From Visual China

2023 is about to come to an end. judging from the resumption of trading, the performance of a-share medical and beauty plate can be described as "ice and fire": hyaluronic acid giants with halo on their heads in the past few years have entered a period of stinging under the influence of the consumption environment. only collagen plate has stepped out of the independent market, and stocks such as jinbo biology (832982.BJ) have risen sharply against the trend.

medical and beauty institutions, in the face of strong pressure upstream and downstream, has started a close-fitting price war, in order to reduce operating costs, there is no lack of small medical and beauty institutions are still rampant in the "black medical beauty" road.

it can be predicted that in 2024, strict supervision of medical beauty will remain. the general direction of supervision is still to return medical beauty to the essence of medical care. the core of supervision is to continuously improve the quality and safety of medical beauty. Under the tone of strict supervision, the market share of compliant medical beauty will be effectively increased, which will be beneficial to medical beauty enterprises with technical barriers, financial advantages and compliant operation. However, it should also be noted that under the strict supervision and the current consumer environment, there are still many challenges to meet the medical and aesthetic industry.

The worries of medical giants

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Performance Stall

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Sharp market capitalization

stepping through the era of high performance and market value growth, in 2023, medical and beauty giants Aimee (300896.SZ) and Huaxi Bio (688363.SH) ushered in a period of anxiety: market value shrinks sharply and performance growth stalls.

in terms of performance, Aimei achieved revenue of 2.17 billion yuan in the first three quarters, up 45.71 percent from the same period last year; net profit of 1.418 billion yuan in the same period, up 43.74 percent from the same period last year; revenue of 0.711 billion yuan in the third quarter, up 17.58 percent from the same period last year, down 14.29 percent from the previous quarter, and net profit of 0.455 billion yuan, up 13.27 percent from the same period last year and down 17.19 percent from the previous quarter.

It is worth noting that this is the first quarter-on-quarter decline since Aimek went public. In this regard, an industry source said to the titanium media APP: "mainly after the release of the epidemic this year, the third quarter of summer travel, parent-child travel and other strong growth, facial light medical beauty injection, can not be exposed to the sun, etc., so the relevant sales are relatively reduced."

another medical and American giant Huaxi biology's 2023 performance was even more unsatisfactory: the first three quarters achieved revenue of 4.221 billion yuan, down 2.29 year on year; Net profit for the same period was 0.514 billion yuan, down 24.07 percent year on year. Among them, operating income in the third quarter was 1.146 billion yuan, down 17.26 percent from the same period last year, down 35.28 percent from the previous month, and net profit was 89.79 million yuan, down 56.03 percent from the previous year. Ring fell sharply by 59.94.

In terms of market capitalization, the two medical and beauty giants, Aimee and Huaxi Bio, have shrunk significantly.

the trend of Aimeike in the past year comes from oriental wealth

As of the close of trading on December 28, Aimeike reported closing at 301.81 yuan per share, with a total market value of 65.3 billion yuan. Compared with the total market value of more than 640 yuan per share (previously reinstated) and more than 130 billion yuan at the beginning of this year, the market value has already evaporated. Half. As of the close of trading on the 28th, Huaxi Biology closed at 67.99 yuan, with a total market value of 32.7 billion yuan, compared with more than 130 yuan per share at the beginning of the year (before restoration) and a total market value of more than 64 billion yuan, the market value has also evaporated by half.

as a "big merger" in the industry, haohai shengke, one of the "three swordsmen of medical beauty", was questioned as early as 2022 for "falling behind" due to the impairment of goodwill in Aaren ". Although the first three quarters of this year's results increased higher, the first three quarters of revenue of 1.982 billion yuan, up 25.23 percent year-on-year, net profit of 0.327 billion yuan, up 102.04 percent year-on-year, but the main reason is still the low performance base in 2022, compared to the first three quarters of 2021 net profit, an increase of only 5.25 percent.

It should be noted that the business of the above-mentioned "Three Musketeers of Medical Beauty" is mainly hyaluronic acid business. Today's performance growth has stalled, which to a certain extent reflects that the era of "everything can be hyaluronic acid" has become a thing of the past.

haohai biotech hyaluronic acid injection products, from the company's official website

as for the reasons behind it, besides the summer tour, industry insiders analyzed the titanium media APP and believed that since the launch of products such as "wei yi mei" under jinbo biology, they have been quite hot under the "strong wind" of collagen, seizing the market share in the corresponding efficacy field. At the same time, medical beauty, as an optional consumption, is also affected by the consumption environment and so on.

Collagen "independent quotes"

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Double performance

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The trend is good

From the perspective of the secondary market, the trend of restructured collagen leading stock Jinbo Biology is very good, and another collagen listed company Chuanger Biology is also quite strong, which is in sharp contrast to the sluggish market of hyaluronic acid stocks.

As of the close of trading on December 28, Jinbo Bio closed at 251.50 yuan per share. Compared with the issue price of 112.6 yuan per share when it was listed on the Beijing Stock Exchange in July this year, the total market value has doubled. During this period, the company's stock price once broke through 300 yuan per share.

jinbo biological stock price trend, from the eastern wealth

In terms of performance, Jinbo Bio achieved revenue of 0.517 billion billion yuan in the first three quarters, a year-on-year increase of 105.64; the net profit attributable to shareholders of listed companies was 0.192 billion billion yuan, a year-on-year increase of 173.75. Among them, in the third quarter, the company achieved revenue of 0.201 billion billion yuan, a year-on-year increase of 106.43; the net profit attributable to shareholders of listed companies was 82.8427 million billion yuan, a year-on-year increase of 168.75.

Chuanger Biological's performance growth is also good. In the first three quarters of 2023, it achieved revenue of 0.212 billion billion yuan, a year-on-year increase of 24.47; the net profit in the first three quarters was 33.48 million billion yuan, a sharp increase of 58.50 percent year-on-year.

The heat of collagen is not only reflected in the secondary market, but also in the primary market. According to preliminary statistics, among the few more than 10 investment and financing events in the medical and American industry this year, there are 3 investment and financing events on collagen, including the human ECN composite collagen manufacturer "Meibai Pharmaceutical" who received tens of millions of yuan A + round of financing and Dianjing Biology received 40 million US dollars of round B financing. Even the LV is targeting the collagen track.

in September this year, Jiangsu chuangjian medical technology co., ltd. (hereinafter referred to as "chuangjian medical") announced that it had obtained round B of financing, with the amount of financing exceeding 0.2 billion yuan. it was jointly led by l Catterton and citic lyon capital, a subsidiary of citic securities, with chuangdong investment and mingfeng capital. one of the company's main businesses is collagen. L Catterton is the world's top luxury brand LV parent company LVMH's private equity fund, is the world's largest consumer goods PE institutions.

it should be noted that the collagen field should also be divided into tracks. for example, collagen concept stocks such as fu erjia (301371.SZ), which aim at the functional skin care field, are far inferior to collagen injections in terms of performance and market value. Since its listing in March this year, fu erjia's share price has fallen continuously, falling below the issue price, and its net profit in the first three quarters of this year has also shown a downward trend.

Anxious medical and aesthetic institutions, survival in "cracks"

in 2023, medical and beauty institutions will still survive in the "cracks": suppliers such as upstream aierjian and aimeike have high technical barriers, high prices and strong industrial chain position. Downstream channels such as meituan medical beauty, tmall medical beauty, new oxygen, Baidu medical beauty, more beauty, tremolo and other channels take "high commissions", resulting in low net interest rate is still the core problem of medical and beauty institutions.

public data show that the net interest rate of China Korea shares (430335.OC) in 2022 is as low as 5.22 percent, and the net interest rate in the first half of 2023 is 11.42 percent. The net interest rate of Longzi shares in 2022 is only 0.89 percent, and the net interest rate in the first three quarters of 2023 is 5.73 percent.

the net interest rate of China Korea shares in recent years comes from oriental wealth

small beauty salons may be even less profitable, and there is no shortage of beauty salon owners in the industry shouting, "I hope suppliers such as upstream Aljian will lower our prices a little. It is really difficult for institutions to operate."

"Even if we make a profit, it is useless. The majority of the operating costs of medical and beauty institutions are still in the marketing costs. I understand that the average customer acquisition cost of some medical and beauty institutions is as high as 5000 yuan or more." A medical upstream manufacturer of the United States said to the titanium media APP.

According to Frost Sullivan, the average cost of customer acquisition for medical and beauty institutions has climbed to about 3000 to 5000 yuan in 2021, while the net interest rate remains only around 1%-10%.

in order to reduce marketing costs, many medical and beauty institutions personally went to the front of the stage and started live broadcasting, trying to bypass the medical and beauty channel providers to reach consumers and drain them in a "low-cost customer extension" way. As a result, the wind of low-price marketing is gradually rising, and the trend of low-price competition among institutions is becoming more and more intense. The "Qiao Yadeng Price Breaking Incident" during the Double Eleven this year is the epitome of this low-price marketing war.

Wu Yuping, a practitioner in the operation and marketing of medical beauty, told titanium media APP: "After this year, the boss of medical beauty is no longer infatuated with channels, knows that channels of medical beauty are" exhausted and not profitable ", no longer pursues low-cost customers, and knows that what is coming is not customers, but the Maoists."

In the dilemma, there is no shortage of medical and aesthetic institutions that "have evil thoughts in their hearts" and choose "black medical beauty" and "gray medical beauty". In 2023, under the nose of "strict supervision", there are still many medical and beauty institutions.Words such as "fake products", "fake experts", "parallel imports" and "black instruments" are still in the newspapers.

What's the solution? The above-mentioned industry insiders said to the titanium media APP, to form a virtuous circle of marketing, compliance management is the foundation, medical beauty institutions or from the doctor, brand and other aspects to start, cultivate professional and powerful medical beauty doctor IP, shape a good brand image, in order to attract consumers to go.

But creating a good brand image and cultivating professional doctors IP requires not only investment, but also high time and cost of cultivation. It also requires entrepreneurs to leave "eager for quick success and instant benefits" and settle down to cultivate the industry. Perhaps, this will be difficult for all operators.

Strict regulation remains

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Let medical beauty return to the essence of medical treatment

on the whole, in 2023, the supervision of medical beauty will be more and more intensive, and the content will be more and more specific and systematic. the core is to return medical beauty to the essence of medical treatment.

according to the preliminary sorting of titanium media APP, in January, the supreme people's procuratorate issued a document "urging to strengthen the supervision of medical and aesthetic advertisements"; In March, the General Administration of Market Supervision issued the "Guidelines for Enforcement of Absolute Terms in Advertising"; In April, the State Food and Drug Administration said that the "Measures for Supervision and Administration of Cosmetics Network Operation" will come into effect on September 1, 2023.

In May, 11 departments, including the General Administration of Market Supervision, the Ministry of Public Security, the Ministry of Commerce, the National Health Commission, the General Administration of Customs, the State Administration of Taxation, the State Internet Information Office, the State Administration of traditional Chinese Medicine, the State Drug Administration, the Supreme people's Court and the Supreme people's Procuratorate, jointly issued the guidance on further strengthening the Supervision of the Medical Beauty Industry.

the regulatory policies of the medical and aesthetic industry in recent years come from the national health commission, the China integration association, Deloitte research, etc., titanium media APP mapping

The "Opinions" emphasize cross-departmental comprehensive supervision. Under the framework of existing laws and regulations, from registration management, qualification review, "certificate" and "photo" information sharing, briefing and consultation, joint spot checks, coordinated supervision, and execution convergence And other dimensions work at the same time to build a coordinated and efficient industry supervision system. At the same time, the "Opinions" clearly require that medical beauty diagnosis and treatment activities, medical beauty business activities, and medical beauty drugs and medical devices should be included in the comprehensive regulatory priorities, which will help clarify the regulatory focus and maintain the regulatory pressure on industry chaos.

titanium media APP learned from industry sources that the supervision of medical beauty has two sides. on the one hand, it supports and protects compliant medical beauty; on the other hand, it will crack down on illegal medical beauty. the supervision will be more and more intense, and the content of supervision will be more and more specific. the key lies in the continuous improvement of medical quality and safety.

according to the titanium media APP, in the past two years, from medical and aesthetic biological materials and consumables to medical and aesthetic institutions and even medical and aesthetic publicity platforms, supervision has been strengthened in an all-round way. before and after the "special political work plan for cracking down on illegal medical and aesthetic services", "medical and aesthetic advertisement law enforcement guide" and "medical institution management regulations" have been issued.

regarding the reasons for the intensive introduction of regulatory policies in the field of medical beauty in recent years, an industry insider told titanium media APP: "with the rapid development of light medical beauty, the industry has exposed many problems that have attracted the attention of regulators, such as' black medical beauty institutions', 'black medical devices' and' black doctors', as well as frequent problems such as fake parallel goods and false marketing."

Behind the chaos, the medical beauty industry faces many challenges. For example, at present, the medical and aesthetic industry still lacks sufficient supply of professional medical personnel resources, has not yet formed a perfect and standardized medical and aesthetic professional training system, medical and aesthetic market and service compliance status needs to be improved as a whole.

It is foreseeable that under the tone of strict supervision, the medical beauty training system will become more perfect, the quality of service in the medical beauty market will be effectively improved, and the proportion of compliant medical beauty will be further increased.

( This article starts with titanium media APP, Author Zhang Haixia )