作 者丨凌晨 编 辑丨骆一帆 最新的进展是，该博主在5月27日晚，公开了一份自称为"巨子生物向各大平台的举报材料"。 近日，一条"巨子生物疑似造假：重组胶原竟然测不到胶原！"的视频及图文网帖，引爆讨 论。 其中，检测方法对于成分含量影响的争议，双方各执一词。 可复美送检方法被公开？ 21世纪经济报道记者查阅多篇知网文献发现，双缩脲法在蛋白质检测中仍有争议。 2008年《河北化工》刊文《蛋白质含量测定方法的比较》中提到，双缩脲法中样品的取用量 对测定结果的准确性有显著影响。双缩脲法可快速测定蛋白质含量，试剂单一，方法简便， 但灵敏度差，测定范围为 1～20 mg 蛋白质。适用于需要快速,但并不需要十分精确的蛋白质 测定。 2019年，来自广东医科大学药学院、广东省医疗器械质量监督检验所的六位行业人士撰文中 提到："缩脲法测定Ⅰ型胶原蛋白含量，测定方法经济，简便，测定结果准确，重现性 好。"其中，Ⅰ型胶原蛋白是皮肤的主要成分，广泛应用于皮肤修复和化妆品行业。 据显示，上述材料名为"关于申请协调删除恶意诋毁诽谤内容的函"。 其中提到巨子生物采用《中华人民共和国药典》2020版四部通则0731第三法及中华人民共和 国 ...

5月24日，美妆博主"大嘴博士"发布视频称，通过高精度HPLC高效液相色谱氨基酸定量法检测巨子生物旗下明星产品"可复美重组胶原蛋白肌御修护次抛精 华"，发现其重组胶原蛋白实际含量仅为0.0177%，远低于国家规定的非微量成分标注下限0.1%。 此外，检测未检出胶原蛋白关键结构氨基酸甘氨酸，质疑其技术真实性与宣传合规性。 可复美当晚紧急回应，称指控为"不实信息"，内部多批次检测显示胶原蛋白含量均大于0.1%，且成分标注符合《化妆品标签管理办法》。目前，其已委托第 三方机构复检，结果将第一时间公布。 公告显示，可复美依据《中华人民共和国药典》及行业标准YY/T 1947-2025《重组胶原蛋白敷料》检测，结果显示胶原蛋白含量为0.27%-0.28%。 据悉，"大嘴博士"采用HPLC法检测，但该方法未被现行行业标准收录。可复美指出，其未获得原料样本，无法验证检测方法科学性，结果不可信。 根据《化妆品标签管理办法》，成分表需按含量降序排列，非微量成分（≥0.1%）需单独标注。可复美称"可溶性胶原"在备案系统中排序第七，符合要求； 而"大嘴博士"质疑其实际含量0.0177%却未归入"微量成分"，涉嫌虚假标注。 "胶原棒 ...

5月27日晚间，美妆博主大嘴博士在其微博、微信公众号等社交媒体再度发文(视频)，质疑巨子生物检测报告中的检测方法和检测产品问题。 有机构研报称，尽管巨子生物迅速否认指控，但此类负面宣传仍可能影响消费者情绪，进而损害可复美在即将到来的618促销活动中的表现。618购物节向来 是美妆行业的销售旺季，众多品牌都会在这个时期加大营销投入，争取取得亮眼的销售成绩。可复美作为巨子生物的核心品牌，原本也对618寄予厚望。但 如今这场风波让可复美的618之路充满不确定性。若在618前夕，第三方检测结果仍未公布，消费者的观望情绪可能会持续加重，这无疑将对可复美的销售业 绩造成重大打击。 有意思的是，巨子生物内部检测5月24日开始，当天就出了结果，送往第三方检测已经过去三天了，结果却迟迟没能披露。无论是吃瓜的网友，还是美妆行 业人士，都在等第三方检测结果，也在等有关监管部门介入调查后的一个权威答案。只有权威的检测结果和清晰的解释，才能让消费者重新建立对品牌的信 任，也才能让整个事件尘埃落定。而对于巨子生物而言，如何妥善应对此次危机，化解消费者的疑虑，将是其面临的重大挑战。 此外，"大嘴博士"质疑，巨子生物内部检测的产品是胶原棒2 ...

Summary of the Conference Call for Juzi Biotechnology Company Overview - **Company**: Juzi Biotechnology - **Key Brands**: Kefu Mei and Keli Jin Industry Insights - **Market Trends**: The recombinant collagen market continues to show strong growth potential, with no signs of slowing down. The demand for products in this category remains robust, as evidenced by the high growth rates of key products and positive feedback from new product launches [4][10]. Core Points and Arguments - **Product Innovation**: Juzi Biotechnology is driving growth through product iterations, such as the upgrade of collagen peptide to version 2.0, and the introduction of new products like Focus Cream and Honey Repair Cream. These new products have received positive feedback from distribution channels and are expected to become new growth drivers [2][5]. - **Kefu Mei Brand Strengths**: Kefu Mei focuses on efficacy and safety, having established professional trust through medical device certification. The brand is expanding its product line into niche areas such as acne treatment and thermal injury repair, while also enhancing offline direct store presence to improve market performance [2][9]. - **Sales Performance**: Kefu Mei's collagen stick accounts for approximately 30% of total sales and continues to grow rapidly. The new customer acquisition rate is close to 50%, with a repurchase rate significantly higher than the industry average [2][12]. - **Keli Jin Brand Dynamics**: Keli Jin has achieved short-term growth through organizational restructuring and product line optimization. However, long-term growth may face challenges due to potential limitations in collagen technology for anti-aging effects [2][20]. - **Regulatory Challenges**: Sales of Class II medical device products are growing steadily, but the approval process for Class III medical devices is slow, with uncertain timelines for specific approvals despite receiving priority review qualifications for collagen fillers [2][21]. Financial Performance - **Revenue Growth**: Juzi Biotechnology has experienced rapid revenue and profit growth, although the sales expense ratio has increased. The company plans to control this ratio through product combination sales and customer referral strategies [6][7]. Marketing and Competitive Landscape - **Competitive Positioning**: Kefu Mei differentiates itself from competitors by emphasizing safety and efficacy. The brand has established a strong medical aesthetic image through partnerships with hospitals and medical institutions, contrasting with competitors that rely on celebrity endorsements [17][25]. - **Market Competition**: While other brands have launched collagen products, Kefu Mei's unique positioning and established trust in safety and efficacy mitigate significant competitive threats. The market is expanding collectively rather than through direct competition [25]. Product Strategy - **Product Development**: Kefu Mei's strategy includes launching successful single products and then expanding related skincare offerings. The brand also targets various consumer needs with different product forms [11][12]. - **New Product Launches**: The Focus Cream and Zhenyu Secret Repair Cream have distinct market positions, with the latter targeting a high-end consumer segment and addressing specific skin repair needs [18]. Future Outlook - **Growth Projections**: Kefu Mei is expected to achieve a growth rate of 40% to 50% in Q1 2025, with an annual performance forecast of 25% to 28%. The overall performance is anticipated to remain stable due to new product launches and marketing strategies [10][19]. Additional Considerations - **Consumer Sentiment**: Recent controversies regarding product ingredient content are not expected to significantly impact the company's fundamentals, as consumer recognition of product efficacy remains high [3][24]. - **Offline Expansion**: Kefu Mei has begun establishing offline direct stores, with plans to open 40 new locations in 2025. This strategy aims to enhance member interaction and improve market performance [22][23].

【文/王力 编辑/周远方】 5月，国内医美行业接连陷入舆论风暴。先是华熙生物（688363.SH）公开炮轰券商研究报告"贬低玻尿酸、炒作重组胶原蛋白"，矛头直指竞争对手巨子生 物；随后，网红博主"大嘴博士"郝宇发布检测报告，质疑巨子生物(02367.HK)旗下明星产品"胶原棒"存在成分虚标、核心氨基酸缺失等问题。 上海某高校生物结构学博士刘东（化名）向观察者网表示，该事件能直观反应出护肤品行业的检测乱象，刘博士表示："巨子生物采用的国标检测方法在专 业领域来看是滞后的，依托《中国药典》2020年版通则0731蛋白质测定法，其六类检测手段在化妆品领域近乎集体失效——其中，凯氏定氮法通过总氮量推 算蛋白质，这正是三鹿奶粉三聚氰胺事件中暴雷的'古董方法'。" 刘博士进一步表示，"凯氏定氮法化妆品中任意含氮物质都能虚增蛋白数据，而0731其他方法或因胶原蛋白特性失效，或对复杂成分抗干扰性极差。反观博 主采用的检测手段虽存在局限性，但只要实验条件规范、数据真实，准确度以及可信度远大于所述国家标准。" at 22 21 . u 上感露'E 日葡萄酒店里" add-1880001 - lley 文 可复美胶原棒图片来自社交 ...

对此，同一日，可复美在品牌公号上发布声明称，针对所谓"巨子生物涉嫌严重造假""重组胶原测不到"等不实指控，"我们予以严正驳斥并坚决否认"。同时 该公司表示，事发第一时间，公司对相关产品进行检测，多批次检测结果胶原蛋白含量均大于0.1%，与网传的"0.0177%添加量"严重不符。 按照我国化妆品标签标识规范要求，凡标注为"非微量添加"的成分，其添加量必须高于0.1%。 受到上述消息影响。5月26日，巨子生物（02367.HK）开盘跌超8%，收盘后跌幅收窄至4.04%。5月27日收盘，股价报收68.65港元，下跌近7%，创下近一个 月来新低。 重组胶原蛋白含量目前尚未有行业标准 公开信息显示，"大嘴博士"原名郝宇，在抖音、小红书、微博平台共计拥有超280万粉丝，是美妆领域知名的专业KOL。据"大嘴博士"抖音账号简介，其为 香港大学化学博士，曾任欧莱雅中国科学传播负责人，拥有17年化妆品研发及科普知识。 该博主此次对于巨子生物及旗下品牌提出多处质疑，首先是其团队经检测，可复美重组胶原蛋白次抛精华液产品中重组胶原蛋白真实添加量仅为0.0177%， 但产品成分标注在"非微量成分"里，按规定理论添加量应在0.1%以上，质 ...

Core Viewpoint - The controversy surrounding Juzhibio's flagship product, the "Recombinant Collagen Essence," has raised significant concerns about its actual collagen content and potential false advertising, leading to a sharp decline in its stock price and questioning the company's marketing practices [1][3]. Group 1: Product Controversy - A report by the self-media "Big Mouth Doctor" claims that the actual recombinant collagen content in Juzhibio's "Recombinant Collagen Essence" is only 0.0177%, which is below the cosmetic labeling standard of 0.1% [2][3]. - The report also highlights the absence of glycine, a key structural component of collagen, challenging the product's technical authenticity [2]. - Juzhibio has denied these claims, asserting that internal tests show collagen content greater than 0.1% and questioning the validity of the testing methods used by the "Big Mouth Doctor" team [3]. Group 2: Financial Performance and Dependency - Juzhibio's revenue is heavily reliant on its skincare products, with 99.7% of revenue coming from this segment, while health products contribute only 0.3% [5]. - The "Recombinant Collagen" and "Keli Jin" brands account for over 90% of the company's revenue, indicating a significant dependency on these two brands [6][7]. - In 2024, Juzhibio's sales and distribution expenses are projected to be 2.008 billion yuan, while R&D expenses are only 106 million yuan, highlighting a 19-fold disparity [7]. Group 3: Market Impact - Following the allegations, Juzhibio's stock price fell by 8% after the market opened on May 26 [3]. - The affected product has been removed from all sales channels, including major platforms like Taobao, Douyin, and JD [3]. - If consumer backlash leads to collective lawsuits or mass returns, it could severely impact the company's sales performance during key promotional periods, jeopardizing its annual revenue growth targets [6].

近期，巨子生物（02367.HK）旗下的可复美重组胶原蛋白精华"涉嫌严重造假"事件在网上持续发酵， 提出质疑的"大嘴博士"郝宇也成为了这场舆论的核心人物。 在这场"造假门"中，检测方式成为各方关注的核心。可复美在声明中驳斥称："大嘴博士"的不实指控 中，使用的检测方法并未列入行业标准，因该检测方法以及相对应的样品预处理方法未经严格的方法学 验证，检测结果不准确。截至目前，对方尚未向我们索要该重组胶原蛋白原料，我们也尚未对外提供或 出售该原料，对方是无法进行其所采用检测方法的方法学验证的。因此，其检测结果不可信。 对此，郝宇5月26日接受南都湾财社记者采访时回应称：我们用的高精度HPLC氨基酸定量法，该方法 在国际上应用非常广泛，这也是国际通行的标准方法，该方法被反复验证过，比如测量氨基酸的含量 时，HPLC方法的准确性、特异性都非常好。所以，只要是氨基酸构成的肽蛋白质，还是氨基酸单体， 都能精准地定量测出来。 对于检测方式等问题，南都湾财社记者联系巨子生物并发函，截至发稿暂未获得回应。此前，可复美在 《声明》中表示：已经委托多家权威第三方检测机构相关产品采用多种检测方法进一步进行检测，检测 需要时间，拿到最新 ...

智通财经记者 | 李科文 唐卓雅 智通财经编辑 | 谢欣 巨子生物旗下重组胶原蛋白品牌可复美正陷入舆论风波。 5月24日和25日连续两日，自称为香港大学化学博士、前欧莱雅中国科学传播负责人的网络博主"大嘴博 士"郝宇在其微信公众号等平台发布作品质疑可复美核心产品"Human-Like重组胶原蛋白肌御修护次抛精 华（下简称：胶原棒）"中重组胶原蛋白含量远低于宣传，实际含量仅为0.0177%，相当于不到宣传含 量的万分之二，涉嫌配方表造假。 5月24日晚间，巨子生物在可复美官方微信公众号上发布声明，回应称前述指控为不实指控，并且公布 多批次自检结果，显示其胶原棒的重组胶原蛋白含量高于均大于0.1%，与上述博主指控的"0.0177%添 加量""严重不符"。巨子生物还称： 对方所使用的检测方法并非现行行业标准，样品预处理及方法本身未经过完整方法学验证； 对方并未向公司申请检测原料，公司亦未向其提供，故无法对该方法进行可靠验证，其检测 结果缺乏可信依据。 5月26日下午，郝宇上述微信公号文章与视频号作品已被投诉删除，但微博相关作品依然可见。智通财 经通过巨子生物官网留下的联系方式向其致电，截至发稿，未获回复。 同日，郝 ...

Core Viewpoint - The controversy surrounding Juzhibio's flagship product, Kefu Mei, has raised significant concerns about the authenticity of its collagen claims, leading to a crisis of trust among investors and consumers [1][3][6]. Company Summary - Juzhibio, known as a leader in recombinant collagen, has faced allegations of product falsification, particularly regarding its Kefu Mei product, which reportedly contains only 0.0177% collagen, below the regulatory threshold of 0.1% [3][4]. - The company has stated that all its products are compliant with regulatory standards and have undergone rigorous quality checks [4][6]. - Following the controversy, Juzhibio's stock price fell by 4.04% to HKD 73.6, with a total market capitalization of HKD 788.19 billion as of May 26 [2]. Industry Summary - The demand for aesthetic products, including hyaluronic acid and collagen, has been rising, with major players like Juzhibio and Jinbo Bio seeing growth despite market challenges [2][9]. - The recombinant collagen market in China is projected to grow significantly, reaching CNY 585.7 billion by 2025, with a compound annual growth rate of 44.93% [10][12]. - The lack of standardized testing methods for collagen products has led to discrepancies in product claims and consumer trust issues, highlighting the need for regulatory frameworks in the industry [5][8][12].