Core Insights - The Chinese medical beauty market is projected to reach a scale of 265 billion yuan by 2024, with a CAGR of 15% from 2017 to 2024 [1] - The number of medical beauty consumers in China is expected to reach 31 million by 2024, with a CAGR of 9% from 2022 to 2024 [1] - The average number of medical beauty treatments per person in China is significantly lower than in developed markets such as South Korea, the United States, and Japan, indicating substantial growth potential [1] Industry Growth Potential - The medical beauty industry is anticipated to maintain steady growth in the high single digits over the next three years, with notable structural opportunities [1] - Certain medical beauty materials still present track dividends, particularly in areas such as natural and recombinant collagen, regenerative microspheres, and emerging materials like PDRN, ECM, silk protein, and PHA [1] - Companies with platform capabilities in upstream product development and downstream medical beauty institutions that possess high reputation and integrated resources are expected to thrive [1]

Core Insights - The skincare industry in China is experiencing high growth driven by ingredient transparency and scientifically validated efficacy, with domestic brands leveraging synthetic biology and targeted ingredient development to gain competitive advantages [1][2][3] Group 1: Market Trends - The Chinese skincare market is transitioning to an era of ingredient transparency and scientifically verifiable efficacy, with consumers shifting from brand reliance to rational analysis of ingredient lists [1] - The overall market size for cosmetics in China is projected to reach 774.6 billion yuan in 2024, reflecting a year-on-year decline of 2.83%, while the efficacy skincare segment is expected to grow significantly, surpassing 100 billion yuan [1] - The compound annual growth rate (CAGR) for efficacy skincare products from 2019 to 2024 is estimated at 24.9%, with this segment expected to account for 22.9% of the total skincare market by 2024 [1] Group 2: Product Development and Innovation - The targeted ingredient development has led to a multi-channel synergy for three core functions: anti-wrinkle and firming through peptides and other compounds, soothing and repairing through ingredients like centella asiatica and ceramides, and hydration through amino acids and hyaluronic acid [2] - Domestic brands such as Proya and Winona have entered the top 10 in the high-end anti-aging and soothing markets, traditionally dominated by international brands [2] - The evolution of ingredient formulations has progressed from basic hydration to synthetic biology, with Chinese companies achieving technological advancements, such as Huaxi Biological's breakthrough in hyaluronic acid and the establishment of international standards for recombinant collagen [3] Group 3: Emerging Opportunities - The rise of domestic brands is characterized by cost-effective ingredient innovations and technological differentiation, particularly in the peptide segment, where brands like Proya and Han Shu are reshaping the anti-aging landscape [3] - Traditional Chinese medicine ingredients are becoming core competitive advantages, with significant online sales growth projected for ginseng, astragalus, and artemisia, indicating a strong market for local herbal formulations [3]

在可预期的范围内有一定程度的下行的话尤其是在看这种技术效应比较低的情况下上突破4.8可能能够还是比较大的所以这个是经济层面确实本体上来说就是一个有一定的下行压力但是整体上是在预期范围内的然后政策层面的话其实这一局会议之后我们也能很明显的看到因为昨天我们又做了比较详细的解决汇报就是转机政策就从一个加利回归到一个积极稳健的一个状态 所以现在更多的是一些中长期结构性改革的政策包括反面选所以这也是我们想强调的8月份可能会有比较重要的这个经济变化的这个反面选可能会带来一个对于物价回升的一个比较明显的助力这个的话在7月的PMR数据里面我们看到了已经看到了一些出场和构建价格趋势先行的一个信号 所以后面就随着PMR已经显现出来的这样一个价格上升的一个现象以后我觉得可能在七月份的这个估价数据尤其是GPI数据里面可能会有一个比较明显的体现在八月份这个趋势可能还是可以允许的所以这个是经济和政策层面的一个情况简单总结下来就是说经济整体上来说比较平稳然后可能后面最主要的关注点是在 反正也就是说推翻了这样一个物价回升而且从整个一个八月份的一个社会情势上来看因为马上会面临九三月第一所以社会和市场的情绪整体上来说应该还是会受到充分的控制包括 ...

Core Viewpoint - The report from CITIC Securities highlights the significant growth potential in China's medical aesthetics industry, driven by increasing awareness and an aging customer base, with injectable products expected to outpace overall industry growth due to supply-side improvements [1] Market Growth - Despite short-term pressures, the long-term outlook for the medical aesthetics market is positive, with a projected terminal scale exceeding 230 billion yuan in 2023 and a CAGR of 10%-15% from 2024 to 2027; injectables are expected to grow at a CAGR of 20%-30% over the next five years [1] - The report indicates that the number of medical aesthetic treatments per thousand people in South Korea, Japan, and China are 91 (2019), 71 (2023E), and 34 (2023E) respectively, suggesting significant room for growth driven by increased awareness and an aging population [1] Development Trends - The competitive landscape for products is expected to evolve into a U-shaped pattern, with initial high concentration due to regulatory barriers, followed by increased competition, and ultimately a return to higher concentration as operational capabilities differentiate companies [2] - The medical aesthetics industry is characterized by "limited innovation," making operational capabilities increasingly important; leading companies are expected to benefit from their established operational strengths [2][3] Investment Recommendations - There are opportunities for product breakthroughs, particularly in non-hyaluronic acid materials, with over 110 approved injectable products in China, and limited competition in other categories; new product approvals, especially in botulinum toxin and other innovative materials, are anticipated to drive market growth [2] - The report emphasizes the importance of comprehensive operational capabilities, with leading companies expected to maintain their competitive edge in a market characterized by limited innovation [3]

2 0 2 5年，美妆行业掀起一股PDRN热。 国 货 科 技 品 牌 绽 媄 娅 、 FULCYTO. ami e 等 频 发 PDRN 新 品 引 来 市 场 关 注 ； 环 亚 集 团 旗 下 幽 雅、上海家化旗下双妹等多个美妆品牌也纷纷下场；与此同时，欧莱雅集团王牌兰蔻、爱茉莉 太平洋旗下高奢品牌AP嫒彬以及LG生活健康旗下皮肤学功效性品牌CNP希恩派等一众外资美 妆也在加速布局PDRN赛道。 BEBD美修大数据显示， 目前使用PDRN的品牌达到3 8 9 4个，含有该成分的商品达1 6 9 0 1个， 且仍在快速增长。虽然PDRN与此前胶原蛋白从专业医美领域破圈至大众护肤市场的路径如出 一辙，但其蹿红的速度之快，各大品牌跟进力度之强，却是前所未有。 | 公司 | 日语 | 個選 | 环亚 | 上海家化 | 华熙生物 | | --- | --- | --- | --- | --- | --- | | 产品 | | | | | | | | 绽媒娅 | FULCYTO.amie | 幽雅 | 双妹 | 润百颜 | | | 球PDRN能量棒 | 双球PDRN超塑次抛 | DNA钠蛋白晶钻驻颜冻干套 | 油露 ...

再生领域的"液体黄金"——PDRN，正在全球护肤市场掀起一阵热浪，引来多个实力玩家入局 探索护肤相关的技术路径。很多人不知道的是，这场成分革命的起点，与韩国医美产业渊源颇 深。 公开资料显示，韩国作为全球医美技术的风向标，对PDRN的应用起步早且应用范围广泛。早 在2 0 0 8年，PDRN在组织修复领域的应用就已获批，随后迅速成为韩国皮肤门诊中备受追捧的 热门成分，成功实现了从专业医疗场景向消费级医美的跨越。 如今，韩妆品牌再度展现敏锐的市场洞察力，大胆将PDRN从医美领域引入日常护肤，打破了 技术应用的边界，成为细分赛道的规则定义者。 LG生活健康旗下专研皮肤学功效型护肤品牌——CNP希恩派（以下简称：CNP），近日正式 推 出 全 新 产 品 「 针 修 瓶 」 （ 希 恩 派 致 研 紧 致 肌 源 精 华 液 ） ， 以 院 线 同 源 的 PDRN 作 为 核 心 成 分，将院线级功效浓缩于一瓶精华之中，无异于在至卷的抗老修护赛道投下一颗"核弹"。 CNP希恩派全新产品「针修瓶」 值得关注的是，这款产品是CNP实验室和LG生活健康共同"托举"下的作品，彰显了品牌背后 强大的科研实力，以及对当下消费 ...

对标胶原蛋白，具"爆品"潜质 据QYR预测，2023-2029年全球PDRN市场规模CAGR达到43.32%，其中中国地区CAGR可达到49%，虽然国内 PDRN行业已开始进入高速增长期，但由于原料本土化规模生产的问题才得到解决，以及终端市场目前还没有 大量的应用产品推出，当下市场规模仍然偏低。然而通过比对PDRN与胶原蛋白，我们认为中国PDRN市场， 随着原料本土规模化生产所带来的价格降低，以及护肤和医美领域的产品上市，其发展进度将远超预期。我们 认为PDRN将成为求美领域下一个"爆品"级赛道。 自研+资本，华熙系已成为PDRN的国家队 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 PDRN——再生医学领域的"液体黄金" PDRN（多聚脱氧核糖核苷酸）是一种长度50-2000 bp、 ...