医美专家视角：终端机构运营情况及材料趋势

Summary of Medical Aesthetic Industry Conference Call Industry Overview - The medical aesthetic industry is experiencing a slowdown in growth, with leading chain institutions and light medical aesthetic models still maintaining growth. Single stores or non-compliant institutions are facing difficulties, and the proportion of channel medical aesthetics is decreasing [1][2][12]. Key Insights and Arguments - Revenue growth for institutions is up 6% year-on-year, with increased customer flow but a decrease in average transaction value (ATV) by approximately 6%. First-tier cities performed particularly well, with an expected annual growth rate of about 10% for chain institutions [1][2][3][4]. - Promotional activities were advanced to September, significantly boosting revenue, with the repurchase rate of existing customers rising to 61% [1][5]. - The pricing strategy varies significantly among products, with low-priced products used for customer acquisition and high-priced products maintaining profit margins. Institutions attract new customers with low initial prices, then revert to original prices for subsequent treatments [1][9][10]. - Regulatory tightening has led to reduced advertising expenditures in traditional channels, shifting focus to customer referrals and internal membership management systems, resulting in decreased marketing costs but improved ROI [1][11]. Market Dynamics - The industry is expected to focus more on profit margins rather than solely on revenue growth, with a projected overall revenue growth of less than 10% by 2026 and a potential further decline in ATV [3][25]. - The customer demographic has shifted, with a 16% year-on-year increase in customer flow in September, and a notable rise in the proportion of returning customers [5]. - High-end products like collagen and hyaluronic acid are expected to see increased procurement, while non-compliant products will be suspended [3][25]. Product Performance - Different price segments are performing well, with significant growth in customer acquisition products such as water light needles and photon rejuvenation [6][8]. - The price of some products has decreased, such as the Ningbo Weimei 4mg product, while high-end products have maintained stable pricing [8][9]. - The market for botulinum toxin has shown stable growth, with annual growth rates exceeding 10% from 2023 to 2025, despite strict regulations limiting advertising [24]. Future Trends - The industry is expected to develop more healthily and sustainably, with a focus on compliance and quality. Non-compliant small institutions may be eliminated due to increased regulatory scrutiny [12][13]. - Mergers and acquisitions are occurring, particularly among traditional institutions that have not adapted to the light medical aesthetic trend [14]. - Institutions prefer self-built stores over acquiring local existing institutions to maintain brand consistency and leverage operational advantages [15]. Conclusion - The medical aesthetic industry is navigating a complex landscape of regulatory changes, shifting consumer preferences, and competitive pressures. Institutions are adapting by refining their marketing strategies, focusing on customer retention, and optimizing product offerings to ensure sustainable growth in a challenging environment [12][30].