I can't help but think of my old circle of friends:
The order of consumer market value from high to low is: girl >; Children > young women > old people > dogs > men.
Sure enough, women's money is the best! Perhaps only Maotai is the last remaining dignity of a man!
Men drink Maotai and women drink hyaluronic acid!
Maotai has always been known for its high gross profit margin, and this time hyaluronic acid is even worse than Maotai. The gross profit margin of popular hyaluronic acid is higher than 90% on average. No wonder netizens joked: "Every needle of hyaluronic acid has the taste of Maotai." At a cost, the production price of products in 20 yuan is as high as several hundred or even several thousand yuan, which is 80 times as high as the cost price. The huge profits can be seen by the naked eye.
Huge profits not only made the Big Three rich, but also made the actual controller on the rich list. Zhao Yan, chairman of Huaxi Bio, is worth 27 billion yuan, Jianjun, chairman of Aimeike, is worth more than 20 billion yuan, and Jiang Wei and You Jie of Haohai Ke Sheng are worth more than 8 billion yuan. Coincidentally, women occupy the third place among the four seats, and it seems that women know women better.
According to institutional analysis, the medical beauty industry in China has just started. Compared with the United States and South China, the per capita medical and beauty consumption in South still has at least four times more room for growth. At present, the market is seriously in short supply, and the track of medical and beauty institutions is expected to run out of the super-large industry leader in the future.
The rise of Yan value economy
Where there is demand, there is supply. The demand for modern medical beauty comes from the pursuit of "Yan value spirit" brought about by the improvement of economic level, and things linked to Yan value will be sought after. Especially in recent years, influenced by the "network celebrity effect" and other factors, many articles and videos that please women have been rendered socially and culturally, and people's ability and willingness to pay for the value of their faces have been continuously enhanced, and the demand for medical beauty industry has developed rapidly.
According to the data of iResearch:
From 20 12 to 20 19, the medical and beauty market in China maintained rapid growth, with a compound annual growth rate of 28.97%. In 20 19, the medical beauty market in China reached176.9 billion, and in 200215, China is expected to surpass the United States to become the largest medical beauty market.
The reason for this judgment is that the improvement of the penetration rate of young people and medical beauty is the key driving force.
With the change of consumption concept and the improvement of consumption ability, the proportion of consumers under the age of 25 has increased rapidly. According to the new oxygen data:
From 2065438 to 2009, the average age of medical and beauty consumers in China was 24.45 years old, and the post-90s consumers accounted for more than 60%, becoming the absolute main consumer. Judging from the consumption data in the past two years, the trend of medical beauty becoming a daily lifestyle after 00 has emerged. Compared with the post-90s generation, the post-90s generation is more open to the concept of medical beauty, more and more developed in science and technology, and more and more open in social attitude, so the demand for medical beauty has increased significantly.
According to the White Paper on New Oxygen Medical Beauty Industry:
The consumption after 00 accounts for more than 15%, and the momentum of medical beauty consumption after 00 is stronger than that after 90. The organization predicts that the number of medical beauty users in China will reach13.672 million in 2065.438+09, and 25.483 million in 2023.
There is still much room for improvement in the penetration rate of medical beauty projects in China. The medical beauty industry in China started late. In 20 14, the penetration rate of medical beauty in Chinese mainland was only 2.4%, while in the same period, it was 3.8% in China and Hongkong, 10.3% in Japan, 15.7% in the United States and 18.2 in Korean medical beauty projects. In recent five years, the penetration rate of medical beauty projects in China has greatly increased, from 2.4% in 20 14 to 3.6% in 20 19. But there are still significant differences with the United States, Japan, South Korea and other regions. In the future, the penetration rate of medical beauty projects in China has a broad growth space.
But it is worth reminding that the demanders' pursuit of medical beauty (perfect appearance) is mainly self-appreciation and recognition. However, there is a contradiction between "women's desire for beauty" and "a large number of legal medical beauty institutions are lacking". Illegal medical beauty is prevalent in China, and the phenomenon of "three noes" such as unlicensed doctors, unlicensed clinics and unlicensed products is prominent. According to iResearch statistics, there are more than 80,000 illegal medical and beauty institutions in China, and legal medical and beauty institutions only account for 14% of the total number of industry institutions. Therefore, it is good to pursue beauty, but we still have to choose a formal platform.
Jiusan was not built in a day.
The industrial chain of medical beauty industry mainly includes three core links: upstream suppliers (hyaluronic acid, botulinum toxin, etc. ), midstream hospitals, etc. And a downstream customer acquisition platform.
Due to the triple barriers of qualification, technology and capital of upstream suppliers, new players are insurmountable and the market concentration is high.
According to Aimeike's prospectus, at present, only 17 companies in China have obtained registration certificates. From product development to listing, biomedical materials manufacturers need to go through a number of strict audits, including drug production license, GMP certification and drug approval number. The whole process takes 2-5 years.
Technically, R&D has the characteristics of great technical difficulty, long R&D cycle, complex process route and strict environmental protection requirements. The key technologies and processes of enterprises in the industry have formed patent protection and have high technical barriers.
However, because pharmaceutical companies need to go through many experiments to achieve large-scale production, the output takes a long time, and the upfront costs of equipment, personnel and marketing are large, forming a financial barrier.
At present, the domestic market is still dominated by imported products. In terms of sales volume, South Korea's LG, America's Allergan, South Korea's Humedix and Sweden's Q-Med still dominate. However, the domestic growth rate is relatively fast. At present, the sales of hyaluronic acid products of the three giants (Aimeike/Huaxi Bio/Haohaishengke) account for more than 40%, and the sales amount accounts for more than 20%.
Gross profit margin is extremely high.
High-end monopoly leads to extremely high gross profit margin of the industry. According to the prospectus, the cost of the main products of Aimeike series is not higher than that of 33 yuan, including Hi 25 yuan, Aifulai 3 1 yuan and Bonida 32.34 yuan. The ex-factory price is as high as 352 yuan, 365 yuan, 438+00 yuan and 2547 yuan respectively, and the highest doubling is as high as 80 times. On the e-commerce platform, the price of injecting a domestic hyaluronic acid is between 3800-5000 yuan, and the price of imported hyaluronic acid is as high as 6000- 13000 yuan, which is more than 300 times higher than the cost price. Its profiteering model is really amazing!
According to the prospectus, the gross profit margin of Aimeike is as high as 92.63%, that of Huaxi Bio is 79.66%, and that of Haohaishengke is 75.70%.
This is because the business focus is different. Huaxi Bio's core business is raw material business, accounting for more than 50% of its revenue during the reporting period; Haohaisheng's main product income is concentrated in ophthalmology and orthopedics products; Aimeike's main business and resources focus on the production and sales of hyaluronic acid series products.
Although Aimeike has the highest gross profit margin, its product structure is obviously single and vulnerable to market fluctuations. The other two are diversified development. Huaxi Bio has expanded its application around hyaluronic acid from raw materials, medical terminals and skin care products terminals. Haohaisheng Department is looking for new profit growth points around ophthalmology, medical aesthetics, orthopedics and surgery. Don't put your eggs in the same basket.
Hyaluronic acid is a good business, but the funds are profit-seeking. New players will not be ruled out in the future. Shang Lu Development successively acquired Da Rui Group and Focus Bio, and cut into the hyaluronic acid industry.
Another study found that institutional pricing is not a general "profiteering". Hyaluronic acid, as an entry-level project of medical beauty, is highly competitive in the market, and most of it is positioned as a drainage project by medical beauty institutions, which also means that it is difficult for hyaluronic acid to become a long-term "cash cow" for terminal institutions.