胶原蛋白：医美技术升级，场景拓宽

Summary of Key Points from the Conference Call Industry Overview - The Chinese medical aesthetics market has a penetration rate significantly lower than developed countries like the US, Japan, and South Korea, indicating substantial growth potential, especially in the light medical aesthetics sector [1][3] - The medical aesthetics industry is transitioning from chaotic growth to steady expansion, with an expected annual compound growth rate of 15% over the next few years [1][5] - The market for hyaluronic acid has seen a notable shift, with domestic brands rapidly increasing their market share, surpassing foreign brands, and driving the popularization of light medical aesthetics through competitive pricing [1][9] - The botulinum toxin market is projected to maintain a nearly 20% year-on-year growth rate, with market size expected to continue expanding [1][10] Market Dynamics - The regenerative materials market is competitive, with companies vying for market share through technological differentiation and customer segmentation, impacting the high-end hyaluronic acid market [1][12] - Recombinant humanized collagen is gaining traction in the light medical aesthetics market due to its structural advantages and safety, likely to further increase its market share [1][24] Market Size and Comparison - The Chinese medical aesthetics market has reached a scale of over 100 billion RMB, but still has significant room for growth compared to developed countries, with treatment rates per thousand people being only 1/4 of South Korea, 1/3 of the US, and 80% of Japan [3][4] - The light medical aesthetics market in 2021 was dominated by hyaluronic acid (51%) and botulinum toxin (33%), with recombinant humanized collagen accounting for approximately 6.5% of the market [23] Competitive Landscape - The competition in the hyaluronic acid market has shifted, with domestic brands capturing a significant share by offering lower prices compared to international brands [9][8] - The botulinum toxin market features products from various companies, with the core of market share differentiation relying on the capabilities of sales teams [10][11] Technological Innovations - The development of recombinant humanized collagen is seen as a key driver for the growth of the light medical aesthetics market, with expectations of increasing penetration rates from 6.5% in 2024 to 10% by 2027 [23] - Companies like Jinbo Biotechnology are leading in recombinant humanized preparation technology, having developed innovative injection-grade implants and continuously working on new products [29][30] Consumer Preferences - Consumer preferences vary by region, with American and Brazilian consumers favoring shaping procedures, while Asian consumers prioritize skin improvement and anti-aging effects [4] - The demand for regenerative materials reflects changing aesthetic values and a strong desire for natural and long-lasting anti-aging effects [12][13] Challenges and Opportunities - The collagen market in China is still developing, with a relatively limited range of products available, primarily dominated by imported products [25] - The historical challenges faced by collagen injectables, such as safety concerns and cost-effectiveness, have hindered rapid market growth compared to alternatives like hyaluronic acid [26] Conclusion - The medical aesthetics industry in China is poised for significant growth, driven by technological advancements, changing consumer preferences, and increasing market penetration of domestic brands. The focus on safety and efficacy in new product development will be crucial for sustaining this growth trajectory [1][24][29]