文 | 新浪财经 徐苑蕾 近几年，凭借核心护肤品牌可复美，巨子生物的业绩节节攀升， 2024 年可复美品牌贡献 45.4 亿元，营收占比达到 82% 。然而，巨子生物也多次因产品成分陷入争议，舆论风波 使得公司的品牌公信力受到严峻考验。 近日，业内两大巨头 —— 巨子生物与华熙生物因 " 重组胶原蛋白 " 真实含量问题爆发激 烈争议，从产品成分质疑升级至公开 " 商战 " 。在 618 大促的关键节点，涉事产品可复 美 " 胶原棒 "1.0 版本已在多个电商平台下架。 随着事件进一步发酵升级，背后隐藏的技术路线之争与行业标准缺失问题也浮出水面。一位 化妆品行业人士直指，巨子生物和华熙生物的"开撕"，本质是两家企业对市场份额和行业 主导权的争夺。 昨晚，巨子生物发布最新回应，并公布了多家权威检测机构的检测数据：经多个检测机构对 多批次"胶原棒"进行检测分析，确认产品中重组胶原蛋白含量均大于 0.1% 。巨子生物强 调，可复美相关产品不存在 " 虚假宣传 " 的行为。同时，可复美胶原棒 1.0 版本因售罄陆 续下架，并非网传的 " 悄悄下架 " 。 检测报告引爆争议， 国内医美行业正经历一场 " 成分风暴 " 。 ...

Core Viewpoint - The domestic medical beauty industry is experiencing a "component storm," highlighted by a fierce dispute between two major players, Giant Bio and Huaxi Bio, over the actual content of "recombinant collagen" in their products, escalating from product composition doubts to a public "business war" [2][3] Group 1: Industry Dispute - The controversy was ignited by a report from Dr. Hao Yu, which claimed that the recombinant collagen content in Giant Bio's product was only 0.0177%, significantly below the stated level of over 0.1% [3] - Giant Bio responded by asserting that the accusations were "seriously inaccurate" and provided self-test results confirming compliance with standards [3][5] - Huaxi Bio publicly supported Dr. Hao and accused Giant Bio of using online tactics to manipulate public perception, escalating the conflict [5] Group 2: Market Impact - Following the dispute, regulatory authorities in Shaanxi Province initiated an investigation, and the stock market reacted with Giant Bio's shares dropping approximately 13% while Huaxi Bio's shares rose about 9.8% [6] - The market's focus on recombinant collagen has surged, with a report indicating a compound annual growth rate of 63% from 2017 to 2022, and an expected growth rate of 42.4% from 2022 to 2027, reaching 108.3 billion [9] Group 3: Financial Performance - Despite the controversies, Giant Bio's performance remains strong, with a projected revenue of 55.39 billion in 2024, a 57% year-on-year increase, and a net profit of 20.62 billion, up 42% [11] - The brand Kefu Mei contributed 45.4 billion to revenue, accounting for 82% of total sales, but the company faces risks due to its heavy reliance on this single brand [11][14] Group 4: Industry Standards - The dispute highlights the lack of unified testing standards for recombinant collagen, leading to significant discrepancies in results from different testing institutions [10] - The National Medical Products Administration has initiated the establishment of industry standards for recombinant collagen testing methods, indicating a move towards regulatory improvement [10]

Core Viewpoint - The ongoing controversy surrounding Juzhi Biotechnology's alleged product fraud has escalated into a significant conflict within the medical aesthetics industry, involving major players like Huaxi Biotechnology and self-media influencer Gao Yu [1][3]. Group 1: Incident Development - The scandal began with allegations of Juzhi Biotechnology's collagen product being falsely represented, leading to a public dispute with Gao Yu, who claimed the product contained only 0.0177% of the required collagen, below the legal threshold of 0.1% [4][9]. - On May 30, the testing agency that supported Gao Yu retracted its report, which Juzhi interpreted as an apology, while still contesting the validity of Gao Yu's testing methods [2][3]. - The controversy has prompted other companies in the industry to begin testing their products, with over 100 samples submitted for testing by nine different companies [7]. Group 2: Industry Impact - The product in question, "Kefumei Human-Like Recombinant Collagen Essence," has been a core revenue driver for Juzhi, generating approximately 4.542 billion yuan in revenue in 2024, accounting for about 82% of the company's total revenue [9]. - Huaxi Biotechnology's involvement has intensified the situation, as they publicly supported Gao Yu and criticized the tactics used by Juzhi, suggesting a broader industry conflict [12][15]. - Following Huaxi's announcement, their stock rose by 6.94%, while Juzhi's stock fell by 4.69%, reflecting the market's reaction to the unfolding drama [16].

Core Viewpoint - The controversy surrounding the collagen content in the product "Kefumei" from Giant Biological has raised significant consumer and investor concerns, with ongoing debates about the accuracy of testing methods and results [1][10]. Group 1: Testing Results - Giant Biological confirmed that the "Kefumei Human-like Recombinant Collagen Essence" contains recombinant collagen, with content levels greater than 0.1% as per third-party testing [2][10]. - The testing utilized two methods: LC-MS/MS for qualitative analysis and the Biuret method for quantitative analysis, with results showing collagen content of 0.2%, 0.22%, and 0.2% across three batches [2][8]. - A subsequent test on one batch indicated a collagen content of 0.17%, confirming that the product meets the stated requirements [8][9]. Group 2: Consumer Concerns and Responses - The initial claim by beauty blogger "Big Mouth Doctor" suggested that the actual collagen content was only 0.0177%, leading to widespread skepticism about the product's integrity [10][11]. - Giant Biological emphasized that there is no misleading advertising and that the product has been properly tested, countering claims of "quietly delisting" the product due to sales issues [10][11]. - The company expressed concern over consumer anxiety caused by misinformation and reiterated its commitment to transparency and product integrity [10][11]. Group 3: Industry Reactions - Huaxi Biological publicly supported the claims made by "Big Mouth Doctor," indicating that they have conducted their own evaluations and testing of the product [11][14]. - Huaxi Biological criticized Giant Biological for alleged unethical marketing practices and indicated readiness to engage in a public discourse regarding product integrity [14][15].

锦波生物 20250603 摘要 锦波生物 2025 年第一季度收入增长 66%，重组胶原蛋白领域领先，护 肤品业务增速达 15%-20%，受益于早期医美布局和重鹏等品牌。 医美行业注射胶原蛋白 2024 年增速近 40%-50%，预计 2025 年仍保 持 20%-30%增长。锦波生物产品需求超预期，化妆品领域增速远超同 行。 锦波生物拥有合规三类注射医疗器械证照，科瑞康注册牛源胶原蛋白三 类证产品。与李佳琦合作使同频产品在天猫 618 预售中表现突出。 锦波生物 2024 年毛利率超 92%，净利率约 51%。医疗器械相关产品 占收入 85%，其中 90%为微医美三类医疗器械，化妆品占比约 10%。 预计 2025 年微医美收入增长超 50%。新产品如 12 毫克 Count 系列和 凝胶产品将挤占玻尿酸市场份额，刺激新增需求。 锦波生物已覆盖一线、二线城市七八成大型医美机构，渠道下沉至二三 线城市将带来增量，零售价格下滑刺激放量。 重组胶原蛋白安全性高，无栓塞风险，效果自然可循环，凝胶形态入场 可增加供给。已覆盖超 4,000 家医美机构，市场规模接近 20 亿元。 Q&A 锦波生物的业务结构及财务状况 ...

Group 1 - Hantse Aitai Biopharmaceutical Technology (Wuhan) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with ICBC International as the sole sponsor [1] - The company aims to raise capital for its operations and expansion in the biopharmaceutical sector [1] Group 2 - Xiaomi's founder Lei Jun stated that the new Xiaomi YU7 car will not be priced at 235,900 yuan as rumored, and the automotive business is expected to achieve profitability in the second half of this year [5] - The total budget for the intelligent driving research and development of YU7 is set at 3.5 billion yuan, indicating a significant investment in the automotive sector [5] Group 3 - Neuralink, a brain-computer interface company founded by Elon Musk, has completed a $650 million Series E funding round with participation from major investors [18] - The funding will support the company's ongoing development and innovation in brain-machine interface technology [18] Group 4 - Toyota Group announced plans to privatize Toyota Automatic Loom Works through a series of transactions involving its subsidiaries, aiming to accelerate its transformation into a mobility company [19] - The investment for this privatization effort includes approximately 180 billion yen from Toyota Real Estate and 70 billion yen from Toyota Motor for purchasing non-voting preferred shares [19] Group 5 - Spotify has been fined 58 million Swedish Krona for data protection violations, as determined by the Stockholm Court of Appeal [20] - The fine is a result of Spotify's failure to comply with the EU's General Data Protection Regulation regarding the handling of data subject rights [20]

Group 1: Gold Market Insights - Despite a slight strengthening of the dollar, the mainstream market expectation is that the Federal Reserve will initiate a rate cut cycle by 2025, supported by recent moderate inflation data, which is a core driver for gold prices [1] - As the interest rate hike cycle approaches its end, the trend of declining real interest rates is clear, reducing the opportunity cost of holding gold as a non-yielding asset, thus solidifying the mid-term bullish outlook [1] - The expansion of the U.S. fiscal deficit raises concerns about the sustainability of U.S. debt, coupled with the Biden administration's tough stance on international trade, leading to systemic doubts among investors regarding the dollar and U.S. assets [1] Group 2: Brain-Computer Interface Market - Hubei Province has included invasive brain-computer interface surgeries in medical insurance, priced at 6,552 yuan (approximately 936 USD), significantly lower than Neuralink's cost of 50,000 USD, highlighting a competitive advantage [1] - The price difference reflects not only lower manufacturing and surgical costs but also China's systematic support for brain-computer interface technology in medical policies, which is expected to stimulate large-scale market demand, particularly in rehabilitation, elderly care, and treatment of neurological diseases [1] - Advanced flexible electrode technology, significantly smaller than a human hair, enables paralyzed patients to control games with their minds, while Brain Tiger Technology's "North Brain No. 1" allows epilepsy patients to operate WeChat and Taobao through brain control, showcasing technological advancements comparable to Neuralink [1] Group 3: Collagen Market Dynamics - The controversy surrounding Giant Bio's "Kefumei" product's collagen content is fundamentally a market competition between two technological routes: hyaluronic acid vs. recombinant collagen [1] - Huaxi Bio's active involvement and direct questioning of the capital market's excessive hype around the "recombinant collagen" concept indicate its defensive posture amid profit declines and industry shifts [1] - According to Frost & Sullivan, the overall collagen market is projected to reach 173.8 billion yuan by 2027, significantly surpassing the current scale of the hyaluronic acid industry, with a compound annual growth rate exceeding 50% [1] Group 4: Dairy Industry Challenges - Bright Dairy is facing a structural downturn in the industry characterized by weak consumer demand and intensified price wars, coupled with conservative internal business strategies, leading to a decline from being the "first stock in dairy" to a marginal competitor [3] - Although it maintains a leading position in the low-temperature milk sector, its market share is being closely approached by Yili and Mengniu, with emerging brands continuously eroding its market share [3] - For investors, this indicates that Bright Dairy currently lacks a stable competitive moat and core growth drivers, and without structural transformation, its long-term value will continue to be eroded [3] Group 5: Hair Care Market Trends - The hair care market is expected to grow from 22 billion yuan in 2025 to 50 billion yuan by 2030, with a compound annual growth rate of 15.3%, significantly outpacing the overall personal care industry [5] - The user base is projected to exceed 300 million, with young people, women, and postpartum groups being the main driving forces, as consumption scenarios expand from simple hair loss prevention to "daily care + precise repair + digital experience" [5] - AI scalp detection and genetic screening are creating personalized solutions, significantly improving user retention rates, with repurchase rates reaching over 45% [5]

Core Viewpoint - The controversy surrounding the skincare brand "可复美" has led to a significant decline in the stock price of its parent company, 巨子生物, which has dropped 23% in just 10 trading days, resulting in a market value loss of over 21.2 billion HKD [2]. Group 1: Company Response and Actions - 巨子生物 announced on May 24 that it had commissioned multiple authoritative third-party testing agencies to verify the collagen content in its "重组胶原蛋白" products, but has yet to release the results [2]. - The company's IR department stated that the testing process is ongoing and results will be reported to the public as soon as they are available [2]. Group 2: Market and Competitive Dynamics - The controversy began when beauty blogger "大嘴博士" publicly questioned the actual collagen content in 可复美's core product, revealing it to be only 0.0177%, which contradicted the product's marketing claims [3]. - 巨子生物 responded to the allegations by asserting that the claims were "seriously inaccurate" and released self-test results showing collagen content exceeding 0.1% [3]. - The situation has been complicated by the involvement of competitor 华熙生物, which publicly supported the claims made by 大嘴博士, indicating a long-standing rivalry between the two companies [4]. - 华熙生物 has faced pressure in the market as its core product, "玻尿酸," has seen declining interest, while 巨子生物's "重组胶原蛋白" products have gained popularity, contributing to its rapid growth in both performance and market valuation [4].

Core Viewpoint - The article discusses the rise and subsequent challenges faced by Juzi Biotechnology, highlighting its rapid growth in the beauty industry and the controversies surrounding its flagship product, the collagen stick, amid accusations of ingredient falsification [4][11][12]. Company Overview - Juzi Biotechnology, founded by Yan Jianya and Fan Daidi, has become a significant player in the beauty industry, particularly known for its "recombinant collagen" technology [10][11]. - The company achieved a market value of over 450 billion yuan in May, making its founders the richest in Shaanxi province [4]. - Juzi Biotechnology's net profit increased from 1 billion yuan in 2022 to 2.06 billion yuan in 2024, with a peak gross margin of 82% [11][21]. Recent Controversies - In May, Juzi Biotechnology faced backlash from Huaxi Biotechnology, which accused it of misleading marketing regarding the safety and efficacy of its products [6][19]. - Influencer "Big Mouth Doctor" Hao Yu claimed that the collagen stick contained only 0.0177% of the advertised recombinant collagen, significantly below the stated minimum of 0.1% [13][17]. - Juzi Biotechnology's response included a denial of the allegations and a commitment to legal action against misinformation campaigns [7][15]. Market Impact - Following the allegations, Juzi Biotechnology's stock price dropped over 8%, reducing its market capitalization from 909 billion HKD to 735 billion HKD within ten days [7][11]. - The controversy has affected not only Juzi Biotechnology but also other companies in the recombinant collagen sector, leading to a decline in their stock prices [7][11]. Competitive Landscape - The article highlights the competitive tension between Juzi Biotechnology and Huaxi Biotechnology, with both companies investing heavily in marketing and facing scrutiny over their product claims [21]. - Juzi Biotechnology's marketing expenses exceeded 2 billion yuan in 2024, while Huaxi Biotechnology's marketing costs were reported at 2.464 billion yuan [21].

丨 2025年6月3日 星期二 丨 NO.1 华熙生物、巨子生物舆论风波升级，美妆博主回应：不认可巨子生物的说法 每经记者｜甄素静 每经编辑｜董兴生 近日，浙江海圣医疗器械股份有限公司IPO申请获北交所受理，中信证券担任保荐机构。招股书显示， 海圣医疗专注于麻醉、监护类医疗器械的研发、生产和销售，产品广泛应用于麻醉科、ICU等临床科 室。 点评：海圣医疗冲刺北交所IPO，专注于麻醉监护器械研发等，产品应用于多临床科室，若成功上市， 或将借助资本加速技术创新与市场拓展。 NO.4 和美药业递表港交所 据港交所5月29日披露，赣州和美药业股份有限公司向港交所主板递交上市申请。和美药业于2002年成 立，截至2025年5月21日，和美药业已开发7个小分子候选药物，针对具有高度未满足需求的自身免疫和 肿瘤疾病。其中4种候选药物处于II期、III期临床试验或NDA阶段，适用于12种适应证。 6月1日晚，华熙生物在微信公众号发表长文支持"大嘴博士"（郝宇）。当日深夜，巨子生物在微信公众 号发布了一份声明，称有关"可复美"未添加重组胶原蛋白的争议，5月30日公司收到了来自"大嘴博 士"所用检测机构的道歉声明，并贴出了检验机 ...