Impact Analysis of Bloomage Biotech's Approval of Exclusive Distribution Rights for Botulinum Toxin

Based on systematically collected data and analysis, below is a comprehensive impact analysis of Bloomage Biotech’s acquisition of exclusive distribution rights for botulinum toxin:

---

On January 8, 2026, Bloomage Biotech (300896.SZ) issued an announcement stating that the injectable botulinum toxin type A product introduced from South Korea’s Huons BP has obtained the “Drug Registration Certificate” approved and issued by the National Medical Products Administration (NMPA), securing exclusive distribution rights in China (including Macau and Hong Kong)[1]. This is the seventh botulinum toxin product approved in China.

This transaction can be traced back to June 2021, when Bloomage Biotech made an equity investment of approximately RMB 886 million in Huons BP, holding a total of 25.4% of its shares[1]. In May 2022, the two parties signed a distribution agreement to establish an exclusive agency relationship. After nearly 4 years of registration and approval, the product has finally been approved for launch.

Financial Indicator	2024 Performance	Trend
Revenue Growth Rate	Lowest since IPO	↓
Net Profit	31.1% year-on-year decline in the first three quarters of 2025	↓↓
Stock Price Performance	15.40% drop in the past year	↓
Dependence on Core Products	Hiti accounts for 58.9% of revenue	Risk of Single Product Dependency

The company is currently facing pressure from declining performance, and its traditional hyaluronic acid business is experiencing market diversion from new materials such as collagen[2]. Against this backdrop, the approval of the botulinum toxin product is of important strategic significance.

---

Approval Date	Brand	Manufacturer	Estimated Current Market Share
2012	Hengli	Lanzhou Institute of Biological Products	25%
2017	Botox	Allergan (US)	40%
2020	Dysport	Ipsen (France)	12%
2021	Letybo	Hugel (South Korea)	10%
March 2024	Siaomei	Merz Aesthetics (Germany)	6%
September 2024	Daxifei	Revance (US)	5%
January 2026	Huons BP	Huons BP (South Korea)	2% (Target)

With the addition of Huons BP, the market has officially entered the “Seven Competitors” stage. Notably, the number of newly approved products increased significantly in 2024 (Siaomei, Daxifei, Huons BP), indicating accelerated regulatory approval and further intensified competition in the industry[1].

• Botox and Hengli together account for 65% of the market share, forming a duopoly pattern
• Latecomers face challenges such as low brand awareness and intense price competition
• The market is expected to show characteristics of “stable top players, reshuffling of mid-tier players” in the short term

---

Bloomage Biotech’s core advantage lies in its market position in the hyaluronic acid filler segment. The introduction of the botulinum toxin product enables a

:

Synergy Dimension	Specific Performance
Product Portfolio	Hyaluronic Acid (Filling & Shaping) + Botulinum Toxin (Dynamic Wrinkle Removal)
Channel Sharing	Reuse of sales network covering over 3,000 medical aesthetic institutions
Customer Value	Increase customer lifetime value and achieve cross-selling
Physician Training	Integrated training programs enhance customer stickiness

Product Category	2024 Market Size	2024 Growth Rate	2026E Market Size
Hyaluronic Acid	RMB 26.9 billion	12%	RMB 31.5 billion
Botulinum Toxin	RMB 10 billion	25%	RMB 15.5 billion
Collagen	RMB 6 billion	45%	RMB 11.5 billion

• If it captures 5-8% of the market share (conservative estimate)
• Corresponding revenue scale:
  RMB 500 million to 1.2 billion per year
• Compared to the 2024 revenue of RMB 1.657 billion, it can contribute a
  30-72% revenue increment

1. Supply Chain Stability:
   Holds 25.4% equity in Huons BP, ensuring supply security
2. Product Validation:
   Huons BP’s Hutox (brand name Liztox in South Korea) was approved in South Korea in 2019 and has performed well in the market
3. First-mover Channel Advantage:
   Relies on existing hyaluronic acid channels for rapid distribution
4. Time Window:
   Easy to build brand awareness during the exclusive distribution period

---

• Price War Risk:
  With 7 products competing, terminal prices may decline
• Brand Awareness:
  Latecomers need time to build consumer trust
• Channel Competition:
  All products are competing for high-quality medical aesthetic institution resources

• As a toxic drug, botulinum toxin is subject to strict regulation
• High compliance costs and high risk of non-compliance
• Long approval cycle and high uncertainty

• Training for medical institutions takes 3-6 months
• Continuous investment is required for consumer education
• Competitors have already made preemptive deployments, weakening the first-mover market advantage

---

Scenario	Assumptions	2027 Revenue Contribution	Impact on Net Profit
Optimistic	Captures 8% market share, 50% net profit margin	RMB 1.2 billion	+RMB 600 million
Neutral	Captures 5% market share, 45% net profit margin	RMB 800 million	+RMB 360 million
Pessimistic	Only captures 3% market share, 40% net profit margin	RMB 500 million	+RMB 200 million

• Quarterly sales data
• Number of covered medical aesthetic institutions
• Terminal retail price trends
• Changes in market share

This transaction is an important milestone for Bloomage Biotech’s product pipeline diversification, effectively hedging the pressure of slowing growth in its hyaluronic acid business. The 25% growth rate of the botulinum toxin market is much higher than the 12% of hyaluronic acid, with good growth prospects. However, considering fierce market competition and the volume expansion cycle, the revenue contribution is expected to be limited in 2026, and performance is expected to be gradually realized in 2027.

Through this deployment, Bloomage Biotech has upgraded from a single hyaluronic acid supplier to a “filling + wrinkle removal” integrated solution provider, widening its moat and improving its valuation logic.

---

[1] Sina Finance - “Is Red Sea Competition About to Begin? China’s 7th ‘Wrinkle Removal Wonder’ Goes to Bloomage Biotech” (https://finance.sina.com.cn/roll/2026-01-08/doc-inhfreqm6557595.shtml)

[2] Xinhua News Agency - “Leading Companies’ Profits Decline Successively: Has Hyaluronic Acid Become Outdated?” (http://www.news.cn/fashion/20250523/741877d530a8415ebdc480a124c2f4bf/c.html)

[3] Pharnex Cloud - “2024 Market Development Analysis Report on Medical Aesthetic Injectable Materials” (https://www.pharnexcloud.com/zixun/sd_39205)

[4] Gonyn Research - “2024-2030 China Botulinum Toxin Industry Panoramic Survey and Annual Market Research Report” (https://m.gonyn.com/pdf/26/92/1702692.pdf)

[5] Securities Market Weekly - “Demand Surges, Investment Gradually Concentrates: China’s Medical Aesthetic Market Races Toward a Trillion-Yuan Scale” (https://static.weeklyonstock.com/25/1126/zbf172227.html)

[6] Jinling AI - Company Financial Data API [0]