Bolian Sheng Re-enters 'Future Healthcare 100' List: How This Hair Restoration Leader Is Capitalizing on a Booming Market

Mid this month, the “Top 100 Future Healthcare Companies” Conference was held in Wujiang, Suzhou. The event was organized by VCBeat, co-hosted by the People’s Government of Wujiang District, Suzhou City, and the Guangdong Zhong Nanshan Medical Foundation, and co-organized by Suzhou Wujiang Oriental State-owned Capital Investment and Operation Co., Ltd.

At the forum, the “2020 Future Healthcare 100 Main List” was officially released. As a representative of the hair transplantation industry, Biliansheng was honored to be included in the Top 100 Chinese Medical Services List. This marks Biliansheng’s second consecutive inclusion in the “Future Healthcare 100,” following its initial selection in 2019.

The Main List of the Future Healthcare Top 100 is the first domestic ranking focused on innovative healthcare companies that are not publicly listed, launched by VCBeat and VBInsight. It aims to select Chinese innovative healthcare enterprises that truly represent the future of healthcare and identify the core forces driving China's future healthcare industry. The "5th Future Healthcare Top 100" Main List includes six sub-lists: China Healthcare Services List, China Digital Healthcare List, China Innovative Medical Devices List, China Innovative Pharmaceuticals List, China Healthcare Commercial Services List, and Overseas Innovative Enterprises List.

Reviewing the “Top 100 Future Healthcare Companies” lists from previous years reveals a clear trend: companies on the list are achieving higher valuations and demonstrating stronger growth momentum. Taking Biliansheng as an example, its valuation stood at RMB 2 billion when it was included in the previous edition of the “Top 100 Future Healthcare Companies,” and has now reached RMB 3.5 billion.

Why Has Biliansheng Made the List for Two Consecutive Years? What Strategic Considerations and Operational Layouts Lie Behind This? Based on VCBeat’s Selection Criteria and Biliansheng’s Development Trajectory, We Have Uncovered Its “Secret.”

In the ranking criteria for the Future Healthcare 100 Main List, key reference factors include the growth potential of the industry in which the company operates, market size, and the company’s development prospects.

According to the survey on hair loss released by the National Health Commission in 2019, the number of people suffering from hair loss in China has risen sharply in recent years, exceeding 250 million. This means that one in every six people experiences hair loss, with approximately 163 million men and 88 million women affected. Among them, 63.1% of the hair-loss population in China is under the age of 35, and a receding hairline has become a common phenomenon among those born in the 1980s and 1990s.

Broad market demand has driven strong purchasing power. According to data from Alibaba’s “Fun White Paper on Hair Loss Solutions,” among consumers purchasing hair transplant and hair care products on Alibaba’s retail platforms, those born in the 1990s accounted for 36.1% of spending, while those born in the 1980s accounted for 38.5%. Together, these two groups constitute the majority of consumers and have become the “main force” in the “Hair Loss Rescue Team.”

It is evident that the hair transplant economy is gaining increasing momentum, with a noticeable trend toward younger demographics. In this dynamic and promising market, Biliansheng, established in 2005, has cultivated deep expertise over 17 years. Centered on the research and clinical application of micro-needle hair transplantation technology, the company is committed to fostering the healthy development of the hair health industry, boasting extensive industry experience.

In particular, Biliansheng has consistently prioritized advancements in hair transplantation technology. “We have successively introduced multiple technologies, including SHT, BHT 2.0, AFHT, and NHT. Among these, the NHT non-shaving hair transplantation technique has fundamentally transformed the industry’s traditional ‘shave first, transplant later’ approach. With NHT, both donor extraction and recipient implantation are performed without shaving the hair, allowing patients to see immediate results on the day of surgery. This represents the most significant distinction between non-shaving and conventional hair transplantation,” You Lina, founder of Biliansheng, told VCBeat.

Notably, Biliansheng has participated in the World Hair Transplant Congress for 13 consecutive years, showcasing China’s leading hair transplantation technologies to the global community. Currently, Biliansheng operates directly owned branches in 32 cities across China, helping nearly 350,000 patients overcome hair loss concerns.

As is well known, the quantity and quality of physicians are among the key indicators for evaluating the caliber of medical service institutions. Currently, Biliansheng employs approximately 100 physicians, with attending physicians accounting for more than 60% of the total. Every physician holds valid qualification and practice certificates, possesses at least three years of clinical experience, and has credentials that are fully verifiable. Meanwhile, Biliansheng has nine chief or associate chief physicians, a rarity not only in the hair transplantation sector but also across the broader medical aesthetics industry. Looking ahead, building a robust physician team remains Biliansheng’s top priority, as high-caliber doctors and nursing teams are the decisive factors in market competition.

The high growth potential of the hair transplant industry, coupled with Biliansheng’s strong brand influence, has attracted the attention of top-tier investors. In 2018, Biliansheng secured a strategic investment of RMB 500 million from Huagai Capital. This marked Huagai Capital’s largest strategic investment in the medical aesthetics sector to date and remains the largest financing round ever raised by any brand in China’s hair transplant industry.

In the current hair transplant industry, marketing expenses remain the largest component of corporate costs.

According to VCBeat’s survey data from last year, marketing expenses in the hair transplant industry account for approximately 30% to 35%, labor costs for roughly 25% to 30%, infrastructure expenditures such as rent and equipment for about 15%, and other expenses for approximately 15% to 25%. It is evident that marketing expenses represent one of the largest cost components.

Bilian Sheng has adopted a different path from most other institutions, allocating more funds to technological R&D and enhancing its reputation among users. The company aims to leverage word-of-mouth referrals from consumers to generate positive reputational spillover effects. “Today’s consumers are more rational; advertising only plays a supportive role in their decision-making process. Bilian Sheng hopes to boost sales conversion rates and reduce marketing costs by harnessing consumer word-of-mouth. Of course, the company did experiment with limited advertising campaigns but later found that reputation is the most critical factor influencing consumers’ purchase decisions,” said You Lina.

From Yulina’s perspective, consumer demands are constantly evolving, and companies must thoroughly explore these needs. “Hair transplantation alone cannot meet the increasingly diverse needs of patients with hair loss; the demand for hair care and maintenance will give rise to a substantial market. In the future, the hair transplantation industry and its related supply chain are expected to develop into a market worth hundreds of billions of yuan.”

To this end, Biliansheng has been actively strategizing its market presence. The company has sequentially established partnerships with Nanjing Tongrentang and Zuojinming Pharmaceutical Group, jointly launching the Shengli Traditional Chinese Medicine (TCM) Wellness Series of hair care products and Qibao Meiran Oral Liquid. Furthermore, it has introduced Laser Hair Revitalization Therapy, IIT Comprehensive Therapy, and Mesopeel mesotherapy from Capillus (USA) and the Korean Hair Research Institute, providing targeted hair health management solutions based on the underlying causes of hair loss.

Additionally, at the end of 2020, Biliansheng officially launched its wholly-owned independent brand—Director Lian, establishing a comprehensive hair health management system. It provides hair loss patients with refined scalp and hair treatment processes, one-on-one exclusive consultant services, and customized targeted treatment plans to improve scalp and hair health from the inside out.

In addition to its daily operations, Biliansheng is also actively fulfilling its corporate social responsibility. For example, during the pandemic, Biliansheng immediately

A special fund of RMB 1 million was established to purchase dedicated medical equipment, masks, protective suits, and other anti-epidemic supplies, which were shipped in batches to the frontline of the outbreak in Hubei Province. After resuming operations, to further safeguard the rights and interests of patients with hair loss, Biliansheng entered into a strategic partnership with Ping An Insurance, providing its hair transplant medical team with liability insurance coverage of RMB 1 million, thereby minimizing concerns for patients undergoing hair loss treatment.

Looking ahead, Biliansheng will assemble a larger team of physicians and expand its network to approximately 50 clinics. Meanwhile, the company will continue to innovate hair transplantation technologies, refine its comprehensive hair care and treatment system, build a robust end-to-end hair health industry chain, and pursue an initial public offering (IPO) at an appropriate time.

Driven by the aforementioned advantages, Biliansheng’s rapid development has unfolded naturally, with promising growth prospects ahead.