Report released this week (this week refers to January 24 to January 28, 2022, the same below)
Yunnan Botanee Bio-Technology Group Co.Ltd(300957) comments on the performance forecast in 2021: the performance growth rate is higher than expected, the strong is expected to be constant under the new regulations, and the category expansion can be expected
Comments of DEA shares: 20 self operated stores were added in December 2021. The channel expansion is progressing steadily, and the distribution cost of customized mode is low
Industry view this week
Medical beauty clinic is one of the four categories of medical beauty institutions stipulated by the state. It is proposed to be incorporated into the unified management system of national clinics in the basic standards of clinics (revised in 2022, draft for comments). Medical beauty institutions can be divided into four categories: Beauty Hospital, medical beauty outpatient department, medical beauty clinic and medical beauty department (room). In the basic standards for clinics issued by the Ministry of health in October 2010, the classification of clinics only includes "general clinics" and "oral clinics". In the basic standards for clinics (revised in 2022, draft for comments) announced by the National Health Commission and the State Administration of traditional Chinese medicine in January 2022, clinics are classified into five categories: general clinics, oral clinics, medical beauty clinics, traditional Chinese medicine (comprehensive) clinics and integrated traditional Chinese and Western Medicine clinics. Medical beauty clinics will be officially incorporated into the unified management system of national clinics.
The transformation from "examination and approval system" to "filing system" of clinics has been implemented on a pilot basis from 2019 to 2020. If the draft of opinions on the Interim Measures for the management of clinic filing system is formally implemented, it will realize the transformation to "comprehensive filing system". On May 13, 2019, the medical administration and hospital administration of the National Health Commission issued the opinions on carrying out the pilot of promoting the development of clinics, which proposed to simplify the access procedures for the first time and carry out the pilot of "approval system" to "filing system" in 10 cities such as Beijing, Shanghai, Shenyang, Nanjing, Hangzhou, Wuhan, Guangzhou, Shenzhen, Chengdu and Xi'an from 2019 to 2020. The draft of opinions on the Interim Measures for the administration of clinic filing system announced by the National Health Commission and the State Administration of traditional Chinese medicine in January 2022 stipulates that all applications for setting up clinics can be filed with the local county (city, district) Health Commission (bureau). Since then, the management of Chinese clinics has changed from "approval" to "pilot filing system" and then to "comprehensive filing system".
The integration of medical beauty clinics into the unified management system is expected to promote standardized development, and the implementation of the "filing system" will reduce the difficulty of establishment, which is expected to accelerate the development of medical beauty clinics. We believe that after the implementation of the "filing system", the medical beauty clinic will further reduce the administrative examination and approval items and simplify the administrative examination and approval procedures, reduce the difficulty of establishing the medical beauty clinic to a certain extent, and is expected to bring about a rapid growth in the number of medical beauty clinics. The integration of medical and aesthetic clinics into the unified clinic management system reflects that the national guidance for medical and aesthetic institutions is not to crack down and suppress, but to continue to promote standardized development. Previously, with the introduction of a series of medical and American regulatory policies, the market was worried about the prosperity of the medical and American industry, and the industry valuation center moved down. In fact, the formal upstream products and standardized leading head institutions of listed companies actually benefit from strict supervision. The new deal of medical beauty clinics further confirms the state's guidance to guide and support the orderly and rapid development of medical beauty clinics, and the end of the industry policy has been realized. At present, the valuation of major leading enterprises has fallen back to a reasonable price. Recommend Imeik Technology Development Co.Ltd(300896) , Bloomage Biotechnology Corporation Limited(688363) , Yonghe medical, and pay attention to Lancy Co.Ltd(002612) .
Risk warning: R & D progress is not as expected; The market promotion of new products is less than expected, the industry competition intensifies, and the industry supervision risk.
