从产品矩阵角度，爱美客此前已拥有"嗨体""濡白天使"等多个行业现象级产品，填补了不同领域的空 白。如今以PDLLA为核心技术的AestheFill产品销售限制得以解除，市场化推广进程重回正轨。爱美客 在中国医美市场深耕多年所建立的庞大销售网络，将实现产品矩阵的完善与渠道协同，开辟第二增长曲 线，同时契合大健康与颜值管理的消费趋势。 截至目前，韩国REGEN公司旗下AestheFill产品和PowerFill产品已积累了多年的国际市场安全性及有效 性数据。这一全球市场准入资质与临床背书，为爱美客旗下产品的出海提供了国际化平台。通过借鉴 AestheFill产品的全球分销网络与国际注册经验，能够显著加快爱美客布局海外市场的进程。 展望未来，通过技术协同、渠道共振与品牌强化，AestheFill产品有望与爱美客现有产品线产 生"1+1>2"的协同效应。爱美客对REGEN公司的收购，不仅仅能提升业绩盈利能力，更可能开启公司发 展的新阶段。 随着中国医美市场从高速增长转向高质量、规范化发展，拥有完整产品矩阵、强大研发实力、合规经营 体系以及清晰国际化路径的头部企业，将持续享有结构性优势。爱美客在此次法律博弈中取得的阶段 ...

Core Viewpoint - The performance of listed medical beauty companies in China shows significant divergence in the first half of 2025, with major players in the hyaluronic acid market facing growth bottlenecks, while companies in the recombinant collagen segment are experiencing substantial growth [1][2][7]. Group 1: Performance of Major Companies - Huaxi Biological reported revenue of 2.261 billion yuan, a year-on-year decline of 19.57%, and a net profit of 221 million yuan, down 35.38% [1][2]. - Haohai Biological achieved revenue of 1.304 billion yuan, a decrease of 7.12%, with a net profit of 211 million yuan, down 10.29% [1][2]. - Aimeike's revenue was 1.299 billion yuan, down 21.59%, with a net profit of 789 million yuan, a decline of 29.57% [1][2]. - In contrast, Jinbo Biological, the first stock of recombinant collagen on the Beijing Stock Exchange, reported revenue of 859 million yuan, an increase of 42.43%, and a net profit of 392 million yuan, up 26.65% [1][2]. - Giant Biological's revenue reached 3.113 billion yuan, a year-on-year increase of 21.66%, with a net profit of 1.182 billion yuan, up 20.23% [1][2]. Group 2: Market Trends and Competition - The medical beauty market in China has seen rapid growth, with the market size increasing from 99.3 billion yuan in 2017 to 189.2 billion yuan in 2021, reflecting a compound annual growth rate of 17.5% [4]. - The competition in the hyaluronic acid sector has intensified, leading to price reductions and impacting the performance of leading companies [4][6]. - The demand for aesthetic products is evolving, with a shift towards user-oriented solutions and a growing emphasis on product innovation and technology [3][7]. Group 3: Strategic Adjustments and Innovations - Huaxi Biological is shifting its marketing strategy to focus on brand building and consumer engagement through platforms like Xiaohongshu and WeChat, moving away from price-driven promotions [5]. - Haohai Biological is also adapting its product offerings, with new high-end hyaluronic acid products showing promising market performance [6]. - The recombinant collagen market is projected to grow significantly, with estimates suggesting it will reach 585.7 billion yuan by 2025, driven by new product launches and market expansion [8][9]. Group 4: Regulatory and International Expansion - The medical beauty industry is witnessing an increase in compliant products, with several companies obtaining third-class medical device registration certificates, enhancing market offerings [10][11]. - Companies like Huaxi Biological and Haohai Biological are actively pursuing international markets, with Huaxi reporting significant revenue from overseas operations [11][12]. - Aimeike's acquisition of a majority stake in a South Korean company highlights the trend of domestic firms expanding their global footprint [12].