据悉，包括半岛医疗、华熙生物、锦波生物等40余家供应链企业参与庆典，凸显鹏爱在医美产业链中的 资源整合能力。庆典期间，深圳鹏爱医院携手爱美客（300896）旗下产品臻爱塑菲，共同发布了"上行 美学"项目。据介绍，该项目不局限于追求外在美，更希望以此来传递一种积极向上的精神，用上扬力 取代焦虑，以生命力引领时代，甚至是成为一种文化。 庆典以传统的醒狮表演开场，鹏爱医美控股集团董事长张晨与深圳鹏爱医院总经理潘尤胜共同为祥狮点 睛，象征新篇章的开启。潘尤胜在致辞中回顾了医院从初创到区域性标杆的成长历程。他表示，未来鹏 爱将继续倡导"三正规、安心美"，持续践行"安全塑美"的理念，不断精进医疗技术，努力深耕服务细 节，做好医美服务的生命周期管理，以更先进的审美理念、更好的效果交付，更细致周到的服务，给广 大客户提供卓越的变美体验。 艾尔建美学南二大区销售总监王永俊作为合作厂商代表发言，他回顾了与鹏爱长达十余年的合作，从保 妥适产品扩展到乔雅登玻尿酸等多品类布局。王永俊表示，双方共同经历了医美市场规范化进程，未来 将聚焦行业健康发展，为客户提供更加优质的产品和服务。 中证报中证网讯(王珞)近日，深圳鹏爱医疗美容医院在院内 ...

Core Viewpoint - The botulinum toxin industry in China is experiencing rapid growth, with the market size projected to increase from 1.9 billion yuan in 2017 to 9.9 billion yuan by 2024, reflecting a compound annual growth rate (CAGR) of 26.6% [1][13]. Industry Overview - Botulinum toxin, originally used for treating muscle spasms, has become a popular choice in medical aesthetics due to its minimal invasiveness and quick recovery time [3][13]. - The application range of botulinum toxin is expanding beyond traditional uses like wrinkle reduction and facial slimming to include treatments for conditions such as migraines and muscle tension disorders [1][13]. Market Dynamics - The medical aesthetics market in China is projected to reach 288 billion yuan by 2024, with a year-on-year increase of 8.03%, indicating a growing consumer demand for beauty enhancement services [11][13]. - The market is characterized by a "six-way split" among leading products, with brands like Botox, Hengli, and Letyb gaining significant market shares [15][17]. Competitive Landscape - The botulinum toxin market is competitive, with established companies like Fosun Pharma, Haohai Biological Technology, and Lanzhou Biological Products Research Institute leading the industry [17][18]. - New entrants are emerging, leveraging innovative technologies and marketing strategies to capture market share [17]. Development Trends 1. **Increasing Industry Penetration** - As living standards rise, the penetration rate of medical aesthetics is expected to increase, particularly in lower-tier cities and rural areas, driven by a younger consumer base [23]. 2. **Enhanced Regulatory Oversight** - The government is intensifying regulations on botulinum toxin production and distribution to ensure safety and quality, which will promote the healthy development of the market [24]. 3. **Rise of Recombinant Botulinum Toxin** - Recombinant botulinum toxin is anticipated to become a future trend due to its lower biological risks, higher purity, and production efficiency, addressing limitations of traditional products [25].

Core Viewpoint - AbbVie has shown resilience in its financial performance despite facing challenges from the loss of exclusivity of its blockbuster drug Humira, with strategic acquisitions and strong growth in other product lines [1][17]. Group 1: Financial Performance - AbbVie’s stock price increased by 16% since November 2023, outperforming the S&P 500 index which returned 9.41% [1]. - Humira's revenue peaked at $21 billion in 2022 but is projected to decline by approximately 38% in 2024 to $8.993 billion due to the entry of biosimilars [2]. - The total revenue for AbbVie in Q4 was $15.1 billion, reflecting a year-over-year growth of 6.1% [6]. Group 2: Product Performance - AbbVie’s immunology drugs, Skyrizi and Rinvoq, have compensated for Humira's losses, with Skyrizi's revenue expected to reach $11.718 billion in 2024, a 50.9% increase, and Rinvoq's revenue projected at $5.971 billion, a 50.5% increase [4]. - The oncology segment, represented by Imbruvica, is facing competition, leading to a revenue decline of 6.9% to $3.347 billion in 2024, but Venclexta and Elahere are showing strong growth [5]. - AbbVie’s neuroscience efforts are yielding a 16.6% growth, driven by Botox Therapeutic and Vraylar [6]. Group 3: Strategic Acquisitions - AbbVie acquired ImmunoGen for $10 billion, enhancing its oncology portfolio with the ADC drug Elahere, approved for platinum-resistant ovarian cancer [1]. - The company also invested $8.7 billion in Cerevel Therapeutics, focusing on neuroscience products [1]. Group 4: Financial Guidance and Valuation - AbbVie adjusted its 2025 earnings guidance, projecting adjusted diluted EPS between $11.99 and $12.19, with a negative impact from acquired IPR&D expenses [7]. - The company maintains a stable operating cash flow between $18 billion and $22 billion annually, providing liquidity and leverage [8][9]. - A discounted cash flow analysis suggests AbbVie is undervalued by approximately 10% based on historical free cash flow margins [11]. Group 5: Market Outlook - AbbVie forecasts that total revenue from Rinvoq and Skyrizi will exceed $31 billion by 2027, indicating a compound annual growth rate of about 21% [4]. - The company’s strong cash generation capabilities and strategic positioning in immunology and oncology suggest a positive outlook despite challenges [17].