[Edaily Reporter SHIN MIN JOON ] #Huons Global Co., Ltd. subsidiary Humedix Co., Ltd.(200670)is expanding its aesthetic business portfolio. Humedix Co., Ltd. has been diversifying its revenue streams by expanding its business portfolio beyond hyaluronic acid (HA) fillers to include products such as skin boosters. In particular, Humedix Co., Ltd. has high hopes for its “Aesthetic Trio”—comprising Ellavie Lituo (Lituo), Esthefil, and Belpien. Through these products, the company aims to surpass 200 billion won in revenue for the first time this year and improve its operating profit.

Sales Are Rising, but Profitability Is Slowing

According to the medical device industry on the 15th, Humedix Co., Ltd.’s revenue last year reached 170.1 billion won, a 5.1% increase from the previous year and a record high. During the same period, operating profit stood at 42.3 billion won, a 1.9% decrease year-over-year. The trend has continued into this year. Humedix Co., Ltd. reported first-quarter revenue of 40.5 billion won, a 1.0% increase year-over-year. However, operating profit fell 22% year-over-year to 8.9 billion won.

A Humedix Co., Ltd. official stated, “Profitability has declined somewhat due to the slowdown in growth of fillers and botulinum toxin (Botox) and an increase in selling, general, and administrative expenses.”

Humedix Co., Ltd. is working to improve profitability by expanding its aesthetic business portfolio. In particular, the company is actively promoting sales of skin boosters, which are experiencing rapid revenue growth. In fact, sales of Humedix Co., Ltd.’s products—including skin boosters—rose from 30.4 billion won in 2024 to 35.0 billion won last year. Skin boosters are viewed as a new growth engine for Humedix Co., Ltd.’s aesthetic business division.

“Lituo” is cited as a representative skin booster product. Launched in late 2024, Humedix Co., Ltd. secured the distribution rights for Lituo in South Korea from the “ L&C BIO(290650)” for use in dermatology and aesthetic clinics. Rituo is the first human tissue product for cosmetic purposes to utilize human acellular dermal matrix (hADM)—a high-purity biomaterial derived from donated human skin in which cells that cause immune rejection have been removed, leaving only the natural collagen structure.

Lituo highlights its differentiated efficacy centered on skin regeneration, such as improving pores, skin texture, and density. While existing HA fillers are primarily focused on volume enhancement, Lituo is a product targeting the demand for skin condition improvement, which is expected to drive expansion into niche markets within the aesthetic sector.

The surge in Lituo sales and the resulting expansion of the product lineup are also expected to be a positive factor for Humedix Co., Ltd. Following the launch of Lituo in 2024, L&C BIO released Lituo Fine last year. Lituo Fine was developed with a smaller volume and finer particles compared to the original Lituo.

Lituo V is also scheduled for release soon. Lituo V is expected to feature larger particle sizes and a higher volume than Lituo. Once Lituo V is launched, the company will have a complete lineup of the Lituo skin booster series, offering small, medium, and large particle sizes and volumes. According to L&C BIO, Lituo’s sales this year are estimated to exceed 20 billion won.

Esthefil, which began generating new sales this year, is also considered a promising product. Humedix Co., Ltd. signed an exclusive domestic sales agreement for Esthefil with Regene Biotech last December. Through this agreement, Humedix Co., Ltd. has assumed sole responsibility for the official distribution, marketing, and sales of Esthefil.

Esthefil is a poly lactic acid (PLA) injectable that stimulates the body’s collagen production to improve wrinkles and promote skin regeneration. Esthefil’s key strengths include its sponge-like, porous spherical particle structure, rapid hydration time, and stable biodegradability. Humedix Co., Ltd. recently launched a new Esthefil product line (Lux.50mg) in the South Korean market, marking its global debut.

According to Grand View Research, a global market research firm, the South Korean skin booster market is projected to grow from $116 million (approximately 170 billion won) last year to $213.3 million (approximately 320 billion won) by 2030. The global skin booster market is also expected to grow from $2.82 billion (approximately 4.2 trillion won) last year to $5.2 billion (approximately 7.7 trillion won) by 2030.

Paving the Way in the Filler Market with a Proprietary Composite Filler

Humedix Co., Ltd. plans to introduce a proprietary composite filler to break into the filler market. Humedix Co., Ltd. is developing “Belpien,” a composite filler that combines polynucleotide
disodium (PN) and hyaluronic acid (HA). Belpien combines the biocompatibility and skin-regenerating properties of salmon-derived PN with Humedix Co., Ltd.’s high-purity HA and aseptic technology. Additionally, Belpien is being developed with the addition of lidocaine, a local anesthetic, to reduce pain during procedures compared to existing PN fillers. Humedix Co., Ltd. aims to receive approval from the Ministry of Food and Drug Safety in the second half of this year and launch the product in the first half of next year.

Revenue from Humedix Co., Ltd.’s aesthetics business (including fillers, Botox, cosmetics, and merchandise sales) has recently exceeded 100 billion won. Last year, the company’s aesthetics division recorded revenue of 105.3 billion won. Revenue for the first quarter of this year reached 25.8 billion won.

Kim Seung-jun, a researcher at the Corporate Research Center of the Korea IR Association, stated, “Belpien holds significance beyond simply being a new addition to Humedix Co., Ltd.’s aesthetic business,” adding, “The key point is that Humedix Co., Ltd. is not a company entering a new category for the first time; rather, it is adding a new composite filler while already possessing an aesthetic portfolio that encompasses fillers, toxins, and skin boosters, as well as a nationwide sales network.”

He continued, “Consequently, the intrinsic value of Belpien lies in the fact that it is not a product that must generate new demand from scratch,” adding, “Its value lies in its ability to expand average transaction value and product mix through Humedix’s existing treatment channels and customer touchpoints.”

He continued, “The key driver of Humedix Co., Ltd.’s earnings improvement will lie in the expansion of its aesthetic portfolio,” adding, “As products like Estefil join as new revenue sources, the skin booster lineup is expected to expand, and the aesthetic business structure—which was previously centered on fillers—is projected to become more diversified.”