【导读】药企抢滩医美赛道，美妆企业展开 " 械字号 " 竞争，行业变革的关键时刻或将到来 中国基金报记者 赵心怡 医美领域不断有新玩家 " 上桌 " 。 一边是药圈大佬加速 " 跑马圈地 " ，一边是产业资本高歌猛进。农夫山泉的老板钟睒睒甚至 豪掷 34 亿元入局锦波生物。 美护企业也从 " 卷营销 "" 卷科技 " ，进化到 " 卷字号 "—— 没有 " 械字号 " 产品，仿佛 站在掉队边缘。 不同势力相继入局，欲要搅动风云。 " 这说明产业边界正在消费升级和技术革命下重构。未 来能胜出的企业，或要兼具医疗级研发深度、消费市场的敏捷度和全链路整合能力，谁融合 得最彻底，谁就能定义新规则。 " 某头部券商分析师说。 巨头加速抢滩 近期，华润医药与 " 玻尿酸三巨头 " 之一昊海生科在医美领域携手，构建 " 研发 - 生产 - 渠道 " 的全链路合作。至此，四大医药流通巨头 —— 国药、上海医药、华润医药、九州 通，均已迈入医美圈。 四大医药流通巨头中，最早看准医美赛道的是九州通。 2016 年，九州通通过投资爱美客切 入医美赛道，后续又与巨子生物、薇诺娜等进行合作，成功占据了相关市场的有利位置。年 报显示， ...

Core Viewpoint - Lepu Medical, a leader in cardiovascular devices, has officially entered the dermatology field with the approval of its self-developed polylactic acid facial filler, "童颜针" (Tongyan Needle), marking a significant milestone for the company amid declining performance in recent years [1][5][6]. Company Developments - The "童颜针" is a dermal filler designed to correct moderate to severe nasolabial folds, utilizing polylactic acid (PLLA) which is biodegradable and safe for human use [5][6]. - The product's approval is seen as a key event for Lepu Medical, enhancing its consumer healthcare business and providing new options for both doctors and consumers [5][6]. - The company has been actively expanding into the ophthalmology and dermatology sectors, with several products in various stages of development, including hyaluronic acid gels [5][7]. Financial Performance - Lepu Medical's financial performance has deteriorated significantly, with a projected net profit decline of over 80% in 2024, marking the worst performance since its listing in 2009 [1][7]. - In 2023, the company reported a revenue of approximately 79.8 billion yuan, a year-on-year decrease of 24.78%, and a net profit of about 12.58 billion yuan, down 42.91% [7]. - For 2024, the expected revenue is around 61.03 billion yuan, a decline of 23.52%, with a net profit of approximately 2.47 billion yuan [7][8]. R&D and Market Position - Despite a decline in R&D expenses and personnel, the proportion of R&D investment relative to revenue has increased, indicating a strategic focus on innovation [9][10]. - The number of R&D personnel decreased by over 20% from 2023 to 2024, reflecting potential adjustments in the company's strategic direction [9][10]. - The competitive landscape for the "童颜针" market is intensifying, with seven similar products already approved in China, suggesting a need for Lepu Medical to leverage its technological advantages to stand out [6][7].

心血管器械龙头乐普医疗正式吹响进军医美赛道的号角。6月3日，公司公告称自主研发的聚乳酸面部填 充剂（俗称"童颜针"）获国家药监局批准上市，成为国产第五款、国内第七款获批的同类产品。这一动 作标志着乐普医疗跨界消费医疗的战略迈出关键一步，同时其肉毒毒素新药也进入审评阶段，双线布局 直指医美市场增量空间。 "童颜针"落地，填补皮肤科领域空白 本次获批的聚乳酸面部填充剂适用于鼻唇沟皱纹填充，通过刺激胶原再生实现长效塑形。乐普医疗在公 告中强调，该产品是公司切入皮肤科领域的"里程碑"，预计将对业绩产生积极贡献。目前国内童颜针市 场已有六款产品竞逐，包括爱美客（300896.SZ）的"濡白天使"、四环医药（00460.HK）的"少女针"以 及进口产品高德美"塑妍萃"等，行业竞争日趋白热化。 器械龙头转型迫在眉睫 乐普医疗的跨界背后是主营业务的增长乏力。财报显示，2024年一季度公司营收17.36亿元，同比下滑 9.67%；归母净利润3.79亿元，同比下降21.44%，业绩已连续多个季度承压。面对集采常态化下医疗器 械行业的利润挤压，公司亟需开辟第二增长曲线——医美、眼科等高毛利消费医疗赛道成为破局关键。 管线纵深布局， ...

Core Viewpoint - The beauty brand Proya is entering the medical aesthetics market with its first medical device product, a collagen patch aimed at post-surgery recovery, as it seeks new growth avenues amid slowing growth of its main brand [1][3][5]. Company Summary - Proya has launched its first medical device product, the medical collagen patch, which is designed for post-surgery skin care [1][3]. - The product is priced at 163 yuan after discount, down from 198 yuan, and is targeted at various skin recovery scenarios [3]. - Proya's main brand revenue growth is slowing, with a reported revenue of 85.81 billion yuan in 2024, showing less than 20% growth compared to previous years [5][6]. - The company aims to achieve a revenue scale exceeding 100 billion yuan in 2024 and has set a goal to enter the top ten global cosmetics companies within the next decade [6][9]. Industry Summary - The medical aesthetics market in China is rapidly expanding, with a market size of approximately 266.9 billion yuan in 2023, projected to exceed 700 billion yuan by 2031 [3][4]. - Other domestic beauty brands, such as Shanghai Jahwa and Beitaini, are also entering the medical aesthetics space, indicating a competitive landscape [4]. - The medical aesthetics sector is still in a phase of complete competition, with no dominant brands yet established, presenting opportunities for new entrants like Proya [4][9]. - Proya's entry into the medical aesthetics market is seen as a necessary strategy to maintain growth and compete with international brands, which have stronger brand positioning and marketing capabilities [9].