From: Prospective Industry Research Institute

Major listed companies in the industry: Aimee (300896), Haohai Biotech (688366), Huaxi Bio (688363), Huadong Medicine (000963), Longzi (002612), Huahan Plastic (430335), etc.

the core data of this article: competition factions in light medical and beauty industry; GMV market share of China's light medical and beauty project; Global market share of hyaluronic acid raw materials; Ranking list of China's light medical and beauty related institutions, etc.

1, China light medical beauty industry competition factions

The participants in China's light medical beauty industry mainly include dermatology departments in public hospitals, large chain medical beauty groups, small and medium-sized private medical beauty institutions, and some non-compliant private clinics and beauty salons. Among them, the dermatology department of KM Hospital mainly includes Fudan Huashan Hospital, Xijing Hospital of Air Force Military Medical University, Peking University First Hospital, etc. Large chain medical and beauty groups include Longzi, Meilai, Huahan, Lido, Pengai, Art Star, Aster, etc., small and medium-sized private institutions include Beijing Leaves, Shenzhen Fuhua and so on.

2. Market Share of China Light Medical Beauty Industry

In terms of project types, from 2019 to 2022, among China's light medical and beauty projects, there was a slight decline in GMV for optoelectronic projects overall, remaining above 40 percent overall, while the proportion of GMV for injection projects grew rapidly, rising to 40.91 percent from 28.35 percent in 2019. The increase in the proportion of injection projects shows that with the research and development of injection medical products, the market's recognition of them has greatly increased. At the same time, from the perspective of product efficacy, injection projects can have more "immediate" effects, and the appearance The change is also more obvious, so it is loved by consumers.

from the brand point of view, in 2022, the photoelectric brand search volume accounted for the highest proportion of Feiton, followed by medical people, Feiton accounted for 67.27, medical people accounted for 13.95. Overall, Feidun has an absolute consumer cognitive advantage in the photoelectric brand. Flyton and medical people are foreign brands, so China's photoelectric products localization rate is still a large improvement space.

injection projects, mainly hyaluronic acid, China is the world's largest production of hyaluronic acid, leading enterprises Huaxi biological hyaluronic acid market share reached 44%, followed by focus organisms, the share reached 15%. Fufeng Bio has a market share of 9% and Anhua Bio is 7%. Overall, the industry leader effect is obvious, the industry's top four are domestic manufacturers.

From the perspective of hospitals and institutions, my country's institutions involved in light medical beauty mainly include dermatology departments in public hospitals, large chain medical beauty groups, small and medium-sized private institutions, and private clinics and beauty salons. Overall, China's medical and beauty institutions show a messy distribution, uneven quality, uneven development of good and bad phenomenon. Public hospitals, large chain medical beauty groups and even small and medium-sized private medical beauty institutions account for a relatively low market share. More than 70% of the market is occupied by informal institutions. These places are also places where medical beauty accidents occur frequently. In the future, as consumer awareness increases and competition in the industry intensifies, non-compliant institutions may accelerate their clearance.

3. Market Concentration of China's Light Medical and Beauty Industry

by project, according to the previous market share, the CR2 of photoelectric projects exceeds 80%, and the global CR2 of injection projects also exceeds 50%, nearly 60%. Overall, the market concentration of optoelectronic projects and injection projects is very large, the leading research and development capabilities are strong, consumer awareness is high, and a certain price moat has been formed.

Note: The injection items in this chart are global data for 2021.

4, China light medical beauty industry enterprise layout and competitiveness evaluation

From the project side, the layout of China's light medical and beauty industry-related enterprises mainly includes the research and development of various types of injection raw materials and various types of optoelectronic projects. At present, China's injection projects, hyaluronic acid and collagen are more popular, while the product gross margin is higher. Photoelectric project, to whiten the skin as the main effect of the product heat is higher, representative brands include medical people, Saino show and so on.

from the institutional side, according to the institutional list provided by the new oxygen APP, the top five institutions in the list of hyaluronic acid products represented by injection items are Shanghai rose medical beauty hospital, Shanghai verilin medical beauty hospital, Hangzhou yixing medical beauty hospital, Hangzhou weilin medical beauty hospital and Chengdu yixing plastic beauty hospital. In the list of whitening and skin rejuvenation in the representative fields of photoelectric projects, the top five institutions are Beijing Huamei Medical and Beauty Hospital, Guangzhou Lihe Medical and Beauty Hospital, Chengdu Yixing Plastic and Beauty Hospital, Shanghai Elime Medical and Beauty Hospital, and Shanghai Rose Medical and Beauty Hospital. On the whole, Art Star has been on the list many times. As the leader of private medical and beauty institutions, Art Star mainly promotes consumer awareness through a large number of online marketing. According to the sales expenses disclosed by Art Star in the prospectus, it reached 0.305 billion yuan in 2018, accounting for 55.17 of the gross profit, of which the promotion and marketing expenses were 0.208 billion yuan, accounting for 68.2 of the sales expenses. Therefore, after deducting various expenses, the net interest rate of Art Star Medical Beauty in 2018 is only 11% (Art Star finally failed to be listed successfully, so the information disclosure as of 2018, the distribution of the value chain of the medical beauty industry has not changed significantly in recent years, the middle reaches still rely heavily on marketing, advertising costs are high, so the net interest rate of the middle reaches institutions has not changed much).

5. summary of the competition status of China's light medical and beauty industry

From the upstream bargaining power, it can be seen that the raw material side has a very large bargaining power for medical beauty institutions, and the gross profit margin of raw material suppliers can reach more than 70%, so the upstream bargaining power of the industry is strong. On the downstream side, with the continuous standardized development of the industry and the improvement of information transparency, there are more and more APP platforms for light medical and beauty information collection. Now consumers usually consume light medical and beauty services through the platform end. Therefore, the platform end will also charge certain intermediary fees to medical and beauty institutions. For medical and beauty institutions that rely heavily on marketing, the online O2O platform almost controls the survival of the institutions. Therefore, have to spend a lot of advertising costs to maintain consumer awareness, downstream bargaining power is strong. In terms of existing competitors in the industry, up to now, a number of leading enterprises have emerged in the medical beauty industry, such as art star, Longzi, Huahan, etc., while leading enterprises specializing in light medical beauty have not yet appeared. Combined with all kinds of medical and beauty institutions in the industry have the layout of light medical and beauty projects, resulting in a large number of existing competitors in the industry, there is an uneven level of development, light medical beauty is currently in the "group of dragons without a head" development pattern. In terms of the threat of new entrants, combined with the development trend of the industry with lower technical requirements and higher consumer enthusiasm than traditional medical beauty, although the net interest rate of the industry is lower, there are still opportunities to take advantage of it. In addition, the development of "face value economy" is booming, the industry capital threshold is relatively low, and the threat of new entrants is greater. In terms of the threat of substitutes, plastic surgery is the main substitute relationship with light medical beauty, but plastic surgery has a high unit price and high risk, which can not attract risk averse consumers. On the contrary, because light medical beauty has the characteristics of "immediate effect" and "short recovery period", it has formed a certain substitution effect on traditional plastic surgery projects.

For more research and analysis of this industry, please refer to the "China Medical Beauty Industry Market Demand Forecast and Investment Strategic Planning Analysis Report" by the Prospective Industry Research Institute.

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