Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **collagen injection products** within the **medical aesthetics industry**, highlighting the growth and competitive landscape of this sector [1][5][6]. Company Insights 聚子生物 (Juzi Bio) - **Regulatory Approval**: Juzi Bio has obtained a Class III medical device certificate, enhancing market confidence. New products with increased weight are expected to launch by the end of this year or early next year, albeit at higher prices [1][3]. - **Product Development**: The company plans to introduce multiple collagen-related products, with 1-2 new products expected to be approved in 2026 and another in 2027, creating a comprehensive product matrix to boost market competitiveness [1][4]. - **Sales Performance**: Recent stock price declines are attributed to weaker sales performance during the Double Eleven shopping festival, impacted by competition from international brands and ongoing public sentiment issues [2]. 锦波公司 (Jinbo Company) - **Market Performance**: Jinbo's collagen freeze-dried fiber series has performed well, but profit margins have decreased due to increased competition and falling terminal prices. The introduction of more recombinant collagen products may intensify competition but could also expand market demand [1][8][10]. - **Sales Strategy**: Jinbo is focusing on expanding application ranges and reducing costs to drive market growth. The company is also collaborating with leading institutions for OEM production to enhance product lines [10][22]. Market Dynamics - **Growth Trends**: The collagen injection product line is the third largest in the medical aesthetics market, with a growth rate exceeding 50% since 2022. The micro-aesthetic series is expected to maintain a strong growth trajectory [1][5]. - **Product Pricing and Profitability**: High-margin products like the 10 mg and 12 mg variants have effectively compensated for the slowdown in the 4 mg product line, stabilizing overall growth [1][7]. - **Consumer Trends**: A decline in terminal prices is anticipated to attract younger and lower-tier market customers, expanding the overall market size while reducing the space for non-compliant products [12]. Competitive Landscape - **Market Share**: Recombinant collagen fillers have the potential to replace animal-derived fillers, especially for cost-sensitive consumers. Currently, recombinant collagen occupies 20%-30% of the market share, with significant growth potential remaining [14][15]. - **Unique Advantages**: Recombinant collagen offers lower prices and stable supply compared to animal-derived products, along with compliance and safety advantages, making it a preferred choice in the current regulatory environment [18][19]. Future Outlook - **Market Expansion**: The future growth of recombinant collagen products is promising, with expectations of increased usage as new lower-priced products are introduced and consumer education improves [16]. - **Sales Strategies**: Companies are encouraged to enhance their marketing strategies and strengthen partnerships with medical institutions to improve brand recognition and market acceptance [20][21]. Conclusion - The medical aesthetics industry, particularly in collagen injection products, is poised for significant growth driven by regulatory approvals, innovative product offerings, and strategic market positioning. Companies like Juzi Bio and Jinbo are adapting to competitive pressures while exploring new market opportunities.