Group 1 - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight key sectors that are capitalizing on changing consumer behaviors and preferences [1][4] - The second-hand economy is booming, with companies like Hongbulin and Panghu experiencing significant growth as consumers shift towards purchasing second-hand luxury goods [1] - The pet economy is on the rise, with brands like Guobao and Inaba seeing strong sales as consumers prioritize spending on pet products over traditional family expenses [1][3] Group 2 - The adult care market is expanding, particularly in China, where products like adult diapers are expected to see substantial growth, similar to trends observed in Japan [1][3] - Health food and beverage sectors are benefiting from changing demographics and increased health awareness, with brands like Dongfang Shuye and Jianchun gaining traction in the market [3] - The beauty and aesthetics market remains robust, with products like collagen supplements and home beauty devices achieving significant sales, indicating a persistent consumer desire for self-improvement [5] Group 3 - Outdoor and leisure products are experiencing increased demand, with brands like Kailas and Camel seeing rapid sales growth as consumers seek outdoor experiences [7] - The emotional economy is thriving, with brands like Labubu and Rio catering to consumers' desires for emotional fulfillment and low-key indulgence [7] - The convenience economy is growing, driven by younger generations' preference for time-saving solutions, with brands like Anjiyuan and Kewo Si capitalizing on the demand for frozen foods and smart home appliances [9]

如果用两个关键词定义2025年中国医美行业，会是什么？ 努曼陀罗商业战略咨询董事长霍虹屹认为是"合规筑基"与"价值重估"。 他对《华夏时报》记者表示，"合规筑基"体现在全年从价格项目标准化到资质穿透式监管的全链条收 紧，比如101个医美项目的统一命名与定价规范，本质是用制度拆掉"信息不对称"的灰色空间，让每个 注射剂量、每项操作流程都有明确标尺。"价值重估"则源于行业从"流量驱动"转向"技术驱动"——过去 靠营销话术赚快钱的模式难以为继，上游生物材料的研发突破、医生技术口碑的权重、机构合规成本的 控制能力，开始成为衡量企业价值的新坐标，比如锦波生物等上游企业受资本追捧，正是这种重估的直 接体现。 随后在今年6月，国家医保局印发《美容整形类医疗服务价格项目立项指南（试行）》。该指南统一规 范101个价格项目（如将"热玛吉"归为射频治疗），新增"减张美容缝合"等体现技术价值的项目。 本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 监管规范化成为主线 "合规筑基"与"价值重估"的行业变革，背后离不开监管的强力支撑。2025年，监管规范化成为贯穿医美 行业的核心主线，一系列政策举措正重塑行业发展 ...

当美股上市的科兴生物深陷退市危机与股东内斗泥潭之际，另一家同源异流的"科兴"正在A股悄然布局 一条全新赛道。 近日，科兴制药（688136.SH）旗下全资子公司科兴医疗自主研发的重组Ⅲ型人源化胶原蛋白冻干纤维 已完成首例受试者入组，这款第三类医疗器械产品的临床试验正式启动；与此同时，二类医疗器械产品 重组胶原蛋白敷贴也已提交注册申请。 这一动作标志着科兴制药正式切入千亿级重组胶原蛋白赛道。弗若斯特沙利文数据显示，中国重组胶原 蛋白市场规模预计2027年将达1083亿元，年复合增长率高达44.93%，被业界视为医美领域继玻尿酸之 后的下一个超级风口。对于营收在12亿元规模徘徊多年的科兴制药而言，这场押注既是战略转型的主动 求变，也是"吃老本"难以为继后的被动突围。 三十年前，两家"科兴"同出一源，皆以"科教兴国"的理想主义命名；三十年后，一家在美股停牌六年、 面临退市，另一家在科创板寄望于医美转型。资本与市场的裹挟之下，这对"同名不同命"的企业走向了 截然不同的命运。 千亿赛道押注：医美转型的逻辑与挑战 主业增长见顶之际，科兴制药将目光投向了重组胶原蛋白这条高速增长的赛道。 从行业趋势看，重组胶原蛋白正在成为医 ...

Core Viewpoint - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating significant profits, particularly in the context of Japan's "lost 30 years" and China's evolving consumer behavior [3][4]. Group 1: Economic Trends - The concept of a "low-desire society" does not equate to a lack of opportunities, as consumer demand is shifting towards different sectors [4]. - The article identifies eight key industries that are capitalizing on changing consumer preferences, highlighting the potential for growth in these areas [5]. Group 2: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, exemplified by "Daikokuya," has seen a surge in revenue, mirroring trends in China with platforms like "Hongbulin" and "Panghu" experiencing significant growth [6][7]. - **Pet Economy**: With a decline in birth rates, spending on pets has increased, with brands like "Inaba" in Japan and "Guobao" in China seeing strong stock performance [12][13][14]. - **Adult Care**: The adult diaper market in Japan has surpassed $10 billion, indicating a growing demand driven by an aging population [17][18]. - **Health Food and Beverages**: The rise in health consciousness has led to increased sales of sugar-free beverages and functional drinks, with brands like "Oriental Leaf" and "Dongpeng" gaining traction in China [21]. - **Beauty Economy**: The demand for beauty products remains strong, with high-priced collagen supplements and home beauty devices achieving significant sales [23][25]. - **Outdoor Recreation**: Companies in the outdoor equipment sector, such as "Snow Peak" in Japan, are thriving, reflecting a growing interest in outdoor activities [29][31]. - **Lazy Economy**: The trend towards convenience has boosted the frozen food market and smart home appliances, as consumers seek to save time [39][40]. - **Mental Well-being**: Products that provide emotional comfort, such as low-alcohol beverages and lifestyle brands, are gaining popularity, indicating a shift in consumer spending priorities [34][35]. Group 3: Investment Opportunities - The article suggests that the current economic climate presents unique opportunities for those willing to invest in counter-cyclical sectors, highlighting the importance of recognizing and acting on these trends [44].

Core Viewpoint - The conflict between medical beauty institutions and the upstream company Puli Yan is fundamentally rooted in pricing discrepancies, with institutions selling Puli Yan's products at significantly lower prices than the official guidance, disrupting the pricing structure [1][2][6]. Pricing Dispute - The dispute escalated as Puli Yan announced a blacklist of 79 non-official cooperating medical institutions, including 46 clinics under Xinyang, labeling them as non-cooperative [2]. - Xinyang's pricing strategy exemplifies the issue, with its clinics selling Puli Yan's products at 5999 yuan per unit, approximately 60% lower than the official guidance price [3][6]. Market Dynamics - The conflict highlights a broader challenge in the medical beauty industry regarding the redistribution of interests between upstream manufacturers and downstream institutions [3]. - Puli Yan's concerns include the lack of formal cooperation and training for medical staff at these institutions, which it claims undermines product integrity [5]. New Pricing Strategies - Xinyang has introduced products like "Miracle Youth 3.0" at 2999 yuan per unit, significantly undercutting market prices, which typically exceed 10,000 yuan [8]. - The high profit margins in the medical beauty industry, with some products having gross margins as high as 90%, provide room for Xinyang to implement its low-price strategy [8][9]. Industry Challenges - The prevalence of counterfeit and substandard products in the market, with nearly two-thirds being non-compliant, has created a demand for more affordable options [9]. - Xinyang aims to democratize medical beauty consumption by reducing costs through direct partnerships with manufacturers and streamlining operations [9]. Competitive Landscape - Xinyang's approach has faced criticism from other manufacturers, who argue that its pricing undermines the market and raises concerns about product authenticity and safety [11][12]. - Despite the challenges, Xinyang continues to assert its right to set prices independently, likening its product usage to a restaurant's choice of ingredients [12]. Financial Performance - Xinyang has reported ongoing financial losses, particularly in its brand medical center expansion, indicating the difficulties of transitioning to a self-operated model while maintaining profitability [12].

Core Viewpoint - The conflict between New Oxygen and upstream company Puli Yan regarding the pricing and distribution of the "Tongyan Needle" has intensified, highlighting the challenges of profit distribution within the medical beauty industry [2][5]. Group 1: Conflict Background - Puli Yan has listed 79 medical institutions, including 46 New Oxygen clinics, as unauthorized and non-cooperative, claiming they disrupt the pricing system by selling products below the official guidance price [2][3]. - New Oxygen responded by asserting that all products are legally sourced and that their clinics operate within the law, with qualified medical personnel [3][10]. Group 2: Product Details - The "Tongyan Needle," officially known as "Poly-L-Lactic Acid (PLLA) Facial Filler," is designed to stimulate collagen regeneration for facial contouring and wrinkle improvement [4]. - Puli Yan is one of several companies authorized to produce and sell this product in China, with others including Aimeike and Shengboma [4]. Group 3: Pricing Discrepancies - New Oxygen's pricing strategy significantly undercuts Puli Yan's guidance, with prices for the Tongyan Needle at New Oxygen clinics being approximately 60% lower than the official price [5][6]. - For instance, New Oxygen's "Miracle Tongyan 1.0" is priced at 5999 yuan per unit, while other institutions have sold it for as low as 4599 yuan, which is about 70% below the guidance price [5][6]. Group 4: Market Dynamics - The medical beauty industry is characterized by high profit margins, with upstream manufacturers historically controlling prices, leading to margins as high as 90% [7][8]. - New Oxygen aims to disrupt this model by reducing costs through supply chain integration and offering lower prices to attract consumers, thereby democratizing access to medical beauty services [9][10]. Group 5: Business Model and Challenges - New Oxygen's business model focuses on lowering customer acquisition costs and compressing high margins from upstream suppliers, with a goal of making medical beauty services more accessible [9][10]. - Despite the aggressive pricing strategy, New Oxygen has faced financial challenges, reporting losses in recent quarters as it expands its self-operated medical beauty centers [11][12].

Core Insights - The collagen market is experiencing a downturn, with major brands like Kefu Mei and Juzhi Biotech showing a decline in growth and sales performance [1][5][6] - The market is undergoing a transformation, moving from a focus on consumer beauty products to medical applications, as companies adapt to changing consumer demands and competitive pressures [9][12][13] Market Performance - Kefu Mei's GMV on Douyin dropped to 0.5-0.75 billion yuan from over 1 billion yuan year-on-year [5] - Juzhi Biotech's stock price has fallen by 55.18% since reaching a peak of 85.14 HKD on May 20, 2023 [6][7] - The overall sales performance of collagen brands during the 2025 Double Eleven shopping festival was disappointing compared to previous years [5] Strategic Shifts - Juzhi Biotech is expanding into the B2B market by obtaining medical device registration for a collagen-based product, indicating a strategic shift towards medical applications [7][12] - Companies are increasingly focusing on technological advancements and clinical applications rather than just marketing and branding [10][13] Industry Trends - The collagen industry is moving away from purely cosmetic applications towards medical uses, with a focus on proving efficacy through clinical trials and regulatory approvals [9][12][13] - The competitive landscape is evolving, with companies needing to demonstrate the scientific validity of their products to gain market share [12][13] Innovation and Development - Huaxi Biotech is actively pursuing new patents related to collagen, indicating ongoing investment in research and development [10][11] - Companies like Furuida and Mianmei are also advancing in the medical device space, with new certifications and product developments aimed at surgical applications [12][13]

Core Viewpoint - The collagen market is experiencing a downturn, with major brands like 可复美 and 巨子生物 showing significant declines in sales and market presence, indicating a shift from a previously thriving segment to a more cautious phase of industry consolidation and strategic realignment [1][3][4]. Market Performance - The overall performance of the collagen segment during the 2025 Double Eleven shopping festival was disappointing, with notable brands struggling to maintain their previous sales figures [3]. - Data from Citibank indicates that 巨子生物's products faced reduced price attractiveness due to stricter promotional strategies, leading to a decline in sales [4]. - 可复美's GMV on Douyin dropped to between 0.5 and 0.75 billion yuan, down from over 1 billion yuan in the same period last year, reflecting a significant contraction in market demand [4]. - The brand's ranking on Douyin's beauty list fell from the top 10 to the 20th position, highlighting a shift in consumer preferences [4]. Strategic Shifts - Major players like 巨子生物 and 锦波生物 are expanding their business boundaries, moving from consumer markets to B2B opportunities, indicating a strategic pivot in response to market changes [5][6]. - 锦波生物's revenue and net profit growth rates hit a five-year low, with its market capitalization dropping from over 500 billion yuan to 267 billion yuan [5]. - 巨子生物's stock price has seen a decline of 55.18% since reaching a peak in May, reflecting investor concerns over slowing growth and product controversies [5]. Technological Advancements - The collagen market is transitioning from a focus on cosmetic applications to medical uses, with companies investing in R&D to meet regulatory standards for medical devices [7][8]. - 华熙生物 is actively pursuing new patents related to recombinant collagen, indicating a shift towards more scientifically validated products [7][8]. - The competition is now centered around material science and clinical validation, with companies needing to demonstrate the efficacy of their products to gain market share [9]. Industry Dynamics - The narrative surrounding collagen is evolving from a marketing-driven approach to one focused on scientific and clinical validation, with companies needing to establish robust production and quality control systems [9]. - The market is no longer driven by brand recognition alone; the ability to provide clinically proven, stable, and scalable products is becoming the new competitive edge [9].

Core Viewpoint - The collagen market is experiencing a downturn, with major brands like Kefu Mei and Juzhi Biotech showing declining sales and growth rates, indicating a shift from a previously booming market to a more cautious phase [1][3][5]. Market Performance - The overall performance of the collagen sector during the 2025 Double Eleven shopping festival was disappointing, with Kefu Mei's GMV on Douyin dropping to 0.5-0.75 billion yuan, down from over 1 billion yuan in the same period last year [3][4]. - Juzhi Biotech's stock price has fallen by 55.18% since reaching a peak of 85.14 HKD on May 20, 2023, reflecting the company's struggles with slowing growth and ingredient controversies [5][6]. Strategic Shifts - Major players are beginning to cross market boundaries, with Juzhi Biotech expanding into B-end business and Kefu Mei attempting to adapt to changing market dynamics [6][7]. - The market is witnessing a transition from a focus on consumer products to medical applications, as companies aim to leverage technological advancements and regulatory clarity [7][10]. Industry Trends - The industry is moving towards a more scientific and clinical approach, with companies like Huaxi Biotech and Furuida actively pursuing medical device certifications and focusing on the development of injectable collagen products [8][9][10]. - The competitive landscape is shifting from brand recognition and channel dominance to a focus on material science and clinical validation, emphasizing the importance of proving product efficacy [10][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a revenue growth of 31% year-on-year for Q1-Q3 2025, driven by new product launches and the multi-faceted empowerment from Yangshengtang [4][5] - The forecasted net profits for the company from 2025 to 2027 are expected to be 879 million, 1.217 billion, and 1.56 billion RMB respectively, with corresponding P/E ratios of 31, 22, and 17 times based on the closing price on November 7, 2025 [5] Financial Performance Summary - For Q1-Q3 2025, the company reported a revenue of 1.296 billion RMB (yoy +31%) and a net profit of 568 million RMB (yoy +9%) [7] - The revenue growth is primarily attributed to the increase in sales of medical devices and functional skincare products, with a notable rise in the sales of A-type recombinant human collagen products [7] - The company’s revenue for 2025 is projected to reach 1.904 billion RMB, with a year-on-year growth rate of 31.98% [6][8] - The gross profit margin is expected to remain high at around 90% for the coming years, indicating strong profitability [8] Product and Market Development - The company launched the new HiveCOL collagen product in July 2025, which is anticipated to drive growth in the medical aesthetics sector [7] - The company is actively expanding its market presence through online promotions and collaborations with both international and domestic brands, enhancing its sales channels [7] - The company has received regulatory approval for its recombinant type III human collagen freeze-dried fibers, which have broad application prospects in various medical fields [7]