Bloomage Bio's Zhao Yan Refutes 'Hyaluronic Acid Obsolescence Theory' as Contrary to Global Scientific Trends

Prior to this, on June 4, Giant Biogene released multiple test results for the Comfy Collagen Stick 1.0 and Comfy Collagen Stick 2.0.

On June 14, Bloomage Biotech’s official WeChat account published the article “Rumors and Truths About Hyaluronic Acid and Recombinant Collagen” (hereinafter referred to as “Rumors and Truths”), pointing out that testing serves two purposes: first, to determine whether the product meets efficacy and safety standards, and whether it complies with the declared ingredient levels. Such testing and final determinations must ultimately be made by regulatory authorities. Additionally, discussions surrounding testing and testing standards require participation from all relevant stakeholders.

Notably, in less than 30 days from May 20 to June 17, Giant Biogene’s share price gradually declined from RMB 83.5 per share to RMB 53.4 per share, representing a 36% contraction in market capitalization. Financial reports indicate that Giant Biogene generated revenue of approximately RMB 5.54 billion in 2024, a year-on-year increase of 57.2%, with net profit reaching RMB 2.06 billion, up by 42.4%.

In contrast, Bloomage Biotech’s stock price showed no significant fluctuation during the same period, with opening prices of RMB 50.65 per share on May 20 and RMB 52.58 per share on June 17; however, this represents an 83.2% decline from the RMB 313.1 per share recorded in July 2021.

The recombinant collagen market is currently experiencing rapid growth. According to Frost & Sullivan, the compound annual growth rate (CAGR) of China’s recombinant collagen raw material market reached 48.57% from 2018 to 2023, and the market size is projected to reach RMB 12.29 billion by 2030.

Regarding the prospects of hyaluronic acid, Zhao Yan emphasized that the era of aging intervention ushered in by hyaluronic acid has only just begun, and the notion that hyaluronic acid is obsolete is entirely contrary to global scientific research trends and the growth data of Bloomage Biotech’s raw material business.

According to Yinshi Finance, during the 2024 Annual General Meeting of Shareholders, a stakeholder asked: “Is it because there are no industry standards for collagen, and testing methods vary, leading to inherently different results, that this matter will ultimately lack a unified conclusion?”

Zhao Yan stated, “In scientific research and industry, many matters do not necessarily require pre-existing standards to determine their merits or drawbacks. The absence of standards is a separate issue from whether scientific methods are used to draw conclusions. Scientific questions should have a single, definitive answer.”

Relevant personnel at Bloomage Biotech further stated that the company has always maintained an open attitude toward discussing recent hot topics in the industry and does not shy away from them. The aim is to promote the standardized development of the industry, and discussions are welcome based on respect for scientific facts.

According to a review, on May 24, 2025, blogger “Dr. Dazui” (Hao Yu) questioned the authenticity of the recombinant collagen content in Giant Biogene’s product, Comfy Collagen Stick, alleging fabrication.

On June 4, Giant Biogene released the test results for Comfy Human-like Recombinant Collagen Skin-Barrier Repair Single-Dose Essence (Comfy Collagen Stick 1.0):

• At Testing Agency A, full-sequence qualitative analysis was performed using LC-MS/MS (liquid chromatography-tandem mass spectrometry), confirming the presence of recombinant collagen in the product.

• Meanwhile, three randomly selected batches of products were tested at Testing Agency B using the biuret method, and the results showed that the recombinant collagen content in all three batches exceeded 0.1%.

• One of the three batches mentioned above was also sent to Testing Agency C for cross-verification using the biuret method, and the results showed that the recombinant collagen content in this batch was also greater than 0.1%.

• Verification of Whether Sodium Polyglutamate Affects the Results of the Biuret Assay Was Conducted at Testing Agency D.

Meanwhile, Giant Biogene released the test results for Comfy Recombinant Collagen Skin Barrier Repair Disposable Essence (Comfy Collagen Stick 2.0), emphasizing that recombinant collagen is genuinely included in Comfy-related products and that there is no truth to the online rumors of “false advertising or misleading consumers.”

Ten days later, on June 14, Bloomage Biotech’s official WeChat account published an article titled “Rumors and Truths,” pointing out that testing whether recombinant collagen has been added to relevant products and whether the addition meets standards is not merely a matter of existing standards. The absence of specific standards in a particular subfield does not mean there are no reference standards, nor does it imply a lack of scientific methods. On this issue, consumers, industry players, and academics will all seek a clear and definitive scientific answer. Scientific conclusions must be unambiguous, as they need to withstand cross-examination by consumers, the industry, academia, and regulatory authorities, as well as stand the test of time. Therefore, any attempt to gloss over or obscure the facts will only sow the seeds of risk; only science can convince all parties involved.

“We believe that a clear, cross-validated scientific conclusion is the only way to prevent various sectors from becoming mired in prolonged disputes, and it also helps relevant enterprises resolve their pressing issues as quickly as possible. As a participant in the collagen industry, Bloomage Biotech’s greatest interest lies in promoting the healthy development of the related ecosystem. This necessarily includes ensuring that the ecosystem does not encourage behavior that violates basic regulatory filing commitments, after all, no company in any industry can compete fairly with a rival that does not operate in compliance with regulations,” stated Bloomage Biotech in the article.

Hyaluronic acid has always been a strategic focus for Bloomage Biotech.

According to Yinshi Finance, in its latest strategic positioning, Bloomage Biotech stated that it will focus on two major directions: glycobiology and cell biology, with glycobiology being pioneered by hyaluronic acid.

Zhao Yan emphasized that the number of articles published in top-tier global journals over the past six years has surpassed the total from the preceding several decades, particularly in fields such as anti-aging and inflammation repair. Zhao Yan believes that hyaluronic acid has opened a window into cell biology, and Bloomage Biotech has leveraged this window to connect with application areas including aging intervention and tissue regeneration.

According to the financial report, Bloomage Biotech has developed a series of bioactive products centered on hyaluronic acid, leveraging its biological fermentation technology platform and industrialization advantages. These products are primarily applied in the fields of medical materials, personal care, nutrition and health, and innovative business segments.

Among them, hyaluronic acid comprises over 200 product specifications across pharmaceutical-grade, cosmetic-grade, and food-grade categories. It is widely applied in the fields of pharmaceuticals, medical devices, cosmetics, personal care products, functional foods, and general foodstuffs, while also extending into emerging areas such as pet food, family planning products, oral care, textiles, and household paper products.

In 2024, Bloomage Biotech achieved total revenue of RMB 5.371 billion, a year-on-year decrease of 11.61%; net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 107 million, down 78.13% year on year. Among these, raw material products generated revenue of RMB 1.236 billion, representing a growth of 9.47%.

In the first quarter of 2025, Bloomage Biotech achieved revenue of RMB 1.078 billion, a year-on-year decrease of 20.77%, and realized net profit attributable to shareholders after deducting non-recurring gains and losses of RMB 81.91 million, a year-on-year decrease of 64.62%.

In the aforementioned article “Rumors and Truths,” Bloomage Biotech pointed out that the primary reasons for its decline in performance were actually the downturn in its consumer products business and losses incurred from one-time asset impairments aimed at strengthening asset quality. Absent these losses, Bloomage Biotech would be a company with exceptional profitability.

Zhao Yan stated that the company’s two core business segments—raw materials and pharmaceuticals/medical devices—are currently relatively stable. In particular, raw materials, especially those of pharmaceutical grade, have demonstrated robust growth. The pharmaceuticals and medical devices segment has completed its adjustments from product lines to organizational structure and is now in a phase of steady development. Regarding the dermatology business, which is currently facing significant impact, the focus is on building a team dedicated to consumer engagement grounded in scientific conviction.

“I believe that this year marks a bottoming-out phase, as we regain the entrepreneurial spirit seen during the initial launch of our consumer products business. We expect to make gradual progress in the second half of the year,” Zhao Yan pointed out.

In the aforementioned article, Bloomage Biotech further emphasized that, from an industrial perspective, it has not yet observed a mature and rapidly growing international market in this sector comparable to that of hyaluronic acid. In 2024, China’s hyaluronic acid exports reached 161 metric tons, including 11.8 metric tons of high-end pharmaceutical-grade hyaluronic acid. During the same period, exports of recombinant collagen amounted to less than 0.02 metric tons.

“The hyaluronic acid business is not under the pressure described in rumors, nor can it be replaced by such a small volume of recombinant collagen. As we just mentioned, recombinant collagen accounts for only 0.12% of hyaluronic acid in the global export market. There is currently no basis for comparison, let alone substitution. With actual annual growth rates exceeding 10% in both domestic and international markets, and Bloomage Biotech’s pharmaceutical-grade hyaluronic acid showing high-speed growth of over 20%, the products under pressure are likely low-end hyaluronic acids that lack brand recognition and have low barriers to entry,” stated Bloomage Biotech.

According to an analysis by China Galaxy Securities’ research report, Bloomage Biotech, the world’s largest supplier of hyaluronic acid, has proactively positioned itself in the two life science fields of glycobiology and cell biology, launching its third strategic upgrade. The effects of the company’s earlier strategic transformations across its various business segments are expected to gradually materialize, with a potential operational inflection point anticipated in the near term.

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