胶原蛋白填充剂因其改善面部美观的能力和非侵入性特性，正成为继玻尿酸之后又一种受追捧的医美 填充剂品类。从胶原蛋白成分来源，可分为动物源性胶原蛋白和重组胶原蛋白。从一些已上市的胶原 蛋白填充剂企业来看，销售毛利率可超过八成，但面对如此多的胶原蛋白填充剂涌入市场，行业高毛 利的趋势能否维持？ 2026.02. 13 本文字数：1655，阅读时长大约3分钟 作者 | 第一财经 林志吟 "以前是没得选，现在是不知道怎么选。"有人用这句话来形容当前的胶原蛋白填充剂市场竞争现 状。 今年以来，奇璞生物、巨子生物这两家公司相继有胶原蛋白填充剂产品拿到医疗器械三类注册证。 按照中国监管要求，玻尿酸、胶原蛋白、再生材料及其他新型注射材料需要获得国家药监局三类医疗 器械注册证。从去年以来，共有9款胶原蛋白填充剂产品顺利拿到了三类注册证，这一数量超过了过 去获批的总数。换言之，胶原蛋白三类注册证变得不那么稀缺。 "在高端医美机构与三甲医院，消费者满意度集中于'自然效果'与'维持时间'两大维度。而在下沉市 场，价格敏感型用户占比提升。核心消费群体已初步形成'年龄+问题部位+预算=适合品牌'的认知框 架。医生端作为关键决策节点，其处方 ...

Core Viewpoint - The "beauty economy" in Shenzhen is rapidly rising, driven by policies and innovation, with the medical beauty industry showcasing unique competitiveness [1][2]. Group 1: Industry Development - The National Medical Products Administration (NMPA) issued the first Class III certificate for ultrasound medical beauty equipment to Shenzhen Peninsula Medical Group's "Peninsula Super Ultrasound" device, marking a significant breakthrough in high-end medical beauty equipment [1][4]. - The medical beauty industry in China is expected to exceed 400 billion yuan by 2025, with the non-surgical light medical beauty market expanding rapidly due to its low risk and quick recovery characteristics [2][4]. - The term "ultrasound cannon" originated in Shenzhen, and since its launch in mid-2021, over 4 million treatments have been performed, averaging more than 3,000 treatments per day [3][4]. Group 2: Regulatory Environment - The release of the "Guiding Principles for the Classification of Ultrasound Devices for Beauty Use" by the NMPA indicates a shift towards stricter regulations for ultrasound medical beauty devices, requiring them to meet Class III medical device standards [4][5]. - The transition from Class II to Class III certification involves higher safety standards and stricter entry barriers, which can take several years to achieve [5][6]. Group 3: Technological Advancements - The "Peninsula Super Ultrasound" device is the first in the domestic medical beauty sector to incorporate an intelligent ultrasound imaging system, enhancing the precision of treatment [8][6]. - Clinical studies have shown that the device significantly improves skin laxity, with a satisfaction rate exceeding 90% among participants [6][8]. Group 4: Company Growth and Investment - Since its establishment in 2008, Peninsula Medical has become a national-level specialized "little giant" enterprise, ranking among the top six global energy source medical beauty equipment companies [9][11]. - The company invests 25% to 27% of its annual sales revenue into research and development, having obtained nearly 70 global certifications and applied for over 1,000 domestic and international patents [11].

Core Insights - The medical beauty market in Changsha has experienced significant growth, with the market size expected to reach 80 billion yuan by 2025, up from less than 3 billion yuan in 2009 and over 50 billion yuan in 2020 [1][2][5] - The industry is currently facing a dichotomy, with a booming market contrasted by the closure of many medical beauty institutions and financial struggles among operators [1][12] - The rise of public hospitals offering medical beauty services has led to a shift in market dynamics, with public institutions gaining market share at the expense of private clinics [12][18] Market Growth and Structure - The medical beauty industry in Changsha began with public hospitals in the 1990s, but the real expansion occurred with the emergence of private medical institutions in the early 2000s [2][3] - By 2020, the number of registered medical beauty institutions in Changsha peaked at around 410, but this number has since decreased to approximately 200 due to market challenges [5][13] - Currently, there are about 370 registered medical beauty hospitals in Changsha, including 17 large specialized hospitals, with over 20,000 practitioners in the city [5][12] Industry Challenges - The private medical beauty sector has seen a slowdown in growth, while public hospitals have been expanding their medical beauty departments [12][18] - Issues such as "black medical beauty" practices, which include unlicensed operations and misleading advertising, have damaged the reputation of private institutions [19][20][23] - Consumer complaints have increased, focusing on poor service outcomes, refund issues, and deceptive marketing practices [20][21][22] Regulatory and Self-Regulatory Measures - The Changsha Medical Beauty Association was established to promote industry standards and combat illegal practices, introducing initiatives like the "Safety Commitment Guarantee Plan" to protect consumer rights [24][25] - The government is enhancing regulatory oversight, with regular compliance training and inspections of medical beauty institutions to ensure adherence to legal standards [26] - The industry is undergoing a restructuring phase, with predictions that only well-established brands and specialized institutions will survive, while those lacking competitive advantages will be eliminated [27]

Core Insights - The entry of new players like JD Health into the medical beauty sector is expected to drive industry standardization and growth, addressing existing issues such as unclear pricing and unqualified practitioners [1][6][10] Group 1: JD Health's Strategy - JD Health opened its first self-operated medical beauty store in Beijing, achieving over 3,000 orders since its pre-sale in September [1] - The company aims to leverage its supply chain advantages to provide transparent pricing and quality services, although some users find its prices not significantly lower than competitors [3][5] - JD Health plans to expand its offline medical beauty market by establishing a subsidiary and applying for the "JD Medical Beauty" trademark [3][5] Group 2: Industry Landscape - The medical beauty industry in China is currently fragmented, dominated by small private institutions, with no major players yet established [6] - The market is projected to reach a scale of 381.6 billion yuan by 2025, driven by increasing consumer demand and a projected annual growth rate of 10% to 15% [6] - New entrants like JD Health and SoYoung are shifting from being intermediaries to establishing their own offline chains, indicating a potential industry transformation [5][10] Group 3: Challenges and Opportunities - The medical beauty sector faces challenges such as high operational costs and regulatory hurdles, which can slow down the establishment of new stores [7][9] - The industry has been plagued by issues like counterfeit products and unqualified practitioners, highlighting the need for larger companies to enter and enforce standards [8][9] - Recent regulatory changes aim to standardize pricing and improve transparency, which could enhance consumer trust and drive market growth [9][10]

Core Viewpoint - Yestar has launched "Eight Service Commitments" to enhance service quality and consumer rights in the medical aesthetics industry, aiming to establish a standardized service framework and improve user experience [1][2] Group 1: Eight Service Commitments - The commitments focus on eight key areas: personnel qualifications, product quality, privacy protection, price transparency, rational medical practices, waiting experience, treatment process, and after-sales support [1] - Specific commitments include ensuring the public availability of medical personnel qualifications, implementing traceability for drugs and equipment, strict information security management to prevent privacy breaches, and establishing a transparent pricing mechanism [1] - Yestar aims to build trust with consumers through these commitments, ensuring consistent high-quality service across its 30 clinics in 20 cities [1] Group 2: Industry Impact and Future Plans - Industry experts believe that leading companies like Yestar taking the initiative to create a transparent and supervised service standard system reflects a sense of responsibility in the industry's standardization process [2] - Yestar plans to use the "Eight Service Commitments" as a foundation to enhance technology introduction and independent research, balancing innovation with safety [2] - The company emphasizes the importance of both "service" and "responsibility" in pursuing long-term value, aiming to foster a new ecosystem in the industry that is more regulated and consumer-friendly [2]

原国家食品药品监督管理总局新闻宣传司副司长申敬旺在会上指出，医美行业进入强监管时代，合规经 营势在必行。近几年，国家多部门联合执法，严格监管整顿医美市场秩序，在政策指引和行业引导 下，"积极加强行业自律"已成主旋律，进一步加强行业自律、关注品牌美誉，多方共同推动医美行业逐 渐向"规范化"过渡。越来越多部门加入医美行业治理整顿过程中来，全方位监管推动行业规范化发展。 新京报讯（记者王卡拉）近日，第八届全球医学美容创新大会（简称美创会）暨首届中国医美科普大会 在京召开，会上发布《中国医美产业创新蓝皮书（2024）》，全面剖析中国医美产业的创新现状与趋 势，深度探索科技创新在推动产业变革中的关键作用，并提出未来发展的战略方向与具体实施路径。通 过对医美行业核心问题的研究和对未来创新战略的深入分析，为行业的持续健康发展提供了重要的理论 指导与实践参考。 中国医学科学院整形外科医院前任院长祁佐良教授指出，目前医美行业消费降级，医疗美容机构举步维 艰，例如北京医疗美容机构800多家，真正盈利的机构并不多，但是不少投资机构仍然看好医美行业。 医美机构以诚信为本，以医疗服务为本，以品质交付为本，不断地满足医美消费者的需求和服 ...