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Core Viewpoint - The medical beauty industry, particularly in the collagen segment, is experiencing a collective transformation due to slowing growth, declining gross margins, and shrinking valuations, prompting companies to shift their strategic focus towards global markets [1]. Group 1: Financial Performance - Recent financial reports indicate a collective slowdown in growth within the collagen sector, with major companies like Jinbo Biological reporting a net profit of 651 million yuan, down 11.08% year-on-year, and Juzhi Biological experiencing its first dual decline in profitability with a net profit of 1.915 billion yuan, down 7.2% year-on-year [1]. - The domestic market is facing diminishing returns and intensified competition, leading companies to seek international expansion as a new growth driver [1]. Group 2: International Expansion - Companies are increasingly focusing on international markets, with Jinbo Biological obtaining D-class entry approval in four Southeast Asian countries and Juzhi Biological penetrating the Malaysian market [1][3]. - The shift towards internationalization is seen as a strategy to counteract declining domestic profits, with companies aiming to leverage overseas markets for stable growth [1][4]. Group 3: Market Dynamics - The medical beauty sector is witnessing a transition from a seller's market, characterized by high margins and limited competition, to a more competitive landscape where compliance is merely the starting point for market entry [5][6]. - The number of approved collagen filler products has surged, leading to increased competition and price wars, which are pressuring profit margins for manufacturers [6][7]. Group 4: Valuation and Market Sentiment - The valuation landscape for the medical beauty sector is undergoing significant changes, with companies like Jinbo Biological seeing their market capitalization drop from over 50 billion yuan to 18.05 billion yuan, and Juzhi Biological's market cap shrinking by over 50 billion HKD [9]. - The industry is moving away from speculative valuations towards a more rational manufacturing approach, emphasizing operational efficiency and compliance in global markets [10].