掘金新消费 - 医美产业链动态更新 20250709 摘要 中国医美市场渗透率远低于发达国家，增长潜力巨大，但机构端鱼龙混 杂，上游产品端如爱美客、华熙生物等通过平价优质产品推动市场发展。 新氧预折扣模式或冲击传统机构，下游机构面临获客成本高、复制难度 大和价格内卷等痛点。 轻医美因门槛较低、易于复制，成为未来发展方向，疫情后服务次数占 比从 30%提升至 70%，预计未来规模达 1,400 亿元。新氧通过极致运 营优化单店模型，将传统门店利润率从不到 5%提升至 15%，关键在于 降低获客成本和采用轻医美小店模式。 新氧通过模拟连锁模式，弱化医生 IP，自建大中台，与各地医美机构合 作店中店，标准化运营。门店前期投入五六百万，成熟期后单店月营收 约三四百万。计划年底门店数量增至 50 家以上，并开放加盟，以轻资 产模式快速复制。 新氧整合产业链上游，建设自有供应链，产品分为青春原创、万师大师 和经典系列。通过贴牌 OEM、外部品牌标品和资深医生处理高难度项目 等方式，增强竞争力，上游累计投入超 10 亿人民币，并计划推出更多 自有产品。 当前中国下游机构主要痛点包括： 中国医美市场供给侧驱动变革的背景和具体 ...

投资者越来越意识到，环境、社会和治理（ESG）表现优异的企业往往在创新能力、长期韧性等方面更具优势，更能适应复杂多变的全球环境，从而创造更 稳定、可持续的投资回报。 在此背景下，近期在格隆汇·中期策略峰会上，四环医药荣获"格隆汇金格奖·ESG创新实践卓越企业"。该奖项不仅是对其长期可持续发展实践的肯定，更是 对其在高增长医美与创新驱动生物制药领域所取得成就及其社会价值的认可。 活动当天，四环医药亦与投资者进行了深入交流。不妨借此了解，公司究竟是如何在ESG浪潮下把握未来医美与创新药行业的机遇。 1、医美业务高增长，绿色创新与普惠可及共筑ESG内核 依托"自研+BD"策略，四环医药旗下医美平台渼颜空间已布局覆盖填充、塑形、光电设备及皮肤管理等60余款产品，满足全生命周期需求，并取得爆发式增 长，2024年医美业务收入达7.44亿元，同比增长65.4%。 支撑这一亮眼业绩的，是公司对产品创新合规以及渠道深化的持续投入。 一方面，四环医药以制药企业的严谨态度打造医美产品矩阵。 全球ESG投资正加速向主流化迈进。 今年上半年，公司自主研发的注射用聚己内酯微球面部填充剂（"少女针"）和聚乳酸面部填充剂（"童颜针"）相继 ...

行 华福证券 潮玩：LABUBU 二手价格基本企稳，关注暑期旺季带动板块营收预期 提升。 行业监管风险、二手市场价格波动等因素共振导致估值回调：《人 民日报》点名盲盒盲卡乱象引发市场担忧，泡泡玛特官方大量补货后 本周二手交易价格基本企稳，泡泡玛特周波动幅度 7.6%，布鲁可为 -3.9%。根据 Google Trend 近 90 日搜索指数，当前 LABUBU 热度已超 过任天堂 Switch2 和 LOL（英雄联盟），在流行文化中表现强势。长 期看好中国软实力提升带动文化消费品出海，海外扩张与新兴市场消 费升级仍存较大赛道红利。 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、莱绅通灵、老铺黄金；传统黄金批发品牌此前多季度出货下滑， 消费者逐步接受高金价后克重黄金消费量有望企稳，终端库存消化后 预计 Q2 陆续补货，主要品牌出货有望改善，建议关注老凤祥、周大福、 周大生；北京地区金银珠宝社零数据高增，建议关注北京区域龙头且 纯直营模式的菜百股份。 华福证券 社会服务 2025 ...

Core Viewpoint - The beauty and cosmetic surgery market in China is rapidly expanding, with an estimated market size of nearly 300 billion yuan in 2024 [1]. Regulatory Developments - The National Healthcare Security Administration (NHSA) has issued a guideline to standardize pricing for commonly used cosmetic surgery services, addressing the prevalent issue of price discrepancies in the booming market [2][4]. - The guideline does not alter the market-based pricing management but aims to unify project names and standardize pricing behaviors among medical institutions [4]. Pricing Structure - Medical institutions can set their own prices for cosmetic surgery services, leading to significant price variations. The new guideline categorizes established procedures under unified names and standardizes abstract pricing projects [4][6]. - The guideline allows for the inclusion of popular treatments under specific categories, such as "ultrasound treatment" and "radiofrequency treatment," to enhance clarity in pricing [6]. Customization and Innovation - The guideline reflects the diverse and personalized needs of patients, allowing for detailed categorization of common procedures, such as lip enhancement [8]. - Medical institutions are permitted to establish additional charges for new technologies and equipment, subject to local healthcare department approval [8]. New Pricing Projects - The guideline introduces new pricing projects for "reduction of scarring through cosmetic suturing" and "surgical incision beautification," encouraging medical professionals to minimize scarring from the outset [9][11]. - A new charge for "revision surgery" has been established, recognizing the increased complexity and difficulty of follow-up procedures compared to initial surgeries [12][14].

华东医药的整体情况和业务布局如何？ 华东医药是医药工商业的龙头企业，渠道优势突出，尤其在代谢和自免领域具 有显著优势。公司前身为 1993 年成立的杭州医药站，1999 年更名为华东医 药，并于 2000 年在深交所上市。目前业务涵盖医药工业、医药商业及医美板 块，其中以医药工业占比最大。2024 年，公司工业收入约 140 亿元，商业收 入约 280 亿元，医美业务约 20 亿元。 华东医药近年来的发展情况如何？ 2019 年以来，由于受到集采试点及医保谈判降价等因素影响，公司一些大单 品如阿卡波糖销售出现下滑。但公司迅速推进业务转型，在传统糖尿病和减重 领域布局外，还深入发展创新药及医美板块。2024 年，公司收入达 400 多亿 元，同比增长 3%，归母净利润增长超过 20%。公司负面因素基本出清，未来 公司在 ADC 领域进行大量创新布局，包括自研与外延式并购或收购，重 磅产品 HDM1,022,005 针对晚期恶性肿瘤，研发进度全球领先，有望 实现海外权益授权。 2024 年底上市索米妥昔单抗、利达西普和乌司奴单抗等生物类新药， 预计今年带来约 10 亿元收入增量，公司创新转型推进显著。工业微生 物 ...

Core Insights - The medical beauty materials market is entering a competitive phase in 2025, with significant approvals for new materials such as agarose and hydroxyapatite, indicating a growing diversity of products [1][10] - The approval of various injection fillers, including recombinant collagen and animal-derived collagen, highlights the rapid development and commercialization of medical beauty materials [1][4] - Investment in medical beauty materials companies has surged, with 12 companies securing funding in the first five months of 2025, reflecting strong interest from investors [4][5] Regulatory Approvals - Hydroxyapatite received two approvals in 2025, with the first compliant product for medical beauty injections approved in February [10] - Agarose also saw its first approval in January 2025, marking a significant milestone for this material in the domestic market [10] - Over 110 products for medical beauty injections have been approved in China, primarily classified as Class III medical devices [2][4] Market Dynamics - The competition for the first regulatory approval (Class III certificate) is intense, as it provides a significant market advantage [10][12] - Companies are increasingly focusing on developing new materials and applications, with many aiming to secure the first approval in various new material categories [11][12] - The market is characterized by a mix of established companies and startups, all vying for a share of the growing medical beauty sector [15][16] Investment Trends - Notable investments in medical beauty materials companies include significant funding rounds for firms like 聚源生物 and 未名拾光, indicating robust investor confidence [5][6] - The trend of startups receiving funding is expected to continue, as the demand for innovative medical beauty solutions grows [4][5] Product Development - Companies are exploring the combination of different materials to enhance product competitiveness, with a focus on safety and efficacy [14][15] - New materials such as PDRN, silk protein, and chitosan are being investigated for their applications in medical beauty and functional skincare [16][17] - The development of multi-indication products is becoming a strategic focus, with companies aiming to address various aesthetic needs [13][15] Future Outlook - The medical beauty market is anticipated to expand, driven by the introduction of new materials and innovative applications [16][17] - The interplay between medical beauty and skincare sectors is expected to create a positive feedback loop, enhancing market growth [16][17] - Ultimately, the success of new materials will depend on their clinical validation and real-world application, as safety and effectiveness remain paramount [16][17]

Group 1 - The core viewpoint is that Lepu Medical has officially entered the aesthetic medicine market with the approval of its self-developed polylactic acid facial filler, marking a significant strategic move into consumer healthcare [1][2] - The newly approved product is expected to fill a gap in the dermatology field and is seen as a milestone for the company, with anticipated positive contributions to its performance [2][3] - The company is facing declining growth in its main business, with a reported revenue of 1.736 billion yuan in Q1 2024, down 9.67% year-on-year, and a net profit of 379 million yuan, down 21.44% year-on-year, indicating a need for new growth avenues [3] Group 2 - Lepu Medical's ambitions in the aesthetic field extend beyond the facial filler, as its subsidiary has submitted an application for a botulinum toxin product, targeting a domestic market worth over 6 billion yuan [4] - The aesthetic medicine market is becoming increasingly competitive, with several existing products already in the market, including those from competitors like Aimeike and Sihuan Pharmaceutical [2][5] - The entry of major pharmaceutical companies into the aesthetic market indicates a shift towards a more robust and competitive landscape, where Lepu Medical's experience in medical device development may provide a commercial advantage [5]

Core Viewpoint - The entry of Lepu Medical into the aesthetic medicine market with its self-developed polylactic acid facial filler, known as "童颜针" (youthful needle), marks a significant transformation for the company amidst a challenging revenue environment [2][11]. Company Overview - Lepu Medical, recognized as the "first stock in cardiovascular" in A-shares, has faced declining revenues since 2022, prompting a strategic shift towards the aesthetic medicine sector through layoffs and reduced investment in stagnant businesses [3][14]. - The company’s latest product approval represents its first major step into the aesthetic medicine field, following previous efforts that included acquiring Suzhou Bomeisi and partnering with American company Saimus for exclusive distribution rights of botulinum toxin products in China [6][11]. Product Details - The approved polylactic acid facial filler is classified as a Class III medical device and is intended for injection into the deep dermis to correct moderate to severe nasolabial folds [3][6]. - This product is part of a competitive landscape, being the seventh approved polylactic acid filler in China and the sixth domestic product, indicating a crowded market with overlapping target demographics [4][10]. Market Dynamics - The regenerative aesthetic medicine market is rapidly growing, with a reported market size of 1.45 billion yuan in 2022 and a projected compound annual growth rate (CAGR) of 31.2% from 2025 to 2027, potentially reaching 11.52 billion yuan by 2027 [12][11]. - The competitive environment is intensifying, with multiple new products being approved, including three new fillers in 2023 alone, indicating a fast-evolving market landscape [9][10]. Financial Performance - Lepu Medical's revenue has been on a downward trend, with a reported decline of 9.47% in its medical device segment and a staggering 42.25% drop in its pharmaceutical segment in 2024 [14][16]. - The company is strategically reallocating resources from its generic drug business to focus on innovative drugs and skin injection products, with the approval of the youthful needle marking an initial success in this transition [16][14].

乳腺癌治疗领域迎来一大重磅消息。 近日，四环医药旗下轩竹生物自主研发的吡洛西利片（商品名：轩悦宁）获批乳腺癌单药及联合氟维司 群双适应症，成为国内唯一拥有单药适应症的CDK4/6抑制剂。 这不仅直接填补了国产创新药在这一领域的临床空白，更标志着我国乳腺癌靶向治疗进入"中国方案"新 阶段。 1、精准匹配中国患者特征，亮眼临床数据破局乳腺癌精准治疗 乳腺癌作为威胁全球女性健康的"头号杀手"，吡洛西利通过独特的"CDK2/4/6/9四靶点作用"机制，在精 准阻断肿瘤细胞增殖通路的同时，能够显著降低血液学毒性发生率，实现对肿瘤的强效持续抑制并提升 治疗耐受性。 这一突破性设计的战略意义，在中国乳腺癌患者中体现的更为深刻。原因在于，我国乳腺癌患者具有中 位发病年龄较西方国家更早、Luminal B型肿瘤、原发耐药及化疗人群比例更高、预后相对较差等特 征，传统治疗方案往往"力不从心"。 从多靶点机制创新到精准匹配中国临床需求的试验设计，吡洛西利的成功上市及其全球领先的疗效数 据，充分彰显了轩竹生物以临床价值为导向的创新研发体系，以及解决重大未满足医疗需求的硬核科技 实力。 2、"医美+创新药"双轮驱动，四环医药基本面全线 ...

Group 1 - The core viewpoint of the news is that Sihuan Pharmaceutical has achieved a significant breakthrough in the regenerative medical aesthetics field with the approval of its self-developed polylactic acid facial filler, known as "童颜针" (Youthful Needle), by the National Medical Products Administration of China [1] - The "童颜针" is based on left-handed polylactic acid (PLLA) microspheres, which have stable biodegradation characteristics and can stimulate the regeneration of autologous collagen, providing both immediate filling and long-lasting regeneration effects [1] - The product has shown superior clinical efficacy compared to similar products on the market, with a high safety profile, as most patients maintain effectiveness for up to one year post-injection [1] Group 2 - According to a Pharmocean report, "童颜针" holds a 6.0% share of the global market, ranking third among similar products [2] - The global market size for "童颜针" is projected to reach approximately $1.488 billion in 2024, growing to $1.5445 billion in 2025, and expected to reach $2.0815 billion by 2033, with a compound annual growth rate (CAGR) of 3.8% from 2025 to 2033 [2] - In China, the market size for "童颜针" was approximately RMB 100 million in 2021, with estimates exceeding RMB 3 billion by 2024, and the regenerative injection market is expected to reach RMB 11.52 billion by 2027, with a CAGR of 54.73% from 2021 to 2025 [2] Group 3 - The approval of "童颜针" marks a dual breakthrough for Sihuan Pharmaceutical, as it has simultaneously obtained third-class medical device certifications for both "少女针" (Girl Needle) and "童颜针" within a month, making it the only company in China to hold compliant certifications for both products [3] - The dual product strategy is expected to create a differentiated competitive advantage and enhance the company's full-chain operational capabilities in research, registration, and commercialization [3] - The two products are anticipated to synergistically meet the needs of different age groups and consumption scenarios, paving the way for the company's growth in the medical aesthetics sector and establishing a strategic foundation for future product pipeline development and market education [3]