CITIC Securities: Structural opportunities in the medical beauty industry stand out.

CITIC Securities research report stated that in the next three years, the medical beauty industry is expected to maintain steady growth in the high single digits, with prominent structural opportunities in the industry: 1) Some medical beauty materials still have track dividends, such as in the field of regenerative microspheres, and materials like PDRN, ECM, silk protein, and PHA that have not yet obtained initial certification; 2) Upstream product companies with platform-based enabling capabilities; 3) Downstream medical beauty terminal institutions with high reputation, the ability to integrate upstream resources, and to maintain differentiation through comprehensive solutions.