Core Insights - The collagen market is experiencing a downturn, with major brands like Kefu Mei and Juzhi Biotech showing a decline in growth and sales performance [1][5][6] - The market is undergoing a transformation, moving from a focus on consumer beauty products to medical applications, as companies adapt to changing consumer demands and competitive pressures [9][12][13] Market Performance - Kefu Mei's GMV on Douyin dropped to 0.5-0.75 billion yuan from over 1 billion yuan year-on-year [5] - Juzhi Biotech's stock price has fallen by 55.18% since reaching a peak of 85.14 HKD on May 20, 2023 [6][7] - The overall sales performance of collagen brands during the 2025 Double Eleven shopping festival was disappointing compared to previous years [5] Strategic Shifts - Juzhi Biotech is expanding into the B2B market by obtaining medical device registration for a collagen-based product, indicating a strategic shift towards medical applications [7][12] - Companies are increasingly focusing on technological advancements and clinical applications rather than just marketing and branding [10][13] Industry Trends - The collagen industry is moving away from purely cosmetic applications towards medical uses, with a focus on proving efficacy through clinical trials and regulatory approvals [9][12][13] - The competitive landscape is evolving, with companies needing to demonstrate the scientific validity of their products to gain market share [12][13] Innovation and Development - Huaxi Biotech is actively pursuing new patents related to collagen, indicating ongoing investment in research and development [10][11] - Companies like Furuida and Mianmei are also advancing in the medical device space, with new certifications and product developments aimed at surgical applications [12][13]

Core Viewpoint - The collagen market is experiencing a downturn, with major brands like 可复美 and 巨子生物 showing significant declines in sales and market presence, indicating a shift from a previously thriving segment to a more cautious phase of industry consolidation and strategic realignment [1][3][4]. Market Performance - The overall performance of the collagen segment during the 2025 Double Eleven shopping festival was disappointing, with notable brands struggling to maintain their previous sales figures [3]. - Data from Citibank indicates that 巨子生物's products faced reduced price attractiveness due to stricter promotional strategies, leading to a decline in sales [4]. - 可复美's GMV on Douyin dropped to between 0.5 and 0.75 billion yuan, down from over 1 billion yuan in the same period last year, reflecting a significant contraction in market demand [4]. - The brand's ranking on Douyin's beauty list fell from the top 10 to the 20th position, highlighting a shift in consumer preferences [4]. Strategic Shifts - Major players like 巨子生物 and 锦波生物 are expanding their business boundaries, moving from consumer markets to B2B opportunities, indicating a strategic pivot in response to market changes [5][6]. - 锦波生物's revenue and net profit growth rates hit a five-year low, with its market capitalization dropping from over 500 billion yuan to 267 billion yuan [5]. - 巨子生物's stock price has seen a decline of 55.18% since reaching a peak in May, reflecting investor concerns over slowing growth and product controversies [5]. Technological Advancements - The collagen market is transitioning from a focus on cosmetic applications to medical uses, with companies investing in R&D to meet regulatory standards for medical devices [7][8]. - 华熙生物 is actively pursuing new patents related to recombinant collagen, indicating a shift towards more scientifically validated products [7][8]. - The competition is now centered around material science and clinical validation, with companies needing to demonstrate the efficacy of their products to gain market share [9]. Industry Dynamics - The narrative surrounding collagen is evolving from a marketing-driven approach to one focused on scientific and clinical validation, with companies needing to establish robust production and quality control systems [9]. - The market is no longer driven by brand recognition alone; the ability to provide clinically proven, stable, and scalable products is becoming the new competitive edge [9].

Core Viewpoint - The collagen market is experiencing a downturn, with major brands like Kefu Mei and Juzhi Biotech showing declining sales and growth rates, indicating a shift from a previously booming market to a more cautious phase [1][3][5]. Market Performance - The overall performance of the collagen sector during the 2025 Double Eleven shopping festival was disappointing, with Kefu Mei's GMV on Douyin dropping to 0.5-0.75 billion yuan, down from over 1 billion yuan in the same period last year [3][4]. - Juzhi Biotech's stock price has fallen by 55.18% since reaching a peak of 85.14 HKD on May 20, 2023, reflecting the company's struggles with slowing growth and ingredient controversies [5][6]. Strategic Shifts - Major players are beginning to cross market boundaries, with Juzhi Biotech expanding into B-end business and Kefu Mei attempting to adapt to changing market dynamics [6][7]. - The market is witnessing a transition from a focus on consumer products to medical applications, as companies aim to leverage technological advancements and regulatory clarity [7][10]. Industry Trends - The industry is moving towards a more scientific and clinical approach, with companies like Huaxi Biotech and Furuida actively pursuing medical device certifications and focusing on the development of injectable collagen products [8][9][10]. - The competitive landscape is shifting from brand recognition and channel dominance to a focus on material science and clinical validation, emphasizing the importance of proving product efficacy [10][11].

Core Insights - The commercialization of Jinbo Bio (832982.BJ) remains a significant issue as the company faces industry-wide challenges despite maintaining revenue growth [1][12] - The third-quarter report indicates a revenue of 1.296 billion yuan, a year-on-year increase of 31.10%, and a net profit of 568 million yuan, up 9.29% [1] - The overall growth rate has noticeably slowed compared to previous years, reflecting a broader trend among collagen companies [1][12] Financial Performance - In Q1 2025, Jinbo Bio reported revenue growth of 62.51%, net profit growth of 66.25%, and a 70.92% increase in net profit excluding non-recurring items [3] - By Q2, these figures dropped significantly, with revenue growth at 30.44%, net profit growth at 7.36%, and net profit excluding non-recurring items at 6.96% [4] - The third quarter saw a revenue increase of 13.36%, but net profit excluding non-recurring items fell by 16.72%, and cash flow net amount decreased by 8.05% [6] Product and Market Dynamics - The performance fluctuations are attributed to changes in product contributions, particularly the decline in revenue from Wei Yimei, the only approved Class III recombinant collagen injection in China, which generated 645 million yuan in revenue, a 34.7% increase but a significant drop in growth rate [7] - Conversely, the functional skincare segment has emerged, achieving 121 million yuan in revenue, a 152.39% increase compared to the previous year, although its contribution to overall performance remains limited [8] Stock Market Performance - Jinbo Bio's stock price experienced significant volatility, peaking at 577.50 yuan per share on May 21, with a market capitalization exceeding 50 billion yuan, reflecting a nearly 180% increase for the year [9] - However, by October 31, the stock price had fallen to 251.28 yuan per share, with a market capitalization of 28.91 billion yuan, representing a decline of over 20 billion yuan from its peak [10] Strategic Adjustments - Jinbo Bio possesses a strong advantage in raw materials and technology, particularly with its recombinant human collagen technology, which has been validated through regulatory approvals [14] - The company has historically focused on B2B pharmaceutical and medical device development, neglecting brand building and channel expansion in the consumer market [15] - Recently, Jinbo Bio has begun to pivot towards the consumer market, with initiatives including collaborations with key opinion leaders and participation in e-commerce platforms, indicating a strategic shift to enhance brand recognition and market presence [15]

Core Viewpoint - The commercialization of Jinbo Biotechnology (832982.BJ) remains a significant issue as the company faces industry-wide challenges, with growth rates slowing down despite maintaining revenue and profit increases [1][3]. Financial Performance - In the first three quarters of 2025, Jinbo Biotechnology achieved revenue of 1.296 billion yuan, a year-on-year increase of 31.10%, and a net profit attributable to shareholders of 568 million yuan, up 9.29% [1]. - The company's revenue growth has significantly slowed compared to previous years, with the first quarter of 2025 showing growth rates above 60%, while the second quarter saw a drop to 30.44% for revenue and 7.36% for net profit [3]. - By the third quarter, revenue growth was only 13.36%, and the net profit decreased by 16.72%, indicating a decline in cash flow as well [3]. Market Dynamics - The collagen protein industry is experiencing a collective slowdown, with major players like Jinbo and Juzhi Biotechnology facing similar issues of declining growth rates and shrinking profit margins [1]. - Jinbo's stock price has also shown significant volatility, peaking at 577.50 yuan per share in May, with a market cap exceeding 50 billion yuan, but later dropping to 251.28 yuan per share by October, resulting in a market cap decline of over 20 billion yuan [4][6]. Strategic Adjustments - Jinbo Biotechnology has a strong technical advantage in the collagen protein sector, particularly with its unique recombinant human collagen products, but has lagged behind competitors like Juzhi in revenue and brand recognition [8][9]. - The company has historically focused on B2B sales in pharmaceuticals and medical devices, neglecting consumer market branding and channel development [9]. - In response to market dynamics, Jinbo has begun to pivot towards the consumer market, engaging in collaborations with influencers and launching brand campaigns to enhance its market presence [10].

Core Viewpoint - The commercialization of Jinbo Biotechnology (832982.BJ) remains a significant issue as the company faces industry-wide challenges, with growth rates slowing down despite maintaining revenue and profit increases [2][3]. Financial Performance - In the first three quarters of 2024, the company achieved revenue of 1.296 billion yuan, a year-on-year increase of 31.10%, and a net profit attributable to shareholders of 568 million yuan, up 9.29% [2]. - The company's revenue growth has significantly slowed compared to previous years, with the first half of 2024 showing the lowest growth rates in nearly five years [3]. - In Q3 2024, revenue grew by 13.36%, but the net profit excluding non-recurring items decreased by 16.72%, and net cash flow fell by 8.05% year-on-year [3]. Product Performance - The performance of the company's flagship product, Wei Yimei, which is the only approved Class III recombinant collagen injection in China, is declining, contributing 645 million yuan in revenue in the first half of 2024, a growth rate drop of over 70 percentage points [4]. - Conversely, the functional skincare product segment is emerging, generating 121 million yuan in revenue in the first half of 2024, a year-on-year increase of 152.39%, although its contribution to overall performance remains limited due to its smaller scale [4]. Market Dynamics - The company's stock price has experienced significant volatility, peaking at 577.50 yuan per share with a market cap exceeding 50 billion yuan, but later falling to 251.28 yuan per share and a market cap of 28.91 billion yuan, reflecting market re-evaluation of its growth logic [6][5]. - The industry is witnessing a collective slowdown, with competitors like Huaxi Biotechnology and Juzi Biotechnology also facing challenges, indicating a broader adjustment phase in the collagen market [2]. Strategic Adjustments - Jinbo Biotechnology possesses significant advantages in raw materials and technology, particularly with its recombinant human collagen technology, which has been validated through regulatory approvals [7]. - The company has historically focused on B2B pharmaceutical and medical device development, neglecting brand building and channel expansion in the consumer market [8]. - Recently, the company has begun to shift its strategy towards the consumer market, with initiatives such as collaborating with key opinion leaders and launching brand promotional campaigns [9]. - The ability to balance capital expectations with industry realities while establishing a consumer brand matrix will be crucial for the company's future growth [9].

Core Viewpoint - Huaxi Biological (688363.SH) is under increasing performance pressure, leading to heightened market scrutiny of its actions [1] Group 1: Headquarters and Brand Operations - Recent market rumors suggested that Huaxi Biological plans to relocate its headquarters from Beijing to Hangzhou, which the company denied, stating it is adjusting its brand operation locations [2] - The company aims to leverage the brand operation ecosystem advantages in East China by consolidating some brand operation centers in the region [2] - Several beauty companies are indeed concentrated in the Jiangsu-Zhejiang-Shanghai area, such as Proya (603605.SH) and Beitaini (300957.SZ) [2] Group 2: Management Changes - Huaxi Biological has undergone significant changes in its board of directors, with key figures like Fan Yuan and Zou Songyan not re-elected [4] - Fan Yuan was notably responsible for the company's functional skincare business [3] Group 3: Product and Marketing Strategy - The company has closed its smaller revenue-generating skincare brand, Runxiquan, while increasing marketing investments in its main brand, Runbaiyan [4] - In August, Runbaiyan announced Zhang Yixing as its first global brand ambassador, which represents a significant marketing expenditure for Huaxi Biological, especially as the company has reduced its sales expenses [5] - For the first half of 2025, sales expenses were reported at 808 million yuan, a year-on-year decrease of 31.44%, accounting for 35.74% of revenue, down over 6 percentage points year-on-year [5] Group 4: Performance Outlook - The effectiveness of these adjustments in boosting Huaxi Biological's skincare product performance is currently under scrutiny [6]

Group 1 - The core viewpoint of the articles highlights Huaxi Biological's strategic shift towards innovative pharmaceuticals amid declining performance in its collagen protein brands [1][2] - Huaxi Biological's investment in Saint Nor Pharmaceutical through its subsidiary Bloomage Biotechnology amounts to HKD 138 million, acquiring approximately 9.44% of the company [1] - The company has faced significant challenges, with a 29.74% year-on-year decline in functional skincare product revenue in the first half of 2024, contributing to a 19.57% drop in overall revenue in the first half of 2025 [2] Group 2 - Multiple social media platforms reported the closure of Huaxi Biological's collagen protein brand "Runxiquan," with its Tmall flagship store and other online shops ceasing operations [1] - The brand had set a revenue target of CNY 1 billion from 2020 to 2024 but only achieved CNY 300 million, leading to significant downsizing of related teams from over 100 to around 10 [1] - The strategic partnership with Saint Nor Pharmaceutical is seen as a crucial move for Huaxi Biological to enhance its clinical and commercialization processes in the medical aesthetics pipeline [2]

Core Viewpoint - Huaxi Biological is continuously downsizing its C-end functional skincare business, specifically shutting down the Runxiquan brand, which was not a major contributor to its revenue and profit [1][2]. Group 1: Business Strategy and Focus - The closure of Runxiquan is part of Huaxi Biological's strategy to focus on its core business and main brands, emphasizing that collagen is not a strategic focus for the company [1][2]. - The company has faced significant pressure from a sharp decline in the performance of its C-end functional skincare brands, with revenue from this segment dropping from over 70% to 40.36% of total revenue by mid-2025 [3]. - Huaxi Biological's chairman has publicly stated the need for corporate restructuring and a return to a startup mentality, highlighting issues with over-reliance on external marketing resources [3]. Group 2: Market Position and Challenges - The company positions itself as a "synthetic biotechnology company," differentiating itself from other domestic beauty brands that rely heavily on consumer sales [4]. - Despite the challenges in the C-end market, Huaxi Biological maintains a competitive edge through its B-end raw materials and medical terminal segments [4]. - The company has diversified its raw material offerings beyond hyaluronic acid, including ingredients like Ectoin and PDRN, but hyaluronic acid remains its core product [6]. Group 3: Brand Management and Market Perception - Huaxi Biological's main brands, including Runbaiyan and Kuadi, have overlapping market positions and unclear differentiation in consumer perception, which complicates their market strategies [9][10]. - The company has shifted from a strategy of aggressive brand expansion to a more focused approach, indicating a need to clarify which brands are core and which are experimental [10][11]. - The overall trend in the domestic beauty industry reflects a shift towards brand structure rebalancing, as companies seek to maintain main brand advantages while managing the performance of sub-brands [11].

Core Viewpoint - Huaxi Biological is accelerating its transformation by shutting down the Runxiquan brand, which has not significantly contributed to its revenue and profit, as part of a strategy to focus on its main business and key brands [2][5][6]. Brand Adjustment - The closure of the Runxiquan brand has been confirmed, with its official stores on platforms like Taobao no longer searchable and its products cleared from its Douyin flagship store [4][6]. - Huaxi Biological emphasized that Runxiquan was never a major brand for the company and its existence did not meaningfully impact revenue or profit [4][7]. Financial Performance - In 2024, Huaxi Biological's functional skincare business generated revenue of 2.569 billion yuan, a year-on-year decline of 31.62% [8]. - The revenue contributions from the four main brands—Runbaiyan (922 million yuan), Kuaidi (649 million yuan), Mibeier (290 million yuan), and BM Jihuo (279 million yuan)—showed significant declines, with year-on-year drops of 22.63%, 41.69%, 31.76%, and 52.06% respectively [8][9]. - Overall, Huaxi Biological's revenue and net profit decreased by 19.57% and 35.38% respectively in the first half of 2025, following an 11.61% and 70.59% decline in 2024 [8][9]. Market Challenges - The functional skincare sector is facing a development bottleneck, with increasing competition and a saturated market limiting growth opportunities for brands like Runxiquan [7][12]. - Huaxi Biological's past success was heavily reliant on "traffic operation," and rising traffic costs have led to a stagnation in performance growth [9][12]. Strategic Transformation - The company is undergoing a significant internal transformation, particularly in its core business of skin science innovation, which involves changes in operations, products, channels, organization, and branding [10][11]. - The shift from a traffic-driven sales model to a science-based brand communication strategy aims to provide scientifically validated skincare solutions [11]. - Huaxi Biological is focusing on optimizing team structures and improving operational efficiency to enhance overall business quality [11].