Core Viewpoint - The company has issued a statement regarding the standards and developments related to recombinant collagen products, highlighting the need for continuous improvement in quality standards and testing methods to meet industry demands and consumer expectations [1][2]. Group 1: Industry Standards - In 2021, the guideline for naming recombinant collagen biomaterials was published and implemented [1] - In 2022, the pharmaceutical industry standard YY/T 1849-2022 for recombinant collagen was published and implemented [1] - In 2023, the pharmaceutical industry standard YY/T 1888-2023 for recombinant humanized collagen was published and implemented [1] - In 2023, the group standard T/ZGKSL 004-2023 for recombinant collagen raw materials used in cosmetics was published and implemented [1] - In 2025, the pharmaceutical industry standard YY/T 1947-2025 for recombinant collagen dressings is set to be published, with implementation in March 2026 [1] Group 2: Company Response and Actions - The company has conducted a comprehensive self-inspection of all aspects of production, testing, and labeling in response to recent discussions about the recombinant collagen content in its products [1] - The company acknowledges the limitations of its current quality standards, testing methods, and labeling, which need to be optimized to align with industry advancements and high consumer expectations [2] - The company plans to collaborate with research institutions to accelerate the optimization and validation of qualitative and quantitative testing methods for recombinant collagen in cosmetics [2] - The company aims to gradually disclose key technical parameters and quality control data for raw materials and finished products to empower industry development and accept public supervision [2] - The company will continue to participate in the formulation of national and industry standards related to recombinant collagen in cosmetics to promote standardized industry development [2]

Core Insights - The "next-use" essence is becoming a must-have option for beauty brands, with the market size in China expected to reach 7.5 billion yuan in 2024, reflecting a year-on-year growth of over 20% [1] - Major brands like OLAY, Proya, and Miss Tina are entering the next-use product space, indicating a trend where "9 out of 10 brands" are adopting this format [1] Market Trends - The next-use essence has emerged as a phenomenon in the beauty sector, highlighted by over 20 next-use essence products launched during the 618 shopping festival [2] - The cumulative filing of "next-use" products reached 6,518 by June 17, 2025, with 5,653 specifically for next-use essences [2] - In the first five months of 2025, 21 out of 24 newly launched next-use products were essences, accounting for over 87% [2] Product Development - The next-use essence market is diversifying, with brands like OLAY and Proya focusing on specific skin issues such as anti-aging and acne treatment [4] - Key ingredients in next-use essences include recombinant collagen, with some products featuring multiple types for targeted anti-aging effects [4] - The introduction of next-use formats is expanding beyond essences to include sunscreen, makeup removers, and even men's skincare products [5] Consumer Demand - Consumer education around next-use essences is maturing, and brands are encouraged to create unique advantages to stand out in a competitive market [5] - The convenience and hygiene of next-use products are appealing to consumers, especially for those with sensitive skin or post-medical treatment needs [5][6] - Social media engagement around next-use products is significant, with topics related to them generating over 1.7 billion views on platforms like Xiaohongshu [9] Industry Challenges - Some industry experts express concerns about the environmental impact of next-use packaging, which often relies on plastic materials [10] - There is a debate about the necessity of next-use formats for all products, with some suggesting that not all formulations require such packaging [10][11] - The industry is exploring more sustainable packaging options to address environmental concerns while maintaining the convenience of next-use products [10]

Core Viewpoint - The recent debate in the medical beauty industry regarding "recombinant collagen" has led to significant stock price fluctuations for leading companies, particularly Huaxi Biological and Juzhi Biological, with Huaxi denying any "business war" motives behind its actions [1][5]. Group 1: Market Reactions and Company Performance - From May 24 to June 18, Huaxi Biological's stock price increased by 23.65%, while Juzhi Biological's stock price fell by over 31% during the same period [1]. - As of June 18, Juzhi Biological's market capitalization was approximately 514 billion RMB, while Huaxi Biological's market capitalization was 245 billion RMB, less than half of Juzhi's [1]. Group 2: Opposition to "Name Games" - Huaxi Biological firmly opposes the "name game" in ingredient labeling, arguing that the capital market's concept switching has led to misunderstandings about hyaluronic acid and recombinant collagen, affecting the business environment and causing resource misallocation [2][3]. - The company emphasizes that recombinant collagen is only a small part of collagen research and that the leading edge of protein research remains with life science institutions and pharmaceutical companies [3]. Group 3: Industry Standards and Scientific Communication - Huaxi Biological highlights that no medical beauty Class III device certificates based on recombinant collagen have been approved internationally, indicating that this field requires more time for practical observation [3]. - The company plans to enhance professional communication with the capital market, noting that many analysts lack a biological background and often misinterpret the relationship between hyaluronic acid and collagen [4]. Group 4: Denial of Business War Claims - Huaxi Biological denies rumors that its recent actions are motivated by a "business war" due to pressure on its hyaluronic acid business and competition losses in recombinant collagen [5][6]. - The company asserts that its business has not been under pressure as claimed, with hyaluronic acid business growing over 10% annually and medical-grade hyaluronic acid growing over 20% [6]. Group 5: Consumer Trust and Market Integrity - Huaxi Biological argues that consumer trust in domestic brands should not be built on the misuse of academic concepts and misleading marketing practices, which could distort the business ecosystem and lead to resource misallocation [7]. - The company calls for industry-wide participation in product testing and standard discussions to enhance understanding and eliminate industry bubbles and misconceptions [7]. Group 6: Timeline of Events - The controversy began in mid-May when Huaxi Biological questioned several brokerage reports that promoted recombinant collagen and criticized hyaluronic acid [8]. - On May 24, beauty blogger "Big Mouth Doctor" Hao Yu publicly questioned the collagen content in Juzhi Biological's products, leading to further disputes [9][10].

Core 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].

Group 1: Company Announcements - *ST Bosen's proposed board election is unrelated to the "Xifeng Liquor backdoor listing" rumors [1] - Anjiu Food Group has passed the listing hearing at the Hong Kong Stock Exchange [2] - Haitian Flavor Industry plans to globally issue 263,237,500 H-shares, with a price range of HKD 35.00 to HKD 36.30 [2] - Unilever (China) has undergone several business changes, with Roland Polaroid Hutabarat becoming the new legal representative [3] Group 2: Industry Developments - Laiyifen has expanded its distribution business to local chain supermarkets in South Korea, Vietnam, and Thailand, increasing its export SKU count to over 30 [1] - Starbucks China has reduced prices on dozens of products, with an average price drop of around 5 yuan for large cups [4] - The average monthly after-tax income for over 8,000 employees at Pang Donglai is approximately 9,000 yuan, with an estimated net profit of 1.5 billion yuan [7] Group 3: Product Testing Results - The collagen content in Kefu Beauty's collagen stick 1.0 was found to be only 0.02%, consistent with previous testing results [6]

Core Insights - The medical beauty industry in China is projected to grow, with a consumption penetration rate increasing from 3.2% in 2020 to 5.8% by 2025, indicating over 80 million people have undergone medical beauty procedures [1] - The brand "可复美" (Kefumei) under 巨子生物 (Giant Bio) is facing significant negative publicity due to allegations of product fraud related to its key ingredient, recombinant collagen [2][3] - The controversy has led to a substantial decline in Giant Bio's stock price, dropping nearly 30% from its peak of 87.1 HKD [3][25] Industry Overview - The medical beauty market is expanding rapidly, with a notable increase in consumer engagement and product usage [1] - The competitive landscape is intensifying, particularly with rival companies like 华熙生物 (Huaxi Bio) actively targeting Giant Bio amid the ongoing controversies [4][5] Company Performance - Giant Bio's revenue grew from 20 billion RMB in 2022 to 35.24 billion RMB in 2023, marking a 49.05% increase, and further to 55.39 billion RMB in 2024, with a 57.2% year-on-year growth [25] - Despite strong revenue growth, the company has faced challenges in maintaining investor confidence due to recent scandals, leading to a market capitalization drop of over 60 billion HKD [3][25] Product Controversies - The allegations against Kefumei include claims that the amount of recombinant collagen in its products is significantly lower than advertised, raising questions about product integrity [3][6] - Previous controversies involved undisclosed ingredients like epidermal growth factor (EGF), which is banned in cosmetic products, further complicating the brand's reputation [10][12][17] Market Dynamics - The ongoing disputes have prompted consumers to reconsider their loyalty to Kefumei, with potential shifts towards alternative brands like 修丽可 (Xiu Li Ke) and 敷尔佳 (Fu Er Jia) [27] - The company's reliance on sales and marketing over research and development is evident, with a stark contrast between sales expenses and R&D investment, which may impact long-term sustainability [28][29]

Core Viewpoint - The controversy surrounding the collagen product "Kefumei" and its alleged false claims has led to significant media attention and a public dispute between two major players in the beauty and medical aesthetics industry, Juzhibio and Huaxi Biological. Group 1: Allegations and Responses - The beauty blogger "Dr. Big Mouth" raised concerns about the collagen content in "Kefumei" products, claiming it was only 0.02%, below the regulatory threshold of 0.1% [5] - Juzhibio, the parent company of "Kefumei," denied these allegations, asserting that their internal tests showed collagen content exceeding 0.1%, with third-party tests indicating levels between 0.2% and 0.22% [8] - The blogger's videos related to Juzhibio were removed from social media platforms, which he attributed to malicious reporting rather than voluntary deletion [1] Group 2: Industry Dynamics - The dispute is seen as a competitive clash between Juzhibio and Huaxi Biological, with the latter supporting the blogger's claims and hinting at a potential "business war" [8] - Juzhibio's market capitalization is reported to be over twice that of Huaxi Biological, despite similar performance levels, indicating a market preference for Juzhibio's collagen products [8] - Huaxi Biological had previously attempted to enter the collagen market through acquisitions, indicating a strategic interest in this segment [9] Group 3: Market Impact - Following the public dispute, both Juzhibio and Huaxi Biological experienced stock price declines, with Juzhibio opening at 59.8 HKD per share and Huaxi Biological at 54.34 CNY per share [11]

Core Viewpoint - The beauty industry is currently facing a significant controversy regarding the actual content of recombinant collagen, with a focus on the lack of standardized testing methods and criteria, which has led to a trust gap between brands and consumers [2]. Group 1: Industry Controversy - A beauty blogger reported that the recombinant collagen content in a popular product was only 0.0177%, significantly below the national standard of 0.1%, and failed to detect key amino acids like glycine [2]. - The controversy centers not on the technical routes or raw material sources, but on the choice of testing methods and the absence of unified standards, which has hindered the compliant development of the medical beauty industry [2]. Group 2: Regulatory Developments - Since 2022, the National Medical Products Administration (NMPA) has been releasing industry standards for recombinant collagen, including YY/T 1849-2022 and YY/T 1888-2023, to address the heterogeneity of recombinant collagen products [3]. - The introduction of mass spectrometry as a "gold standard" for quality control in recombinant collagen is expected to replace traditional methods that are susceptible to interference from other proteins [3]. Group 3: New Standards Implementation - On August 1, 2022, the NMPA implemented YY/T 1805.3-2022, which provides a high-specificity method for detecting collagen content using LC-MS/MS, addressing the limitations of traditional methods [4]. - A new standard, YY/T 1954-2025, for peptide fingerprint analysis of recombinant collagen is set to be implemented on March 1, 2026, which will enhance quality control and regulatory capabilities in the medical beauty industry [8]. Group 4: Industry Support and Collaboration - The Instrument Information Network is actively monitoring developments in cosmetic testing and promoting collaboration in the field, emphasizing the importance of advancements in testing technology and equipment [13].

Core Viewpoint - The controversy surrounding Juzhibio, a leading domestic cosmetics company, stems from allegations of ingredient fraud, particularly regarding its flagship product, "Kefumei" collagen stick, which has been accused of having significantly lower collagen content than claimed [1][2][3] Group 1: Impact on Company Valuation - Juzhibio's stock price has dropped approximately 30%, from a peak of 87 HKD per share to around 60 HKD, resulting in a market capitalization decline from over 900 billion HKD to about 650 billion HKD [3][22] - The allegations of ingredient fraud have severely impacted Juzhibio's market trust and financial standing, leading to a significant loss of over 250 billion HKD in market value within a short period [22] Group 2: Competitive Dynamics - The allegations against Juzhibio are not merely a case of a blogger exposing fraud but are linked to competitive tensions with Huaxi Biological, which has openly supported the allegations and has a financial stake in the blogger's company [2][5][6] - The conflict between Juzhibio and Huaxi Biological represents a broader battle for market dominance in the domestic skincare industry, reminiscent of past rivalries in the sector [5][6] Group 3: Ingredient Controversy - The core of the dispute lies in the ingredient claims, particularly the presence and concentration of recombinant human collagen, which is a key selling point for Juzhibio's products [12][16] - The rise of the "ingredient-focused" consumer trend has shifted market dynamics, with consumers increasingly prioritizing the efficacy and transparency of product ingredients [14][15] Group 4: Financial and Operational Insights - Juzhibio's operational model is characterized by low research and development (R&D) investment, with R&D expenses for 2024 amounting to only 1.07 billion CNY, representing just 1.9% of total revenue [18] - In contrast, Huaxi Biological invests significantly more in R&D, with a proportion of 8.68%, highlighting a structural difference in their approaches to innovation and product development [18] Group 5: Marketing Strategies - Juzhibio has heavily relied on marketing, with sales and distribution expenses reaching 20.08 billion CNY in 2024, accounting for 36.3% of total revenue, which is 19 times its R&D spending [18][19] - The company's strategy includes partnerships with top influencers, such as Li Jiaqi, to enhance brand visibility and consumer engagement [19][20] Group 6: Valuation Concerns - Juzhibio's current rolling price-to-earnings (P/E) ratio is approximately 29.5, which is significantly higher than the typical P/E ratio for consumer stocks, indicating potential overvaluation based on its growth narrative [21] - The ongoing "ingredient fraud" controversy poses a risk to Juzhibio's established trust and growth narrative, challenging its high valuation and market position [22]

Group 1 - The core finding of the tests indicates that the collagen content in the product "可复美胶原棒1.0" is only 0.02%, which is consistent with the previous test result of 0.0177% [1][2] - The testing was conducted by a more authoritative institution with a national quality inspection center, using the highest national standards for amino acid measurement [1] - The detection of sodium polyglutamate and arginine was found to be 0.10% and 0.18% respectively, with both results being consistent with previous tests [1] Group 2 - After excluding arginine and sodium polyglutamate, the total amount of detected amino acids was only 0.02%, which is significantly lower than expected [2] - The core amino acid glycine was quantitatively measured with a detection result of 0.002%, far below the product's labeled lower limit of 0.1% [2]