Core Viewpoint - The performance of listed medical beauty companies in China shows significant divergence in the first half of 2025, with major players in the hyaluronic acid market facing growth bottlenecks while companies in the collagen reconstruction sector are experiencing substantial growth [1][2]. Group 1: Performance of Major Companies - Huaxi Biological reported revenue of 2.261 billion yuan, a year-on-year decline of 19.57%, and a net profit of 221 million yuan, down 35.38% [2]. - Haohai Biological achieved revenue of 1.304 billion yuan, a decrease of 7.12%, with a net profit of 211 million yuan, down 10.29% [2]. - Aimeike's revenue was 1.299 billion yuan, down 21.59%, with a net profit of 789 million yuan, a decline of 29.57% [2]. - In contrast, Jinbo Biological, the first stock of collagen reconstruction on the Beijing Stock Exchange, reported revenue of 859 million yuan, an increase of 42.43%, and a net profit of 392 million yuan, up 26.65% [1][2]. Group 2: Market Dynamics - The medical beauty industry is undergoing a transformation driven by increasing aesthetic demands and technological upgrades, necessitating higher core technology and product innovation capabilities from companies [3]. - The competition in the hyaluronic acid sector has intensified, with a significant increase in supply and aggressive pricing strategies from downstream medical beauty institutions [4]. - The market for collagen reconstruction products is rapidly growing, with projections indicating a compound annual growth rate of 44.93%, reaching 585.7 billion yuan by 2025 [9][10]. Group 3: Strategic Adjustments - Companies like Huaxi Biological are shifting from a traffic-driven sales model to a brand communication strategy based on scientific validation, aiming to enhance brand efficacy and customer acquisition [5][6]. - Haohai Biological is focusing on high-end hyaluronic acid products, with the "Haimeiyuebai" product showing promising market performance despite overall revenue declines in its hyaluronic acid segment [7]. - Aimeike acknowledges the shift towards a user-oriented market, emphasizing the importance of product innovation and systematized competition [8]. Group 4: Regulatory and International Expansion - The medical beauty industry is witnessing an increase in compliant products, with several companies obtaining third-class medical device registration certificates, enhancing market options [11][12]. - Companies are actively pursuing international markets, with Huaxi Biological reporting 331 million yuan in international raw material business revenue, accounting for 52.93% of its raw material income [12][13]. - Aimeike's acquisition of a majority stake in a South Korean company marks its strategic entry into the global regenerative injection market [13].