上 市 公 司 医药生物 2025 年 08 月 21 日 复锐医疗科技 (01696) ——北美承压亚太增长，新品与渠道潜力待释放 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 21 日 | | --- | --- | | 收盘价（港币） | 6.03 | | 恒生中国企业指数 | 8974.77 | | 52 周最高/最低（港币） | 8.07/2.75 | | H 股市值（亿港币） | 28.24 | | 流通 H 股（百万股） | 468.34 | | 汇率（人民币/港币） | 1.0958 | 一年内股价与基准指数对比走势： -6% 94% 194% HSCEI 复锐医疗科技 资料来源：Bloomberg 相关研究 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 联系人 王盼 (8621)23297818× wangpan@swsresearch.com - 本研究报告仅通过邮件提供给 中庚基金 使用。1 公 司 研 究 / 公 ...

Core Insights - The medical beauty industry is undergoing transformation driven by technological advancements and evolving aesthetic perceptions, with non-surgical procedures becoming increasingly popular, particularly in anti-aging treatments [1] - Injection-based aesthetic procedures are gaining traction due to their effectiveness, short recovery times, and high repeat purchase rates, positioning the injection market as a new growth area within the medical beauty sector [1] Group 1: Injection Aesthetic Concepts and Classification - Injection aesthetic procedures are primarily categorized into hyaluronic acid, botulinum toxin, collagen, regenerative injectables, lipolytic injections, and thread lifting, with hyaluronic acid and botulinum toxin dominating the market [2] - In 2023, botulinum toxin treatments led globally with 8.878 million procedures, followed by hyaluronic acid with 5.565 million procedures, indicating a strong preference for these two categories [2] Group 2: Market Heat Analysis - The injection aesthetic market is experiencing rapid growth, driven by advancements in materials and techniques, with synthetic regenerative materials becoming a focal point for investment [6] - By 2024, approximately 60% of investments in injection materials are expected to be directed towards regenerative biological materials, highlighting a shift towards innovative solutions in the market [6] Group 3: Hyaluronic Acid Market Development - Hyaluronic acid maintains a strong market position, with a growth rate of 29.1% from 2022 to 2023, indicating its resilience and adaptability in the face of emerging competition [12] - The market faces challenges such as product homogenization and safety concerns, but opportunities exist for differentiation through innovation and new applications [14][15] Group 4: Botulinum Toxin Market Trends - The botulinum toxin market is evolving towards a dual existence of natural and recombinant products, with recombinant botulinum toxin expected to gain market share due to its safety and customization potential [17] - The market is characterized by intense competition, necessitating a focus on product differentiation and strategic positioning to navigate challenges [19] Group 5: Regenerative Materials Market Insights - The regenerative materials market is currently focused on polylactic acid (PLA) and polycaprolactone (PCL), with significant growth potential in the coming years [23] - New entrants are encouraged to explore innovative technologies and applications, particularly in areas like hydroxyapatite, which is gaining traction for its structural support in aesthetic procedures [27] Group 6: Collagen Market Trends - The collagen market is expanding with various types being explored for aesthetic applications, particularly types I and III, which are popular for their skin-supporting properties [31] - The market is expected to see increased competition as more types of collagen are developed and their applications are diversified [33] Group 7: User Preferences and Trends - Users are increasingly focused on skin quality and overall facial harmony, with a shift towards personalized aesthetic solutions [39][42] - Safety and effectiveness remain the top concerns for users, with a growing emphasis on the qualifications of medical professionals and the quality of procedures over cost [45][60] Group 8: Market Expansion and Internationalization - Chinese medical beauty companies are increasingly looking to international markets, with a focus on regulatory compliance and brand recognition to overcome challenges in foreign markets [70] - The injection aesthetic products are leading the charge in this internationalization effort, with significant investments in regions like Southeast Asia and the Middle East [70]

Core Insights - The aesthetic medicine industry is undergoing transformation driven by technological advancements and evolving aesthetic perceptions, with a focus on non-surgical procedures and anti-aging demands [1] - Injection-based aesthetic procedures are gaining popularity due to their effectiveness, short recovery times, and high repeat purchase rates, positioning them as a new growth area in the aesthetic market [1] Group 1: Injection Aesthetic Medicine Overview - Injection aesthetic procedures are primarily categorized into hyaluronic acid, botulinum toxin, collagen, regenerative injectables, lipolytic injections, and thread lifting, with hyaluronic acid and botulinum toxin dominating the market [2] - In 2023, botulinum toxin treatments ranked first globally with 8.878 million procedures, while hyaluronic acid ranked second with 5.565 million procedures [2] Group 2: Market Trends and Investment Opportunities - The synthetic regeneration field is becoming a hot investment area, with new materials and combinations expanding market boundaries, accounting for approximately 60% of total investment in injection materials [6] - The approval of 15 injectable products by regulatory authorities by November 2024 indicates a growing market, with hyaluronic acid remaining a staple despite recent investment trends [6] Group 3: Hyaluronic Acid Market Dynamics - Hyaluronic acid maintains a strong market position, with a growth rate of 29.1% from 2022 to 2023, indicating a "second growth curve" driven by diverse applications and combination therapies [12] - The industry faces challenges such as product homogenization and safety concerns, but innovation and differentiation strategies can provide entry opportunities [14][15] Group 4: Botulinum Toxin Market Insights - The botulinum toxin market is evolving towards a coexistence of natural and recombinant products, with recombinant botulinum toxin expected to penetrate the market due to its safety and customization potential [17] - Companies must carefully evaluate the cost-benefit ratio when entering the botulinum toxin market, as competition intensifies and regulatory environments remain challenging [19] Group 5: Regenerative Materials Market Trends - Regenerative materials like PLA and PCL are gaining traction, with a focus on products that stimulate collagen regeneration, leading to a rich variety of offerings in the aesthetic market [23] - New entrants should target potential markets like hydroxyapatite, which is rapidly gaining consumer awareness and market share [27] Group 6: Collagen Market Developments - The collagen market is expanding with various types being explored for aesthetic applications, particularly types I and III, which are popular for their skin-supporting properties [31] - The market for collagen injectables is expected to grow as regulatory approvals increase, although competition will intensify [33] Group 7: Consumer Preferences and Trends - Aesthetic medicine users prioritize skin quality and overall facial harmony, with a shift towards personalized beauty solutions and a growing interest in non-surgical procedures [39][42] - Safety and effectiveness remain the top concerns for consumers, with a notable decline in the importance of cost, reflecting a more discerning consumer base [45] Group 8: Market Entry and Competitive Strategies - Companies are encouraged to focus on material innovation, service customization, and strategic international expansion to capture market share in the evolving aesthetic landscape [70] - The global expansion of Chinese aesthetic medicine products is underway, with a focus on compliance and local market strategies to overcome regulatory challenges [70]

2025.06. 30 本文字数：2730，阅读时长大约4.5分钟 "把三个手指握住助推杆向后回抽，小拇指向前推药，像打除皱、瘦脸、瘦肩、瘦腿，我们就这样拿 针，这些技术其实都是 比较简单 的。你通过 一次学习 之后，现场 看一个实操 ，回家立马 捡起注 射器就能干 。 " 这段轻描淡写的"贯口"令人毛骨悚然。它不是笑话，而是非法医美速成班的培训师在教学。 总台新闻频道6月29日播出记者暗访调查报道，在非法医美速成培训班通过三天培训，"零基础"的学 员摇身一变就能成为"医美从业者"。 就在刚刚结束的周末，这家非法举办医美速成班的培训机构在全国8座城市还在同时开班授课。 非法速成、多地同时开班 声称"日收入无上限" 6月28日上午，记者依照上课地址，来到广西南宁西乡塘区一家酒店的会议室，大约有20多人，其中 还有第二次来参加课程的老学员。在正式上课之前，一名自称夏老师的工作人员向大家介绍所在机构 的规模和权威性。 医美速成培训班培训师表示，"我们公司在美业教培已经做了16年，我们在全国一共有32所学校。全 国一线城市，包括现在有的二线城市都有我们的校区。我们这十多年已经帮助了10万家的美业人才 拿到了结果。" ...