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The first phase of the medical beauty industry analysis, what kind of business is this?
Medical beauty industry analysis of the second phase of earning power, how in the end?
Medical beauty industry analysis of the third phase of technology, what is it?
Medical beauty industry analysis of the fourth phase of the same industry research and development PK, what level?
Medical Beauty Industry Analysis Phase V Selling Expenses, How Will They Change?
From the perspective of the entire medical aesthetic industry, the average annual growth rate of China's medical aesthetic market in the past three years has reached 42.23%, which is in the outbreak period.
Practitioners have undergone a reshuffle, and the traffic has gradually tilted to the head platform and brand institutions.
In the next 3 years, it is expected that the average annual growth rate of China's medical aesthetic market will reach 20%-30%
From the classification point of view, non-surgical cosmetic treatment is a hot spot in the industry.
Because it is less traumatic, faster to recover, only takes 1-2 days to recover, and does not have a permanent irreversible effect, so the risk is low.
Therefore, from the perspective of growth rate, the growth rate of non-surgical treatment is much higher than that of surgical treatment, so the industry generally believes that the scale of non-surgical treatment will continue to expand in China.
Among non-surgical aesthetic projects, the largest proportion is hyaluronic acid filling and botulinum toxin injection.
The hyaluronic acid market has been analyzed, and there are only two domestic manufacturers in the botulinum toxin market, namely Hengli produced by Lanzhou Institute of Biological Products and Botox produced by Allergan
From the perspective of market share, the domestic brand Hengli occupied most of the market in the early stage by virtue of its first-mover advantage, but Allergan still narrowed the distance with Hengli by virtue of its brand advantage. At present, Hengli has a price advantage, while Allergan has a brand advantage
Bloomage Bio began to lay out the botulinum toxin market in 2015, and with the current market competition pattern, it still has a great opportunity to enter this field, but it depends on the progress of its research and development and certification
As a whole, a picture is better than a thousand words - compared with foreign countries, the penetration rate of Chinese medical beauty is only 2%, far lower than that of the United States (13%), South Korea (9%), a data can explain the problem, the domestic growth prospects in this market are still huge.
The industry prospects are solved, next, we look at the texture of companies in the same industry, in the end who is more worthy of study:
Through comparison, we found that among several major players, Bloomage Bio's ROIC is currently higher, and it is basically at the same level as Haohai Biotechnology
The two foreign companies roic are relatively low, and Allergan has a negative value.
In recent years, it has expanded its performance through continuous mergers and acquisitions, but with the increase in mergers and acquisitions, the amortization of intangible assets has increased, and the impairment of goodwill has also occurred, resulting in profits being affected, and the overall accounting treatment is more aggressive.
As for Shiseido, its ROIC is low, mainly due to the low net interest rate, its gross profit margin average is about 75%, but the net profit margin is only 3%-5%, which shows that due to its heavier cosmetic properties, the cost of each period is higher.
It does not constitute any investment advice, the stock market is risky and caution should be exercised when entering the market