今天分享的是：北交所新消费产业研究系列（六）：从"悦人"到"悦己"，解码美丽消费赛道的增长逻辑-260206 报告共计：35页 本报告聚焦美丽消费赛道，剖析医美与美妆两大核心领域的增长逻辑，核心围绕"悦己消费"趋势深化、技术创新驱动、产业格局优化展 开，并梳理了北交所相关受益标的。医美行业迎来稳健增长，2025年市场规模预计近3700亿元，2030年有望达6000亿元，复合增速约 10%，"悦己"成为核心消费动因，超半数用户因"变美让自己更快乐"选择医美，消费群体呈现"年轻主导、中高年龄层协同跟进"特征，25 岁以下人群占比从2022年26%升至2025年35%，男性、出境医美需求也显著提升。轻医美成为消费主流，注射类医美向技术升级、产品 多元化、个性化治疗发展，重组胶原蛋白赛道景气度突出，2023-2027年零售端市场规模复合增速达41.4%，有望从百亿迈向千亿， PDRN成为护肤新兴核心成分，妆械结合也成为企业重要发展思路，头部美妆企业纷纷跨界布局医美。 证券研究报告 北交所专题报告 2026年02月06日 证券分析师 赵昊 SAC: S 13 50 52 41 10 00 4 zhaohao@huayu ...

Group 1: Medical Aesthetics Industry - The Chinese medical aesthetics market is expected to reach nearly 370 billion by 2025, with a high growth outlook for the recombinant collagen segment [2][35] - The trend of younger consumers in medical aesthetics is evident, with light medical aesthetics gradually becoming mainstream, accounting for 52% of the market in 2022 [7][12] - Approximately 50.90% of users choose medical aesthetics because "becoming beautiful can make oneself happier," indicating a strong emotional value associated with beauty [4][8] Group 2: Beauty Industry - The retail sales of cosmetics in China are projected to grow at a CAGR of about 9% from 2016 to 2024, with domestic brands expected to maintain growth momentum [2][3] - The Chinese cosmetics market is entering a phase of high-quality development, with trends leaning towards scientific beauty and Eastern philosophies [3][19] - The market for cosmetic raw materials is expected to grow from 1147.80 billion in 2019 to 1603.90 billion by 2024, with a CAGR of 6.9% [2][3] Group 3: Related Companies on the Beijing Stock Exchange - Companies such as Jinbo Biological, which leads in recombinant human collagen medical devices, and Bawei Co., which provides ODM services for domestic and international cosmetic brands, are expected to benefit from the ongoing beauty consumption boom [2][3] - The market for functional skincare products is also seeing new entrants, with companies like Jinbo Biological expanding into this segment [2][3] - The beauty industry is experiencing a transformation driven by technological innovations, including synthetic biology and the application of new materials [2][3]

Investment Logic - The company is leveraging its expertise in cardiovascular devices to enter the medical aesthetics market, with a product lineup that includes facial rejuvenation injections, water light injections, PDRN, and Thermage, aiming for rapid profit growth [1] - The company employs a "rural encircling urban" strategy for channel distribution, achieving over 80% coverage in large chain medical aesthetic institutions, with plans to further penetrate second and third-tier cities [1] Product Development and Market Strategy - The facial rejuvenation injection uses materials sourced from heart stents and has quickly gained market traction, generating a tax-inclusive revenue of 100 million yuan from early August to the end of October, with expectations to rank among the top three brands in the industry [2] - PDRN is anticipated to receive domestic approval by Q1 2026, positioning the company to be the first to market with a compliant PDRN injection product in a currently underserved market [2] Financial Performance and Projections - The company's traditional business is stabilizing, while the medical aesthetics, neurostimulation, and innovative pharmaceuticals are forming new growth drivers. Revenue projections for 2025, 2026, and 2027 are 6.457 billion, 7.792 billion, and 9.243 billion yuan, respectively, with year-on-year growth rates of +5.79%, +20.68%, and +18.62% [3] - The net profit attributable to shareholders is forecasted to reach 1.048 billion, 1.285 billion, and 1.531 billion yuan for the same years, reflecting significant growth of +324.34%, +22.64%, and +19.13% [3] - The company is assigned a target price of 21 yuan based on a 30x valuation for 2026, with an initial "buy" rating [3]

Investment Rating - The report maintains a "Positive" investment rating for the beauty and personal care industry, specifically focusing on PDRN applications [6]. Core Insights - The report highlights that PDRN (Polydeoxyribonucleotide) is expected to unleash stronger commercial potential due to increasing registrations and search metrics. The extraction of PDRN is transitioning from animal sources to microbial fermentation and synthetic biology, laying a solid foundation for accelerated applications in the medical beauty and skincare sectors [3][4]. - The report emphasizes that domestic beauty companies are likely to redefine the value boundaries of PDRN, with leading firms accelerating their strategies in this competitive landscape [3][4]. Summary by Sections PDRN Overview - PDRN, derived from salmon and other sources, has a high similarity to human DNA (98%) and is known for its skin repair and cell regeneration properties. Its historical development spans from the 15th century to its current applications in medical aesthetics and cosmetics [8][13][19]. Market Growth Potential - The PDRN market is projected to grow significantly, with estimates indicating an increase from USD 0.72 billion in 2024 to USD 8.55 billion by 2031, reflecting a CAGR of 43%. The demand for anti-aging products is a core driver of this growth [8][30]. Competitive Landscape - Domestic companies are actively entering the PDRN medical and skincare sectors, with significant advancements in extraction technologies. Companies like Huaxi Biological and Lepu Medical are leading the charge in developing PDRN-based products [8][30][34]. Key Mechanisms and Benefits - PDRN operates through two main mechanisms: acting as an agonist for the adenosine A2A receptor to suppress inflammation and providing nucleotides for DNA synthesis, thus promoting cell regeneration and tissue repair [34][36]. - The primary benefits of PDRN include skin repair, anti-inflammatory effects, and anti-aging properties, making it suitable for various cosmetic and medical applications [34][39].

Core Insights - The article discusses the transformative impact of longevity science and AI on the beauty industry, emphasizing the shift in research and product development towards enhancing the quality of life rather than merely extending lifespan [5][6][10]. Group 1: Longevity Science in Beauty - Longevity science is redefining the foundational logic of beauty research, focusing on long-term skin health and preventive solutions rather than just immediate cosmetic needs [5][6]. - L'Oréal's integration of longevity science aims to transition from symptom treatment to root cause intervention, creating a comprehensive research framework that connects various aging markers to skin health [6][7]. - Companies are encouraged to develop their own longevity science theories based on their brand positioning, focusing on specific research areas like mitochondrial energy and chronic inflammation [8]. Group 2: AI's Role in Beauty Research - AI is significantly accelerating research processes in the beauty industry, with companies like L'Oréal and Unilever reporting dramatic increases in the number of molecules evaluated within shorter timeframes [11][14]. - The efficiency of AI in research is contingent upon the availability of high-quality data, necessitating the digitalization of research outcomes and the development of proprietary AI models [14]. - AI's application in ingredient discovery and development is becoming a competitive edge, with companies leveraging AI to enhance research accuracy and speed [11][14]. Group 3: PDRN and New Ingredient Trends - PDRN has emerged as a highly sought-after ingredient, with major brands like L'Oréal and Lancôme entering the market, indicating a potential surge in new product launches by 2026 [21][22]. - The development of PDRN is diversifying, with companies exploring various sources, including plant and microbial origins, to enhance efficacy and differentiate their products [22][23]. - Despite its popularity, PDRN's application in beauty products is still in its early stages, with concerns regarding its performance and safety yet to be fully validated [24]. Group 4: Advances in Peptide Technology - The beauty industry is witnessing a "technological iteration period" for recombinant collagen and functional proteins, focusing on precise structural design to address specific skin issues [25][26]. - Innovations in peptide technology include the development of multi-peptide matrices and targeted delivery systems, enhancing the effectiveness of these ingredients [26][35]. - The trend towards functionalized proteins reflects a broader industry consensus on the importance of efficacy-driven ingredient development [25][26]. Group 5: Integration of Aesthetic and Medical Approaches - The convergence of aesthetic and medical beauty is becoming a prominent trend, with brands increasingly seeking to provide scientifically validated, high-efficacy skincare solutions [30][32]. - This integration is reflected in the migration of medical-grade ingredients into consumer products, enhancing their appeal to consumers seeking immediate results [32][33]. - Brands are exploring new applications for established medical ingredients, such as PDRN and hyaluronic acid, in their product lines [32][33]. Group 6: Sensory Science and Consumer Experience - Sensory science is gaining traction in beauty research, focusing on the emotional and experiential aspects of product use, which are critical for consumer satisfaction [44][48]. - Companies are investing in technologies to quantify sensory experiences and their impact on consumer emotions, aiming to create products that resonate on a deeper level [47][48]. - The emphasis on sensory value in product development reflects a shift towards a more holistic understanding of consumer needs and preferences [44][48]. Group 7: Future Directions in Beauty Research - The article concludes that the beauty industry is entering a phase of unprecedented innovation driven by scientific advancements and consumer demand for effective, emotionally resonant products [56]. - Companies that successfully integrate rigorous scientific research with emotional engagement are likely to lead the market in the coming years [56].

Investment Rating - The report maintains an "Outperform" rating for the beauty and personal care industry, indicating a positive outlook for growth opportunities in the sector [3]. Core Insights - The report emphasizes that innovation in ingredients, particularly new materials like PDRN (Polydeoxyribonucleotide) and ECM (Extracellular Matrix), is a significant driver for growth in the beauty and medical aesthetics industry. Companies that successfully integrate these new components into their product lines are expected to enhance their growth potential and market competitiveness [5][14]. Summary by Sections 1. PDRN: A New Ingredient Driving Growth - PDRN has been validated in overseas markets for over a decade and is recognized for its effectiveness in promoting tissue regeneration and anti-inflammatory properties. The introduction of PDRN products in the medical aesthetics sector has shown a compound annual growth rate (CAGR) of 30% from 2014 to 2024 for companies like PharmaResearch, which has established a strong market presence with its Rejuran product line [5][18][32]. - The domestic market for PDRN is expected to grow significantly, with a projected revenue of approximately 330 million RMB from Q4 2024 to Q3 2025, indicating robust demand for PDRN products in China [5][20]. - The report highlights that the increasing awareness and education around PDRN among consumers, coupled with regulatory clarity and rapid supply chain development, will further drive demand in the medical aesthetics sector [5][68]. 2. ECM: Potential in Regenerative Fields - ECM is gaining attention as a promising ingredient in both medical aesthetics and cosmetics, with applications in serious medical fields already established. The report notes that the market for ECM products is still developing, with several companies beginning to explore its potential in aesthetic applications [5][24][28]. - The report suggests that the introduction of ECM products could fill existing gaps in the market, particularly in the medical aesthetics sector, where consumer education and awareness are crucial for adoption [5][24]. 3. Investment Opportunities - The report recommends focusing on companies with established pipelines for new materials, particularly in the medical aesthetics sector, such as Lepu Medical and Marubi Biotechnology, which are expected to lead in the approval and commercialization of PDRN products [5][6]. - In the cosmetics sector, brands that are quick to adopt PDRN and other innovative ingredients are likely to gain a competitive edge, with several major brands already launching PDRN-infused products in 2025 [5][6].

Core Viewpoint - The beauty industry is transitioning from a "traffic-driven" growth model to a "technology-driven" endurance model, necessitating a reevaluation of value assessment based on technological innovation and manufacturing capabilities [6][10]. Group 1: Policy and Industry Trends - The National Medical Products Administration released two significant documents emphasizing "raw material innovation" and the establishment of internal raw material incubators in leading companies, marking a long-term strategic direction for the beauty industry [4]. - The focus on biomanufacturing as a key future industry has been reiterated in government reports, indicating a systemic push from research to industry regulation [8]. Group 2: Company Strategy and Positioning - Companies like Huaxi Biological, which have built biotechnological and manufacturing capabilities over the past two decades, are now being reassessed for their strategic significance in the new industry landscape [5]. - Huaxi Biological's consistent investment in R&D, exceeding 2.2 billion yuan since its listing in 2019, positions it among the industry leaders in innovation [12]. Group 3: Technological Advancements - Huaxi Biological is pioneering the synthetic biology approach to PDRN production, addressing traditional issues related to safety and efficacy through innovative methods [17][18]. - The establishment of a large-scale synthetic biology pilot transformation platform, with over 3 billion yuan invested, enables the systematic conversion of research outcomes into scalable products [21]. Group 4: Market Dynamics and Valuation Logic - The market is shifting its focus from immediate sales performance to long-term capabilities, emphasizing the importance of a company's ability to anchor itself for the next five to ten years [9][10]. - Huaxi Biological's ability to maintain a stable cash flow from its raw materials and medical terminal businesses supports its ongoing R&D efforts, allowing it to navigate industry fluctuations without sacrificing long-term goals [28]. Group 5: Future Outlook - The beauty industry's core competitiveness is increasingly centered on biotechnological and biomanufacturing capabilities, as evidenced by international giants investing in similar technologies [22]. - Huaxi Biological's comprehensive biotechnological and manufacturing system is seen as a "ticket" to navigate through industry cycles, with its true value beginning to be recognized by the market [31].

Summary of Conference Call Records Industry Overview - The conference call discusses the **domestic consumption market** in China, focusing on the **"2035 Income Doubling Plan"** aimed at increasing per capita GDP to over $20,000 by enhancing new productivity and achieving common prosperity through sectors like the semiconductor industry and healthcare systems [5][1]. Key Points and Arguments - **Wealth Effect and Consumer Recovery**: The recovery of consumption in the coming year is heavily reliant on the wealth effect, particularly among high-net-worth individuals. However, the purchasing power of the general public is constrained by salary structures and leverage capabilities, necessitating government intervention [1][6]. - **Challenges in the Consumption Market**: The current consumption market faces challenges such as: - **Salary Structure**: Companies are cutting costs and laying off employees to improve profit margins, which hampers salary growth for the middle class [3]. - **Leverage Issues**: Wealth concentration among the affluent increases, while the middle class struggles with mortgage pressures and slow income growth, limiting their borrowing capacity for consumption [3][8]. - **High-End Consumption Recovery**: The high-end consumption market is gradually recovering, with notable performance in high-end hotels, luxury cruises, and the gaming industry, indicating a positive trend in high-end consumer spending [3][22]. Important Insights - **CPI and Transfer Payments**: In 2026, key factors to watch include CPI expectations, transfer payments, and the wealth effect, particularly in high-end consumption sectors like medical aesthetics, which may benefit from stock market performance [9][6]. - **Tax Policy Impact**: Shifting from value-added tax to consumption tax could encourage local governments to stimulate consumption, supporting long-term economic goals despite short-term pressures on consumers [10][11]. - **Global Trade and Domestic Demand**: The uncertain global trade environment has highlighted the importance of domestic demand as a strategy to ensure stable GDP growth, especially in light of poor export data and weakening overseas PMIs [12]. Sector-Specific Developments - **Pet Food Sector**: The pet food sector has shown strong performance, with a three-year compound growth rate reaching two times, although profit margins remain low. The sector is driven by significant marketing efforts on platforms like Douyin and Tmall [14]. - **Hotel Industry**: The chain hotel industry is moving towards a more favorable investment phase, with average prices rising due to the recovery of high-end consumption post-pandemic [15]. - **Duty-Free Industry**: The duty-free sector is expected to improve as foreign cosmetic brands show growth, indicating a recovery in high-end consumption [16]. - **Medical Aesthetics**: The medical aesthetics sector is experiencing a K-shaped recovery, with high-end consumers opting for premium services while lower-tier markets seek affordable options [21]. Future Investment Opportunities - **Timing for Investment**: The best time to invest in the consumption sector will be from the lunar new year until early March 2026, coinciding with high policy expectations and increased consumer spending during holiday periods [23]. - **Emerging Sectors**: Other sectors to watch include luxury cruises, sports events, elder care, and high-quality gaming, all of which show significant long-term growth potential [18][19]. Conclusion - The conference call highlights the complexities of the domestic consumption market in China, emphasizing the need for strategic government policies to address current challenges and stimulate recovery. The focus on high-end consumption and emerging sectors presents potential investment opportunities for the future.

Summary of Conference Call Records Industry Overview - The focus is on the **domestic consumption market** in China, particularly in the context of the "2035 Income Doubling Plan" aimed at increasing per capita GDP to over $20,000 by enhancing new productivity and achieving common prosperity [1][5]. Key Points and Arguments Consumption Recovery - The recovery of consumption in the coming year is heavily reliant on the **wealth effect**, with high-net-worth individuals showing increased willingness to spend. However, the purchasing power of the general public is constrained by salary structures and leverage capabilities [1][6]. - The disparity between high-net-worth individuals and the general consumer is widening, with the middle class facing pressures from mortgage debts and stagnant wages, necessitating policy interventions to improve leverage capabilities [1][7][8]. Economic Policies and Projections - The **CPI expectations**, transfer payments, and policies like mortgage interest subsidies are critical for achieving a positive cycle of wages, consumption, and employment in 2026 [1][6][9]. - Transitioning from value-added tax to consumption tax could encourage local governments to support consumption stimulus, which may initially pressure consumers but ultimately aid local economic development [1][10][11]. Challenges in the Consumption Market - The current challenges include issues with salary structures and leverage capabilities, as companies are cutting costs and laying off employees to improve profit margins, which hampers wage growth for the middle class [1][3]. - The importance of domestic demand is emphasized due to increasing uncertainties in global trade, particularly in light of poor export data and weakening overseas PMIs [1][3][12]. Sector-Specific Insights - The **high-end consumption market** is gradually recovering, with notable performance in high-end hotels, luxury cruises, and the gambling industry, indicating a trend towards high-end consumer recovery [1][3][22]. - The **pet food sector** has shown strong performance, with a three-year compound growth rate reaching two times, although high valuations are driven more by market speculation than by actual company performance [1][14]. - The **medical beauty industry** is experiencing a K-shaped differentiation, where high spenders opt for premium services while others seek lower-priced options, indicating a need for investors to choose wisely between high-end and budget segments [1][21]. Future Investment Opportunities - The best time to invest in the consumption sector is projected to be from the lunar new year until March, coinciding with high policy expectations and numerous holidays that will boost consumer spending [1][23]. - The **duty-free industry** is expected to improve as foreign cosmetic brands show recovery, indicating a potential for continuous improvement in this sector [1][16]. Additional Important Insights - The **global trade situation** significantly impacts domestic GDP and demand, with a shift towards strengthening internal demand as a strategy to mitigate external trade risks [1][12]. - The **performance of high-end shopping malls** has increased due to data indicating a recovery in high-end consumption, prompting brands to enter the market [1][20]. This summary encapsulates the critical insights from the conference call, highlighting the current state and future outlook of the domestic consumption market in China, along with sector-specific trends and investment opportunities.

Group 1 - The potential for national income doubling is expected to open a "golden decade" for new consumption development, with a theoretical target of nearly doubling per capita GDP by 2035, from $13,300 in 2024 to approximately $20,000 [16][17][33] - The growth of the middle-income group is crucial for driving consumption, with a target of over 800 million middle-income individuals in the next 15 years, which will significantly influence the scale and quality of domestic consumption [42][49] - The report emphasizes the importance of promoting common prosperity to activate domestic consumption potential, highlighting that increasing the income of low-income groups can effectively convert new income into consumption [20][23][49] Group 2 - The beauty and personal care sector is expected to see growth driven by new materials in the medical beauty segment, with companies like Lepu Medical focusing on innovative materials that fill market gaps [4][5][15] - The beauty industry is entering a low-growth phase, where brand group operations and market share enhancement will be critical for sustainable growth, with companies like Mao Ge Ping and Shangmei Holdings being highlighted for their potential [4][5][15] - The pet care market is experiencing both consumption upgrades and intensified competition, with a focus on high-end, health-oriented products [4][5][15] Group 3 - The service consumption sector, particularly tourism and sports, is expected to benefit from policy encouragement, with companies like Sanxia Tourism and Lansi Co. being recommended for investment [4][5][15] - The report notes that the tourism sector is poised for growth due to increased interest in flexible vacations and the aging population, which is expected to drive demand for river cruises [4][5][15] - The sports service sector is highlighted as a core growth area, with event-driven economic activities expected to boost related industries [4][5][15] Group 4 - The IP and trendy toy market is entering a new phase with a surge in supply, and companies like Pop Mart are expected to maintain their leading positions through effective IP management [4][5][15] - The report indicates that the emergence of new designers and retail platforms is likely to sustain high demand for IP products, with a focus on companies that can effectively monetize potential IP [4][5][15] Group 5 - The gold and jewelry sector is facing short-term demand pressure due to tax reforms and seasonal fluctuations, with a focus on brands that can maintain pricing power amid these changes [5][15]