CITIC Securities has released a research report maintaining an "Outperform" rating on the medical aesthetics industry. Looking ahead to the full year, some leading companies have raised their annual revenue guidance, though investments in channel development and new product launches are causing divergence between revenue growth and profit realization. The firm favors leading players with mature brand equity, differentiated product portfolios, and strong commercialization capabilities, which are poised to capture incremental growth through regional and category expansion.

The broker's key insights highlight that leading players are maintaining steady growth while regional divergence intensifies, with overseas expansion and new product development serving as key growth drivers. In the first half of 2026, global medical aesthetics leaders sustained steady growth, though second-quarter momentum moderated compared to the first quarter. Mature market demand remained relatively stable, with companies pursuing global channel expansion demonstrating stronger growth momentum.

Breaking down performance by company, among injectable product players, AbbVie's growth recovered to positive territory. Galderma's medical aesthetics division saw steady growth, with dermatology solutions adding incremental revenue and accelerating overall income growth. Hugel's botulinum toxin exports supported stable expansion, while Medytox benefited from a low domestic base and botox exports. Evolus capitalized on improved U.S. botox demand, and PRP saw strong growth in cosmetics alongside Rejuran's overseas expansion. In the devices segment, Classys benefited from its Brazilian distributor consolidation, though Korea faced high-base pressure. Solta Medical's shift from distribution to direct sales in China drove higher growth and margin improvement, while InMode saw U.S. revenue recover even as exports and profitability remained under pressure.

Steady-growth leaders are extending their momentum, and globally expanding companies are raising guidance, though competitive pressures persist in mature markets. According to company earnings calls, Galderma raised its full-year revenue growth guidance to +19%~+21% (from +17%~+20%). Evolus lifted its full-year revenue outlook to $330–337 million (from $327–337 million) and raised its gross margin guidance to 67.0%~67.5%. InMode maintained its full-year revenue guidance.

Mature market demand is stabilizing at the margin, regional divergence continues, and overseas expansion plus channel conversion to direct sales are supporting growth. In China, which remains a key incremental market for overseas medical aesthetics companies, Hugel guided to high double-digit year-on-year growth in botox exports for FY2026. Solta Medical, after acquiring its former China distributor, saw Chinese revenue contribution surge 136% year-on-year with improved profitability. Galderma's Sculptra growth moderated due to a high base from new product launches, though the company remains optimistic about regenerative aesthetics and the skinbooster category.

In the United States, medical aesthetics demand is stabilizing at the margin, with high-frequency botox procedures improving first. Hugel's Letybo is ramping up quickly, Galderma's Dysport is gaining share, and Evolus's Jeuveau is seeing renewed growth. Meanwhile, AbbVie's Botox U.S. revenue turned negative in Q2. On the devices side, InMode's U.S. revenue returned to growth, while Solta Medical's North American business is still undergoing adjustments.

South Korea presents a mixed picture due to high bases and intensifying competition. Classys saw Korean revenue decline 25.3% year-on-year, while Solta Medical's Korean business grew 8% but continued to decelerate. Hugel's domestic injectables stabilized with 5.0% growth, and Medytox recovered to growth in Q2 supported by a low base and new products.

In Europe, new product launches continue to land, with Galderma's liquid botox Relfydess expanding its market presence. Hugel, PRP, and Evolus are advancing registrations for botox, hyaluronic acid, and PDRN products, while Classys is accelerating device installations across Europe.

Botox demand resilience persists, filler product categories show structural divergence, and strong-brand radiofrequency/ultrasound devices continue their momentum. For botulinum toxin, high-frequency, low-ticket procedures are sustaining demand resilience better than traditional fillers, with leading players growing through brand strength and global registrations. In Q2 2026, Galderma's botox revenue grew 14.1% year-on-year, Hugel grew 37.2%, Evolus's Jeuveau grew 26.0%, and Medytox grew 8.5%. AbbVie's Botox overall continued to grow, though U.S. sales turned negative. New formulation exploration is also accelerating—Galderma's liquid botox Relfydess has received approval in 33 global markets, and AbbVie's short-acting type-E botox Boey has been approved in the EU and Canada.

In the filler segment, traditional hyaluronic acid demand continues to face pressure. AbbVie's Juvederm declined again in Q2, and Galderma also noted weakness in the global hyaluronic acid market. Medytox's fillers returned to positive growth, driven by a low base and export recovery. Emerging materials are performing better: Sculptra maintains double-digit growth in both the U.S. and international markets, PRP's Rejuran is accelerating overseas approvals with Q2 medical device revenue up 14% year-on-year, and Evolus is expanding its filler portfolio.

For devices, strong-brand radiofrequency/ultrasound systems continue to outperform. In Q2 2026, Solta Medical and Classys grew revenue 38% and 26.7% year-on-year, respectively. Solta's organic growth was approximately 12%, with China consolidation amplifying reported growth. Classys saw overseas device and consumable growth while Korea remained under pressure. InMode's Q2 revenue was flat year-on-year, with U.S. turning positive but exports and profitability still challenged.

From the sample of listed global medical aesthetics leaders, operating performance continued to diverge in Q2 2026, with companies possessing mature brand heritage, proactive globalization, and new product commercialization achieving superior growth. Geographically, China continues to contribute incremental growth, Europe is benefiting from new product launches and channel expansion, U.S. demand is showing marginal improvement, and Korea faces high bases and intensifying competition. By product category, botox demand remains resilient, supported by channel expansion and formulation iteration; fillers are diverging with hyaluronic acid under pressure while regenerative materials/PDRN sustain high growth; and in devices, leading RF/ultrasound brands continue to grow through overseas installations and consumable sales.

Key risks include macroeconomic pressures, intensifying market competition, medical safety incidents, slower-than-expected category expansion, disappointing regional development, stricter-than-anticipated regulatory oversight, and unexpected geopolitical shifts.