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]

证券研究报告 | 行业深度报告 2025 年 05 月 21 日 Q1 分化延续，Q2 大促催化下关注头部国货机会 美妆个护 25Q1 总结及 Q2 展望 消费品/轻工纺服 行业指数 % 1m 6m 12m 绝对表现 9.2 10.9 7.9 相对表现 5.9 13.1 2.3 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 May/24 Sep/24 Dec/24 Apr/25 (%) 轻工纺服 沪深300 相关报告 1、《纺织服装 25Q1 总结及 Q2 展望 —品牌有望在 Q2 低基数情况下实现 稳健增长，制造短期承压》 2025-05-18 2、《中美日内瓦经贸会谈发布联合 声明点评—中美贸易摩擦预计将大 幅缓和，OEM 龙头有望估值修复》 2025-05-12 3、《纺织服装海外趋势跟踪（2025 年 4 月）—关税影响暂时减弱，关注 抗风险能力强的纺织制造龙头（更 新）》2025-04-16 化妆品板块 24 年及 25Q1 业绩分化延续，头部国货依旧凭借性价比、差异化产 品及定位、大单品战略及精细化线上运营等优势实现较好增长。个护板块 25Q1 表现较为亮眼，头部国货品牌凭 ...

Core Viewpoint - Huaxi Biological Technology Co., Ltd. (688363.SH) criticized certain brokerage reports for misleading the market regarding the comparison between hyaluronic acid and recombinant collagen, claiming these reports lack scientific basis and are intended to promote a competing product [1][3][6] Group 1: Company Response - Huaxi Biological reported that it has communicated with regulatory authorities regarding the misleading content in brokerage reports and received apologies from some institutions [1][4] - The company emphasized that the reports are part of a broader issue of "hasty capital" creating a false narrative in the market [3][4] - Huaxi Biological expressed disappointment that relevant parties are not engaging in scientific discussions but are instead focusing on social media commentary [4][5] Group 2: Brokerage Reports - The reports in question were authored by multiple brokerage firms, including Huatai Securities and others, which Huaxi Biological claims are biased towards a competitor, Juzhi Biological [3][6] - Analysts involved in the reports defended their work, stating that the content was compliant and based on objective public data, and denied any intent to promote Juzhi Biological [2][7][8] - The reports highlighted the advantages of recombinant collagen over hyaluronic acid in various applications, which Huaxi Biological disputes as lacking scientific evidence [3][6][8] Group 3: Market Context - In 2024, Juzhi Biological reported a revenue of 55.39 billion yuan, a 57.07% increase, surpassing Huaxi Biological's revenue of 53.71 billion yuan, which declined by 11.61% [6] - Juzhi Biological's core brand, Kefu Mei, contributed 82% of its revenue, showcasing the competitive landscape in the beauty and medical aesthetics industry [6]

Core Viewpoint - The company is focusing on the rapid growth of the recombinant human collagen market in China, which is projected to reach 585.7 billion yuan by 2025 and 2,193.8 billion yuan by 2030, with a compound annual growth rate of 44.93% [1]. Group 1: Market and Product Development - The recombinant human collagen products have gained wide market recognition due to their safety and effectiveness [1]. - The company has completed foundational research on various types of recombinant human collagen and is conducting application research in multiple medical fields [1]. - The company is investing in a production facility for injectable recombinant human collagen, specifically targeting type III collagen, which is expected to commence production this year [1]. Group 2: Brand and Sales Strategy - The company has established its own brands for medical devices and functional skincare products, including "Wei Yi Mei" and "Chong Yuan" [2]. - The company is prioritizing market expansion in Southeast Asia and has collaborated with L'Oréal Group for its raw material products [2]. - The company’s injectable recombinant type III human collagen gel has received approval and was globally launched at the Cannes Film Festival [2]. Group 3: International Expansion and Innovation - The company has obtained patents in the US, Europe, and Brazil, and is actively pursuing international market expansion [3]. - The company emphasizes the importance of both online and offline sales channels to achieve sustained growth [3].

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].

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"。 华熙生物称，透明质酸被描述为"过时"、"不如某物质安全"、"不如某物质更具生物活性"、"不如某物 质具备市场价值"……这些抹黑与受操控的自媒体及网络上的虚假消费者评论形成共振，严重误导了市 场，破坏着一批中国企业多年建立起的全球产业优势。 同时，华熙生物在文章中"点名"了华泰证券发布的《巨子生物 (2367 HK) 始于胶原，不止胶原》、安信 证券发布的《巨子生物：国货胶原蛋白龙头，妆字号至III类械全方位覆盖》等，此外，西部证券、信达 证券、华福证券、申港证券、平安证券、方正证券等券商均一一被"点名"。 对于上述"点名"，一位不愿具名的被"点名"券商内部人士对南都湾财社记者表示："我们研究所本着审 慎原则，认为不太适合发声。"记者联系华泰证券、西部证券等多家券商，截至发稿暂未获得回应。 列举多家券商研究报告，皆指向巨子生物 在华熙生物为透明质酸产业"正名"的文章中，点名了多家券商发布的研究报告：华泰证券发布 ...

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 ...

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]

智通财经APP获悉，兴业证券发布研报称，当前美容护理整体推荐顺序，个护>化妆品>线下美护，个护 板块由于线上化所带来的竞争格局变化，给国货品牌带来突围机会。国民收入提高与健康需求增强推动 个护行业市场规模稳步扩大，国货替代空间大，民族自信与技术创新推动国货品牌市场份额持续提升， 渠道红利仍存，带来结构性竞争格局变化机会。25Q1化妆品行业增速超预期，渠道表现分化，外资增 长乏力，面临业绩+撤柜双重压力，品牌壁垒松动;头部国货品牌持续推新，顺应"香氛经济"趋势，扩充 大单品矩阵。医美行业成长性属于消费板块头部，供给创造需求。 兴业证券主要观点如下： 个护：行业延续增长，抖音个护GMV增速领跑化妆品，线上化带来新机遇 抖音渠道红利驱动个护线上化加速，2024年抖音个护GMV增速达38.86%，显著高于化妆品。线上化带 来竞争格局变动，头部国货品牌凭借技术专利与全域运营能力抢占增量。建议配置以下属性标的：(1) 技术护城河明确(抗敏/益生菌/智肽等专利布局)，具备一定品牌力;(2)全域运营能力突出(线上发展快，抖 音GMV增速突出)，推荐登康口腔、润本股份，建议关注拉芳家化、若羽臣等兼具技术迭代实力与渠道 把控力的 ...