Exclusive Interview with Lei Xiaobing from Peninsula Medical: Under Regulatory "Standards," the Aesthetic Medicine Track Shifts from "Price Wars" to "Service Delivery" | Dialogue with New Economy Figures

Ask AI · How does stricter regulation promote high-quality development in the medical aesthetics industry?

Cover News Reporter Wu Yujia

On March 15, the “China Urban Medical Aesthetics Industry Development Index 2025” was released, compiled under the guidance of the Huaxi Translational Medicine Industry Park Management Committee in Wuhou District, Chengdu. The report shows that, driven by continuous improvement of regulatory policies and increasingly rational consumer awareness, China’s medical aesthetics market is shifting from a period of “barbaric growth” to a stage of high-quality development centered on “safety,” “quality,” and “compliance.” On the consumer side, seekers are moving from blindly chasing “internet celebrity projects” to valuing institutional qualifications, doctor backgrounds, and equipment certifications; on the industry side, a deep competition focusing on technological innovation and clinical validation has already begun.

Against this backdrop, medical aesthetic devices, especially high-energy sources represented by ultrasound and radiofrequency, serve as the upstream and core technology of the industry chain. Their development trajectory has become the best perspective to observe industry transformation. How will domestic devices transition from “following” to “running alongside” and even “leading” in certain areas? In an era of strict regulation, what are the survival rules for companies? Lei Xiaobing, founder and chairman of Peninsula Medical Group, said in an interview that stricter regulation is not a constraint but a “yardstick” and “lighthouse” guiding the industry toward maturity and protecting consumer rights. Only by establishing an “absolutely safe” baseline through clinical validation that exceeds standards and investing in long-term research and development to refine products can companies navigate cycles and gain market and future advantages.

Compliance is the “ticket,” safety is the “lifeline”

In recent years, relevant national departments have unprecedentedly increased regulation of the medical aesthetics industry, introducing policies to standardize advertising, medical loans, classification, and use of medical devices. Especially for energy devices like ultrasound and radiofrequency, clear pathways have been established for their management as Class III medical devices, significantly raising technical and compliance thresholds for the industry.

“Previously, the requirements were not as high as they are now. Now, the standards are higher. Compliance is the first demand. It’s not a matter of whether you can or should do it; if you don’t, you won’t meet the threshold,” Lei Xiaobing pointed out straightforwardly. He recalled that a few years ago, the industry was often “confused” about the classification and clinical pathways for high-energy devices like focused ultrasound, “There were no standards, and we didn’t know how to proceed.”

This “confusion” prompted Peninsula Medical to choose a path that was the most time-consuming and resource-intensive: over four and a half years, conducting large-scale, forward-looking clinical trials strictly according to the requirements of the National Medical Products Administration (NMPA) for Class III medical devices. Lei emphasized that the core of regulatory logic is “absolute safety”: “You don’t just need to prove effectiveness—efficacy is necessary—but you must do so on the premise of absolute safety. That’s why our three-month effectiveness rate is 96%. The six-month effectiveness rate is about 80%, which is data from our country’s authorities.”

Recently, Peninsula Medical launched two heavyweight new products with over a decade of technological accumulation—Peninsula Big Super Cannon and Peninsula Counterclockwise—both of which have obtained Class III medical device certification from the NMPA. In Lei Xiaobing’s view, the significance of this certification goes far beyond product market approval. “Today, companies in Europe and America look at how Peninsula obtained this certification to learn the methods used… At least, we’ve found a new path that allows this technology to pass rigorous validation and ensure the absolute safety of our people.” He believes that the exploration by leading companies actually clarifies the direction of technological upgrading and compliance development for the entire industry, playing a role of “pioneering” and “setting standards.”

From “price wars” to “value wars”: the “non-competition” approach of leading companies

With stricter regulation and market rationalization, are the marketing and price wars that once flooded the industry still mainstream? Lei Xiaobing gave a negative answer. “From the perspective of a leading company, lowering prices can’t solve the problem… I think what consumers truly need is quality assurance and efficacy, not just chasing low prices.”

He believes that the focus of industry competition is undergoing a profound shift. On one hand, rising compliance costs will naturally eliminate a batch of “players” driven solely by marketing and lacking technological depth; on the other hand, increasingly savvy consumers are no longer just buying into marketing concepts but are asking whether devices are “certified” and whether efficacy is supported by clinical data. “Some of the current price-cutting practices in the industry actually sacrifice consumer interests and real efficacy.”

So, what is Peninsula Medical’s “non-competition” approach? Lei Xiaobing summarized it as “service determines the outcome.” “First, we must ensure good delivery, working with large institutions and well-known doctors to develop standard operating procedures (SOPs) to guarantee quality delivery.” He revealed that the company’s core OKRs (Objectives and Key Results) this year focus on in-depth training for doctors to ensure stable and predictable clinical outcomes. This shift from “selling devices” to “delivering efficacy” means companies need to deeply engage in the industry chain and build closer value communities with medical institutions and doctors.

Supporting this strategy is the company’s R&D investment, which far exceeds industry averages. Lei Xiaobing disclosed that when the company was smaller, R&D accounted for as much as 40%, and it still maintains over 25%. “We truly have the largest R&D team in the world, even surpassing the combined total of the second, third, fourth, and fifth largest. The investment in our company alone equals several of those companies combined.” This high-intensity investment is the fundamental reason products can undergo over ten years of iteration and ultimately achieve “precise effects and reduced side effects.” He cited the example of micro-needling with gold, which went from initial ideas in 2010 to the fifth-generation product nearing perfection, solving core issues like pain, over a decade. “Today, you see two successful products, but we may have 20 that didn’t succeed.” Lei Xiaobing admitted that behind popular products are numerous trials and errors.

Industry future: a leap from “quantity supply” to “quality supply”

With the continuous development of the “appearance economy” and consumer upgrading, medical aesthetics consumption is becoming more widespread, frequent, and rational. The “China Urban Medical Aesthetics Industry Development Index 2025” also confirms this, showing that consumers’ awareness of “formal institutions, qualified doctors, and legitimate products” has significantly increased. Lei Xiaobing observed that unregulated institutions are rapidly decreasing, and the “three formalities” are increasingly becoming market consensus.

However, he candidly pointed out existing shortcomings, especially in the upstream device sector: “Today, our supply capacity in quantity is relatively sufficient. In terms of quality, the medical aesthetics industry is fundamentally serious and requires us to have a sense of reverence.” He criticized some industry chaos: “Many products or projects are just renaming old things with new labels, using the strategy of ‘old wine in new bottles.’ The medical aesthetics industry should be rigorous and scientific first; many of the current popular gimmicks have deviated from this core.”

Lei Xiaobing believes that future competition will focus on “quality” and “depth.” In his view, China’s medical device exports are not only about business expansion but also a display of China’s rigorous industrial spirit and clinical scientific capabilities.

Looking ahead, under the measurement of regulation’s “yardstick,” China’s medical device industry is bidding farewell to the wild growth phase and moving toward meticulous cultivation. Companies willing to focus on clinical research, obsess over technology, and respect safety will become the pillars of the next industry reshuffle. As Lei Xiaobing said, when the tide recedes, only those truly creating medical value and safeguarding consumer safety will stand firm. The industry’s future belongs to those who adhere to “long-termism.”