Along with the success of the listing of Aimek, plus the previously listed Huaxi Biological, Hao Hai Shengke, the A-share set of hyaluronic acid three giants, with a combined market value of more than 120 billion, the logic of the stock market speculation is a true depiction of life, and all of this is the work of the beautiful people!
Can't help but think of the previous segment of the circle of friends:
Consumer market value in order from high to low: teenage girls & gt; children & gt; young women & gt; old people & gt; dogs & gt; men.
Sure enough, women make the best money! Perhaps only Maotai is the last remaining dignity of men!
Moutai for men, hyaluronic acid for women!
Moutai has always been known for its high gross margins, and this hyaluronic acid is even more so than Moutai. Now the popular hyaluronic acid gross profit rate is the average gross profit rate of the product is higher than 90%. No wonder netizens jokingly said: "Every shot of hyaluronic acid is floating with the flavor of Maotai." A cost of 20 yuan of product production price of up to several hundred or even thousands of dollars, the highest turn over to the cost price of 80 times, profiteering visible to the naked eye.
Profits in addition to the three giants make a lot of money, but also let the actual controller topped the list of the richest, Huaxi biological chairman Zhao Yan 27 billion yuan, love beauty of the chairman of the board of directors of the Jian Jun family of more than 20 billion yuan, Hao Hai Biotechnology Jiang Wei, You Jie couple's family of more than 8 billion yuan, coincidentally, the four seats in the women's possession of its three, it seems that women know more about women.
According to institutional analysis, China's medical beauty industry has just started, compared to the United States, South Korea, China's medical beauty national per capita consumption still has at least 4 times more than the growth space, the market is currently in serious oversupply, the future of the medical beauty organization is expected to run out of the mega-industry leader.
The Rise of the Face Economy
There is demand and there is supply. The demand for modern medical beauty comes from the pursuit of the "spirit of value" brought about by the improvement of economic levels, and things linked to value will be sought after. Especially in recent years, the "Netflix effect" and other factors, a lot of articles and videos to please women's social and cultural rendering, the ability and willingness of people to pay for the value of the face are increasing, the demand for rapid development of the medical beauty industry.
According to Avery Consulting data:
2012-2019, China's medical beauty market maintains high growth, the compound annual growth rate of medical beauty market size reached 28.97%, in 2019, China's medical beauty market size reached 176.9 billion, China is expected to surpass the U.S. in 2021 to become the first largest market for medical beauty, and the market size reached 311.5 billion in 2023. 311.5 billion yuan, and the long-term scale is expected to reach 2 trillion yuan.
The reason for this judgment is that the increase in the penetration rate of young people and medical aesthetics is the key driving force.
With the change of consumer attitudes and the improvement of consumption ability, the proportion of consumers under 25 years old is rapidly rising, according to the new oxygen data:
The average age of China's medical beauty consumers in 2019 is 24.45 years old, and the proportion of post-90s consumers is more than 60%, which has become the absolute consumption main force. From the consumption data of the past 2 years, the trend of medical beauty becoming the daily life style of the post-00s has appeared, and the post-00s, compared with the post-90s, are more open to the concept of medical beauty, coupled with the increasingly developed science and technology and the increasingly open social attitudes, so the growth of the demand for medical beauty is more significant.
According to the new oxygen medical beauty industry white paper:
00 after the consumption accounted for more than 15%, 00 after the opening of the momentum of medical beauty consumption is stronger than 90 after. The organization predicts that in 2019, China's medical beauty users will be 13.672 million, and in 2023, medical beauty users will reach 25.483 million.
China's medical beauty program penetration rate still has a large room for improvement. China's medical beauty industry started late, in 2014, medical beauty in mainland China penetration rate of only 2.4%, while the same period, medical beauty in Hong Kong, China, penetration rate of 3.8%, penetration rate of 10.3% in Japan, penetration rate of 15.7% in the United States, South Korea's medical aesthetic program penetration rate of up to 18.2%. Over the past five years, China's medical aesthetic program penetration rate has increased significantly, from 2.4% in 2014 to 3.6% in 2019. However, there is still a significant difference with the United States, Japan, South Korea and other regions, in the future, China's medical aesthetic program penetration rate growth space is vast.
However, it is worth reminding that the demander's pursuit of medical aesthetics (perfect appearance) is mainly self-appreciation and recognition. However, there is a contradiction between "women's desire to pursue beauty" and "the large shortage of legitimate medical aesthetic institutions", and "black medical aesthetics" are prevalent in China, with unlicensed doctors, unlicensed clinics, and unlicensed products. "According to Ai Rui consulting statistics, the number of illegal medical beauty institutions in China is more than 80,000, and the number of legal medical beauty institutions only accounts for 14% of the total number of institutions in the industry. The first thing you need to do is to get your hands on a new pair of shoes or boots, and you'll be able to get your hands on a new pair of shoes or boots.
This is not a one-day process
The industry chain of the medical beauty industry consists of three core links: the upstream suppliers (hyaluronic acid, botulinum toxin, etc.), the midstream hospitals, and the downstream platforms for acquiring customers.
Upstream suppliers are difficult for new players to overcome due to the triple barriers of qualification, technology and capital, and the market is highly concentrated.
According to the Amica prospectus, there are only 17 companies that have obtained registration certificates in China, and manufacturing companies in the field of biomedical materials need to go through a number of rigorous audits from product development to listing, including drug production licenses, GMP certification, and drug approval numbers, and the overall process takes 2-5 years.
Technology, research and development with technical difficulty, long research and development cycle, complex process routes, strict environmental requirements, the industry has formed a key technology and process patent protection, has a high technical barriers.
And because pharmaceutical companies need to go through multiple experiments to achieve large-scale production, the output takes a long time, equipment, personnel and marketing and other preliminary cost investment, the formation of capital barriers.
At present, the domestic market is still dominated by imported products. In terms of sales, it is still dominated by South Korea LG, the United States Allergan, South Korea Humedix and Sweden Q-Med. However, the domestic growth rate is faster, at present, the three giants (Amicus/Huaxi Biotechnology/Haohai Biotechnology) hyaluronic acid products accounted for more than 40% of sales, sales amount accounted for more than 20%.
Gross profit rate is very high
High-end monopoly leads to the industry gross profit rate is very high. From the prospectus, the cost of the main products of the Aimer series are not higher than 33 yuan, of which Hi body 25 yuan /支, Aifolei 31 yuan /支, Bao Nida 32.34 yuan /支. While the factory price is as high as 352 yuan, 310 yuan, 2547 yuan ranging, the highest doubled up to 80 times. In the e-commerce platform, the injection of a domestic hyaluronic acid, the price of 3800-5000 yuan, the price of imported hyaluronic acid is as high as 6000-13000 yuan, more than 300 times higher than the cost price, and its profiteering mode is really marvelous!
From the prospectus, Aimer sales gross margin as high as 92.63%, Huaxi biological sales gross margin of 79.66%, Haohai Biotechnology sales gross margin of 75.70%.
The reason for this situation is that the business focus is different. Huaxi biological core business for the raw materials business, the report period revenue accounted for more than 50%; Haohai Biotechnology main product revenue concentrated in ophthalmology and orthopedic products; Aimer's main business and resources are focused on hyaluronic acid series of products production and sale.
Although Amica has the highest gross profit margin, its product structure is obviously single and susceptible to market fluctuations. The other two are diversified, Huaxi Biological from raw materials, medical terminals, skin care terminals, etc. around the hyaluronic acid to expand the application, Hao Hai Biotechnology around the ophthalmic, medical beauty, orthopedic and surgical plates, looking for a new profit growth point, the eggs do not put in the same basket.
Hyaluronic acid is a good business, but the money is profit-seeking, the future does not rule out the entry of new players, the development of Lushang has successively acquired Ruida Group and focus on biological, cut into the hyaluronic acid industry.
Another study found that institutional pricing is not universally "profitable". Hyaluronic acid as a medical beauty entry-level projects, coupled with fierce competition in the market, most of the medical beauty institutions positioned as a diversion project, which also means that hyaluronic acid is difficult to become a long-lasting "money tree" in the terminal institutions.