专家建议：听取行业资深人士意见和观点，提升分析深度与可靠性。 免责声明 中国轻医美行业现状报告 Report on the status of China'snon-surgical medical aesthetic industry 本报告的全部内容版权归上海嘉世营销咨询有限公司（简称：嘉世咨询）。 未经授权，任何单位或个人不得以任何形式复制、传插或用于商业用途 调研方法 桌面研究：搜集整理政府公开数据、行业协会、权威期刊、券商研报及企业 公开披露的行业数据。 本报告结论基于当前可获得信息，不构成投资或决策的唯一依据。研究团队 对因使用本报告引发的直接或问接损失不承担责任。 | 摘要 | | | --- | --- | | 第一章：中国轻医美行业发展总览 | 9 | | 1.1轻医美行业定义与范畴界定 | | | 1.1.1定义：介于手术医美与生活关容之间， | | | 1.1.2核心项目分类：注射类、光电类及其他 | | | 1.13与传统手术医美的区别与联系 | ..10 | | 1.2中国轻医美行业发展历程， | .11 | | 1.2.1萌芽与探索期（2015年以前） | 11 | | 1.2.2 ...

以下文章来源于无冕财经 ，作者无冕财经团队 无冕财经 . 奉守"专业主义，内容为王"，为优质的商业阅读而生。多次获评"年度财经自媒体"，入选胡润百富"广 州最值得投资的企业"榜单50强，广州市新阶联自媒体分会副会长单位，入驻全网20多个平台，覆盖 1000万+商务人群，中国财经新媒体的中坚力量之一。 来源|无冕财经 作者| 郭俊宇 编辑|陈涧 "大嘴博士打假可复美重组胶原蛋白添加事件"发酵月余，巨子生物（02367.HK）终于低头了。 6月23日晚，巨子生物（02367.HK）发声明承认："我公司现有的质量标准、检测方法和标签标识 在某些方面已逐渐显现出其局限性，难以完全适配行业发展与技术进步的高标准和高要求。" ▲ 巨子生物在声明中承认"局限性"，图片来自该公司公众号。 这番表态，被外界视为巨子生物"变相认输"。 在此之前，巨子生物对"大嘴博士"关于产品成分的质疑始终保持强硬回击姿态，而此次却首次主动 承认自身体系存在问题，释放出罕见的示弱信号。 第二天，巨子生物还举办了内部投资者交流会，表示尽管618受到短期影响，公司有信心在第三、 四季度弥补此前的生意损失，相信此次舆情事件仅为短期影响，不会阻碍公司的长 ...

招商通知 第三届全球手术机器人大会 第二届全球医疗科技大会 2025年7月1日， 华熙生物 发布 2024年年度报告(修订版) 。 # 具体财报数据 | 主要会计数据 | 2024 年 | 2023 年 | 本期比上年同 | 2022 年 | | --- | --- | --- | --- | --- | | | | | 期增减(%) | | | 营业收入 | 5,370,770,254.64 | 6,075,923,853.74 | -11.61 | 6,359,191,975.49 | | 归属于上市公司股东的净利润 | 174,267,399.74 | 592,555,911.37 | -70.59 | 970,918,593.78 | | 归属于上市公司股东的扣除非 经常性损益的净利润 | 107,271,950.81 | 490,482,932.05 | -78.13 | 852,144,424.61 | | 经营活动产生的现金流量净额 | 564,505,133.92 | 699,648,201.22 | -19.32 | 635,188,642.10 | | | 2024 年末 | 2023 年 ...

Industry Overview - The medical beauty injection products mainly include hyaluronic acid, collagen, regenerative materials, and botulinum toxin, with hyaluronic acid and collagen being classified as medical devices, while botulinum toxin is categorized as a toxic medical drug [1][2][5] Industry Chain Analysis - The upstream of the medical beauty injection materials includes raw materials and equipment manufacturing, while the midstream focuses on product research and manufacturing, and the downstream consists of sales channels such as public hospitals and private chains [2][5] Industry Development History - The Chinese medical beauty injection materials market has evolved from reliance on imports to self-innovation, with significant milestones including the approval of the first domestic hyaluronic acid filler in 2009 and the emergence of domestic leaders like Huaxi Biological, Aimeike, and Haohai Biological by 2015 [6][8] Industry Policy Background - Regulatory measures have been strengthened since 2019, with guidelines issued for the clinical trial of hyaluronic acid products and stricter management of medical beauty injection materials to enhance product quality and safety [9][11][12] Current Industry Status - The market size of China's medical beauty injection materials is projected to reach approximately 34.6 billion yuan in 2024, reflecting a year-on-year growth of 28.6% and a CAGR of 31.3% from 2021 to 2024 [14][16] Market Structure - Hyaluronic acid and botulinum toxin dominate the market, with hyaluronic acid accounting for about 36% and botulinum toxin for about 29% of the total market share [17][19] Competitive Landscape - Major competitors in the hyaluronic acid market include Huaxi Biological, Aimeike, and Haohai Biological, while the botulinum toxin market is primarily represented by Lanzhou Biological, which is currently the only domestic company with approved products [23][25] Future Industry Outlook - The medical beauty injection materials market is expected to reach 93.7 billion yuan by 2030, driven by technological advancements, compliance, and the rise of male consumers [28][30] Industry Development Trends - Key trends include the long-lasting and precise application of materials, the rise of intelligent and customized solutions, and increased regulatory scrutiny leading to higher approval thresholds for injection materials [32]

Core Viewpoint - The article discusses the extended payment terms in the automotive and beauty care industries in China, highlighting the impact on suppliers, particularly small and medium enterprises, and the implications of the revised regulations aimed at improving payment practices [1][2]. Group 1: Payment Terms in Automotive Industry - Domestic automotive companies have an average payment term exceeding 170 days, with some exceeding 240 days, effectively transferring financial pressure to suppliers [1]. - The revised "Regulations on Payment for Small and Medium Enterprises" mandates that large enterprises must pay small and medium suppliers within 60 days of delivery [2]. Group 2: Payment Terms in Beauty Care Industry - The beauty care industry has an average payment term of 101 days, which has increased by one week compared to the previous year [3]. - The medical beauty sector shows significantly longer payment terms, with some companies like Huaxi Biological having payment terms of 197 days, an increase of 25 days year-on-year [4][12]. Group 3: Financial Health of Companies - Huaxi Biological's accounts payable balance reached 820 million yuan, a year-on-year increase of 18.22%, indicating a growing reliance on extended payment terms despite having a relatively high liquidity position [12][14]. - Jinbo Biological reported a payment term of 166 days in 2024, with a notable increase in overdue accounts payable, suggesting liquidity challenges [9][10]. Group 4: Industry Dynamics and Competition - The medical beauty industry faces high regulatory barriers and concentrated market power, leading to extended payment terms as companies leverage their bargaining power over suppliers [5][6]. - The competitive landscape in the hyaluronic acid market has intensified, impacting Huaxi Biological's revenue and profit margins, which have seen significant declines in recent years [13]. Group 5: Comparison Among Major Players - Among the "three giants" in the hyaluronic acid market, Huaxi Biological and Aimeike have payment terms exceeding 100 days, while Haohai Biological maintains a stable payment term of under 30 days, indicating a stark contrast in financial practices [14][15].

Core Viewpoint - The ongoing debate between two major companies regarding the restructuring of collagen detection methods highlights the industry's need for standardized testing protocols and the challenges posed by varying product quality in the market [1][4][6]. Group 1: Company Actions and Statements - Huaxi Biological published an article asserting the need for industry standards based on testing results, revealing that their product "Runbaiyan" was tested for collagen content using advanced HPLC-HRMS technology, yielding a result of 0.60 mg/g (0.06%) for type III collagen [2][3]. - Huaxi Biological emphasized that their testing method effectively eliminates matrix interference and ensures accurate detection of recombinant collagen, addressing concerns about the reliability of their results [2][3]. - Juzhi Biological acknowledged the limitations of their existing quality standards and testing methods, stating the need for continuous optimization to meet industry advancements and consumer expectations [5][6]. Group 2: Industry Implications - The debate over collagen measurement methods has been ongoing since May, with Huaxi Biological criticizing misleading conclusions from industry reports and calling for a unified testing standard [4][6]. - Juzhi Biological has committed to collaborating with research institutions to enhance detection methods and to gradually disclose key technical parameters and quality control data to foster industry development and transparency [5]. - The lack of a unified detection method has been described as a strategy to evade scrutiny, highlighting the industry's regulatory challenges and the necessity for verifiable solutions [6].

Core Viewpoint - Huaxi Biological's 2024 annual report indicates significant growth in both domestic and international raw material business revenues, with a focus on expanding overseas operations and enhancing product certifications to capture market opportunities [1][2]. Group 1: Revenue Growth - In 2024, the raw material business achieved revenue of 1.236 billion yuan, with domestic revenue at 628 million yuan (up 2.61%) and international revenue at 608 million yuan (up 17.60%) [1]. - The sales volume of the Furst brand HA reached 143.12 tons (up approximately 22%), while Huaxi Biological brand HA sales volume reached 261 tons (up approximately 13%) [3]. - The medical terminal business generated revenue of 1.44 billion yuan, a year-on-year increase of 32.03%, driven by a 43.57% increase in skin-related medical products [3]. Group 2: International Expansion - The company has deepened its overseas business layout by localizing operations, including hiring foreign sales teams and participating in international raw material exhibitions [1]. - In 2024, the company participated in 27 overseas exhibitions and held 8 seminars, establishing connections with various international associations [1]. Group 3: Sales Strategy - The sales strategy involves a two-phase approach: initially targeting customers with the Furst brand for cost-effective products, followed by introducing Huaxi Biological's high-end products to meet upgraded customer needs [2]. - The direct sales channel accounted for over 65% in 2023 and is expected to exceed 75% in 2024, with a goal of reaching 80% by 2025 [4]. Group 4: Inventory Management - The company has implemented a plan to manage inventory effectively, with a significant reduction in over one-year-old inventory from 185 million yuan to 112 million yuan by the end of 2024 [5]. - The inventory turnover rate for Huaxi Biological was 1.11, slightly lower than some peers, attributed to its self-production model [6][7]. Group 5: Market Positioning - The company’s online sales accounted for 43.92% of revenue, indicating a strong digital presence compared to competitors [7][8]. - The overseas sales revenue accounted for 16.56% of total revenue, highlighting the company's commitment to international markets [8].

Investment Rating - The report rates the cosmetics and medical beauty industry as "Positive" [2][3] Core Viewpoints - The cosmetics retail sales growth for January to May 2025 is 4.1%, an increase of 2 percentage points compared to the same period last year, indicating a steady recovery in demand [3] - The performance of leading brands remains strong, with double-digit growth, supported by the theme of self-care in new consumption trends, leading to a positive outlook for the first half of 2025 [3] - The 618 shopping festival saw strong performances from domestic brands, with notable rankings on platforms like Tmall and Douyin [3] Summary by Sections Cosmetics Industry Outlook - The report anticipates significant revenue and net profit growth for major companies in Q2 and H1 2025, with specific forecasts: - Up Beauty Co. is expected to see a revenue increase of 16% and a net profit increase of 25% [3] - Marubi is projected to grow revenue by 22% and net profit by 28% in Q2 2025 [3] - Proya is expected to achieve a revenue growth of 10% and net profit growth of 15% in Q2 2025 [3] Key Companies Performance - Notable companies and their expected performance include: - Mao Geping is projected to have a revenue increase of 38% and net profit increase of 35% in H1 2025 [3] - Ruibin is expected to see a revenue increase of 15% and net profit increase of 15% in Q2 2025 [3] - Huaxi Biological is expected to maintain stable performance with a 0% revenue growth and a 10% net profit increase in Q2 2025 [3] Investment Recommendations - The report recommends focusing on companies with strong brand matrices and comprehensive product layouts, such as Up Beauty Co., Marubi, and Proya, which are expected to benefit from the live e-commerce traffic [3] - It also highlights the importance of niche market players like Ruibin and Mao Geping, who are positioned to capitalize on the rise of personal care and domestic beauty trends [3] - For the medical beauty sector, the report suggests focusing on companies with high R&D barriers and strong profitability, recommending companies like Aimeike and Langzi [3] E-commerce and Other Segments - The report suggests monitoring e-commerce companies like Ruibin, which is expected to see significant growth in revenue and net profit [3] - In the maternal and infant sector, Kid King is projected to exceed market expectations with a revenue increase of 10% and a net profit increase of 70% in Q2 2025 [3]

Core Viewpoint - The article discusses the ongoing dispute between Huaxi Biological and Juzhi Biological regarding the measurement and standards of recombinant collagen products, emphasizing the importance of scientific validation and the need for reliable testing methods [1][5][7]. Group 1: Huaxi Biological's Position - Huaxi Biological published an article asserting that claims without scientific testing are pseudoscience, specifically targeting the lack of unified testing methods for recombinant collagen [1][7]. - The company argues that if the actual content of recombinant collagen cannot be accurately measured, then claims about its presence or efficacy become unverifiable, thus lacking scientific credibility [7][8]. - Huaxi Biological emphasizes the need for collaborative efforts to explore the limitations of current testing methods and to develop more precise standards, rather than evading verification [7][8]. Group 2: Juzhi Biological's Response - Juzhi Biological acknowledged the limitations of its existing quality standards and testing methods in a statement, indicating a need for continuous optimization to meet industry advancements [5][6]. - The company defended its testing methods by referencing national standards, claiming that the methods used by critics were not validated and therefore produced inaccurate results [6][8]. Group 3: The Role of "Big Mouth Doctor" - The influencer "Big Mouth Doctor" (Hao Yu) has been involved in the dispute, previously criticizing Juzhi Biological for alleged false claims regarding recombinant collagen content [1][6]. - Despite being silenced on social media, "Big Mouth Doctor" published an article aligning with Huaxi Biological's views on the standards of scientific validation, quoting philosophers on the nature of science [9][12]. - There are speculations about a potential conflict of interest between "Big Mouth Doctor" and Huaxi Biological due to their financial connections, suggesting that the dispute may have underlying commercial motivations [12].

Industry Overview - The medical beauty industry is under strict government regulation, with a series of targeted policies aimed at ensuring safe and reliable medical services for consumers [1][2][3] - Key companies in the industry include Aimeike (300896), Haohai Biological (688366), Huaxi Biological (688363), Aoyuan Meigu (000615), Huadong Pharmaceutical (000963), Langzi Co., Ltd. (002612), and Huahan Plastic Surgery (430335) [1] Policy Direction - The government has implemented comprehensive management measures covering operational standards for medical beauty institutions, including establishment criteria, personnel requirements, and equipment maintenance [1] - Enhanced regulatory measures include establishing supervision mechanisms, increasing enforcement checks, and raising penalties for violations [1][2] Market Development - The "China City Medical Beauty Industry Development Index (2024)" indicates that cities like Beijing, Shenzhen, Chengdu, Guangzhou, Shanghai, Jinan, Changsha, Ningbo, Hangzhou, and Chongqing are leading in medical beauty industry performance [4] - Notably, Ningbo has risen from 23rd to 8th place, benefiting from its "246" trillion-level industrial cluster planning, which emphasizes biomedicine [4] Global Trends - According to ISAPS, the total number of surgical and non-surgical procedures globally increased by 3.4% in 2023, reaching 34.9 million procedures [5] - The United States remains the leader in plastic surgery, performing over 6.1 million procedures in 2023, followed by Brazil with 3.3 million [10]