Core Viewpoint - The article discusses whether hyaluronic acid (HA) has become "outdated" in the industry and capital markets, emphasizing its ongoing technological breakthroughs and potential for further industrial application [1][4]. Group 1: Industry Overview - China has become the world's largest producer of hyaluronic acid, accounting for over 84% of global sales in 2023, with major companies like Huaxi Biological and Furuida leading the market [4][12]. - The application of hyaluronic acid spans various fields, including medical aesthetics, pharmaceuticals, skincare, and food, indicating a broad market potential [9][10]. Group 2: Technological Advancements - Technological breakthroughs have significantly reduced production costs and expanded application scenarios for hyaluronic acid, with production efficiency increasing from 3g/L to 12-14g/L through fermentation technology [13][19]. - The introduction of cross-linking technology has transformed hyaluronic acid from a liquid to a gel state, enhancing its utility in minimally invasive aesthetic procedures [8][18]. Group 3: Market Dynamics - The market for hyaluronic acid is experiencing increased competition, leading to price wars and a decline in product differentiation, with injection products priced between 600-800 RMB, and some below 100 RMB [14]. - Major companies like Huaxi Biological and Aimeike are facing challenges in revenue growth due to price reductions and market saturation, despite some product lines performing well [14][16]. Group 4: Future Directions - The future of hyaluronic acid lies in expanding its applications in medical devices, cosmetics, and food products, with a focus on developing new formulations and improving compliance with regulatory standards [17][18]. - Companies are exploring regenerative capabilities of hyaluronic acid, aiming to enhance its effectiveness and comfort in applications, indicating a shift from mere filling to regenerative functions [18][19].

Core Viewpoint - Hyaluronic acid is not just a moisturizing agent but has vast applications in pharmaceuticals, medical aesthetics, skincare, and health foods, indicating a significant growth potential in various sectors [1][2][4]. Industry Overview - The hyaluronic acid market is primarily dominated by three major companies: Huaxi Biological, Aimeike, and Haohai Biological, collectively referred to as the "big three" in the industry, with market capitalizations exceeding 100 billion yuan for Huaxi Biological and Aimeike at one point [2][3]. - In 2023, China accounted for 84% of the global hyaluronic acid raw material sales, establishing itself as the largest producer, with Shandong province being the key production hub [7][8]. Application Scenarios - Hyaluronic acid is widely used in the medical aesthetics sector, particularly in non-surgical procedures like water light needles and injection fillers, due to its excellent moisture retention and filling properties [3][4]. - The applications of hyaluronic acid have expanded from ophthalmology to include various medical fields, such as joint lubrication, vascular permeability regulation, and wound healing [5][14]. Technological Advancements - Huaxi Biological has significantly improved the production efficiency of hyaluronic acid through microbial fermentation technology, increasing the yield from 3g/L to 12-14g/L and reducing production time from 72 hours to 18 hours [8][13]. - The introduction of cross-linking technology has transformed hyaluronic acid from a liquid to a gel state, extending its metabolic duration in the body and facilitating its use in aesthetic procedures [5][8]. Market Challenges - The industry faces challenges such as overcapacity and price wars due to an influx of competitors, leading to a significant drop in raw material prices from thousands to hundreds of yuan [8][9]. - Major companies have reported varying degrees of performance challenges since 2022, with Huaxi Biological's functional skincare and food businesses experiencing declines [9]. Future Directions - The future of hyaluronic acid lies in expanding its applications in medical devices and developing new products that combine hyaluronic acid with other ingredients for enhanced therapeutic effects [11][12]. - Companies are exploring regenerative capabilities of hyaluronic acid, focusing on its dual functions of filling and regeneration, which could lead to innovative product offerings [12][14].