Core Viewpoint - The upstream brand manufacturers capture most of the industry's profits but fail to assume the "chain master" responsibility, leading to safety risks that ultimately burden consumers [1][39]. Group 1: Industry Issues - The medical beauty industry is facing severe issues, with the police announcing strong measures to combat serious crimes in the sector [4]. - Recent investigations have exposed the chaotic practices behind "medical beauty crash courses," raising widespread concern [5]. - "Black medical beauty" institutions are rapidly training unqualified individuals as "professional beauty practitioners" and providing illegal channels for purchasing medical beauty products [6][7]. Group 2: Profit Distribution and Pricing Power - The industry is characterized by "excessive profits," primarily captured by upstream brand manufacturers [8]. - A public dispute between SoYoung (NASDAQ: SY) and Saint Bo Ma highlights the pricing power dynamics in the medical beauty industry [10]. - SoYoung's pricing for a product was significantly lower than the official price set by Saint Bo Ma, leading to accusations of product legitimacy and safety concerns [12][14]. Group 3: Financial Performance and Market Dynamics - SoYoung's revenue is projected to decline from 1.151 billion yuan in 2023 to 929 million yuan in 2024, with a net loss of nearly 590 million yuan [31]. - The average customer acquisition cost for medical beauty institutions has risen significantly, with some reporting costs as high as 3,000 to 5,000 yuan per person [33]. - The profit distribution in the medical beauty industry resembles a "reverse pyramid," with upstream manufacturers holding most of the profits while downstream institutions struggle [35]. Group 4: Regulatory and Ethical Concerns - Upstream manufacturers have neglected their supervisory responsibilities, leading to industry chaos and unsustainable development [40]. - Many manufacturers only provide basic operational training without ensuring compliance and safety standards, contributing to a lack of oversight [41]. - The prevalence of "off-label use" in medical beauty procedures raises ethical concerns, with a significant portion of disputes arising from such practices [53][56]. Group 5: Future Outlook - The recent release of guidelines by the Medical Insurance Bureau aims to improve the pricing structure in the medical beauty sector, promoting transparency and clarity [60][61]. - The industry is expected to shift towards a model that emphasizes technology at the upstream level and service quality at the downstream level [62].

Core Viewpoint - The first Global Aesthetic Technology Conference 2025 was held in Beijing, focusing on the deep development of aesthetic technology and the efficient gathering of innovative resources, signaling a new stage of systematic innovation and implementation capability in China's aesthetic technology sector [2][14]. Group 1: Policy Guidance and Mechanism Construction - The conference established a main theme of "starting from demand and focusing on transformation," with significant policy support for the aesthetic medicine sector in Beijing [3][14]. - A series of policy tools have been introduced in the "beautiful health" field, forming a systematic ecosystem in terms of industrial space, funding support, talent cultivation, and service mechanisms [3][14]. Group 2: Multidisciplinary Collaboration - The integration of regenerative medicine, material science, energy devices, and artificial intelligence is emphasized as the core of advancing aesthetic technology [5][14]. - Collagen-related products are highlighted as current clinical and industrial hotspots, reflecting a consensus in the industry to move upstream and closer to clinical applications [5][14]. Group 3: Awards and Competitions - The conference launched the 2025 Global Aesthetic Technology Innovation Awards, showcasing innovations in materials, equipment, and results transformation within the aesthetic technology sector [7][14]. - The third China Aesthetic Surgery Technology Achievement Transformation Competition was initiated, focusing on the core role of aesthetic surgery technology achievements in industry development [9][14]. Group 4: Systematic Challenges in Aesthetic Technology - The aesthetic industry is undergoing a reconstruction led by science, with challenges in regulatory evaluation and intellectual property becoming key variables for success [15][26]. - Experts discussed the need for a collaborative system to overcome challenges in the transition from research to clinical application, emphasizing the importance of synchronized efforts across science, regulation, clinical practice, and market dynamics [26][39]. Group 5: Pathway Design and Investment Insights - Investors are advised to focus on the ability of technology to complete the closed loop from research and development to sales, with an emphasis on the importance of understanding consumer needs [30][32]. - The transition from laboratory to clinical application faces numerous barriers, including ethical approvals and product registration, which require a systematic understanding of regulatory frameworks [32][33]. - The need for independent product definitions and development standards in aesthetic applications is highlighted, as materials from other medical fields cannot be directly transferred without adaptation [36][39]. Group 6: Knowledge and Intellectual Property Awareness - There is a common oversight among researchers regarding the importance of intellectual property, with many prioritizing publication over patent protection, which can lead to loss of core technology [38][39]. - The consensus among industry experts is that a clear understanding of patent strategies and regulatory frameworks is essential for the successful transformation of research outcomes into marketable products [38][39].