Yan value anxiety has never stopped the pace of involution.

When appearance anxiety has spread from A4 waist and cartoon legs to ears and skulls, cosmetic projects such as "Cranial augmentation surgery", "hyaluronic acid elf ear" and "calf nerve block surgery" are growing like weeds in the mind of "appearance anxiety er". However, the high risk and high cost of plastic surgery make ordinary people flinch. Therefore, the means of light medical beauty, such as playing hyaluronic acid, has become one of the most effective means to alleviate appearance anxiety.

Yan value economy has also stimulated the great leap forward development of medical beauty track, especially hyaluronic acid.

Yesterday, Aimeike, one of the three giants of domestic hyaluronic acid, was increased by Shenzhen Stock Connect by148,400 shares, which has been increased for three consecutive days, accounting for 47810,000 shares. The latest shareholding is 2,375,900 shares, accounting for 65,438+0.654,38+00% of the company's total share capital of A shares. Previously, on July 29, Aimeike submitted an IPO application on the Hong Kong Stock Exchange.

Aimeike wants to be the first "A+H" medical beauty enterprise, but compared with the listing of A shares a year ago, this action has been questioned a lot. After the news came out, its share price fell from 682.3 yuan on July 29 to 6 13.03 yuan at today's close.

On the one hand, in 2020, Aimeike's annual revenue was only 709 million yuan and its net profit was 440 million yuan, but its market value was 65.438+0326 billion yuan and its price-earnings ratio was 233 times.

On the other hand, Amy, who started with hyaluronic acid, is very "partial" and has a single product line. In this context, we not only shelved the botulinum toxin project, which was originally regarded as solving the single situation of the current product line, but also rushed to Hong Kong for the second round of listing. Is this a sickle to "leek" or a big advantage?

Eat half an orange for breakfast, one or two boiled eggs, unlimited chicken, boiled vegetables, tomatoes and an orange for lunch, and only boiled vegetables for dinner ... This is a one-day diet plan in Professor Harvard: Four-week Fat Reduction Plan written by a user in Little Red Book. She weighs 142 kg, and plans to lose 8 kg in 13 days.

Unfortunately, on the first day of her fat reduction plan, she had a miscarriage-she vomited twice in the morning and was taken to the hospital.

This user is just one of the tens of millions of users who are trapped in "face value anxiety". Not long ago, Zhongqing school media also launched a questionnaire survey for college students all over the country. Among the 2063 college students interviewed, 59.03% said that they had a certain degree of appearance anxiety.

Behind this, it quickly catalyzed the medical beauty industry. Compared with plastic surgery, consumers prefer convenient and quick light medical beauty projects. Especially hyaluronic acid, whether it's nose, forehead, tattoo or tears, hyaluronic acid can be adapted. "Anything can be hyaluronic acid."

The data shows that the market scale of medical beauty hyaluronic acid in China has increased from 3.58 billion yuan in 20 18 to 51.1000 billion yuan in 2020. Affected by the epidemic in 2020, it is estimated that the annual growth rate will gradually return to the pre-epidemic level in 2002/kloc-0, and the market scale will reach 6.56 billion yuan.

Hyaluronic acid has long been the beauty guardian of glamorous star artists. Every pore, smooth face and every drop of sweat shining on the stage of "elder brother" and "elder sister" implies the contribution of hyaluronic acid. Compared with the 1980s, domestic hyaluronic acid still depends on imports, and the public price of one kilogram is more than 10,000 yuan. Now, when searching for "hyaluronic acid" in Xiaohongshu, you can see more than 490,000 comments and 1 10,000 related products.

From being more expensive than gold to being the heart of thousands of ordinary women, "beauty lovers" have contributed a lot.

As early as 2009, Amy, known as the "Moutai for women", broke into the hyaluronic acid track early with "Yimei". In 20 12, Huaxi Bio launched the first hyaluronic acid injection "Runbaiyan". The following year, Haohai Ke Sheng, which specializes in ophthalmology, launched the first hyaluronic acid injection product "Haiwei".

In addition, hyaluronic acid is not only a publicity Depth Charge for major cosmetics and skin care products, but also sinks into the food industry. 65438 This year17 October, National Health Commission announced the approval of sodium hyaluronate as a new food raw material, which can be used to add ordinary food.

In addition to the broad prospects, another reason why giants have laid out hyaluronic acid is that it is directly linked to "profiteering".

It has been said that every needle of hyaluronic acid has the taste of Maotai.

According to Aimeike's prospectus, in 20 19, the average total cost of its hyaluronic acid product Bonida was around 30 yuan. However, according to the data of New Oxygen Encyclopedia, the price of a 0.5ml Bonida plus injection labor cost can reach 6400 yuan ~ 1 1000 yuan/piece, which is equivalent to 340 times the cost price at the highest time.

Even if a hyaluronic acid product is as high as thousands or even tens of thousands, countless female consumers are still rushing.

The advantages of high gross profit margin, many application scenarios and high repurchase rate make the medical beauty track inseparable from ordinary hyaluronic acid. Ai Media Consulting analysts believe that the "light medical beauty" derived from the mass production of hyaluronic acid has also lowered the threshold of medical beauty, and the improvement of low threshold and management awareness will accelerate the release of the demand for light medical beauty and drive the continuous expansion of the industry market.

Recently, Aimeike began to hold back and stared at the Hong Kong Stock Exchange. On July 29, Aimeike announced that it had submitted an application for listing on the main board to the Hong Kong Stock Exchange and was accepted. It plans to raise $2-3 billion on the Hong Kong Stock Exchange. If Aimeike is successfully listed on the Hong Kong Stock Exchange, it will become the first "A+H" medical beauty company in China.

Aimeike was originally famous for a product called Yimei.

In 2009, the first domestic hyaluronic acid injection product "Yimei" was officially launched. According to media reports, the founder of Aimeike, Jianjun, recalled that at that time, consumers still had doubts about hyaluronic acid, and it was difficult to accept such products with peace of mind, so every time they sold an "Yimei", the team could celebrate for half a day.

Gradually, with "Yimei", Aimeike became famous in the hyaluronic acid market in World War I, and ranked as the three giants of hyaluronic acid in China together with Huaxi Bio and Haohaishengke.

Aimeike's prospectus shows that on March 3 1, 20 18, 20 19, 2020 and 20021day, Aimeike's revenue was 320 million yuan, 558 million yuan, 709 million yuan and 259 million yuan, respectively, with gross profit margins.

Simple calculation, the average gross profit margin of Amy who relies on hyaluronic acid project is as high as 90%.

In response to this second round of listing, Aimeike said in the prospectus that all the funds raised from this listing will be used for the company's business development, improvement of research and development capabilities, other products and opening up overseas markets.

Why did Aimeike go public again at this time? Feng Ke, a professor of economics at Peking University, told Lu Jiu Finance that, first, Amy is "short of money" and needs funds; Secondly, the listing tide has not yet arrived, and Aimeike chooses to go public at this time node, which can avoid competition to some extent.

In the light of medical beauty, the beauty lovers who are already in the center choose to further increase the price. However, the beauty lover who holds hyaluronic acid does not mean that he has mastered the wealth password.

Compared with the two rivals, Amy, who relies on hyaluronic acid, is obviously at the stage of internal and external troubles. On the one hand, it is necessary to rack one's brains to maintain consumers' "infatuation" with hyaluronic acid, on the other hand, it is also necessary to deal with the frequent layout actions of competitors.

Amy's internal worries lie in low R&D ratio and single product line.

Although it has taken the leading position in the industry, the proportion of R&D expenditure of Aimeike has not improved significantly. In 20 18-2020 and 20021year, the R&D expenditure of Aimeike was 33.7 million yuan, 48.6 million yuan, 610.8 million yuan and 24 1 10,000 yuan, accounting for 10.5% respectively.

Compared with the other two giants, Aimeike's investment in R&D is not large. In 2020, the expenditure on biological research and development in West China was 1.4 1 billion yuan, up by 50.35% year-on-year; Haohaishengke invested 65.438+0.26 billion yuan in R&D, up 8.96% year-on-year.

According to the prospectus, Aimeike's income mainly depends on the hyaluronic acid business, especially the body licking painless hyaluronic acid Avery, 202 1 Q 1, and the body licking income accounts for 70% of the total income.

Desperately maintaining the hyaluronic acid business does not mean that beauty lovers can do it once and for all, and consumers can easily fall in love with new medical beauty projects.

According to the data of "White Paper on New Oxygen Medical Beauty Industry", botulinum toxin ranks second only to hyaluronic acid in the most popular non-surgical medical beauty project. 20 19 botulinum toxin accounts for 32.67%, and the growth rate is as high as 90.56%. Compared with hyaluronic acid accounting for 66.59%, the growth rate is 53. 1 1%.

In addition, in the international market, botulinum toxin has surpassed hyaluronic acid to become the largest medical beauty product for injection. According to relevant data, in the American medical beauty market for injection in 20 19 years, the number of Botox courses accounted for 63.63%, and the number of hyaluronic acid courses accounted for 33.20%. In the global injection medical beauty market, the number of Botox courses accounts for 57.59%, and the number of hyaluronic acid courses accounts for 39.63%.

With the growth rate of hyaluronic acid business slowing down, botulinum toxin may become a new profit growth point for Amy, but not long ago, the botulinum toxin project, which was regarded by the market as solving the monopoly of hyaluronic acid, also ran aground. On July 20, Aimeike said that it had planned to use about 886 million yuan of super-raised funds to increase capital and acquire a 25.4% stake in Huons Biopharma Co., Ltd., a Korean botulinum toxin company.

The external worry is that while Amy is hesitant about the botulinum toxin project, there are more external competitors. For example, in 2020, the focus of Shang Lu's development expanded the production capacity of food-grade and cosmetic-grade hyaluronic acid by about 300 tons, and there are still more than 100 tons of production lines to be built.

Other racers on the same track began to change. For example, Huaxi Bio has turned its attention to new consumption. On June 22 this year, at 65438, Huaxi Bio launched the first hyaluronic acid food brand "Black Zero" in China; In March, hyaluronic acid beverage brand "Water Muscle Spring" was launched.

In the light medical beauty circuit, Aimeike caught the itch of female consumers by hyaluronic acid. However, the beauty lovers who are too "partial" only rely on 700 million revenues to support the market value of over 100 billion, so it is difficult to sit back and relax.