美容护理行业周报：摩漾生物医美产品墨西哥获批，吴中美学三个产品获批二类械

Industry Investment Rating - Overweight (maintained) [3] Core Views - The long-term logic of increasing medical aesthetics penetration rate remains unchanged [5] - The cosmetics channel end faces traffic differentiation, and brand end competition intensifies [5] - Leading domestic brands are expected to continue leading due to advantages in brand, channel, product, and operations [5] Company Highlights Moyo Biotech - Moyo Biotech's "Youfulan® Hydroxyapatite Microsphere Facial Filler" received the highest-risk medical device certification from Mexico's COFEPRIS on December 23 [3] - This product features an innovative "raspberry-like" porous structure of hydroxyapatite microspheres, with precise degradation control within 12±1 months [3] - Latin America is an important emerging market for medical aesthetics devices, with the medical aesthetics market exceeding $710 million in 2021 [3] Wuzhong Aesthetics - Wuzhong Aesthetics recently obtained medical device registration certificates for three Class II medical devices: recombinant collagen sterile liquid dressing, recombinant collagen liquid dressing, and recombinant collagen dressing [4] - These products are mainly used for non-chronic wound care by forming a protective layer on the wound surface [4] - In January 2024, Wuzhong Aesthetics' AestheFill, a polylactic acid facial filler, became the first "baby face needle" product approved in China [4] Investment Recommendations Medical Aesthetics Sector - Focus on companies with strong R&D pipelines and market performance, such as Giant Biogene, Imeik Technology, Jinbo Biotech, Jiangsu Wuzhong, Huadong Medicine, Beauty Farm Medical Health, and Langzi Co [5] Cosmetics Sector - Pay attention to leading domestic brands like Maogeping, Proya, and Shanghai Jahwa, as well as companies with strong growth potential in specific niches, such as Kose Corporation and Runben Co [5] - Watch for companies with potential for marginal improvement, including Marubi, Freda, Betaine, Shu Yang, and Bloomage Biotech [5]