Core Viewpoint - The hair transplant industry in China is dominated by three major players: Yonghe, Bilian Sheng, and Dama, with Bilian Sheng being the only one yet to announce any capital operation plans despite its 20 years of establishment [1][2]. Group 1: Company Overview - Bilian Sheng was founded in 2005 by Yulina in Beijing and has recently celebrated its 20th anniversary [1]. - The company has achieved a performance agreement with Huagai Capital and has repurchased relevant equity, currently having no external capital holdings [1]. - Bilian Sheng has opened 42 directly operated institutions across the country, employing approximately 900 medical staff [2]. Group 2: Market Dynamics - The hair transplant market is experiencing a shift in demographics, with the primary audience now being young individuals aged 25 to 35, particularly young women, rather than men over 40 [2]. - There are over 250 million people suffering from hair loss in China, with the highest incidence among the post-90s generation [2]. - The market size for hair transplants is projected to reach 75.6 billion yuan by 2030, with a compound annual growth rate of 18% from 2021 to 2030 [2]. Group 3: Industry Trends - Yulina emphasizes the need for hair transplant companies to diversify beyond surgical services and develop scalp care as a second growth curve, establishing a hair medical ecosystem [3]. - The scalp care market is seen as a significant opportunity, as current medical products in this area are relatively scarce [3].