Market Overview - The "童颜针" (youthful needle) has become a popular choice among medical beauty consumers, with a price range of 15,000 to 20,000 yuan per injection, providing effects that can last for about two years. The market size in China is expected to exceed 3.2 billion yuan by 2025, with a compound annual growth rate (CAGR) of over 54% [1][12][17] - The product is primarily composed of poly-L-lactic acid (PLLA), which stimulates collagen production in the skin, leading to improved elasticity and contour [3][4][12] Competitive Landscape - Companies are fiercely competing for exclusive distribution rights, leading to legal disputes. For instance, Jiangsu Wuzhong is involved in a legal battle with Aimeike over the exclusive rights to the product "艾塑菲" (Aesthefill) [12][14] - New Oxygen, a company previously struggling, saw its stock price increase fourfold after selling low-priced youthful needles, indicating a significant market response [1][15] Consumer Behavior - The demand for youthful needles has surged, with reports of nearly 30 inquiries per day at some clinics. However, there are also negative consumer experiences, including adverse reactions and dissatisfaction with results [8][9][12] - The market is seeing a shift in consumer demographics, with younger generations, including those born in the 2000s, increasingly seeking medical beauty treatments [17][19] Industry Trends - The medical beauty industry in China is projected to grow from nearly 300 billion yuan in 2024 to over 400 billion yuan by 2025, with a notable increase in male consumers [17][19] - Major companies, including JD Health, are entering the medical beauty space, offering lower-priced services to attract consumers, which may lead to a more competitive and regulated market [18][19] Product Development - The introduction of new products like youthful needles reflects changing consumer preferences towards less invasive treatments. The industry is expected to continue evolving with new offerings that cater to these preferences [16][17] - The competition is not only about product offerings but also about the speed of research and development, distribution capabilities, and resilience against regulatory risks [17]

证券之星消息，7月30日医疗美容板块较上一交易日上涨0.5%，爱美客领涨。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。医疗美容板块个股涨跌见下表： | 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 688363 华熙生物 | 209.44万 | 0.80% | -309.19万 | -1.19% | 99.75万 | 0.38% | | 000615 *ST美谷 | -221.92万 | -10.61% | -76.08万 | -3.64% | 298.00万 | 14.25% | | 300896 爱美客 | -1295.20万 | -1.73% | 3414.81万 | 4.56% | -2119.61万 | -2.83% | 从资金流向上来看，当日医疗美容板块主力资金净流出1307.69万元，游资资金净流入3029.54万元，散户 资金净流出1721.85万元。医疗美容板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104 ...

Core Viewpoint - The unilateral termination of the exclusive agency rights for AestheFill by Regen has dealt a severe blow to Jiangsu Wuzhong, which is already struggling on the brink of delisting [1][4]. Group 1: Company Impact - The loss of AestheFill is critical for Jiangsu Wuzhong, as it contributed 326 million yuan to revenue in 2024, accounting for 20.42% of total revenue, and 269 million yuan to gross profit, representing 34.80%, leading to a net profit increase of 197.97% [3]. - In Q1 2025, AestheFill's revenue contribution surged to 35.55%, with gross profit share rising to 45.77%, making it the company's primary performance pillar [4]. - Jiangsu Wuzhong has indicated that the medical aesthetics segment's revenue and profit will "significantly decline" in the second half of the year due to this loss [4]. Group 2: Legal and Public Response - In response to the crisis, Jiangsu Wuzhong has initiated legal proceedings, asserting that there was no transfer of agency rights and that the agreement does not include clauses for termination due to administrative penalties [5]. - The company has publicly criticized Regen and Aimeike for "maliciously trampling on contractual spirit" and damaging the image of Chinese enterprises abroad, using unusually strong language [5]. Group 3: Industry Dynamics - The dispute highlights the inherent challenges within the medical aesthetics agency model, where brand owners maintain control, leaving agents in a passive position [6]. - This incident may increase insecurity among the agency group in the industry, potentially leading to reduced market investment and negatively impacting the overall performance of the medical aesthetics supply chain [6]. - The competition in the medical aesthetics market is intensifying, with the market size for facial rejuvenation products in China nearing 600 million yuan in 2023, and a product launch wave expected in 2024 [7].

Company Overview - Aimeike is a leading provider of medical beauty products in China, focusing on the research, production, and sales of biological medical materials [1] - The company's main products include sodium hyaluronate injection fillers and facial implant threads [1] Stock Performance - As of July 29, 2025, Aimeike's stock price was 187.95 yuan, down 0.73% from the previous trading day [1] - The trading volume for the day was 31,368 hands, with a transaction amount of 587 million yuan [1] Market Activity - On July 29, Aimeike experienced a net outflow of main funds amounting to 30.38 million yuan, ranking third among the stocks with net outflows in the beauty and personal care sector [1] - The overall beauty and personal care industry saw a decline of 0.71%, with a total net outflow of 231 million yuan [1]

美容护理行业资金流向排名 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002094 | 青岛金王 | -1.21 | 7.54 | -5041.02 | | 300888 | 稳健医疗 | -1.02 | 5.22 | -3112.77 | | 300896 | 爱美客 | -0.73 | 1.50 | -3038.22 | | 603193 | 润本股份 | -4.04 | 19.32 | -2862.26 | | 300658 | 延江股份 | 0.69 | 22.62 | -2630.39 | | 603238 | 诺邦股份 | -1.65 | 11.95 | -2446.76 | | 600223 | 福瑞达 | -0.12 | 1.37 | -1533.03 | | 301009 | 可靠股份 | 1.70 | 14.53 | -1404.71 | | 002511 | 中顺洁柔 | -2.67 | 4.20 | -1341.49 | | 300740 | 水羊股份 | -0.47 ...

Group 1 - The medical beauty sector experienced a decline of 0.17% on July 29, with Ai Meike leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] - Major stocks in the medical beauty sector showed mixed performance, with Jinbo Biological up 1.82% and Ai Meike down 0.73% [1] Group 2 - The medical beauty sector saw a net outflow of 37.97 million yuan from main funds, while retail investors contributed a net inflow of 56.99 million yuan [1] - Specific stock performances included Huaxi Biological with a net outflow of 1.47 million yuan and *ST Meigu with a net inflow of 0.55 million yuan [2]

Group 1 - The medical beauty market in China is experiencing continuous growth, with the number of compliant specialized medical beauty institutions reaching 19,880 in the first half of 2024, an increase of 1,296 institutions or 7% from January 2024 [1][3] - The increase in compliant medical beauty institutions is driven by enhanced regulatory oversight and a growing consumer demand for legitimate medical beauty services [1][3] Group 2 - There is a significant shortage of compliant medical beauty doctors, with an estimated gap of around 20,000 qualified professionals, while the total number of medical beauty practitioners is approximately 1.02 million [4] - The annual growth rate of medical beauty practitioners is around 10%, but the supply of qualified professionals is only increasing at a rate of 5%-8%, highlighting a supply-demand imbalance [4] Group 3 - The distribution of medical beauty positions in China shows a clear imbalance, with only 10% of positions being medical technical roles, which require solid medical knowledge and qualifications [6] - Over 60% of positions are in marketing and operations, which are crucial for attracting customers and driving business growth, but this focus may compromise the quality of medical services [6] Group 4 - The educational requirements for core positions in the medical beauty industry are increasing, with a trend towards higher educational qualifications among professionals [9] - Large medical beauty companies are setting stricter educational standards, with some requiring a full-time bachelor's degree for medical technical roles [9] Group 5 - The distribution of medical beauty talent in China shows a pattern of concentration in eastern regions and high-tier cities, with first-tier cities holding over 50% of medical beauty positions [10] - New first-tier cities are competing for mid-level talent through differentiated strategies, while lower-tier cities struggle due to a lack of local training capabilities [10]

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][29]. Core Insights - The beauty care sector is highlighted with the launch of the world's first "honeycomb collagen" gel product by Jinbo Biological, which shows significant advancements in cell adhesion and collagen retention [3][23]. - The report notes a general increase in the performance of retail, social services, and beauty care sectors, with respective weekly gains of +2.65%, +2.30%, and +5.42% [14][16]. - Key companies such as Proya and Huaxi Hospital are collaborating on mitochondrial anti-aging research, indicating a trend towards scientific advancements in beauty products [3][23]. Summary by Sections Market Performance - For the week of July 21-25, 2025, the retail, social services, and beauty care sectors saw increases of +2.65%, +2.30%, and +5.42%, ranking 14th, 17th, and 6th among 31 primary industries [14][16]. - Sub-sectors such as personal care products, tourism, and cosmetics experienced notable gains of +7.74%, +3.93%, and +3.39% respectively [16][19]. Key Industry Events and News - The National Development and Reform Commission announced that the Hainan Free Trade Port will officially close on December 18, 2025, which is expected to enhance trade conditions [3][23]. - Jinbo Biological launched a new injectable collagen gel product, which is expected to significantly improve skin treatment outcomes [3][23]. - Proya and Huaxi Hospital have partnered to focus on mitochondrial anti-aging research, which may lead to innovative product developments [3][23]. Investment Recommendations - The report recommends focusing on companies within the beauty care, IP derivatives, and gold jewelry sectors, suggesting specific stocks such as Proya, Giant Biological, and Marubi [5][29]. - The report emphasizes the potential for growth in these sectors, particularly in light of recent product innovations and market trends [5][29].

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, highlighting the strong performance of domestic brands amid stricter regulations [1]. Core Insights - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 5.4% from July 18 to July 25, 2025, surpassing the Shenwan A Index by 1.2 percentage points [5][6]. - Stricter advertising regulations are expected to benefit leading domestic brands, as new rules will increase operational barriers and allow market share to concentrate among top players [11]. - The report emphasizes the importance of new product launches as brands prepare for the competitive landscape in the second half of 2025 [11]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index increased by 3.4%, outperforming the Shenwan A Index by 1.2 percentage points, while the Shenwan Personal Care Index rose by 7.7%, exceeding the Shenwan A Index by 5.5 percentage points [5][6]. Key Company Highlights - Lin Qingxuan, a high-end domestic skincare brand, saw revenue grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with net profit turning from a loss of 6 million yuan to a profit of 187 million yuan [17]. - The company has a diverse product matrix with 188 SKUs, a robust supply chain with an annual production capacity of 40 million units, and a comprehensive OMO channel strategy [19]. Market Trends - The report notes a shift in the cosmetics market from quantity to quality, with e-commerce sales expected to account for 47% of total cosmetics sales by 2024, up from 22% in 2016 [13]. - The domestic market is witnessing a rise in local brands, with significant market share gains, particularly in the skincare segment [37]. Investment Recommendations - The report recommends several companies based on their market positioning and growth potential, including Up Beauty, Proya, and Marubi, while suggesting to pay attention to Shanghai Jahwa, Betaini, and Huaxi Biological [5].

Core Viewpoint - The dispute between Aimeike and Jiangsu Wuzhong has severely impacted the AestheFill brand, potentially driving consumers towards competitors like Aivilan and Su Yan Cui [1] Group 1: Background of the Dispute - On July 21, Jiangsu Wuzhong announced that its subsidiary, Datou Medical, received a termination notice from Korean company Regen, ending their exclusive agency agreement for AestheFill products in mainland China [3] - The day before, Regen announced a new Chinese trademark "Zhen Ai · Su Fei" for AestheFill, indicating a public split from Jiangsu Wuzhong [4][7] - The conflict stems from Aimeike's acquisition of Regen in March, where Aimeike paid $190 million (approximately 1.386 billion RMB) for controlling interest in Regen, thereby gaining ownership of the AestheFill brand [8] Group 2: Financial Implications - AestheFill's success in China is significant, with estimated sales of 85,000 units in its first year, contributing approximately 326 million RMB in revenue to Jiangsu Wuzhong [16] - Aimeike's acquisition of 85% of Regen's shares came with a premium of about 1344.12%, and as of Q3 2024, Aimeike's cash reserves were only 1.6 billion RMB [16] - The loss of exclusive sales rights for AestheFill poses a severe financial threat to Jiangsu Wuzhong, which has already faced scrutiny from the regulatory body for financial misreporting [21] Group 3: Market Dynamics and Brand Impact - The introduction of the new brand name "Zhen Ai · Su Fei" could lead to confusion among consumers, potentially driving them towards more stable competitors [19] - The medical aesthetics market is highly competitive, with the lifecycle of products typically lasting only 8 to 12 months, making the timing of brand transitions critical [17] - The previous success of AestheFill may be undermined by the brand confusion, requiring significant marketing investment to rebuild consumer recognition [20] Group 4: Legal and Ethical Considerations - Jiangsu Wuzhong has indicated plans to pursue legal action to protect its interests following the termination of the agency agreement [24] - The reasons for the termination cited by Regen include alleged unauthorized transfer of exclusive distribution rights by Datou Medical [25] - The ongoing legal disputes and the potential for significant compensation claims could further complicate the situation for both Aimeike and Jiangsu Wuzhong [27]