Core view
Market review: in the first two weeks of February, the CSI 300 index rose 0.8%, the gem index fell 3.2%, and the Wande medical beauty industry index rose 2.9%, which was stronger than the CSI 300 and gem indexes.
Important information of the medical and beauty industry: (1) industry self-discipline: China issued the 14th five year plan for the construction of China’s medical and beauty standard system (Draft) (hereinafter referred to as the plan). The content of the plan involves four aspects: industry management standards, industry technical standards, education and training standards and industry basic standards. It has made plans for the establishment of the standard system of the medical beauty industry and promoted the development of the medical beauty industry towards a more centralized, ecological, transparent and standardized trend. (2) Industry news: xiaohongshu recently launched a new round of false grass planting management. In this round of governance, the medical and beauty categories are the key targets. 279000 illegal notes have been disposed of in the first batch, and 168000 illegal accounts have been punished. Xiaohongshu will manage from two aspects: one is to cancel the professional certification of private medical and aesthetic institutions, which is only open to medical and aesthetic doctors in public class III hospitals and class III hospitals; Second, check and clean up the medical beauty notes produced by ordinary users, and remove the contents and accounts suspected of marketing diversion and violation of medical beauty from the shelf, seal and downgrade. According to reports. Starting today, xiaohongshu will cancel the certification of a total of 216 private institutions, including medical beauty institutions, medical beauty platforms and medical beauty service providers. At the same time, it will continue to introduce medical and aesthetic doctors from class III hospitals and class III hospitals.
Important announcements of listed companies related to medical beauty: (1) Huadong Medicine Co.Ltd(000963) : on February 6, the company announced that Sinclair, a wholly-owned subsidiary, acquired 100% equity of viora, an energy source medical beauty device company. This transaction is another global strategic layout in the field of medical beauty energy source equipment after the company acquired the equity of Spanish hightech in 2021. (2) Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) : the cycloserine capsule independently developed by Shenyang Hongqi Pharmaceutical Co., Ltd., a holding subsidiary of Shanghai Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , is used for the treatment of active pulmonary tuberculosis and extrapulmonary tuberculosis (including renal tuberculosis) with poor treatment effect of first-line antituberculosis drugs, which has been accepted by the drug registration application review of the State Drug Administration.
Investment proposal and investment object
For the medical beauty category, xiaohongshu has recently launched a new round of false grass planting treatment. As of February 17, the first batch of xiaohongshu has disposed and punished 168000 illegal accounts and 279000 illegal notes, including but not limited to all medical beauty Marketing contents involving illegal medical beauty projects, medical beauty institutions, plastic surgeons, medical beauty products and so on. We believe that from the perspective of rectification direction, the focus is still to crack down on illegal medical beauty, promote the healthy and orderly development of the industry, guide rational medical beauty consumption concept on the consumer side, and reduce the impact of “appearance anxiety” on young consumers.
We believe that in the medium and long term, strengthening supervision is conducive to the healthy and orderly development of the industry, as well as the head, formal medical and American institutions and upstream raw material enterprises, and the listed companies (the A-share IPO of medical and American service related companies is expected to face greater challenges in the future). It is suggested to pay attention to upstream enterprises with good historical profitability and R & D certificate obtaining ability, including Imeik Technology Development Co.Ltd(300896) (300896, buy), Bloomage Biotechnology Corporation Limited(688363) (688363, not rated), Shanghai Haohai Biological Technology Co.Ltd(688366) (688366, not rated), etc.
Risk tip: increased competition, new product launch is less than expected, industry policy changes, etc.
