Huatai Securities believes that the following factors are continuing to drive the “equal rights in medicine and beauty” era: upstream products continue to expand, midstream platforms accelerate market education, and leading downstream institutions promote integration. Under this trend, industry growth is “price for volume”: the number of medical and aesthetic users and consumption frequency in China is still expected to continue to rise, but the prices of existing products in the Red Sea market are under downward pressure, and differentiated new products are easier to break through. Downstream, leading institutions are expected to increase share and optimize profit margins with brands, supply chains and standardized operating capabilities; upstream, enterprises with comprehensive pipeline layout/strong channel capability/leading overseas layout may be more resilient.

Zhitongcaijing · 4d ago
Huatai Securities believes that the following factors are continuing to drive the “equal rights in medicine and beauty” era: upstream products continue to expand, midstream platforms accelerate market education, and leading downstream institutions promote integration. Under this trend, industry growth is “price for volume”: the number of medical and aesthetic users and consumption frequency in China is still expected to continue to rise, but the prices of existing products in the Red Sea market are under downward pressure, and differentiated new products are easier to break through. Downstream, leading institutions are expected to increase share and optimize profit margins with brands, supply chains and standardized operating capabilities; upstream, enterprises with comprehensive pipeline layout/strong channel capability/leading overseas layout may be more resilient.