天风证券：中国医美市场发展迅速，四大板块增长空间较大

Core Viewpoint - The Chinese medical beauty market is rapidly developing, with light medical beauty gaining increasing popularity among consumers [1] Market Potential - The penetration rate of the medical beauty market in China has significant room for improvement compared to mature markets [1] Market Segmentation - The four major segments of the medical beauty industry—injectables, photonic devices, fat reduction/body shaping, and medical beauty services—show considerable growth potential [1] Regulatory Environment - A strong regulatory environment is accelerating the survival of the fittest within the industry, guiding the medical beauty market towards a healthier and more orderly development trajectory [1]