中国注射类医美行业研究报告 艾瑞咨询 2025 年 06 月 19 日 核心摘要： 技术手段与审美认知共同引领医美行业变革。随着医美行业进入发展期，非 手术项目选择逐渐丰富，"抗衰老"成为消费者的核心诉求。注射类轻医美项目 为精细化美容塑型提供技术支持，消费者在"变美"基础上更加追求"自然"。 随着新材料的不断出现、及传统材料的不断创新，注射类医美项目丰富度持续提 升，满足多元审美需求，加之其效果明显、恢复期短、可及性强，复购率不断上 涨，案例数及市场规模呈现出超越行业平均的增速。艾瑞认为，注射类医美市场 将成为医美领域新蓝海。 注射类医美概念及分类 通过针剂注射实现微创美容，透明质酸和肉毒素二分天下 注射类医美项目是通过针剂注射方式实现微创美容效果的治疗手段，主要分 为透明质酸类、肉毒素类、胶原蛋白类、再生针剂类、溶脂针类和埋植线类。其 中，医美注射类市场一直被透明质酸和肉毒素二分天下，根据 ISAPS 数据，2023 年全球注射类项目治疗次数排名中，肉毒素以 887.8 万例居世界第一，玻尿酸以 556.5 万例居世界第二。此外，再生针剂、胶原蛋白针也是近年来的"明星项目"， 受到市场的狂热追捧。埋植线、 ...

Core Viewpoint - Perfect Medical Holdings (01830.HK) experienced a significant stock price drop of 18.7% on June 18, resulting in a market capitalization of HKD 23.49 billion, following a profit warning indicating a projected net profit decline of up to 35% for the fiscal year ending March 31, 2025 [1][2]. Group 1: Financial Performance - The company expects a net profit of HKD 205 million to HKD 210 million for the fiscal year ending March 31, 2025, down from HKD 316 million in the previous year, representing a potential decline of approximately 35% [1][2]. - The primary business operations of Perfect Medical are concentrated in Hong Kong, with over 80% of revenue generated from this region as of September 2024 [2]. Group 2: Market Conditions and Competition - The decline in performance is attributed to the sluggish Hong Kong economy and low consumer sentiment, leading to reduced spending on non-essential services like medical aesthetics [2]. - Increasing competition from Shenzhen and South Korea is impacting Perfect Medical, as local consumers are seeking more cost-effective options, with a notable shift towards these regions for medical aesthetic services [2][3]. Group 3: Strategic Responses - In response to the challenging market conditions, the company is launching high-value Korean medical aesthetic services and enhancing customer loyalty programs to stimulate consumption and improve customer experience [2][3]. - Perfect Medical has signed an exclusive partnership with the Korean medical aesthetic brand Oracle to introduce Korean medical techniques in Hong Kong, while also exploring potential acquisitions of promising medical aesthetic clinics in Shenzhen to capitalize on cross-border consumption opportunities [3].

华熙生物否认针对竞争对手的"商战"传言，反对成分命名上的"名称游戏"。 近期，医美行业中围绕"重组胶原蛋白"的探讨，已从学术概念之争演变为医美龙头企业的股价剧烈波 动，引发广泛关注。 这场行业论战始于华熙生物对胶原蛋白领域的质疑，随后美妆博主"大嘴博士"郝宇对巨子生物提出技术 质疑，使争议进一步发酵。 数据显示，5月24日至6月18日期间，市场反应呈现两极分化：华熙生物股价累计上涨23.65%，而主打 重组胶原蛋白概念的巨子生物同期跌幅超过31%。 但从市值来看，截至6月18日收盘，巨子生物市值约514亿元人民币，而华熙生物市值245亿元，仍不足 前者一半。 针对近期争议，华熙生物在回应媒体采访时强调，公司坚决反对在成分命名上玩"名称游戏"，并否认相 关举措存在"商战"动机。 反对"名称游戏" 华熙生物指出，资本市场概念切换导致对透明质酸和重组胶原蛋白的认知出现偏差，这不仅影响了企业 经营环境，也给相关企业带来资源错配风险。 华熙生物表示，其坚决反对成分"名称游戏"。 在关于重组胶原蛋白添加问题的讨论中，华熙生物认为，国货品牌可信度不能建立在学术概念滥用、利 用标准疏漏和水军引导消费者误判的基础上，否则将扭曲 ...

行 业 研 究 华福证券 社会服务 2025 年 06 月 18 日 社会服务 关注 IP 新消费，618 美妆中高端品牌走强 投资要点： 文旅：关注暑期旺季催化，同时关注文旅结合 IP 的新消费逻辑延伸， 以及"苏超"对于江苏区域性的主题带动。 行 业 定 期 报 告 近期主题方面，建议关注 IP+景区的概念延伸，关注峨眉山 A、长 白山、祥源文旅、海昌海洋公园等。第二个主题"苏超"热度持续提 升，建议关注江苏片区出行、体育相关公司主题机遇，建议关注天目 湖、金陵体育等。 潮玩：消费政策延续支持，消费心理边际宽松，潮玩龙头公司表现强 劲。 消费政策延续支持，消费心理边际宽松，潮玩龙头公司表现强劲： 泡泡玛特周涨幅达+11.4%，布鲁可涨+9.4%。港股泡泡玛特因 LABUBU IP 全球断货和海外销售超预期，股价韧性突出；布鲁可因新品反馈热 烈及入通预期强化，市场关注度提升。行业整体受益于暑期档新品周 期催化，板块弹性显著。 黄金珠宝：建议关注终端店效高增及门店拓展空间大的品牌。 金价持续上涨，一口价产品增长表现较好，面向高端客群及年轻 客群的品牌终端店效有望持续高增且门店拓展空间大，建议关注潮宏 基、莱绅 ...

注射类医美丨研究报告 核心摘要： 技术手段与审美认知共同引领医美行业变革。随着医美行业进入发展期，非手术项目选择逐渐丰富，"抗衰 老"成为消费者的核心诉求。注射类轻医美项目为精细化美容塑型提供技术支持，消费者在"变美"基础上更 加追求"自然"。随着新材料的不断出现、及传统材料的不断创新，注射类医美项目丰富度持续提升，满足多 元审美需求，加之其效果明显、恢复期短、可及性强，复购率不断上涨，案例数及市场规模呈现出超越行业 平均的增速。艾瑞认为，注射类医美市场将成为医美领域新蓝海。 注射类医美概念及分类 通过针剂注射实现微创美容，透明质酸和肉毒素二分天下 注射类医美项目是通过针剂注射方式实现微创美容效果的治疗手段，主要分为透明质酸类、肉毒素 类、胶原蛋白类、再生针剂类、溶脂针类和埋植线类。其中，医美注射类市场一直被透明质酸和肉 毒素二分天下，根据 ISAPS 数据， 2023 年全球注射类项目治疗次数排名中，肉毒素以 887.8 万例 居世界第一，玻尿酸以 556.5 万例居世界第二。此外，再生针剂、胶原蛋白针也是近年来的"明星 项目"，受到市场的狂热追捧。埋植线、溶脂针因技术不成熟、安全风险高等原因市场发展较为缓 ...

大会开场，来自政策端与临床一线的发言，为本次会议定下了"从需求出发、向转化落地"的主基调。 北京市医药健康科技发展中心副主任 刘刚 指出，医美作为首都医药健康产业的重要特色板块，正迎来政策体系与资源供给的双重叠加。他介绍，北京近年来在"美 丽健康"领域出台了一系列政策工具，包括 三轮医药健康行动计划、"创新药械全流程优化"试点等 ，在产业空间、资金支持、人才引育、服务机制等方面逐步形成 系统生态。 为 推动医美科技深度发展，促进创新资源要素高效集聚，2025年6月12日， 首届全球医美科技大会 （Global Aesthetic Technology Conference 2025）在北京 市中关村展示中心正式召开。大会由 思宇MedTech、探美医界 联合主办， 中关村联新生物医药产业联盟协办，启迪之星、中关村科学城CGT产业孵化中心等 提 供支持，现场汇聚临床、科研、企业、投资等领域的600余位专业嘉宾。 本次大会聚焦 再生材料、医工融合、投融资机制 等核心议题，围绕" 临床牵引+科技驱动+产业转化 "的路径，展开多维交流。现场不仅发布了多项标志性成果， 也呈现出一个清晰信号：中国医美科技正迈向系统化创新 ...

Core Viewpoint - The ongoing dispute between Changchun Shengboma and New Oxygen Youth Clinic highlights the complexities of compliance and pricing mechanisms in the domestic medical beauty filler market, specifically regarding the product "Aivilan" [1][2] Group 1: Industry Dynamics - The traditional medical beauty market has seen supply-side dominance over pricing, where the cost of consumables, manufacturer profits, and channel premiums dictate the final price [2][5] - The pricing formula can be simplified as: Price = Consumable Cost + Manufacturer Profit + Channel Premium [2] - Manufacturers retain over 90% gross profit margins, leaving minimal profit for other channels and institutions [5][10] Group 2: Pricing Mechanisms - The pricing structure involves multiple layers of markup from manufacturers to distributors and ultimately to medical institutions, leading to significant price inflation [5][6] - For example, the market price of Juvederm Ultra 4 in South Korea is around 2000 RMB, while in first-tier Chinese cities, it can exceed 6000 RMB due to various markups [5][10] - Manufacturers employ various strategies to maintain price control, including supply adjustments, legal pressure on price-cutting distributors, and limiting access to authenticity verification channels [6][10] Group 3: Consumer Perspectives - Consumers often oppose the manufacturers' pricing logic, advocating for transparency and market-driven pricing rather than excessive premiums [2][15] - The dichotomy between the medical attributes of beauty services and their consumer aspects reflects a fundamental conflict in the industry [2][14] - The current pricing logic tends to overlook the value of medical services, leading to a focus on cost-cutting rather than enhancing consumer experience [10][12] Group 4: Future Considerations - A potential solution to the pricing dilemma is itemized pricing, which would reflect the comprehensive service experience rather than just the cost of consumables [11][13] - The industry should aim for a pricing model that allows for fair profit margins for manufacturers while ensuring quality service and safety for consumers [13][14] - Ultimately, the question of who determines medical beauty service prices should involve multiple stakeholders, reflecting a consensus rather than unilateral control [14][16]

Group 1: Hong Kong Stocks - Lehua Entertainment (02306) surged over 24% due to strong market performance of its toy IP "WUKUKU," with multiple new products setting sales records and the theme song exceeding 1 billion views [1] - United Energy Group (00467) rose over 7% after signing a 15-year production increase contract with Uzbekistan's UNG, involving 57.8 billion cubic meters of oil and gas production, with an initial investment of $100 million to expand into Central Asia [1] - Smoore International (06969) fell over 3% as shareholder Yiwei Lithium Energy plans to reduce its stake by 3.5% (216 million shares), resulting in a decrease of its holding to 27.23%, no longer being the controlling shareholder [1] - New World Development (00200) dropped over 5% after completing a "2 for 1" rights issue, issuing 758 million shares and raising HKD 771 million, with oversubscription of 13 times [1] - Fourth Paradigm (06682) increased over 7% after launching AI solutions for the manufacturing industry, covering production optimization to supply chain intelligence upgrades [1] - Shandong High-Tech Holdings (00412) rose over 4% as Zhongtai Securities highlighted significant synergy between its new energy and digital infrastructure, with a data center PUE value of 1.15, enhancing financial integration [1] - KANAT Optical (02276) increased over 4% due to an explosion in the smart glasses market (e-commerce transactions up 8 times), with Meta collaborating with Oakley to launch AI glasses, positioning the company with leading 3C enterprises [1] Group 2: Other Notable Stocks - Sipai Health (00314) rose over 7% after partnering with Anruijiaer to develop customized insurance, planning to sell 6 pharmacies for 5.89 million to focus on core medical insurance business [2] - SF Express (09699) increased over 5% after raising its delivery service revenue cap for 2025/26 to HKD 12.8 billion / HKD 20.5 billion, with demand growth exceeding expectations [2] - Liufu Group (00590) fell over 3% as it projected a 40% decline in profits for the 2025 fiscal year, primarily due to gold hedging losses and high base effects from acquisition gains [2] - Zhenjiu Lidu (06979) rose over 4% after announcing Yao Annan as the "Cultural Heritage Ambassador" for liquor, leveraging Huawei-related topics to boost brand visibility [2] - Ideal Auto-W (02015) dropped over 4% as Meituan's Wang Xing sold 5.73 million shares for HKD 600 million, reducing his stake to 20.61% [2] - Health Road (02587) surged over 7% as its liver disease AI management platform was selected for Beijing's digital medical verification program, supporting WHO's "2030 Hepatitis Elimination" goal [2] - Gilead Sciences-B (01672) rose over 5% after its psoriasis oral drug ASC50 completed the first dosing in Phase I clinical trials in the U.S., targeting the IL-17 pathway [2] - China Silver Group (00815) increased over 10% after partnering with Zefeng Gold to acquire a 55% stake in a lead-zinc exploration company, gaining exploration rights over 50.8 square kilometers in Tibet [2] Group 3: U.S. Stocks - Verve Therapeutics (VERV.US) skyrocketed over 80% as Eli Lilly prepares to acquire the gene-editing company for up to $1.3 billion, with $1 billion as an upfront payment and $300 million contingent on specific clinical milestones [4] - Solar energy stocks plummeted, with Sunrun (RUN.US) down over 40%, Solaredge Technologies (SEDG.US) down over 41%, and First Solar (FSLR.US) down over 22%, following a Republican proposal in the U.S. Senate to terminate wind and solar tax credits by 2028, raising concerns about the industry's outlook [4] - Reddit (RDDT.US) rose over 6% after launching the AI advertising tool Reddit Insights, enhancing ad targeting through real-time user trend analysis [4] - Bitcoin-related stocks fell, with CleanSpark (CLSK.US) down over 7% and Riot Platforms (RIOT.US) down over 5%, as Bitcoin prices dropped nearly 2% to $105,580 amid escalating tensions in the Middle East and high leverage positions in the derivatives market [4] - AMD (AMD.US) continued to rise 0.56% after officially launching the Zen5 architecture Ryzen Threadripper processors, covering the workstation and desktop markets, with a market share close to 50% in China for Q1, although there are concerns about its cost-performance ratio [5] - Brain Regen Technologies (RGC.US) surged over 30% after announcing a 38-for-1 stock split, coupled with FDA clinical trial approval news, although its actual business has no revenue and a very small float, indicating significant retail speculation [6] - Jabil (JBL.US) rose over 8%, reaching a new all-time high of $202.5, with Q3 revenue increasing 15% year-on-year to $7.83 billion, raising its full-year revenue forecast to $29 billion and planning a $500 million investment to support AI data center infrastructure [6] - Niu Technologies (NIU.US) increased over 11% after launching its new NX Play electric motorcycle on Douyin, integrating a smart riding system to enhance user experience [6] - T-Mobile US (TMUS.US) fell nearly 4% as SoftBank sold 21.5 million shares at $224 each, a 3% discount, triggering market sell-off [6] - The pharmaceutical sector saw widespread declines, with Eli Lilly (LLY.US) down over 2% and Novo Nordisk (NVO.US) down over 3%, as concerns grew over the potential impact of the U.S. Senate tax bill on the industry, coupled with profit-taking ahead of some companies' earnings reports [6] - The gold sector declined, with Gold Fields (GFI.US) down over 2.1%, and spot gold fell 0.27% to $3,375.53, as easing tensions in the Middle East reduced safe-haven demand, alongside Citigroup's bearish long-term gold price forecast [7]

点评报告 2025 年 6 月 18 日 晨会纪要 第一创业证券研究所 分析师：郭强 证书编号：S1080524120001 电话：0755-23838533 邮箱：guoqiang@fcsc.com 核[心Ta观bl点e_：Summary] 一、宏观经济组： 证券研究报告 美国 5 月零售销售环比降 0.9%，创 2023 年 3 月以来的最大降幅，预期降 0.6%， 前值从升 0.1%修正为降 0.1%。 美国 5 月零售销售降幅超出预期，主要受汽车销量下滑拖累，而此前因担忧关税 引发的抢购潮已退去。不包括汽车和零部件的美国 5 月零售环比为-0.3%，预期 为 0.2%，前值为持平；而再扣除加油站的核心零售销售环比降 0.1%，预期升 0.3%， 前值为 0.1%。 另外，美联储周二公布的数据显示，5 月份工业产出指数环比为-0.2%，前值（4 月）数据修正后为增长 0.1%。其中，5 月份制造业产值小幅增长 0.1%，前值为 -0.5%。 市场方面，美股有所下滑，道指跌 0.7%,纳指跌 0.91%，标普 500 跌 0.84%；由于 美以冲突有扩大趋势引发避险需求，美元出现上涨，由 98.1 上涨至 ...

Core Viewpoint - New Oxygen (SY.O), known as the "first stock in internet medical beauty," is transitioning to offline institutions, having opened 23 self-operated medical beauty institutions across 9 cities in China within two years since May 2023 [1] Group 1: Business Expansion - In Q1 2025, New Oxygen's medical beauty chain business revenue reached 99 million yuan, a year-on-year increase of over 500% [1] - Management expects the revenue for this business in Q2 to be between 120 million and 140 million yuan [1] Group 2: Conflict with Suppliers - Tensions are rising between New Oxygen and upstream medical beauty material companies, particularly regarding the compliance issues of the "Aivilan" product used in New Oxygen's self-operated clinics [2] - The supplier, Changchun Shengboma Biological Materials Co., claims it does not guarantee the authenticity of the products sold by New Oxygen and has not trained their medical staff on the product [2][3] Group 3: Pricing Strategy - New Oxygen's pricing strategy involves selling a combination product called "Miracle Youth," which includes Aivilan and is priced at 5,999 yuan, significantly lower than the standard price of around 18,000 yuan for Aivilan alone [6][7] - This pricing strategy has raised concerns about whether the use of Aivilan for purposes beyond its approved indications constitutes off-label use [8] Group 4: Industry Dynamics - The conflict reflects broader issues in the medical beauty industry, where upstream manufacturers are losing pricing power amid fierce competition and price wars [10][11] - New Oxygen argues that its pricing strategy is a necessary correction to an unreasonable profit structure in the industry, aiming to make medical beauty services more accessible to a wider audience [13]