药相关指数在全市场表现靠前。天弘基金认为：基于基 本面和估值的角度，医药是当前全市场性价比非常高的行业。 第一，看好国产创新药的整体机会。总体上创新药产业已经历 4 年下行，前期医保谈判导致预期过度悲 观，目前政策转向空间及需求相对迫。过去几个月，行业内始终有对优化药品集采政策的广泛讨论和相 应的优化方案征求 ...

Group 1: Industry Initiatives - The China Fragrance and Cosmetic Industry Association and the China Association of Plastic Surgery jointly released a health ecosystem initiative for the medical beauty and cosmetics industry, emphasizing the importance of scientific rigor and rational guidance in product efficacy [1] - The initiative calls for promoting public understanding through scientific education and collaboration with authoritative institutions to enhance public awareness of technological paths [1] - It advocates for innovation and diversity in the industry, encouraging cooperation in ingredient innovation, formula optimization, and process breakthroughs [1] - The initiative stresses the need for civilized marketing and honest promotion, aiming to establish objective and fair marketing practices as industry norms [1] - It proposes the establishment of an industry self-discipline system and a self-discipline alliance to evaluate and publicly disclose results of any misleading or uncivil behavior [1] Group 2: Company Positioning - Huaxi Biological published an article addressing misleading conclusions regarding the comparison between collagen and hyaluronic acid, which have been widely circulated in the media [2] - The company clarified that its concerns about collagen products primarily relate to the exaggerated claims of topical collagen skincare products, emphasizing that effective collagen products require injection [2][3] - Huaxi Biological's strategy focuses on leveraging hyaluronic acid to develop synthetic biological capabilities, exploring effective substances in life sciences, while maintaining a unified strategic logic [3] - The company has not promoted collagen as a mainstream technology in consumer products due to insufficient scientific evidence supporting its efficacy in managing aging compared to hyaluronic acid [3] - Huaxi Biological believes that the extracellular matrix (ECM) is the comprehensive research and industrial transformation direction that includes all key substances like hyaluronic acid, collagen, and elastin [3]

Group 1 - The core viewpoint of the articles highlights the resilience of domestic consumption in April, despite external pressures, with a focus on structural opportunities in the consumer sector driven by government policies to boost consumption [3][4]. - The main consumer ETF (159672) has shown a 0.90% increase, with a trading volume of 476.07 million yuan, indicating strong market interest [3]. - The major consumer index (000932) has a year-to-date maximum drawdown of 5.57%, with a management fee of 0.50%, making it one of the lowest in comparable funds [4]. Group 2 - As of April 30, 2025, the top ten weighted stocks in the major consumer index account for 67.16% of the index, with notable companies including Yili (600887) and Kweichow Moutai (600519) [5]. - The major consumer ETF has achieved a maximum monthly return of 24.35% since its inception, with an average monthly return of 5.36% during rising months [4]. - The latest price-to-earnings ratio (PE-TTM) for the major consumer index is 19.95, indicating it is at a historical low compared to the past year [4].

Group 1 - A-shares indices collectively rose on May 20, with the pharmaceutical sector showing strong performance, particularly in biopharmaceutical ETFs which saw a 2.31% increase and a trading volume exceeding 1.57 billion yuan [1] - Notable stocks included Rongchang Bio, which rose over 9%, and Huaxi Bio and Tigermed, both increasing over 5% [1] - The Innovative Drug ETF also experienced a 2.26% rise, with a trading volume exceeding 2.73 million yuan, and significant gains from stocks like Huahai Pharmaceutical and Hansoh Pharmaceutical [1] Group 2 - Three Life Health signed a licensing agreement with Pfizer for a bispecific antibody product, which includes a non-refundable upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion [1] - The agreement also includes a double-digit percentage sales revenue share based on product sales in authorized regions, and Pfizer will purchase $100 million worth of common stock from Three Life Health [1] - The ASCO annual meeting in 2025 is set to take place in Chicago, recognized as a major oncology academic conference [2] Group 3 - The market is shifting focus from earnings to fundamental changes in the industry and companies as it enters a performance vacuum period in May [3] - The innovative drug sector is expected to be a key investment theme for 2025, with significant research and development progress and resilience against trade wars [3] - The biopharmaceutical industry is anticipated to face significant differentiation by 2025, with the innovative drug sector entering a rapid growth phase, while the vaccine sector remains under pressure due to weak market demand and increased competition [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 注：除上表所示修订内容外，统一将"股东大会"改为"股东会"、"或"改为"或者"、条款号及章节号相应 修改。 本次公司章程修订事项尚需提交股东大会审议，《华熙生物科技股份有限公司章程（2025年5月修 订）》（以下简称"修订版公司章程"）自股东大会审议通过之日起生效，原章程自修订版公司章程生效 之日起废止，同时提请股东大会授权公司管理层向市场监督管理部门办理修订版公司章程的变更登记等 相关手续，并根据市场监督管理部门意见对修订版公司章程进行必要文字调整。 三、公告附件 1、《华熙生物科技股份有限公司章程（2025年5月修订）》； 2、《华熙生物科技股份有限公司股东会议事规则（2025年5月修订）》； 3、《华熙生物科技股份有限公司董事会议事规则（2025年5月修订）》； 4、《华熙生物科技股份有限公司独立董事工作制度（2025年5月修订）》； 5、《华熙生物科技股份有限公司利润分配管理制度（2025年5月修订）》； 6、《华熙生物科技股份有限公司关联交易决策制度（2025年5月修订）》； 7、《华熙生物科技股份有限公司募集资金管理制度（2025年5月修订）》； ...

证券代码：688363 证券简称：华熙生物 公告编号：2025-019 华熙生物科技股份有限公司 关于董事会换届选举的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 华熙生物科技股份有限公司（以下简称"公司"）第二届董事会任期已届满， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上海证券交易 所科创板股票上市规则》等法律、法规以及《华熙生物科技股份有限公司章程》 （以下简称"《公司章程》"）的相关规定，公司开展董事会换届选举工作，现 将本次董事会换届提名情况公告如下： 一、 董事会换届提名情况 根据公司章程的规定，公司控股股东华熙昕宇投资有限公司提名赵燕女士、 郭珈均先生、李亦争先生、汪卉先生、于静女士、陈玉鑫先生为公司第三届董事 会非独立董事（候选人简历详见附件）；提名姚洋先生、陈达亮先生、徐文鸣先 生为公司第三届董事会独立董事候选人（候选人简历详见附件），独立董事候选 人姚洋先生、陈达亮先生、徐文鸣先生已参加独立董事培训，并取得上海证券交 易所认可的相关培训证明材料，其中陈达亮先生为会计专业人士。 公司 ...