CITIC Securities: Medical beauty industry is expected to maintain steady growth in the high single digits.

CITIC Securities research report indicates that the medical beauty industry is expected to maintain high single-digit stable growth in the next three years, with prominent structural opportunities in the industry: 1) Some medical beauty materials still have a competitive advantage, such as natural and recombinant collagen domains, regenerative microsphere domains, and materials such as PDRN/ECM/silk protein/PHA that have not yet landed the first certificate; 2) Upstream product companies with platform-based empowering capabilities; 3) Downstream medical beauty terminal institutions with high reputation, integration of upstream resources, and the ability to maintain differentiation with comprehensive solutions.