智通财经7月21日电，爱美客(300896.SZ)公告称，公司控股子公司韩国REGEN公司已向达透公司送达 《解约函》，解除独家经销协议，并撤销达透公司作为AestheFill产品在中国大陆地区独家经销商所有 相关授权。此次解除独家经销权有助于维护韩国REGEN公司AestheFill产品在中国大陆地区的销售，维 护上市公司及股东的利益。解除后，不影响韩国REGEN公司后续授权其他方销售AestheFill产品，亦不 影响该产品的经营与销售。 爱美客：控股子公司韩国REGEN公司解除达透公司独家经销权 ...

证券代码：300896 证券简称：爱美客 公告编号：2025-028 号 2020 年 1 月至 2021 年 12 月期间，韩国 REGEN 公司与 DACE INTERNATIONAL MEDICAL CO., LTD（以下简称"达策公司"）先后签署《独家经销协议》及修订 爱美客技术发展股份有限公司 关于公司控股子公司韩国 REGEN Biotech,Inc. 解除达透公司独家经销权公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 爱美客技术发展股份有限公司(以下简称"公司")控股子公司 REGEN Biotech, Inc.（以下简称"韩国 REGEN 公司"）已于 2025 年 7 月 18 日向达透 医疗器械（上海）有限公司（以下简称"达透公司"）送达《解约函》，解除独 家经销协议，并撤销达透公司作为 AestheFill 产品在中国大陆地区独家经销商 所有相关授权。 一、收购韩国 REGEN 公司的基本情况 2025 年 3 月 10 日，公司第三届董事会第十六次会议审议通过了《爱美客技 术发展股份有限公司关于收购韩国 REGEN Biotec ...

Core Viewpoint - The dispute over the agency rights for the "Youthful Needle" AestheFill has escalated, with Jiangsu Wuzhong's subsidiary receiving a termination notice from REGEN, which will revoke its exclusive distribution rights in mainland China [1][2]. Group 1: Company Impact - Jiangsu Wuzhong's subsidiary, Datou Medical, received a termination letter from REGEN, which will withdraw all related authorizations for AestheFill's exclusive distribution in mainland China [1]. - AestheFill generated revenue of 326 million yuan within six months of its launch in April 2024, contributing to Jiangsu Wuzhong's turnaround with a net profit of 70 million yuan last year [1]. - The revenue for AestheFill reached 113 million yuan in the first quarter of this year, highlighting its significance for Jiangsu Wuzhong, which is already facing challenges due to previous financial misreporting [1]. Group 2: Market Dynamics - The announcement from Jiangsu Wuzhong on July 17 claimed that the medical beauty business was operating normally and that the change in registration agent would not affect the exclusive agency rights, only to be contradicted by the termination notice from REGEN the following day [2]. - The change of the registration agent from Datou Medical to Lizhen Biotechnology, a company controlled by REGEN, suggests prior negotiations that Jiangsu Wuzhong did not disclose, raising questions about their information disclosure practices [3]. - The market for "Youthful Needles" is becoming increasingly competitive, with multiple approvals for similar products from various companies, including four new products approved in less than seven months this year [7][8].

Group 1 - The core viewpoint of the article highlights the competitive landscape of the Chinese medical beauty injection materials industry, focusing on regional distribution, market competition, and domestic substitution [1][2][5][6][8]. Group 2 - In terms of regional competition, Shandong Province has the highest number of enterprises in the medical beauty injection materials industry, including raw material producers like Huaxi Biological and equipment manufacturers like Weigao [1]. - The main competitors in the medical beauty injection materials market include Huaxi Biological, Aimeike, and Haohai Biological for hyaluronic acid products, while Jinbo Biological and Juzhi Biological lead in collagen products [2]. - The market structure for medical beauty injection materials in 2024 shows that hyaluronic acid accounts for approximately 36% and botulinum toxin for about 29% of the market [5]. Group 3 - As of May 2025, the number of domestic approvals for hyaluronic acid is comparable to imports, while domestic approvals for regenerative materials exceed imports; however, domestic approvals for botulinum toxin and collagen are lower than imports [6]. - The competition in the industry is intense, with hyaluronic acid and botulinum toxin dominating the market; foreign companies hold an advantage in the high-end market, while domestic companies like Huaxi Biological and Aimeike lead in the mid-to-low-end market through cost-effectiveness and technological innovation [8]. - The threat of substitutes is significant, with non-surgical options like phototherapy and topical skincare products capturing part of the market demand [8].

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, highlighting innovative business models driving growth in the light medical beauty sector, particularly recommending attention to the company "Xinyang" [2][9]. Core Insights - The cosmetics and medical beauty sector has underperformed the market recently, with the Shenwan Beauty Care Index declining by 0.1% from July 11 to July 18, 2025, while the Shenwan Cosmetics Index fell by 0.9%, underperforming the Shenwan A Index by 2.3 percentage points [3][4]. - Innovative business models are driving growth in light medical beauty, contrasting with traditional medical beauty institutions facing stagnation due to high costs and weak consumer demand. Xinyang's high cost-performance ratio, chain operations, and app-based customer conversion model are seen as new growth drivers for the sector [9][10]. - The report emphasizes the importance of supply-side innovations in stimulating consumer demand and driving industry recovery, despite short-term macroeconomic challenges [9]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weak performance compared to the market, with specific indices reflecting declines during the reporting period [3][4]. - The top-performing stocks in the sector included Zhongshun Jierou (+10.8%) and Juzibio (+6.1%), while the worst performers were Shangmei Shares (-11.1%) and Baiya Shares (-4.3%) [5]. Key Company Insights - Linqingxuan, a high-end domestic skincare brand, has seen revenue growth 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 [10][15]. - The company has established a strong product matrix and supply chain advantages, with production capacity reaching 40 million units annually [16][17]. - The report also highlights the growth of the "Plant Doctor" brand, which has achieved a net profit CAGR of 24% from 2022 to 2024, supported by a robust channel network and operational efficiencies [10][12]. Market Trends - The report notes a shift in the cosmetics market from quantity to quality, with a significant increase in e-commerce sales, which accounted for 47% of total cosmetics sales in 2024, up from 22% in 2016 [11]. - The domestic market is witnessing a rise in local brands, with a notable increase in market share for domestic products, reflecting changing consumer preferences and the impact of the "national tide" [11][28]. Financial Performance - The report indicates that the overall retail sales of cosmetics in China reached 229.1 billion yuan in the first half of 2025, with a year-on-year growth of 2.9%, although June saw a decline of 2.3% due to promotional timing [21][24]. - The performance of major companies like Meili Tianyuan is highlighted, with projected revenue of at least 1.45 billion yuan for the first half of 2025, representing a growth of at least 27% [24].

Core Viewpoint - The recent change in the medical device registration agent for Aisufei Tongyan Needle from Datou Medical to Lizhen Biotechnology has raised concerns in the medical aesthetics industry regarding the future of its agency rights [1][2]. Group 1: Agency Rights and Market Impact - Datou Medical, a subsidiary of Jiangsu Wuzhong Pharmaceutical Development Co., holds exclusive sales rights for Aisufei in mainland China until August 28, 2032, as confirmed by *ST Suwu [1][3]. - The exclusive sales rights are protected by a legally binding agreement, which states that there are no risks of cancellation or termination during the effective period [1][4]. - The market is speculating whether Aimeike's acquisition of Regen will affect *ST Suwu's exclusive sales rights, despite current assurances that these rights remain intact [1][2][3]. Group 2: Financial Performance and Projections - Aisufei's sales in China are projected to account for approximately half of its global sales, making it the top international brand in the aesthetic needle category [2][4]. - In 2024, *ST Suwu's revenue from medical aesthetics is expected to reach 330 million yuan, representing about 21% of total revenue, marking a significant turnaround after six years of losses [2][4]. - The potential profits from Aisufei's sales during the remaining eight years of the agency agreement could amount to a substantial figure, far exceeding the 190 million USD acquisition cost of Regen by Aimeike [4][5]. Group 3: Legal and Brand Implications - If Regen were to breach the agreement and reclaim agency rights, *ST Suwu could seek damages equivalent to all potential profits during the agency period, which could have devastating financial implications for Regen [4][5]. - The core value of medical aesthetic products lies not only in their composition but also in the long-term brand recognition and trust built with distribution channels [5][6]. - A legal dispute over agency rights could lead to Aisufei being perceived as a "controversial product," potentially damaging its market position and consumer trust [5][6]. Group 4: Strategic Considerations for Aimeike - Aimeike must consider the potential impact on its capital market image if the core product of the acquired Regen faces significant sales risks and instability in overseas channels [6]. - The disruption of Regen's global agency network due to issues in China could hinder Aimeike's international expansion strategy, which relies on Regen's resources [5][6].

Core Insights - The medical beauty injection collagen market in China is projected to reach approximately 6.7 billion yuan in 2024, an increase of 1.2 billion yuan from 2023, and is expected to grow to 8.1 billion yuan by 2025, driven by advancements in government, technology, capital, and market dynamics [1][9][18] Industry Characteristics and Classification - Medical beauty injection collagen is classified into three main types: animal-derived collagen, recombinant human collagen, and composite collagen, with animal-derived collagen being the mainstream but recombinant collagen showing faster growth and better future prospects [4][6][7] Industry Development Status - The demand for medical beauty services is increasing, particularly for non-surgical techniques like injections, which are gaining popularity due to their minimal recovery time and lower risk [7][9] - The overall market for medical beauty injection materials is expected to reach approximately 34.6 billion yuan in 2024, up by 7.7 billion yuan from 2023, with a forecast of 9.1 billion yuan by 2025 [7] Industry Value Chain - The upstream of the medical beauty injection collagen industry includes raw materials such as bovine/pig dermis, microbial strains, and chemical raw materials, with high technical barriers [11] - The midstream involves the production of collagen through processes like extraction and purification, dominated by leading companies leveraging patents and regulatory advantages [11] - The downstream applications are primarily in medical beauty institutions and public hospitals for anti-aging and skin repair treatments, characterized by intense competition [11] Competitive Landscape - The domestic market features both imported and local brands, with notable products including ArtcColl and Bellafill from international companies, and domestic brands like Wei Yi Mei and Xiu Li Ke [13][14] Representative Companies - Shanxi Jinbo Biological Medicine Co., Ltd. focuses on high-end implantable medical devices using recombinant human collagen, with projected revenues of 1.443 billion yuan and a net profit of 732 million yuan in 2024, reflecting a gross margin of 92.02% [16] Industry Development Trends - The medical beauty injection collagen industry is undergoing rapid transformation, with trends towards safer, longer-lasting, and smarter products, alongside advancements in technology and product innovation [18]

Summary of Conference Call Notes Industry Overview - The discussion revolves around the consumer market, particularly focusing on the beauty care, travel, retail, and pet sectors, highlighting the growth and evolving characteristics of the new generation of consumers who have grown up in the internet and mobile internet era [1][2][3] Key Points and Arguments - **Consumer Behavior Changes**: The new generation of consumers exhibits a preference for experiential consumption, which is reflected in sectors like travel and emotional spending [2][3] - **Travel Sector Recovery**: - Domestic travel has seen a significant recovery, with over 56 million domestic trips recorded in 2024, marking a 14.8% year-on-year increase [3] - Total domestic spending reached 5.75 trillion yuan, up 17.1% year-on-year [3] - International travel is also rebounding, with outbound trips increasing by 41% to 123 million in 2024 [4] - The recovery of transportation, including international flights, is a key factor in this growth, with flight numbers nearing pre-pandemic levels [4][5] - **OTA Market Dynamics**: - The Online Travel Agency (OTA) sector has established a strong competitive landscape, benefiting from a solid supply chain and infrastructure [6] - Travel destinations are shifting, indicating a dynamic market where OTAs are well-positioned to adapt [6] - **Retail Sector Trends**: - Both online and offline retail are experiencing a resurgence in consumer demand, with companies like Yonghui adapting their strategies to focus on consumer needs [7][8] - The shift from price-focused marketing to prioritizing quality and consumer experience is evident [8] - **Beauty and Pet Care Markets**: - There is a growing interest in both domestic and international brands, with a notable trend towards high-end products [9][10] - The beauty sector is seeing a rise in domestic brands gaining market share, driven by consumer preferences [10][11] Additional Important Insights - **Investment Recommendations**: The analysis suggests monitoring key players in the travel, retail, beauty, and pet sectors for potential investment opportunities [12] - **Risks to Consider**: - Overall consumer sentiment and willingness to spend remain critical factors [12] - Changes in policies related to cross-border trade, e-commerce, and tariffs could pose risks to market stability [12] This summary encapsulates the essential insights from the conference call, focusing on the evolving consumer landscape and the implications for various sectors.

Core Viewpoint - The medical beauty industry in China is experiencing significant investment activity, with a total of over 1.1 billion yuan raised in 30 financing rounds in 2024, indicating a robust market despite economic challenges [1][2]. Group 1: Industry Overview - The medical beauty industry can be divided into three core segments: upstream (raw materials and equipment suppliers), midstream (medical beauty institutions), and downstream (medical beauty platforms and end consumers) [2][3]. - Upstream companies like Aimeike and Jinbo Bio have high profit margins, with Aimeike's gross margin reaching 95% and net profit up to 50%, while midstream institutions often struggle with profitability [3][4]. Group 2: Upstream Dynamics - The upstream segment benefits from high entry barriers due to stringent regulatory requirements and long R&D cycles, with products like hyaluronic acid requiring 3-8 years for development and approval [9][11]. - The medical beauty market is characterized by a "gold rush" phenomenon, where suppliers of essential materials and equipment (the "shovel sellers") are the primary beneficiaries of the industry's growth [5][6]. Group 3: Midstream Challenges - Midstream medical beauty institutions face significant challenges, including high customer acquisition costs, which have risen to 3,000-5,000 yuan per customer, and a competitive environment that has led to low profitability [18][16]. - The lack of standardization and regulatory compliance among medical beauty institutions contributes to a fragmented market, with only 12% of institutions being legally compliant as of 2019 [14][16]. Group 4: Downstream Competition - The competition between platforms like Meituan and Xinyang has intensified, with Meituan leveraging its large user base to dominate the market, significantly impacting the profitability of downstream medical beauty institutions [20][21]. - Meituan's entry into the medical beauty sector has disrupted traditional profit-sharing models, forcing institutions to lower prices and accept lower margins [22][21].

Core Viewpoint - The article discusses the rapid growth and popularity of "童颜针" (youthful face injection) in the Chinese medical aesthetics market, highlighting its mechanism, market dynamics, and the competitive landscape among companies involved in this sector [6][8][22]. Market Growth - The market size of youthful face injections in China grew from approximately 100 million yuan in 2021 to over 3 billion yuan by 2024, representing a 30-fold increase in three years [6]. - Major companies like 长春圣博玛 and 爱美客 reported significant revenues from their youthful face injection products, with 长春圣博玛's "艾维岚" expected to generate over 4 billion yuan in revenue [6][24]. Product Dynamics - The core ingredient of most youthful face injections is 聚左旋乳酸 (PLLA), which stimulates collagen production in the skin [4][15]. - Different brands of youthful face injections vary in composition and pricing, with products like "濡白天使" priced around 10,000 yuan, while others like "艾塑菲" exceed 20,000 yuan [12][24]. Competitive Landscape - The entry of numerous pharmaceutical companies into the youthful face injection market has intensified competition, with over 20 companies currently registering products [30]. - The high profit margins associated with these products, with 爱美客 reporting a gross margin of 93.76% for gel-based injections, have attracted more players to the market [24][25]. Regulatory Environment - The approval of several youthful face injection products by the National Medical Products Administration (NMPA) has legitimized the market, with five products approved by 2024 [22][27]. Consumer Behavior - The article notes a growing trend among urban women to seek youthful face injections, driven by aggressive marketing and social media promotions [10][11]. - Despite the high costs, the demand for youthful face injections remains strong, with companies like 江苏吴中 achieving significant sales shortly after product launches [24][26]. Future Outlook - The global market for youthful face injections is projected to reach $1.545 billion by 2025, with a compound annual growth rate of approximately 3.8% from 2025 to 2033 [26]. - The competitive landscape is expected to evolve further, with potential price wars as more products enter the market [30].