Core Insights - The domestic medical beauty industry is undergoing a structural transformation in 2025, shifting from a "seller's market" to a "buyer's market" due to an increase in the supply of upstream products [1] - The approval of 52 new Class III medical device registrations in 2025 indicates a significant change in the supply-demand relationship within the industry [1] - Upstream manufacturers are compelled to adjust their competitive strategies, focusing on technological innovation, product iteration speed, and commercialization capabilities [1][4] Upstream Manufacturers - The competition among upstream manufacturers is intensifying as the medical beauty market continues to expand and diversify, with the industry size surpassing 300 billion yuan [3] - The light medical beauty market is expected to grow at a compound annual growth rate of over 20% in the next five years, becoming the mainstream segment [3] - Hyaluronic acid, botulinum toxin, collagen, and regenerative materials are projected to dominate the injection materials market in 2024, with respective market shares of 36%, 29%, 19%, and 16% [3] Product Supply Expansion - In 2025, 25 new Class III medical device registrations for hyaluronic acid products were approved, alongside approvals for collagen products, youth needles, and new materials like agarose and calcium phosphate [4] - Manufacturers are shifting from a "follow the trend" model to focusing on product innovation and expanding new indications, particularly in women's health-related aesthetics [4][5] Competitive Landscape - The competition is expected to transition from merely obtaining licenses to a focus on core technology, research efficiency, and understanding end-user needs [5] - The relationship between upstream manufacturers and downstream medical beauty institutions is evolving into a mutually beneficial partnership rather than a zero-sum game [6] Downstream Institutions - The approval of 52 new Class III medical device registrations has provided downstream institutions with greater product selection and negotiating power with upstream manufacturers [6] - New Oxygen's introduction of competitively priced products has sparked controversy among upstream manufacturers, highlighting the ongoing price competition in the market [6] Market Dynamics - Public hospitals are increasingly entering the medical beauty sector, with 203 hospitals opening or establishing medical beauty departments in 2025, a 229% increase from the previous year [8] - Major internet platforms like Meituan and Tmall are leveraging their traffic advantages to enhance the medical beauty sector, intensifying market competition [8] - The future of the medical beauty industry is expected to be characterized by a diverse and competitive landscape, where trust and professional credibility are crucial for consumer acceptance [8]