1月2日，媛颂集团与崇山生物正式达成战略合作，全球首款源自牛跟腱的胶原蛋白产品将在媛颂全国直 营体系率先首发。据悉，该款"娇媛天使"产品于月前（12月10日）刚刚获得国家药监局三类医疗器械注 册审批。 截至目前，国内已获第三类医疗器械证书的胶原蛋白产品增至15款。面对日渐激烈的市场竞争，关 于"娇媛天使"的市场判断，媛颂集团CEO马伟伟在发布会上表示，双方将产品与应用的技术优势相结 合，将全面改写胶原蛋白在市场的应用，推动胶原领域从"体积增容"迈入"营养紧致"的全新阶段。 "业内此前使用胶原蛋白产品，多聚焦于填充饱满的即时效果。随着娇媛天使的上市，媛颂希望推动胶 原领域从"体积增容"迈入"营养紧致"的全新阶段。我们判断，未来胶原蛋白市场的应用将被全面改写， 营养紧致将成为行业主流趋势。"马伟伟预测。 截止目前，媛颂集团在医美领域打造了多个爆款新材料和新品，例如华东医药"伊妍仕"、爱美客"濡白 天使"、四环医药"微笑童颜"等高标品系列，成为引领市场话语权的机构。市场分析预测，凭借产品技 术优势和媛颂体系的推广实力，娇媛天使有望在短期内抢占相当市场份额，或将成为2026年医美市场的 一匹黑马。 在产品优势方面，崇 ...

1月2日，全球首款源自牛跟腱的胶原蛋白产品将在媛颂全国直营体系首发。 同日，媛颂集团与崇山生物正式达成战略合作。媛颂集团CEO马伟伟表示，双方将产品与应用的技术优 势相结合，推动胶原领域从"体积增容"迈入"营养紧致"的全新阶段。其判断，未来胶原蛋白市场的应用 将被改写，营养紧致将成为行业主流趋势。 崇山生物董事长张智武表示，胶媛天使的高标准主要体现在三个经过重新定义的核心维度，在成分浓 度、材料来源、应用技术等方面具有优势。 此次媛颂集团与崇山生物的战略合作，标志着临床机构与研发企业协同模式的升级。马伟伟表示，公司 不只是引入一款新产品，而是以新品功能效果为基础，结合抗衰医学、自然美学、材料学，打造一套全 新的诊疗方案。 胶原蛋白在医疗、美容和保健等领域的应用推动市场快速增长，已形成2000亿的市场规模，预计2030年 将达5000亿。 作为全球首款牛跟腱胶原蛋白植入剂，崇山生物"娇媛天使"于去年12月10日获批国家药监局"械三证"。 随着娇媛天使"械三证"的落地，我国持械三证的胶原产品已增至15个，包括双美生物、斐缦生物、锦波 生物、巨子生物等知名企业，但真正上市成为主流的产品只占三分之一。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][16]. Core Insights - The approval of the first recombinant type I natural sequence collagen facial injection product in China marks a significant milestone for the company, enhancing its competitive position in the medical aesthetics market [7]. - The new product is expected to drive revenue growth and reshape the competitive landscape in the collagen product category, showcasing the company's technological and industrial capabilities [7]. - The company has demonstrated strong revenue growth across its product lines, with notable performance from its flagship products and new launches [7]. Financial Data and Profit Forecast - Projected revenue growth from 2023 to 2027 shows a significant increase, with revenues expected to rise from 3,524 million RMB in 2023 to 10,691 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 49% [6][8]. - The net profit attributable to the parent company is forecasted to grow from 1,452 million RMB in 2023 to 3,726 million RMB in 2027, with a CAGR of around 23% [6][8]. - The company's gross margin is expected to remain stable, averaging around 82% over the forecast period [6]. Product Performance and Market Position - The flagship product, "可复美," generated revenue of 25.4 billion RMB in the first half of 2025, representing a year-on-year growth of 22.7% [7]. - The company has successfully launched new products that have gained market recognition, contributing to overall revenue growth [7]. - Direct sales channels have shown strong growth, with direct sales revenue reaching 23.3 billion RMB in the first half of 2025, up 26.5% year-on-year [7].

Core Viewpoint - Huaxi Biological is accelerating its transformation by shutting down the Runxiquan brand, which has not significantly contributed to its revenue and profit, as part of a strategy to focus on its main business and key brands [2][5][6]. Brand Adjustment - The closure of the Runxiquan brand has been confirmed, with its official stores on platforms like Taobao no longer searchable and its products cleared from its Douyin flagship store [4][6]. - Huaxi Biological emphasized that Runxiquan was never a major brand for the company and its existence did not meaningfully impact revenue or profit [4][7]. Financial Performance - In 2024, Huaxi Biological's functional skincare business generated revenue of 2.569 billion yuan, a year-on-year decline of 31.62% [8]. - The revenue contributions from the four main brands—Runbaiyan (922 million yuan), Kuaidi (649 million yuan), Mibeier (290 million yuan), and BM Jihuo (279 million yuan)—showed significant declines, with year-on-year drops of 22.63%, 41.69%, 31.76%, and 52.06% respectively [8][9]. - Overall, Huaxi Biological's revenue and net profit decreased by 19.57% and 35.38% respectively in the first half of 2025, following an 11.61% and 70.59% decline in 2024 [8][9]. Market Challenges - The functional skincare sector is facing a development bottleneck, with increasing competition and a saturated market limiting growth opportunities for brands like Runxiquan [7][12]. - Huaxi Biological's past success was heavily reliant on "traffic operation," and rising traffic costs have led to a stagnation in performance growth [9][12]. Strategic Transformation - The company is undergoing a significant internal transformation, particularly in its core business of skin science innovation, which involves changes in operations, products, channels, organization, and branding [10][11]. - The shift from a traffic-driven sales model to a science-based brand communication strategy aims to provide scientifically validated skincare solutions [11]. - Huaxi Biological is focusing on optimizing team structures and improving operational efficiency to enhance overall business quality [11].

Core Viewpoint - The company demonstrated strong brand resilience and internal management capabilities, achieving significant growth in mid-term performance despite challenges faced in the second quarter [1][2]. Financial Performance - In the first half of the year, the company's revenue and net profit attributable to shareholders increased by 22.5% and 20.2% year-on-year, respectively [1]. - The gross margin and net profit margin remained high at approximately 82% and 38% [1]. Revenue Drivers - The main revenue growth drivers were online direct sales through e-commerce platforms (such as JD.com) and offline direct sales, which accounted for 75% of total revenue [1]. - Online direct sales to e-commerce platforms increased by 134%, while offline direct sales grew by 74% year-on-year [1]. Cost Management - The company effectively controlled sales expenses, with the sales expense ratio decreasing by 0.86 percentage points year-on-year, allowing for sufficient marketing investment in the second half of the year [2]. - The good control of sales expenses is attributed to the balanced development across various channels and the reduction in promotional activities due to the product issues in the second quarter [2]. Future Outlook - The company is expected to see a ramp-up in revenue in the second half of the year, driven by the recovery from short-term impacts, increased investment, and the launch of new products [2]. - Long-term focus on scientific research and commercialization in the collagen sector is recommended, with particular attention to upcoming sales during the Double Eleven shopping festival and the progress of medical device certifications [2]. Earnings Forecast - The earnings forecast for 2025-2027 has been slightly adjusted, with expected earnings per share of 2.33, 2.85, and 3.50 RMB, respectively [2]. - A target price of 81.46 HKD has been set for 2025, based on a 32x PE valuation [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue for H1 2025 was 1.769 billion yuan, representing a year-on-year growth of 30.8%, while the net profit attributable to the parent company was 186 million yuan, with a year-on-year increase of 5.2%. The second quarter of 2025 saw revenue of 923 million yuan, up 33.5%, but net profit decreased by 23.1% [7][10] - Increased sales expenses impacted overall profit performance, with a sales expense ratio of 56.5% in H1 2025, up 3.4 percentage points year-on-year. The net profit margin was 10.5%, down 2.6 percentage points year-on-year [7][13] - The Marubi brand generated revenue of 1.25 billion yuan, a year-on-year increase of 34.4%, driven by strategic investments in product development and marketing [7] - The PL brand achieved revenue of 516 million yuan, a year-on-year increase of 23.87%, indicating a stable development phase [7] - Online channels accounted for 88.87% of total revenue in H1 2025, with a year-on-year growth of 37.85%, while offline channels saw a decline of 7.07% [7] - The company is expected to continue its multi-brand and multi-channel strategy, focusing on collagen-based skincare products and innovative makeup items [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 3.815 billion yuan, with a year-on-year growth rate of 28.5%. The net profit attributable to the parent company is forecasted to be 418 million yuan, reflecting a growth rate of 22.4% [6] - The gross profit margin is expected to be 73.9% in 2025, with a return on equity (ROE) of 11.6% [6] - The company has slightly adjusted its profit forecasts for 2025-2026, now expecting net profits of 420 million yuan and 530 million yuan for 2025 and 2026, respectively [7]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [5] Core Insights - The company achieved a revenue of 859 million yuan in H1 2025, representing a year-on-year increase of 42.43%, and a net profit of 392 million yuan, up 26.65% year-on-year [5] - The growth in revenue is primarily driven by the increase in sales of medical devices and functional skincare products [5] - The company maintains its profit forecast for 2025-2027, expecting net profits of 1,038 million, 1,381 million, and 1,825 million yuan respectively, with corresponding EPS of 9.02, 12.00, and 15.86 yuan per share [5] Revenue Breakdown - Medical device sales generated 708 million yuan in H1 2025, a year-on-year growth of 33.41%, with a gross margin of 95.04% [6] - Functional skincare products achieved revenue of 121 million yuan, marking a significant increase of 152.39% year-on-year, with a gross margin of 70.78% [6] Product Development and Market Expansion - The company has clinically applied over 2.7 million units of recombinant type III humanized collagen, which has received medical device registration approval in Thailand [7] - The company has developed 14 new invention patents, including 4 international patents, and has made significant progress in globalizing its recombinant humanized collagen products [7] Financial Projections - The company forecasts revenue growth from 2,117 million yuan in 2025 to 3,617 million yuan in 2027, with a compound annual growth rate (CAGR) of 29.8% [9] - The projected net profit for 2025 is 1,038 million yuan, increasing to 1,825 million yuan by 2027, reflecting a strong growth trajectory [9]

Core Viewpoint - The beauty industry is facing scrutiny due to ingredient controversies, particularly regarding HEXKIN's "Rejuvenating Collagen Mask," which has been questioned for allegedly lacking collagen [1] Group 1: Product Controversy - A beauty blogger sent HEXKIN's mask for testing, revealing that "collagen was not detected" in the sample [3] - HEXKIN responded by commissioning a retest, which found "hydrolyzed collagen" at a level of 0.532%, raising confusion over the difference between collagen and its hydrolyzed form [3][6] - The company's marketing has been criticized for using vague terminology, leading consumers to assume the presence of effective collagen rather than its hydrolyzed form, which has different absorption and efficacy characteristics [7] Group 2: Regulatory and Testing Standards - HEXKIN claims compliance with national regulations and has completed the necessary registration with the National Medical Products Administration [5] - The lack of standardized testing methods for collagen in cosmetics has led to discrepancies in results from different testing institutions, highlighting a significant issue within the industry [7] - The controversy reflects broader challenges in the beauty industry regarding the clarity and reliability of ingredient testing standards [7] Group 3: Marketing and Consumer Trust - HEXKIN heavily relies on influencer marketing, with over 80% of its GMV dependent on key opinion leaders, which can lead to misinformation about product efficacy [8] - The company's promotional claims, such as comparing the mask to "collagen infusion," may mislead consumers and exacerbate trust issues [8] - Consumers are encouraged to consider product registration and testing reports when purchasing cosmetics, emphasizing the need for transparency and genuine product efficacy [8]

Core Insights - The article emphasizes the importance of diet in maintaining skin health, highlighting that collagen is crucial for skin elasticity and smoothness. As people age, their natural collagen production declines due to various factors, including stress and poor diet [1] Food Sources of Collagen - Bone broth is rich in collagen, gelatin, and essential amino acids, promoting collagen production and skin health [2] - Fatty fish like salmon and tuna are excellent sources of omega-3 fatty acids and marine collagen, which enhance skin elasticity and hydration [3] - Eggs, while not containing collagen directly, are rich in proline and lysine, amino acids vital for collagen synthesis [4] - Citrus fruits are high in vitamin C, essential for stabilizing and generating collagen molecules [5] - Berries contain antioxidants and vitamin C, which are important for collagen production and skin protection [6] - Leafy greens are nutrient-dense and support collagen synthesis while protecting the skin from damage [7] - Nuts and seeds provide omega-3 fatty acids and zinc, crucial for collagen production and skin repair [8] - Garlic contains sulfur, which is necessary for collagen production and helps rebuild damaged collagen fibers [9] - Tomatoes are rich in lycopene, an antioxidant that protects the skin from UV damage and supports collagen synthesis [10] - Avocados provide healthy fats and vitamins E and C, essential for collagen production and skin health [11] - Soy products are excellent sources of plant protein and isoflavones, supporting collagen production and improving skin elasticity [12] - Kiwi has a high vitamin C content, aiding in collagen formation and providing antioxidants for skin health [13] - Pumpkin seeds are rich in beta-carotene, vitamin C, and zinc, all important for collagen synthesis and skin repair [14] - Cashews are high in copper, which is vital for collagen connection and maintaining skin elasticity [15] - Colorful bell peppers are rich in vitamin C and antioxidants, helping to reduce inflammation and protect the skin [16] - Mushrooms, especially sun-exposed varieties, are a rare plant source of vitamin D, crucial for collagen integrity [17]

Group 1: Retail Industry Overview - The retail industry is focusing on three main investment themes for the second half of 2025: strong product momentum, improved operational conditions, and large comprehensive enterprises [7] - The beauty and personal care sector is showing strong performance, with a year-on-year growth of 62.51% in Q1 2025 for companies like Jinbo Biological and 28.01% for Marubi Biological [38] - The jewelry sector is witnessing a shift towards lighter and more affordable gold products, driven by younger consumers and the trend of diversification in the market [7] Group 2: Consumer Confidence and Sales Performance - In the first quarter of 2025, the total retail sales of consumer goods reached 12.47 trillion yuan, with a year-on-year increase of 3.6% [14] - The consumer confidence index showed a recovery trend in early 2025, indicating a positive outlook for retail consumption [14] - The beauty and jewelry categories experienced year-on-year retail sales growth of 5.48% and 8.06% respectively in the same period [14] Group 3: E-commerce and Offline Trends - E-commerce sales showed a mixed performance, with a total sales index of 50.6% in May 2025, reflecting a slight decline compared to previous months [23] - The offline retail market is stabilizing, with a noticeable recovery in shop rental rates, which reached 53.6% in April and May 2025 [29] - The operating space index showed fluctuations but remained stable, indicating a cautious approach to new store openings [29] Group 4: Investment Recommendations - The report recommends focusing on companies with strong product momentum and operational improvements, such as Proya, Giant Biological, and Marubi Biological [62] - The beauty sector is highlighted for its resilience and growth potential, with specific companies recommended for investment based on their strong performance metrics [62] - The medical beauty sector is also emphasized, particularly companies that are expanding their product lines and improving operational capabilities [7][63]