智通财经APP获悉，中国银河证券发布研报称，看好2026年医药行业投资机会，近期震荡调整后估值已 回落至相对低位，有望在2026年重启升势，投资思路上寻找医药硬科技和细分赛道α，推荐关注创新药 (BIC和FIC管线龙头)、创新器械(影像、高值耗材、消费器械等)、医疗AI方向，关注医药消费复苏及独 立第三方ICL。 中国银河证券主要观点如下： 2025创新药大涨投资启示：投资医药"新"资产 2025年医药板块严重分化，3-9月多种因素持续推动创新药板块持续快速大涨，港股创新药表现更为亮 眼。中国创新药研发凭借显著的成本优势与高效的转化能力，在全球医药产业链展示出竞争优势，研发 方向上向FIC、BIC管线升级，从"技术跟随者"逐步成长为"主导参与者"，长期来看将在全球医药创新格 局中地位将持续上升。2025年创新药板块的强势上涨，是政策、产业、需求与全球化共振的结果，从创 新药、到创新器械、医疗AI，医药"新"资产依然是长期投资方向。 2026年政策展望：十五五开局之年，深化三医协同，系统性推进改革 医保支付有望从住院DRGs向门诊APGs拓展，构建全流程闭环管理以提升基金效能;创新药械将获得从 研发加速、审评审 ...

Core Viewpoint - Haohai Biological Technology has been actively repurchasing its shares, indicating a strategy to support its stock price amid declining performance metrics in the medical aesthetics sector [1][4]. Share Buyback Activity - The company spent HKD 805,700 to repurchase 29,600 shares on November 5, marking the third consecutive trading day of buybacks in November [1]. - In total, Haohai has conducted 23 share buybacks this year, with 11 in the first half and 12 in the second half [1]. - The share buybacks in the second half were divided into two phases: the first from September 15 to September 24, and the second from October 27 to November 5 [1]. Financial Performance - For Q3 2025, the company reported revenue of CNY 594 million, a year-on-year decline of 11.29%, and a net profit of CNY 93.58 million, down 11.39% [4]. - Year-to-date revenue for the first three quarters was CNY 1.899 billion, down 8.47%, with a net profit of CNY 305 million, a decrease of 10.63% [4]. - The decline in revenue is attributed to insufficient domestic consumer demand, intensified industry price competition, and tax rate adjustments [4]. Business Segment Performance - The medical aesthetics segment generated CNY 575 million, accounting for 44.35% of total revenue, with hyaluronic acid products contributing CNY 347 million, down 16.80% [5]. - The epidermal growth factor products saw revenue of CNY 92.38 million, reflecting a growth of 13.73% [5]. Market Position and Valuation - Haohai's current PE (TTM) ratio is 14.82, below the industry average of 20, indicating potential undervaluation [3]. - Despite the stock price decline, the company maintains a net asset value of HKD 26.93 per share, providing an arbitrage opportunity for investors [7]. - Since August 20, 2023, the proportion of shares held by Hong Kong Stock Connect investors has increased from 30.35% to 35.78% [7]. Strategic Focus on Botulinum Toxin - The company has invested USD 31 million in Eirion to develop various botulinum toxin products, aiming to capture a share of the growing market [9]. - The medical aesthetics injection market is dominated by hyaluronic acid and botulinum toxin, which together account for 65% of the market [10]. - The domestic penetration rate for botulinum toxin is significantly lower than in mature markets, suggesting substantial growth potential [12]. Future Outlook - Despite current performance challenges, the company's ongoing development in the botulinum toxin sector may provide a pathway for recovery [14]. - The collaboration with Eirion is expected to yield new products that could enhance market presence and profitability in the future [14].

Core Viewpoint - Haohai Biological Technology has been actively repurchasing its shares, indicating a strategy to support its stock price amid declining performance metrics in the medical aesthetics sector [1][4]. Share Buyback Activity - The company spent HKD 805,700 to repurchase 29,600 shares on November 5, marking the third consecutive trading day of buybacks in November [1]. - In total, Haohai has conducted 23 share buybacks this year, with 11 in the first half and 12 in the second half [1]. - The second phase of buybacks occurred from October 27 to November 5, following an initial phase from September 15 to September 24 [1]. Financial Performance - For Q3 2025, the company reported revenue of CNY 594 million, a year-on-year decline of 11.29%, and a net profit of CNY 93.58 million, down 11.39% [4]. - Year-to-date revenue for the first three quarters was CNY 1.899 billion, down 8.47%, with net profit decreasing by 10.63% to CNY 305 million [4]. - The decline in revenue is attributed to insufficient domestic consumer demand, intensified industry price competition, and tax rate adjustments [4]. Business Segment Analysis - The medical aesthetics segment generated CNY 575 million in revenue, accounting for 44.35% of total revenue, with hyaluronic acid products contributing CNY 347 million, down 16.80% [4][6]. - The epidermal growth factor products saw a revenue increase of 13.73% to CNY 92.38 million [4][6]. Market Position and Valuation - Haohai's current PE (TTM) ratio stands at 14.82, below the industry average of 20 [3]. - Despite the declining stock price, the company maintains a net asset value of HKD 26.93 per share, providing potential profit opportunities for investors [8]. Strategic Focus on Botulinum Toxin - The company has entered a partnership with Eirion to develop botulinum toxin products, aiming to capture a share of the growing market [10][15]. - The botulinum toxin market is dominated by foreign brands, but there is significant room for growth in China, where the penetration rate is currently low compared to mature markets like the U.S. [12][13]. Industry Trends - The medical aesthetics market is experiencing a shift, with hyaluronic acid and botulinum toxin being the leading materials, comprising 98% of the injection market [10]. - The domestic market for collagen is growing rapidly, with a projected compound annual growth rate of 41.45% from 2023 to 2027 [11].

Summary of Medical Aesthetic Industry Conference Call Industry Overview - The medical aesthetic industry is experiencing a slowdown in growth, with leading chain institutions and light medical aesthetic models still maintaining growth. Single stores or non-compliant institutions are facing difficulties, and the proportion of channel medical aesthetics is decreasing [1][2][12]. Key Insights and Arguments - Revenue growth for institutions is up 6% year-on-year, with increased customer flow but a decrease in average transaction value (ATV) by approximately 6%. First-tier cities performed particularly well, with an expected annual growth rate of about 10% for chain institutions [1][2][3][4]. - Promotional activities were advanced to September, significantly boosting revenue, with the repurchase rate of existing customers rising to 61% [1][5]. - The pricing strategy varies significantly among products, with low-priced products used for customer acquisition and high-priced products maintaining profit margins. Institutions attract new customers with low initial prices, then revert to original prices for subsequent treatments [1][9][10]. - Regulatory tightening has led to reduced advertising expenditures in traditional channels, shifting focus to customer referrals and internal membership management systems, resulting in decreased marketing costs but improved ROI [1][11]. Market Dynamics - The industry is expected to focus more on profit margins rather than solely on revenue growth, with a projected overall revenue growth of less than 10% by 2026 and a potential further decline in ATV [3][25]. - The customer demographic has shifted, with a 16% year-on-year increase in customer flow in September, and a notable rise in the proportion of returning customers [5]. - High-end products like collagen and hyaluronic acid are expected to see increased procurement, while non-compliant products will be suspended [3][25]. Product Performance - Different price segments are performing well, with significant growth in customer acquisition products such as water light needles and photon rejuvenation [6][8]. - The price of some products has decreased, such as the Ningbo Weimei 4mg product, while high-end products have maintained stable pricing [8][9]. - The market for botulinum toxin has shown stable growth, with annual growth rates exceeding 10% from 2023 to 2025, despite strict regulations limiting advertising [24]. Future Trends - The industry is expected to develop more healthily and sustainably, with a focus on compliance and quality. Non-compliant small institutions may be eliminated due to increased regulatory scrutiny [12][13]. - Mergers and acquisitions are occurring, particularly among traditional institutions that have not adapted to the light medical aesthetic trend [14]. - Institutions prefer self-built stores over acquiring local existing institutions to maintain brand consistency and leverage operational advantages [15]. Conclusion - The medical aesthetic industry is navigating a complex landscape of regulatory changes, shifting consumer preferences, and competitive pressures. Institutions are adapting by refining their marketing strategies, focusing on customer retention, and optimizing product offerings to ensure sustainable growth in a challenging environment [12][30].

Core Viewpoint - In the first half of 2025, Sihuan Pharmaceutical turned a profit of 103 million yuan after three consecutive years of losses, with the medical beauty business contributing over 300 million yuan, becoming the largest profit source [1][4]. Group 1: Company Transformation and Financial Performance - Sihuan Pharmaceutical, established in 2001, was once a leader in the cardiovascular drug market but faced significant challenges from 2015 to 2024, resulting in a nearly 90% drop in market value [3]. - The company announced a strategic shift in 2020, moving from a focus on generic drugs to medical beauty and innovative drugs [3][4]. - By the first half of 2025, the medical beauty segment generated 585 million yuan in revenue, surpassing the revenue from generic drugs for the first time [6][7]. Group 2: Medical Beauty Business - The medical beauty business is now the flagship segment for Sihuan Pharmaceutical, with expectations of reaching 1 to 1.2 billion yuan in revenue for the year [6][7]. - The company has expanded its product offerings through acquisitions and partnerships, covering various categories in the medical beauty sector, with over 30 approved products [7][8]. - Sihuan's reliance on botulinum toxin remains significant, contributing approximately 80% of its medical beauty revenue, but this is expected to decrease as new products are launched [8]. Group 3: Innovative Drug Development - Sihuan Pharmaceutical has been involved in innovative drug development since 2008, but its contribution to overall revenue remains low, accounting for less than 5% in the first half of 2025 [11][12]. - The company has three commercialized innovative drugs, with only one, Annelazole, generating revenue [11][12]. - The competitive landscape for innovative drugs is intense, with multiple companies vying for market share in similar therapeutic areas [13][14].

Core Viewpoint - Four Seasons Pharmaceutical is undergoing a significant transformation, shifting from a traditional generic drug company to focusing on aesthetic medicine and innovative drugs, with recent strategic moves indicating a recovery and growth potential [2][5][20]. Group 1: Recent Developments - In October 2025, Four Seasons Pharmaceutical completed two major actions: acquiring equity in a Swiss aesthetic medicine company and spinning off its subsidiary Xuan Zhu Bio to list on the Hong Kong stock market, with Xuan Zhu's stock price increasing over 400% in eight trading days, reaching a market value of over 30 billion HKD [2]. - The company reported a profit of 103 million CNY in the first half of 2025, marking its first profit after three consecutive years of losses, with the aesthetic medicine segment contributing over 300 million CNY [5]. Group 2: Business Transformation - Four Seasons Pharmaceutical has shifted its focus from primarily generic drugs to aesthetic medicine and innovative drugs since 2020, with aesthetic medicine now being the largest profit source [5][7]. - The aesthetic medicine revenue reached 585 million CNY in the first half of 2025, surpassing generic drug revenue for the first time, with expectations of reaching 1 to 1.2 billion CNY for the full year [7][8]. Group 3: Market Position and Competition - The company has expanded its aesthetic medicine revenue from 26.87 million CNY in 2020 to 744 million CNY in 2024, narrowing the gap with established players in the industry [8]. - Four Seasons Pharmaceutical's aesthetic medicine products have been approved, with over 30 products in categories such as fillers and skin management, although it remains heavily reliant on botulinum toxin, which accounts for about 80% of its aesthetic medicine revenue [10][11]. Group 4: International Expansion - The company is also pursuing international expansion, having invested in the Swiss company Suisselle, which offers promising products and a global sales network [11]. - Previous international acquisitions include the full acquisition of Genesis Biosystems in the U.S. in 2021, allowing entry into the American market [12]. Group 5: Innovative Drug Business - Four Seasons Pharmaceutical has been involved in innovative drug development since 2008, but its innovative drug revenue remains low, accounting for less than 5% of total revenue in the first half of 2025 [15][16]. - The company has three commercialized innovative drugs, with only one, Annelazole, generating revenue, facing significant competition in the proton pump inhibitor market [16][17]. Group 6: Future Outlook - The company plans to further focus on aesthetic medicine as it prepares for the spin-off of its diabetes-focused subsidiary, Huisheng Bio, which may lead to a more streamlined business model [13]. - The innovative drug pipeline includes over ten candidates, but the competitive landscape in areas like oncology and NASH is crowded, posing challenges for future growth [19][20].

Core Viewpoint - Lepu Medical's recent partnership with Meituan to promote its medical beauty brands "Yueyayan" and "Flora" is seen as a significant transformation effort amid ongoing performance pressures, but the path to success in the increasingly competitive medical beauty market is fraught with challenges [1][6]. Group 1: Financial Performance - Lepu Medical has experienced a continuous decline in performance, with a 23.52% year-on-year drop in revenue and an 80.37% decrease in net profit for 2024, marking the worst results in its 16-year history [2]. - The company recorded a goodwill and other asset impairment loss of 251 million yuan in 2024, with goodwill still amounting to 3.62 billion yuan, representing 14.35% of total assets as of mid-2025, indicating ongoing impairment risks [2]. Group 2: Market Competition - The medical beauty market is highly competitive, with Lepu Medical entering a saturated field where price wars are emerging, exemplified by New Oxygen's introduction of a 2,999 yuan "affordable童颜针" [3]. - Lepu Medical's recent launch of its self-developed polylactic acid facial filler (童颜针) positions it as the seventh product in this category in China, but the company faces significant challenges as a latecomer in a market dominated by established players [3]. Group 3: Diversification and Resource Allocation - In addition to medical beauty, Lepu Medical is diversifying into structural heart disease, GLP-1 innovative drugs, brain-computer interfaces, and artificial intelligence, reflecting its commitment to innovation [4]. - Despite a research and development expenditure of 1.249 billion yuan in 2024, the allocation across multiple emerging fields has resulted in insufficient investment in each area, leading to a strategic shift towards medical beauty amid tightening cash flow [4]. Group 4: Capital Structure Concerns - Lepu Medical, known for its aggressive acquisition strategy, has completed 54 investments and acquisitions from 2008 to 2021, resulting in high goodwill and asset impairment risks [5]. - As of mid-2025, the company's cash reserves have fallen to 3.6 billion yuan, while accounts receivable have risen to 2.05 billion yuan, significantly exceeding industry warning levels, indicating potential liquidity issues [5].

Core Points - The article discusses the recent crackdown on illegal medical beauty practices, specifically focusing on the sale of unlicensed botulinum toxin products in Shanghai's Pudong district [1][10] - A victim reported adverse reactions after using a botulinum toxin product purchased through a WeChat recommendation, leading to police investigations and arrests [2][4] Group 1: Illegal Medical Practices - The police have uncovered multiple cases of "black medical beauty" operations, with a focus on unlicensed sales of botulinum toxin [1][10] - A suspect, who previously sold beauty products, began selling botulinum toxin after observing others profiting from it, despite lacking the necessary qualifications and knowledge [4][7] Group 2: Law Enforcement Actions - Since July, the police have solved six related cases, arrested 19 suspects, and seized over 2,000 boxes of illegal drug injections, 500 syringes, and 800 skin puncture needles, with a total involved amount exceeding 600,000 RMB [10] - The suspect involved in selling the botulinum toxin has been charged with violating drug management laws, while another suspect is under criminal detention [8][10] Group 3: Regulatory Warnings - Authorities emphasize that botulinum toxin is a highly toxic medical product that must be administered in qualified medical institutions by licensed practitioners [10] - The public is warned against trusting unverified sources for medical products, particularly through social media or non-medical settings [10]

Core Viewpoint - The report from CITIC Securities indicates that leading global medical aesthetics companies with established brand strength, proactive global channel expansion, and product innovation are expected to achieve superior growth by Q2 2025 [1] Group 1: Market Dynamics - In the U.S., middle-class demand may continue to face pressure, while competition in the South Korean market is intensifying [1] - Emerging markets in China, Europe, and globally are showing steady growth, contributing positively to the medical aesthetics sector [1] Group 2: Product Trends - Leading companies in botulinum toxin are experiencing more stable growth, with market dynamics shifting towards top-tier players [1] - There is a diversification in filler product categories, with hyaluronic acid facing ongoing pressure, while regenerative materials/PDRN are maintaining high growth [1] - In the equipment category, strong brand products in radiofrequency and ultrasound are expected to sustain their momentum [1] Group 3: Future Outlook - Companies that actively expand globally and invest in new materials and product categories are likely to exhibit strong growth potential and may revise their performance guidance upwards [1] - Regional companies focusing on mature markets may face challenges due to intensified competition and operational pressures [1] - The industry outlook remains positive for leading medical aesthetics companies with established brand presence, as they leverage regional and product category expansions for superior growth [1]

Group 1: Cosmetics Industry Insights - The new consumer brands in the cosmetics sector are expected to achieve a compound annual growth rate (CAGR) of 20%-30% in revenue and profit over the next 2-3 years due to product upgrades and brand building [1] - Retail sales of cosmetics showed steady growth with year-on-year increases of 4.5% and 5.1% in July and August 2025, respectively [1] - The Q3 performance was relatively stable during the off-season, but some companies experienced a decline in revenue growth compared to previous quarters; the overall industry is expected to see low single-digit growth in Q4 2025 [1] Group 2: Marketing Strategies - The effectiveness of influencer marketing is diminishing, leading brands to focus more on the certainty and sustainability of traffic [2] - A shift in marketing strategies is observed, moving from reliance on influencers to a renewed focus on celebrity endorsements, utilizing a flexible matrix approach and short-term collaborations [2] - The new celebrity endorsement model aims to leverage the immediate sales conversion from celebrity fans while enhancing brand image and reaching new demographics [2] Group 3: Medical Aesthetics Industry Insights - The medical aesthetics sector is facing increased competition with a rapid approval of upstream consumables, while the difficulty in maintaining and acquiring new clients at downstream institutions continues to rise [3] - The Q3 performance of Langzi Co.'s medical aesthetics business showed slight improvement compared to H1, but revenue still experienced a low single-digit decline year-on-year [3] Group 4: Upstream and Downstream Dynamics - The demand growth rate is slowing, with an increasing number of products like hyaluronic acid and botulinum toxin being approved, intensifying competition [4] - There is a recommendation to focus on new materials with regulatory advantages, particularly the potential of PDRN [4] - The downstream sector is exploring a "Sam's Club" model in medical aesthetics, with a focus on replicating the business model from first-tier to second and third-tier cities [4]