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]

Core Viewpoint - Aimeike, led by founder Jian Jun, is pursuing international expansion through the acquisition of REGEN Biotech, Inc. to navigate challenges in the domestic medical aesthetics market [1][6]. Company Overview - Aimeike was founded in 2004 by Jian Jun, who transitioned from a successful career in international trade to the medical aesthetics industry after witnessing the effects of hyaluronic acid injections [2][3]. - The company initially faced significant competition from foreign brands in the hyaluronic acid market but successfully launched its first product in 2009, breaking the market monopoly [3]. Financial Performance - Aimeike's stock price surged post-IPO, reaching a peak of 1300 CNY per share in July 2021, with a market capitalization exceeding 1800 billion CNY [5]. - In 2021, the company reported a revenue increase of 104.13% to 1.448 billion CNY and a net profit increase of 117.81% to 958 million CNY [5]. - By 2023, revenue rose to 2.869 billion CNY and net profit reached 1.858 billion CNY, showcasing sustained high growth [5]. Market Challenges - The medical aesthetics industry is experiencing increased competition and regulatory scrutiny, leading to a slowdown in growth for Aimeike, with revenue and net profit growth rates dropping to single digits in 2024 [6]. - Despite achieving record revenues of 3.026 billion CNY and net profits of 1.958 billion CNY in 2024, the growth rates were only 5.45% and 5.33%, respectively [6]. Strategic Initiatives - Aimeike is focusing on international market expansion as a growth strategy, having initiated a Hong Kong IPO in 2021, although it has faced challenges in this endeavor [6]. - The acquisition of REGEN Biotech, Inc. for approximately 1.4 billion CNY, representing a 13-fold premium, is part of Aimeike's strategy to enhance its product line and accelerate global market penetration [6].

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].

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector, particularly in innovative drugs, predicting a reversal trend in 2025 [4] Core Viewpoints - The innovative drug sector is experiencing strong performance driven by multiple factors, including the completion of quarterly portfolio adjustments, increased policy support from the National Healthcare Security Administration (NHSA) and the National Health Commission, and significant collaborations in the industry [1][11] - The NHSA and the National Health Commission have jointly released measures to support the high-quality development of innovative drugs, which will accelerate the commercialization of domestic innovative products and create a positive cycle of profitability and strong R&D investment [20][21] - The report highlights the potential of dual/multi-target antibodies in cancer treatment and innovative drugs addressing unmet clinical needs in chronic diseases as key investment opportunities [1][4] Summary by Sections Innovative Drugs - The innovative drug sector remains the main investment line, with a focus on dual/multi-target antibodies for various cancers and chronic diseases [1][11] - AstraZeneca is in talks for a collaboration worth up to $15 billion for the AK112 drug, which has catalyzed strong performance in related stocks [1] Pharmaceutical Sector - The NHSA's new measures will direct more healthcare resources towards innovative drugs, enhancing their commercialization and profitability [20][21] - The report notes that since 2018, 149 innovative drugs have been included in the healthcare insurance directory, significantly increasing the proportion of new drugs covered [22] Biologics - Changchun High-tech's new drug, Vuxin Qibai monoclonal antibody, has been approved for treating acute gout arthritis, marking a significant advancement in biologics [29][34] - The drug shows rapid onset of action and a substantial reduction in recurrence risk, highlighting its clinical significance [33][34] Traditional Chinese Medicine - Lingrui Pharmaceutical's new indication for its nasal spray is expected to boost sales, with ongoing efforts to expand hospital coverage and OTC sales [38][41] Medical Devices - The report emphasizes policy support for high-end medical devices, predicting accelerated commercialization in various segments such as medical robots and AI [3][4] Medical Services - Recent policies to enhance maternity benefits are expected to stimulate demand in related services [3][4]

Core Viewpoint - The performance of the CSI All Index for Medical Care Equipment and Services has shown mixed results, with a slight increase on the day but a decline over the past month, three months, and year-to-date [1]. Group 1: Index Performance - The CSI All Index for Medical Care Equipment and Services rose by 0.21% to 13,548.3 points, with a trading volume of 19.92 billion [1]. - Over the past month, the index has decreased by 1.41%, by 2.78% over the past three months, and by 1.24% year-to-date [1]. Group 2: Index Composition - The index is composed of listed companies in the medical care sector, reflecting the overall performance of these securities [1]. - The index was established on December 31, 2004, with a base point of 1,000.0 [1]. Group 3: Top Holdings - The top ten holdings in the index are as follows: Mindray Medical (9.65%), United Imaging (8.18%), Aier Eye Hospital (7.43%), Aimeike (3.42%), Huatai Medical (3.23%), Yuyue Medical (2.81%), New Industry (2.79%), Lepu Medical (2.69%), Meinian Onehealth (2.06%), and Shandong Pharmaceutical Glass (1.9%) [1]. Group 4: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.10%) and the Shanghai Stock Exchange (39.90%) [1]. - The entire sample of the index is focused on the pharmaceutical and healthcare sector, with a 100% allocation [1]. Group 5: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Public funds tracking the index include various Southern and Tianhong funds, as well as ETFs from multiple asset management companies [2].

证券代码：300896 证券简称：爱美客 公告编号：2025-027 号 爱美客技术发展股份有限公司 关于会计估计变更的公告 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》及《公司章程》的相关规定， 本期会计估计变更无需提交公司股东大会审议，现将具体情况公告如下： 一、本次会计估计变更概述 （一）变更原因及日期 在资产负债表日，公司存货按成本与可变现净值孰低计量，存货成本高于其 可变现净值的，计提存货跌价准备，计入当期损益。随着公司业务的发展与规模 扩大，存货体量的增加，公司将进一步加强对存货的效期、库龄等精细化管理。 基于谨慎性原则，对于 3 个月内到期的存货，库龄达 2 年以上且 1 年内到期的库 存商品，不能使用、不合格、无法销售的存货，全额计提存货跌价准备。 公司于 2025 年 4 月 1 日起执行本次会计估计变更。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 爱美客技术发展股份有限公司（以下简称"公司"）于 2025 年 7 月 4 日召 开第三届董事会第十九次会议，会议审议 ...

证券代码：300896 证券简称：爱美客 公告编号：2025-026 号 爱美客技术发展股份有限公司 第三届监事会第十五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 1、审议通过了《关于公司会计估计变更的议案》 本次公司会计估计变更是根据财政部颁布的相关文件进行的合理变更和调 整，符合财政部规定和公司实际情况。变更后的会计估计能够更加客观、公正地 反映公司财务状况和经营成果。本次会计估计变更程序符合有关法律、法规和《公 司章程》的规定，不存在损害公司和全体股东利益的情形。因此，监事会同意公 司本次会计估计变更。 表决结果：同意3票，反对0票，弃权0票。 三、备查文件 1、《第三届监事会第十五次会议决议》。 1 爱美客技术发展股份有限公司（以下简称"公司""爱美客"）第三届监事 会第十五次会议于 2025 年 7 月 4 日下午 15:00 在公司会议室以现场会议的方式 召开。经全体监事一致同意，本次会议豁免通知时限要求，召集人已在会议上对 此向全体董事作出说明。本次会议应到监事 3 人，实到监事 3 人。本次会议的召 ...

证券代码：300896 证券简称：爱美客 公告编号：2025-025 号 一、董事会会议召开情况 爱美客技术发展股份有限公司（以下简称"公司"）第三届董事会第十九次 会议于 2025 年 7 月 4 日下午 14：30 在公司会议室以现场与通讯表决相结合的方 式召开。经全体董事一致同意，本次会议豁免通知时限要求，召集人已在会议上 对此向全体董事作出说明。本次会议应到董事 9 人，实到董事 9 人。 本次会议的召开符合《中华人民共和国公司法》《公司章程》以及有关法律、 法规的规定。会议由公司董事长简军主持，监事和高级管理人员列席了会议。 爱美客技术发展股份有限公司 第三届董事会第十九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 与会董事对本次会议的议案进行了充分讨论，审议通过了以下议案： 1、审议通过了《关于公司会计估计变更的议案》 本次会计估计变更事项严格依据财政部相关会计准则，符合相关法律、法规 及《企业会计准则》的规定，能够客观、公允地反映公司的财务状况和经营成果， 为投资者提供更可靠、更准确的会计信息，不存在损害公司及股东尤其是中小股 ...

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].