巨子生物在收入增长方面表现如何？ 巨子生物 摘要 巨子生物依托重组胶原蛋白技术，通过可复美和可丽金等品牌在美妆赛 道实现差异化竞争，可复美保持快速增长，可丽金调整后重回增长轨道， 线上渠道表现强劲。 公司通过控制达播业务的毛销差，采用融合模式与达人合作，优化费用 结构，有效应对短期舆情事件，确保经营利润率不受大幅影响。 双十一期间，巨子生物稳定商品划线价，优惠成本主要由平台或达人承 担，公司选择性参与活动，并通过年框协议锁定与头部达人的合作条款， 确保费用端稳定。 公司线上收入占比高达 75%，并预计提升至 80%以上，主要采用 GTC 模式；线下渠道通过经销模式，早期布局医院端，扩展药店 SKU，孵化 新品牌"可遇"承接医院端向家庭消费场景外溢。 公司通过精准筛选达人、优化投流策略控制费销比，避免盲目合作头部 达人，提高转化效率，并主动控制头部达人的 GMV 占比，提升中腰部 达人的投放效率。 Q&A 巨子生物的核心竞争力是什么？ 巨子生物是国内最早研发并全球最早量产重组胶原蛋白的企业。公司以生产重 组胶原蛋白为核心技术，聚焦功能护肤品、医疗器械和功能性食品三大应用板 块。公司拥有全球最全面的胶原蛋白分子库 ...

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].

自5月初起，医美领域围绕重组胶原蛋白与透明质酸的产业讨论持续升温。华熙生物官微发布题为《概 念总在重演，科技永远向前》的文章受到行业关注。该篇文章就部分研报提及的关于透明质酸的片面观 点，提出科学层面的不同看法。 对于此次公开交流，华熙生物相关负责人在接受中国证券报记者采访时表示，公司上市以来与研究机构 保持着长期良性互动，此次针对部分研报观点的回应，源于对科学事实的尊重——上市公司与研究机构 同为资本市场的重要参与主体，更应基于科学本质传递信息，共同维护资本市场的理性生态。 关注新兴技术需以科学为基础 此次行业讨论的起点，源于一家胶原蛋白企业在港股上市时，其招股说明书中对重组胶原蛋白与透明质 酸的功效及市场价值进行了对比表述。这一表述被部分研报引用后，形成了"重组胶原蛋白更具优势"的 片面观点。在市场对新兴概念的关注下，相关企业获得较高市场关注度，股价呈现阶段性上升。 随后，该片面观点伴随部分传播渠道的扩散，逐渐引发消费市场对透明质酸功效的认知偏差，也对透明 质酸这一国内优势产业的市场信任基础造成影响。 华熙生物表示，这类观点的形成，反映出部分研究机构从业人员对透明质酸产业的认知有待深化。事实 上，透明质酸 ...

而在此前不久，锦波生物控股股东、实际控制人杨霞已将其持有的575.33万股股票转让给杭州久视，占 公司总股本的5%，共计14.03亿元。据了解，养生堂与杭州久视的实控人均为钟睒睒。 21世纪经济报道记者韩利明 近期，北交所"重组胶原蛋白第一股"锦波生物公告显示，拟向养生堂发行不超过717.56万股股份，占发 行前公司总股本的6.24%，发行价格为278.72元/股，募资总额不超过20亿元，用于人源化胶原蛋白FAST 数据库与产品开发平台项目等。该申请已获北交所受理。 据《福布斯中国内地富豪榜》，2024年钟睒睒凭借508亿美元身家成功蝉联中国内地首富；进入2025 年，《福布斯全球亿万富豪榜》显示，其在内地富豪中的排名落于张一鸣之后。 值得关注的是，锦波生物是其继万泰生物（603392）后，再次重资投入的生物技术领域企业。在这背 后，万泰生物作为曾经风光无限的国产HPV疫苗头部企业，自2023年起业绩出现持续下滑，这也使得市 场对钟睒睒此次新入局的锦波生物及背后的医美赛道更为关注。 从行业大环境来看，近年来我国医美市场需求呈现旺盛且多元的发展态势，上游产品技术的迭代创新与 现有产品适应症的不断扩展，持续丰富着 ...

申万宏源发布研报称，25H1，在提振消费政策推动以及居民收入预期改善下，化妆品社零增速扭转颓 势，增速2.9%。同时7-8月淡季不淡，化妆品社零增速提升，带高25H2需求端预期。美护行业分板块来 看，化妆品板块25H1重点覆盖的化妆品个护营收增速中枢在8%左右，归母增速中枢略低于营收。个护 板块板块2家公司营收/归母均有增长，性价比消费与高端品牌业绩齐升。医美板块方面，内研外购完善 矩阵，机构端轻医美新模式预计进入快速发展。 申万宏源主要观点如下： 25H1化妆品需求端稳健增长 国货概念持续发力 25H1，在提振消费政策推动以及居民收入预期改善下，化妆品社零增速扭转颓势，增速2.9%。同时7-8 月淡季不淡，化妆品社零增速提升，带高25H2需求端预期。竞争格局持续优化，国货大促表现进步明 显，头部品牌市占率已和国际品牌平分秋色。预计25年国潮持续，头部国货品牌享受市场集中度提升和 国产市占提升双重利好。 第二类，稳抓消费风口，以国潮、重组胶原蛋白为亮点，业绩乘风而起。1)毛戈平：25H1营收25.9亿 元，同比增长31.3%)；归母净利润6.7亿元，同比增长36.1%)。2)巨子生物：25H1营收31.1亿元 ...

巨子生物(02367)跌超4%，截至发稿，跌4.15%，报58.9港元，成交额2.72亿港元。 今年5月，美妆博主"大嘴博士"郝宇发文指控巨子生物旗下可复美"胶原棒"重组胶原蛋白含量仅为 0.0177%，远低于0.1%的"非微量添加"标准，且缺失核心氨基酸甘氨酸。巨子生物迅速否认，称产品合 规，内部检测远超0.1%。6月1日，华熙生物发文力挺郝宇。巨子生物则称收到了郝宇所用检测机构 的"道歉声明"，指其"从未授权郝宇使用报告"。此后，双方多次隔空交锋，直至6月23日，巨子生物发 布声明，承认其"现有的质量标准、检测方法和标签标识在某些方面已逐渐显现出其局限性"。 消息面上，华熙生物日前发布9月22日投资者关系活动记录表，就此前备受关注的"支持郝宇博士"一事 作出正式回应。华熙生物在记录表中透露，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。"值得注意的是，此前国家网信办将"大嘴博士"列 为网络环境整治典型案例。 ...

消息面上，华熙生物日前发布9月22日投资者关系活动记录表，就此前备受关注的"支持郝宇博士"一事 作出正式回应。华熙生物在记录表中透露，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。"值得注意的是，此前国家网信办将"大嘴博士"列 为网络环境整治典型案例。 智通财经APP获悉，巨子生物(02367)跌超4%，截至发稿，跌4.15%，报58.9港元，成交额2.72亿港元。 今年5月，美妆博主"大嘴博士"郝宇发文指控巨子生物旗下可复美"胶原棒"重组胶原蛋白含量仅为 0.0177%，远低于0.1%的"非微量添加"标准，且缺失核心氨基酸甘氨酸。巨子生物迅速否认，称产品合 规，内部检测远超0.1%。6月1日，华熙生物发文力挺郝宇。巨子生物则称收到了郝宇所用检测机构 的"道歉声明"，指其"从未授权郝宇使用报告"。此后，双方多次隔空交锋，直至6月23日，巨子生物发 布声明，承认其"现有的质量标准、检测方法和标签标识在某些方面已逐渐显现出其局限性"。 ...

Investment Rating - The report maintains a "Positive" outlook on the beauty and personal care industry, highlighting the resilience of domestic brands and the impact of new consumption trends [2]. Core Insights - The beauty and personal care sector experienced a robust recovery in H1 2025, with a retail sales growth of 2.9%, reversing the previous decline due to favorable consumption policies and improved income expectations [5][6]. - Domestic brands are gaining market share, with top local brands now competing closely with international counterparts, indicating a significant shift in consumer preferences [10][11]. - The report categorizes companies into three groups based on performance: those with strong brand matrices benefiting from multi-brand strategies, those capitalizing on consumer trends like domestic brands and collagen products, and those showing signs of strategic improvement [20][23]. Summary by Sections Industry Overview - The beauty market is projected to grow steadily, with a forecasted retail sales decline of 1.1% in 2024, followed by a recovery in H2 2025 [5][6]. - The domestic market share is expected to increase, with local brands achieving significant breakthroughs in both skincare and makeup segments [10][11]. Company Performance - **Cosmetics Sector**: - Major companies like Up Beauty and Proya reported revenue growth of 17.3% and 7.2% respectively in H1 2025, with net profits increasing by 30.6% and 13.8% [20][21]. - Other notable performers include Marubi and Water Sheep, with revenue growth of 30.8% and 9.0% respectively [21][22]. - **Personal Care Sector**: - Companies like Ruibin and Zhenjia showed remarkable growth, with Ruibin's revenue increasing by 67.6% and Zhenjia's by 157.11% in H1 2025 [5][20]. - **Medical Aesthetics Sector**: - Companies like Aimeike and Langzi reported mixed results, with Aimeike's revenue declining by 21.6% while Langzi's net profit surged by 64.1% [20][24]. Investment Recommendations - The report recommends investing in companies with strong brand matrices and low PE multiples, such as Up Beauty and Proya, as well as those benefiting from the Douyin traffic boost like Marubi and Water Sheep [20][24]. - It also suggests focusing on high-value segments and innovative products from brands like Ruibin and Furuida, and highlights opportunities in the maternal and infant sector with companies like Shengbeila and Haiziwang [20][24].

Investment Rating - The report initiates coverage with a "Buy" rating for the company Water Sheep Co., Ltd. [14] Core Insights - The cosmetics and medical beauty sector has underperformed the market, with the Shenwan Beauty Care Index declining by 2.5% from September 12 to September 19, 2025 [3][4] - The upcoming Double 11 shopping festival is expected to drive significant growth for domestic brands, with recommendations to focus on strong alpha stocks [9][10] - Water Sheep Co., Ltd. is highlighted for its dual business model of proprietary and CP brands, with stable revenue projections of 4-5 billion yuan from 2021 to 2024 and an expected gross margin of 63.01% in 2024 [10][11] Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with specific indices declining [3][4] - The Shenwan Cosmetics Index fell by 2.6%, while the Shenwan Personal Care Index decreased by 0.6% [4][6] Upcoming Events - The Double 11 shopping festival preparations are in full swing, with domestic brands like Up Beauty and Proya launching new products to capture market share [9] - Key influencers are negotiating promotional strategies to enhance sales during the festival [9] Company Focus: Water Sheep Co., Ltd. - Water Sheep Co., Ltd. is positioned as a leading tech-driven beauty company with a stable revenue forecast and improving profit margins [10][11] - The company has a well-structured brand matrix and is expanding its high-end product lines, with significant growth in its proprietary brands [11][12] - Expected net profits for Water Sheep Co., Ltd. are projected to be 258 million, 331 million, and 398 million yuan for 2025, 2026, and 2027, respectively, indicating substantial growth [14] Market Trends - The Chinese beauty market is witnessing a shift towards domestic brands, with significant market share gains for local players [27] - The overall retail sales of cosmetics showed a growth of 5.1% in August 2025, indicating a recovery in consumer spending [18][21] International Recognition - Chinese beauty brands performed notably at the IFSCC conference, showcasing their advancements in cosmetic science and securing significant awards [22][24]

Group 1 - The core technology of the company is "yeast-based low-immunity recombinant collagen production" [1] - The company has been deeply engaged in the biotechnology field for 25 years, with 186 patents and patent applications [3] - The collaboration with Northwest University on "yeast-based low-immunity recombinant collagen and its applications" won the "2024 China Petroleum and Chemical Industry Federation Technology Invention Award First Prize" and was recognized as "internationally leading" by experts [3] Group 2 - The company is perceived not only as a cosmetics manufacturer but also as a high-tech enterprise with global market potential [3] - International journalists expressed strong interest in the company's production processes and products, highlighting the blend of science, beauty, and health [5] - The company showcased popular skincare products, leading to interest in further reporting and potential collaborations from foreign journalists [5] Group 3 - The "Walk Through China: Meet Shaanxi" event is organized by various Chinese associations and aims to showcase the unique charm and strong development of Shaanxi [7]