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 - Cosmetic surgery is becoming a "must-have" for male executives in Silicon Valley, with the number of male tech executives undergoing cosmetic procedures increasing more than fivefold over the past five years [1] - The number of facial and eyelid surgeries has risen by 25% and 50%, respectively, compared to pre-COVID levels [1] - The cost of a facelift ranges from $40,000 to $65,000, and due to the wealth of Silicon Valley executives, they are willing to invest significantly in their personal image [1] Industry Trends - The shift to remote or hybrid work models post-pandemic has provided executives with the time to undergo cosmetic procedures without impacting their work [1] - Male tech professionals in their 30s tend to prefer non-invasive cosmetic treatments, such as facial fillers, while those in their 40s are more inclined to opt for surgical options [1] - There is a growing societal expectation for male executives to maintain a youthful appearance, reflecting a shift in perceptions that previously focused primarily on female professionals [1]

Core Insights - Cosmetic surgery is becoming a "mandatory course" for male executives in the Silicon Valley tech industry, with the number of male tech managers undergoing cosmetic procedures increasing over five times in the past five years [1] - The number of facial and eyelid surgeries has risen by 25% and 50%, respectively, compared to pre-COVID levels [1] - The cost of a facelift ranges from $40,000 to $65,000, and due to the wealth of Silicon Valley tech executives, they are willing to invest significantly in their personal image [1] Industry Trends - The shift to remote or hybrid work models post-pandemic has provided tech executives with the time to undergo cosmetic procedures without impacting their work [1] - Male tech professionals in their 30s tend to prefer non-invasive cosmetic treatments, such as facial fillers, while those in their 40s are more inclined to opt for surgical options [1] - The perception of aging in the tech industry is changing, with male executives feeling pressure to maintain a youthful appearance to avoid being labeled as "outdated" [1] Social Dynamics - There is a societal shift where the pressure regarding appearance, previously focused on female professionals, is now extending to male executives in Silicon Valley [1] - The industry is increasingly demanding that successful male professionals also present themselves as attractive and charismatic [1]

Core Viewpoint - The article highlights the potential health risks associated with ready-to-eat chicken products, particularly the presence of botulinum toxin, which can arise from improper production and transportation processes [1][5]. Group 1: Source of Toxin - Botulinum toxin is produced by Clostridium botulinum, a bacterium commonly found in nature, which can become dangerous in anaerobic environments [2]. - The A type of botulinum toxin is particularly potent but can be destroyed by heating above 80°C for 30 minutes [2]. - The bacterium thrives in temperatures between 18°C and 30°C and can be inhibited by low pH or extreme temperatures [2]. Group 2: Routes of Poisoning - Foodborne ingestion is a primary route for botulinum toxin poisoning, requiring specific conditions for the bacteria to thrive [4]. - Infants are at risk due to their underdeveloped gut flora, which can allow the bacteria to proliferate if they consume contaminated foods like honey [6]. - Improper use of botulinum toxin in cosmetic procedures can also lead to poisoning if the source is unverified or the procedure is mishandled [7]. - Rarely, the toxin can enter the body through deep wounds contaminated with the bacteria [8]. Group 3: Symptoms of Poisoning - Symptoms typically appear within 1-4 days, with a shorter incubation period indicating more severe illness [10]. - Initial symptoms may include fatigue, dizziness, and gastrointestinal distress, which can be mistaken for common ailments [10]. - As the toxin spreads, neurological symptoms emerge, including blurred vision, difficulty swallowing, and respiratory distress, which can lead to life-threatening situations [10]. Group 4: Prevention Measures - Consumers are advised to choose reputable brands for canned and ready-to-eat products and to check packaging integrity [11]. - Home fermentation and canning should involve thorough sterilization to prevent toxin production [11]. - Infants should not be given honey, and vulnerable populations should avoid unsterilized homemade fermented foods [11]. - For cosmetic procedures involving botulinum toxin, it is crucial to select licensed medical facilities [12]. - Proper wound care is essential to prevent bacterial contamination and subsequent toxin production [13].

Core Viewpoint - The article discusses the rising trend of cosmetic procedures among high school graduates during the summer after college entrance examinations, highlighting both the appeal and the associated risks of these medical beauty services [1][9]. Group 1: Trends in Cosmetic Procedures - There has been a significant increase in the number of high school graduates seeking cosmetic procedures, with a reported 30% rise in patient visits to cosmetic surgery departments during the summer [4]. - Popular procedures among graduates include double eyelid surgery, acne treatment, and non-surgical options like "skin tightening" and hyaluronic acid injections [5][6]. - Medical institutions are actively promoting special offers for graduates, with discounts ranging from 60% to 80% on various cosmetic treatments [6]. Group 2: Risks and Concerns - Experts warn that many young individuals and their parents are unaware of the potential risks associated with cosmetic procedures, emphasizing the need for rational decision-making [1][9]. - There are concerns about the psychological impact of cosmetic procedures, with some individuals experiencing negative outcomes, such as increased anxiety or dissatisfaction with results [7][8]. - Medical professionals advise against certain invasive procedures for individuals under 18, citing concerns about physical maturity and the evolving nature of personal aesthetics [11][14]. Group 3: Education and Awareness - Experts stress the importance of educating young people about the risks and realities of cosmetic procedures, advocating for a healthy and realistic approach to beauty [14][15]. - The influence of social media and advertising is noted as a significant factor driving the trend, with calls for better regulation of the cosmetic industry to protect young consumers [13][15]. - Parents are encouraged to guide their children in developing a healthy self-image and to be cautious of misleading marketing claims from cosmetic service providers [14][15].

Core Insights - The summer vacation after the college entrance examination has led to a surge in demand for cosmetic procedures among prospective college students, particularly for minimally invasive surgeries like double eyelid surgery [2][4]. Group 1: Market Trends - The cosmetic surgery department in hospitals has seen a significant increase in young patients during the summer, with many being high school graduates preparing to enter college [2]. - Parents often accompany these young individuals, showing a preference for procedures with shorter recovery times and lower risks, such as double eyelid surgery and non-surgical options like facial contouring injections [2][5]. Group 2: Medical Aesthetics Definition - Medical aesthetics, or "medical beauty," involves using medical techniques to repair or reshape a person's appearance, and it can be categorized into surgical and non-surgical procedures [2]. Group 3: Youth Perspectives - Opinions among prospective college students vary regarding cosmetic procedures; some view it as a confidence booster, while others express caution due to potential risks [4][5]. - Experts advise against cosmetic surgeries for minors, emphasizing the importance of developing a mature aesthetic sense and understanding the risks involved [4][5]. Group 4: Risks and Considerations - While minimally invasive procedures are popular, they are not without risks, including potential complications from both injection and light-based treatments [6][7]. - Specific contraindications exist for certain individuals, such as those with allergic tendencies or underlying health conditions, which could lead to severe reactions [8][9]. Group 5: Surgical Insights - Double eyelid surgery is categorized into three types: full incision, minimally invasive three-point method, and suture method, each with varying levels of invasiveness and recovery times [12]. - The demand for double eyelid surgery is driven by aesthetic preferences, but it is crucial for patients to have realistic expectations and a stable aesthetic viewpoint [12][13].

Group 1 - The "youth economy" is thriving post-exams, with medical beauty institutions experiencing their busiest season as students combine beauty treatments with travel [1][4] - There is a notable increase in student patients, with a reported 10% to 30% rise in visits to dermatology departments and over a hundred additional surgeries per month in cosmetic centers during July and August [5][6] - Popular procedures among students include double eyelid surgery, rhinoplasty, and facial fillers, with demand increasing by 30% compared to regular periods [5][6] Group 2 - Many students are traveling abroad for medical beauty treatments, particularly to South Korea, where the cost-effectiveness and quality of services attract them [7][8] - Social media plays a significant role in promoting the trend, with discussions and content related to beauty treatments and travel gaining immense popularity [9] - The collaboration of medical beauty and tourism services is crucial, with South Korea offering comprehensive packages that include medical visas and local support for foreign patients [11] Group 3 - Cities like Chengdu are positioning themselves as medical beauty hubs, with plans to generate 100 billion yuan in revenue by 2025 through strategic development policies [11][12] - The shift in consumer preferences towards integrated wellness and beauty experiences is creating opportunities for new business models that combine medical beauty with tourism [12] - The industry faces challenges, including the risk of students falling prey to low-cost, unregulated clinics and the potential for miscommunication during overseas treatments [13][14]

Core Viewpoint - The article highlights the booming trend of "medical beauty + tourism" among young students in China, particularly after the college entrance examination, indicating a significant increase in demand for cosmetic procedures during the summer months [3][10][11]. Group 1: Market Trends - The summer period post-exams sees a surge in medical beauty procedures, with reports indicating a 10% to 30% increase in student patients at certain hospitals [5][8]. - Popular procedures among students include double eyelid surgery, rhinoplasty, and facial contouring, with a reported 30% increase in related business during the summer [7][10]. - The trend of students traveling to major cities or abroad for cosmetic procedures is growing, with a notable flow from second and third-tier cities to first-tier cities and international destinations like South Korea and Japan [8][10]. Group 2: Economic Impact - The report from Deloitte indicates that 31% of middle to high-income individuals plan to seek cosmetic procedures abroad in 2024, translating to over 9 million potential outbound medical beauty seekers based on current estimates [10]. - Chengdu is positioning itself as an "international medical beauty capital," with plans to achieve a revenue target of 100 billion yuan by 2025 [16]. Group 3: Consumer Behavior - Young consumers are increasingly calculating the cost-benefit ratio of beauty procedures, often opting for international options due to lower prices and perceived higher quality [9][14]. - Social media plays a significant role in promoting this trend, with platforms like Xiaohongshu and Douyin generating substantial discussions and views on beauty transformations and travel experiences [11]. Group 4: Service and Infrastructure - South Korea offers comprehensive services for medical tourists, including medical visas and bilingual support, enhancing the appeal for Chinese students seeking cosmetic procedures [15]. - Domestic cities are also exploring innovative models that combine tourism and medical beauty, with initiatives to develop unique beauty tourism routes [16]. Group 5: Risks and Challenges - Despite the growing trend, there are significant risks associated with low-cost procedures, including the potential for infections and financial pitfalls from "beauty loans" [18][19]. - Language barriers and lack of regulatory oversight for local guides can lead to miscommunication and unsafe practices in foreign medical settings [20].

Core Insights - The article highlights the booming trend of "medical beauty" combined with tourism among young students during the summer after the college entrance examination, indicating a significant shift in consumer behavior towards beauty treatments and travel experiences [2][6][10] Group 1: Industry Trends - The summer period sees a 10% to 30% increase in student patients at dermatology clinics, with surgical procedures at cosmetic centers rising by over 100 cases monthly during July and August [3][4] - Popular procedures among students include double eyelid surgery, rhinoplasty, and facial fillers, with demand increasing by 30% compared to regular periods [3][4] - The trend of students traveling from second and third-tier cities to first-tier cities for cosmetic procedures is notable, with international destinations like South Korea and Japan being preferred [4][5] Group 2: Economic Impact - A report indicates that 31% of middle to high-income individuals plan to seek cosmetic procedures abroad in 2024, translating to over 9 million potential outbound medical beauty consumers based on current estimates [5][6] - The medical beauty industry in Chengdu aims for a revenue target of 100 billion yuan by 2025, supported by local government policies promoting the sector [9] Group 3: Consumer Behavior - Social media platforms like Xiaohongshu and Douyin have significantly influenced the popularity of "medical beauty + tourism," with discussions and views on related topics exceeding 100 million [6] - Young consumers are increasingly calculating the cost-effectiveness of procedures abroad, with significant price differences noted between domestic and international options [5][8] Group 4: Regulatory and Safety Concerns - The article raises concerns about the risks associated with cosmetic procedures, particularly for students who may fall victim to unregulated clinics and financial traps [10][11] - Issues such as language barriers and lack of oversight for local guides in foreign countries can lead to complications for consumers seeking medical beauty services [10][11]

Core Viewpoint - The article discusses the rising trend of cosmetic procedures among high school graduates during the summer after college entrance examinations, highlighting both the appeal and the associated risks of medical beauty treatments [1][9]. Group 1: Trends in Cosmetic Procedures - There is a noticeable increase in the number of high school graduates seeking cosmetic procedures, with patient numbers rising by approximately 30% during the summer following the college entrance exams [2][3]. - Popular procedures among high school graduates include double eyelid surgery, facial slimming injections, and laser treatments for acne and blemishes [4][5]. Group 2: Marketing Strategies by Medical Institutions - Medical institutions, both public and private, are actively promoting special offers targeting high school graduates, with discounts ranging from 60% to 80% on various cosmetic procedures [5]. - Social media discussions around cosmetic procedures as rewards for academic achievements are prevalent, indicating a cultural shift towards valuing appearance among young adults [5][12]. Group 3: Risks and Concerns - Experts warn that many cosmetic procedures may not be suitable for high school graduates, emphasizing the need for proper assessments before undergoing surgery [9][11]. - There are significant risks associated with cosmetic procedures, including potential psychological impacts and complications from unregulated practices, as illustrated by cases of patients suffering from adverse effects after seeking low-cost treatments [8][12]. Group 4: Recommendations for Parents and Youth - Experts recommend that parents guide their children in understanding the risks of cosmetic procedures and help them develop a healthy self-image [13]. - It is advised that both parents and students seek information from qualified medical institutions and be cautious of misleading advertisements that may encourage impulsive decisions regarding cosmetic enhancements [12][13].