Reporter of the Economic Business: Chen Xing Reporter of the Economic Business Business: Wenduo
The semi-annual reports of listed companies in the medical beauty industry have been released one after another. The total revenue of the 38 listed companies in the Wind medical beauty concept exceeded 100 billion yuan. Among them, 33 companies achieved profitability, but 24 companies' net profit attributable to shareholders declined.
In the Wind category, Fosun Pharma is also classified as a medical beauty track. Among the 38 companies, Fosun Pharma ranked first in revenue and net profit, but Fosun Pharma's net profit attributable to shareholders fell by more than 30% year-on-year. Xi'an-based International Medical was affected by the suspension of medical treatment in its hospitals during the epidemic in Xi'an. The net profit attributable to shareholders in the first half of the year was the largest loss in 38 companies, with nearly 600 million yuan.
" Daily Economic News " further disassembles the financial reports of listed medical beauty companies and found that the performance of Huaxi Biology, Aimeike and Haohai Biotechnology, which are known as the upstream raw materials "Three Musketeers", have differentiated. Among them, Aimeike's "money-making ability" is still strong, Huaxi Biotech continues to run wildly on the road to functional skin care products, and Haohai Biotech's profits have declined significantly due to its subsidiaries.
is different from raw material suppliers who have "protected income from drought and flood", downstream medical beauty institutions live a tight life. Among them, the growth rate of Langzi shares medical beauty business has declined significantly, and it is difficult to cultivate new institutions and secondary institutions; cross-border companies such as Aoyuan Meigu have not yet tasted the sweetness of medical beauty. In terms of functional skin care products, Betelni, , Perchoa, , etc. are still looking for ways to break the big products.
raw materials "Three Musketeers" have obvious differentiation: Huaxi Biobets bet on functional skin care products
In the first half of 2022, the performance differentiation of , Huaxi Bio, Aimeike, and Haohai Biotech , which are known as the "three giants" of medical beauty raw materials, has become more obvious.
Huaxi Bio is still the first among the three companies in terms of revenue scale. During the reporting period, Huaxi Bio achieved total revenue of 2.935 billion yuan and net profit attributable to shareholders of 473 million yuan. Aimeike's revenue scale is second, but its net profit attributable to shareholders surpassed Huaxi Bio, achieving 885 million yuan and 591 million yuan respectively.
Huaxi Bio's revenue and net profit attributable to shareholders were 51.6% and 31.2% year-on-year growth rates respectively. Aimeike's revenue growth rate was 39.70%, but its net profit growth rate is catching up, up 38.90% compared with the same period last year, surpassing Huaxi Bio.
Among the "Three Musketeers", the one who is slightly behind is Haohai Biotechnology. Haohai Biotech achieved revenue of 968 million yuan in the first half of the year, an increase of 13.69% year-on-year, and this result won the second place among the three companies. However, Haohai Biotech's profit performance was slightly inferior - it achieved a net profit attributable to shareholders of RMB 71.03 million, a year-on-year decrease of 69.25%.
"Daily Economic News" reporter split the semi-annual reports of three companies and found that Huaxi Bio's revenue growth is mainly due to the contribution of functional skin care products. Huaxi Bio's functional skin care products mainly include four brands: " Runbaiyan ", " Quadi " and "Mibeier". During the reporting period, the sales revenue of this sector increased by 77.17% year-on-year to 2.127 billion yuan, accounting for 72.46% of the company's main business revenue. Huaxi Bio's raw material business grew by 10.97% year-on-year, achieving revenue of 461 million yuan.
Although the gross profit margin of pharmaceutical grade hyaluronic acid raw materials in Huaxi Bio's raw materials business remains at 87.06%, higher than 78.74% of functional skin care products, judging from the performance proportion of the two, functional skin care products are the key to supporting Huaxi Bio's performance and future growth space. While
revenue grew, Huaxi Bio's operating costs also increased significantly, with a year-on-year increase of 54.86%, eroding the company's profit performance to a certain extent. At the same time, due to the "to C" attributes of functional skin care products, Huaxi Bio's marketing expenses are also much more expensive than the other two companies. During the reporting period, Huaxi Bio's sales expenses increased by more than 50% year-on-year to 1.387 billion yuan.
Huaxi Bio's net sales profit margin is 15.91%, less than a quarter of Aimeike's. In addition, the company's net profit margin has also been declining in recent years.
In contrast, Aimeike's net profit margin reached 66.78% in the first half of this year, slightly lower than the same period last year, but overall in the upward channel in recent years.
In the first half of the year, Aimeike's operating income of solution injection products was 643 million yuan, a year-on-year increase of 35.12%, and a gross profit margin of 94.07%; gel injection products had operating income of 237 million yuan, a year-on-year increase of 59.71%, and a gross profit margin of 96.05%.
In addition to the neckline injection product "Hi Bo", Aimeike's "Rubai Angel" was approved for marketing in June last year. It is the only regenerative medical beauty injection approved in addition to , Huadong Medicine , and Changchun Shengboma's Tongyan Injection.
Among the "Three Musketeers", the only one whose profits decline was Haohai Biotechnology. The reporter noticed that in recent years, Haohai Biotech's performance has been relatively fluctuating.
In terms of single quarters, Haohai Biotechnology has declined year-on-year for four consecutive quarters since the third quarter of last year. The company stated in its semi-annual report that the losses caused by the epidemic, the operating losses caused by the termination of the distribution agreement of subsidiary Aaren and the impairment of have collectively affected the company's profit performance.
It is worth mentioning that unlike the other two companies, Haohai Biotech is also keen on taking a diversified route in addition to its medical beauty business. As of the first half of this year, Haohai Biotech's goodwill scale has exceeded 400 million yuan, bringing uncertain impact on future performance.
In terms of capital market, as of September 1 this year, Haohai Biotech's stock price has fallen by more than 70% from its highest point in July last year.
Medical beauty institutions "make money hard to make money by making a name for themselves" It is difficult for enterprises outside the industry to join the market
Upstream performance differentiation, and what is the situation of downstream medical beauty institutions that have always been regarded as "make money hard to make money by making a name for themselves"?
Take Langzi shares as an example. During the reporting period, the company achieved operating income of 1.809 billion yuan, a slight increase of 1.1% year-on-year; and achieved net profit attributable to shareholders of only 9.25 million yuan, a decrease of more than 90% year-on-year. Among them, the medical beauty business achieved revenue of 629 million yuan, an increase of 18.45% year-on-year. Compared with the growth rate of more than 80% in 2018, this data has dropped significantly.
Langzi Co., Ltd. stated that offline business institutions are temporarily closed due to the impact of the epidemic; new institutions and secondary institutions are in the cultivation period, and the strong promotion and drainage efforts have led to a decline in the growth rate of medical beauty business.
semi-annual report data shows that the net sales profit margins of new institutions and secondary institutions of Langzi Co., Ltd. (institutions whose operating time is within one year and whose operating time is 1 to 3 years) are -43.5% and -12.97% respectively. In the first half of the year, more than 60% of Langzi's medical beauty business revenue still came from old medical beauty institutions (institutions operating for more than 3 years), but the net sales profit margin of old medical beauty institutions also declined, from 12.58% in the same period last year to 5.02%.
Image source: Screenshot of the semi-annual report of Langzi Co., Ltd.
In order to compete for customer traffic and repurchase rate, Langzi Co., Ltd. invested a lot of advertising expenses, which was 192 million yuan in the first half of the year, an increase of 131% year-on-year, diluting the company's profit level. During the reporting period, Langzi Co., Ltd.'s gross profit margin of medical beauty business was 48.76%, which is the company's lowest gross profit margin.
As a cross-border enterprise that has been deploying downstream medical beauty institutions since 2016, Langzi shares still find it difficult to ensure stable profits. New entrants are in a more "hard" situation.
Take Aoyuan Meigu as an example. The company achieved medical beauty service revenue of 269 million yuan in the first half of the year, an increase of more than 70% year-on-year. However, the sales expenses of this part of the business surged, causing the company's overall sales expenses to rise by 47.45 percentage points, and the gross profit margin of the medical beauty sector fell by 11.84 percentage points to 43.53%.
It is worth mentioning that Aoyuan Meigu entered the downstream medical beauty institutional field by acquiring Liantianmei. When Aoyuan Meigu acquired Liantianmei's equity, it formed goodwill of over 600 million yuan. If Lian Tianmei finds it difficult to achieve the target of cumulative promised net profit of no less than 157 million yuan for the period from 2021 to 2022 within the full year, the aforementioned goodwill may constitute an impairment risk. The company's semi-annual report mentioned that during the reporting period, Liantianmei's profit growth level slowed down.
However, with the end of the epidemic in the surrounding areas and the recovery of consumption in the end of May, its operations have shown a gradual recovery trend. Who is the most "outstanding" skin care product in
? Breaking the dependence of a single brand is still the number one task
In addition to the outstanding growth of Huaxi Bio's effective skin care products mentioned in the previous article, another leader in functional skin care products Betelni also achieved significant growth in the first half of the year.
During the reporting period, Bettani achieved operating income of 2.05 billion yuan, a year-on-year increase of 45.19%; net profit attributable to shareholders of listed companies was 395 million yuan, a year-on-year increase of 49.06%. However, in terms of product structure, the shackles of "Beteni=Winona" have not been broken. In 2021, the main brand Winona contributed more than 98% of the company's revenue. In the 2022 semi-annual report, Bettani also explained that "relatively concentrated brand" is one of the possible risks faced by the company.
In addition to launching "Winona Baby" and other expanding the brand matrix, Bettani also tried to get involved in the makeup track. However, in the first half of this year, Bettani's own brand makeup revenue was only 22.0128 million yuan, accounting for only 1.08% of the company's revenue. Or in order to break the circle in the cosmetics field, Bettani tried to invest abroad. In June this year, it led the investment in the A round of financing of tens of millions of yuan by domestic cosmetics brand FUNNY ELVES.
, like Bettani, is also in urgent need of finding the second growth point. Another domestic brand, , Perchoa, . During the reporting period, Perchoa achieved revenue of 2.626 billion yuan, a year-on-year increase of 36.93%; net profit attributable to shareholders was 297 million yuan, a year-on-year increase of 31.33%.
In the first half of the year, the revenue of the skin care product category accounted for more than 80% of the company's total revenue, but the proportion of skin care product revenue of Perchoa has gradually declined slightly since 2019, and the revenue of beauty and cosmetic products has accounted for 13.46% in the first half of 2022.
Image source: Screenshot of Perfect Semi-annual report
At the same time, domestic skin care brands have a high degree of dependence on online channels. Bettani's online channel revenue accounts for nearly 80% of the total revenue, of which more than 90% come from third-party platforms, and the "Ali platform" is the main channel. The revenue of Perchoa's online channel accounts for 88.27% of the total revenue, and it has a gradual upward trend since 2019.
In terms of sales expenses, domestic skin care brands still maintain large expenditures. Bettani's sales expenses reached 930 million yuan in the first half of the year, an increase of 46.15% year-on-year. Perchoa's sales expenses were 1.117 billion yuan, an increase of 38.37% year-on-year. Among them, Perchoa's image promotion fee increased by 264 million yuan year-on-year, an increase of 40.52% year-on-year, mainly due to the incubation of new brands and the increase in image promotion fee investment.
To find new growth points, R&D investment is essential. Bettani's R&D investment in the first half of the year was about 87.57 million yuan, an increase of 85.17% year-on-year, and this part of the expenses accounted for about 4.3% of its revenue. Perchoa's R&D expenses investment was 61.067 million yuan, accounting for about 2.33% of the total revenue, an increase of 94.66% year-on-year.
Like Huaxi Bio, it also has the development of Shandong Business in cross-border skin care products from raw materials. In 2018, Lushang Development acquired cross-border hyaluronic acid raw materials for production. In 2018, its cosmetics-related revenue was only 220 million yuan, and by 2021, the data had reached about 1.5 billion yuan. In the first half of 2022, Lushang's cosmetics business achieved revenue of 1.012 billion yuan, a year-on-year increase of 62%.
Daily Economic News
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