Southwest Securities research report pointed out that there is overlap in the application of collagen and hyaluronic acid, and the focus is on the subdivision track to which the product belongs. Collagen products have similar application scenarios and effects to hyaluronic acid and other products in professional skin care, medical aesthetics and other fields. In horizontal comparison, Southwest Securities believes that the four elements of 1) the product matrix and subsequent research pipeline of medical aesthetics companies; 2) the establishment of sales channels for medical aesthetics companies; 3) the operational and profitability of medical aesthetics companies; and 4) the research and development investment intensity of medical aesthetics companies are crucial to whether the company can stand out. In vertical comparison, in terms of creating large single products, injectable medical aesthetic products have higher approval barriers than efficacy skin care products and medical dressings, so different subdivision tracks have different logical frameworks for creating large single products. Southwest Securities believes that for efficacy skin care products and medical dressings, the company pays more attention to sales channels, publicity, IP building, while for injectable medical aesthetic products, the company pays more attention to first-mover advantage, product technical barriers, and product exclusivity. Recommended: Imeik Technology Development, Bloomage Biotechnology Corporation Limited, Jinbo Biotechnology, etc.