医美产品为何多并购？

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights the trend of mergers and acquisitions (M&A) in the medical aesthetics industry, particularly focusing on major global players like Allergan Aesthetics and Galderma, which have expanded their product lines through strategic partnerships and acquisitions [3][9]. - The report emphasizes the importance of product efficacy and the optional consumption nature of medical aesthetic products, which drives companies to pursue M&A to enhance their market presence and product offerings [40][42]. - The report suggests that the domestic company, Aimeike, is expected to continue its M&A activities and product development, with recent acquisitions aimed at expanding its product matrix and market reach [3][43]. Summary by Sections 1. M&A History of International Medical Aesthetic Giants - Allergan Aesthetics has grown into a leading medical aesthetics supplier primarily through acquisitions, with significant products like Botox and Juvederm contributing to a substantial portion of its revenue [11][14]. - Galderma has similarly enriched its product portfolio through acquisitions and collaborations, with key products like Dysport and Restylane being developed through strategic partnerships [24][27]. 2. Reasons for Frequent M&A in Medical Aesthetic Products - The lengthy approval process for medical aesthetic products necessitates companies to seek M&A as a strategy to expedite market entry and reduce development risks [35][39]. - The dual nature of medical aesthetic products, which require both scientific expertise and market insight, makes them more suitable for specialized companies to develop and then partner with larger platforms for commercialization [40][42]. 3. Recent M&A Activities of Aimeike - Aimeike has recently acquired an 85% stake in the South Korean company REGEN Biotech, Inc. for approximately $190 million, aiming to enhance its product offerings and market capabilities [43].