十五五规划建议明确提出"加快打造新兴支柱产业、大力提振消费"，这不仅是产业升级的号角，更是品 牌创新与品质创新的重要契机。近日，在央视《对话·创新中国行》节目现场，华熙生物董事长赵燕围 绕企业在透明质酸（玻尿酸）领域的创新突破、全球竞争策略及产业升维思考展开深度分享。 谈及十五五规划建议提出的"推动产业绿色智能融合发展"，赵燕指出，中国企业实现产业升维的突破点 在于三大核心：一是筑高技术创新壁垒，建立持续创新体系，引领行业发展；二是强化质量标准建设， 筑牢品质根基；三是主导制定评价标准，联合国家权威部门与行业协会构建行业标准体系，掌握话语 权。"只有拥有标准话语权，在国际上才有同等对话的权利，才能真正实现从中国制造到中国创造的跨 越。" 赵燕强调，华熙生物的实践正是如此，从突破透明质酸规模化生产技术，到如今布局细胞外基质 （ECM）等前沿研究，通过单点技术突破将单一物质做到全球第一，再推动技术转化为国家标准物 质，构筑起行业技术标准的话语权，奠定核心技术壁垒进而实现系统布局。 对于未来3-5年的核心目标，赵燕聚焦生物制造产业的关键短板：持续筑牢中国的合成生物中试转换平 台。她表示，华熙生物致力于打通产学研，将 ...

2025年的商业世界正站在新旧转换的十字路口。在商业叙事重构、科技浪潮席卷的当下，WISE2025商业之王大会以"风景这边独好"为基调，试 图在不确定中锚定中国商业的确定性的未来。我们在此记录这场思想盛宴的开篇，捕捉那些在变局中依然坚定前行的声音。 我们将在接下来的内容中，逐帧拆解这些"爽剧"背后的真实逻辑，一起看尽2025年商业的"风景独好"。 11月28日上午，华熙集团董事长、华熙生物董事长兼总裁赵燕发表题为《共生的力量，中国制造与生命再生》主题演讲。 华熙集团董事长、华熙生物董事长兼总裁赵燕 以下为赵燕的演讲实录，经36氪整理编辑： 在中国，我是利用生物制造技术来生产生命活性物质的人，这个行业通常被称为"未来产业"或"新兴产业"。即利用"细胞工厂"生产人类所需的生命活性物 质。 我是华熙生物的赵燕，很荣幸来到36氪的大会现场。今天我分享的主题是《共生的力量，中国制造与生命再生》。 提到华熙生物，大家往往会联想到一个学术名词——透明质酸，也就是市场上俗称的"玻尿酸"。大众对它的第一印象通常停留在医美领域，认为是填充剂、 是让女性变美的手段。但我想强调的是，透明质酸在很大程度上被大众片面误读了。 在今天探讨 ...

Core Viewpoint - The cosmetics industry is facing a dilemma where companies must balance between investing in traffic for exposure and managing high costs that erode profits. A shift towards research and cultural foundations rather than solely focusing on GMV growth is essential for sustainable development [1][3]. Group 1: Industry Trends - The current trend in the cosmetics industry indicates that relying solely on traffic for sales is becoming increasingly costly, leading to a need for companies to enhance content quality to attract users [6][7]. - The importance of storytelling and emotional connection with consumers is emphasized, as brands that focus on cultural narratives tend to perform better in terms of sales [4][5]. Group 2: Company Insights - Founded in 1998, the company initially specialized in hyaluronic acid production and has since expanded its business to include skincare, makeup, fragrance, and hair care, reporting approximately 939 million yuan in revenue and 69.7 million yuan in net profit for the first half of the year [2]. - The company has identified a significant difference in performance between its brands, with one brand focusing on technology and another on cultural storytelling, highlighting the effectiveness of the latter in driving sales [4][5]. Group 3: Marketing Strategy - The company is adapting its marketing strategy to focus on content creation rather than just selling products, aiming to engage users and reduce reliance on expensive traffic [6][7]. - A multi-channel approach is being adopted to avoid dependency on a single platform, ensuring that investments in one platform can drive conversions across others [7]. Group 4: Technological Advancements - The company is exploring synthetic biology to lower production costs and improve the efficiency of raw material extraction, which is seen as a necessary trend in the cosmetics industry [8]. - The company is committed to continuous investment in its core product, hyaluronic acid, while also developing new growth areas such as skin microbiome and recombinant collagen [9]. Group 5: Future Plans - The company has launched a medical beauty brand, aiming to integrate cosmetic logic with medical applications, and plans to expand into hospitals and medical aesthetics channels [9][10]. - The company is in the process of applying for "medical device" certification, leveraging its existing pharmaceutical background to enhance its product offerings in the medical field [10].

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].

Core Viewpoint - The leading domestic hyaluronic acid company, Huaxi Biological, has publicly criticized 10 research reports from 9 securities firms for containing misleading statements, highlighting the competitive dynamics between hyaluronic acid and recombinant collagen products [1][2][3] Group 1: Criticism of Research Reports - Huaxi Biological published a nearly 5000-word article accusing the reports of creating inflated expectations around recombinant collagen products at the expense of the hyaluronic acid industry [2][3] - The criticized reports include those from major firms such as Huatai Securities, Ping An Securities, and Western Securities, with specific claims of bias and contradictions in their analyses [3][5][12] - Some reports have been reportedly deleted, particularly the one from Western Securities, raising questions about the integrity of the research [5][22] Group 2: Market Dynamics and Product Comparison - The reports discussed the advantages and disadvantages of hyaluronic acid and recombinant collagen, with some showing a preference for collagen, which has led to concerns about the objectivity of the analyses [7][16] - Huaxi Biological's core product is hyaluronic acid, while the competitor, Juzhi Biological, focuses on recombinant collagen, both of which are used in medical and cosmetic applications [3][19] - The market for recombinant collagen is expected to grow rapidly, potentially surpassing that of hyaluronic acid, due to its higher technical barriers and product characteristics [20][19] Group 3: Analyst Reactions and Industry Implications - The incident has sparked discussions among analysts, with some suggesting that securities firms may feel pressured to remain silent due to their weaker position against prominent companies like Huaxi Biological [23][22] - Analysts have noted that while both products have their merits, the technical complexity of recombinant collagen is higher than that of hyaluronic acid, reflecting broader trends in consumer preferences [23][20] - Despite the criticism, several securities firms continue to issue positive ratings for Huaxi Biological, indicating a complex relationship between market perception and research integrity [22][19]

Core Viewpoint - The article discusses the controversy surrounding Huaxi Biological, a leading player in the medical aesthetics industry, which publicly refuted claims made by nine brokerage firms regarding the obsolescence of hyaluronic acid, asserting that these claims mislead the market and harm the industry [2][5][13]. Group 1: Industry Response - Huaxi Biological received support from two industry associations before making its statement and has reported the misleading content to the China Securities Regulatory Commission (CSRC) [2][12]. - Following Huaxi's public rebuttal, some brokerage firms have deleted their reports, and certain institutions have issued apologies to the company [2][12]. - The brokerage reports in question were primarily focused on the emerging concept of recombinant collagen, which Huaxi argues is being promoted at the expense of hyaluronic acid [5][13]. Group 2: Misleading Claims - Huaxi Biological criticized the brokerage reports for making misleading comparisons between hyaluronic acid and recombinant collagen, claiming that these reports lacked scientific basis and were driven by speculative capital [5][13]. - The company highlighted that the reports suggested hyaluronic acid was inferior to recombinant collagen in terms of safety and efficacy, which Huaxi disputes, stating that such conclusions are not supported by scientific evidence [5][31]. Group 3: Regulatory and Compliance Issues - The article raises concerns about the compliance of the brokerage reports, suggesting that they may not have adhered to the necessary standards for objectivity and scientific backing [20][21]. - Industry experts indicate that the reports should have included relevant data to support their claims, and the lack of such data could lead to regulatory scrutiny [21][22]. - The ongoing regulatory environment is described as increasingly stringent, with past instances of penalties for brokerage firms due to similar issues [26][27]. Group 4: Scientific Basis of Claims - Huaxi Biological argues that both hyaluronic acid and recombinant collagen have their unique applications and benefits, and it is inappropriate to declare one superior to the other without substantial scientific evidence [31][32]. - The company emphasizes that the existing research favors hyaluronic acid in certain applications, particularly in skin hydration and immediate filling, while recombinant collagen may have advantages in tissue repair [31][32].

Core Viewpoint - The article discusses the controversy surrounding Huaxi Biological's rebuttal of the claims made by nine brokerage firms regarding hyaluronic acid being "outdated" and the promotion of recombinant collagen as a superior alternative, highlighting the impact of these claims on the market and the industry [2][4][9]. Group 1: Company Actions - Huaxi Biological publicly refuted the claims about hyaluronic acid and named nine brokerage firms for misleading reports, which has led to some brokerages retracting their reports and issuing apologies [2][8]. - The company received support from two industry associations before making its statement and has reported the matter to the China Securities Regulatory Commission [2][8]. - As of May 23, three of the ten reports mentioned have been removed from public access, while the remaining seven are still available for viewing [8][9]. Group 2: Industry Context - The medical beauty industry is characterized by a high overlap between capital market participants and enterprise users, making capital evaluations significantly impactful on the competitive landscape, which explains Huaxi Biological's strong response [2][4]. - The article emphasizes that the claims made in the brokerage reports lack scientific basis and are driven by speculative capital, which could harm a key industry in China [6][9][24]. Group 3: Scientific Claims - Huaxi Biological argues that the reports promoting recombinant collagen over hyaluronic acid are misleading and lack substantial scientific evidence, asserting that both substances have their unique benefits and should not be directly compared [23][24]. - The company highlights that the regulatory approvals for hyaluronic acid products far exceed those for recombinant collagen, indicating a stronger safety profile for hyaluronic acid [25][26]. Group 4: Regulatory Environment - The article notes that the regulatory environment for brokerage reports is tightening, with recent inspections revealing issues in compliance and the need for better management of report quality and information sources [18][20]. - There is a growing concern about the potential for misleading information in brokerage reports, which could lead to regulatory actions against the firms involved if found to be in violation of established guidelines [21][22].

Core Viewpoint - The ongoing debate between hyaluronic acid and recombinant collagen in the capital market highlights the challenges faced by companies like Huaxi Biological, which is experiencing a decline in revenue and net profit after reaching a peak in 2022 [2][6]. Group 1: Company Response and Market Dynamics - Huaxi Biological criticized the recent reports from several securities firms that favor recombinant collagen over hyaluronic acid, claiming these reports misrepresent the safety and efficacy of hyaluronic acid [3][4]. - The company emphasized the importance of a healthy industry ecosystem, stating that without it, no company can achieve long-term success or maintain competitive advantages [5][6]. - Huaxi Biological is undergoing a comprehensive management transformation in 2024, including business process restructuring and digitalization, to address the challenges in the current operating environment [2][6]. Group 2: Financial Performance - In 2024, Huaxi Biological reported a revenue of 5.371 billion yuan, a year-on-year decrease of 11.61%, and a net profit of 174 million yuan, down 70.59% [6]. - The skin science innovation business, which accounts for nearly half of the company's revenue, saw a significant decline of 31.62% in revenue, totaling 2.569 billion yuan [6]. - In contrast, the medical terminal business achieved a revenue of 1.44 billion yuan in 2024, marking a growth of 32.03% [7]. Group 3: Industry Trends and Competition - The medical aesthetics industry is witnessing a shift from hyaluronic acid to recombinant collagen and other regenerative products, driven by evolving consumer preferences and technological advancements [5][9]. - The market for recombinant collagen is growing rapidly, with companies like Jinbo Biological and Giant Bio achieving substantial revenue increases in 2024, indicating a competitive landscape with low market concentration [8][9]. - Huaxi Biological is also investing in recombinant collagen research and development, aiming to leverage synthetic biology for technological upgrades and high-quality applications [7][8].

Core Viewpoint - Huaxi Biological Technology Co., Ltd. (688363.SH) criticized certain brokerage reports for misleading the market regarding the comparison between hyaluronic acid and recombinant collagen, claiming these reports lack scientific basis and are intended to promote a competing product [1][3][6] Group 1: Company Response - Huaxi Biological reported that it has communicated with regulatory authorities regarding the misleading content in brokerage reports and received apologies from some institutions [1][4] - The company emphasized that the reports are part of a broader issue of "hasty capital" creating a false narrative in the market [3][4] - Huaxi Biological expressed disappointment that relevant parties are not engaging in scientific discussions but are instead focusing on social media commentary [4][5] Group 2: Brokerage Reports - The reports in question were authored by multiple brokerage firms, including Huatai Securities and others, which Huaxi Biological claims are biased towards a competitor, Juzhi Biological [3][6] - Analysts involved in the reports defended their work, stating that the content was compliant and based on objective public data, and denied any intent to promote Juzhi Biological [2][7][8] - The reports highlighted the advantages of recombinant collagen over hyaluronic acid in various applications, which Huaxi Biological disputes as lacking scientific evidence [3][6][8] Group 3: Market Context - In 2024, Juzhi Biological reported a revenue of 55.39 billion yuan, a 57.07% increase, surpassing Huaxi Biological's revenue of 53.71 billion yuan, which declined by 11.61% [6] - Juzhi Biological's core brand, Kefu Mei, contributed 82% of its revenue, showcasing the competitive landscape in the beauty and medical aesthetics industry [6]

Core Viewpoint - The article discusses the ongoing debate in the capital market regarding the valuation and relevance of hyaluronic acid, with Huaxi Biological refuting claims that it is outdated, labeling such views as a product of "restless capital" [1][3][9]. Group 1: Company Positioning - Huaxi Biological published an article on May 17, 2023, directly criticizing nine brokerage reports that suggested hyaluronic acid is outdated, asserting that this narrative is misleading and harmful to the industry [1][3]. - The company emphasized the importance of voicing its stance to protect the integrity of the hyaluronic acid industry, which has been developed over decades of scientific research [6][9]. - Huaxi Biological's market share in the global hyaluronic acid market was reported at 44% in 2021, with China accounting for 82% of global sales [6]. Group 2: Market Dynamics - The article highlights a shift in capital market interest from hyaluronic acid to recombinant collagen, with companies like Juzhibio gaining significant market traction [10][15]. - Juzhibio's stock price has surged nearly 70% in 2023, positioning it as a leading player in the beauty and skincare sector, while Huaxi Biological and other hyaluronic acid companies have seen declining performance [10][13]. - The market for recombinant collagen is projected to grow at a compound annual growth rate (CAGR) of 44.93%, reaching 585.7 billion yuan by 2025 [16]. Group 3: Industry Trends - The article notes that the beauty and skincare industry is experiencing rapid shifts, with companies needing to adapt to changing consumer preferences and capital market trends [2][15]. - Huaxi Biological has begun to diversify its product offerings, launching multiple collagen products and obtaining medical device registrations to stay competitive [17]. - The competitive landscape for recombinant collagen is intensifying, with various companies entering the market, indicating that maintaining a leading position will be challenging for Juzhibio [16][17].