According to CITIC Securities, judging from a sample of the world's leading medical and aesthetic listed companies, the business performance of 2026Q2 companies continued to be differentiated, and companies with mature brand accumulation and active promotion of globalization and commercialization of new products grew better. Regionally, China's contribution continues to increase, Europe is growing driven by new product launches and channel expansion, US demand has improved marginally, and South Korea is affected by a high base and increased competition. In terms of products, demand for botulinum toxin is resilient, supported by channel expansion and dosage iteration; filler categories are differentiated, hyaluronic acid is under pressure, and regenerated materials/PDRN maintain high growth; RF/ultrasound head brands in the equipment category rely on overseas installation expansion and consumables sales to continue to grow. Looking ahead to the whole year, some dominant companies raised their annual revenue guidelines, but investment in channel construction and new product promotion also divided revenue growth and profit from the current situation. CITIC Securities is optimistic about leading medical and aesthetic companies with mature brand accumulation, differentiated products, and commercialization capabilities to gain growth through regional and category expansion. Maintain the medical and aesthetic industry's “better than the market” rating.

According to CITIC Securities, judging from a sample of the world's leading medical and aesthetic listed companies, the business performance of 2026Q2 companies continued to be differentiated, and companies with mature brand accumulation and active promotion of globalization and commercialization of new products grew better. Regionally, China's contribution continues to increase, Europe is growing driven by new product launches and channel expansion, US demand has improved marginally, and South Korea is affected by a high base and increased competition. In terms of products, demand for botulinum toxin is resilient, supported by channel expansion and dosage iteration; filler categories are differentiated, hyaluronic acid is under pressure, and regenerated materials/PDRN maintain high growth; RF/ultrasound head brands in the equipment category rely on overseas installation expansion and consumables sales to continue to grow. Looking ahead to the whole year, some dominant companies raised their annual revenue guidelines, but investment in channel construction and new product promotion also divided revenue growth and profit from current levels. CITIC Securities is optimistic about leading medical and aesthetic companies with mature brand accumulation, differentiated products, and commercialization capabilities to gain growth through regional and category expansion. Maintain the medical and aesthetic industry's “better than the market” rating.