Core Viewpoint - The ongoing dispute between Hyaluronic Acid and recombinant collagen has gained significant attention, particularly involving major players in the medical aesthetics industry, Huaxi Biological and Juzhi Biological, leading to market volatility and investor caution [1][8]. Company Responses - Huaxi Biological expressed support for Dr. Hao Yu, emphasizing the importance of consumer rights and the integrity of product testing, while also indicating that they have conducted thorough evaluations of the claims made by Dr. Hao [2][5]. - Juzhi Biological issued a statement condemning Huaxi Biological's accusations as malicious and unfounded, highlighting their commitment to consumer trust and the integrity of their products [2][3]. Market Reaction - Following the controversy, Juzhi Biological's stock price fell over 5.6% on June 2, closing at 68.25 HKD per share, with a market capitalization of 731 billion HKD, reflecting investor concerns about the ongoing dispute [1][8]. Testing and Standards - The testing report that Dr. Hao Yu referenced was clarified by the testing agency, stating it was not legally valid for public proof and lacked comprehensive methodology, which raised questions about the reliability of the results [3][7]. - The lack of unified testing standards in the recombinant collagen industry has been highlighted as a significant issue, contributing to consumer distrust and regulatory challenges [7][9]. Industry Implications - The incident has exposed vulnerabilities in the regulatory framework and testing standards for the recombinant collagen sector, prompting discussions about the need for clearer guidelines and industry standards [7][9]. - The National Medical Products Administration has initiated the development of industry standards for recombinant collagen testing, indicating a move towards greater regulatory oversight [7].

Core Viewpoint - The controversy surrounding the collagen content in the product "Collagen Stick" from the brand Kefu Mei, owned by Giant Biological (02367.HK), has intensified due to allegations of misleading advertising and low actual collagen levels compared to what is claimed [1][4]. Group 1: Controversy and Responses - Beauty blogger "Big Mouth Doctor" (Hao Yu) claims that the actual collagen content in Kefu Mei's product is only 0.0177%, significantly lower than the advertised "≥0.1%" [4][5]. - Giant Biological issued a statement acknowledging an apology from the testing agency used by "Big Mouth Doctor" and stated that they are pursuing legal action against those spreading false information [3][6]. - The company has sent products to multiple testing agencies for verification, but results are still pending due to the complexity of the testing process [3][6]. Group 2: Financial Performance and Market Impact - Giant Biological has shown steady revenue growth from 2020 to 2024, with revenues increasing from 1.19 billion to 5.54 billion yuan, and net profits rising from 826 million to 2.06 billion yuan [6]. - The Kefu Mei brand accounted for 82% of Giant Biological's total revenue in 2024, with its revenue reaching 4.54 billion yuan [6]. - The ongoing controversy coincides with the 618 e-commerce promotion period, raising concerns among industry experts about potential impacts on Giant Biological's performance [6]. Group 3: Industry Context and Competitor Actions - Competitors like Huaxi Biological (688363.SH) and Jinbo Biological (832982.BJ) have higher R&D expenditure ratios at 8.68% and 4.94%, respectively, compared to Giant Biological's 1.9% [7]. - Huaxi Biological publicly supported "Big Mouth Doctor" and has conducted its own testing on the allegations, emphasizing the importance of product integrity and transparency [10][11]. - Huaxi Biological has criticized the overhyped claims surrounding recombinant collagen, suggesting that such narratives lack scientific backing and may mislead consumers [11].

Core Viewpoint - The public dispute regarding the content of recombinant collagen in the product "Collagen Stick" from the brand Kefu Mei, owned by Giant Biological (02367.HK), has intensified, with accusations of misleading information about the actual collagen content [1][3]. Group 1: Company Response and Actions - Giant Biological received an apology from the testing agency used by the beauty blogger "Big Mouth Doctor" (Hao Yu) on May 30, and the company has sent products to multiple testing institutions for compliance checks [2][4]. - The company claims that multiple tests have shown collagen content greater than 0.1%, adhering to the standards set by the Chinese Pharmacopoeia [4]. - Giant Biological clarified that the rumors about the product "Collagen Stick 1.0" being taken off the shelves are false, stating it was a normal product iteration that began in April [6]. Group 2: Industry Context and Competitor Involvement - The controversy has drawn attention from competitors, notably Huaxi Biological, which publicly supported the claims made by "Big Mouth Doctor" and offered to assist in testing and regulatory communication [10]. - Huaxi Biological has criticized the overhyped claims surrounding recombinant collagen, suggesting that the industry is experiencing inflated expectations without sufficient scientific backing [13]. - The financial performance of Huaxi Biological has been declining, with a reported revenue of 5.371 billion in 2024, down 11.61% year-on-year, and a significant drop in net profit [13]. Group 3: Financial Performance of Giant Biological - Giant Biological has shown steady revenue growth from 1.19 billion in 2020 to 5.539 billion in 2024, with net profit increasing from 826 million to 2.062 billion during the same period [7]. - The Kefu Mei brand is a significant contributor to Giant Biological's revenue, accounting for 82% of total income in 2024, with a reported revenue of 4.542 billion [7]. - Concerns have been raised about the potential impact of the ongoing controversy on the company's performance during the critical 618 e-commerce promotion period [7].

6月1日，巨子生物发布声明，表示接受"大嘴博士"（郝宇）所用检测机构道歉，但将追究造谣者法律责任。 声明介绍，有关"可复美"未添加重组胶原蛋白的争议，5月30日我司收到了来自"大嘴博士"（郝宇）所用检测机构的道 歉声明，该机构明确表示"我司对此做法不仅不予认同，更从未做出任何形式的授权"，并严令要求"大嘴博士"（郝 宇）"⽴即停⽌使⽤及转发该《测试报告》的⾏为，以避免对社会公众产⽣更严重的误导 "。 根据上海东谱检测技术服务有限公司的声明，近期，名为"大嘴博士"的网络博主在各大网络平台，针对"可复美"品牌 某款化妆品中"重组胶原蛋白"的成分含量提出质疑，并发布相关视频及博文，其中可能引用了我司出具的《测试报 告》作为依据，此举引发了广泛争议。针对该《测试报告》相关情况，我司特作如下澄清说明: 1.报告用途与授权说明:我司出具的该《测试报告》，其明确用途限定为科研、教学以及内部质量控制与研究的目的， 并不具备对社会公众进行证明的法律效力。在受托进行测试时，委托人并未向我司告知其真实用途是为利用该《测试 报告》向社会公众宣传并证明博主观点。我司对此做法不仅不予认同，更从未作出任何形式的授权。 2.测试结果的科学性 ...

Core Viewpoint - The article discusses the rise and challenges faced by Juzhi Biotechnology, highlighting its rapid growth in the beauty industry and the recent controversies surrounding its flagship product, the collagen stick. Group 1: Company Overview - Juzhi Biotechnology, founded by Yan Jianya and Fan Daidi, has become a significant player in the beauty industry, with a market value exceeding 450 billion yuan in May 2023, making them the richest couple in Shaanxi [1][2]. - The company specializes in recombinant collagen products, leveraging advanced biotechnology to create products that mimic human collagen [5][6]. Group 2: Recent Controversies - In May 2023, Juzhi Biotechnology faced backlash from competitors and influencers, particularly regarding the safety and authenticity of its collagen stick product [3][11]. - A beauty influencer claimed that the collagen stick contained only 0.0177% of the advertised recombinant collagen, significantly below the stated minimum of 0.1% [11][14]. - Juzhi Biotechnology responded by asserting that their products met industry standards and were undergoing third-party testing to verify their claims [14][16]. Group 3: Market Impact - Following the controversies, Juzhi Biotechnology's stock price dropped over 8%, reducing its market capitalization from 909 billion HKD to 735 billion HKD within ten days [3][19]. - The company has seen significant sales from its collagen stick, generating over 5.15 billion yuan in revenue since its launch, accounting for 82% of the company's total revenue in 2024 [16][19]. Group 4: Competitive Landscape - The article highlights the competitive tension between Juzhi Biotechnology and other industry players, particularly Huaxi Biological, which criticized Juzhi's marketing tactics and product claims [3][19]. - Both companies have invested heavily in marketing, with Juzhi's marketing expenses exceeding 2 billion yuan in 2024, while Huaxi's were around 24.64 billion yuan [19].

Core Viewpoint - The stock price of Giant Bio has dropped 19.80% over 7 trading days, resulting in a market value loss of nearly 18 billion HKD due to allegations regarding the collagen content in its skincare products [2] Company Overview - Giant Bio operates in the professional skincare industry based on bioactive ingredients, with its brand "Kefumei" accounting for 87.04% of total revenue in 2024 [2] - The company reported a revenue of 5.539 billion CNY and a net profit of 2.062 billion CNY in its 2024 annual report, with a gross margin of 82.09% [4] Controversy and Response - On May 24, a beauty blogger, "Dr. Big Mouth," questioned the collagen content in Kefumei's core product, claiming it was only 0.0177% and lacked glycine, a key component [2] - Giant Bio responded by stating the allegations were "seriously inaccurate" and provided self-test results showing collagen content exceeding 0.1% [2] - The company has not yet released third-party test results despite claims of having engaged multiple authoritative testing agencies [2] Testing Methods - The blogger's team used high-performance liquid chromatography (HPLC) combined with amino acid quantification, while Giant Bio employed methods from the Chinese Pharmacopoeia and industry standards [3] - The blogger raised concerns about the testing methods used by Giant Bio, suggesting they may lead to inflated results due to the presence of polyglutamic acid [3] Market Impact - Market regulatory authorities are currently investigating the situation, which could negatively affect consumer sentiment and the performance of Kefumei during the upcoming 618 promotional event [4]

Core Viewpoint - The article discusses the controversy surrounding the collagen product "胶原棒" from 巨子生物, highlighting concerns about the actual content of recombinant collagen being lower than advertised, which could impact consumer trust and company performance [4][6][15]. Company Analysis - 巨子生物's flagship product, "胶原棒," is projected to generate 4.5 billion yuan in revenue for 2024, representing a 62.9% year-on-year growth and accounting for 80% of the company's total revenue [4][15]. - The controversy began when a social media influencer claimed that the actual recombinant collagen content in "胶原棒" was only 0.0177%, significantly below the stated minimum of 0.1% [6][7]. - The company asserts that their products meet the industry standard, with multiple tests showing collagen content above 0.1% [6][7]. Industry Context - The issue of low recombinant collagen content points to broader challenges in the industry, including production limitations and the need for clearer regulatory standards for testing [8][9]. - The market for recombinant collagen has seen significant growth, with companies like 巨子生物 and 锦波生物 achieving substantial valuations due to the high demand for these products [10][11]. - The controversy could lead to a decline in consumer confidence, especially with the upcoming "618" shopping festival, which is crucial for sales [13][15]. Market Dynamics - The sales of "胶原棒" have been strong, with over 5.15 billion units sold since its launch, and the introduction of a new version is expected to further boost sales [15]. - Major players in the cosmetics and medical beauty sectors are increasingly investing in recombinant collagen products, indicating a trend towards expanding this market [15][16]. - The trust crisis surrounding recombinant collagen could have far-reaching implications for the entire industry, affecting not just 巨子生物 but also other companies involved in this segment [17][18].

Core Viewpoint - The controversy surrounding Giant Bio's product "Recombinant Collagen Essence" has raised questions about its collagen content, leading to a significant decline in the company's stock price following allegations of false labeling and exaggerated claims [1][6]. Group 1: Product Allegations - Beauty blogger "Big Mouth Doctor" (Hao Yu) reported that the collagen content in Giant Bio's "Recombinant Collagen Essence" was only 0.0177%, which is below the national standard of 0.1% for non-trace components [1]. - The report also indicated that the core amino acid "glycine," essential for collagen, was not detected in the product, suggesting potential false labeling and exaggeration of claims [1]. Group 2: Company Response - In response to the allegations, Giant Bio issued a statement denying the claims, asserting that multiple self-test results showed collagen content greater than 0.1%, contradicting the reported data [1]. - The company emphasized that its testing methods adhered to the "Pharmacopoeia of the People's Republic of China" and industry standards, and it has commissioned a third-party organization for retesting [1]. Group 3: Stock Market Impact - Following the allegations, Giant Bio's stock price experienced a continuous decline over four days, indicating a significant market reaction to the controversy [6]. - The situation was exacerbated by a lengthy article from Huaxi Bio, which criticized Giant Bio's marketing strategies and its comparison of collagen to hyaluronic acid [8]. Group 4: Connections and Recommendations - There are notable connections between Huaxi Bio and Big Mouth Doctor, as both have indirect stakes in Shanghai Liuye Medical Technology Service Co., Ltd., suggesting potential conflicts of interest [8]. - Big Mouth Doctor has previously recommended products from Huaxi Bio, indicating a possible bias in the ongoing criticism of Giant Bio [9].

临近年中电商大促，"重组胶原蛋白第一股"巨子生物却陷入巨大争议。 近日，一位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社交媒体博主"大嘴博士"连续发 文称，经检测，巨子生物旗下品牌可复美的核心产品"胶原棒（Human-Like重组胶原蛋白肌御修护次抛 精华）"中的重组胶原蛋白实际含量低于宣传口径。 作为巨子生物的收入王牌，可复美系列在2024年大赚45亿元、同比增长62.9%，占公司总收入的80%。 其中，以"胶原棒"为核心的功效型护肤品品类又为可复美贡献了近八成的收入。 在小红书等社交媒体上，不少质疑声因此认为，如果连头部企业都可能存在"造假"现象，作为普通消费 者，还能不能何信任和选择重组胶原蛋白产品？ 重组胶原用得少，是"产量跟不上"？ 最初的争议源于一组数字。 按照"大嘴博士"选择的高精度HPLC高效液相色谱氨基酸定量检测法，"胶原棒"中的重组胶原蛋白实际 含量仅为0.0177%，远低于产品中标注的"成分"添加（≥0.1%），或构成配方表造假。对此，可复美则 表示，按照国内重组胶原蛋白辅料"YY/T 1947-2025"行业标准，多批次产品检测结果的胶原蛋白含量均 大于0.1%。 双方随后的 ...

Core Viewpoint - The public relations battle between Huaxi Biological and Juzhi Biological has led to a significant market value loss for Juzhi Biological, amounting to 17.4 billion yuan in just 10 days [4]. Group 1: Public Relations Battle - Huaxi Biological publicly criticized the capital market's behavior of favoring collagen while disparaging hyaluronic acid, directly naming Juzhi Biological and several brokerage firms [3][4]. - Juzhi Biological's market value dropped from 90.9 billion yuan to 73.5 billion yuan within 10 days, a decrease of 17.4 billion yuan [4]. - The negative publicity may impact consumer sentiment and Juzhi Biological's performance during the upcoming 618 promotional event [4]. Group 2: Controversial Testing Methods - The primary controversy revolves around the testing methods used to assess the collagen content in Juzhi Biological's products [5][6]. - A beauty blogger claimed that the actual collagen content in Juzhi Biological's product was only 0.0177%, significantly below the stated standard of ≥0.1% [9]. - Juzhi Biological defended its testing methods, stating that the blogger's approach lacked industry standards and that they were involved in formulating these standards [11]. Group 3: Timeline of Events - On May 17, Huaxi Biological published a critical article targeting Juzhi Biological and brokerage firms [18]. - Juzhi Biological did not respond initially, leading to perceptions of a "pillow fight" in the public relations battle [18]. - The timeline of events suggests a coordinated effort by the blogger to raise questions about Juzhi Biological's products, particularly before the 618 sales event [22][23]. Group 4: Industry Implications - The incident serves as a cautionary tale for other beauty and skincare brands regarding the importance of protecting their core assets, particularly product ingredients and their efficacy [33]. - Companies are urged to establish robust standards and testing methods to safeguard against potential public relations crises [34]. - The need for a credible third-party testing framework is emphasized, as the absence of such standards can lead to consumer distrust and brand damage [30].