最近有一则新闻：根据日本研究机构的推算，日本美容医疗行业的市场规模约为5940亿日元，约合人民币296亿元。据悉，这一数值让日本一举超越韩 国，成为新的"整容大国"。 事实上，日本的医美行业爆发早就有迹可循。 2021年，日本医美市场规模为4860亿日元，比上一年增长120%。2022年后，需求持续增加，主要针对脱毛、肉毒杆菌注射、透明质酸注射、祛斑、去角 质等治疗，2023年达到5000多亿日元，比上一年增长108.8%。 统计显示，2009年至2023年间，蓬勃发展的医美医疗市场规模扩大了2.39倍。 有意思的是，在庞大的市场需求中，男性消费成为托举行业的主要力量。日本某大型美容医疗企业公开表示，来美容医疗的男性客人数量是10年前的16 倍，这一群体的加速增长，让日本最终把韩国从整容王座上挤了下来。 职场失意，颜值来凑？ 日本男性为什么爱上医美？很大程度上，与职场生存压力脱不开干系。 26岁日本小哥Yuri，几年来他先后砸上1600万（约人民币78万），不仅把平平无奇的相貌变成花美男，还让身高从158"暴增"到170。他在社交平台上坦 言："这不仅改变了外表，也改变了内心，可以摆脱自卑。" 摆脱自卑，重获 ...

Core Insights - The beauty and medical aesthetics sectors are increasingly merging, with significant interest from both international giants and local startups, indicating a strong growth trend in this area [1][5][31] - L'Oréal is a leading player in this trend, having made substantial investments and strategic moves to integrate beauty and medical aesthetics [2][10][17] Group 1: Industry Trends - Since 2024, there has been an unusual enthusiasm among beauty companies to enter the medical aesthetics business, with both high-end and budget brands participating [1] - The merger of beauty and medical aesthetics is not a new concept, but it is gaining momentum, with companies like L'Oréal leading the charge [1][5] - The retail sales of cosmetics in China fell by 1.1% in 2024, while the total retail sales of consumer goods grew by 3.5%, highlighting the need for beauty brands to innovate and find new growth avenues [5] Group 2: Company Developments - In 2023, L'Oréal rebranded its active health cosmetics division to the skin science beauty division and launched its core brand, SkinCeuticals, in 2024 [2] - Estee Lauder's Clinique launched a series of medical device products, while Shiseido is set to introduce its first medical beauty brand in China [3] - Domestic brands like Shiseido and Up Beauty are also making strides in the medical aesthetics space, with new product launches and business developments [4] Group 3: Strategic Initiatives - L'Oréal's beauty tech transformation strategy, initiated in 2018, focuses on integrating technology into beauty and medical aesthetics, with significant investments in digital R&D [6][8] - The company has established a comprehensive network for integrating beauty and medical aesthetics, including investments in high-end medical beauty chains and partnerships with biotech firms [17][18] - L'Oréal's SkinCeuticals brand has seen a 9.8% year-on-year growth, reaching €7.03 billion in revenue, making it the fastest-growing segment of the group [10] Group 4: Market Dynamics - The merging of beauty and medical aesthetics allows brands to create a closed-loop product offering, enhancing customer loyalty and repeat purchases [22] - The shift towards medical aesthetics is seen as a necessary strategy to avoid intense competition in traditional beauty markets [19][20] - However, the differing operational models and regulatory requirements between beauty and medical aesthetics present new challenges for companies [24][30]

证券研究报告 2025 年 03 月 17 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3419.56 | 1.81 | | 深证成指 | 10978.30 | 2.26 | | 创业板指 | 2226.72 | 2.80 | | 科创 50 | 1088.11 | 1.72 | | 北证 50 | 1409.76 | 3.17 | | 沪深 300 | 4006.56 | 2.43 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 651122 | 511742 | 12.23 | 1.30 | | 深证成指 | 231394 | 195700 | 22.64 | 2.34 | | 创业板指 | 62418 | 49673 | 33.23 | 4.27 | | 科创 50 | 37344 | 24115 | 52.03 | 4.57 | | 北证 50 | ...