How much "moisture" can the supervision aim at "medical beauty mask"?

　　A "medical beauty mask" wind is blowing in the current skin care field.

The price is not cheap, but it is hard to stop the pursuit of it by beauty lovers.

　　The so-called medical beauty mask is actually a medical dressing, which is usually prescribed by hospitals to dermatology patients or people who have undergone laser treatment to help patients repair and heal skin wounds.

　　Medical dressings belong to the second class of national medical devices, and the registration number on the product packaging contains the "machine name", while the ordinary mask is the "makeup name".

　　Under the "recommendation" of institutions, Internet celebrities and celebrities, medical dressings are separated from doctors' orders and are positioned as high-end "ordinary masks".

　　The medical beauty mask stood at the top, and the capital seized the track at a sprint speed.

In early May, Coformei's parent company, Giant Bio, submitted a listing application to the Hong Kong Stock Exchange.

Previously, Chuanger Bio and Fuerjia had already made this move first.

　　What kind of business is "medical beauty mask"?

Let's talk about it through the prospectus of Giant Bio and Fu Erjia.

　　Amazing profit

　　Net profit margin comparable to Maotai

　　About 30% higher than ordinary masks

　　Giant Bio's prospectus shows that from 2019 to 2021, the company's revenue will be 957 million yuan, 1.19 billion yuan, and 1.552 billion yuan, respectively, and the net profit will be 575 million yuan, 826 million yuan, and 828 million yuan respectively; 50%.

Fuerjia also performed well. According to its updated prospectus, in the first nine months of 2021, Fuerjia’s revenue was 1.178 billion yuan, and its net profit was 585 million yuan; the net profit rate also reached about 50%.

　　The prospectus also shows that by the end of 2021, the company's products have been sold to more than 1,000 public hospitals, more than 1,700 private hospitals/clinics and about 300 chain pharmacies across the country.

　　Such a high net interest rate can be said to be "amazing" in terms of earning power.

You know, Maotai's net profit margin is basically around 52%.

　　According to Fuerjia’s prospectus, from 2018 to 2020 and the first nine months of 2021, Fuerjia’s gross profit margins were 77.88%, 76.97%, 76.47%, and 80.37%, respectively.

From 2018 to 2020, Fuerjia's gross profit margin remained at around 77%; in the first nine months of 2021, the comprehensive gross profit margin also exceeded 80%.

　　According to the data of Zhongtai Securities, the average gross profit rate of the mechanical mask, that is, the medical beauty mask, is 77%~83%, which is about 30% higher than that of the ordinary cosmetic mask.

　　The gross profit rate of medical beauty masks is so high, how does the company do it?

　　First of all, the price of medical beauty masks is relatively high.

Take Kefumei (a brand of Juzi Bio) as an example. Its popular product called "human-like collagen dressing" has an official price of about 40 yuan per piece (the price fluctuates slightly during the event), which is significantly higher. The price of ordinary mask is 5-10 yuan / piece.

　　Based on this calculation, the overall cost of Juzi Bio’s products is approximately 16.72%, 15.38% and 12.76% of its operating income, and the raw material costs of its products are 12.43%, 11.60% and 9.28%.

That is to say, for a mask that costs 30 yuan, the cost of raw materials is less than 3 yuan.

The main product of Fuerjia, the albuginea medical dressing, is priced at 148 yuan per box (5 pieces).

The price of a single piece of this product is about 30 yuan, and a rough estimate of its cost is only about 2 yuan.

　　Original clear source

　　It's a "medical dressing", not a mask

　　"Medical beauty mask" is actually a marketing gimmick

　　Aside from the giant biotech that has just submitted its prospectus, the IPO road of medical beauty mask companies has actually not gone smoothly.

　　More than three months after Fu Erjia submitted the prospectus, the review was suspended due to the expiration of the financial information; then in January this year, the prospectus was updated and the listing review was resumed.

Chuanger Bio, which was the first to submit a prospectus, also voluntarily withdrew its listing application, and then moved to the Beijing Stock Exchange.

　　Therefore, it is still unknown who will end up with the "first share of medical and beauty masks".

　　Behind this, it may be related to the supervision of "machine brand" products in recent years.

Strictly speaking, the name "medical beauty mask" does not exist, it can only be called "medical dressing".

The reason why there is the concept of "medical beauty mask" is that merchants deliberately do it in order to allow consumers to better understand the product and connect it with the daily use of the mask.

In other words, "medical beauty mask" is actually a marketing gimmick.

　　regulatory tightening

　　Medical equipment shall not be named "mask"

　　Gimmick marketing may be limited

　　In order to "crack down on counterfeiting", relevant state departments have begun to continuously strengthen supervision.

　　In January 2020, the State Food and Drug Administration issued a document stating that in accordance with the requirements of the "Regulations on the Naming of Common Names of Medical Devices", no promotional words such as "beauty" and "health care" shall be included, and shall not contain exaggerated scope of application or other misleading and deceptive content. ; There shall not be the concept of "mechanical face mask", and medical device products cannot use "mask" as its name.

　　In addition, the Food and Drug Administration has clarified that some facial mask cosmetics claiming products as "medical skin care products" and "cosmeceutical" products, etc., are expressly or implied that the products have medical effects, which are illegal propaganda.

　　At the end of 2021, the State Food and Drug Administration once again issued a document to delete the entry related to "liquid and paste dressing" in the "Class I Medical Device Product Catalog"; The liquid and paste dressings (excluding gels) are intended to be regulated as Class II devices.”

　　Regulatory policies have been tightened continuously, and there have been constant voices of doubts about the "IQ tax". What companies can do is probably to do promotion and expand the market.

However, marketing may also become more and more limited, and the road ahead will inevitably be bumpy.

　　Is the medical beauty mask playing a concept and telling a story, or does it have product power and competitiveness?

Perhaps judging from the twists and turns of these companies' IPO road and some "surprising" financial report data, there are not a few people who choose the former.

　　Chengdu Business Daily-Red Star News reporter Yu Yao and Liu Mi