赵燕的券商反击战：谁在谋杀中国玻尿酸？

Group 1: Industry Dynamics - The medical beauty industry is experiencing a shift from technology competition to capital narrative, as highlighted by Huaxi Biological's recent criticism of major brokerages for downplaying hyaluronic acid in favor of collagen products [2][7] - The market for hyaluronic acid is becoming increasingly competitive, with over 50 approved Class III medical devices and more than 400 circulating brands in China by 2024, leading to a saturation of supply [8][9] - Emerging alternative materials, such as hydroxyapatite and recombinant collagen, are reshaping the market landscape, with predictions that the collagen market in China will reach 173.8 billion yuan by 2027, with recombinant collagen accounting for over 60% [9][6] Group 2: Company Performance - Huaxi Biological's revenue declined from 6.359 billion yuan in 2022 to 5.371 billion yuan in 2024, with net profit dropping from 961 million yuan to 174 million yuan, and a further 58.13% decrease in Q1 2025 net profit year-on-year [7][10] - Aimei Ke's revenue growth slowed to a historical low of 5% in 2024, with its flagship product "Hi Body" achieving 314 million yuan in sales, but injection product growth rates fell to single digits [7] - Haohai Biological's revenue for 2024 was 2.698 billion yuan, a slight increase of 1.64%, but its ophthalmology and orthopedics businesses faced significant declines due to centralized procurement policies [7] Group 3: Marketing Strategies - The marketing strategies in the medical beauty sector are evolving, with institutions leveraging consumer psychology to shift focus from hyaluronic acid to collagen products, promoting the latter as safer and more effective [5][4] - Social media plays a crucial role in shaping consumer perceptions, with narratives around collagen's benefits and the risks associated with hyaluronic acid injections driving consumer behavior [5][4] - The pricing dynamics show that while hyaluronic acid injections are becoming more affordable, collagen injections remain significantly more expensive, creating a new revenue opportunity for institutions [4][6]