Core Insights - A competitive landscape is emerging in the functional skincare market, particularly around the "recombinant collagen" segment, involving two prominent female entrepreneurs, Fan Daidi and Yang Xia, who lead their respective companies, Juzhi Biotechnology and Jinbo Biotechnology [1][12] Company Developments - Jinbo Biotechnology has successfully transitioned from a B2B medical device focus to a B2C functional skincare market, as evidenced by its support for the new brand "Tongping" [2][3] - Tongping, launched in September 2024, has quickly gained traction in the market, achieving significant sales during the Double 11 shopping festival, with a GMV exceeding 20 million yuan in its first appearance on Li Jiaqi's livestream [6][11] - Juzhi Biotechnology's stock has faced challenges, hitting a year-low of 40.40 HKD per share, with a total market capitalization dropping to 43.3 billion HKD [2][3] Market Trends - The functional skincare market is witnessing intensified competition, with new brands like Tongping rapidly gaining market share through strategic partnerships with key influencers [4][6] - The sales performance of Tongping's products, particularly those promoted by Li Jiaqi, indicates a strong consumer response, with several SKUs achieving sales exceeding 100,000 units [6][7] - Jinbo Biotechnology's collaboration with Tongping highlights the blurring lines between pharmaceutical and beauty sectors, reflecting a shift in the industry towards comprehensive competitive strategies [12] Financial Movements - Jinbo Biotechnology is in the process of raising capital through a stock issuance, with plans to issue up to 7.18 million shares at a price of 278.72 yuan per share, aiming to raise up to 2 billion yuan [12]

Core Viewpoint - The competition in the collagen industry is intensifying, with two regional female tycoons leading their respective companies into the spotlight, highlighting a shift from B2B to B2C markets in the beauty sector [2] Group 1: Company Strategies - Juzhi Biotechnology, led by Fan Daidi, was once a benchmark in the industry but is now facing competition from Jinbo Biotechnology, which is entering the consumer skincare market with its new brand "Tongping" [2] - Jinbo's founder, Yang Xia, has made a rare public appearance to support the "Tongping" brand, signaling a strategic shift from medical devices to beauty products [2] Group 2: Market Dynamics - The competition began in e-commerce live streaming, where "Tongping" quickly gained traction, ranking second in GMV growth during Li Jiaqi's first live stream of this year's Double Eleven shopping festival [2] - The entry of Jinbo into the collagen market poses a direct challenge to Juzhi, as both companies utilize similar traffic-driven sales strategies and product types [2] - The ability of Jinbo to leverage its pharmaceutical background to outperform Juzhi will significantly influence the future landscape of the collagen market [2]

Core Viewpoint - The article highlights the declining performance of Juzhibio (巨子生物) and its main brand, Kefu Mei (可复美), during the "Double Eleven" pre-sale period, leading to a significant drop in stock price and market value [3][5]. Company Performance - Juzhibio's stock price fell to a new low of HKD 40.40 per share, with a total market value of HKD 43.3 billion, marking a 53.46% decline from its peak of HKD 86.8 per share in May [3][5]. - Kefu Mei's sales during the "Double Eleven" pre-sale were underwhelming, with a reported GMV of HKD 0.5-0.75 billion on Douyin, down from over HKD 1 billion in the same period last year [3][4]. Market Competition - The market for recombinant collagen products is growing rapidly, with a projected CAGR of 44.93%, expected to reach RMB 2,193.8 billion by 2030 [6]. - Juzhibio's revenue is forecasted to increase from RMB 2.364 billion in 2022 to RMB 5.539 billion in 2024, while its net profit is expected to rise from RMB 696 million to RMB 2.062 billion in the same period [6]. Brand Strategy and Challenges - Kefu Mei has faced challenges due to a previous controversy regarding its collagen stick product, which has negatively impacted its sales performance [3][4]. - Juzhibio's marketing expenses reached HKD 10.58 billion in the first half of the year, accounting for 34.01% of total revenue, as the company seeks to maintain growth amid increasing competition [7].

消息面上，2025年双十一电商大促已经提前启动。华泰证券此前指出，在25Q2面临一定外部因素影响 的背景下，巨子生物上半年收入与利润仍能双增，且盈利能力维持相对稳定，彰显品牌定力与业绩韧 性。双11旺季临近，公司品牌宣传/达人推广等活动有望逐步恢复并带动公司H2增长提速。 巨子生物(02367)再跌超5%，截至发稿，跌5.33%，报50.6港元，成交额6.28亿港元。 值得注意的是，华熙生物9月底表示，已联合国家计量院等多家第三方检测机构对相关企业的相关产品 展开检测，结果几十份检测结果均显示，相关产品中的重组胶原蛋白添加量未达标。华熙生物表 示，"已将数十份检测报告提交国家药品监督管理局。"分析人士称，可复美在今年618电商大促中失 意，市场将重点关注双11期间可复美电商销售表现。 ...

Summary of the Conference Call for Juzi Biotechnology Company Overview - Juzi Biotechnology is a pioneer in the research and production of recombinant collagen, focusing on functional skincare products, medical devices, and functional foods. The company has the most comprehensive collagen molecular library globally and has contributed to the establishment of the first industry standards for recombinant collagen in China [3][4]. Industry Insights - The beauty and skincare industry is experiencing a shift towards differentiated competition, with Juzi leveraging its proprietary recombinant collagen technology through brands like Kefu Mei and Keli Jin. Kefu Mei is seeing rapid growth, while Keli Jin has returned to a growth trajectory after adjustments [2][4]. Key Financial Performance - Juzi Biotechnology projects a 25% revenue growth and a 20% profit growth for the year. The company anticipates strong performance in the second half of the year, supported by collaborations with key influencers for promotional events like Double Eleven [4][14]. Online and Offline Channel Strategy - Online sales account for 75% of total revenue, expected to rise above 80%. The company employs a GTC model for online sales, while offline sales are conducted through a distribution model with lower sales costs. Juzi is expanding its product offerings in pharmacies and hospitals, and has launched a new brand, "Ke Yu," targeting family consumption [2][8][9]. Response to Market Challenges - The company has effectively managed short-term public relations challenges by stabilizing gross sales margins and optimizing cost structures. Collaborations with influencers are strategically planned to avoid significant fluctuations in operating margins [6][11]. Pricing Strategy - During the Double Eleven shopping festival, Juzi maintained stable pricing to prevent negative consumer perceptions regarding brand value. The company selectively participated in promotional activities, ensuring minimal impact on gross margins [7][14]. Product Development and Innovation - Juzi is actively tracking market trends and new ingredients, such as PDR, to enhance its product offerings. The company emphasizes scientific validation and consumer value in its product development strategy, avoiding the release of ineffective products [12][13]. Future Outlook - The company is optimistic about its growth trajectory, particularly in the cosmetics and medical aesthetics sectors. Juzi is focused on steady development, with plans to enhance its online presence and maintain a robust offline foundation. The company is also exploring international markets, albeit at a cautious pace [15][16].

Core Viewpoint - The article discusses the integration of effective skincare and medical aesthetics, highlighting the shift in consumer demand from visible results to verifiable and reproducible outcomes. The emergence of recombinant collagen as a "super ingredient" is noted, with retail scale surpassing 28.6 billion yuan, while the industry faces challenges of unregulated efficacy claims and inconsistent perioperative care standards [2][13]. Summary by Sections Standards and Guidelines - The first domestic standard for recombinant collagen penetration, titled "Detection of Penetration, Degradation, and Promotion of Collagen by Raman Spectroscopy in Humans," was released on September 5, 2025, with Furuida Bio Co., Ltd. as the main drafter [5][14]. - This standard addresses the credibility of ingredient efficacy and clinical care standardization, providing a technical and procedural foundation for the integration of effective skincare and medical aesthetics [3][14]. - The "Medical Aesthetic (Perioperative) Skin Care Guidelines" was also published around the same time, outlining comprehensive skin care protocols from pre-operative to post-operative stages [10][12]. Market Dynamics - The recombinant collagen market has become a core component of effective skincare and medical aesthetics, with a retail scale projected to reach 28.6 billion yuan by 2024, significantly outpacing industry growth rates [13][14]. - The lack of unified standards for product efficacy claims and the inconsistency in perioperative care processes have created a chaotic market environment, indicating a transition from unregulated growth to a more refined approach [13][15]. Furuida Bio's Role - Furuida Bio Co., Ltd. has positioned itself as a leader in the industry by establishing these standards, filling the gap of "no evidence for testing and no benchmarks for evaluation" in the recombinant collagen sector [3][16]. - The company’s strategy involves embedding its products into standardized clinical processes through the "Care Guidelines," while also leveraging the "Detection Standard" to gain consumer trust [16][24]. Brand Development - The high-end medical aesthetic brand "Key C" under Furuida is rapidly gaining market traction, utilizing a "standard + technology + platform" strategy to penetrate the market [17][24]. - Key C has developed a unique "Recombinant Membrane Penetration Engine" that significantly enhances the skin penetration rate of collagen, addressing long-standing industry challenges [19][24]. - The brand's flagship product, "Membrane Penetrating Collagen Essence," has achieved remarkable sales, further solidifying its market presence and brand recognition [19][23]. Future Outlook - With the establishment of these standards and the successful launch of Key C products, Furuida aims to create a comprehensive care solution that spans medical aesthetics and health, positioning itself for significant growth in the global beauty market [24].

Core Viewpoint - The ongoing discussion in the medical aesthetics industry regarding recombinant collagen and hyaluronic acid (HA) has been fueled by a recent article from Huaxi Biological, which challenges the one-sided views presented in some research reports about HA's efficacy and market value [1][2]. Industry Discussion - The debate began when a collagen company compared recombinant collagen and HA in its IPO prospectus, leading to a perception that recombinant collagen has advantages, which was echoed in various research reports [2]. - This perception has caused a misalignment in consumer understanding of HA's benefits and has impacted the market trust in HA, a sector where China holds a competitive edge [2]. - Huaxi Biological emphasizes that the scientific value and anti-aging properties of HA have been validated by numerous studies published in top journals, with a significant increase in research output since 2010 [2]. Research Report Critique - Industry experts note that while it is normal for research reports to focus on emerging technologies, they must be grounded in scientific analysis to avoid skewing perceptions and affecting industry development [3]. - Huaxi Biological's response to certain reports aims to uphold the scientific foundation of the industry and prevent speculative trading from disrupting technological advancements [3]. Challenges in Research Reports - The rapid evolution of capital market trends has led to challenges in the independence and professionalism of some research reports, which may deviate from objective principles [4]. - Some reports exhibit limitations in understanding the HA and collagen industries, lacking thorough analysis of core product mechanisms and scientific validation [4]. - There is a noticeable issue of content homogenization among reports, with many relying on mutual citations rather than original research, which undermines the credibility of their conclusions [4]. Market Influence on Research Independence - Research institutions play a crucial role in information dissemination, and their objectivity is vital, especially when market trends create hot concepts that may lead to superficial analyses [5]. - The balance between short-term market demands and long-term industry growth remains a challenge for research reports [5]. Collaborative Efforts for a Rational Capital Ecosystem - Huaxi Biological advocates for the improvement of research report quality to foster a rational discussion in the capital market and promote scientific rigor [6]. - Enhancing report quality requires collaborative efforts across the industry, emphasizing the need for in-depth field research and firsthand data collection [6]. - Reports should establish a comprehensive analytical framework that includes various data sources to avoid one-sided conclusions and provide investors with a holistic view [6]. Upholding Professional Independence - The core value of research reports lies in their ability to connect industry innovation with value investment through professional analysis [7]. - Reports must respect scientific principles and market dynamics, avoiding oversimplification of complex technologies and refraining from promoting short-term speculation [7].

Core Viewpoint - The recent announcement by Jinbo Biotechnology regarding its plan to issue shares to Yangshengtang highlights the growing interest and investment in the recombinant collagen market, which is experiencing rapid growth in China's medical aesthetics sector [1][2]. Company Summary - Jinbo Biotechnology plans to issue up to 7.1756 million shares at a price of 278.72 yuan per share, raising a total of no more than 2 billion yuan for the development of a humanized collagen FAST database and product development platform [1]. - The company has received three Class III medical device registration certificates for its recombinant collagen products, positioning it as a leader in the medical aesthetics field [3]. - The recent transfer of shares from the controlling shareholder to Hangzhou Jiushi indicates a strategic move to strengthen ties with major players in the industry [1]. Industry Summary - The medical aesthetics market in China is experiencing strong and diverse demand, with the recombinant collagen product market projected to grow from 19.24 billion yuan in 2022 to over 58.57 billion yuan by 2025, and further to 219.38 billion yuan by 2030, reflecting a compound annual growth rate of 44.93% [2]. - The market is seeing an influx of new products, with multiple companies obtaining Class III medical device approvals, indicating a vibrant and competitive landscape [3][4]. - The prevalence of illegal medical aesthetics institutions has surpassed legal ones, with 22,000 illegal institutions compared to 20,000 legal ones, raising concerns about consumer safety and market integrity [6]. Market Dynamics - The high prices of medical aesthetics services in China are driving consumers towards illegal options, as many perceive the costs of legitimate services to be prohibitively high compared to those in markets like South Korea and Hong Kong [7]. - The introduction of competitively priced products, such as New Oxygen's "Miracle Youth 3.0" priced at 2,999 yuan, aims to make compliant medical aesthetics more accessible and reduce the appeal of illegal services [7]. - The industry is characterized by a "new is better" mentality, where new products can quickly saturate the market, leading to price reductions and potential volatility in consumer preferences [5].

Group 1 - The core viewpoint is that in H1 2025, the cosmetics retail sales growth has reversed its decline, achieving a growth rate of 2.9% due to consumption-boosting policies and improved income expectations [1][2] - The demand for cosmetics is expected to remain strong in H2 2025, with the off-peak season in July and August showing increased growth, indicating positive demand expectations [1][2] - The competitive landscape is improving, with domestic brands making significant progress, and leading domestic brands are now sharing market share equally with international brands [2] Group 2 - In the cosmetics sector, the revenue growth rate for key covered companies in H1 2025 is around 8%, with net profit growth slightly lower than revenue growth [2] - Specific companies in the cosmetics sector include: - Shiseido: H1 2025 revenue of 4.11 billion yuan, up 17.3%, net profit of 520 million yuan, up 30.6% [2] - Proya: H1 2025 revenue of 5.36 billion yuan, up 7.2%, net profit of 800 million yuan, up 13.8% [2] - Water Sheep: H1 2025 revenue of 2.5 billion yuan, up 9.0%, net profit of 123 million yuan, up 16.5% [2] - Marubi: H1 2025 revenue of 1.77 billion yuan, up 30.8%, net profit of 190 million yuan, up 5.2% [2] Group 3 - The second category of companies is capitalizing on consumer trends, with notable performances including: - Mao Geping: H1 2025 revenue of 2.59 billion yuan, up 31.3%, net profit of 670 million yuan, up 36.1% [3] - Juzi Biotechnology: H1 2025 revenue of 3.11 billion yuan, up 22.5%, net profit of 1.18 billion yuan, up 20.2% [3] - The third category includes companies showing marginal improvements or initial signs of strategic transformation, such as Shanghai Jahwa, Huaxi Biological, and Betaini [3] Group 4 - In the personal care sector, two companies reported revenue and net profit growth, indicating a strong market potential: - RuYuchen: H1 2025 revenue of 1.32 billion yuan, up 67.6%, net profit of 70 million yuan, up 85.6% [3] - Runben: H1 2025 revenue of 900 million yuan, up 20.3%, net profit of 190 million yuan, up 4.2% [3] Group 5 - In the medical beauty sector, the performance is mixed, with some companies experiencing declines: - Aimeike: H1 2025 revenue of 1.3 billion yuan, down 21.6%, net profit of 790 million yuan, down 29.6% [4] - Langzi: H1 2025 revenue of 2.79 billion yuan, down 4.3%, net profit of 270 million yuan, up 64.1% [4] - Overall, the medical beauty sector reported a revenue of 1.333 billion yuan, down 6.1%, with a gross margin of 54.54% [4]

Core Viewpoint - The stock of Giant Bio (02367) has dropped over 4%, currently trading at 58.9 HKD with a transaction volume of 272 million HKD, following allegations regarding the quality of its collagen products [1] Group 1: Company Response and Allegations - Huaxi Bio has officially responded to the allegations surrounding Dr. Hao Yu, stating that it has conducted tests with multiple third-party institutions, revealing that the recombinant collagen content in related products did not meet standards [1] - Huaxi Bio has submitted dozens of test reports to the National Medical Products Administration, indicating a serious approach to addressing the quality concerns raised [1] - The controversy began in May when beauty blogger Dr. Hao Yu accused Giant Bio's product "Collagen Stick" of having a recombinant collagen content of only 0.0177%, significantly below the 0.1% non-trace addition standard [1] Group 2: Ongoing Disputes and Company Statements - Giant Bio quickly denied the allegations, asserting that its products comply with regulations and that internal testing results exceed the 0.1% standard [1] - On June 1, Huaxi Bio publicly supported Dr. Hao Yu, intensifying the conflict between the two parties [1] - Following a series of exchanges, Giant Bio acknowledged on June 23 that its existing quality standards, testing methods, and labeling have shown limitations in certain aspects [1]