"Moving the hairline down by 1 centimeter cost me half a year's savings"

　　Sino-Singapore Jingwei, February 1st (Lin Wansi) "After Yangkang went home to celebrate the New Year, I was 'bald' and panicked." Wei Cen (pseudonym) just turned 30 this year, but he is already facing a hair loss crisis.

In order to move her hairline down by 1 centimeter, she saved money for three months, only to find that she needed to spend the 40,000 yuan savings she had saved in the past six months.

　　The demand for hair transplants is strong, attracting players and capital.

However, it costs tens of thousands of yuan to plant a motor, which discourages many consumers.

With the rapid growth of entrants, how much room will there be for hair transplant costs to decline in the future?

Implants cost tens of thousands of yuan, and some patients are ranked half a year in advance

　　"When the dressing was changed in June last year, the clinic was full of people, and there were a lot of women. The nurse told me that

" In May 2022, Ge Xue (pseudonym) suffered from forehead hair loss , chose to undergo hair transplantation in a public hospital in Beijing.

After examination, the doctor told Ge Xue that about 2,200 hair follicle units would need to be transplanted, and the total price would be around 26,000 yuan.

If the hair transplant area is moved down by one centimeter, the total price is estimated to be around 40,000 yuan.

　　Sino-Singapore Jingwei recently visited chain hair transplant institutions and found that there are not a few people who choose to have their hair transplanted during the Spring Festival.

　　The staff of Yonghe Hair Plant told Sino-Singapore Jingwei that many patients will choose to have their hair transplanted and then go home for the New Year, and then come back after the year to change their dressings and do some maintenance work.

According to the staff, it is necessary to make an appointment for a specific time period to go to the store for consultation. Within 15 minutes after Zhongxin Jingwei arrived at the store, a total of five or six people entered the store for consultation.

　　The barley microneedle hair transplant staff revealed to Sino-Singapore Jingwei that in recent years, many people, both men and women, have come to have hair transplants for the sake of wealth.

The staff member said that hair transplantation can only make the forehead look rounder and fuller. If you want to make the forehead more bulging, it can only be done through filling.

　　"Every time an account is issued, it is robbed in a few seconds. I waited for one or two months before I made an appointment with an expert account." Ge Xue said that the hair transplant operation takes 7-8 hours, and after the operation, anti-inflammation, taboos, Dressing.

After a 6-month hair growth cycle, Ge Xue's forehead hair has grown well. She went home for the New Year and stood with her peers. Everyone praised her for being young.

　　Recently, Wei Cen also had the idea of ​​hair transplantation.

"It may be because of the frequent ponytails. The hairline is receding further and further, which makes her look old." In order to change the status quo, she tried Minoxidil, a topical medicine for hair loss, but only tiny hairs grew out. She also tried figure-of-eight bangs under the advice of her hair stylist, but the results were not satisfactory.

　　However, the cost of hair transplant surgery of nearly 40,000 yuan still greatly exceeded her psychological expectations.

　　It is understood that there are two options for hair transplantation: shaving and non-shaving.

During the face-to-face consultation, the doctor told her that women can do hair transplantation without shaving, long hair extraction, and long hair transplantation. The implantation area and hair extraction area after transplantation have no obvious traces of hair transplantation and will not affect the appearance, but 2,000 units of hair follicles are planted It will cost 38,000 yuan.

Can the price be lowered in the future?

　　The high price deterred Wei Cen.

According to a report released by the Toubao Research Institute in April 2022, one of the two major reasons why consumers refuse hair transplants is the high price.

　　According to iiMedia Consulting's 2022 survey data, the most frequent price range in China's hair transplant consumer market is 20,000 to 30,000 yuan (38.5%).

　　In September 2022, Yonghe Medical disclosed its mid-term report for 2022, saying that even though some medical institutions had suspended operations or restricted passenger flow due to epidemic control at that time, Yonghe still maintained a gross profit of 64.2% at a unit price of 26,300 yuan for hair transplantation. The gross profit rate of hair transplant medical services reached 64.4%.

In 2021, the gross profit rate of hair transplant medical services will reach 72.7%.

　　The prospectus of barley hair transplant shows that from 2019 to 2021 and the first seven months of 2022, the per capita expenditure of barley hair transplant service patients exceeds 20,000 yuan.

In 2019, the per capita expenditure of patients even reached 30,000 yuan. At that time, the gross profit rate of surgical hair transplantation was as high as 81.5%.

In the first seven months of 2022, although the gross profit margin has declined, it still reached 64.9%.

　　Tian Yahua, vice president of the Medical Cosmetology Institution Branch of the China Plastic and Aesthetic Association, told Zhongxin Jingwei that although there are hundreds of millions of hair loss people, there are many ways to solve hair problems, such as internal medicine, external use of hair growth liquid, wearing wigs, etc. These methods divert people However, the unit price of hair transplant customers is high, the consumption cycle is long, and the decision-making cost is also high. The proportion of people who finally choose hair transplantation in the hair loss population is not high.

　　Even a leading hair transplant institution does not receive more than 60,000 patients a year.

The data shows that in 2020, 2021, and the first half of 2022, the total number of patients receiving Yonghe Medical's hair transplant medical services will reach 51,000, 58,000, and 21,000, respectively.

　　In addition,

　　Taking Yonghe Medical as an example, in 2021, Yonghe Medical's sales and marketing expenses will be as high as 1.073 billion yuan.

In the same year, Yonghe Medical's operating income was 2.169 billion yuan, and sales expenses accounted for nearly half of the total revenue.

　　However, the price reduction of hair transplant surgery seems to be on the way.

During the visit, the staff of Yonghe Medical confirmed to Sino-Singapore Jingwei that the company adjusted the price system after the listing in the Hong Kong stock market, and the price of autologous hair transplantation was reduced from 4 yuan per unit to 8 yuan per unit, and then according to the level of doctors Medical service fee.

The cost of single hair follicle implantation before adjustment is 10 to 30 yuan.

Is there room for price cuts in the future?

Tian Yahua told Sino-Singapore Jingwei that the current medical aesthetics belongs to the category of consumer medical care. The country emphasizes independent pricing, but the price must be clearly marked, so there is no so-called government-guided price or price limit.

At this stage, the possibility of hair transplant surgery being included in medical insurance is also very small.

"Currently the market competition has not reached a feverish level. With the gradual increase of entrants, the degree of differentiation in hair planting technology is not great. In the future, the industry will not rule out price wars." Tian Yahua said.

　　"Bare economy"

　　With the rise of the "bald economy", capital has once again gathered in the "overhead business".

　　In 2017, Yonghe Medical received a strategic investment of up to 300 million yuan from CPE Yuanfeng in the private equity market, and was successfully listed in Hong Kong at the end of 2021, and the first share of China's hair transplant was born.

This is also the first time for investment institutions to set foot in the field of hair transplantation in mainland China.

　　At the end of 2022, Barley Hair Transplant also updated its prospectus to attack the "Second Hair Transplant Share".

Barley Hair Transplant mentioned in the prospectus that the company's core competitive advantage is microneedle hair transplant technology, and the hair transplant business is the main source of income for Barley Hair Transplant.

　　Facing the limited "ceiling", some hair transplant institutions are exploring the "second curve" beyond hair transplant surgery, transforming from hair transplant chain institutions to hair transplant and maintenance integrated service institutions.

　　On December 29, 2022, Shanghai Yonghe Hospital, the first comprehensive hair hospital under Yonghe Medical, opened.

In addition to the hair loss clinic, drug treatment, Svensson medical hair center, hair transplantation, Hada wig, the newly built general hair hospital also added internal medicine, obstetrics and gynecology and other departments to focus on the causes of hair problems and provide specific prevention, Nurturing and treatment methods provide consumers with integrated and one-stop solutions to hair problems.

　　According to the prospectus, Damai Hairplant obtained the license to operate an Internet hospital in Harbin that provides hair diagnosis and treatment services in January 2022. It is expected that the Internet hospital will start operation in the first quarter of 2023.

The Internet Hospital aims to provide patients with convenient and cost-effective remote consultation and consultation services, increase the online-to-offline patient referral rate, and create synergies with the existing offline service network across the country.

　　In addition, according to media reports, companies such as Biliansheng and Xinsheng Zhufa are also actively preparing for an IPO.

According to a report released by Toubao Research Institute in April 2022, after 2015, the number of newly registered hair transplant institutions increased sharply, with a growth rate of 136.7%, and the number of hair transplant institutions continued to grow rapidly. The four major chain hair transplant institutions began to expand their business territory.

　　Hair loss not only feeds hair transplant institutions, but also anti-hair loss drug companies.

In December 2022, Kedi Group, a research and development biopharmaceutical company focusing on dermatology, submitted an application for listing to the Hong Kong Stock Exchange.

Of the 11 products and product candidates owned by Kedi Group, 6 are aimed at hair diseases and care, but the products have not yet been fully commercialized.

　　It is worth mentioning that Kedi Group is also a "WuXi" company.

It has been established for 3 years, and although it has lost as much as 700 million yuan, it is still favored by well-known institutional investors such as Yunfeng Fund, Sequoia Capital, Taikang Life Insurance, and CICC.

(The opinions in this article are for reference only and do not constitute investment advice. Investment is risky, and you need to be cautious when entering the market.)