齐鲁晚报.齐鲁壹点高雅洁 "第一次做轻医美是因为刷小红书时看到很多本地博主推荐光子嫩肤，说能改善熬夜后的暗沉，正好赶上机构有活动，就想试试水。"28岁的徐溪(化名)是 典型的尝鲜型消费者，她获取轻医美信息的主要渠道是小红书和美团，"平台上很多本地博主分享'轻医美攻略'，还有大量用户真实评价"。对于徐溪而 言，价格亲民是将轻医美纳入"新年货"的核心原因："以前觉得医美是高消费，现在几百块就能尝试，和买一套护肤品差不多，完全能接受。" "最近囤了光子嫩肤和水光针套餐，才600元出头，比每一项单独购买省了将近500元，就当给自己的新年礼物。"28岁的青岛市民孙倩(化名)谈到刚囤的轻 医美优惠券，语气轻快。 如今，像孙倩这样把轻医美当作"新年货"囤券消费的年轻人在青岛越来越多，玻尿酸注射、光子嫩肤、水光针等备受用户关注。"消费门槛降低"正推动轻 医美从"小众精致消费"转向"全民尝鲜年货"，男性也越来越多参与轻医美，比例超过两成。 "新年货"添新选项 低价+节点驱动消费者尝鲜 "轻医美"也被称为"午餐式医学美容"，主要是指通过非手术方式实现祛斑除皱、美白嫩肤等医疗美容目的，常见的轻医美项目包括水光针等注射类、激光 美容 ...

投资逻辑 传统业务企稳，创新药械形成接力。25H1 医疗器械板块收入占比52.7%，药品占比33.2%。医疗器械板 块中结构性心脏病业务成为核心增长动力，25H1 收入+32.06%，神经调控等新领域管线布局完善；药 品板块在仿制药集采后，通过结构优化与零售转型，毛利率回升至62.75%。公司持续向创新药械转 型，控股子公司民为生物专注GLP-1 多靶点药物研发，为长期增长奠定基础。 盈利预测、估值和评级 公司传统业务趋稳，医美、神经调控、创新药构筑新增长极。我们预测2025/2026/2027 年公司实现营业 收入64.57 亿/77.92 亿/92.43 亿元，同比+5.79%/+20.68%/+18.62%，归母净利润10.48亿/12.85 亿/15.31 亿 元，同比+324.34%/+22.64%/+19.13%，对应EPS 为0.57 元/0.70 元/0.83 元。基于公司在心血管器械领域 的龙头地位，短期医美板块开拓新增长曲线、快速增厚利润，药品业务从仿制药向创新药具备长期增长 空间，给予公司2026 年30 倍估值，对应目标价21 元，首次覆盖给予"增持"评级。 风险提示 可转债到期风险； ...

华熙生物是一家专注于生物活性材料研发与生产的中国生物科技企业，成立于2000年，总部位于济南， 2019年在科创板上市，业务覆盖原料、医疗终端及功能性护肤品全产业链。该公司在全球透明质酸原料 市场占据44%的份额，国内市场份额更是达到70%。 早在2002年，华熙生物就以透明质酸原料为切入点进入韩国市场，并逐步拓展至医药、医美、化妆品、 功能性食品等市场。2023年，该公司在首尔正式成立子公司，标志着韩国业务进入新阶段。 1月5日，华熙生物副总裁邹松岩在中国—韩国商务论坛上向21世纪经济报道记者表示，在国际化布局 中，韩国市场是华熙生物的重要阵地。在医美行业，韩国市场发展迅速，且前景光明，华熙生物将继续 深度布局韩国市场。 中国—韩国商务论坛由中国贸促会和韩国大韩商工会议所共同主办，来自中韩两国的政府官员、工商界 人士、专家学者等400余人出席。论坛上，中韩两国企业家围绕"制造业创新、供应链合作""消费品新市 场""服务业合作"三大议题进行深入研讨，并在全体会议后进行交流对接。 在"消费品新市场"的讨论中，邹松岩指出，当前，生物制造已成为全球科技革命和产业变革战略高 地，"十五五" 规划建议明确提出要前瞻布局 ...

智通财经12月27日讯（记者 何凡 武超）随着越来越多厂商的玻尿酸、重组胶原蛋白、"童颜针"等产品 获批，市场竞争愈发白热化，2025年医美行业迎来"冷静期"，上游企业陷入业绩滑坡"困境"，头部生产 商想要继续保持业绩高速增长并非易事。另一方面，价格战成为行业不可回避的话题，面对压力有企业 直言随着竞争者数量的增加，降价在所难免。而围绕产品定价权、代理权多家企业矛盾升级，甚至对簿 公堂。 同时为快速获取技术、品牌或渠道资源，医美上下游并购潮涌现，成为行业洗牌的必然结果。行业专家 在接受智通财经记者采访时认为，市场在经历"洗牌期"，但整体而言受人群消费偏好等影响，未来医美 行业仍将维持可观增速，而行业会朝着"做轻做多"和"做重做精"两条发展路径。 业内仍看好未来行情 晓东分析认为，其一随着城镇化的深入，医美消费人次有非常大比例的上升，男性医美和抗衰医美从大 范围来看均有所提升，其二，在当前环境下人群更偏向于消费包括抗衰在内的"情绪经济"，"在'十五 五'期间医美应该发展还不错。" "童颜针"之争 随着行业内卷的加剧，上游生产商之间、生产商与下游机构之间的纷争逐渐白热化。 其中，爱美客与退市苏吴（以下统称江苏吴中 ...

皮肤屏障功能减弱夏季的频繁清洁、紫外线伤害，可能已经让我们的皮肤屏障有些受损。进入冬 季，如果护理不当，屏障功能无法及时修复，水分流失会更快，导致干燥、瘙痒甚至敏感。 生活习惯改变天气寒冷，大家除了频繁洗热水澡外，各种取暖神器也纷纷登场。暖气、电热 毯、"小太阳"的使用，都会在不知不觉中带走皮肤的水分。 温和清洁避免洗去保护层 应对冬季皮肤干燥，首先从清洁入手，用力过猛将使脆弱的皮肤屏障"雪上加霜"。 水温适度放弃过热的水洗脸、洗澡，它会让皮肤上的天然油脂过度流失。一般水温接近体温，即 35℃至37℃为宜。 寒风凛冽，暖气烘烤，冬季是皮肤"闹脾气"的高峰期——干燥、紧绷、脱屑，甚至瘙痒刺痛？ 今天，皮肤科医生就从中西医结合的视角，聊聊如何科学应对冬季护肤挑战，拯救"干渴肌"，并介 绍能直达根源、强力补水嫩肤的"秘密武器"助您安稳过冬，肌肤水当当！ 为啥冬天皮肤容易"闹情绪" 环境"双低"攻击气温和湿度双双下降，空气中的水分减少，干燥的空气会加速皮肤表面水分的蒸 发，就像一块湿毛巾放在干燥的房间里会更快变干一样。 皮脂分泌减少我们的皮脂腺和汗腺分泌会随着气温降低而变得"懒惰"。皮脂膜是皮肤天然的"保湿 霜"，这 ...

Core Insights - The "light medical beauty" market in China has rapidly penetrated modern life, with treatments like photon rejuvenation and water light needles becoming accessible during short breaks, reflecting a shift in consumer behavior and preferences [1][3][4] - The market has evolved significantly over the past decade, with a growing user base and increasing market transparency, leading to a projected user scale of 31.05 million by 2025 [1][2] - The industry is experiencing consolidation, with small institutions facing challenges due to increased competition from new players like New Oxygen and JD Health, indicating a trend towards chain operations and larger entities [2][12] Market Growth and Trends - The user scale of China's light medical beauty market reached 23.54 million in 2023, with expectations to grow to 31.05 million by 2025 [1] - The medical beauty market size is projected to increase from 227.4 billion yuan in 2021 to 364 billion yuan by 2025, with light medical beauty accounting for 53.3% of the market [1] - The consumer demographic has expanded from a niche market to a broader age range, including Z generation to individuals over 40, indicating a shift towards a more inclusive consumer base [5][12] Consumer Behavior and Preferences - There is a notable shift in consumer preferences from "internet celebrity faces" to more natural aesthetics, with 78% of consumers seeking natural results [4][5] - Male consumers are emerging as a significant growth segment, with their share in the medical beauty market increasing from 14% to 29% between 2022 and 2025 [5][6] - Consumers are increasingly prioritizing quality and personalized aesthetic design over mere procedural outcomes, reflecting a maturation in consumer awareness [4][10] Product and Service Evolution - The market has seen a shift in dominant products, with botulinum toxin and hyaluronic acid remaining the leading choices, while regenerative materials are gaining traction [6][7] - Regenerative materials, such as polylactic acid and recombinant collagen, are being introduced, but experts believe hyaluronic acid will maintain its dominant position due to its established safety and effectiveness [7][8] - The price of medical beauty services is becoming more transparent, with significant reductions in costs for treatments like photon rejuvenation, making them more accessible to a wider audience [10][11] Industry Dynamics and Future Outlook - The medical beauty industry is undergoing significant restructuring, with a high turnover rate of institutions and a trend towards professional consolidation [12][13] - Future industry developments are expected to focus on chain operations, involvement of listed companies, and participation of state-owned capital, enhancing trust and operational efficiency [13][14] - The market is anticipated to continue evolving towards a dual-track model of professionalization and market segmentation, with large chains dominating standardized treatments while niche clinics focus on personalized services [14]

Summary of the Medical Aesthetic Industry Conference Call Industry Overview - The medical aesthetic industry has shown a GMV (Gross Merchandise Volume) growth of 13% year-on-year, reaching 450 million yuan for the period from January to November 2025, although the growth rate has slowed compared to the pandemic period [1][2] - The revenue from the Double Eleven shopping festival accounts for approximately 5% of the total revenue in Q4 [4] Key Insights - **Customer Spending Trends**: - The average transaction value for medical aesthetic products has significantly decreased, with an overall decline of 4% year-on-year. Non-surgical procedures, such as laser treatments and injections, saw a decline of 8-9%, while surgical procedures experienced a stable growth of 2% [1][5] - The long-term trend indicates a continuous decrease in average transaction value, particularly for injection products, which have seen a decline of over 8% [5][6] - **Market Dynamics**: - The decrease in product prices is attributed to increased information transparency, stricter regulations leading to product homogenization, and a rise in new products from upstream manufacturers, which lowers procurement costs [6][7] - Younger consumers are increasingly favoring lower-priced options, and demand from second and third-tier cities has contributed to the decline in average transaction value [6][7] - **Consumer Demographics**: - The proportion of male consumers has increased but remains low at around 5%. The share of younger consumers (ages 18-22) has decreased, while the proportion of consumers aged 35 and above has increased, showing a preference for mid to high-end services and higher repurchase rates [7] - Combined treatments, such as using laser devices alongside injections, have become the norm, reflecting a trend towards package sales [7] Financial Performance - The company has experienced a slowdown in revenue growth, with top-tier institutions reporting a year-on-year revenue increase of about 6% and a net profit margin maintained between 8% and 10% [3][11] - Customer traffic has increased by 12% year-on-year, but the average transaction value has decreased by approximately 5% [11] - The overall revenue growth for the year is expected to be no more than 10%, indicating a shift towards stable growth in the industry [3][11] Competitive Landscape - The market for various medical aesthetic products has become increasingly competitive, with mid-sized and chain clinics experiencing a general slowdown in growth. The overall industry is still growing at over 5%, but the explosive growth phase has ended, leading to a focus on refined operations [13] - The collagen market has seen significant growth, particularly for new specifications introduced by companies to extend product life cycles, despite increased competition from new entrants [19] Inventory Management - Medical aesthetic institutions typically maintain an inventory cycle of about 10 to 15 days, with a slight increase in inventory towards the end of the year to meet peak business demands and supplier requirements [23][24] Conclusion - The medical aesthetic industry is undergoing significant changes, with shifts in consumer behavior, pricing pressures, and competitive dynamics. Companies are adapting their strategies to maintain profitability and market share in a more regulated and competitive environment.

Core Insights - Emerging markets are becoming a significant growth driver for the medical beauty industry, leading to a more balanced industry structure [1] - Meituan Medical Beauty launched the "Navigator Plan" in 2025 to support high-quality medical beauty institutions in emerging markets, aiming to provide consumers with quality and reliable medical beauty services [1] Group 1: Industry Trends - The Meituan Medical Beauty summit in Hangzhou featured local institutions discussing the development of the medical beauty sector [1] - EG Tongyan Medical Beauty, a local institution, has served 12,338 clients in 566 days since joining the "Trustworthy Beauty" initiative, highlighting the importance of consumer trust in the industry [1] - The average daily traffic for Hangzhou's medical beauty market is projected to grow over 4% by October 2025, with an average transaction value exceeding 1,000 yuan, reflecting significant market potential [2] Group 2: Consumer Demographics - Women constitute 85% of the medical beauty clientele in Hangzhou, with individuals aged 20-35 making up over 66%, indicating that young women are the primary market segment [2] - Popular treatments among consumers include photon rejuvenation, injection shaping, hyaluronic acid wrinkle removal, and water light needles [2] Group 3: Strategic Collaborations - Meituan Medical Beauty signed a strategic cooperation agreement with Yazheng Institute, with 35 medical beauty institutions expected to join the Meituan platform this month [2] - The "Navigator Plan" will be expanded to more emerging cities, aiming to connect local quality medical beauty institutions with Meituan's service capabilities [2]

1. Report Industry Investment Rating - The industry rating is "Bullish" [1] 2. Core Views of the Report - The cosmetics industry continues to show differentiation, with brand demand being weak in the off - season, agents seeking change in difficult situations, and producers seizing supply - chain reconstruction opportunities. The medical aesthetics industry has new entrants with better - than - expected shipments, and new product catalysts are worth attention [3][4] 3. Summaries According to Relevant Catalogs 3.1 Cosmetics: Continued Differentiation 3.1.1 Brand Merchants - In 1 - 3Q25, beauty brand merchants' revenue was 28.4 billion yuan, a year - on - year decrease of 0.6%; personal care brand merchants' revenue was 5.7 billion yuan, a year - on - year increase of 12.4%. In 3Q25, beauty and personal care brand merchants' revenues were 8.05 billion and 1.805 billion yuan, a year - on - year decrease of 1.3% and an increase of 7.6% respectively. Beauty revenue weakened quarter - on - quarter, while personal care remained flat [18] - Beauty: Affected by the earlier Double Eleven promotion, consumer enthusiasm declined in September, and brands reduced live - streaming activities. In terms of single - quarter revenue growth, Shuiyang Co., Ltd. and Shanghai Jahwa increased by over 20%, Marubi Co., Ltd. had double - digit growth, Proya had low - double - digit decline, and Betaine and Freda had high - single - digit decline [18] - Personal care: Runben Co., Ltd.'s Q3 revenue increased by 17% year - on - year, with a slight increase in growth rate quarter - on - quarter. Baiya Co., Ltd.'s 3Q25 revenue improved, and Dengkang Oral Care had steady growth [18] - In 1 - 3Q25, beauty brand merchants' net profit after non - recurring items was 2.33 billion yuan, a year - on - year decrease of 15%; personal care brand merchants' was 604 million yuan, a year - on - year decrease of 3.4%. Some companies showed initial cost - control effects [24] 3.1.2 Agents - Agents are seeking change in difficult situations by exploring three paths: incubating self - owned brands (represented by Ruoyuchen), using AI to reduce costs and increase efficiency (represented by Yiwow), and expanding high - growth categories (such as Qingmu Technology expanding into trendy toy agency operations) [30] - Ruoyuchen's self - owned brands Feicui and Zhanjia continued to gain momentum. In Q3, self - owned brand revenue was 451 million yuan, a year - on - year increase of 344.5%, accounting for 55.1%. Zhanjia's Q3 revenue was 227 million yuan, a year - on - year increase of 119%, and 1 - 3Q revenue was 680 million yuan. Feicui's Q3 revenue was 203 million yuan, a quarter - on - quarter increase of over 98.8%, and 1 - 3Q revenue was 362 million yuan [30] 3.1.3 Producers - Demand continued to recover, and the revenue of the producer sector increased by 9%, 17%, and 30% year - on - year from Q1 to Q3, with the growth rate increasing quarter by quarter [33] - QingSong Co., Ltd. focused on optimizing customers and product structure, and its profit turned positive for four consecutive quarters from 2Q24 to 1Q25. Jieya Co., Ltd. had increasing orders from overseas big customers, and its Q3 performance growth accelerated. Jiaheng Home Co., Ltd. increased revenue but not profit, mainly due to the short - term impact of the Huzhou base's capacity ramp - up [33] 3.2 Medical Aesthetics: New Entrants with Better - than - Expected Shipments 3.2.1 Upstream Consumables - The growth rate of demand expansion slowed down, and supply - side competition intensified. In terms of the cumulative number of Class III medical device approvals, hyaluronic acid > regenerative (Sculptra/Poly - L - Lactic Acid) > botulinum toxin > recombinant collagen. Old products of hyaluronic acid and regenerative types faced growth pressure, and the growth rate of recombinant collagen Class III medical device products slowed down significantly quarter - on - quarter [38] - Hyaluronic acid: Aimeike's revenue growth rate from 24Q1 to 25Q3 was + 28.2%/+2.3%/+1.1%/ - 7%/ - 18%/ - 25%/ - 21% year - on - year, showing a quarterly decline since 24Q2 [38] - Collagen: Jinbo Biotech's revenue growth rate from 24Q1 to 25Q1 was + 76%/+100%/+92%/+73%/+63% year - on - year, and in 2Q25/3Q25, it was + 30%/+13% year - on - year. On October 23, the "Recombinant Type I α1 Subtype Collagen Freeze - Dried Fiber" Class III medical device certificate of Giant Biogene was approved by NMPA [38] - Leapmed Medical's medical aesthetics shipments were better than expected, with Q3 medical service and health management business revenue of 320 million yuan, a year - on - year increase of 28%, and the revenue of Sculptra and Hydrodermabrasion reaching 86.1367 million yuan [36] 3.2.2 Downstream - The new model of Xinoxygen Medical Clinics showed high - growth potential. The Q3 revenue guidance was 150 - 170 million yuan, a year - on - year increase of 231% - 275%, and a quarter - on - quarter increase of 4% - 18%. It plans to implement the "100 - City, 1000 - Store" plan in the long term [40] - Stores are expanding from first - tier cities to new first - tier and second - tier cities. As of November 6, it covered 42 stores in 10 cities. The promotion of self - owned brands was remarkable, and it cooperated with Xihong Miracle Sculptra 3.0, priced at 2999 yuan, which was officially launched on September 25 [43] 3.3 Investment Recommendations - Brands with upward potential and both growth and certainty: Recommend Maogeping (Oriental aesthetics, dual - wheel drive of makeup and skincare, and the second - curve of perfume is worth looking forward to) and Shangmei Co., Ltd. (with one cornerstone brand, five growth brands, and N seed businesses) [8][46] - Companies with new product pipelines and expected performance elasticity: Pay attention to Giant Biogene and Leapmed Medical [8][46] - Companies in strategic adjustment and expected to reach an inflection point: Recommend Shuiyang Co., Ltd. (the effect of high - end transformation is gradually emerging), and pay attention to Shanghai Jahwa, Betaine, and Freda [8][46]

Core Insights - The 2025 World Internet Conference held from November 6 to 9 focused on building a collaborative and inclusive digital future, with discussions on AI technology and the digital economy [1] - Jin Xing, founder and CEO of New Oxygen Group, highlighted the transformation of the medical beauty industry from a marketing-driven model to a user experience-centered delivery model, driven by AI and digitalization [1][3] Industry Overview - The Chinese medical beauty market is projected to reach 312 billion yuan in 2024, with a year-on-year growth of 14.8% [3] - The rise of diverse aesthetic values and the "self-appreciation economy" has made medical beauty a representative of new consumption [3] - However, uneven distribution of medical resources and high product prices have led to a trust crisis among consumers [3] Company Strategy - New Oxygen has implemented vertical integration and cost structure optimization since 2021, enhancing the safety, quality consistency, and inclusiveness of medical beauty services through digitalization and AI [3][4] - The company has established standardized fulfillment and dynamic quality control mechanisms to unify service quality across its stores [4][5] - New Oxygen has opened 41 stores in 10 major cities, becoming the largest chain in the light medical beauty sector in China [3] AI and Digitalization - New Oxygen has explored various AI applications in medical beauty, including intelligent skin detection and cross-regional store management, with five AI algorithms registered with the National Internet Information Office [7][8] - The company faces challenges in deep AI application due to high costs and the need for extensive multimodal data [8] - Jin Xing emphasized the importance of overcoming technical challenges to expand AI applications in the medical beauty sector [8] Pricing and Consumer Trust - The average customer price for light medical beauty in China is approximately 3,146 yuan, which is nearly equal to the average monthly disposable income [10] - High prices have contributed to the rise of "black medical beauty," creating potential medical risks [10] - New Oxygen aims to reduce marketing and supply chain costs from 60-80% to below 20% through vertical integration and digital operations, establishing a transparent pricing system [10] Regulatory Environment - Recent government policies are accelerating changes in the medical beauty pricing system, with efforts to streamline clinical trial approval processes [11] - The approval of various popular medical beauty products is expected to shift the market from a seller's market to a buyer's market, enhancing consumer trust [11] - New Oxygen is committed to maintaining transparency and quality in its services while expanding its store network [11]