公开信息显示，菲林普利是成都睿合医药旗下的医美品牌，产品由四川拜阿蒙生物材料公司研发生产。国家药监局官网信息明确其注册全称为"羟基磷灰石 生物陶瓷"，适应范围为"各种原因所致的骨缺损修复或填充；各种原因所致的软组织修复或增强，如眼球摘除或眼内容物剜除后的义眼台植入"。 日前，杭州电视台官微发布一篇名为《杭州思达芮医疗数万元打的美容针 竟是"骨科材料"疑似违规用药》的报道，再度将羟基磷灰石（CaHA）这一医美新 材料的使用乱象推向公众视野。 报道披露，今年8月，市民骆女士在杭州思达芮医疗美容诊所花费50830元，注射了宣称可以刺激胶原蛋白再生、让皮肤变得更有弹性的"菲林普利"，然而事 后发现该产品不具备面部医美注射的资质。 骆女士同时反映，该诊所仅告知产品功效，未详细说明注射部位及次数，且事后核对发现，诊所收取了鼻基底1针的费用，但她并未接受该部位注射。无独 有偶，另一位投诉人章女士也反映，其在该诊所注射"菲林普利"时，遭遇了与骆女士一样的"未注射却收费"问题。 目前，上城区卫生监督所已对杭州思达芮医疗美容诊所立案调查。而这背后，"菲林普利"是否构成"超适应证"使用？羟基磷灰石类材料在医美领域的类似应 用是否存 ...

Core Viewpoint - The article highlights the misuse of hydroxyapatite (CaHA) in the medical beauty industry, particularly focusing on a case where a patient received an injection of a product called "Filinpril" that was not approved for facial aesthetic use, raising concerns about regulatory compliance and patient safety [1][5][12]. Summary by Sections Incident Overview - A citizen named Ms. Luo spent 50,830 yuan at Hangzhou Sidarui Medical Aesthetic Clinic for an injection of "Filinpril," which was claimed to stimulate collagen regeneration but was later found to lack the necessary qualifications for facial aesthetic injections [1][3]. Product Information - "Filinpril" is a brand under Chengdu Ruihe Pharmaceutical, developed by Sichuan Baiamon Biological Materials Co., and is registered as "hydroxyapatite biological ceramics" with a focus on bone defect repair and soft tissue enhancement [3][4]. Regulatory Actions - The Hangzhou Health Supervision Bureau has initiated an investigation into the clinic, questioning whether the use of "Filinpril" constitutes "off-label" use and highlighting the need for stricter regulations in the medical beauty sector [5][8]. Market Context - Hydroxyapatite is recognized for its biocompatibility and is used in various medical applications, including bone and dental treatments. However, its introduction into the aesthetic market has led to concerns about its application beyond approved indications [7][11]. Compliance and Industry Challenges - The article discusses the prevalence of "off-label" use of medical products in the aesthetic industry, with many products being used in ways not specified in their registration, raising compliance risks [8][13]. Regulatory Developments - Recent approvals for compliant hydroxyapatite products, such as Aphranel and Radiesse, indicate a shift towards more regulated use in aesthetic applications, yet issues of off-label use persist [12][13]. Industry Regulation Efforts - The article notes ongoing efforts by various health authorities to enhance regulatory frameworks and combat illegal practices in the medical beauty industry, including the establishment of compliance guidelines and enforcement actions against unlicensed operations [15][16].

Core Viewpoint - The article highlights the misuse of hydroxyapatite (CaHA) in the medical beauty industry, particularly focusing on a case where a patient was charged for a treatment that was not properly administered, raising concerns about regulatory compliance and the potential for "off-label" use of medical materials [4][5][7]. Group 1: Case Study - A patient in Hangzhou spent 50,830 yuan on a treatment using a product called "Filinpril," which was later found to lack the necessary qualifications for facial aesthetic injections [4][5]. - The clinic failed to provide detailed information about the injection sites and the number of injections, leading to complaints from multiple patients about being charged for services not rendered [5][6]. Group 2: Regulatory Concerns - The article discusses the ongoing investigation by the health supervision authority into the clinic's practices, questioning whether the use of "Filinpril" constitutes "off-label" use [7]. - There is a growing concern about the widespread use of hydroxyapatite materials in aesthetic applications that may not align with their registered medical purposes, which primarily focus on orthopedic and dental applications [9][10]. Group 3: Market Potential and Product Approval - Despite the controversies, the market potential for hydroxyapatite in the medical beauty sector is viewed positively, with expectations for increased regulatory approvals for compliant products by 2025 [13][14]. - Recent approvals include Aphranel® and Radiesse, which are now recognized for use in facial soft tissue filling, marking significant milestones in the regulatory landscape [12][14]. Group 4: Industry Regulation and Compliance - The article emphasizes the need for stricter regulations and compliance measures in the medical beauty industry to address the misuse of products and ensure patient safety [16][18]. - Various local governments have initiated actions to combat illegal medical beauty practices, highlighting the importance of regulatory frameworks in maintaining industry standards [17][18].

Investment Rating - The report maintains a "Buy" rating for several companies in the consumer discretionary sector, including Proya, Betaini, and others [5][9]. Core Insights - The consumer discretionary sector is showing signs of recovery, with a notable increase in retail sales and positive market performance in sub-sectors like beauty care and travel [1][3][20]. - The implementation of the "Consumption Boost Action Plan" by the central government aims to enhance consumer spending through various initiatives, including income support and consumption upgrades [2][33]. - Retail sales for January-February 2025 reached 8.37 trillion yuan, reflecting a year-on-year growth of 4%, with online retail sales also showing a positive trend [20][27]. Market Performance - During the week of March 10-14, 2025, the Shenyin Wanguo indices for retail, social services, and beauty care increased by 2.50%, 3.71%, and 8.18% respectively, outperforming the broader market indices [12][14]. - Specific sub-sectors such as personal care products, hotel and restaurant services, and cosmetics saw significant gains, with increases of 7.79%, 5.14%, and 4.87% respectively [1][14]. Key Events and Announcements - The government has outlined 30 key tasks in the "Consumption Boost Action Plan," focusing on income growth, service quality improvement, and enhancing the consumption environment [2][33]. - Local initiatives, such as the implementation of a child-rearing subsidy in Hohhot, are expected to stimulate domestic demand further [2][33]. - Companies like Aimeike are actively pursuing acquisitions to expand their market presence, indicating a strategic focus on growth [34]. Retail Sales Breakdown - In January-February 2025, retail sales of goods totaled 7.39 trillion yuan, with a year-on-year increase of 3.9%, while catering revenue reached 0.98 trillion yuan, growing by 4.3% [20][24]. - The online retail sales of physical goods amounted to 1.86 trillion yuan, reflecting a year-on-year growth of 5% [27][31]. Sector-Specific Performance - The "old-for-new" consumption policy has positively impacted various categories, with significant growth in retail sales for communication equipment (26.2%), cultural and office supplies (21.8%), and home appliances (10.9%) [31][32]. - In the optional consumption category, cosmetics, gold and silver jewelry, and clothing saw retail sales growth of 4.4%, 5.5%, and 3.3% respectively [31][32].