Dongfang Securities: Supply Expansion and Regulatory Compliance Benefit Leading Institutions in the Medical Aesthetics Sector

Orient Securities has released a research report stating that the approval process for three categories of injectable medical beauty devices has accelerated, and the supply of compliant materials has significantly increased compared to 2020. Regulatory measures, scrutiny from traffic platforms, and tax regulations have collectively reduced the space for "small, scattered, and chaotic" institutions to rely on non-compliant materials and low prices to attract customers. Leading institutions, leveraging their licenses, doctors, brands, centralized procurement, and information systems, are expected to take over the clients and doctor resources vacated by these eliminated institutions, thereby driving an increase in market share. As the supply of upstream materials in the medical beauty industry continues to grow, the influence of medical beauty institutions is rising; simultaneously, the ongoing implementation of regulatory policies is accelerating the concentration of market share among leading enterprises, which is beneficial for compliant medical beauty institutions.