请务必阅读正文后的声明及说明 [Table_Info1] 复锐医疗科技(01696.HK) 医疗美容/美容护理 [Table_Date] 发布时间：2025-07-23 [Table_Title] 证券研究报告 / 港股公司报告 能量源医美奠定稳固根基，长效肉毒蕴含强劲潜力 报告摘要： [复锐医疗科技： Table_Summary]能量源医美设备为基，迈向美业多品类。公司 2013 年以 收购飞顿为起点，在能量源医美业务的基础上，借助复星集团的全球化 布局能力，不断丰富业务类型，逐步拓展到医美注射产品、牙科、个人 护理等领域，通过市场拓展与并购整合，逐渐构建起多元化的美丽健康 生态系统，在全球医美市场的影响力和市场地位日益提升。 能量源医美设备：多管线多区域全面布局，强研发强渠道赋能成长。2022 年全球能量源医美器械销售规模已达 57 亿美元，预计 2023-2030 年 CAGR 为 13.8%；其中北美为全球主要市场，2022 年规模占全球 35.4%；亚太 市场则具有更高的预期市场增速，预计 2023-2030 年复合增速达 15.6%。 公司从产品、渠道和研发三方面发力实现全球业务的稳步增长：1）产 ...

【今日焦点】 南山铝业国际(02610.HK)盈喜：预期中期净利润约2.25亿美元至2.65亿美元 南山铝业国际(02610.HK)公告，集团预期截至2025年6月30日止6个月录得约2.25亿美元至2.65亿美元的 净利润，而截至2024年6月30日止6个月所录得的净利润约为1.59亿美元。 集团期内净利润增长主要归因于毛利率的提升，此乃得益于期内氧化铝售价提高及单位生产成本相对稳 定。根据目前可得资料及本集团最新未经审核综合管理账目，2025年上半年公司产品的平均售价约为每 吨530美元，高于2024年上半年的约每吨387美元，但低于2024年下半年的约每吨561美元。 【重大事项】 安徽皖通高速公路(00995.HK)拟与S98联合体成立S98合资公司以实施有关S98全椒至禄口高速公路安徽 段的项目 复锐医疗科技(01696.HK)附属向北美市场推出Universe 【财报业绩】 盈喜预告 | TCL电子(01070.HK)预期2025年上半年经调整归母净利润同比增幅约为45%至65% 人瑞人才(06919.HK)盈喜：预期中期权益持有人应占溢利同比增长66.7%至94.1% 海港企业(00051.HK ...

超2900股飘红。 A股今日(7月10日)再度走高，沪指重返3500点上方，续创年内新高；上证50指数一度涨超1%；港股走 势分化，恒生指数小幅上扬。 具体来看，沪指在金融、地产等板块的带动下强势拉升，深证成指、创业板指亦上扬。截至收盘，沪指 涨0.48%报3509.68点，深证成指涨0.47%报10631.13点，创业板指涨0.22%报2189.58点，上证50指数涨 0.62%，沪深北三市合计成交15153亿元，成交额和此前一交易日大致相当。 场内超2900股飘红，券商、银行、保险板块集体上扬，中银证券（601696）午后开盘1分钟涨停，工商 银行、农业银行、中国银行、建设银行等集体创出新高；地产板块拉升，渝开发（000514）斩获4连 板，深深房A、浙江东日（600113）等涨停；创新药概念再度活跃，塞力医疗（603716）、康辰药业 （603590）、海思科（002653）等涨停；有机硅概念崛起，硅宝科技（300019）一度涨停；稀土概念强 势，北方稀土（600111）涨停，中国稀土（000831）涨约6%。 此外，今日登陆创业板的同宇新材收涨128%报191.56元/股，盘中最高至233.98元/股 ...

Core Insights - The establishment of the "Furui × Xingrong Aesthetic Innovation Research Center" marks a new phase of collaboration between Furui Medical Technology and Xingrong Plastic Surgery Hospital in the aesthetic medicine field [1][3][4] - The center aims to integrate research, development, and clinical application, focusing on the local clinical application of Furui's core product, Daxifei®, and its precise dosage solutions [3][4] Group 1 - The center will leverage Furui Medical Technology's global expertise in energy source equipment and Xingrong's rich clinical resources to create a comprehensive innovation system from basic research to product transformation [3][4] - The collaboration will introduce cutting-edge aesthetic technologies and focus on the development of new materials, techniques, and therapies [4][8] - The center aims to enhance the clinical value of aesthetic products through technology sharing and ecological collaboration, providing consumers with a personalized beauty and health experience [8] Group 2 - The center will serve as an international exchange platform, promoting the standardization of aesthetic services in China to align with international standards [4][8] - Discussions during the event included optimizing minimally invasive injection techniques and personalized injection plans for facial dynamic areas based on Daxifei®'s advantages [3][4] - The partnership is expected to continuously deepen, enhancing the clinical value of aesthetic products and fostering talent in the industry through localized innovation and training systems [8]

Summary of Conference Call Records Company and Industry Overview - The conference call discusses a company listed in the Hong Kong stock market, which operates primarily in the biotechnology and medical device industry, focusing on products such as botulinum toxin and other aesthetic treatments. The company is navigating challenges related to currency fluctuations and market dynamics, particularly in North America and Israel. Key Points and Arguments Financial Performance and Currency Impact - The company acknowledges that financial performance metrics may differ due to currency exchange rates, particularly as it operates in USD while reporting in RMB. The exchange rate fluctuations can lead to discrepancies in reported growth rates and financial results [1][2]. - The company has implemented monthly hedging strategies to mitigate currency risk, ensuring that financial assessments remain accurate despite exchange rate volatility [2]. Sales Strategy and Market Positioning - The sales model has shifted towards direct sales, with a reported 87% of sales coming from this channel in 2024, reflecting a nearly 50% year-over-year increase [2]. - The company emphasizes the importance of direct sales in enhancing profit margins, as direct sales typically yield higher average selling prices (ASP) compared to distribution channels [4]. Market Dynamics and Growth Opportunities - The North American market is experiencing cyclical economic pressures, particularly due to high interest rates affecting customer purchasing behavior. However, there is optimism for a rebound in sales as interest rates are expected to decline [8][9]. - The company is exploring new product launches and market strategies to capture additional market share, particularly in the face of economic challenges [9][10]. Product Development and Regulatory Challenges - The company is in the process of launching new products, including a botulinum toxin product that has already seen significant sales in the U.S. market, achieving $100 million in sales within five quarters [14]. - Regulatory hurdles are acknowledged, with the company working through the necessary approvals for new products in various markets, including China and the U.S. [15][16]. Future Outlook and Strategic Goals - The company aims to establish a second growth curve through its aesthetic product line, with expectations for significant revenue contributions starting in 2025 [20][23]. - There is a focus on expanding product offerings and enhancing market penetration, particularly in high-demand regions such as North America and Asia [24][25]. Competitive Positioning and Product Differentiation - The company positions its products as high-end offerings, leveraging unique technologies and formulations to differentiate from competitors. This includes the use of proprietary techniques that enhance treatment efficacy and patient satisfaction [17][18]. - Feedback from healthcare professionals indicates strong market acceptance and effectiveness of the products, which supports the company's premium pricing strategy [19]. Additional Important Insights - The company is actively managing its operational costs in response to fluctuating revenues, ensuring that expenses align with income expectations [10]. - There is a strategic emphasis on building a robust pipeline of new products to sustain growth and meet evolving consumer demands in the aesthetic market [27][38]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategic direction, market challenges, and growth opportunities within the biotechnology and medical device industry.

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenues of $349.1 million, a decrease of 2.3% from $359.3 million in 2023[10] - Gross profit for 2024 was $216.7 million, resulting in a gross margin of 62.1%, up from 61.1% in 2023[10] - The company achieved a net profit of $28.8 million for 2024, with a net profit margin of 8.2%, down from 9.2% in the previous year[10] - In 2024, the total revenue for the company reached $349.1 million, a decrease of 2.8% compared to 2023, primarily due to challenging economic conditions in North America and Latin America[32] - Gross profit decreased from $219.5 million in 2023 to $216.7 million in 2024, with a gross margin improvement to 62.1%, up from 61.1% in the previous year[33] - Net profit for the period was $28.8 million, a decrease of 12.6%, resulting in a net profit margin decline from 9.2% to 8.2%[33] - Adjusted net profit decreased by 22.3% from $36.9 million in 2023 to $28.7 million in 2024, with an adjusted net profit margin of 8.2%[80] Assets and Liabilities - Total assets increased to $627.3 million in 2024, compared to $613.5 million in 2023, while total liabilities slightly decreased to $142.5 million[11] - As of December 31, 2024, cash and cash equivalents exceeded total debt, indicating no leverage ratio was presented[82] - Total interest-bearing bank and other borrowings amounted to $4.8 million as of December 31, 2024, compared to $4.4 million in 2023[85] Revenue by Region - The Asia-Pacific region generated $116.2 million in revenue, reflecting a 6.0% increase year-over-year, while Europe and the Middle East & Africa reported revenues of $50.5 million and $34.6 million, growing 0.7% and 27.1% respectively[20] - North America revenue fell by 12.4% to $137.4 million, primarily due to the impact of high interest rates on financing costs for customers[69] - Asia-Pacific revenue increased by 6.0% to $116.2 million, driven by the successful implementation of the "Go-Direct" strategy and expansion of operations in Thailand, China, and Japan[69] Product Development and Innovation - The company received approval for its injectable botulinum toxin product DAXXIFY® in China, expected to launch in 2025, enhancing its growth potential[15] - The company is focusing on integrating AI technologies into its offerings, launching the Alma IQ™ skin analysis solution to provide comprehensive beauty health solutions[15] - The company launched three new products, including Alma Harmony™, Soprano Titanium™ special edition, and Alma IQ™, which received strong market recognition[41] - The company successfully launched Profhilo® in Thailand, showcasing its ability to integrate injection fillers with energy-based devices for combined treatment solutions[27] - The new generation hyaluronic acid complex Profhilo® received approval from the Hainan Provincial Drug Administration in April 2024, crucial for its commercialization in mainland China[43] Sales and Distribution - Direct sales accounted for 87% of total revenue, while distribution contributed 13%, demonstrating the effectiveness of the company's strategy in a challenging macro environment[22] - The gross profit from direct sales accounted for 87% of total revenue, compared to 78% in the same period last year[33] - The company achieved a nearly 20% growth in direct sales offices outside North America, balancing revenue performance amid regional challenges[32] Strategic Initiatives - The company aims to enhance its core business profitability and accelerate the commercialization of key products in 2024[17] - The company is pursuing a localization strategy to better meet local market demands through integrated production, research, and sales[16] - The company is strategically investing in expanding its ecosystem through diversified business lines and consumer brands[38] - The company is pursuing mergers and acquisitions to enhance its R&D capabilities and product portfolio[60] Corporate Governance - The board consists of a balanced mix of executive and non-executive directors, ensuring strong independence and effective decision-making[175] - The company’s board is collectively responsible for overseeing the business and ensuring effective internal controls and risk management systems[185] - The board has the authority to make decisions on significant matters, including policies, strategies, and major transactions[186] - The company emphasizes compliance with regulatory requirements and has allocated resources to ensure ongoing adherence to relevant rules and regulations[162] Employee and Workforce - Employee headcount decreased by 5.9%, resulting in a reduction of 64 employees, totaling 1,015 employees as of December 31, 2024[109] - Research and development activities were conducted by 84 employees, accounting for 23.6% of the total workforce[110] - The company has a robust employee training program to enhance understanding of market and industry developments, ensuring a competitive work environment[166] Environmental and Social Responsibility - The company is committed to environmental sustainability and has implemented measures to improve manufacturing and development environmental performance, including reducing carbon emissions[163] Financial Management - Cash flow from operating activities, investing activities, and financing activities was utilized for operational needs, interest payments, and capital expenditures[88] - Net cash flow from operating activities for the reporting period was $33.1 million, a decrease of 24.7% compared to the previous year[91] - Capital expenditures for the reporting period amounted to $2.7 million, primarily for the renovation of leased properties[94] Shareholder Information - Major shareholders include Meizhong Huli with 127,318,640 shares (27.18%) and Nengyue with 207,186,160 shares (44.24%)[139] - The company reported a final dividend of HKD 0.126 per share for the year ended December 31, 2024[114] Compliance and Legal Matters - The company has not been involved in any significant litigation or arbitration as of December 31, 2024[165] - The company has complied with all disclosure requirements under Chapter 14A of the listing rules during the reporting period[155]

Investment Rating - The investment rating for the company is upgraded to "Buy" with a target price not specified [5]. Core Viewpoints - The company reported a revenue of 2.51 billion RMB for 2024, a decrease of 2.8% year-on-year, and a net profit of 181 million RMB, down 12.6% year-on-year [1]. - Direct sales strategy has improved profitability, with direct sales accounting for 87% of total sales in 2024, an increase of 9 percentage points year-on-year [2]. - The company has received EU medical device certification, enhancing its brand advantage and allowing the launch of three core products in new markets [3]. - The product range is expanding to include various beauty and health applications, with new products launched in multiple regions [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.51 billion RMB, a decline of 2.8% compared to the previous year, and a net profit of 181 million RMB, down 12.6% [1]. Sales Strategy - The direct sales strategy has been effective, with 87% of sales coming from direct channels, reflecting a 9 percentage point increase from the previous year. Revenue from the Asia-Pacific, Europe, Middle East, and Africa regions grew by 6.0%, 0.7%, and 27.1% respectively, while North America saw a decline of 12.4% due to high financing costs [2]. Product Development - The company has focused on energy source technology for medical aesthetics, achieving EU medical device certification for several products. Three new core products were launched in 2024, receiving high market recognition [3]. Product Range Expansion - The company is diversifying its product offerings, including a new generation of hyaluronic acid complex and exclusive distribution rights for various injection fillers. The expansion includes markets in the UK, Germany, Australia, and New Zealand [4].

Investment Rating - The report upgrades the investment rating to "Buy" with a target price not specified [5] Core Viewpoints - The company reported a revenue of 2.51 billion RMB for 2024, a decrease of 2.8% year-on-year, and a net profit of 181 million RMB, down 12.6% year-on-year [1] - Direct sales accounted for 87% of total sales in 2024, an increase of 9 percentage points year-on-year, with revenue growth in the Asia-Pacific, Europe, Middle East, and Africa regions [2] - The company has received EU medical device certification, marking a significant step towards full product line certification, and has launched three core products in new markets [3] - The company is expanding its product range in the injection filling business, including new products and exclusive distribution agreements [4] - Revenue projections for 2025-2027 are 3.03 billion, 3.56 billion, and 3.81 billion RMB respectively, with net profits of 285 million, 345 million, and 391 million RMB [5] Summary by Sections Financial Performance - 2024 revenue was 2.51 billion RMB, down 2.8% year-on-year; net profit was 181 million RMB, down 12.6% year-on-year [1] Sales Strategy - Direct sales strategy led to an 87% sales contribution in 2024, with regional revenue growth in Asia-Pacific (6.0%), Europe (0.7%), and the Middle East and Africa (27.1%), while North America saw a decline of 12.4% [2] Product Development - The company achieved EU medical device certification and launched three innovative products, including Alma Harmony™, Soprano Titanium™, and Alma IQ™, which received high market recognition [3] Market Expansion - The company is actively expanding its injection filling product line, including the launch of Profhilo® in China and Thailand, and exclusive distribution rights for Revanesse® in key markets [4] Future Projections - Expected revenues for 2025-2027 are 3.03 billion, 3.56 billion, and 3.81 billion RMB, with net profits projected at 285 million, 345 million, and 391 million RMB [5]

Financial Data and Key Metrics Changes - For the year ended December 31, 2024, the company reported revenue of $349.1 million, representing a slight decline of 2.8% compared to the previous year [18] - The gross profit margin increased by 1% year-over-year, reaching 62.1% [18] - Net profit for the period decreased by 12.6% compared to 2023, primarily due to increased operating expenses [19] - Cash and cash equivalents at the end of the period were $17.1 million, maintaining a strong financial position [19] Business Line Data and Key Metrics Changes - The Medical Aesthetics Products segment remained the largest contributor, generating $308.9 million in 2024, accounting for 88.5% of total revenue [20] - Direct revenue increased to 87% compared to 78% in 2023, emphasizing the expansion of business outside North America [18] Market Data and Key Metrics Changes - Revenue from international markets, excluding North America, totaled $211.7 million, reflecting a 4.6% increase compared to 2023 [19] - The rapid expansion of direct operations has allowed the company to navigate economic challenges, particularly in North America and Latin America [14] Company Strategy and Development Direction - The company is focused on building a comprehensive wellness ecosystem through product diversification and market expansion [5] - Key strategic pillars include establishing a portfolio of energy-based devices (EBD), expanding injectables, and enhancing global presence [9][10] - The company plans to introduce new AI-based personalized skincare solutions and continue scaling its global presence [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market conditions stabilizing, particularly with recent interest rate adjustments [15] - The company anticipates growth drivers from the commercialization of injectables and the launch of new products like ALMA Harmony and ALMA IQ [16] - Management emphasized the importance of brand equity and engagement, noting successful partnerships that have elevated brand recognition [15] Other Important Information - The company has successfully launched several new products, including ALMA Harmony and Soprano Titanium, which have seen strong market adoption [10][11] - The partnership with global icon Kate Hudson has significantly increased brand recognition, reaching over 300 million consumers worldwide [15] Q&A Session Summary Question: Why did revenue in North America decrease and what will be done in North America? - Management explained that high interest rates have made it difficult for doctors to get leasing approved, impacting revenue. However, recent interest rate decreases are expected to improve deal closures [24][26][27] Question: Expectations for sales of Daxify in 2025 and the structure of the injectable team in China? - Management indicated that preparations for Daxify in China are underway, with a senior clinical marketing team being established to support operations [30][32] Question: Explanation of profit margin stability and the impact of the JUSTAR investment? - Management clarified that the JUSTAR investment provided a one-time income of approximately $3.4 million, and profitability remains stable despite increased operating expenses [38][40] Question: Outlook for the global EBITDA market and growth expectations? - Management believes the aesthetic segment has strong growth potential, with injectables showing the most promise. EBD is expected to grow at 6-8% globally [43][44] Question: Headwinds in Europe and outlook for 2025? - Management noted geopolitical tensions affecting Europe and highlighted a new contract with an injectable company that will enhance their market position [48][50] Question: Revenue contribution from long-acting products and commercial plans? - Management stated that revenue from RIVENESS was minimal in 2024 as the team was only established late in the year, but they are building a team in Australia for future growth [54][56] Question: Revenue and earnings outlook for the next two to three years? - Management refrained from providing specific forecasts but emphasized the importance of technology and brand trust in driving future growth [62][66] Question: Market share movements in key markets like the U.S. and China? - Management indicated that the company is gaining market share in North America and remains a leader in China despite local competition [69][70]

Financial Performance - For the fiscal year ending December 31, 2024, revenue was $349.1 million, a decrease of 2.8% compared to the previous year[4] - Net profit for the year was $28.8 million, down 12.6% year-on-year[4] - Total revenue for the year ending December 31, 2024, was $349,112 thousand, a decrease of 2% from $359,292 thousand in 2023[18] - Revenue from North America decreased by 12% to $137,398 thousand in 2024 from $156,891 thousand in 2023[18] - Gross profit decreased from $219.5 million in 2023 to $216.7 million in 2024, a reduction of approximately $2.8 million, while gross margin improved to 62.1%, up from 61.1% in 2023[50] - The group reported a pre-tax profit of $32,541,000 for 2024, down from $37,130,000 in 2023, reflecting a decline of approximately 12.5%[34] - Adjusted net profit decreased by 22.3% from $36.9 million in 2023 to $28.7 million in 2024, with adjusted net profit margin dropping from 10.3% to 8.2%[100] Revenue Breakdown - Direct sales accounted for 87% of total revenue, up from 78% in the previous year[4] - Revenue from the Asia-Pacific, Europe, Middle East, and Africa regions was $116.2 million, $50.5 million, and $34.6 million respectively, representing increases of 6.0%, 0.7%, and 27.1% year-on-year[4] - North America revenue decreased by 12.4% year-on-year due to the ongoing impact of a high-interest environment[4] - The Asia-Pacific region saw a revenue increase of 6.0%, contributing 33.3% to total revenue in 2024[83] - Europe revenue rose by 0.7% from $50.2 million in 2023 to $50.5 million in 2024, mainly due to the successful "Go-Direct" strategy in the UK[86] - Middle East and Africa revenue surged by 27.1% from $27.2 million in 2023 to $34.6 million in 2024, supported by the launch of Soprano Titanium™ and strong performance of the Alma Harmony™ product line[86] - Latin America revenue decreased by 32.3% from $15.3 million in 2023 to $10.4 million in 2024, impacted by political instability in key regions[86] Expenses and Costs - Research and development expenses were $15.9 million, down from $18.0 million in the previous year[5] - The group's cost of goods sold decreased to $100,529,000 in 2024 from $103,947,000 in 2023, reflecting a reduction of about 4%[27] - Total sales and distribution expenses increased by 4.9% from $125.3 million in 2023 to $131.5 million in 2024, mainly due to expenses related to new direct sales office operations[90] - Financing costs totaled $2,455,000 in 2024, slightly up from $2,445,000 in 2023, showing a marginal increase of about 0.4%[29] Dividends and Shareholder Returns - The board declared a final dividend of HKD 0.126 per share (tax included) for the fiscal year ending December 31, 2024[3] - The company declared a final dividend of HKD 0.126 per share for the year ending December 31, 2024, down from HKD 0.158 in 2023, indicating a decrease of approximately 20%[35] Assets and Liabilities - Total assets amounted to $627.3 million, with total liabilities of $142.5 million as of December 31, 2024[8] - Non-current assets increased to $365,666 thousand in 2024 from $345,671 thousand in 2023, representing a growth of 5.5%[19] - Trade receivables increased to $111,139,000 in 2024 from $98,711,000 in 2023, representing a growth of about 12.5%[40] - The net value of trade receivables after impairment was $107,312,000 in 2024, compared to $96,365,000 in 2023, marking an increase of about 11.4%[40] Strategic Initiatives - The company launched three new products in new regions, including the Alma Harmony™, which has seen strong market demand and is one of the most successful product launches in the company's history[56] - The company established a strategic partnership with Prollenium to distribute the Revanesse® dermal filler series in key markets including Germany, Austria, Switzerland, Australia, and New Zealand[48] - The company aims to maintain sufficient cash levels to support business growth and strategic investments in core technology development and clinical research[56] - The company is transitioning its business model from product-driven to clinic-centered, focusing on high-value advanced product categories[62] - The company plans to commercialize DAXXIFY® in mainland China and expand the launch of injection filler products in new regions[74] Research and Development - Research and development expenditure amounted to $15.9 million during the reporting period[56] - The company conducted four additional clinical studies and published 20 clinical papers during the reporting period, showcasing its commitment to clinical research[59] - Research and development expenses decreased from $18.0 million in 2023 to $15.9 million in 2024, attributed to successful regulatory certification and improved labor productivity[92] Market Performance - Global sales and distribution network achieved total revenue of $349.1 million in 2024, a decrease of 2.8% compared to 2023, primarily due to challenging economic conditions in North America and Latin America[50] - The injection filler business generated $9.8 million in revenue, a decrease of 2.6% compared to the previous year, due to a focus on developing new generation products[82] Governance and Compliance - The audit committee has reviewed the group's annual performance and the financial statements prepared in accordance with international financial reporting standards for the year ending December 31, 2024[136] - The company has complied with all applicable principles and code provisions of the Corporate Governance Code during the reporting period[133]