Core Viewpoint - 瑞丽医美 (02135.HK) reported a significant decline in revenue and an increase in losses for the first half of 2025, indicating challenges in the medical aesthetics industry due to intense competition and a decrease in active customer numbers [1] Financial Performance - The company's revenue for the first half of 2025 was RMB 84.598 million, representing a year-on-year decrease of 27.99% [1] - The loss attributable to the parent company for the period was RMB 7.57 million, compared to a loss of RMB 1.617 million in the same period last year [1] - Basic loss per share was 1.36 cents [1] Revenue Breakdown - Revenue from medical aesthetic services was approximately RMB 74.90 million, a decline of about 9.7% compared to approximately RMB 83.00 million for the six months ending June 30, 2024 [1] - The decrease in revenue was attributed to a drop in the number of active customers, which could not be offset by an increase in average transaction value [1] - Both minimally invasive beauty services and skin beauty services experienced a reduction in revenue [1]

Core Points - Ruili Medical Beauty (02135) reported a revenue of 84.598 million yuan for the six months ending June 30, 2025, representing a year-on-year decrease of 27.99% [1] - The company recorded a loss attributable to equity holders of 7.57 million yuan, an increase of 368.15% compared to the previous year [1] - The loss per share was 1.36 cents [1] Revenue Breakdown - Revenue from medical beauty services was approximately 74.90 million yuan, down about 9.7% from approximately 83.00 million yuan for the six months ending June 30, 2024 [1] - The decline in revenue was attributed to a decrease in the number of active customers due to intense industry competition, which could not be offset by an increase in average transaction value [1] - Revenue from minimally invasive beauty services and skin beauty services decreased as a result of the reduced active customer base [1]

[Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) [Overview of Statement of Profit or Loss](index=2&type=section&id=Overview%20of%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue decreased by 28.0% year-on-year to **RMB 84,598 thousand**, gross profit decreased by 39.9% to **RMB 29,135 thousand**, and loss for the period expanded to **RMB 9,462 thousand**, with basic loss per share attributable to owners of the parent company at **RMB 1.36 cents** Statement of Profit or Loss Summary | Metric | 2025 (Thousand RMB) | 2024 (Thousand RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 84,598 | 117,475 | -28.0 | | Cost of Sales | (55,463) | (69,008) | -19.6 | | Gross Profit | 29,135 | 48,467 | -39.9 | | Other Income and Gains | 1,302 | 9,950 | -86.9 | | Selling and Distribution Expenses | (20,115) | (23,687) | -15.1 | | Administrative Expenses | (15,788) | (20,207) | -21.9 | | Research and Development Expenses | (807) | (446) | 80.9 | | Other Expenses | (550) | (14,717) | -96.3 | | Finance Costs | (1,398) | (1,577) | -11.3 | | Loss Before Tax | (8,284) | (2,257) | 267.0 | | Income Tax Expense | (1,178) | (740) | 59.2 | | Loss for the Period | (9,462) | (2,997) | 215.7 | | Loss Attributable to Owners of the Parent | (7,570) | (1,617) | 368.1 | | Basic and Diluted Loss Per Share (RMB Cents) | (1.36) | (0.32) | 325.0 | [Interim Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Overview of Financial Position](index=3&type=section&id=Overview%20of%20Financial%20Position) As of June 30, 2025, the company's total assets were **RMB 240,890 thousand**, a slight decrease from December 31, 2024, with net current liabilities expanding to **RMB 47,136 thousand** and net assets at **RMB 88,317 thousand** Financial Position Summary | Metric | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 157,746 | 159,489 | -1.1 | | Total Current Assets | 83,144 | 90,434 | -8.0 | | Total Current Liabilities | 130,280 | 123,588 | 5.4 | | Net Current Liabilities | (47,136) | (33,154) | 42.2 | | Total Assets Less Current Liabilities | 110,610 | 126,335 | -12.4 | | Total Non-current Liabilities | 22,293 | 30,817 | -27.7 | | Net Assets | 88,317 | 95,518 | -7.5 | | Total Equity | 88,317 | 95,518 | -7.5 | [Notes to the Interim Condensed Consolidated Financial Information](index=5&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [1. Basis of Preparation](index=5&type=section&id=1.%20Basis%20of%20Preparation) This interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 and should be read in conjunction with the 2024 annual consolidated financial statements; despite net current liabilities, the Board considers the going concern basis appropriate - The financial information is prepared in accordance with **International Accounting Standard 34** and is consistent with the annual financial statements[6](index=6&type=chunk) - As of June 30, 2025, net current liabilities amounted to **RMB 47,136 thousand**, but the Board considers the going concern assumption reasonable based on unutilized bank facilities and expected operating cash flows[6](index=6&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=5&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) This period saw the initial adoption of revised International Financial Reporting Standards, including amendments to IAS 21 regarding lack of exchangeability, which had no impact on the interim condensed consolidated financial information as the Group's transaction and functional currencies are all exchangeable - Adoption of amendments to **International Accounting Standard 21** concerning the assessment of currency exchangeability[7](index=7&type=chunk)[8](index=8&type=chunk) - The amendments have **no impact** on the interim financial information as all currencies used by the Group are exchangeable[8](index=8&type=chunk) [3. Operating Segment Information](index=6&type=section&id=3.%20Operating%20Segment%20Information) The Group's operating segments include medical aesthetic services, consulting services, and device products; as of June 30, 2025, external customer revenue for medical aesthetic services and device products both decreased, leading to an overall segment loss Segment Revenue for the Six Months Ended June 30, 2025 (Thousand RMB) | Segment | Sales to External Customers | Inter-segment Sales | Total Segment Revenue | | :--- | :--- | :--- | :--- | | Medical Aesthetic Services | 74,937 | – | 74,937 | | Consulting Services | 302 | 985 | 1,287 | | Device Products | 9,359 | 3,785 | 13,144 | | **Total** | **84,598** | **4,770** | **89,368** | Segment Revenue for the Six Months Ended June 30, 2024 (Thousand RMB) | Segment | Sales to External Customers | Inter-segment Sales | Total Segment Revenue | | :--- | :--- | :--- | :--- | | Medical Aesthetic Services | 83,026 | – | 83,026 | | Consulting Services | 29 | – | 29 | | Device Products | 34,420 | 2,205 | 36,625 | | **Total** | **117,475** | **2,205** | **119,680** | Segment Results (Thousand RMB) | Segment | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Medical Aesthetic Services | (1,787) | (2,983) | | Consulting Services | (1,518) | (364) | | Device Products | 3,821 | 14,439 | | **Total Segment Results** | **516** | **11,092** | | Loss Before Income Tax | (8,284) | (2,257) | Segment Assets (Thousand RMB) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Medical Aesthetic Services | 65,214 | 80,270 | | Consulting Services | 6,284 | 8,850 | | Device Products | 72,033 | 76,337 | | **Total Assets** | **240,890** | **249,923** | Segment Liabilities (Thousand RMB) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Medical Aesthetic Services | 87,247 | 91,427 | | Consulting Services | 934 | 1,026 | | Device Products | 1,475 | 18,723 | | **Total Liabilities** | **152,573** | **154,405** | [4. Revenue, Other Income and Gains](index=9&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) For the six months ended June 30, 2025, total revenue was **RMB 84,598 thousand**, a 28.0% year-on-year decrease, with medical aesthetic services revenue down 9.7%, medical aesthetic device product revenue significantly down 72.8%, and consulting services revenue notably up 941.4%; total other income and gains decreased by 86.9% year-on-year, mainly due to reduced fair value gains on contingent consideration Revenue Analysis (Thousand RMB) | Item | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Medical Aesthetic Services | 74,937 | 83,026 | -9.7 | | Medical Aesthetic Device Products | 9,359 | 34,420 | -72.8 | | Consulting Services | 302 | 29 | 941.4 | | **Total** | **84,598** | **117,475** | **-28.0** | Other Income and Gains Analysis (Thousand RMB) | Item | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Other Income | 809 | 421 | 92.2 | | Total Gains | 493 | 9,529 | -94.8 | | **Total Other Income and Gains** | **1,302** | **9,950** | **-86.9** | - Total other income and gains significantly decreased, primarily due to higher fair value gains on contingent consideration of **RMB 9,039 thousand** in the prior period of 2024, with no such gains in the current period[15](index=15&type=chunk) [5. Loss Before Tax](index=11&type=section&id=5.%20Loss%20Before%20Tax) The Group's loss before tax expanded to **RMB 8,284 thousand**, primarily due to decreased revenue and changes in certain expense structures; while cost of inventories sold, intangible asset amortization, property, plant and equipment depreciation, right-of-use asset depreciation, employee benefit expenses, promotion and marketing expenses, and professional fees all decreased, R&D expenses increased Key Expense Items (Thousand RMB) | Item | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Cost of Supplies Consumed | 32,622 | 36,639 | -11.0 | | Cost of Inventories Sold | 2,955 | 10,311 | -71.3 | | Amortization of Intangible Assets | 1,709 | 3,036 | -43.8 | | Depreciation of Property, Plant and Equipment | 5,506 | 5,848 | -5.9 | | Depreciation of Right-of-Use Assets | 4,604 | 5,468 | -15.8 | | Employee Benefit Expenses (excluding directors' and chief executive's emoluments) | 30,671 | 33,649 | -8.8 | | Promotion and Marketing Expenses | 5,112 | 6,011 | -15.0 | | Professional Fees | 1,766 | 2,005 | -11.9 | | Impairment of Intangible Assets | – | 13,279 | -100.0 | | Fair Value Change of Contingent Consideration | – | (9,039) | -100.0 | [6. Income Tax](index=11&type=section&id=6.%20Income%20Tax) The Group's income tax expense increased from **RMB 740 thousand** in 2024 to **RMB 1,178 thousand** in 2025; mainland China subsidiaries pay income tax at a statutory rate of 25%, with some small and micro enterprises enjoying a preferential rate of 5% - Mainland China subsidiaries are subject to a statutory income tax rate of **25%**[17](index=17&type=chunk) - Certain small and micro enterprises (e.g., Ruian Ruili, Wuhu Ruili) enjoy a preferential tax rate of **5%**[18](index=18&type=chunk) Income Tax Expense (Thousand RMB) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current Tax | (91) | 4,135 | | Deferred Tax | 1,269 | (3,395) | | **Total Tax Expense for the Period** | **1,178** | **740** | [7. Dividends](index=12&type=section&id=7.%20Dividends) For the period ended June 30, 2025, the Company neither paid nor declared any dividends - The Company neither paid nor declared dividends during the reporting period[20](index=20&type=chunk) [8. Loss Per Share Attributable to Owners of the Parent](index=12&type=section&id=8.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the parent was **RMB 1.36 cents**, a significant increase from **RMB 0.32 cents** in the prior period, mainly due to expanded losses and an increased weighted average number of ordinary shares outstanding Loss Per Share Calculation (Thousand RMB) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss Attributable to Owners of the Parent | (7,570) | (1,617) | | Weighted Average Number of Ordinary Shares in Issue | 557,077,333 | 508,330,653 | | **Basic and Diluted Loss Per Share (RMB Cents)** | **(1.36)** | **(0.32)** | - Share options have an anti-dilutive effect on basic loss per share and are therefore disregarded in the calculation of diluted loss per share[22](index=22&type=chunk) [9. Property, Plant and Equipment](index=13&type=section&id=9.%20Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group acquired assets of **RMB 1,423 thousand** and disposed of assets with a net book value of **RMB 354 thousand**, resulting in a net loss on disposal of **RMB 86 thousand**, with no impairment losses recognized in the period Changes in Property, Plant and Equipment (Thousand RMB) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Cost of Asset Acquisitions | 1,423 | 5,277 | | Net Book Value of Assets Disposed | 354 | 109 | | Net Loss on Disposal | 86 | 109 | | Impairment Loss | – | – | [10. Right-of-Use Assets](index=13&type=section&id=10.%20Right-of-Use%20Assets) For the six months ended June 30, 2025, the Group acquired right-of-use assets of **RMB 21,536 thousand**, primarily involving the purchase of a property from Suzhou Maidi Jinggang Technology Co., Ltd. and the signing of a lease agreement - Right-of-use assets of **RMB 21,536 thousand** were acquired in the current period, with no such acquisitions in the prior period[24](index=24&type=chunk) - This primarily involved the purchase of a property from Suzhou Maidi for a consideration of **RMB 21,437 thousand**, which was approved by shareholders[24](index=24&type=chunk) - A six-month lease agreement, including a right to acquire, was signed with Suzhou Maidi on June 23, 2025, leading to the recognition of right-of-use assets and lease liabilities[24](index=24&type=chunk) [11. Trade Receivables](index=13&type=section&id=11.%20Trade%20Receivables) As of June 30, 2025, total trade receivables were **RMB 716 thousand**, a decrease from **RMB 1,538 thousand** as of December 31, 2024, with changes in the aging structure Aging Analysis of Trade Receivables (Thousand RMB) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 485 | 1,537 | | 7 to 12 months | 231 | 1 | | **Total** | **716** | **1,538** | [12. Prepayments, Other Receivables and Other Assets](index=14&type=section&id=12.%20Prepayments%2C%20Other%20Receivables%20and%20Other%20Assets) As of June 30, 2025, total prepayments, other receivables, and other assets amounted to **RMB 52,154 thousand**, a decrease from **RMB 64,141 thousand** as of December 31, 2024, mainly due to reduced refundable earnest money and other receivables Composition of Prepayments, Other Receivables and Other Assets (Thousand RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Prepayments for Inventories and Supplies | 14,579 | 11,532 | | Deposits | 18,280 | 18,482 | | Refundable Earnest Money | 11,500 | 16,000 | | Prepaid Expenses | 1,085 | 1,369 | | Prepayments for Services | 533 | 446 | | Other Receivables | 6,238 | 16,410 | | Impairment Allowance | (61) | (98) | | **Total** | **52,154** | **64,141** | [13. Trade Payables](index=14&type=section&id=13.%20Trade%20Payables) As of June 30, 2025, total trade payables were **RMB 7,703 thousand**, largely consistent with **RMB 7,779 thousand** as of December 31, 2024, with minor changes in the aging structure Aging Analysis of Trade Payables (Thousand RMB) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 days | 6,415 | 7,062 | | 91 to 180 days | 798 | 636 | | 181 to 365 days | 459 | 58 | | Over 365 days | 31 | 23 | | **Total** | **7,703** | **7,779** | [14. Other Payables and Accruals](index=15&type=section&id=14.%20Other%20Payables%20and%20Accruals) As of June 30, 2025, total other payables and accruals amounted to **RMB 29,255 thousand**, a decrease from **RMB 39,472 thousand** as of December 31, 2024, mainly due to reduced other payables and tax liabilities Composition of Other Payables and Accruals (Thousand RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Other Payables | 10,872 | 19,803 | | Accrued Salaries | 9,073 | 9,290 | | Advances Received | 5,197 | 4,357 | | Deferred Revenue | 3,500 | 3,500 | | Tax Liabilities (excluding income tax) | 613 | 2,522 | | **Total** | **29,255** | **39,472** | [15. Events After the Reporting Period](index=15&type=section&id=15.%20Events%20After%20the%20Reporting%20Period) Two significant events occurred after the reporting period: Hainan Beilifeier introduced investors, reducing the Company's equity from 100% to 30%, constituting a deemed disposal; Hangzhou Beilifeier ceased medical aesthetic services and terminated contractual arrangements, shifting its strategic focus to medical aesthetic device product sales - Hainan Beilifeier introduced two investors with a capital injection of **RMB 5,005 thousand** and underwent capital reduction, resulting in the Company's equity in Hainan Beilifeier decreasing from **100% to 30%**[29](index=29&type=chunk) - Hangzhou Beilifeier terminated its medical aesthetic services business, cancelled its medical practice license, and dissolved contractual arrangements with Ruili Beauty Consulting and Mr. Fu Haishu, shifting its strategic focus to medical aesthetic device product sales[30](index=30&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=16&type=section&id=Business%20Review) As a leading medical aesthetic service provider in China's Yangtze River Delta, the Group's business spans medical aesthetic services, consulting, and device product sales and R&D; during the reporting period, revenue decreased by **28.0%** year-on-year and losses expanded due to market slowdown and intensified competition, with active customer numbers decreasing by **23.7%** but average spending per medical aesthetic service customer increasing by **18.3%** - The Group's business spans the upstream, midstream, and downstream of the medical aesthetic industry, including aesthetic surgery, minimally invasive aesthetic, dermatological aesthetic services, management consulting, and device product sales and R&D[31](index=31&type=chunk) - During the reporting period, China's medical aesthetic market experienced slower growth, intense competition, and diversified consumer demand, leading to a **28.0%** decrease in Group revenue to **RMB 84.6 million** and an expanded loss of **RMB 9.5 million**[31](index=31&type=chunk) Customer Data Comparison | Metric | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Active Medical Aesthetic Customers | 24,200 persons | 31,700 persons | -23.7 | | New Customers | 8,700 persons | 12,100 persons | -28.1 | | Repeat Customers | 15,500 persons | 19,600 persons | -20.9 | | Average Spending Per Medical Aesthetic Service Customer (RMB) | 3,100 | 2,621 | 18.3 | [Development Plan and Strategic Layout](index=16&type=section&id=Development%20Plan%20and%20Strategic%20Layout) To address market challenges, the Group is advancing multiple strategic initiatives, including increasing non-surgical project capacity, optimizing cost and personnel structure, diversifying sales channels, building an advanced medical aesthetic device R&D and manufacturing platform, and expanding brand influence and corporate scale - Increase service capacity for non-surgical projects, introduce the latest medical aesthetic technologies and equipment, and enhance minimally invasive and dermatological aesthetic service capabilities[33](index=33&type=chunk) - Control costs and optimize personnel structure by regularly reviewing expenses, rationally allocating human resources, and establishing training and performance evaluation systems[35](index=35&type=chunk) - Diversify sales channels by utilizing internet platforms, third-party platforms, partners, and industry associations for precise marketing and resource integration[36](index=36&type=chunk) - Establish an advanced medical aesthetic device product R&D and manufacturing platform, with Suzhou Ruiquan dedicated to developing and producing dermal injectable products, expected to commence production in **2028**, and actively applying for Class III medical device registration licenses[37](index=37&type=chunk) - Expand brand influence and corporate scale by enhancing product and service quality, increasing brand exposure, and considering the acquisition of suitable medical aesthetic institutions or pharmaceutical and device operating companies at reasonable costs[38](index=38&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) This section provides a detailed review of financial performance during the reporting period, including changes in revenue, cost of sales, gross profit, other income, and various expenses, concluding with the consolidated loss for the period [Revenue](index=19&type=section&id=Revenue) Total revenue for the reporting period was **RMB 84.6 million**, a 28.0% year-on-year decrease; medical aesthetic services revenue declined by 9.7%, primarily due to a decrease in active customers offsetting an increase in average customer spending; medical aesthetic device product sales revenue significantly dropped by 72.8% due to intensified market competition and sales structure adjustments, while medical aesthetic management consulting services revenue grew substantially Revenue by Service Item (Thousand RMB) | Service Item | 2025 | % of Total Revenue | 2024 | % of Total Revenue | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Medical Aesthetic Services | 74,937 | 88.6 | 83,026 | 70.7 | -9.7 | | Aesthetic Surgery Services | 2,741 | 3.2 | 2,586 | 2.2 | 6.0 | | Minimally Invasive Aesthetic Services | 38,404 | 45.4 | 40,134 | 34.2 | -4.3 | | Dermatological Aesthetic Services | 33,110 | 39.2 | 39,772 | 33.9 | -16.8 | | Others | 682 | 0.8 | 534 | 0.4 | 27.7 | | Medical Aesthetic Device Product Sales | 9,359 | 11.1 | 34,420 | 29.3 | -72.8 | | Medical Aesthetic Management Consulting Services | 302 | 0.3 | 29 | 0.0 | 941.4 | | **Total** | **84,598** | **100.0** | **117,475** | **100.0** | **-28.0** | - Medical aesthetic device product sales revenue significantly decreased by **72.8%**, primarily due to intensified market competition and sales structure adjustments[42](index=42&type=chunk) - Minimally invasive aesthetic services revenue decreased by **4.3%**, dermatological aesthetic services revenue decreased by **16.8%**, while aesthetic surgery services revenue increased by **6.0%**[42](index=42&type=chunk) [Cost of Sales](index=20&type=section&id=Cost%20of%20Sales) Cost of sales for the reporting period was approximately **RMB 55.5 million**, a 19.6% year-on-year decrease, primarily due to reduced performance in medical aesthetic services and medical aesthetic device product sales Composition of Cost of Sales (Thousand RMB) | Item | 2025 | % Share | 2024 | % Share | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cost of Supplies Consumed | 32,622 | 58.8 | 36,639 | 53.1 | -11.0 | | Cost of Inventories Sold | 2,955 | 5.4 | 10,311 | 14.9 | -71.3 | | Staff Costs | 13,485 | 24.3 | 14,638 | 21.2 | -7.9 | | Others | 6,401 | 11.5 | 7,420 | 10.8 | -13.7 | | **Total** | **55,463** | **100.0** | **69,008** | **100.0** | **-19.6** | [Gross Profit](index=21&type=section&id=Gross%20Profit) Gross profit for the reporting period was approximately **RMB 29.1 million**, a 39.9% year-on-year decrease, with gross profit margin falling from **41.3% to 34.4%**, primarily due to declining medical aesthetic device product sales and intensified market competition Gross Profit and Gross Profit Margin Analysis | Service Item | 2025 Gross Profit (Thousand RMB) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (Thousand RMB) | 2024 Gross Profit Margin (%) | Gross Profit Change (%) | Gross Profit Margin Change (Percentage Points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Medical Aesthetic Services | 22,573 | 30.1 | 24,329 | 29.3 | -7.2 | 0.8 | | Aesthetic Surgery Services | (1,456) | (53.1) | (1,152) | (44.5) | 26.4 | -8.6 | | Minimally Invasive Aesthetic Services | 14,155 | 36.9 | 13,399 | 33.4 | 5.6 | 3.5 | | Dermatological Aesthetic Services | 11,708 | 35.4 | 14,382 | 36.2 | -18.6 | -0.8 | | Others | (1,834) | (268.9) | (2,300) | (430.7) | -20.3 | 161.8 | | Medical Aesthetic Device Product Sales | 6,404 | 68.4 | 24,109 | 70.0 | -73.4 | -1.6 | | Medical Aesthetic Management Consulting Services | 158 | 52.3 | 29 | 100.0 | 444.8 | -47.7 | | **Total** | **29,135** | **34.4** | **48,467** | **41.3** | **-39.9** | **-6.9** | - Gross profit from medical aesthetic device product sales significantly decreased by **73.4%**, primarily due to the proliferation of injectable product categories and intensified market competition[48](index=48&type=chunk) - The overall gross profit margin for medical aesthetic services increased by **0.8 percentage points to 30.1%**, while the gross profit margin for medical aesthetic device product sales decreased by **1.6 percentage points to 68.4%**, mainly due to product mix adjustments[48](index=48&type=chunk) [Other Income and Gains](index=22&type=section&id=Other%20Income%20and%20Gains) Other income and gains for the reporting period were approximately **RMB 1.3 million**, a significant decrease from **RMB 10.0 million** in the prior period, primarily due to reduced fair value gains on contingent consideration - Total other income and gains decreased by approximately **RMB 8.7 million** year-on-year, primarily due to reduced fair value gains on contingent consideration[49](index=49&type=chunk) [Selling and Distribution Expenses](index=22&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses for the reporting period were approximately **RMB 20.1 million**, a year-on-year decrease of **RMB 3.6 million**, mainly due to reduced promotion expenses from online platform adjustments and lower personnel and rent-related costs from Group personnel integration - Selling and distribution expenses decreased by **15.1%**, primarily due to reduced promotion expenses from online platform adjustments and lower personnel and rent-related costs from Group personnel integration[50](index=50&type=chunk) [Administrative Expenses](index=22&type=section&id=Administrative%20Expenses) Administrative expenses for the reporting period were approximately **RMB 15.8 million**, a year-on-year decrease of **RMB 4.4 million**, mainly due to reduced personnel expenses from Group personnel integration and lower intermediary team service costs - Administrative expenses decreased by **21.9%**, primarily due to reduced personnel expenses from Group personnel integration and lower intermediary team service costs[51](index=51&type=chunk) [Other Expenses](index=23&type=section&id=Other%20Expenses) Other expenses for the reporting period were approximately **RMB 0.6 million**, a significant decrease from **RMB 14.7 million** in the prior period, primarily due to reduced asset impairment losses - Other expenses significantly decreased by **96.3%**, primarily due to reduced asset impairment losses[52](index=52&type=chunk) [Finance Costs](index=23&type=section&id=Finance%20Costs) Finance costs for the reporting period were approximately **RMB 1.4 million**, a slight decrease from **RMB 1.6 million** in the prior period, primarily comprising interest on lease liabilities and bank and other borrowings - Finance costs decreased by **11.3%** year-on-year, primarily comprising interest on lease liabilities and bank and other borrowings[53](index=53&type=chunk) [Income Tax Expense](index=23&type=section&id=Income%20Tax%20Expense) Income tax expense for the reporting period was approximately **RMB 1.2 million**, an increase from **RMB 0.7 million** in the prior period - Income tax expense increased by **59.2%** year-on-year to **RMB 1.2 million**[54](index=54&type=chunk) [Total Comprehensive Loss for the Period and Loss Attributable to Owners of the Parent](index=23&type=section&id=Total%20Comprehensive%20Loss%20for%20the%20Period%20and%20Loss%20Attributable%20to%20Owners%20of%20the%20Parent) The Group recorded a loss of approximately **RMB 9.5 million** for the reporting period, with loss attributable to owners of the parent at approximately **RMB 7.6 million**, both significantly expanded compared to the prior period Total Loss (Thousand RMB) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Group's Loss for the Period | (9,462) | (2,997) | | Loss Attributable to Owners of the Parent | (7,570) | (1,617) | [Liquidity and Financial Resources and Capital Structure](index=23&type=section&id=Liquidity%20and%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, cash and bank balances were approximately **RMB 35.9 million**, with net current liabilities of approximately **RMB 47.1 million**; despite increased net current liabilities, the Board believes the Group has sufficient working capital Liquidity Position (Thousand RMB) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Bank Balances and Time Deposits | 35,900 | 28,900 | | Net Current Liabilities | (47,100) | (33,200) | | Unutilized Bank Facilities | 7,000 | 13,000 | - The Board believes the Group currently possesses **sufficient working capital** for its operations, considering cash on hand, cash flows from operating activities, and available financing[56](index=56&type=chunk) [Lease Liabilities](index=23&type=section&id=Lease%20Liabilities) As of June 30, 2025, the Group's lease liabilities were approximately **RMB 47.3 million**, an increase from December 31, 2024 Lease Liabilities (Thousand RMB) | Date | Amount | | :--- | :--- | | June 30, 2025 | 47,300 | | December 31, 2024 | 35,600 | [Capital Commitments](index=23&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no contracted but unprovided capital commitments - The Group had **no contracted but unprovided capital commitments** at the end of the reporting period[58](index=58&type=chunk) [Capital Expenditure](index=24&type=section&id=Capital%20Expenditure) During the reporting period, the Group's capital expenditure for acquiring equipment and fitting out leased properties was approximately **RMB 1.4 million**, a decrease from **RMB 4.3 million** in the prior period Capital Expenditure (Thousand RMB) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Equipment and Leasehold Improvements | 1,400 | 4,300 | [Indebtedness](index=24&type=section&id=Indebtedness) As of June 30, 2025, the Group's outstanding interest-bearing bank borrowings were approximately **RMB 20.0 million**, all at fixed rates and repayable within one year; outstanding mortgage loans were approximately **RMB 5.7 million**, with most repayable within one year Indebtedness Position (Thousand RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Outstanding Interest-Bearing Bank Borrowings | 20,000 | 13,000 | | Outstanding Mortgage Loans | 5,700 | 7,800 | - All bank borrowings are at **fixed interest rates** and are repayable within **1 year**[60](index=60&type=chunk)[61](index=61&type=chunk) - Of the mortgage loans, **RMB 4.5 million** is repayable within one year, and **RMB 1.2 million** is repayable within one to two years[62](index=62&type=chunk) [Treasury Policy](index=24&type=section&id=Treasury%20Policy) The Group adopts a prudent treasury policy, mitigating credit risk through continuous credit assessments and closely monitoring its liquidity position to manage liquidity risk - The Group mitigates credit risk through **continuous credit assessments**[63](index=63&type=chunk) - The Board closely monitors the liquidity position to ensure the liquidity structure of assets, liabilities, and commitments meets funding requirements[63](index=63&type=chunk) [Contingent Liabilities and Guarantees](index=24&type=section&id=Contingent%20Liabilities%20and%20Guarantees) As of June 30, 2025, the Group had no significant contingent liabilities and guarantees - The Group had **no significant contingent liabilities and guarantees** at the end of the reporting period[64](index=64&type=chunk) [Pledged Assets](index=24&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group pledged deposits of **RMB 1.5 million** as collateral for lease arrangements - The Group pledged deposits of **RMB 1.5 million** as collateral for lease arrangements[65](index=65&type=chunk) [Gearing Ratio](index=25&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's total debt was approximately **RMB 152.6 million**, with a gearing ratio of approximately **172.8%**, an increase from **161.7%** as of December 31, 2024 Gearing Ratio | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Debt (Million RMB) | 152.6 | 154.4 | | Gearing Ratio (%) | 172.8 | 161.7 | [Interest Rate Risk](index=25&type=section&id=Interest%20Rate%20Risk) As all the Group's borrowings are at fixed interest rates, there is no significant interest rate risk - All the Group's borrowings are at **fixed interest rates**, posing no significant interest rate risk[67](index=67&type=chunk) [Foreign Exchange Fluctuation Risk](index=25&type=section&id=Foreign%20Exchange%20Fluctuation%20Risk) The Group faces foreign exchange fluctuation risk for HKD against RMB, but currently has no foreign currency hedging policy; management will closely monitor and take action when necessary - The Group faces **foreign exchange fluctuation risk** for HKD against RMB[68](index=68&type=chunk) - There is currently **no foreign currency hedging policy**, and management will closely monitor and take action when necessary[68](index=68&type=chunk) [Future Plans for Material Investments or Capital Assets](index=25&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Other than disclosed matters, the Group had no plans for material investments or acquisitions of capital assets at the end of the reporting period; it may continue to focus on medical aesthetic device product sales and consider related investments in the future - The Group had **no plans for material investments or acquisitions of capital assets** at the end of the reporting period[69](index=69&type=chunk) - In the future, the Group may continue to focus on medical aesthetic device product sales and consider further investments in related businesses[69](index=69&type=chunk) [Employees and Remuneration Policy](index=25&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **289 employees**, with total staff costs of approximately **RMB 31.7 million**, representing **37.5%** of total revenue; the Company offers competitive remuneration, medical education opportunities, and a professional work environment, along with a performance appraisal system and pension scheme Number of Employees | Function | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Management | 7 | 6 | | Doctors and Medical Staff | 115 | 121 | | Sales, Marketing, Customer Service and Other Business Personnel | 124 | 128 | | Finance and Administrative Personnel | 43 | 35 | | **Total** | **289** | **290** | Staff Costs (Million RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Staff Costs | 30.3 | 31.0 | | Share Option Expenses | 1.4 | 3.7 | | **Total Staff Costs** | **31.7** | **34.7** | | % of Total Revenue for the Reporting Period | 37.5 | 29.6 | - The Company offers **competitive remuneration**, medical education, and a professional environment, attracting and retaining talent through performance appraisals, year-end bonuses, and training[72](index=72&type=chunk) [Use of Proceeds](index=26&type=section&id=Use%20of%20Proceeds) The Group's net proceeds from listing were approximately **HKD 81.7 million**, with **HKD 8.4 million** for organic development remaining unutilized; net proceeds from rights issue were approximately **HKD 19.0 million**, with **HKD 7.6 million** for medical aesthetic device product registration and filing remaining unutilized Use of Net Proceeds from Listing (Million HKD) | Purpose | Planned Use | Actual Use | Unutilized | Expected Time for Full Utilization | | :--- | :--- | :--- | :--- | :--- | | Expand Medical Aesthetic Institution Network | 58.0 | 49.6 | 8.4 | December 31, 2025 | | Acquire New Medical Aesthetic Service Equipment and Consumables | 9.0 | 9.0 | – | – | | Actively Promote Brand | 6.5 | 6.5 | – | – | | General Working Capital | 8.2 | 8.2 | – | – | | **Total** | **81.7** | **73.3** | **8.4** | | Use of Net Proceeds from Rights Issue (Million HKD) | Purpose | Planned Use | Actual Use | Unutilized | Expected Time for Full Utilization | | :--- | :--- | :--- | :--- | :--- | | Purchase Equipment and Raw Materials Required to Start Production Process | 9.5 | 9.5 | – | – | | Register and File Medical Aesthetic Device Products with NMPA | 7.6 | – | 7.6 | March 31, 2026 | | General Working Capital | 1.9 | 1.9 | – | – | | **Total** | **19.0** | **11.4** | **7.6** | | [Outlook](index=28&type=section&id=Outlook) China's medical aesthetic industry is rapidly developing with an expanding market size and stricter government regulation, moving towards standardization, professionalization, personalization, and technological advancement; non-invasive treatments and personalized customization are key highlights, and new material approvals will offer richer choices; despite challenges and intense competition, the overall industry trend remains positive - China's medical aesthetic industry is rapidly developing with an expanding market size and increased government regulation, driving the industry towards standardization, professionalization, personalization, and technological advancement[78](index=78&type=chunk) - **Non-invasive treatments** and **personalized customization** have become two core highlights in the medical aesthetic field[78](index=78&type=chunk) - Advances in frontier technologies like biotechnology and nanotechnology have significantly enhanced the safety and efficacy of medical aesthetic materials, with more new materials expected to be approved for market in the future[78](index=78&type=chunk) - Despite industry challenges and competition, the overall development trend remains positive[78](index=78&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) [Purchase, Sale or Redemption of the Company's Listed Securities](index=29&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor its subsidiaries engaged in any purchase, sale, or redemption of listed securities during the reporting period[80](index=80&type=chunk) [Interim Dividend](index=29&type=section&id=Interim%20Dividend) The Board resolved not to declare any interim dividend for the reporting period - The Board resolved **not to declare an interim dividend**[81](index=81&type=chunk) [Directors' Securities Transactions](index=29&type=section&id=Directors'%20Securities%20Transactions) The Company has adopted the Model Code set out in Appendix C3 of the Stock Exchange Listing Rules, and all Directors have confirmed their compliance with the Code during the reporting period - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers**[82](index=82&type=chunk) - All Directors confirmed compliance with the Model Code during the reporting period[82](index=82&type=chunk) [Corporate Governance Practices](index=29&type=section&id=Corporate%20Governance%20Practices) The Company adheres to sound corporate governance principles and has adopted the Corporate Governance Code provisions set out in Appendix C1 of the Listing Rules, complying with all applicable code provisions during the reporting period - The Company adheres to sound corporate governance principles, emphasizing transparency, accountability, and independence[83](index=83&type=chunk) - The Company has adopted and complied with all applicable provisions of the **Corporate Governance Code** set out in Appendix C1 of the Listing Rules[83](index=83&type=chunk)[84](index=84&type=chunk) [Pre-emptive Rights](index=29&type=section&id=Pre-emptive%20Rights) There are no provisions for pre-emptive rights in the Company's articles of association or Cayman Islands law, which do not require new shares to be offered pro-rata to existing shareholders - There are **no pre-emptive rights provisions** in the Company's articles of association or Cayman Islands law[85](index=85&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The Audit Committee comprises three independent non-executive directors, responsible for monitoring financial reporting, the audit process, internal controls, and compliance with laws and regulations; the Committee has reviewed and approved the Group's unaudited condensed consolidated financial information and interim report for the reporting period - The Audit Committee comprises three independent non-executive directors: Mr. Liu Teng (Chairman), Mr. Cao Dequan, and Ms. Yang Xiaofen[86](index=86&type=chunk) - The Audit Committee is primarily responsible for monitoring financial reporting, the audit process, internal controls, and compliance with laws and regulations[87](index=87&type=chunk) - The Audit Committee has reviewed and approved the Group's unaudited condensed consolidated financial information and interim report for the reporting period, with no disagreements on accounting treatments[87](index=87&type=chunk) [Material Events During the Reporting Period](index=30&type=section&id=Material%20Events%20During%20the%20Reporting%20Period) On March 7, 2025, Suzhou Ruiquan (an indirect non-wholly owned subsidiary of the Company) entered into an agreement with Suzhou Maidi to acquire a property with a gross floor area of approximately **4,660.22 square meters** for **RMB 21,437,012**, which was approved by shareholders - Suzhou Ruiquan signed an agreement on March 7, 2025, to acquire a property in Suzhou with a gross floor area of approximately **4,660.22 square meters** for **RMB 21,437,012**[88](index=88&type=chunk) - The property acquisition agreement was approved by the Company's shareholders at the **2025 Annual General Meeting**[88](index=88&type=chunk) [Events After the Reporting Period](index=30&type=section&id=Events%20After%20the%20Reporting%20Period) Two significant events occurred after the reporting period: Hainan Beilifeier introduced investors, reducing the Company's equity from 100% to 30%, constituting a deemed disposal; Hangzhou Beilifeier ceased medical aesthetic services and terminated contractual arrangements, shifting its strategic focus to medical aesthetic device product sales - On July 4, 2025, Hainan Beilifeier introduced investors with a capital injection of **RMB 5,005 thousand** and underwent capital reduction, resulting in the Company's interest in Hainan Beilifeier decreasing from **100.00% to 30.00%**, constituting a deemed disposal[89](index=89&type=chunk) - On August 15, 2025, Hangzhou Beilifeier terminated its medical aesthetic services business, cancelled its medical practice license, and shifted its strategic focus to medical aesthetic device product sales, dissolving contractual arrangements with Ruili Beauty Consulting and Mr. Fu Haishu[90](index=90&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=31&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This announcement has been published on the Company's and Stock Exchange's websites; the interim report, containing all information required by the Listing Rules, will be dispatched to shareholders in due course and will be available on the same websites - The interim results announcement has been published on the Company's website (http://www.raily.com) and the Stock Exchange's website (https://www.hkex.com.hk)[92](index=92&type=chunk) - The interim report, containing all information required by the Listing Rules, will be dispatched to shareholders in due course and made available on the same websites[92](index=92&type=chunk) [Board of Directors](index=31&type=section&id=Board%20of%20Directors) As of the date of this announcement, the Board of Directors includes Executive Directors Mr. Fu Haishu, Mr. Song Jianliang, and Mr. Wang Ying, as well as Independent Non-executive Directors Mr. Cao Dequan, Ms. Yang Xiaofen, and Mr. Liu Teng - The Board of Directors comprises three Executive Directors (Mr. Fu Haishu, Mr. Song Jianliang, Mr. Wang Ying) and three Independent Non-executive Directors (Mr. Cao Dequan, Ms. Yang Xiaofen, Mr. Liu Teng)[94](index=94&type=chunk)

Core Insights - Ruili Medical Beauty reported a revenue of 85 million RMB for the first half of 2025, a decline of 27.3% compared to the previous year, with a net loss of 8 million RMB, indicating a worsening financial situation [1] - The report highlights the brutal logic of industry reshuffling, as leading companies build competitive advantages through technological iteration and product innovation, while Ruili struggles with "revenue collapse and increasing losses" [1] - The core business of medical beauty services is experiencing persistent growth challenges, particularly in surgical projects, reflecting a consumer shift towards lighter, non-surgical services [1] Business Challenges - There is a significant disconnect between business segments, with new growth points like consulting failing to effectively fill the revenue gap [2] - The lack of synergy between upstream equipment development and terminal services hampers the conversion of R&D investments into differentiated client experiences, leading to a disconnection between technical investment and market returns [2] - The company's strategy of increasing investment in technology R&D faces severe short-term operational balance challenges, as high capital consumption pressures cash flow and profit margins [2] Strategic Focus - The strategic focus of the company remains unclear between being a "service provider" and a "technology solution provider," leading to dispersed resource allocation [2] - The reliance on traditional medical beauty service models complicates the ability to support the sustained investment intensity required for heavy asset R&D [2] - Without a clear phased implementation path, the company's transformation may remain trapped in the pain of the investment period for an extended time [2]

Group 1 - The core viewpoint of the news highlights the recent performance and financial status of Rui Li Medical Beauty, indicating a mixed performance in the stock market and financial results [1][2]. - As of August 21, the Hang Seng Index fell by 0.24%, while Rui Li Medical Beauty's stock price increased by 11.67% to HKD 0.134 per share, with a trading volume of 2.114 million shares and a turnover of HKD 280,800 [1]. - Over the past month, Rui Li Medical Beauty has seen a cumulative increase of 5.26%, and a year-to-date increase of 12.15%, which is lower than the Hang Seng Index's increase of 25.45% [1]. Group 2 - Financial data shows that for the year ending December 31, 2024, Rui Li Medical Beauty achieved total revenue of CNY 199 million, a year-on-year increase of 5.26%, while the net profit attributable to shareholders was a loss of CNY 59.212 million, a decrease of 82.43% [1]. - The gross profit margin stands at 35.82%, and the debt-to-asset ratio is 61.78% [1]. - Currently, there are no institutional investment ratings for Rui Li Medical Beauty [1]. Group 3 - Rui Li Medical Beauty is a leading provider of medical beauty services in Zhejiang Province, China, offering a wide range of services including cosmetic surgery, minimally invasive beauty services, and skin beauty services [2]. - The company also provides medical beauty management consulting services to third-party medical beauty institutions and has begun to develop a sales network for medical beauty equipment products [2]. - As of December 31, 2021, Rui Li Medical Beauty operated four private profit-making medical beauty service institutions in China, with an average industry experience of over ten years among its more than 30 practicing physicians [2].

Group 1 - The company, Ruili Medical Beauty (02135.HK), will hold a board meeting on August 29, 2025, to review and approve its interim results for the six months ending June 30, 2025, and to announce an interim dividend if applicable [1]

承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Raily Aesthetic Medicine International Holdings Limited 瑞麗醫美國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2135） 董事會會議日期 瑞麗醫美國際控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事（「董 事」）會（「董事會」）謹此宣佈，董事會會議將於二零二五年八月二十九日（星期五） 舉行，以（其中包括）考慮及批准本集團截至二零二五年六月三十日止六個月之未 經審核中期業績及其刊發，以及考慮宣派、建議或支付股息（如有）。 瑞麗醫美國際控股有限公司 主席兼執行董事 傅海曙先生 中華人民共和國杭州，二零二五年八月十九日 於本公告日期，董事會包括執行董事傅海曙先生、宋建良先生及王瀛先生；以及獨 立非執行董事曹德全先生、楊小芬女士及劉騰先生。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Raily Aesthetic Medicine International Holdings Limited 瑞麗醫美國際控股有限公司 （於開曼群島註冊成立的有限公司） 1 （股份代號：2135） 終止合約安排 茲提述招股章程及年報。 誠如招股章程及年報所披露，杭州貝麗菲爾的業務營運涉及在中國從事醫療美容 服務業務（「受限制業務」）。由於當時生效的中國適用法律法規限制外商投資於受 限制業務，本集團於2019年1月就杭州貝麗菲爾採用了合約安排，通過合約安排使 本集團得以有效控制杭州貝麗菲爾並可獲得杭州貝麗菲爾所產生的所有經濟利益。 由於杭州貝麗菲爾決定將策略重點放在醫療美容器械產品的銷售業務上並計劃申 請醫療器械經營許可證，而本公司已根據中國法律法規終止杭州貝麗菲爾的醫療 美容服務業務並註銷杭州貝麗菲爾的醫療執業許可證，因此對於受限制業務的外 資所有權限制不再適用於杭州貝麗菲爾。董事會謹此宣佈，合約安排的 ...

Core Viewpoint - Ruili Medical Beauty (02135) anticipates a decline in revenue and an increase in losses for the six months ending June 30, 2025, compared to the same period in 2024 [1] Financial Performance - Expected revenue for the six months ending June 30, 2025, is approximately RMB 85 million, down from RMB 117 million for the same period in 2024 [1] - Anticipated loss attributable to the parent company for the six months ending June 30, 2025, is approximately RMB 8 million, compared to a loss of RMB 2 million for the same period in 2024 [1] Reasons for Loss - The board attributes the loss primarily to intense market competition, resulting in a total revenue decline of approximately RMB 32 million compared to the same period in 2024 [1] - The medical beauty services and medical beauty management consulting services segment experienced an operational loss of approximately RMB 2 million during the reporting period [1] - Share-based payment expenses during the reporting period amounted to approximately RMB 1 million [1] - Increased investment in research and development for medical device products, particularly in the indirect non-wholly owned subsidiary Suzhou Ruichuan Biomedical Technology Co., Ltd., with management and R&D expenses of approximately RMB 1 million [1]

Core Viewpoint - Ruili Medical Beauty (02135) anticipates a decline in revenue and an increase in losses for the six months ending June 30, 2025, compared to the same period in 2024 [1] Financial Performance - Expected revenue for the six months ending June 30, 2025, is approximately RMB 85 million, down from RMB 117 million for the same period in 2024 [1] - Anticipated loss attributable to the parent company for the six months ending June 30, 2025, is approximately RMB 8 million, compared to a loss of RMB 2 million for the same period in 2024 [1] Reasons for Loss - The board attributes the loss primarily to intense market competition, resulting in a total revenue decline of approximately RMB 32 million compared to the same period in 2024 [1] - The medical beauty services and medical beauty management consulting services segment is expected to incur an operational loss of approximately RMB 2 million during the reporting period [1] - Share-based payment expenses are estimated at approximately RMB 1 million during the reporting period [1] - Increased investment in research and development for medical device products, particularly in the indirect non-wholly owned subsidiary Suzhou Ruichuan Biomedical Technology Co., Ltd., with management and R&D expenses amounting to approximately RMB 1 million [1]