医美大变局：跨界资本涌入上游，合规与技术成竞争核心｜2025中国经济年报

Core Insights - The Chinese medical aesthetics industry in 2025 will be defined by "compliance foundation" and "value reassessment" [2] - The shift from a "flow-driven" model to a "technology-driven" model is evident, with an emphasis on the importance of regulatory compliance and technological advancements [2][3] Regulatory Normalization - Regulatory normalization is becoming the core theme of the medical aesthetics industry, with policies reshaping development logic [3] - The release of the "Guidelines for the Pricing of Cosmetic Surgery Medical Services" by the National Medical Insurance Administration standardizes 101 pricing items, addressing issues like "same item different price" [3] - Over 18,000 illegal institutions were shut down, and 327 physicians had their licenses revoked, indicating a shift from sporadic regulation to ongoing purification [3][4] Cross-Industry Capital Involvement - The entry of cross-industry capital is reshaping the compliance landscape and highlighting the long-term value of upstream technology [5] - A strategic investment of 3.403 billion yuan by Zhong Shanshan's Yangshengtang in Jinbo Biological marks a significant milestone in the industry, with Zhong becoming the second-largest shareholder [5][6] - This investment reflects a merging of "technology" and "channel," aiming to leverage Jinbo's unique technology in collagen production with Yangshengtang's extensive distribution network [6][7] Intensifying Competition - The medical aesthetics industry is experiencing intensified competition over core product control, leading to conflicts between brands and distributors [9] - A significant arbitration case between Aimeike and Jiangsu Wuzhong over exclusive agency rights for a key product highlights the ongoing struggle for market control [9][10] - The outcome of such disputes will significantly impact market dynamics and the distribution of profits within the industry [11] Future Landscape - The industry is expected to undergo consolidation and innovation in business models, with leading chains capturing 30%-40% of the market share [13] - The integration of "medical aesthetics + health management" is anticipated to become mainstream, with a focus on preventive care among younger consumers [13] - Investors are advised to focus on upstream core technologies and compliant institutions with strong medical management capabilities, as the industry transitions to a more sustainable and professional era [13]