Core Viewpoint - The hair medical concept sector has shown a positive performance with a 1.77% increase, ranking 7th among various concept sectors, driven by significant gains in stocks like Xiaofang Pharmaceutical, Baicheng Pharmaceutical, and Jiuzhitang [1] Group 1: Sector Performance - The hair medical concept sector experienced a 1.77% increase, with 17 stocks rising, including Xiaofang Pharmaceutical (up 6.65%), Baicheng Pharmaceutical (up 6.05%), and Jiuzhitang (up 6.00%) [1] - The sector attracted a net inflow of 114 million yuan from main funds, with Jiuzhitang leading the inflow at 74.56 million yuan [1] Group 2: Fund Inflow Ratios - Baicheng Pharmaceutical, Aoyang Health, and Yisheng Pharmaceutical had the highest net inflow ratios at 10.73%, 7.21%, and 6.37% respectively [2] - Jiuzhitang recorded a net inflow of 74.56 million yuan with a turnover rate of 27.18% [2] - Other notable stocks include Langzi Co. (up 5.16% with a net inflow of 20.14 million yuan) and Aoyang Health (up 1.03% with a net inflow of 10.81 million yuan) [2]

Financial Performance - In Q1 2025, the company achieved total revenue of approximately 1.399 billion yuan, a year-on-year decrease of 7.77% [2] - Gross profit margin was 59.72%, an increase of 0.61 percentage points compared to the same period last year [2] - Net profit attributable to shareholders was approximately 95 million yuan, an increase of 5.12% year-on-year [2] - Net cash flow from operating activities was approximately 174 million yuan, a decrease of 23.43% year-on-year [2] - Basic earnings per share were 0.2153 yuan, an increase of 5.13% year-on-year [2] - Total assets as of March 31, 2025, were approximately 8.004 billion yuan, a growth of 0.41% from the previous year [3] - Net assets attributable to shareholders were approximately 2.883 billion yuan, an increase of 3.42% from the previous year [3] Business Segment Performance - Medical beauty segment revenue was approximately 670 million yuan, a decrease of 9.22% year-on-year, with a gross profit of approximately 369 million yuan [3] - Women's clothing segment revenue was approximately 504 million yuan, a decrease of 5.74% year-on-year, with a gross profit of approximately 325 million yuan, an increase of 21.21% in net profit [3] - Infant and child segment revenue was approximately 221 million yuan, a decrease of 8.52% year-on-year, with a gross profit margin of 62.28% [3] Investor Relations and Strategic Planning - The company plans to accelerate the acquisition of external medical beauty institutions through its medical beauty industry fund, focusing on growth potential and compliance [6] - The strategy includes enhancing management and technological innovation, optimizing marketing channels, and improving customer satisfaction [5][6] - The company aims to avoid price competition by focusing on service quality and customer value [8] Marketing and Sales - In Q1 2025, the medical beauty sales expense ratio was 35.53%, with marketing promotion expenses accounting for 18.48% of medical beauty revenue [11] - Major marketing channels include local life platforms, short video platforms, vertical content communities, and search engines [11] - Online sales for women's clothing reached approximately 213 million yuan, a year-on-year increase of 14.31%, accounting for 42.62% of women's clothing revenue [11]

Core Insights - The light medical beauty market in China has surpassed half of the overall medical beauty market, becoming the mainstream beauty method by 2024, with significant contributions from non-invasive and minimally invasive procedures [1][2] Market Overview - Light medical beauty is defined as professional medical beauty projects that fall between surgical procedures and lifestyle beauty, utilizing non-invasive or minimally invasive methods for skin management, contour modification, and anti-aging effects [1] - The rapid growth of the light medical beauty market is attributed to its advantages such as minimal trauma, quick recovery, significant results, and relatively low risks, aligning with modern consumers' dual demands for beauty and quality of life [2] Consumer Trends - The penetration rate of the light medical beauty market is increasing, with 34% of consumers planning to engage in light medical beauty services in the coming year, marking a 36% increase from the previous year [4] - Among the interested consumer group, over one-third are new entrants, injecting fresh growth vitality into the Chinese medical beauty industry [4] Popular Products - Injectable and photothermal products are the main attractions for light medical beauty consumers, with ultrasound-based products (e.g., ultrasound scalpel) rapidly gaining popularity [5] Consumption Behavior - Consumers are increasingly rational in their light medical beauty choices, prioritizing needs-based combinations of projects and products, with over half selecting options based on specific needs [7] - The average planned consumption has increased to 2.4 projects per consumer, reflecting a 14% year-on-year growth [7] Consumer Demographics - The consumer base for light medical beauty exhibits high retention and strong growth, with seasoned consumers making up 35% of the existing market, indicating their essential role in the market [10] - Among the new consumer group, high-end novices represent 38%, characterized by high standards for beauty and a willingness to pay, with a focus on facial anti-aging solutions [10]

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry [2]. Core Insights - The cosmetics and medical beauty sector underperformed the market during the week of June 27 to July 4, 2025, with the Shenwan Beauty Care Index declining by 0.6% and the Shenwan Cosmetics Index down by 1.5% [3][4]. - Domestic brands such as Maogeping and others showed significant growth, with some achieving over 50% growth in June, which is expected to positively impact Q2 performance [3][9]. - The report highlights a strong performance from leading domestic brands during the 618 shopping festival, with a notable increase in sales momentum post-event [9][10]. Summary by Sections Industry Performance - The Shenwan Beauty Care Index decreased by 0.6%, while the Shenwan Cosmetics Index fell by 1.5%, indicating weaker performance compared to the Shenwan A Index [4]. - The personal care products index saw a slight increase of 0.7%, but still lagged behind the Shenwan A Index by 0.4% [4]. Key Company Performance - Expected performance for major companies in Q2 includes: - Upbeauty: Revenue and net profit expected to grow by 16% and 25% respectively [11]. - Marubi: Anticipated revenue and net profit growth of 22% and 28% [11]. - Proya: Projected revenue and net profit growth of 10% and 15% [11]. - Maogeping: Expected revenue and net profit growth of 38% and 35% [11]. - Ruifeng: Anticipated growth of 70% and 75% in revenue and net profit respectively [11]. - Juzhibio: Expected growth of 25% and 20% in revenue and net profit [11]. Market Trends - The report notes a robust recovery in consumer demand, with a 4.1% year-on-year increase in retail sales for cosmetics in the first five months of 2025 [20]. - The domestic market is seeing a shift with local brands gaining market share, as evidenced by the performance of brands like Proya and Maogeping during major shopping events [34]. Investment Recommendations - Recommended stocks include: - Upbeauty, Proya, and Marubi for their comprehensive brand matrices and growth potential [15]. - Maogeping and Juzhibio for their strong positioning in niche markets [15]. - Attention is advised for Shanghai Jahwa, Betaini, and Huaxi Biological for potential growth [15]. E-commerce Insights - Data from Douyin indicates significant growth for domestic brands, with Han Shu achieving a GMV of 7.2 billion yuan, reflecting a 53% year-on-year increase [16]. - The overall GMV for domestic brands in June reached over 50% growth, indicating a strong market presence [9][16].

Market Performance - The hair medical concept sector rose by 2.34%, ranking 10th among concept sectors, with 19 stocks increasing in value, including JiuZhiTang which hit the daily limit, and TianEnKang, KangHui Pharmaceutical, and KangYuan Pharmaceutical which rose by 6.42%, 5.16%, and 4.55% respectively [1] - The top gainers in today's market include the fruit index at 4.73%, PCB concept at 3.27%, and AI mobile at 2.92%, while the military restructuring concept saw a decline of 1.49% [1] Capital Flow - The hair medical concept sector experienced a net inflow of 219 million yuan, with 11 stocks receiving net inflows, and 5 stocks seeing inflows exceeding 10 million yuan. JiuZhiTang led with a net inflow of 172 million yuan, followed by ShuiYang Co., KangYuan Pharmaceutical, and NengTe Technology with net inflows of 34.25 million yuan, 21.05 million yuan, and 13.44 million yuan respectively [1] - In terms of capital inflow ratios, JiuZhiTang, ShuiYang Co., and KangHui Pharmaceutical had the highest net inflow rates at 33.17%, 6.81%, and 6.15% respectively [2] Stock Performance - JiuZhiTang saw a significant increase of 10.06% with a turnover rate of 7.62%, while ShuiYang Co. and KangYuan Pharmaceutical increased by 3.12% and 4.55% respectively [2] - Stocks such as *ST JinBi and AoYang Health experienced declines of 0.69% and 0.26% respectively, indicating some volatility within the sector [1][3]

Group 1 - The majority of consumers in the medical beauty market spend between 10,000 to 50,000 yuan annually, indicating a diverse range of services from basic skincare to moderately complex cosmetic procedures [1] - First-tier cities dominate the medical beauty consumption market, accounting for approximately 69% of total spending, driven by concentrated medical resources and advanced consumer capabilities [3] - The average age of consumers in the medical beauty sector is around 35 years, with over 72% of high-end consumers aged 30 and above, reflecting a mature and stable consumption mindset [5][7] Group 2 - There is a notable increase in male consumers seeking medical beauty services, with 43% planning to increase their spending in this area, highlighting a shift in self-image management among men [7][8] - The demand for outbound medical beauty services is rising, particularly in Japan and South Korea, with about 31% of middle to high-income consumers planning to seek these services abroad in 2024 [10]

Investment Rating - The report indicates a strong growth potential for the non-surgical medical aesthetic industry in China, with an expected compound annual growth rate (CAGR) of over 20% in the coming years, positioning it as one of the fastest-growing markets globally [9][10]. Core Insights - The Chinese non-surgical medical aesthetic market has surpassed 150 billion RMB in 2023 and is projected to exceed 250 billion RMB by 2025, driven by rising disposable income, changing beauty standards, and technological advancements [9][10]. - The market is characterized by a significant shift towards non-surgical procedures, with injectables like hyaluronic acid and botulinum toxin leading the growth, supported by technological innovations in materials and devices [9][10]. - The industry is undergoing a transformation towards compliance and regulation, with increased scrutiny from government bodies aimed at eliminating illegal practices and ensuring consumer safety [9][10]. Summary by Sections Chapter 1: Overview of the Non-Surgical Medical Aesthetic Industry - The non-surgical medical aesthetic industry is defined as a blend of medical and cosmetic services that utilize non-invasive or minimally invasive techniques for skin care and rejuvenation [12]. - The industry has evolved through three phases: exploration (pre-2015), rapid growth (2015-2021), and regulation and integration (2022-present) [19][21]. - The macro environment analysis indicates a tightening regulatory framework, rising disposable income, and shifting societal beauty standards as key drivers of industry growth [25][27]. Chapter 2: Market Size and Consumer Insights - The market size has grown from approximately 65 billion RMB in 2018 to over 150 billion RMB in 2023, with a CAGR exceeding 20% [30][31]. - Non-surgical procedures are increasingly favored due to their lower risk and quicker recovery times, leading to a growing market share for these services [34][35]. - Consumer demographics show a significant trend towards younger consumers, with those born in the 1990s and 2000s becoming the primary market [39]. Chapter 3: Industry Chain Analysis - The industry chain consists of three segments: upstream (product and equipment manufacturers), midstream (medical aesthetic service providers), and downstream (marketing and referral platforms) [45]. - Upstream manufacturers face high technical barriers and are experiencing a shift towards domestic brands replacing international ones, driven by innovation and cost advantages [46][47]. - Midstream service providers are characterized by intense competition and high customer acquisition costs, prompting a trend towards brand consolidation and chain operations [49]. Chapter 4: Competitive Landscape and Key Players - The competitive landscape shows a high concentration of international brands in the high-end market, while domestic brands are rapidly gaining market share through innovation and localized strategies [46][47]. - The report highlights key players such as Ai Meike and Huaxi Biological, which are leveraging technological advancements to challenge established foreign brands [47]. Chapter 5: Regulatory Policies and Compliance - The regulatory environment is becoming increasingly stringent, with multiple government agencies implementing measures to ensure compliance and consumer safety [24][25]. - The report outlines the impact of these regulations on market dynamics, emphasizing the need for companies to adapt to a more compliant operational framework [24][25]. Chapter 6: Industry Challenges, Opportunities, and Future Trends - The industry faces challenges such as price wars and a shortage of qualified professionals, but also opportunities in market penetration and technological innovation [8][10]. - Future trends indicate a shift towards personalized and diversified consumer demands, with an emphasis on natural results and preventive care [44].

Investment Rating - The report rates the cosmetics and medical beauty industry as "Positive" [2][3] Core Viewpoints - The cosmetics retail sales growth for January to May 2025 is 4.1%, an increase of 2 percentage points compared to the same period last year, indicating a steady recovery in demand [3] - The performance of leading brands remains strong, with double-digit growth, supported by the theme of self-care in new consumption trends, leading to a positive outlook for the first half of 2025 [3] - The 618 shopping festival saw strong performances from domestic brands, with notable rankings on platforms like Tmall and Douyin [3] Summary by Sections Cosmetics Industry Outlook - The report anticipates significant revenue and net profit growth for major companies in Q2 and H1 2025, with specific forecasts: - Up Beauty Co. is expected to see a revenue increase of 16% and a net profit increase of 25% [3] - Marubi is projected to grow revenue by 22% and net profit by 28% in Q2 2025 [3] - Proya is expected to achieve a revenue growth of 10% and net profit growth of 15% in Q2 2025 [3] Key Companies Performance - Notable companies and their expected performance include: - Mao Geping is projected to have a revenue increase of 38% and net profit increase of 35% in H1 2025 [3] - Ruibin is expected to see a revenue increase of 15% and net profit increase of 15% in Q2 2025 [3] - Huaxi Biological is expected to maintain stable performance with a 0% revenue growth and a 10% net profit increase in Q2 2025 [3] Investment Recommendations - The report recommends focusing on companies with strong brand matrices and comprehensive product layouts, such as Up Beauty Co., Marubi, and Proya, which are expected to benefit from the live e-commerce traffic [3] - It also highlights the importance of niche market players like Ruibin and Mao Geping, who are positioned to capitalize on the rise of personal care and domestic beauty trends [3] - For the medical beauty sector, the report suggests focusing on companies with high R&D barriers and strong profitability, recommending companies like Aimeike and Langzi [3] E-commerce and Other Segments - The report suggests monitoring e-commerce companies like Ruibin, which is expected to see significant growth in revenue and net profit [3] - In the maternal and infant sector, Kid King is projected to exceed market expectations with a revenue increase of 10% and a net profit increase of 70% in Q2 2025 [3]

Industry Overview - The medical beauty industry is under strict government regulation, with a series of targeted policies aimed at ensuring safe and reliable medical services for consumers [1][2][3] - Key companies in the industry include Aimeike (300896), Haohai Biological (688366), Huaxi Biological (688363), Aoyuan Meigu (000615), Huadong Pharmaceutical (000963), Langzi Co., Ltd. (002612), and Huahan Plastic Surgery (430335) [1] Policy Direction - The government has implemented comprehensive management measures covering operational standards for medical beauty institutions, including establishment criteria, personnel requirements, and equipment maintenance [1] - Enhanced regulatory measures include establishing supervision mechanisms, increasing enforcement checks, and raising penalties for violations [1][2] Market Development - The "China City Medical Beauty Industry Development Index (2024)" indicates that cities like Beijing, Shenzhen, Chengdu, Guangzhou, Shanghai, Jinan, Changsha, Ningbo, Hangzhou, and Chongqing are leading in medical beauty industry performance [4] - Notably, Ningbo has risen from 23rd to 8th place, benefiting from its "246" trillion-level industrial cluster planning, which emphasizes biomedicine [4] Global Trends - According to ISAPS, the total number of surgical and non-surgical procedures globally increased by 3.4% in 2023, reaching 34.9 million procedures [5] - The United States remains the leader in plastic surgery, performing over 6.1 million procedures in 2023, followed by Brazil with 3.3 million [10]

截至2025年6月27日收盘，朗姿股份(002612)报收于16.69元，下跌0.3%，换手率2.03%，成交量5.17万 手，成交额8644.3万元。 当日关注点 交易信息汇总 公司公告汇总 朗姿股份有限公司向中国邮政储蓄银行股份有限公司北京顺义区支行申请了7500万元人民币的流动资金 借款，此借款由公司的控股股东、实际控制人申东日先生及其配偶翁洁女士提供保证担保。该担保不向 公司收取任何担保费用，也不需要公司提供反担保。朗姿股份法定代表人为申东日，注册资本为 442445375元人民币，成立于2006年11月09日，注册地址位于北京市顺义区马坡镇白马路63号。根据最 新的财务数据，截至2025年3月31日，公司的资产总额为502586.65万元，负债总额为210549.76万元，所 有者权益合计为292036.89万元。2025年第一季度，公司实现营业收入37296.24万元，净利润为3276.54 万元。最高额保证合同的主要内容包括：被担保方为朗姿股份有限公司，担保方为申东日先生及翁洁女 士，债权人为中国邮政储蓄银行股份有限公司北京顺义区支行，担保方式为连带责任保证，担保期限为 债务履行期限届满之日起三 ...