北交所新消费产业研究系列（六）：从悦人到悦己，解码美丽消费赛道的增长逻辑

Group 1: Medical Aesthetics Industry - The Chinese medical aesthetics market is expected to reach nearly 370 billion by 2025, with a high growth outlook for the recombinant collagen segment [2][35] - The trend of younger consumers in medical aesthetics is evident, with light medical aesthetics gradually becoming mainstream, accounting for 52% of the market in 2022 [7][12] - Approximately 50.90% of users choose medical aesthetics because "becoming beautiful can make oneself happier," indicating a strong emotional value associated with beauty [4][8] Group 2: Beauty Industry - The retail sales of cosmetics in China are projected to grow at a CAGR of about 9% from 2016 to 2024, with domestic brands expected to maintain growth momentum [2][3] - The Chinese cosmetics market is entering a phase of high-quality development, with trends leaning towards scientific beauty and Eastern philosophies [3][19] - The market for cosmetic raw materials is expected to grow from 1147.80 billion in 2019 to 1603.90 billion by 2024, with a CAGR of 6.9% [2][3] Group 3: Related Companies on the Beijing Stock Exchange - Companies such as Jinbo Biological, which leads in recombinant human collagen medical devices, and Bawei Co., which provides ODM services for domestic and international cosmetic brands, are expected to benefit from the ongoing beauty consumption boom [2][3] - The market for functional skincare products is also seeing new entrants, with companies like Jinbo Biological expanding into this segment [2][3] - The beauty industry is experiencing a transformation driven by technological innovations, including synthetic biology and the application of new materials [2][3]