Core Viewpoint - The article highlights the recent C-round financing of Puriyan Medical Technology Co., Ltd., amounting to nearly $50 million, aimed at enhancing its product development and market expansion in the aesthetic medical field [1]. Company Overview - Puriyan was established in May 2018 and is headquartered in Nanjing, focusing on medical polymer materials and biological tissue engineering [3]. - The company adopts a serious medical approach to product development, establishing key technology platforms for the engineering preparation of polylactic acid microspheres and decellularized matrix particles [3][5]. Main Business - Puriyan's primary business includes the R&D and production of medical polymer materials and biological tissue engineering products, with a focus on Class I medical devices and expansion into Class II medical devices and aesthetic products [4]. - The company has successfully launched self-developed products such as polylactic acid facial fillers and recombinant collagen series products, with its "童颜针" being the first domestically produced polylactic acid facial filler using a fully sterile filling process [4]. Technology Platforms - Puriyan has established two key technology platforms that address challenges in the underlying materials and processes of medical devices, having obtained two NMPA Class III registration certificates [5]. - The company operates a production facility of over 4,000 square meters and a cleanroom of over 1,000 square meters, equipped with fully automated production and inspection equipment, ensuring high production quality [5].

投资界7月31日消息，据动脉网报道，普丽妍（南京）医疗科技有限公司（以下简称"普丽妍"）近日完 成近5000万美元C轮融资，本轮融资由未来资产资本（中国）领投，老股东雅惠投资、华泰紫金追加投 资，启峰资本担任独 家财务顾问。 普丽妍成立于2018年5月，是一家专注于医用高分子材料和生物组织工程领域的高新技术企业。公司自 成立以来，始终坚持以严肃医疗的态度打磨产品，从原料甄选到工艺创新，从体外研究到动物体内的病 理生理研究，再到多中心的临床研究，逐步建立起高分子聚左旋乳酸微球工程化制备、动物源性脱细胞 基质微粒化等关键的技术平台，构建起以童颜针为代表的一系列再生医美产品矩阵。 普丽妍创始人兼董事长刘平博士表示：作为中国医美行业的深耕者，普丽妍自成立以来，始终坚守"守 正创新·精益求精"的价值观，秉承严肃医疗的态度，从原料甄选到工艺设计，在医用高分子材料和生物 组织工程领域不断探索创新，旨在为爱美人士提供更安全、更有效的美容解决方案。本轮融资将主要用 于后续多个注射医美产品的研发投入、市场推广、渠道建设和扩产扩建等。普丽妍将持续深耕技术，不 断创新迭代，以优质产品和服务赢得市场信赖，致力成为该领域的引领者。 未来 ...

Group 1 - The "youth economy" is thriving post-exams, with medical beauty institutions experiencing their busiest season as students combine beauty treatments with travel [1][4] - There is a notable increase in student patients, with a reported 10% to 30% rise in visits to dermatology departments and over a hundred additional surgeries per month in cosmetic centers during July and August [5][6] - Popular procedures among students include double eyelid surgery, rhinoplasty, and facial fillers, with demand increasing by 30% compared to regular periods [5][6] Group 2 - Many students are traveling abroad for medical beauty treatments, particularly to South Korea, where the cost-effectiveness and quality of services attract them [7][8] - Social media plays a significant role in promoting the trend, with discussions and content related to beauty treatments and travel gaining immense popularity [9] - The collaboration of medical beauty and tourism services is crucial, with South Korea offering comprehensive packages that include medical visas and local support for foreign patients [11] Group 3 - Cities like Chengdu are positioning themselves as medical beauty hubs, with plans to generate 100 billion yuan in revenue by 2025 through strategic development policies [11][12] - The shift in consumer preferences towards integrated wellness and beauty experiences is creating opportunities for new business models that combine medical beauty with tourism [12] - The industry faces challenges, including the risk of students falling prey to low-cost, unregulated clinics and the potential for miscommunication during overseas treatments [13][14]

Core Insights - The 2025 medical beauty industry is expected to show diverse development trends, with various segments demonstrating distinct characteristics [1][5] - Light medical beauty is becoming mainstream due to its minimal trauma, quick recovery, and low risk, attracting many first-time consumers [1][8] - The male medical beauty market is rapidly growing, with 73% of men planning to increase their spending in 2024, focusing on anti-aging and minor adjustments [1][23] - Cross-border medical beauty is booming, with South Korea and Hong Kong being the preferred destinations, accounting for 62% and 45% respectively [1][37] Group 1: Light Medical Beauty - Light medical beauty accounts for 44% in injection and 47% in phototherapy, with a projected compound annual growth rate (CAGR) of 20%-30% over the next five years [1][11] - The primary demographic for light medical beauty is women, making up 89% of the interest group, with 37.5% aged 25-29 [1][14] - Popular procedures include water light needles and photon rejuvenation, with compliance, safety, and efficacy being key consumer concerns [1][18] Group 2: Male Medical Beauty - The male medical beauty market is identified as the "second curve" of industry growth, with significant interest in anti-aging and minor adjustments [1][23] - Social media and workplace scenarios are major drivers for male consumers, with core concerns including nasolabial folds and tear troughs [1][29] - 43% of men plan to increase their medical beauty spending in 2024, indicating a shift in consumer behavior [1][25] Group 3: Cross-Border Medical Beauty - The demand for cross-border medical beauty is projected to reach 26% by 2025, with high cost-effectiveness and professionalism being the main attractions [1][37] - However, concerns about language barriers and difficulties in rights protection remain significant [1][37] Group 4: Youth and Medical Beauty - High school graduates are emerging as a significant consumer group during the summer, with a 245% increase in discussions around "post-exam medical beauty" [2][5] - Popular procedures among this demographic include double eyelid surgery and phototherapy, driven by aesthetic recognition and social media influence [2][5] Group 5: Cross-Industry Integration - Beauty and cosmetics companies are increasingly entering the medical beauty sector, with medical-grade dressings becoming popular entry products [2][5] - The medical device auxiliary market is expected to reach 25.38 billion yuan by 2026, with a CAGR of 30% [2][5]

Company Overview - InMode is a leading global provider of innovative, minimally-invasive aesthetic and wellness solutions[5] - The company has a broad radiofrequency (RF) based portfolio, including capital equipment and consumables[5] - InMode sells in 89 countries[7] - The company has 669 employees worldwide, including 297 direct sales reps and a 42 person R&D team[12] Financial Performance (Q2 2025) - Q2-2025 Revenue was $95.6 million[7] - Q2-2025 Non-GAAP Net Income was $30.1 million[7] - Q2-2025 Non-GAAP Gross Margin was 80%[7] - Q2-2025 Non-GAAP Diluted Earning per Share was $0.47[7] Technology and Solutions - InMode addresses the "Treatment Gap" with minimally-invasive technologies[20] - The company has 10 patented technologies across 11 product families[7] - Clinical studies demonstrate RFAL technology can achieve up to 40% contraction of the heated tissue volume[34] - InMode has launched multiple innovative product platforms since 2010[86]

Core Viewpoint - JD's self-operated medical beauty clinics are making significant progress in channel expansion, particularly through collaboration with Meituan, marking a strategic move in the medical beauty sector [1][4]. Group 1: JD's Medical Beauty Clinic Launch - JD's self-operated medical beauty clinic, named "JD Self-operated Dermatology (Yizhuang Store)," has launched on the Meituan app [2][3]. - This collaboration with Meituan represents the first partnership between JD and Meituan in the medical beauty field [4]. - The Yizhuang Store has received subsidies from Meituan, resulting in some product packages being priced lower on Meituan than on JD's own app [5][14]. Group 2: Pricing and Competition - The pricing strategy shows that even a major player like JD relies on Meituan's local market dominance for customer acquisition [6]. - For example, the "Skin Rejuvenation Package" is priced at 948 yuan on Meituan compared to 998 yuan on JD [15]. - Despite JD's brand advantage, the Yizhuang Store's sales on Meituan are currently limited, with only 5 units sold for the "Bubble Needle" package [16]. Group 3: Future Plans and Expansion - JD plans to open a second self-operated clinic in Beijing's Guomao area by September 30 [20]. - There is anticipation regarding whether more JD medical beauty clinics will be integrated into Meituan in the future [21]. Group 4: Multi-Channel Strategy - JD is also integrating various medical beauty institutions into its app, continuing its dual strategy of being both a platform and a self-operated entity [23][24]. - This approach contrasts with Meituan's focus on being a traffic entry point for offline institutions [25]. Group 5: Industry Context - JD is not the first internet platform to enter the medical beauty sector; New Oxygen has already established 30 self-operated clinics across nine cities since May 2023 [26]. - New Oxygen's clinics also participate in Meituan's subsidy programs, indicating a trend where major players leverage Meituan for customer acquisition [30][31].

Core Viewpoint - The global beauty and medical aesthetics industries are deeply integrating, with Galderma leveraging its unique positioning of "pharmaceuticals + medical aesthetics + skincare" to seize strategic opportunities. This integrated approach aligns with the industry's trend towards "health + aesthetics" [2][4]. Group 1: Company Overview - Galderma has transformed from a skin care company known for selling Cetaphil to a major player in the pharmaceutical and medical aesthetics sectors since its independence from Nestlé in 2019. It is now the largest independent dermatology company globally, operating in over 100 countries with more than 7,000 employees [4][21]. - The company's annual revenue has grown from approximately $3.5 billion in 2020 to over $4 billion, with projections reaching $4.41 billion by 2024. In the first half of 2025, revenue reached $2.448 billion, reflecting a 12.2% growth at constant exchange rates [4][6]. Group 2: Business Segments - Galderma's growth is driven by three main business segments: Injectable Aesthetics, Dermatological Skincare, and Therapeutic Dermatology. In the first half of 2025, these segments generated sales of $1.24 billion, $719 million, and $489 million, respectively, with growth rates of 9.8%, 7.7%, and 26.9% [6][7]. - The Injectable Aesthetics segment, which includes products like neurotoxins and fillers, is the highest revenue contributor, while the Therapeutic Dermatology segment shows significant growth potential, particularly with FDA-approved products [6][8]. Group 3: Market Trends and Consumer Behavior - The beauty industry is entering a "performance-driven" era, with consumers increasingly favoring value-oriented brands and prioritizing ingredient transparency and efficacy. This trend is particularly evident among Gen Z consumers [8][11]. - In the medical aesthetics sector, the demand for injectables is surging due to trends like the "Ozempic face" phenomenon and the aging baby boomer population. Galderma's products, such as Relydess and Sculptra, are well-positioned to capitalize on this growth [8][9]. Group 4: Strategic Positioning in China - China represents the largest and most promising skincare market globally, with a projected market size of 1,073.8 billion RMB in 2024. Galderma's Cetaphil brand aligns well with the increasing demand for effective, clinically-backed skincare products [11][16]. - The company is also expanding its injectable aesthetics offerings in China, with products like Relydess and Sculptra, responding to the rising demand for anti-aging solutions [15][16]. Group 5: Future Outlook - Galderma's robust R&D capabilities and capital support position it for sustained growth over the next decade. The company has a global R&D network with over 650 personnel and has conducted more than 770 clinical trials for its products since 2020 [23][24]. - With its integrated strategy of "pharmaceuticals + medical aesthetics + skincare," Galderma is well-positioned to potentially enter the top 10 global beauty groups and become a core player in the dual beauty and medical aesthetics market [24].

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - The report highlights the significant impact of the WAIC exhibition on AI and consumer opportunities, particularly in the tourism and education sectors [2][4] - The construction of the Yajiang Hydropower Station is expected to significantly boost tourism in Tibet, benefiting leading companies in the region [3][25] - The Hainan Free Trade Port is set to officially start operations on December 18, 2025, which will enhance the user base for duty-free shopping and improve performance in the sector [3][15][17] Summary by Sections 1. Duty-Free and Scenic Areas - The Yajiang Hydropower Station is expected to increase tourist traffic in Tibet, particularly in the Linzhi and Ali regions, which host several national scenic spots [3][22][25] - The Hainan Free Trade Port's upcoming closure will allow visa-free entry for citizens from 85 countries, significantly increasing the user base for duty-free shopping [15][17] 2. Medical Aesthetics - The medical aesthetics industry is experiencing a recovery, with a focus on refined operations and market share optimization among leading institutions [26] - New product releases from upstream manufacturers are anticipated to enhance market dynamics, with companies like JINBO and Sihuan Pharmaceutical being highlighted for their innovative offerings [26][29] 3. Beauty and Personal Care - The beauty and personal care sector is undergoing a transformation due to the "traffic tax" policy, which is expected to increase market concentration among leading brands [37][39] - The demand for mosquito repellent products is rising due to the spread of the Chikungunya virus, benefiting companies like Runben [38][39] 4. Trendy Toys - Recent policies focusing on consumer stimulation and industry regulation are expected to support the performance of compliant leading companies in the trendy toy sector [40] 5. Education - The report emphasizes the progress in AI+Education, with several companies launching AI education products that are expected to see significant revenue growth [4][50] - Notable companies in this space include DouShen Education and ShengTong Education, which are introducing innovative AI-driven educational platforms [44][50]

Core Insights - The article highlights the booming trend of "medical beauty" combined with tourism among young students during the summer after the college entrance examination, indicating a significant shift in consumer behavior towards beauty treatments and travel experiences [2][6][10] Group 1: Industry Trends - The summer period sees a 10% to 30% increase in student patients at dermatology clinics, with surgical procedures at cosmetic centers rising by over 100 cases monthly during July and August [3][4] - Popular procedures among students include double eyelid surgery, rhinoplasty, and facial fillers, with demand increasing by 30% compared to regular periods [3][4] - The trend of students traveling from second and third-tier cities to first-tier cities for cosmetic procedures is notable, with international destinations like South Korea and Japan being preferred [4][5] Group 2: Economic Impact - A report indicates that 31% of middle to high-income individuals plan to seek cosmetic procedures abroad in 2024, translating to over 9 million potential outbound medical beauty consumers based on current estimates [5][6] - The medical beauty industry in Chengdu aims for a revenue target of 100 billion yuan by 2025, supported by local government policies promoting the sector [9] Group 3: Consumer Behavior - Social media platforms like Xiaohongshu and Douyin have significantly influenced the popularity of "medical beauty + tourism," with discussions and views on related topics exceeding 100 million [6] - Young consumers are increasingly calculating the cost-effectiveness of procedures abroad, with significant price differences noted between domestic and international options [5][8] Group 4: Regulatory and Safety Concerns - The article raises concerns about the risks associated with cosmetic procedures, particularly for students who may fall victim to unregulated clinics and financial traps [10][11] - Issues such as language barriers and lack of oversight for local guides in foreign countries can lead to complications for consumers seeking medical beauty services [10][11]

Core Insights - The medical beauty industry is projected to show diverse trends by 2025, with light medical beauty becoming mainstream, accounting for 52% of the market, driven by its low trauma, quick recovery, and low risk [1][6][9] - The compound annual growth rate (CAGR) for both light medical beauty and injection categories is expected to reach 20%-30% over the next five years, with popular treatments including water light needles and photon rejuvenation [1][10] - The male medical beauty market is rapidly growing, with 73% of men planning to increase their investment, focusing on anti-aging and minor adjustments [1][21][24] Light Medical Beauty - Light medical beauty is characterized by minimal trauma and short recovery times, making it appealing to first-time consumers [8][13] - The interest demographic is predominantly female (89%), with over 60% of interested individuals aged 18-29 [1][14] - Key concerns for consumers include product compliance, safety, and efficacy, with 72.4% prioritizing compliance [16][17] Male Medical Beauty - The male medical beauty market is emerging as a significant growth area, with a focus on natural and youthful appearances [21][24] - Core pain points for male consumers include nasolabial folds and tear troughs, with anti-aging and minor adjustments being the primary demands [28][29] - Social media plays a crucial role in reshaping male beauty perceptions, with a notable increase in male interest in medical beauty [25][31] Cross-Border Medical Beauty - There is a growing trend for cross-border medical beauty, particularly to South Korea and Hong Kong, driven by high cost-effectiveness and professional services [1][34][35] - The proportion of consumers planning to seek cross-border medical beauty services is expected to rise, with 62% favoring South Korea as a destination [35][36] Youthful Trends - The youth demographic, particularly students after high school, is becoming a significant consumer group for medical beauty, favoring procedures like double eyelid surgery and photon rejuvenation [1][6] - The market for medical beauty products is projected to reach 25.38 billion yuan by 2026, with a CAGR of 30% [1][37] Cross-Industry Integration - Beauty companies are increasingly entering the medical beauty sector, with medical-grade dressings becoming popular entry products [1][6] - Companies like Huaxi Biological and Shanghai Jahwa are launching products focused on collagen and hyaluronic acid, indicating a trend towards combining beauty and medical treatments [1][6]