Industry Overview - The medical beauty injection materials industry in China has a limited number of publicly listed companies, primarily including Huaxi Biological, Haohai Biological, Aimeike, and Juzhi Biological, with most companies involved in the supply of upstream raw materials [1][7]. Company Summaries - Huaxi Biological is a global leader in hyaluronic acid, with a projected revenue of 53.71 billion yuan in 2024, and has expanded into collagen products through acquisitions [2][9]. - Haohai Biological has secured exclusive rights for domestic and international botulinum toxin products and is focusing on a dual product line of hyaluronic acid and botulinum toxin [6][15]. - Aimeike is expected to generate approximately 29.60 billion yuan in sales for its medical beauty injection materials in 2024, emphasizing high-end products [9][15]. - Juzhi Biological is projected to achieve sales of around 55.20 billion yuan in 2024, focusing on collagen products and leading the industry in standard-setting [9][15]. Sales and Production Data - Huaxi Biological has sold over 10 million units of its products, while Haohai Biological and Aimeike have sales around 7 million units each [13]. - Juzhi Biological's collagen products have a sales volume of approximately 55.20 billion yuan, indicating a strong market presence [11][13]. Business Strategies - Huaxi Biological is focusing on core technologies in glyco-biology and cell biology, aiming to enhance its position in the extracellular matrix and anti-aging sectors [15]. - Haohai Biological is pursuing international collaborations and technology imports to strengthen its product offerings and market competitiveness [15]. - Aimeike is developing a high-end product matrix centered on regenerative materials, with significant investments in training and technology [15]. - Juzhi Biological is leading the development of industry standards and expanding its product offerings in the collagen segment [15]. Regional Distribution - The majority of medical beauty injection material companies are concentrated in Shandong Province, with key players in raw material production and equipment manufacturing [7].

2025年4月26日， 昊海生物发布了2024年年报。 # 财报数据 2024年公司实现营业 收入26.98亿元 ，同比 增长1.64% 。归属于母公司股东的净利润为4.20亿元，同比增 长1.04%。整体毛利率为69.88%，同比下降0.63个百分点。 费用变动 现金流 正式报名：首届全球心血管大会 | 赠送纸质白皮书 合作伙伴征集：2025全球手术机器人大会 昊海生物科技（股票代码：688366.SH / 06826.HK）成立于2007年1月24日，是一家专注于生物医用材料 研发、生产和销售的高科技生物医药企业。公司总部位于上海，注册资金1.2亿元人民币，主要从事生物材 料、生物制剂、基因工程药品的研发、生产和销售。 昊海生物科技的主营业务涵盖以下领域： 医疗美容与创面护理产品 公司是 国内第一 大手术防粘连剂生产商，2023年市场份额为28.82%，连续十七年稳居市场首位。 玻尿酸产品 ：公司是国内知名玻尿酸生产商之一，自主研发掌握了单相交联、低温二次交联、线性无颗 粒化交联以及有机交联等交联工艺。第一代产品"海薇"、第二代产品"姣兰"和第三代产品"海魅"已获得 市场广泛认可。 表皮修复基因工程制剂 ...

Core Insights - The medical aesthetics industry is experiencing significant revenue declines among major players, indicating a painful transformation phase for traditional companies [1][2][5] - Huaxi Biological, Aimeike, and Haohai Biological show varying degrees of revenue decline, highlighting differences in business structure and strategic deployment [1][2] - The industry is facing fundamental changes, raising concerns about which companies may fall behind in this transformation [1][8] Company Performance - Huaxi Biological reported a 20.77% year-on-year revenue decline in Q1 2025, with revenue shrinking to 1.078 billion yuan [1] - Aimeike's revenue decreased by 17.90% to 663 million yuan, while Haohai Biological's revenue fell by 4.25% to 619 million yuan [1] - Huaxi Biological's net profit plummeted from 961 million yuan in 2022 to 174 million yuan in 2024, with a further 58.13% decline in Q1 2025 [2][4] Strategic Adjustments - Huaxi Biological is undergoing a significant management overhaul, with leadership changes aimed at addressing operational challenges and improving performance [3][4] - The company is focusing on new fields such as glycoscience and cell biology, which has led to increased management costs [2][3] - Aimeike is shifting its strategy to accelerate product updates and pursue acquisitions in new areas like botulinum toxin and semaglutide [5][6] Market Dynamics - The medical aesthetics market is witnessing intense competition, particularly in the hyaluronic acid segment, raising concerns about whether the market has peaked [8][9] - New materials like hydroxyapatite and recombinant collagen are emerging as potential competitors to hyaluronic acid, indicating a shift in market dynamics [8][9] - Regulatory challenges and lengthy approval processes for medical products are significant barriers to industry growth, impacting companies' ability to innovate [9][10] Future Outlook - Huaxi Biological's turnaround efforts may take time to yield results, especially given its high marketing expenditures [10] - Aimeike's success will depend on the speed of product approvals and market acceptance of its diversified product strategy [6][10] - Haohai Biological is exploring new materials to drive growth, but its performance is still affected by pricing pressures from centralized procurement policies [7][10]