Core Insights - The valuation anchor for the medical beauty industry is shifting from high-margin approvals to user-centric metrics such as repurchase rates, single-store models, and scalability [2][9][42] Group 1: Market Dynamics - The recent launch of New Oxygen's "Miracle Youth" series at a price point of 2999 yuan has made youth-enhancing injections more accessible to the general public, indicating a potential shift in the traditional pricing structure [4][9] - The price of youth-enhancing injections has historically been high, with some products priced significantly above gold, but the introduction of lower-priced options suggests a loosening of the previous pricing power held by manufacturers [7][11] - The Chinese medical beauty market is experiencing a surge in competition, with multiple youth-enhancing products receiving approvals, leading to a more fragmented market [23][42] Group 2: Consumer Behavior Changes - The primary consumer base for medical beauty has shifted from affluent older clients to urban white-collar workers who are more price-sensitive and seek value for money [28][29] - Consumers are increasingly relying on social media platforms for information, preferring transparent pricing and verifiable product efficacy over high-priced luxury experiences [29][30] - The demand for standardized and replicable services is growing, pushing providers to adapt their business models to focus on product quality and customer retention [31][32] Group 3: Industry Structure and Future Outlook - The medical beauty industry is moving towards a decentralized model where manufacturers are no longer the sole price setters, allowing service providers to create their own product combinations [35][46] - The shift in pricing and consumer logic is expected to impact capital markets, with investors beginning to focus on user value metrics rather than just high margins from manufacturers [40][42] - Successful models in other sectors, such as chain medical services, demonstrate that scale and user retention can lead to valuation premiums, suggesting a similar trajectory for the medical beauty industry [43][45]

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].