Core Viewpoint - The recent controversy surrounding hyaluronic acid and recombinant collagen products has led to significant scrutiny and volatility for leading companies in the medical beauty biotechnology sector, including Huaxi Biological, Juzhi Biological, and Jinbo Biological [2][11]. Group 1: Controversy and Market Reactions - Huaxi Biological publicly criticized brokerage reports for promoting the "hyaluronic acid is outdated" narrative, suggesting that the recombinant collagen concept is being overly hyped [3][11]. - Juzhi Biological faced public backlash due to a report indicating that its product "Kefumei" contained only 0.0177% recombinant collagen, below the legal threshold of 0.1% [4][11]. - Jinbo Biological's stock price was affected by the overall negative sentiment in the collagen sector, experiencing a significant drop of 17.23% from its peak [5][7]. Group 2: Financial Performance - Huaxi Biological reported its worst performance since going public in 2024, with revenue of 5.371 billion yuan, a year-on-year decrease of 11.61%, and a net profit of 174 million yuan, down 70.59% [9][10]. - Juzhi Biological achieved a revenue of 5.539 billion yuan in 2024, a year-on-year growth of 57.2%, but its core product's growth rate has been declining for four consecutive years [9][10]. - Jinbo Biological reported a revenue of 1.443 billion yuan in 2024, a year-on-year increase of 84.92%, but its growth rate has also shown signs of slowing down [10]. Group 3: Industry Dynamics - The ongoing "ingredient dispute" highlights the competition between hyaluronic acid and recombinant collagen technologies, with Huaxi Biological emphasizing the scientific value of hyaluronic acid [11][13]. - The controversy may intensify competition in technology development, market promotion, and brand building within the medical beauty industry, pushing for more emphasis on product efficacy and scientific validation [13].

Core Viewpoint - The article published by Huaxi Biological refutes the notion that hyaluronic acid is "outdated," arguing that this perspective is a product of "impatient capital" attempting to divert attention from the necessary evolution of China's industry [1][2]. Group 1: Industry Analysis - The rise of the "hyaluronic acid is outdated" theory is characterized as a mirage created by certain capital forces, aiming to shift focus towards new investment themes and companies [2]. - Huaxi Biological directly names several brokerage research reports, including those from Western Securities, which have contributed to the spread of misleading comparisons against the hyaluronic acid industry [2][3]. - The misleading conclusions associated with the "hyaluronic acid is outdated" narrative have been widely disseminated by media and influencers, damaging the market foundation of a competitive Chinese industry [3]. Group 2: Company Performance - Huaxi Biological's stock, once reaching a peak of 309.43 yuan per share, has been on a downward trend since July 2021, closing at 50.6 yuan per share on May 19, with a slight increase of 0.22% [3]. - The company staff indicated that stock price fluctuations are influenced by a combination of factors, and they have not yet experienced any legal disputes related to the article [3].

Core Viewpoint - The article discusses the backlash from Huaxi Biological against the notion that hyaluronic acid is "outdated," attributing this perspective to a misleading narrative constructed by "restless capital" and certain brokerage reports [1][4]. Group 1: Market Dynamics - Huaxi Biological published an article refuting the "outdated hyaluronic acid" claim, stating that this narrative undermines the efforts of Chinese scientists and the industry [1]. - The rise of the "outdated hyaluronic acid" theory is seen as a tactic to divert attention from the necessary evolution of the industry, pushing capital towards new themes [4]. Group 2: Brokerage Reports - Multiple brokerage reports, including those from Western Securities, were specifically named by Huaxi Biological for spreading misleading comparisons that favor a collagen company over the hyaluronic acid industry [6]. - Huaxi Biological emphasized that these misleading conclusions have been widely disseminated by media and influencers, creating a negative perception that harms the market foundation of a competitive Chinese industry [6]. Group 3: Financial Performance - Huaxi Biological's stock price peaked at 309.43 CNY per share in July 2021 but has since been on a downward trend, closing at 50.60 CNY on May 19, 2023, reflecting a long-term decline [9][12]. - The company reported a significant drop in revenue from its skin science innovation business, which accounted for nearly half of its revenue, with a year-on-year decline of 31.62% [11]. Group 4: Market Position - Huaxi Biological's market capitalization has decreased from over 1,400 billion CNY at its peak to approximately 244 billion CNY currently [12]. - In contrast, competitors like Juzhi Biological and Jinbo Biological have seen their market values rise significantly, with Juzhi Biological nearing 900 billion HKD and Jinbo Biological's stock price doubling recently [15].