来源：智通财经网 公开资料显示，5月24日，美妆博主"大嘴博士"郝宇发布检测报告，指出巨子生物旗下可复美"胶原 棒"产品中所含重组胶原蛋白实际含量仅为0.0177%，远低于其宣传标准，且关键氨基酸甘氨酸"未检 出"，质疑该产品涉嫌虚假宣传。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，华熙生物近日就此前备受关注的"支持郝宇博士"一事作出正式回应。华熙生物称，公司在接 到郝宇的求助后，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。" 巨子生物(02367)盘中重挫15%，截至发稿，跌11.8%，报54.2港元，成交额17.16亿港元。 ...

Core Viewpoint - The stock of Giant Bio (02367) experienced a significant decline of 15% during trading, with a current drop of 11.8%, trading at HKD 54.2, and a transaction volume of HKD 1.716 billion [1] Group 1: Company Response and Actions - Huaxi Bio has officially responded to the controversy surrounding Dr. Hao Yu, stating that it has collaborated with multiple third-party testing organizations to assess related products, revealing that the recombinant collagen protein content did not meet standards in several test results [1] - Huaxi Bio has submitted dozens of test reports to the National Medical Products Administration [1] - Giant Bio quickly denied the allegations, asserting that its product complies with standards and that internal testing results exceed 0.1% [1] Group 2: Controversy and Public Reactions - On May 24, beauty blogger Dr. Hao Yu released a test report claiming that the actual recombinant collagen protein content in Giant Bio's "Collagen Stick" was only 0.0177%, significantly lower than advertised, and that the key amino acid glycine was "not detected," raising concerns of false advertising [1] - Following the initial claims, Giant Bio received an apology from the testing organization used by Dr. Hao Yu, stating that it had "never authorized Dr. Hao to use the report" [1] - On June 23, Giant Bio acknowledged that its "existing quality standards, testing methods, and labeling have gradually shown limitations in certain aspects" [1]

消息面上，华熙生物近日就此前备受关注的"支持郝宇博士"一事作出正式回应。华熙生物称，公司在接 到郝宇的求助后，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。" 公开资料显示，5月24日，美妆博主"大嘴博士"郝宇发布检测报告，指出巨子生物旗下可复美"胶原 棒"产品中所含重组胶原蛋白实际含量仅为0.0177%，远低于其宣传标准，且关键氨基酸甘氨酸"未检 出"，质疑该产品涉嫌虚假宣传。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"。 巨子生物(02367)盘中重挫15%，截至发稿，跌11.8%，报54.2港元，成交额17.16亿港元。 ...

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"。 ...

Q&A 双十一化妆品前瞻系列之淘系头部 kol 专家交流 20250921 摘要 李佳琦直播间成交额逐年增长，618 大促预计 2025 年达 70-80 亿元， 双十一在 2023 年达 150 亿元后，2024 年略有下滑至 120 亿元， 2025 年招商已启动。 美妆品类仍是核心，贡献直播间 55%-60%的成交额，但占比从 2021 年近 70%逐渐下降，家居家纺、服饰等品类占比提升，呈现多元化趋势。 美妆市场国货品牌占比逐年提升，外资品牌占比连年下降，2025 年已 降至 45%左右，首次低于 50%，主要归因于国内产品力、供应链及性 价比提升。 年轻消费者对国际品牌接受度降低，更注重情感因素和性价比，品牌选 择不再单纯依赖品牌影响力。直播间费用率方面，国货与外资品牌趋于 持平。 国际品牌直播间折扣力度从 2021-2022 年的五折以下趋于稳定， 2024-2025 年维持在五折左右，通过赠送小样实现，而国产品牌价格 机制持续加深。 能否回溯一下佳琪直播间过去几年的 618 和双十一的整体成交金额及美妆品类 的表现？ 从 2021 年到 2025 年，佳琪直播间在 618 和双十一的成交金额逐年 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Insights - The company achieved a revenue of 3.113 billion yuan in H1 2025, representing a year-on-year growth of 22.5%, and a net profit attributable to the parent company of 1.182 billion yuan, up 20.2% year-on-year [1] - The gross margin for H1 2025 was 81.68%, a slight decrease of 0.72 percentage points year-on-year, while the net margin was 37.99%, down 0.61 percentage points year-on-year [1] - The sales expense ratio improved by 1 percentage point year-on-year to 34.01%, while the management expense ratio increased by 0.07 percentage points to 2.65% [1] Revenue and Profit Growth - The company's brand "可复美" generated revenue of 2.54 billion yuan in H1 2025, with a year-on-year increase of 22.7% [2] - The "可丽金" brand achieved revenue of 500 million yuan, reflecting a growth of 26.9% year-on-year [2] Channel Performance - Direct sales channels contributed 2.325 billion yuan in revenue, accounting for 74.7% of total revenue, with DTC channels generating 1.816 billion yuan [3] - The company has expanded its offline presence, covering approximately 1,700 public hospitals and 3,000 private hospitals and clinics, along with over 130,000 pharmacy stores [3] Financial Forecast - The company is projected to achieve net profits of 2.505 billion yuan, 3.102 billion yuan, and 3.732 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21, 17, and 14 [4][6]

Core Viewpoint - The controversy surrounding the product "可复美胶原棒" from 巨子生物 has raised significant concerns about the credibility of its ingredient claims, leading to a sharp decline in its stock price and market value [1][2]. Group 1: Company Response and Market Impact - 巨子生物's stock price dropped significantly after allegations of ingredient falsification were made, resulting in a market value loss equivalent to that of 贝泰妮 [1]. - The company issued multiple statements attempting to clarify the situation, but these efforts have not alleviated public skepticism regarding the reliability of its ingredient claims [1][21]. - Following the controversy, the management expressed confidence in maintaining their revenue guidance for 2025, despite acknowledging the need for brand repair and additional investments [21][25]. Group 2: Industry Trends and Consumer Behavior - The cosmetic industry has entered a "成分红利期," where companies leveraging key ingredient research can gain market advantages [4]. - There is a growing consumer interest in the origins and efficacy of cosmetic ingredients, leading to the emergence of a "成分党" group that prioritizes ingredient transparency over traditional marketing [5][8]. - The effectiveness of ingredient marketing is now under scrutiny, as consumers become more knowledgeable and critical of ingredient claims, potentially undermining the previous success of such marketing strategies [7][8]. Group 3: Historical Context and Crisis Management - Historical examples of brand crises illustrate the importance of timely and transparent responses to consumer concerns, with successful cases demonstrating effective damage control strategies [29][30]. - The response from 巨子生物 has been criticized for being vague, which has further damaged its reputation among consumers who expect more concrete actions regarding ingredient integrity and industry standards [30].

Investment Rating - The report suggests a focus on companies in the recombinant collagen sector, highlighting their potential for growth and market leadership [5][6]. Core Insights - Collagen is essential for human health, providing structural support and biological functions [11][14]. - The domestic recombinant collagen technology is advanced, with a complete industrial chain and supportive policies driving growth [6][31]. - The market for recombinant collagen is expected to grow significantly, with a projected CAGR of 41.4% from 2023 to 2027, surpassing the growth of animal-derived collagen [6][27]. - The applications of collagen are diverse, including medical aesthetics, skincare, intimate health, and hair health [6][33]. Summary by Sections 1. Collagen as a Vital Component - Collagen constitutes 30%-40% of human protein and is crucial for skin, bones, tendons, and ligaments [11][14]. - There are at least 29 types of collagen in the human body, with types I and III being the most common in the skin [14][15]. 2. Production: Recombinant vs. Animal-Derived Collagen - Recombinant collagen is produced using gene engineering, offering advantages such as no virus risk and better biocompatibility compared to animal-derived collagen [19][26]. - The market for recombinant collagen is expected to reach 286.3 billion yuan in 2023, with a significant growth trajectory [27][28]. 3. Policy Support for Market Development - The regulatory framework for recombinant collagen has been improving, with various guidelines issued since 2021 to standardize the industry [31][32]. 4. Diverse Applications of Recombinant Collagen - **Medical Aesthetics**: The market for recombinant collagen in medical aesthetics is projected to grow from 43 billion yuan in 2023 to 143 billion yuan by 2027, with a CAGR of 35.4% [6][42]. - **Skincare**: The market for functional skincare products containing recombinant collagen is expected to grow from 115 billion yuan in 2023 to 665 billion yuan by 2027, with a CAGR of 54.9% [47][49]. - **Intimate Health**: The market for intimate health products is anticipated to grow significantly, driven by increasing consumer awareness and demand [51][52]. 5. Key Companies in the Industry - **Jinbo Biological**: A leader in recombinant collagen with unique medical aesthetic products [5][40]. - **Juzi Biological**: Known for its brands Kefu Mei and Keli Jin, actively expanding its medical aesthetic pipeline [5][40]. - **Marubi Biological**: Accelerating its research in collagen, with significant product launches [5][40].

Summary of Conference Call Notes Industry Overview - The discussion revolves around the cosmetics industry, specifically focusing on the trend and competitive landscape of collagen protein in cosmetics [1][7][8]. Key Points and Arguments 1. **Sales Performance During 618 Promotion** - The 618 promotion started earlier this year on May 13, compared to May 24 last year, leading to a need for year-over-year comparisons [1]. - Sales data from the first phase of the promotion (up to May 25) indicates a significant impact on brand performance [1]. 2. **Impact of Public Relations Incident on Kofumei** - Kofumei, a leading brand in the fat-free protein segment, experienced a 50% drop in sales on the Sunday following a public relations incident, despite a quick denial from the company [2]. - The initial sales growth target for Kofumei during 618 was 60-80%, but it is now estimated to be only 30% due to this incident [2]. 3. **Marketing and Sales Strategy** - Kofumei's marketing strategy involved leveraging major influencers, with one influencer accounting for 70% of pre-sale sales [3]. - The brand's advertising budget increased by 30% compared to last year, aiming for a top 3 ranking in sales [3]. 4. **Conversion Rate Decline** - Kofumei's conversion rate has dropped below 3, with some estimates as low as 2.5, affecting the effectiveness of their advertising spend [4]. - Negative reviews from influencers are impacting consumer perception and sales [4]. 5. **Overall Market Impact** - The overall sales contribution from the 618 promotion is expected to be around 15-20% of annual sales, indicating that while the short-term impact is significant, the long-term effects may be minimal [5]. 6. **Performance of Other Brands** - Other brands like Keli Jin and Perfect are experiencing strong growth, with Keli Jin expected to achieve over 100% growth and Perfect targeting over 80% growth [6][7]. - Perfect's small gold needle product is also performing well, with a growth rate of 50-60% [6]. 7. **Trends in Collagen Protein Segment** - There is a growing interest among brands to enter the collagen protein market, driven by perceived growth potential [7][8]. - The competitive landscape includes brands like Kofumei, Keli Jin, and Perfect, all of which are focusing on collagen products [8]. 8. **Challenges for New Brands** - New brands may find it difficult to enter the collagen protein market due to high technical barriers and established competitors like Kofumei [9][10]. 9. **Market Growth Projections** - The overall market for collagen products is expected to grow at a rate of over 50%, with increasing participation from major cosmetic brands [10][12]. 10. **E-commerce Strategy Changes** - The strategy for e-commerce platforms like Douyin has shifted, focusing less on low-price strategies and more on brand exposure during the promotion [13][14]. - Sales growth across platforms during the 618 promotion is optimistic, with Douyin reporting a 40-50% increase [15]. Additional Important Insights - The discussion highlights the importance of brand reputation and consumer perception in the cosmetics industry, particularly in the context of social media and influencer marketing [4][10]. - The potential for regulatory changes in response to the recent public relations incident may shape future industry standards [10].