出品 | 妙投APP 作者 | 张贝贝 头图 | AI生图 继3月份"向内反腐，自揭其短"事件后，华熙生物深夜发文怒怼券商，使其再次进入舆论风口。 5月17日晚23点41分，华熙生物在官微发布了"隔空论战檄文"《概念总在重演，科技永远向前》。 其中，剑指安信证券、国金证券、西部证券、华泰证券等多家券商为胶原蛋白站台，鼓吹玻尿酸"过 时"的误导性言论。 且直言："2022年开始，随着资本市场不断追求新的公司题材，重组胶原蛋白概念被看似幸运地选中 了。" 并称，透明质酸"过时论"的兴起，本质上是一场由"浮躁资本"构建的题材幻象。试图用"神话过 时"绕开中国产业发展必然面临的进阶过程，引导资本和市场资源聚焦于资本新题材，用"新贵登 场"塑造沙土高楼。 一时间，华熙生物炮轰多家券商的"消息"被市场讨论纷纷。 那么，究竟是什么情况？华熙生物，为什么对胶原蛋白产品这么在意呢？ # 01 业绩、股价，对比明显 华熙生物以玻尿酸原料业务起家，目前已经占据全球将近50%的市场份额，具有较强的品牌影响 力。之后，公司以此为基础，向下游拓展至医疗终端产品 （7成以上为医美产品） 、功能性护肤品 以及功能性食品，形成以"玻尿酸"为核 ...

Core Viewpoint - Huaxi Biological has publicly criticized several securities firms for promoting collagen products and suggesting that hyaluronic acid is "outdated," indicating a defensive stance amid declining performance and market competition [1][2][3] Company Performance - Huaxi Biological started with hyaluronic acid and holds nearly 50% of the global market share, expanding into medical products, skincare, and functional foods [5][6] - Despite maintaining positive growth during the pandemic years of 2020 and 2021, the company's revenue and profit have declined since 2021, with net profits projected to drop from 9.71 billion yuan in 2022 to 1.74 billion yuan in 2024 [10] - The company's market capitalization has plummeted from over 140 billion yuan in 2021 to 25.3 billion yuan as of May 21, 2025 [10] Market Comparison - In contrast, competitors like Juzhi Biological and Jinbo Biological have seen significant growth, with Juzhi's net profits increasing from 1 billion yuan in 2022 to 20.62 billion yuan in 2024, and Jinbo's from 1.09 billion yuan to 7.31 billion yuan in the same period [14] - Both companies have also achieved substantial stock price increases, with market capitalizations of 87.5 billion HKD and 51.1 billion yuan, respectively [14] Industry Dynamics - The rise of collagen products has created a competitive threat to hyaluronic acid, with market trends favoring new ingredients [15][18] - The demand for collagen is expected to exceed supply, with projections indicating a production of 200,000 tons against a demand of over 220,000 tons by 2025 [19] Challenges Ahead - Despite Huaxi's efforts to defend hyaluronic acid, the company faces challenges due to internal management issues and a tarnished brand image, which may hinder future sales growth [20][21] - The company's recent foray into collagen products has not yet shown significant revenue impact, suggesting ongoing struggles in adapting to market changes [21]