Core Viewpoint - The performance of leading medical beauty companies is diverging amid industry adjustments, with Giant Biological leading in revenue growth while Huaxi Biological and Fulejia face significant declines in performance [2][5][10]. Group 1: Company Performance - Giant Biological reported a revenue of 31.13 billion yuan with a year-on-year growth of 22.5% and a net profit of 11.82 billion yuan, reflecting a 20.2% increase [5][11]. - Huaxi Biological's revenue fell to 22.61 billion yuan, a decrease of 19.57%, with net profit dropping by 35.38% to 2.21 billion yuan [3][4]. - Fulejia's revenue decreased to 8.63 billion yuan, down 8.15%, and net profit fell by 32.54% to 2.3 billion yuan [4][9]. Group 2: Strategic Adjustments - Huaxi Biological attributed its revenue decline to a drop in income from its skin science innovation transformation business, which saw a 33.97% decrease to 9.12 billion yuan [5][7]. - Fulejia's revenue drop was linked to the optimization of offline channels, which impacted sales, while its marketing expenses increased by 39.56% to 4.2 billion yuan [6][10]. - Both companies are undergoing strategic transformations to address their performance issues, with Huaxi Biological implementing significant reforms and Fulejia focusing on improving channel quality [8][10]. Group 3: Industry Trends - The medical beauty industry is shifting from a focus on "traffic dividends" to "technical barriers," with the competition intensifying between hyaluronic acid and recombinant collagen products [2][13]. - The market for recombinant collagen products is projected to grow at a compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 [14]. - Companies are increasingly recognizing the importance of research and development capabilities, patent strategies, and compliance as key competitive factors in the evolving landscape of the medical beauty industry [16].

受试者在加热15分钟内开始出汗，汗水从毛孔中不断渗出并蒸发，形成一个循环。不同于传统认知 中的半球状水珠，汗液表现为几乎平坦的液面，它们在毛孔中聚集，随后缓慢溢出，与邻近毛孔渗出的 汗液汇合，最终在皮肤表面形成连续的汗液薄膜。 这些汗液会先渗透皮肤最外层的角质层，待其完全浸湿后才开始在皮肤表面积聚。当受试者降温 时，这层汗膜迅速蒸发，并留下一层薄薄的盐分。 研究还发现，在第二次加热过程中，汗液的出现比首次更迅速。这是由于第一次出汗后在皮肤表面 形成的盐层加快了汗液渗透角质层的速度，使得第二轮汗液直接以液膜形式覆盖皮肤，绕过了"滴落成 珠"的阶段。 对汗液生成机制的深入了解，有助于开发更高效的排汗材料、功能性服装以及皮肤护理产品，同时 也为应对极端高温环境中的体温调节和皮肤健康管理提供新思路。（记者张佳欣） 原标题：新研究改写出汗机制传统认知 美国亚利桑那州立大学一项发表在《英国皇家学会界面期刊》的最新研究显示，汗液并非以人们熟 知的水珠形式出现，而是以膜状从毛孔中缓缓上涌，并在皮肤表面汇聚成片。这一发现改写了人们对出 汗机制的传统认知。 以往的研究多认为，汗液从毛孔中排出后会自然形成半球状的小水珠。新研究显示 ...

Company Overview - Fulejia is a company engaged in the research, production, and sales of professional skin care products, with a strong market recognition and brand influence [5] - The company offers a diverse range of products, including medical devices and functional skin care products, covering various forms such as masks, serums, and lotions [5][6] - Fulejia has established a multi-channel sales strategy, combining online platforms like Tmall and Douyin with offline channels such as medical institutions and retail pharmacies [5][6] Financial Performance - In the reporting period, the company achieved operating revenue of 2,016,975,873.58 yuan, representing a year-on-year increase of 4.32% [6] - The net profit attributable to shareholders was 661,129,436.27 yuan, a decrease of 11.77% year-on-year, primarily due to increased sales promotion expenses [6] Business Model - The company employs a "sales-driven production" model to ensure supply-demand balance and cost efficiency [7] - Fulejia utilizes a combination of self-production, entrusted processing, and OEM production to meet market demands [8] - The sales strategy includes direct sales, distribution, and consignment through both online and offline channels [9] Industry Trends - The skin care product manufacturing industry is evolving, with increasing consumer demand for high-quality products [14] - The market for professional skin care products is expected to grow, with projections indicating a market size of 518.5 billion yuan by 2026 [14] Key Performance Drivers - Fulejia focuses on product innovation and marketing strategies to maintain competitiveness in the skin care market [15] - The company has launched various new products to meet diverse consumer needs, including whitening and anti-wrinkle masks [16] - Continuous investment in research and development is aimed at enhancing product supply capabilities and production efficiency [18][19] Research and Development - The company has established a collaborative R&D model, integrating internal and external resources to respond quickly to industry changes [19] - Fulejia has received multiple patents and is actively expanding its product line in medical devices [20]