Core Viewpoint - Huaxi Biological Technology Co., Ltd. (688363.SH) criticized certain brokerage reports for misleading the market regarding the comparison between hyaluronic acid and recombinant collagen, claiming these reports lack scientific basis and are intended to promote a competing product [1][3][6] Group 1: Company Response - Huaxi Biological reported that it has communicated with regulatory authorities regarding the misleading content in brokerage reports and received apologies from some institutions [1][4] - The company emphasized that the reports are part of a broader issue of "hasty capital" creating a false narrative in the market [3][4] - Huaxi Biological expressed disappointment that relevant parties are not engaging in scientific discussions but are instead focusing on social media commentary [4][5] Group 2: Brokerage Reports - The reports in question were authored by multiple brokerage firms, including Huatai Securities and others, which Huaxi Biological claims are biased towards a competitor, Juzhi Biological [3][6] - Analysts involved in the reports defended their work, stating that the content was compliant and based on objective public data, and denied any intent to promote Juzhi Biological [2][7][8] - The reports highlighted the advantages of recombinant collagen over hyaluronic acid in various applications, which Huaxi Biological disputes as lacking scientific evidence [3][6][8] Group 3: Market Context - In 2024, Juzhi Biological reported a revenue of 55.39 billion yuan, a 57.07% increase, surpassing Huaxi Biological's revenue of 53.71 billion yuan, which declined by 11.61% [6] - Juzhi Biological's core brand, Kefu Mei, contributed 82% of its revenue, showcasing the competitive landscape in the beauty and medical aesthetics industry [6]

Core Viewpoint - The article discusses the internal turmoil and strategic challenges faced by Huaxi Biological, particularly in light of its declining performance and the need for significant internal reforms to address corruption and strategic misalignment [3][4][5]. Group 1: Internal Challenges and Strategic Issues - Huaxi Biological's CEO Zhao Yan issued an ultimatum for employees involved in corruption to resign by March 31, indicating a critical need for internal restructuring [3]. - The company is experiencing a significant decline in revenue and profits, with a reported drop of over 70% in profits for 2024, highlighting the urgency of the situation [3][4]. - The internal issues are compounded by strategic missteps, particularly the failure to adapt to market changes and the overproduction of hyaluronic acid, leading to an oversupply situation [9][15]. Group 2: Market Dynamics and Competitive Landscape - The hyaluronic acid market has shifted from a scarcity to an oversupply, with average prices dropping from 210 RMB per gram in 2017 to 124 RMB in 2021, a decline of 41% [9]. - New competitors in the collagen market have emerged, capturing consumer interest and market share, which has further pressured Huaxi Biological's traditional hyaluronic acid business [11][12]. - The company has been slow to diversify into collagen products, missing out on a significant market opportunity that could have alleviated current pressures [12][15]. Group 3: Financial Performance and Cost Management - Huaxi Biological's sales and management expenses have surged from 38.23% in 2018 to 61.72% in 2023, with sales expenses alone increasing from 284 million RMB to 2.842 billion RMB during the same period [27]. - Despite maintaining a high gross margin of around 73%, the net profit margin has plummeted from 33.56% in 2018 to approximately 9.27% in 2024, indicating severe profitability issues [27][28]. - The company's strategy to cut costs and improve profitability through internal reforms may provide short-term relief, but long-term success will depend on genuine operational improvements [29][30].

国内首款"三文鱼针"即将问世，又一大单品已到爆发前夜？ 文 | 动脉网 再生领域风水轮流转，这次终于轮到了PDRN。 先是在今年1月，瑞吉明生物宣布已成功研制出全球首款人工合成PDRN原料，并中试成功。2个月后，也就是近日，江 苏吴中也传来好消息，旗下注射用透明质酸钠-多聚脱氧核糖核苷酸（PDRN）复合溶液已完成全部临床受试者入组，预 计于今年下半年提交上市申请，届时将向国内首个获批上市的PDRN三类械发起冲击。 图1.PDRN的化学 结构（图源：Cardiovascular &Hematological） 事实上，作为再生领域的"液体黄金"，PDRN近些年一直备受市场关注，目前参与布局的国内企业已超过20家，这其中 不乏华熙生物、江苏吴中、华东医药、复星医药等行业巨头。而之所以会如此，关键还是在于其功效，因为具有刺激胶 原蛋白和弹力纤维增生的能力，PDRN在修复、抗衰老以及改善肤色肤质等方面都有极大的应用价值，再加上其碱基组 成与人类DNA相似度高达98%，因此不会引起明显的免疫反应，产品安全性极高。 不过到目前为止，国内还尚无PDRN溶液三类医疗器械产品获批上市，现有产品都是通过进口化妆品备案进行销售。所 ...