Core Viewpoint - Huaxi Biological criticized ten research reports from nine brokerages, claiming they misled the market by promoting a "hyaluronic acid obsolescence theory" in favor of recombinant collagen products [2][3][5] Group 1: Research Reports Criticism - Huaxi Biological specifically named four reports from brokerages including Huatai Securities and Anxin Securities, which emphasized the advantages of recombinant collagen over hyaluronic acid in terms of efficacy and safety [3][5] - The reports in question did not explicitly use the term "obsolete" but suggested that collagen had superior applications in certain scenarios [5] - Huaxi Biological's article indicated that the emergence of the "hyaluronic acid obsolescence" narrative was driven by "restless capital" seeking new investment themes [3][9] Group 2: Timeline and Context - The criticism of the research reports is rooted in a timeline starting from 2022, when the recombinant collagen concept gained traction in the capital market [7][10] - Huaxi Biological itself entered the recombinant collagen market in April 2022 by acquiring a 51% stake in Beijing Yierkang Biological Engineering for 233 million yuan [9] - The reports were published between 2022 and 2024, with the earliest being from August 2022 and the latest from February 2024 [8] Group 3: Regulatory and Compliance Issues - The article raised questions about the compliance and independence of the research reports, referencing the "Interim Regulations on the Release of Securities Research Reports" which mandates objectivity and fairness [10][11] - There were indications that some brokerages had deleted the criticized reports from the WIND platform, although they remained accessible on other platforms like Choice [5][11] - The production process of research reports involves ensuring data legality and undergoing compliance checks before publication, highlighting the importance of rigorous standards in the industry [11]

资料来源：丸美生物2024年度环境、社会与公司治 理（ESG）报告 编者按：ESG年报解读为搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专 栏。 参考上交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，搜狐财经迭代完善各行 业ESG测评体系标准，并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司环境资 源、社会责任及公司管治进行了评价。 本文为"丸美生物"篇。 出品 | 搜狐财经 研究员 | 张子豪 近期，丸美生物发布了2024年ESG报告，也是该公司变更证券名称后首度发布相关报告。在报告内容来 看，丸美生物2024年表现出诸多创新点与优点，体现了其在可持续发展领域的领先实践。 环境方面，丸美生物入选"广东省绿色工厂"，通过屋顶光伏发电、绿电甲醇替代普通甲醇等措施降低碳 排放。报告期内完成三款明星单品碳足迹核算，并通过购买碳汇实现2023年产品碳中和。 社会方面，丸美生物聚焦生物科技，落地全国重组功能蛋白技术研究中心，并牵头启动《重组可溶性胶 原》行业标准制定，推动重组胶原蛋白在化妆品领域的规范化应用。 而在公司治理方面，2024年派发现金红利3.09亿 ...

近日，华熙生物（688363.SZ）发布一篇《概念总在重演，科技永远向前》的文章，在文章中称透明质 酸（Hyaluronic Acid, 简称HA）产业"在近几年资本市场的概念切换中遭遇了谎言与践踏"。 同时，华熙生物"点名"一众券商及其研究报告，指责部分券商的研究报告通过对比透明质酸（俗名：玻 尿酸）与重组胶原蛋白成分，鼓吹透明质酸"过时论"，误导市场；并点名了西部证券、安信证券、信达 证券等券商的研究报告存在"误导性结论"。 南都湾财社记者注意到，华熙生物"炮轰"一众券商研究报告背后，均指向巨子生物（02367.HK）。这 家重组胶原蛋白企业，在产品线上与华熙生物护肤板块有着高度重合，在业绩、二级市场上，却与华熙 生物近年的走势全然不同。 对于市场竞争等问题，华熙生物5月21日对南都湾财记者回应表示："我们坚决反对任何通过歪曲科学事 实、误导消费者、操控信息等手段进行的不良竞争。此类行为不仅损害了公平的市场竞争环境，更重要 的是，它严重透支了消费者对整个中国生物科技和医美行业的信任，长此以往将阻碍行业的持续健康发 展。华熙生物坚决反对此类不良竞争，并且会尽自己所能维护行业的良好生态。" "华熙生物本次行动 ...

Group 1: Investor Relations Activities - The company participated in the "2025 Online Collective Reception Day for Investors" on May 20, 2025, from 14:00 to 17:00 [3] - The event was held online in collaboration with the Shanxi Securities Regulatory Bureau and other organizations [3] - Attendees included investors participating through the online platform [3] Group 2: Company Overview and Leadership - The company is represented by key personnel including Chairwoman Yang Xia and Vice General Manager Tang Menghua [4] - The financial director is Xue Fangqin, who also participated in the investor relations activities [4] Group 3: Product Development and Market Expansion - The company utilizes advanced technologies for the production of humanized collagen, including structural biology and synthetic biology [5] - Collaboration with L'Oréal Group has generated revenue from raw material products, with a focus on expanding into Southeast Asian markets [6] Group 4: Policy Impact and Strategic Adaptation - Recent policy adjustments in the biopharmaceutical industry have created development opportunities for the company [7] - The company has enhanced communication with government departments to stay updated on policy changes [7] - Increased R&D investment and marketing efforts have been implemented to improve product quality and brand recognition [7] Group 5: Financial Performance - In 2024, the company achieved a net cash flow from operating activities of 767 million yuan, a year-on-year increase of 159.55% [8] - The increase in cash flow is attributed to higher sales revenue and net profit, along with improved cash collection practices [8] - Cost control measures have been adopted to ensure stable and sufficient cash flow [8]

Core Viewpoint - Huaxi Biological has publicly criticized several securities firms for promoting collagen products and suggesting that hyaluronic acid is "outdated," indicating a defensive stance amid declining performance and market competition [1][2][3] Company Performance - Huaxi Biological started with hyaluronic acid and holds nearly 50% of the global market share, expanding into medical products, skincare, and functional foods [5][6] - Despite maintaining positive growth during the pandemic years of 2020 and 2021, the company's revenue and profit have declined since 2021, with net profits projected to drop from 9.71 billion yuan in 2022 to 1.74 billion yuan in 2024 [10] - The company's market capitalization has plummeted from over 140 billion yuan in 2021 to 25.3 billion yuan as of May 21, 2025 [10] Market Comparison - In contrast, competitors like Juzhi Biological and Jinbo Biological have seen significant growth, with Juzhi's net profits 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 in the same period [14] - Both companies have also achieved substantial stock price increases, with market capitalizations of 87.5 billion HKD and 51.1 billion yuan, respectively [14] Industry Dynamics - The rise of collagen products has created a competitive threat to hyaluronic acid, with market trends favoring new ingredients [15][18] - The demand for collagen is expected to exceed supply, with projections indicating a production of 200,000 tons against a demand of over 220,000 tons by 2025 [19] Challenges Ahead - Despite Huaxi's efforts to defend hyaluronic acid, the company faces challenges due to internal management issues and a tarnished brand image, which may hinder future sales growth [20][21] - The company's recent foray into collagen products has not yet shown significant revenue impact, suggesting ongoing struggles in adapting to market changes [21]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 【文/王力 编辑/周远方】 5月17日晚间，华熙生物通过其官方公众号发布《概念总在重演，科技永远向前》一文，文章剑指华泰 证券、安信证券等多家头部券商，指控其通过发布存有偏颇的"对比研究"为同业竞品巨子生物造势，蓄 意贬低透明质酸（玻尿酸）的行业价值。 据该篇檄文披露，相关券商研报通过刻意构建的论证框架，系统性输出"透明质酸技术过时论""胶原蛋 白安全性优势论"等争议性观点，更将透明质酸产业价值置于胶原蛋白之下。 这场罕见的公开呛声事件，将华熙生物与巨子生物的角力推至台前，同时引发业界对生物活性材料及资 本介入产业竞争的多维探讨。 百元玻尿酸时代下，资本市场的题材切换 截图来自 华熙生物公众号 从成分来看，玻尿酸（透明质酸）是一种天然多糖，通过微生物发酵生产，具有超强锁水能力，其核心 功能在于填充塑形与保湿，适用于鼻部、下巴等立体部位，且可通过溶解酶快速逆转效果，安全性较 高。 早在2015年干细胞概念受资本热捧时，玻尿酸就曾被贴上"技术落后"的标签。历史轮回中，相似的剧本 正在重组胶原蛋白领域重演。 近日，华熙生物在公众号发文中更是将 ...

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 昔日千亿巨头，华熙生物，急了。 最近，华熙生物发布了名为《概念总在重演，科技永远向前》的文章，节选了华泰证券、安信证券、西部证券等多家券商的研报，抨击这些券商 对于 "玻尿酸过时" 的市场观点。 在华熙生物发文的背后，是近几年来玻尿酸概念和重组胶原蛋白概念的对垒。 2019年上市以来，华熙生物顶着"医美茅"的名头，股价一度上涨至309元/股，市值超过1400亿元。 然而 2021年之后，华熙生物股价急转直下，至今已暴跌超80%，跌去超千亿市值，仅剩200多亿元。在近期医美板块的暴涨之中，华熙生物也 成为逐渐掉队的一批。 与之形成鲜明对比的是，北交所目前市值第一的锦波生物， 2023年北交所上市以来股价已经上涨超10倍，市值近500亿元。 目前，锦波生物股价已经超过 500元/股，仅次于贵州茅台和寒武纪。 如果从锦波生物 2015年在新三板挂牌时的最低价算起，锦波生物在这10年里更是已经暴涨约85倍。 因此，华熙生物这次声势浩大的 "指控"，更像是华熙生物为"玻尿酸"（也称"透明质酸"）概念的一次背书。 一边是狂涨40倍的重组胶原蛋 ...

Core Viewpoint - The article highlights a conflict in the biopharmaceutical industry regarding the competition between hyaluronic acid and recombinant collagen, with Huaxi Biological criticizing the notion that hyaluronic acid is outdated, which they attribute to capital-driven speculation [1][4]. Company Performance - Huaxi Biological's performance has declined significantly, with projected revenue for 2024 expected to decrease by 11.61% and net profit to drop by 70.59%, resulting in a market capitalization loss of over 100 billion [1][6]. - In contrast, Juzhi Biological has experienced substantial growth, with a projected revenue increase of 57.2% and net profit growth of 42.4% for 2024, leading to a doubling of its market capitalization [1][6]. Market Dynamics - The article discusses the contrasting market performances of Huaxi Biological and Juzhi Biological, indicating a clear divide in the industry, with Huaxi's stock price falling over 80% from its peak of 309.43 yuan per share in July 2021 to 53.08 yuan per share as of May 20, 2025, resulting in a market cap of less than 25.6 billion [9][6]. - Juzhi Biological's stock has seen a significant increase, reaching a peak of 86.45 HKD, representing a cumulative rise of over 44% from approximately 60 HKD at the end of 2024 [8][6].

近日，华熙生物官方微信号发布了一篇题为《概念总在重演，科技永远向前》的文章，与一般的宣传自 身产品，阐述自身投资价值的文章不同，这篇文章则是公开炮轰多家券商为"港股重组胶原蛋白第一 股"巨子生物站台，宣扬透明质酸钠"过时论"，引发市场广泛关注。 这件事情的起因，还要从多家券商对于巨子生物发布的研报说起。华熙生物作为全球领先的透明质酸原 料生产商，曾凭借玻尿酸在美妆护肤行业占据重要地位，被誉为"医美茅"。然而，在官方微信号的文章 中，华熙生物却指出，近年来随着重组胶原蛋白概念的兴起，部分券商发布研报宣扬玻尿酸"过时论"， 为巨子生物等重组胶原蛋白企业站台。华熙生物认为这些观点是一场"谎言"，是"浮躁资本"构建的题材 幻象，严重伤害了透明质酸产业的市场基础，还导致公司股价大跌，业绩也受到了一定影响。 券商发布的相关研报截图来源：华熙生物官方微信号 两者股价背道而驰的背后，是两者业绩的此消彼长，2024年，华熙生物交出了上市以来最差成绩单，全 年营收53.71亿元，比上年同期下降11.6%；归母净利润1.64亿元，同比大幅下降72.27%。2022—2024年 净利润更是从9.71亿元降至1.74亿元，缩水82%。 ...

Group 1 - The core idea of the article is that Jinbo Biological is funding open research projects nationwide to promote innovative applications of recombinant collagen in the medical field [1] - The company has successfully developed various injectable recombinant collagen products and plans to expand their medical uses [1] - The research institute is soliciting collaborative projects in ten areas, including gastrointestinal post-operative repair, burn treatment, and post-operative repair for breast cancer [1] Group 2 - Collaborating parties must possess independent research capabilities, with negotiation periods set from May to December 2025 [1] - This initiative aims to accelerate the transformation of innovative results and promote the widespread clinical application of collagen technology [1]