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].

Core Insights - The domestic beauty industry in China is expected to undergo a significant restructuring by 2025, with companies showing rapid growth driven by strong single-brand performance and a shift in consumer focus towards verified efficacy rather than just ingredient composition [2][10] Revenue Performance - Proya has become the first domestic beauty company to surpass 10 billion yuan in revenue for 2024, achieving 10.779 billion yuan, maintaining its top position [4] - Shangmei Co. has shown the fastest revenue growth, with a 62.1% increase from 4.191 billion yuan in 2023 to 6.793 billion yuan in 2024, rising from sixth to second place among the sample companies [3][4] - Other notable companies include Betaini with 5.736 billion yuan, Shanghai Jahwa with 5.679 billion yuan, and Juzhibio with 5.54 billion yuan, all showing varying degrees of growth [4] Brand Performance - Shangmei's brand Han Shu generated nearly 5.6 billion yuan in 2024, accounting for 82.3% of the group's total revenue, with a growth rate of 73.7% [5] - Juzhibio's brand Kefu Mei achieved 4.54 billion yuan in revenue, representing 82% of its total revenue, with a growth rate of 62.9% [6] Market Trends - The popularity of hyaluronic acid is declining, while "recombinant collagen" is emerging as a lucrative ingredient, reflecting a shift in consumer preferences towards efficacy-driven skincare [7][9] - The market is witnessing a transition from ingredient-focused to efficacy-focused products, with companies like Proya leveraging this trend to capture market share [10][11] R&D and Investment - There is a growing disparity between revenue growth and R&D investment among companies, with Proya's R&D expenditure at only 1.95% of total revenue, the lowest among the sample companies [12] - In contrast, Juzhibio, despite its rapid revenue growth, has a low R&D investment ratio of 1.9%, indicating a potential risk in long-term sustainability [12] Industry Dynamics - The beauty industry is moving towards a phase where product efficacy and R&D capabilities are becoming critical competitive factors, as opposed to relying solely on marketing [13] - The gap in revenue between leading and mid-tier companies is widening, suggesting a trend towards market consolidation and structural transformation within the industry [13]

Core Viewpoint - The article discusses the rise of Fan Daidi and her husband Yan Jianya as the new richest couple in Shaanxi, primarily due to their holdings in Juzi Biological and Triangle Defense, with a combined market value of nearly 900 billion yuan [2][9]. Group 1: Personal Background and Wealth - Fan Daidi holds a stock value of 443 billion yuan and has recently become the richest person in Shaanxi [2][5]. - The couple's daughter, Yan Yubo, has been rigorously trained and holds multiple financial certifications, currently serving as the secretary and executive director of Juzi Biological, with a salary increase from 140,000 yuan in 2023 to 360,000 yuan in 2024 [3][16]. Group 2: Company Overview - Juzi Biological - Juzi Biological, a leader in the field of recombinant collagen, has seen its revenue grow from 9 billion yuan in 2019 to 55 billion yuan in 2024, marking a fivefold increase over five years [18]. - The company has a projected revenue of 45.4 billion yuan in 2024, with a year-on-year growth of 62.9%, and a gross margin of 82% [17][21]. - Juzi Biological has raised a total of 45.6 billion yuan through various financing rounds since its IPO in 2022, while distributing 2.3 billion yuan in dividends to the Fan family [25] [24]. Group 3: Company Overview - Triangle Defense - Triangle Defense, which specializes in aerospace and military components, has a market value exceeding 100 billion yuan, with Yan Jianya controlling 16.09% of the shares [26][27]. - The company has experienced significant revenue growth from 4.7 billion yuan in 2018 to 24.9 billion yuan in 2023, but has faced a decline in 2024 due to reduced orders from major clients [28]. - Triangle Defense is currently under regulatory scrutiny for various management issues, which could impact its future performance [28].

Core Viewpoint - The investigation of insider trading involving the controlling shareholder of Haohai Biological Technology has raised concerns about the company's future performance and governance, despite the company's efforts to distance itself from the allegations [1][2][3]. Company Overview - Haohai Biological Technology, founded in 2007 by Jiang Wei, has established a significant presence in the medical absorbable biomaterials sector, particularly in hyaluronic acid products [2][6]. - Jiang Wei and his wife, You Jie, are the largest shareholders, holding 28.53% and 17.29% of the shares, respectively, as of the latest quarterly report [3][4]. Financial Performance - In 2024, Haohai Biological reported revenues of 2.698 billion yuan, a slight increase of 1.64% year-on-year, with a net profit of 420 million yuan, up 1.04% [8][11]. - The medical aesthetics and wound care segment has become the largest revenue source, surpassing the ophthalmology segment, which has faced challenges due to centralized procurement policies [7][8]. Market Dynamics - The company's hyaluronic acid products have seen a significant decline in revenue growth, dropping from 95.54% in 2023 to 23.23% in 2024, indicating a shift in market dynamics and increased competition [8][11]. - The overall gross margin for the company decreased from 70.46% to 69.89%, reflecting pressures from price reductions in traditional product lines due to procurement policies [10][11]. Industry Context - The medical aesthetics industry is experiencing a downturn, with competitors like Langzi Co. and Huaxi Biological also reporting revenue declines, indicating a broader market challenge [12][13]. - The rise of alternative materials and negative press surrounding hyaluronic acid products have added to the operational challenges faced by companies in this sector [13].

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 来源丨财经天下WEEKLY（ID：cjtxweekly） 作者丨林木 编辑丨吴跃 图源丨Midjourney 因为陷入"EGF（表皮生长因子）罗生门"，可复美近期被推上风口浪尖。 不久前，有消费者反映可复美产品"违规添加EGF"。随后可复美母公司巨子生物予以否认，称"旗下所有 产品均未添加"。伴随着舆论发酵，社媒平台上，看客们吵得沸沸扬扬，力挺声、质疑声四起，也让"可 复美"这个名字被更多人知晓。 做过医美或者皮肤敏感的消费者，大多对"可复美"三个字不陌生。这个主打皮肤修复的品牌，早年间主 要深耕院线渠道，之后乘上直播电商风口，进入更多人视野，撬开更多钱包。过去6年，其母公司巨子生 物营收从9.57亿元涨至55.39亿元，翻了5倍多。 2024年，巨子生物一举超越珀莱雅，成为市值最高的国货美妆公司，此后一直保持至今。公司创始人， 现年59岁的陕西人范代娣，也因此登顶国货美妆首富。 95后女生冯琳第一次知道"可复美"，是被皮肤敏感的姐姐种草的。202 ...

Core Insights - The medical aesthetics industry is experiencing significant revenue declines among major players, indicating a painful transformation phase for traditional companies [1][2][5] - Huaxi Biological, Aimeike, and Haohai Biological show varying degrees of revenue decline, highlighting differences in business structure and strategic deployment [1][2] - The industry is facing fundamental changes, raising concerns about which companies may fall behind in this transformation [1][8] Company Performance - Huaxi Biological reported a 20.77% year-on-year revenue decline in Q1 2025, with revenue shrinking to 1.078 billion yuan [1] - Aimeike's revenue decreased by 17.90% to 663 million yuan, while Haohai Biological's revenue fell by 4.25% to 619 million yuan [1] - Huaxi Biological's net profit plummeted from 961 million yuan in 2022 to 174 million yuan in 2024, with a further 58.13% decline in Q1 2025 [2][4] Strategic Adjustments - Huaxi Biological is undergoing a significant management overhaul, with leadership changes aimed at addressing operational challenges and improving performance [3][4] - The company is focusing on new fields such as glycoscience and cell biology, which has led to increased management costs [2][3] - Aimeike is shifting its strategy to accelerate product updates and pursue acquisitions in new areas like botulinum toxin and semaglutide [5][6] Market Dynamics - The medical aesthetics market is witnessing intense competition, particularly in the hyaluronic acid segment, raising concerns about whether the market has peaked [8][9] - New materials like hydroxyapatite and recombinant collagen are emerging as potential competitors to hyaluronic acid, indicating a shift in market dynamics [8][9] - Regulatory challenges and lengthy approval processes for medical products are significant barriers to industry growth, impacting companies' ability to innovate [9][10] Future Outlook - Huaxi Biological's turnaround efforts may take time to yield results, especially given its high marketing expenditures [10] - Aimeike's success will depend on the speed of product approvals and market acceptance of its diversified product strategy [6][10] - Haohai Biological is exploring new materials to drive growth, but its performance is still affected by pricing pressures from centralized procurement policies [7][10]

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 毛利率在80%以上，研发投入却较低。 作者：林木 编辑：吴跃 来源：财经天下WEEKLY 因为陷入"EGF（表皮生长因子）罗生门"，可复美近期被推上风口浪尖。 不久前，有消费者反映可复美产品"违规添加EGF"。随后可复美母公司巨子生物予以否认， 称"旗下所有产品均未添加"。伴随着舆论发酵，社媒平台上，看客们吵得沸沸扬扬，力挺声、 质疑声四起，也让"可复美"这个名字被更多人知晓。 做过医美或者皮肤敏感的消费者，大多对"可复美"三个字不陌生。这个主打皮肤修复的品牌， 早年间主要深耕院线渠道，之后乘上直播电商风口，进入更多人视野，撬开更多钱包。过去6 年，其母公司巨子生物营收从9.57亿元涨至55.39亿元，翻了5倍多。 2024年，巨子生物一举超越珀莱雅，成为市值最高的国货美妆公司，此后一直保持至今。公 司创始人，现年59岁的陕西人范代娣，也因此登顶国货美妆首富。 爱美的女生，这些年托举过不少美妆公司。当下风头最盛的可复美和巨子生物，到底是何来 头？为 ...

Core Viewpoint - The article highlights the rapid growth and market dominance of the brand "可复美" (Kefumei) and its parent company, 巨子生物 (Juzi Bio), in the Chinese beauty industry, particularly focusing on their innovative use of recombinant collagen products and effective marketing strategies that have led to significant revenue increases and market share expansion [1][5]. Group 1: Company Performance - Juzi Bio's revenue increased from 9.57 billion yuan to 55.39 billion yuan over six years, representing a growth of more than five times [1][4]. - In 2024, Juzi Bio surpassed Proya to become the highest-valued domestic beauty company, with a net profit of 20.62 billion yuan, which is 12 times that of Huaxi Bio [5][12]. - The company's revenue growth rate in 2024 was 57.17%, maintaining double-digit growth for five consecutive years [5][12]. Group 2: Product Strategy - Juzi Bio employs a dual sales strategy targeting both medical institutions and general consumers, with products available in approximately 1,700 public hospitals and 3,000 private hospitals and clinics [3][4]. - The brand's focus on "recombinant collagen" has positioned it as a leader in the market, particularly for post-surgical recovery and skin barrier repair [4][10]. - The price point for products like the "recombinant collagen dressing" is significantly higher than competitors, with a single mask priced at around 40 yuan, reflecting the brand's premium positioning [6][9]. Group 3: Market Position and Competition - Juzi Bio has established a strong market presence by being the first to mass-produce recombinant collagen skincare products, holding 167 patents related to this technology [9][10]. - The company has maintained a gross margin above 80%, with a reported margin of 82.1% in 2024, significantly higher than competitors like Huaxi Bio [8][12]. - Despite its success, Juzi Bio faces challenges from increasing competition in the recombinant collagen market, as other brands begin to enter this space [17]. Group 4: Financial Management - Juzi Bio's sales and marketing expenses have surged, with expenditures rising from 1.58 billion yuan in 2019 to 20.08 billion yuan in 2024, outpacing revenue growth [13][14]. - The company's R&D spending remains low compared to competitors, with only 1.9% of total revenue allocated to R&D in 2024, raising concerns about its long-term competitive edge [16][17]. - Juzi Bio has recently announced plans to raise 2.33 billion HKD through stock issuance, adding to its cash reserves of 4.03 billion yuan as of the end of 2024 [17].