Group 1: Market Trends - The traditional couple economy is cooling down, with a notable shift towards male consumers focusing on self-investment and personal interests [1][3][14] - Data shows that 30% of men plan to not give gifts during the 2024 "520" period, indicating a significant change in spending behavior [1] - The sales of the domestic game "Black Myth: Wukong" reached 9 billion yuan, primarily driven by male players, reflecting the rise of "self-consumption" among men [1] Group 2: Changing Consumer Behavior - The willingness to engage in romantic relationships among young people is declining, with both genders scoring around 5 out of 10 on their desire for romance [2][3] - The sales of DR diamond rings, once a symbol of true love, have seen a significant decline, with a 36.19% drop in revenue year-on-year [2] - The cinema attendance for romantic films is decreasing, replaced by a demand for family and solo viewing experiences [3] Group 3: Male Consumption Dynamics - Male consumers are increasingly spending on personal grooming and beauty products, with sales in categories like skincare and cosmetics for men reaching 1.86 billion yuan, a 65% increase year-on-year [5] - The male medical beauty market is also growing, with 45% of surveyed men planning to increase their spending on medical aesthetics in 2024 [7] - The average spending of male consumers online has surpassed that of females, reaching 10,025 yuan, with the male consumption market expected to exceed 6 trillion yuan by 2025, growing at a compound annual growth rate of 9.8% [4] Group 4: Marketing and Brand Strategy - Brands need to adapt to the shift from relationship-based consumption to individual needs, focusing on "solitary consumption" [9][10] - Marketing strategies are evolving from emphasizing product functionality to highlighting emotional value and identity recognition [12][13] - The rise of interest-based consumption is evident, with products becoming symbols of social identity, such as the "middle-class three-piece set" [8][12] Group 5: Future Outlook - The transformation in male consumer behavior is indicative of a broader market restructuring, where consumption is increasingly tied to personal meaning rather than mere transactions [14] - The emergence of new markets driven by single economy, technological empowerment, and evolving values is expected to create significant opportunities for brands [14]

Core Viewpoint - Huaxi Biological refutes the notion that hyaluronic acid is outdated, emphasizing its leading position in the global market and the importance of scientific integrity in the industry [2][4][7] Group 1: Company Response - Huaxi Biological published an article titled "Concepts Always Reappear, Technology Always Moves Forward" to counter the claims made by several brokerage reports that suggest hyaluronic acid is no longer relevant [2][6] - The company asserts that hyaluronic acid is a key life science material and has been subjected to unfounded criticism, which it aims to correct as an industry leader [3][4] - Huaxi Biological's statement received support from the China Fragrance and Cosmetic Industry Association and the China Aesthetic Medicine Association, highlighting a collective industry stance [3][4] Group 2: Scientific Basis and Product Strategy - The company clarifies that its chairman previously questioned the effectiveness of topical recombinant collagen products, but this was specifically aimed at exaggerated claims regarding their efficacy [6][7] - Huaxi Biological maintains that its strategic focus remains on the development of hyaluronic acid and its applications in various health-related fields, rather than shifting to recombinant collagen as a mainstream technology [7] - The company emphasizes that current scientific evidence does not support recombinant collagen's superiority in managing aging compared to hyaluronic acid [7]

玻尿酸巨头华熙生物近期向券商"开炮"，揭开了医美行业"热点轮动"的一角！ 针对突然向券商"开炮"，周二华熙生物对每经作出最新回应，华熙生物表示，透明质酸产业一直希望其 作为行业龙头带头发声，纠正对透明质酸的罔顾科学的踩踏和抹黑。此次发声是基于多重考虑，且已和 两大行业协会沟通并获得支持。 这一回应针对华熙生物5月17日在微信公众号发布的长文，其在文中驳斥了"玻尿酸过时"的观点，并点名 了多家券商炒作"重组胶原蛋白"，与玻尿酸进行恶意对比。 "炮轰"的背后隐藏着华熙生物的困境，随着玻尿酸产能过剩价格不断下降，行业竞争也在不断加剧，华 熙生物的业绩已经开始失速，2024年扣非净利缩水78.13%，市值也较巅峰缩水超1000亿。 反观，重组胶原蛋白成为市场的"新宠"，行业中巨子生物司股价一路走高，其业绩上完成了对华熙生物 的反超，2024年归母净利润仅为巨子生物净利润的十二分之一左右。 华熙生物发长文"开撕"券商 华熙生物认为，透明质酸"过时论"的兴起，本质上是一场由"浮躁资本"构建的题材幻象，试图用"神话过 时"绕开中国产业发展必然面临的进阶过程，引导资本和市场资源聚焦于资本新题材，用"新贵登场"塑造 沙土高楼。 ...

Core Viewpoint - The internet medical beauty platform, Xinyang, is facing significant challenges with its core business underperforming, record-high losses, and frequent attempts at cross-industry transformation failing to reverse its declining performance [1][2]. Financial Performance - In 2024, Xinyang reported a revenue of 1.467 billion yuan, a year-on-year decrease of 2.1%, while the net loss reached 587 million yuan, marking a four-year high in losses [2][3]. - The core business, information and booking services, saw a revenue decline of 19.3% to 929 million yuan in 2024, accounting for 63.4% of total revenue, down from 76.8% in 2023 [3][9]. - In Q1 2025, Xinyang's revenue continued to decline by 6.6% to 297 million yuan, with net losses expanding to 33.1 million yuan [1][8]. Business Challenges - The decline in core business revenue is attributed to two structural issues: decreased platform traffic conversion efficiency and intensified competition from content platforms like Douyin and Xiaohongshu, which have diluted the value of traditional intermediary models [3][9]. - The number of medical service providers subscribing to Xinyang's information services has decreased, contributing to the revenue drop [3]. Diversification Efforts - Xinyang has attempted to diversify its business by investing in medical beauty equipment and establishing its own medical beauty institutions, but these efforts have not significantly improved its financial performance and have instead burdened profitability [7][8]. - The acquisition of Wuhan Qizhi Laser in 2021 and the exclusive agency of ELASTY® Lumilax in 2022 have not yielded substantial revenue growth, with Wuhan Qizhi Laser's revenue only increasing by 0.3% in 2024, while its net profit dropped by 38.81% [7][8]. New Business Initiatives - In November 2024, Xinyang launched a new light medical beauty chain brand, aiming to provide affordable and accessible anti-aging solutions, but this initiative is still in its early stages and has not yet positively impacted overall performance [8]. - Despite the rapid growth of the new light medical beauty chain, with Q1 2025 revenue reaching 98.88 million yuan, a year-on-year increase of 551%, the overall financial situation remains challenging [8].

5月20日连板股分析：连板股晋级率34% 高位股大面积退潮 | | 九鼎投资 (创投) | | --- | --- | | 其他涨停 | 苏州龙杰8天6板（纺织+军工） | 今日共77股涨停，连板股总数28只，其中三连板及以上个股8只，上一交易日共23只连板股，连板股晋级率34.78%（不含ST股、退市股）。个股方面，全市 场超3800只个股上涨，连续第二个交易日逾百股涨超9%，小盘股备受青睐，北证50、微盘股指数均创历史新高。高位股开始退潮，利君股份、渝三峡A、 红墙股份、尤夫股份等人气股跌停，成飞集成断板，市场连板高度被压缩至4板。板块方面，以谷子经济、宠物经济、医美为代表的新消费板块全天表现强 势，其中郑中设计、丽人丽妆4连板，拉芳家化6天4板，天元宠物20CM2连板；并购重组概念依旧受到热捧，综艺股份5天4板，天汽模3连板，北交所五新 隧装30CM2连板。 | 连板数 | 晋级率 | | 2025-5-20 | | --- | --- | --- | --- | | 3 #4 | 2/2=100% | 郑中设计(城市更新+IP经济) | | | | | 天汽模(并购重组) | | | 2进3 | 6/ ...

Group 1 - The article discusses the challenges faced by the hyaluronic acid (HA) industry, claiming it has been misrepresented and undermined in recent years due to misleading narratives in the capital market [2][6] - Huaxi Biological specifically names several securities firms and their reports that have contributed to the negative perception of HA, including Huatai Securities and Anxin Securities [2][5][7] - The company argues that the rise of the "outdated" narrative surrounding HA is a result of a capital market phenomenon that seeks to shift focus to new investment themes, thereby undermining established industries [6][8] Group 2 - Huaxi Biological highlights the significant growth of competitor Juzhi Biological, which reported a revenue of 5.539 billion yuan in 2024, a year-on-year increase of 57.07%, and a net profit of 2.062 billion yuan, up 42.06% [5][10] - The company emphasizes its own historical performance, noting that from 2018 to 2022, it experienced substantial revenue and profit growth, with annual revenue growth rates exceeding 87% and net profit growth rates surpassing 90% [10] - However, Huaxi Biological has faced a sharp decline in performance recently, with a projected revenue of 5.371 billion yuan and a net profit of 174 million yuan in 2024, representing year-on-year decreases of 11.61% and 70.59% respectively [10][11] Group 3 - The company is undergoing significant internal reforms, described as a "bone-scraping" process, initiated by the chairman to address management issues and improve operational efficiency [10][11] - The article indicates that Huaxi Biological is currently facing both internal challenges due to its restructuring efforts and external pressures from competition in the market [11]

针对突然向券商"开炮"，A股医美巨头华熙生物（688363.SH，股价53.21元，市值256.3亿元）作出最新 回应。 今日（5月20日）午间，华熙生物方面向《每日经济新闻》记者发来独家回应。在回应中，华熙生物表 示："透明质酸是中国在全球占据第一份额的优势产业，涉及到科研、医疗、医美、美妆、营养健康等 多个生命健康的相关领域，因此整个透明质酸产业都一直希望华熙生物作为行业龙头可以带头发声，纠 正近年来针对透明质酸这一生命科学关键物质的罔顾科学的踩踏和抹黑。" 5月19日晚间，华熙生物在其官方微信号发布《概念总在重演，科技永远向前》的文章，对市场上流行 的"玻尿酸过时"的观点，进行了点名驳斥。 《每日经济新闻》记者注意到，华熙生物在文章中点名几家券商机构称，2022年开始，随着资本市场不 断追求新的公司题材，重组胶原蛋白概念被看似幸运地选中了。为了营造比透明质酸产业更大的预期， 围绕某重组胶原企业的研报中，出现了大量直接针对中国透明质酸产业的所谓"对比研究"。 文章称，透明质酸"过时论"的兴起，本质上是一场由"浮躁资本"构建的题材幻象，试图用"神话过时"绕 开中国产业发展必然面临的进阶过程，引导资本和市场资 ...

Group 1: Industry Initiatives - The China Fragrance and Cosmetic Industry Association and the China Association of Plastic Surgery jointly released a health ecosystem initiative for the medical beauty and cosmetics industry, emphasizing the importance of scientific rigor and rational guidance in product efficacy [1] - The initiative calls for promoting public understanding through scientific education and collaboration with authoritative institutions to enhance public awareness of technological paths [1] - It advocates for innovation and diversity in the industry, encouraging cooperation in ingredient innovation, formula optimization, and process breakthroughs [1] - The initiative stresses the need for civilized marketing and honest promotion, aiming to establish objective and fair marketing practices as industry norms [1] - It proposes the establishment of an industry self-discipline system and a self-discipline alliance to evaluate and publicly disclose results of any misleading or uncivil behavior [1] Group 2: Company Positioning - Huaxi Biological published an article addressing misleading conclusions regarding the comparison between collagen and hyaluronic acid, which have been widely circulated in the media [2] - The company clarified that its concerns about collagen products primarily relate to the exaggerated claims of topical collagen skincare products, emphasizing that effective collagen products require injection [2][3] - Huaxi Biological's strategy focuses on leveraging hyaluronic acid to develop synthetic biological capabilities, exploring effective substances in life sciences, while maintaining a unified strategic logic [3] - The company has not promoted collagen as a mainstream technology in consumer products due to insufficient scientific evidence supporting its efficacy in managing aging compared to hyaluronic acid [3] - Huaxi Biological believes that the extracellular matrix (ECM) is the comprehensive research and industrial transformation direction that includes all key substances like hyaluronic acid, collagen, and elastin [3]

5月20日，港股消费板块早盘震荡攀升，相关热门ETF中，港股消费ETF（513230）现涨近1.5%。持仓股中，零跑汽车领涨超4%，小米集团、新秀丽均 跟涨超3%，巨子生物、思摩尔国际、阿里巴巴等涨幅居前。港股消费ETF（513230）近期回暖趋势较为清晰，已连续3个交易日获资金净流入，持续受资金 青睐。 消息面上，2025年全国精品首发季暨"首发上海"系列活动日前正式在上海启动，邀请全球游客打卡首店、观赏首展、欣赏首秀，实地感受中国和上海消 费市场的巨大魅力。上海还同步发布了"首发上海3.0"政策，将试点首发进口消费品检验便利化措施和首发进口化妆品快速通关模式，进一步优化全球新品 的首发环境。据悉，商务部将组织各地开展丰富多彩、各具特色的精品首发活动，激发消费新动能，持续释放消费潜力。同时，将加大对首发经济的支持力 度，发挥好重点展会作用。 开源证券认为， 消费复苏主旋律下，关注契合"情绪消费"主题且品牌势能和竞争力边际提升的龙头公司，重点关注四条投资主线。（1）黄金珠宝：关 注具备差异化产品力和消费者深度洞察力的黄金珠宝品牌；（2）线下零售：关注顺应趋势积极变革探索的零售企业（超市、百货、连锁）；（3）化 ...

Group 1 - The Hong Kong stock market experienced a collective rise, with the Consumer Theme Index increasing by 0.74% as of May 20 [1] - The Hong Kong Consumer ETF (159735) rose by 1.1% with a turnover rate of 2.25%, driven by significant gains in stocks such as Li Auto and Xiaomi [1] - In April, the total retail sales of consumer goods reached 37,174 billion yuan, marking a year-on-year growth of 5.1%, while retail sales excluding automobiles grew by 5.6% [1] Group 2 - Open Source Securities emphasizes the importance of "emotional consumption" and suggests focusing on leading companies with enhanced brand power and competitiveness [2] - Four investment themes are highlighted: (1) Gold and jewelry brands with differentiated product offerings; (2) Retail enterprises adapting to trends; (3) High-quality domestic beauty brands in growing segments; (4) Medical aesthetics companies with unique product lines [2]