1 thought on “In -depth report of the medical beauty industry: Beauty King 2.0, when light doctor beauty enters the age of popularization”
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This is about to become the largest country of medical beauty, and the three hundred billion markets are worth looking forward to. In 2019, the size of the Chinese medical beauty market reached 176.9 billion yuan, a growth rate of 22.2%; in 2019, there were 13.672 million Chinese medical and beauty users, and it was predicted that medical users in 2023 reached 25.483 million. China has become the world's second largest medical beauty market in 2017 and one of the fastest growth rates in the world. It is expected to surpass the United States in 2021, becoming the largest market for medical beauty, and in 2023, the market size reaches 311.5 billion yuan.
The penetration rate of Chinese medical beauty projects still has a large room for improvement. The Chinese medical beauty industry started late. In 2014, the penetration rate of medical beauty in mainland China was only 2.4%. At the same time, the penetration rate of medical beauty in Hong Kong, China was 3.8%, and the penetration rate in Japan was 10.3%. 15.7%, the penetration rate of Korean medical beauty projects is as high as 18.2%. In the past five years, the penetration rate of Chinese medicine and beauty projects has increased significantly, from 2.4%in 2014 to 3.6%in 2019.
The new trend of medical beauty, light doctor beauty consumption enters the age of popularization:
The value chain of the medical beauty industry: From the perspective of the profit distribution of hyaluronic acid single products industry chain: in the production stage of raw materials and terminal products, Due to the low factory price, the profit level of the single product is not high, and during the terminal sales stage, despite the high cost of customer acquisition and the high end price situation, the profit level is at the highest level of the entire industry chain. However, due to the number of midstream service companies, the competitive dispersion business capacity customer acquisition capacity has largely dispersed the profit space. The upstream manufacturing enterprises are relatively concentrated, and a single enterprise is at the profit of the medical and beauty industry chain.
Meweline consumption has entered the era of popularization, and multi -frequency secondary injection and equipment therapy are favored. Injecting therapy mainly includes filling hyaluronic acid, botulinum toxin, water light needle, child face needle, fat -dissolving needle, whitening needle, etc.; Wait) and ultrasonic knife.
The industry chaos is still rectification. "Three None" issues such as unlicensed doctors, unlicensed clinics, and unlicensed products need to be resolved, which will affect upstream and downstream operations. In 2017, the seventh ministries and commissions jointly opened the unimpeded medical and beauty special action; in 2020, the eight ministries and commissions jointly supervised the "severe rectification of the medical beauty industry".
"Hyaluronic acid" Company Comparison: Business, products, channels, research and development and profitability
Huaxi Bio: The company is the leader of the hyaluronic acid industry, from raw materials, medical terminals, skin care products, etc. And other biological active substance expansion applications. The medical beauty sector is mainly filled with hyaluronic acid, Sili kinetic energy, and medical skin protective agents to serve the beauty of the public. Terminal products are abundant, with a wide range of coverage channels, providing multi -category solutions, and continuously developing new composite products. The level of medical beauty and gross profit margin remained at 86%, and the net interest rate was slightly lower than that of the skin care sector sales expenses.
Haohai Shengke: The company is around the ophthalmology, medical beauty, orthopedics and surgery, and the ophthalmology accounts are relatively large. The products of the medical beauty sector are mainly Haiwei, Guerlain and Ha Mei. They mainly sell directly, and they are still in the influence of the epidemic and channel rectification. The gross profit margin of the medical beauty sector remained at 85%, and the net interest rate was affected by the promotion of other sectors, which was lower than the beauty.
Iti: The company focuses on the medical beauty sector. Product positioning, technical paths are characterized and differentiated, have the only cervical product of the market, the ten -year long -term long -term product Poinida, containing hydroxyhopension, containing hydroxylopenic bases Metic cellulose products and unique batch of buried line products, strong price maintenance capabilities, terminal channels are still expanding at high speed. The gross profit margin reached 93%, and the net interest rate was higher than Huaxi Biological and Beauty.
Investment recommendations:
The main consumer group of medical beauty, the degree of acceptance from "shame to mention" to "happy sharing", the penetration rate and consumption power have a certain amount of room for improvement, the light doctor and beauty section Gradually enter the era of popular consumption and become daily skin care and anti -aging. Optimistic about the medical beauty upstream manufacturing company Huaxi Biological, Hao Haishengke and Aimei.
(Report views belong to the original author, for reference only. Yuan Securities, Chang Qihui)
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