Healthy gross profit margin exceeds that of Maotai. Where is this company that only does women's business? "img _ height =" 529 "img _ width ="1090 "data-src ="//imgq8.q578.com/ef/0601/7562d82fe2f48d48.jpg "src ="/a.
In recent years, Aimeike has been praised as "medical beauty" by investors with a stable gross profit margin of over 90%.
This company, which is mainly engaged in hyaluronic acid business and focuses on women's business, has undoubtedly brought new imagination to its business increment. After all, in China medical beauty market, botulinum toxin has high technical, resource and cycle barriers.
What kind of company is Aimeike, which can stably maintain such a high gross profit margin? How to become a leader in the medical beauty industry?
A botulinum toxin injection opens up an infinite imagination space.
According to the announcement on the botulinum toxin business recently released by Aimeike, Aimeike and South Korea's Huons BP signed a distribution cooperation framework agreement on May 20, 2022, stipulating that the company will introduce the botulinum toxin products of Huons BP in the form of R&D registration, and import and distribute the products in the agreed distribution area (referring to China, including Macau and Hong Kong) as the only legal distributor designated by the latter.
Healthy gross profit margin exceeds that of Maotai. Where is this company that only does women's business? "img _ height =" 873 "img _ width =" 773 "data-src ="/imgq8.q578.com/ef/0601/638d1ea0c60a 4349.jpg "src ="/.
At the same time, Aimeike also said that the company signed a distribution agreement with Huons (a subsidiary Huons(Huons Global and Huons BP) in 20 18, stipulating that the company would introduce Huons' botulinum toxin A 100U products in the form of R&D registration. In view of the fact that the rights of the above-mentioned botulinum toxin A 100U products have been vested in Huons BP, and the new distribution agreement signed between the company and Huons BP contains the above-mentioned botulinum toxin A 100U products, the company signed the original distribution agreement with Huons.
It is worth noting that the announcement also pointed out that the premise of the above distribution agreement is that Aimeike must obtain the import and sales license of the products under the agreement, and the import and distribution of products must be subject to the product registration certificate of the company in the distribution area. In this regard, the research report released by Wanlian Securities pointed out that "compared with the market demand and space of botulinum toxin second only to hyaluronic acid, domestic botulinum toxin still belongs to the blue ocean market. If Aimeike is successfully approved, it will enjoy a rich market dividend. "
According to public information, botulinum toxin is a toxin produced by botulinum, also known as botulinum toxin or botulinum toxin. It is a bacterial exotoxin produced by Botox in the process of reproduction, and it is one of the most toxic natural substances. Botulinum toxin can remove wrinkles and thin face by blocking nerve impulses between nerves and muscles or temporarily paralyzing muscles.
Healthy gross profit margin exceeds that of Maotai. Where is this company that only does women's business? "img _ height =" 449 "img _ width ="1269 "data-src ="//imgq8.q578.com/ef/0601/5a3203a43be06f8b.jpg "src ="/a. (Source: soochow securities Institute)
According to the public data released by yost Sullivan, a world-renowned market research institution, the market size of botulinum toxin in China in 20 17 is about 109 billion yuan, with a compound annual growth rate of 20.56% from 20 17 to 2022, and it is expected to reach 27.7 billion yuan in 2022.
According to Wanlian's statistics, it usually takes 3 to 5 years for the botulinum toxin of hyaluronic acid products to be approved from clinical trials, while the approval standards for botulinum toxin products as hemp products are more stringent. The certification time of botulinum toxin products is more than 8 years, and it takes 3 to 5 years for the agent products to go on the market.
According to public information, there are four kinds of botulinum toxin products in the domestic market at present, namely Hengli (Lanzhou Bio), Botox (Aerjian), Lpsen and Hugel. Compared with hyaluronic acid products, the botulinum toxin market is scarce, so it is called "universal oil" in the medical and aesthetic circles.
It is worth noting that, according to the data of Sihuan Medical Financial Report, from February to June of 20021year, the sales volume of Botulinum Toxin products under Lotterio reached a record of more than 200,000 bottles, and the income in four months reached 260 million yuan. At the same time, the sales of this product also supported the soaring share price of Sihuan Medicine, which has the exclusive agency right of Letebao Botox products. According to the data, the share price of Sihuan Pharmaceutical 202 1 rose more than 4 times in the first half of the year.
The gross profit margin exceeds Maotai, which is only the "medical beauty" of female businessmen.
"At that time, I saw a 70-year-old European and American old lady with exaggerated expression and deep wrinkles. But after the injection was completed, her wrinkles were significantly reduced. " Jianjun, the founder of Aimeike, revealed in an interview with the media, "That was the first time I saw hyaluronic acid (also known as sodium hyaluronate) injection at close range. At that time, I felt that there must be a market. "
In June 2004, Jian Jun, who worked as an artist for 13 years, returned to China and founded Beijing Yingzhihuang Biotechnology Co., Ltd. (the predecessor of Aimeike, renamed in 2005) with her husband, and started her hyaluronic acid career.
According to the research report released by Wanlian Securities, in the hyaluronic acid industry chain, the upstream of the industry is the manufacturers of medical and aesthetic raw materials, consumables, medicines and equipment, and the middle reaches of the industry are medical and aesthetic institutions, including plastic surgery, skin care and non-public medical and aesthetic institutions in public hospitals, and the downstream is the online channels and traditional offline channels connecting the vast number of end consumers. Among them, the high threshold of the upstream link makes the whole upstream manufacturer show the characteristics of high concentration and strong profitability, and the gross margin is as high as 70% to 90%.
However, judging from the domestic hyaluronic acid market environment at that time, Huaxi Bio, a big manufacturer, was already at the raw material end. In 2000, the production capacity of hyaluronic acid raw materials reached 0.8 tons, thus occupying the position of the industry leader. In addition, Huaxi Bio's industrial chain also vertically extends to medical, food, cosmetics and other fields.
In this context, Aimeike embarked on the road of differentiation, focusing on the blue ocean market at that time-light medical beauty (referring to the improvement of traditional surgical projects through non-surgical medical means and non-invasive medical beauty, so as to achieve the purpose of beauty).
Facts have proved that in recent years, China light medical beauty market has developed rapidly. According to the data in the "hyaluronic acid (HA) industry market research report of the world and China in 2020" published by Sullivan of yost, the market scale of non-surgical medical beauty industry in China will increase from 30.8 billion yuan to 77.3 billion yuan in 2020, with a compound annual growth rate of 25.9%, accounting for 39.7% to 49.9%, and it is expected to continue to grow in the future.
With the first-Mover advantage of priority layout, Aimeike has also achieved good results. According to the financial report data, in 20021year, Aimeike realized operating income of144.8 billion yuan, a year-on-year increase of104.23%; Net profit165438+22 million yuan, a year-on-year increase of 123.06%.
Correspondingly, Aimeike has also seized a higher market share. According to the 20021annual report released by Aimeike, by 2020, Aimeike's domestic market share of skin fillers mainly containing sodium hyaluronate will reach 27.2%, ranking first among all manufacturers. Calculated by sales volume, it accounts for 14.3% of the domestic market share, ranking first among domestic manufacturers.
The most profitable medical beauty company, where will Aimeike go?
As a company with first-Mover advantage and high market share in the core industrial chain of hot industries, Aimeike's operating income quickly exceeded 654.38 billion yuan after listing, and its profit rate was the best in the industry. However, it has been criticized by the market because it relies too much on a single business and has low technical barriers.
The first is the problem of its single operating income structure. According to the financial report data, in 20021year, the total revenue of Aimeike was14.48 million yuan. However, it is worth noting that according to the product classification, the contribution income of solution injection products is 65.438+0.046 billion yuan, accounting for 72.25% of the total income. According to public information, at present, Aimeike solution injection products are mainly refreshing buttocks, which are used for intradermal injection and filling to correct moderate and severe wrinkles.
Healthy gross profit margin exceeds that of Maotai. Where is this company that only does women's business? " img _ height = " 689 " img _ width = " 1 123 " data-src = "//imgq 8 . q578 . com/ef/060 1/39cf 1 eab 398 1 68 ea.jpg "src ="/a2020/img/data-img.jpg "> (Source: screenshot of official website, State Administration of Pharmaceutical Products)
Secondly, "How high is Amy's technical barrier" has always been a concern of investors. According to the listing prospectus of Aimeike, from 20 17 to 20 19, the purchase price of sodium hyaluronate raw materials was higher than that of other leading enterprises in the same industry. In addition, according to Aimeike 202 1 annual report, the purchase amount of the top five suppliers accounts for 72.36% of the total annual purchase amount, and the purchase amount of the first supplier accounts for 4 1.23% of the total annual purchase amount.
In the face of market doubts, Aimeike has also taken a series of targeted measures. According to public information, in 202 1 year, Aimeike invested about102312,200 yuan, up 65.54% year-on-year. On the other hand, Aimeike laid out the botulinum toxin business and made a second growth curve.
However, whether it is the market share accumulated by the first-Mover advantage or the resource advantage relied on by the new products, it may be difficult for Aimeike to stay at the forefront of the industry in the face of the enthusiastic entry of competitors.