资源描述
+80 90+2021 2179 12.4%2025 4108 21 25 CAGR 17.2%2021 752 2025 2279 21 25 CAGR 31.9%2030 1137+1 2 3 4 5 .:2019 2020 9.9%2021 2179 12.4%2025 4108 21 25 CAGR 17.2%2021 752 2025 2279 21 25 CAGR 31.9%11241448176419392179247929123450410828.8%21.8%9.9%12.4%13.8%17.5%18.5%19.1%2017 2018 2019 2020 2021 2022e 2023e 2024e 2025e%27735545157875298213021729227928.2%27.0%28.2%30.1%30.6%32.6%32.8%31.8%2017 2018 2019 2020 2021 2022e 2023e 2024e 2025e%2017-2025 2017-2025 logo/2022 1994-2014 2015-2020 2021-2020 2014-2019 20%2018 38.1%3.6%2.02.22.42.62.83.13.22014 2015 2016 2017 2018 2019 2020 2014-2020 2.1 2.63.85.17.49.0 9.4 4.85.87.29.112.315.416.923.6%29.8%30.1%38.1%24.1%7.5%2014 2015 2016 2017 2018 2019 2020%2014-2020&2020 2014-2019 20%3.6%2021 8 2021 13.4%50.2%36.4%0%0%8 1930s2000s2020s 1 2 3 4 APP SaaS 1 2 3 4 5 80 90+iClick 01 02 iClick 2022.10 1041 21-40 87.0%26-40 68.4%80 90&49.5%31.3%19.2%63.4%8000-20000 46.5%20000-50000 N=1041 2022 10 iClick 38.5%73.0%&N=1041 2022 10 iClick 33.7%26-30 21-25 20 31-35 36-40 41-45 46 11.4%32.5%14.8%4.7%2.8%0.1%26-40 8 30 7 21-30 1 20 202277.6%N=1041 2022 10 iClick 42.6%31.5%27.1%OL 26.8%21.2%26.1%25.7%25.6%24.6%/21.1%2022 N=1041 2022 10 iClick 2022 78.8%77.2%75.8%v 73.8%59.2%51.3%89.2%88.4%S 87.6%87.1%M 86.2%85.1%83.6%95.5%91.4%91.2%90.6%90.1%90%+80%90%70%80%70%2020 2022 2022 2020 67.2%2022 87.1%M 20%10%V 1 7 2020 6 2020 4/S/N=1041 2022 10 iClick 1 43.8%75.9%63.3%11.2%13.1%30.7%TOP1 TOP2 TOP3 TOP4 TOP5 TOP1()TOP2/TOP3TOP4 TOP5 TOP1/TOP2/TOP3 TOP4/TOP5 2022 7 3 2020/N=1041 2022 10 iClick 1 N=1041 2022 10 iClick 1 53.3%46.7%0.5%2020&2022 62.1%37.9%27.1%72.9%2020 2022 2020 2022 7 2022 1 7 1-6 3 2-4 15040 1 11190 10485 N=1041 2022 10 iClick 0.0%5.2%8.7%25.2%34.3%15.4%7.2%2.5%1.3%0.4%10001001-5000 5001-1 1-2 2-4 4-6 6-8 8-10 10-2020 1 15040 11190 10485 1 1-6 3 2-4 1 8.6%9.6%10.6%17.6%18.2%20.9%21.3%/90 N=1041 2022 10 iClick 11.6%13.5%23.1%25.7%28.4%35.4%37.0%43.2%/20229.0%11.0%12.7%14.7%16.0%16.6%16.8%17.1%17.8%22.8%23.4%25.4%28.1%28.2%/APP/APP/APP/APP/APP/APP/APP 9.7%22.2%23.5%32.0%/+2020 2022 2/APP/N=1041 2022 10 iClick 0.1%0.3%16.2%19.4%20.6%22.2%22.4%26.7%30.1%31.0%31.7%33.0%46.7%53.9%/2022 2022 1 9/1 10 N=1041 2022 10 iClick 1-5 6-10 11-20 21-30 1-2 3-4 5-6 3.1%19.3%24.6%25.3%21.0%5.2%0.6%1.0%2022 30.5 43.6 0.7%0.8%4.3%42.8%51.5%2022 1 44.5%/43.8%32.2%29.8%26.6%25.5%25.0%2022TOP1TOP2TOP30.0%26.0%27.0%28.6%32.4%35.3%43.3%45.0%47.7%/0.2%19.8%20.6%23.2%27.2%33.9%35.4%37.2%45.7%46.4%/N=1041 2022 10 iClick/2022 2022 N=1041 2022 10 iClick 4.15 4.26 4.05 N=1041 2022 10 iClick 5 1 2022 4.22 4.264.26 4.144.17 4.104.07 4.104.11 4.054.05 4.15 4.15 2022 2020 6 N=1041 2022 10 iClick 2022 0.2%15.5%16.0%16.5%16.9%23.1%31.8%49.0%51.3%55.5%62.2%/5 /8 9 N=1041 2022 10 iClick N=1041 2022 10 iClick 2022 2022 91.7%86.0%78.2%8.0%12.2%16.4%0.3%1.8%5.4%92.9%87.5%78.2%4.6%9.0%5.4%2.5%3.5%16.4%88.0%/2020 76.4%6.0%6.0%/9/N=1041 2022 10 iClick/N=1041 2022 10 iClick 1 2022 2022 0.0%2.0%14.2%15.0%16.9%20.5%20.5%25.2%33.5%37.0%(Dysport)(A)(Botox)(Bocouture/Xeomin)/(Letybo)88.0%6.0%6.0%/1 2 3 4 5 PLLA NMPA 0.3%31.5%33.7%36.2%40.8%43.6%52.2%4 1 1/2)2022 4 1 N=1041 2022 10 iClick 1/2022 2/2)1/2 1+12 2019 32.7%2021 52.9%32.7%52.9%2019 2021%2019&2021+8 2020 2020+2/2 Hutox ET-01 The Toxin RT002 Huons(Eirion Jetema Revance/A A(Ipsen HugelNMPA 1997 2003 2020 2020-1000-1500 3000-5000 2400-3000 1800-2500 2020 2020 2021 2021 5 1/2 PLLA PCL PLLA+HA PCL PLLA PN PDRN PN/PDRN PLLA/PCL PN/PDRN PN/PDRN DNA RHEALUCLAN MASTELLI Placentex PCL CMC PLLA+-PLLA+HA 2/2 PLLA ISAPS PLLA 2020 2.6%2016 24.1%PLLA 2019 34.2%2016 52%2021 2021 2021 2021 PLLA PLLA+PCL+CMC 01020304 80 90 26.0%20.2%35.1%52.0%24.1%PLLA 2016-2020 PLLA 5 1/2 NMPA NMPA+/3 6-9 VS VS 2/2 70 80 90 90 90 90 90 12 3 1/2&2/2 1 2 1/3)1 10&PMMA PVA NMPA PMMA PVA PMMA PVA PMMA PMMA PVA Radiesse CaHA 70%30%ISAPS PLLA 26.0%20.2%35.1%52.0%24.1%PLLA 2016-2020 ISAPS 2016-2020 35.1%PLLA /NMPA/Medical Insight 2022 NMPA 2020 Fotona Alma 32%18%15%10%6%6%5%5%3%GSD 2020 GSD OPT/AOPT M22 IPL DPL N=1041 2022 10 iClick 1 0.1%7.3%16.5%16.6%20.7%22.3%23.9%29.9%39.7%61.6%Fotona 4D%2022 1 2021 54%22%6%5%5%3%5%GSD 33%GSD 54%25%21%2022 10 24 6 18 5 2022 10 6 FDA Ultherapy CE Ultherapy 7D Ulthera Classys smas smas 90%1/2)可以式，高效运品牌声誉提升准入门 达可以更 2021 17000 21%36%43%90%2/2)了两次，+1/2 2000-2007 2007-2016 2016-2020 2020-O2O KOL+2007 2007-2020 2020 2/2+APP|O2O 1 2 3 4 5 L-2022 2022 1-4 2022/10/25 30.4%No.1 8.9 8000+2021 183%183%3 0.15 164.88 PDB 2100%100%1 100%2003 2.0 DPL 1 2 3 DPL 360 DPL 810nm SHR/CFDA70+100+100 70+CC profile IPL Queen RubyLaser MedioStar Profile MCL31 Nd:YAG LED XTRAC Body-jet+10+100+1 2 3 4 523 375579112154206268341459592174667971361892793955452020 2021 2022e 2023e 2024e 2025e 2026e 2027e 2028e 2029e 2030e 1 1 2017 0.3 2021 10.5 100%2 3 5 2030 1137 2020-2030/2030 1137 2/2022 OA CRM HIS SaaS 3 4+1/2/+:C:HIS:+督所和
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