2022年-2025年，三年间经济变化带来的体感让每家中国企业的经营者刻骨铭心，有些企业在起伏中一蹶不振，有些企业穿越波涛。一蹶不振者固然值得惋 惜，穿越波涛者又做对了什么？ 作为毛发领域的领军企业，雍禾医疗近日交出上半年业绩单，财报显示，上半年，雍禾医疗实现营收约为8.6亿元，毛利实现约5.5亿元，较去年同期增长 3.9%。在毛利率从58.8%上升至63.9%的基础上，公司成功扭亏为盈，实现净利润约为2790万元，去年同期则亏损约为1.4亿元。 翻阅财报，"精细化运营"这样熟悉话语背后又是雍禾医疗怎样的三年？ 在雍禾医疗CGO(首席增长官)任剑看来，雍禾用三年时间磨清了自身优势，磨出了精细化运营措施，磨通了向指数级增长机会的正确道路。 磨出自身优势 当原本顺遂的发展趋势发生改变，雍禾管理层最先做的是重新审视自身的优势，以及自身的优势如何去配适新的变化，"只有发挥自己比较竞争优势的时 候，才能去做商业。"任剑说。 雍禾最核心的优势是规模，迄今为止，雍禾医疗仍然是中国门店数量最多、用户规模最大的一家植发企业，但单纯去做规模扩张，在用户高度离散的植发行 业中，在消费观念与消费模式急剧变化后，已经很难获取足够的意向 ...

作为一家医疗类企业，想要走得长远，还是需要一些骨子里的"精神"的，对于雍禾医疗来说这种精神就 是诚信。 近日，雍禾医疗发布2025年上半年财报，公司实现收入人民币8.616亿元；毛利达人民币5.503亿元，较 去年同期增长3.9% ；毛利率由58.8%上升至63.9%，增长5.1个百分点。报告期内，雍禾实现净利润2790 万元，较去年同期亏损人民币1.386亿元实现扭亏为盈。 自2005年起进入植发业务，在毛发医疗领域深耕多年，经历了近几年多重经济考验的雍禾医疗重新进入 向上曲线，"我们穿越周期，经营质量发生了根本性的改善。"财报会上，雍禾医疗证券事务代表表示。 支撑企业穿越周期的，除了经营模式，还有刻在企业DNA里的诚信基因。 医美领域的诚信：消费者需求 监管推动 近日，罗兰贝格与美团医美联合发布的《2025医美行业白皮书》明确指出：信任是贯穿消费者旅程的痛 点底层原因。美团医美消费者问卷中，分别有34.1%和33.2%的消费者认为【资质参差不齐】和【医师 情况不明】是如今在选择机构阶段的主要痛点。34.3%的消费者认为【宣传过度美化】已然成为其筛选 机构时的主要阻碍。 当诚信成为雍禾商业模式 消费者需求就 ...

金秋九月，钱塘潮涌，思想激荡！9月17日，智通财经携手星耀资本，于中国新经济与电商的活力之都 ——杭州，启幕"大消费投资高峰论坛暨2025 智通星耀秋季联合策略会"。我们以"消费新物种·港股进化 论"为主题，邀您登临西子湖畔，共启2025年下半年澎湃激昂的投资新航程！ 2025 年的中国消费市场，正上演着传统与创新的交响：新能源汽车渗透率突破 47%，智能家居销售额 两位数增长，乡村消费增速反超城镇0.8个百分点，更多的中国品牌点亮纽约、伦敦等各个海外城市的 街头……每一根跃升的曲线背后，皆指向万亿级新大陆。 港股市场正成为消费力量的见证者：上半年消费类 IPO 获百倍认购，71%新股首日高收，机构资金与零 售资本共舞。而2025年全年5%的GDP增长预期，更凸显了消费作为经济"压舱石"的坚实地位与确定性 机遇。 本次策略会将设两大会场并行： 主会场以主题演讲与圆桌讨论纵论趋势，分会场由30家顶尖企业集中路演呈现机会。 期待您莅临现场，与决策层零距离对话，共绘下半年价值曲线。 【活动报名】 报名请添加官方微信：zhitongresearch，或致电本次活动会务秘书。 智通研究号：(86)13691842902 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 雍禾醫療集團有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02279 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | | 0.0000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 20,000,000,000 | USD | | 0.0000025 | USD | | 50,000 | 本月底法定/ ...

Core Viewpoint - Yonghe Medical (02279.HK) has demonstrated significant improvement in its financial performance, with a focus on enhancing its operational efficiency and service quality in the hair medical industry [1][2][3]. Financial Performance - For the first half of 2025, Yonghe Medical reported revenue of 862 million yuan and a gross profit of 550 million yuan, marking a year-on-year increase of 3.9% [1]. - The company achieved a net profit attributable to shareholders of 27.91 million yuan, reversing from a loss in the previous year [1]. - The gross profit margin improved from 58.8% to 63.9%, an increase of 5.1 percentage points [1]. - Revenue per store increased by 23%, from 11.11 million yuan in the first half of 2024 to 13.68 million yuan [1]. Business Model and Strategy - Yonghe Medical is adjusting its business model and organizational structure to adapt to industry changes, focusing on the medical attributes of hair treatment [1][2]. - The company is enhancing its medical service capabilities by recruiting more doctors and providing personalized services [2]. - A comprehensive training system for medical staff is being developed to improve service quality [2]. Operational Efficiency - Yonghe Medical is shifting from a scale-driven approach to a more refined operational strategy, utilizing a "Sky Net + Ground Net" model [3]. - The "Ground Net" focuses on improving operational efficiency in major cities and surrounding areas, while the "Sky Net" involves expanding services through an online hospital model [3]. - The company is integrating AI technology to enhance diagnostic accuracy and streamline user health management [3]. Marketing Innovations - In the first half of 2025, Yonghe Medical refined its marketing strategies to enhance efficiency and capitalize on its scale advantages [4]. - The company has optimized its advertising structure and strengthened its brand-content-traffic synergy to improve customer conversion rates [4]. - Sales and marketing expenses decreased by 17% year-on-year to 381 million yuan, with the expense ratio relative to revenue dropping by 7% [4]. Industry Trends - The hair health market in China has been growing, with projections indicating an increase from 58.29 billion yuan in 2020 to 79.55 billion yuan in 2023, and an expected reach of 116.54 billion yuan by 2028 [1]. - Recent regulatory changes in medical service pricing by the National Medical Insurance Administration are expected to standardize pricing in the cosmetic surgery sector, reflecting a trend towards transparency and controlled pricing [4][5].

智通财经记者 | 陈杨 智通财经编辑 | 谢欣 8月27日盘后，"植发第一股"雍禾医疗公布2025年半年报。公司当期营收8.62亿元，同比减少4.3%，净 利润2785.5万元，继2022年上半年后终于扭亏为盈。 据来源：东方财富。智通财经记者陈杨制图 8月29日，对于行业所处阶段，雍禾医疗方面接受智通财经采访时表示，公司认为目前植发行业仍处于 增长阶段，但增速已经放缓，毛发行业整体仍处于初期，脱发年轻化、治疗前置化趋势明显，市场需求 仍在。同时资本进入毛发行业步伐放慢，行业面临出清整合，公司认为自身凭借行业头部优势更有发展 机会。 不过智通财经注意到，当期，雍禾医疗业绩增利不增收，扭亏主要是靠降本增效。这也可见行业开始从 粗放发展走向精细运营。 此前，植发行业最为人诟病的一点在于销售费用过高。相比约占营收15%的专业人员（医生、护士等） 人力成本，销售费用占比可高达50%，由此侵蚀利润。以这点为例，2025年上半年，雍禾医疗销售费用 3.81亿元，同比减少17.71%，占比降至44.20%，公司称原因在于优化资源分配和实施精细化营销策略。 数 据来源：东方财富。智通财经记者陈杨制图 具体到业务上，植发行业通 ...

Financial Performance - The company reported a revenue of RMB 862 million for the first half of 2025, with a gross profit of RMB 550 million, representing a year-on-year increase of 3.9% [1] - Shareholder profit reached RMB 27.91 million, marking a turnaround from a loss [1] - The gross margin improved from 58.8% to 63.9%, an increase of 5.1 percentage points [1] - Single-store revenue increased by 23%, rising from RMB 11.11 million in the first half of 2024 to RMB 13.68 million [1] Industry Growth - The hair health market in China has shown consistent growth, increasing from RMB 58.29 billion in 2020 to RMB 79.55 billion in 2023, with projections to reach RMB 116.54 billion by 2028 [2] - The company emphasizes the importance of maintaining a medical focus in the hair health sector, which is challenging yet essential for long-term responsibility [2] Medical Service Enhancement - The company is enhancing its medical service quality by recruiting more doctors and providing personalized services [3] - A standardized training program for new doctors includes 10 modules and 43 courses, ensuring high professional standards [3] - The company is advancing its diagnostic technology, including new scalp detection devices and AI integration for improved accuracy [3] Collaboration and Innovation - The company is actively collaborating with upstream and downstream medical institutions to innovate in hair health solutions [4] - Partnerships with pharmaceutical companies and academic institutions are being leveraged to drive advancements in the hair medical field [4] Operational Model - The company is shifting from scale-driven growth to refined operations, utilizing a "Sky Net + Ground Net" model for seamless medical services [6][7] - The "Sky Net" refers to the internet hospital for expanding services in lower-tier cities, while the "Ground Net" focuses on improving operational efficiency in major cities [7] Marketing Strategy - The company is refining its marketing strategy to enhance efficiency and leverage its scale advantages, resulting in a 17% reduction in sales and marketing expenses to RMB 381 million [10] - A multi-dimensional content strategy is being employed to build trust and engage potential customers throughout their decision-making process [9] Integrity and Transparency - The company has pioneered a transparent pricing model for hair transplant services, introducing a fixed price system that simplifies the pricing process for consumers [11][12] - The new pricing model aims to enhance transparency and control for consumers, aligning with government initiatives for standardized pricing in the cosmetic surgery sector [12]

Core Insights - Yonghe Medical reported a revenue of RMB 861.6 million for the first half of 2025, with a gross profit of RMB 550.3 million, marking a 3.9% increase year-on-year. The gross margin improved from 58.8% to 63.9%, an increase of 5.1% [1] - The company achieved a net profit of RMB 27.9 million, recovering from a loss of RMB 138.6 million in the same period last year, resulting in a basic earnings per share of RMB 0.06 [1] - The company has crossed the breakeven point, with improvements in revenue, gross profit, and net profit, alongside ongoing optimization of store efficiency and customer structure [1] Business Performance - Single-store revenue increased by 23%, rising from RMB 11.11 million in the first half of 2024 to RMB 13.68 million [2] - The hair transplant business generated RMB 662 million, accounting for 76.8% of total revenue, with the number of consumers receiving services reaching 33,500, a 14.5% increase year-on-year [2] - The medical nurturing business, identified as a "second growth curve," served 44,900 consumers and generated RMB 187 million, representing 21.8% of total revenue, with a repurchase rate of 29.9% [2] Strategic Initiatives - The company has focused on optimizing its store network and operational resources, enhancing efficiency while maintaining steady growth [2] - Yonghe Medical's strategic upgrade of its medical nurturing product structure has led to a shift towards high-value medical packages, improving user engagement and long-term value [2][3] - The collaboration between the two core business segments has provided a sustainable foundation for profit improvement [3]

Core Insights - Yonghe Medical reported a revenue of RMB 861.6 million for the first half of 2025, with a gross profit of RMB 550.3 million, reflecting a 3.9% year-on-year growth. The gross margin increased from 58.8% to 63.9%, a rise of 5.1 percentage points [1] - The company achieved a net profit of RMB 27.9 million, recovering from a loss of RMB 138.6 million in the same period last year, resulting in a basic earnings per share of RMB 0.06 [1] - The improvement in financial performance is attributed to the company's refined management practices, including the upgrade of its self-developed chain medical management system "Hefan," which enhanced operational efficiency, quality control, and cost reduction [1] Business Segmentation - In terms of business segments, the hair transplant segment generated RMB 662 million, accounting for 76.8% of total revenue. The number of consumers receiving hair transplant services increased by 14.5% to 33,504, with a notable rise in female clients [2] - The medical nurturing segment, identified as the "second growth curve," reported a revenue of RMB 187 million, representing 21.8% of total revenue, with a consumer base of 44,912 and a repurchase rate of 29.9% [2] - Future strategies include enhancing operational precision in clinics, strengthening the central functions of the internet hospital, and focusing on technology-driven initiatives, particularly AI empowerment [2]

Company Performance - In the first half of 2025, the company reported revenue of RMB 861.6 million, with a gross profit of RMB 550.3 million, representing a year-on-year growth of 3.9% [1] - The gross margin increased from 58.8% to 63.9%, a rise of 5.1 percentage points [1] - The company achieved a net profit of RMB 27.9 million, recovering from a loss of RMB 138.6 million in the same period last year [1] Historical Context - The company experienced losses starting in 2022, accumulating a total loss of RMB 858 million from 2022 to 2024, marking three consecutive years of losses [3] - The number of stores decreased from 74 to 69, indicating a strategic optimization of underperforming locations [3] Strategic Initiatives - The company attributed its performance improvement to two main factors: optimizing store network layout, which boosted gross margin by 4.5-5.5 percentage points, and restructuring management models along with refined marketing investments, leading to a reduction in sales and management expense ratios by 6%-8% and 2%-3% respectively [3] - The company is focusing on expanding its multi-department and women's departments, with plans to establish light-asset stores in lower-tier cities [5] Market Trends - The hair health market in China is experiencing rapid growth, with the market size increasing from RMB 58.29 billion in 2020 to RMB 79.55 billion in 2023, and projected to reach RMB 116.54 billion by 2028 [4] - The company's hair transplant business generated RMB 662 million, accounting for 76.8% of total revenue, with the number of consumers receiving hair transplant services increasing by 14.5% year-on-year [3]