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　　2025-04-11 10:39

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On April 11, Bloomage Biotech (688363. SH) released its 2024 annual report. This is not only a presentation of financial data, but also an in-depth disclosure of strategic transformation.

From 2023 onwards, Bloomage Biotech's functional skin care products business has entered a phased adjustment. At the beginning of 2025, Zhao Yan, chairman of Bloomage Biotech, personally took charge and renamed the original "Personal Consumer Health Business Line" to "Skin Science Innovation and Transformation Business Line" to further promote business transformation. In this article, we'll take a closer look at the logic behind this transformation.

1. The

dilemma of the skin care industry: the flow dividend is ebbing, and consumers are "smart".

The past few years have been a time when the beauty industry has seemed to be in full swing. Since 2018, the market share of domestic beauty products has soared, and in 2023, it will surpass international brands for the first time with a proportion of 50.4%, becoming the main force in the market. However, a set of data in 2024 is a big surprise: the size of China's cosmetics market fell by 2.8% year-on-year, and behind the figure of 774.6 billion is the cruel reality of the industry's stagnant growth.

What's the problem? The answer is about to come out - the traffic dividend has ebbed. The traffic cost of e-commerce platforms is rising, and the excessive pursuit of traffic efficiency under the algorithm recommendation mechanism has caused brands to fall into a vicious circle of "bad money drives out good money"; At the same time, consumer needs are also quietly changing, and rational consumption has become the mainstream. In the past, the set of relying on burning money to buy traffic and relying on marketing gimmicks to hit the market is now unsustainable, and the "fat" of the industry is being beaten back to its original shape.

2. Zhao Yan's gamble: From traffic to technology, the "dimensionality reduction attack" of the skin care products industry

In this context, Bloomage Biotech's transformation is particularly bold. Founder Zhao Yan personally took the helm and returned to the front line of business, shifting the core of the functional skin care business from "consumer goods" to "skin science". This is by no means a simple name change, but Bloomage Biotech's deep insight into the industry: the future of the skin care industry is no longer "whoever burns money fiercely can win", but "who can use science to solve consumer pain points, who can win".

Where is Bloomage Biotech's confidence? The answer is simple – technology.

Bloomage Biotech clearly mentioned in the financial report: "Relying on eight R&D platforms, the company has conducted in-depth research on the efficacy of bioactive substances and their derivatives such as hyaluronic acid of different molecular weights, GABA, ectoin, ergothioneine on human skin, and has developed a series of skin care brands for different skin problems such as damaged skin barrier, anti-aging, and oily skin with this as the core ingredient. ”

Instead of fighting bayonets in the red sea of traffic, it is better to use technology to reduce dimensionality. Bloomage Biotech does not rely on marketing to tell stories, but on technical hard power to transform the company's cutting-edge achievements in skin science into value that consumers can perceive. What do consumers want? Not a beautifully packaged "IQ tax", but a good product that really solves the problem. The accumulation of science and technology of Bloomage Biotech has just stepped on this demand point.

The precise positioning of the three and four major brands: the technology-driven skin care matrix

The transformation logic of Bloomage Biotech is not only reflected in the strategic direction, but also in the repositioning of the four major brands. Bloomage Biotech's four major brands—Runbaiyan, Quadi, BM Muscle Active, and Mirepair—are using technology-driven methods to transform technological advantages into brand value and accurately cut into different skin care tracks.

Runbaiyan: A "hardcore player" who repairs the track

Biohyalux adheres to the company's professional research in glycobiology and cell biology, focusing on daily micro-damage of cells and skin dominance problems. It continues to consolidate the scientific and technological route of "repairing healthy and beautiful skin with biotechnology", and continuously strengthens consumers' brand awareness of "repairing a good foundation and achieving a good face" of Runbaiyan. In 2024, the sales revenue of Biohyalux's barrier repair series ("white gauze" series) will account for more than 50% of Biohyalux's overall sales revenue, and the success of the large-scale single product strategy fully demonstrates the high recognition of it by consumers.

More importantly, Runbaiyan also jointly launched a neck wrinkle and firming series with Runzhi, a medical beauty brand under Bloomage Biotech, and began to explore high-end customized skin care, so as to deepen the mental framework of "daily efficacy skin care + technical maintenance combined with mechanical makeup + customized skin care", which directly pushed the brand to the cognitive highland of high-value users.

Quadi: The "technology flow" of the anti-aging track

Quadi's brand positioning is "frozen age, anti-aging", and the technology has been upgraded to "precision anti-aging empowered by biotechnology". Relying on the research platform of cell biology and regenerative medicine, we deeply explore the synergistic effect of energy factors and anti-aging factors at the cellular level based on skin aging, focusing on the endogenous source of cells and rejuvenating skin energy. The launch of the Quadi CT50 super elastic series has directly put the concept of "precision anti-aging" into the hearts of consumers.

BM muscle activity: the "savior" of oily skin metabolism

Based on the company's cutting-edge scientific research achievements in the field of metabolomics and synthetic biology, BM has completed the brand positioning upgrade and become a "professional skin care brand focusing on cell metabolism and regulation". The brand focuses on the development of metabolic regulation technology to solve a series of skin problems caused by skin metabolic imbalance, including oily skin, from the root cause.

In response to the multi-scene skin care needs of people with oily skin, BM Skinactive released the "Bio-MESO 2024 Scientific Skincare Guide for Oily Skin", which deeply analyzes the essence of oily skin problems - metabolic imbalance is the core pain point, rather than superficial oil control or acne. Based on this insight, the brand launched Oil-Sensitive Essence and Acne Cream on the basis of version 2.0 of the brown rice series, truly starting from the pain points of consumers and building a "comprehensive solution for the balance of oily skin metabolism".

Medrepair: The "care expert" for damaged skin

The positioning of Medrepair has been upgraded to "a professional care brand for damaged skin focusing on skin neuroimmunology". Based on the company's cell biology and skin neuroimmunology research platform, it has made the "Blue Bandage" series a "root cause care solution for damaged skin".

It can be seen that each brand of Bloomage Biotech does not exist in isolation, but each carries a part of the group's skin science research results to form a differentiated technology label. Each brand is the "landing carrier" of Bloomage Biotechnology's technological strength, they use products to undertake technology, use brands to amplify value, and finally form a technology-driven skin care ecology.

4. Marketing channel optimization: Join hands with Tmall to create a big IP for Chinese brands

If the rebranding is Bloomage Biotech's "hardcore attack" on the product side, then channel optimization is its "precise landing" on the market side. When the cost of investment is high and the efficiency of algorithms kidnaps brand innovation, Tmall's new strategy has opened a "narrow door" for Bloomage Biotech.

At the 2025 TopTalk Conference, Tmall announced the support policy, and the target of the policy is no longer to "support original and creative high-quality brands", which coincides with Bloomage Biotech's technology-driven strategy. After the meeting, Ms. Zhao Yan said that Bloomage Biotech is full of confidence in Tmall's new strategy, and will cooperate deeply with Tmall to form a younger team, dig deep into life sciences, beauty and other fields, and increase co-creation on the content side and new product side.

Fifth, short-term pain, long-term value

Bloomage Biotech's "brake" is to exchange short-term performance pains for long-term technological barriers. This has been proven in the transformation of the medical aesthetic business. In 2021, Bloomage Biotech's medical aesthetic business will enter a two-year rectification period, which seems to be low-key, but it is actually accumulating strength. By 2023, the revenue of the medical aesthetic business will increase by 60.29%, of which the revenue of Runzhi Doll Injection will increase by more than 200% year-on-year, proving that this "bitter first and then sweet" style of play is effective.

Today, the functional skincare business is replicating this path. Entering a period of rectification in 2023, Bloomage Biotech will concentrate its resources on the core track of "cell-level anti-aging" by optimizing the category system with large single products as the core, cutting redundant product lines, and optimizing marketing investment.

The financial report shows that in 2024, the sales expenses of the skin science innovation and transformation business will decrease by 23.04% year-on-year, but the company's total R&D investment will account for 8.68% of operating income, far exceeding the industry average. With the short-term revenue decline in 2024, Bloomage Biotech insiders revealed that the company expects the skin science innovation and transformation business to bottom out in 2025.

Science and technology are the underlying support and core drive of Bloomage Biotech, and this transformation bets that technology-driven skin care products can become the next outlet, and consumers will pay for the real scientific value. This is not only about the fate of Bloomage Biotech, but also about whether the entire consumer goods industry can get out of the "traffic bubble" and return to science, technology, and the product itself.

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