Core Insights - The medical beauty sector experienced a slight increase of 0.36% on September 29, with Huaxi Biological leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Medical Beauty Sector Performance - Huaxi Biological (688363) closed at 55.02, with a gain of 0.86% and a trading volume of 26,100 shares, amounting to a transaction value of 142 million yuan [1] - *ST Meigu (000615) closed at 3.28, up 0.61%, with a trading volume of 123,800 shares and a transaction value of 40.03 million yuan [1] - Aimeike (300896) closed at 182.20, down 0.01%, with a trading volume of 26,700 shares and a transaction value of 481 million yuan [1] - Jinbo Biological (832982) closed at 284.30, down 0.65%, with a trading volume of 4,900 shares and a transaction value of 140 million yuan [1] Capital Flow Analysis - The medical beauty sector saw a net outflow of 21.53 million yuan from institutional investors and a net outflow of 12.84 million yuan from speculative funds, while retail investors had a net inflow of 34.37 million yuan [1] - Huaxi Biological had a net inflow of 1.59 million yuan from institutional investors, while it experienced a net outflow of 4.76 million yuan from speculative funds [2] - Aimeike faced a significant net outflow of 22.60 million yuan from institutional investors, but retail investors contributed a net inflow of 29.07 million yuan [2]

Group 1 - The medical beauty sector experienced a slight decline of 0.06% on September 26, with Jinbo Biological leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - The individual stock performance in the medical beauty sector showed mixed results, with Aimeike increasing by 1.31% to 182.21, while Jinbo Biological decreased by 1.43% to 286.15 [1] Group 2 - The net capital outflow from the medical beauty sector amounted to 23.59 million yuan, while retail investors saw a net outflow of 35.19 million yuan [1] - Institutional investors had a net inflow of 58.78 million yuan into the sector [1] - Detailed capital flow data for individual stocks indicated significant variations, with Aimeike experiencing a net outflow of 42.64 million yuan, while ST Meigu saw a net inflow of 4.09 million yuan [2]

Core Viewpoint - Aimeike's stock price has shown fluctuations with a recent increase of 2.01%, while the company faces a decline in revenue and profit for the first half of 2025 compared to the previous year [1][2]. Financial Performance - As of September 19, 2025, Aimeike reported a revenue of 1.299 billion yuan, a year-on-year decrease of 21.59%, and a net profit attributable to shareholders of 789 million yuan, down 29.57% year-on-year [2]. - The company has distributed a total of 3.887 billion yuan in dividends since its A-share listing, with 3.012 billion yuan distributed over the past three years [3]. Stock Market Activity - On September 26, Aimeike's stock was priced at 183.47 yuan per share, with a market capitalization of 55.517 billion yuan and a trading volume of 393 million yuan [1]. - The stock has increased by 3.35% year-to-date, but has seen a decline of 1.12% over the last five trading days and 4.83% over the last twenty days [1]. Shareholder Information - As of September 19, 2025, Aimeike had 56,400 shareholders, an increase of 3.28% from the previous period, with an average of 3,700 circulating shares per shareholder, a decrease of 3.17% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders increasing or decreasing their holdings [3].

Core Viewpoint - The company Aimeike (300896) confirmed on September 25 that its products are procured through a formal medical device procurement platform rather than through centralized procurement, including products like Haitu and Aifulai [1] Group 1 - The company engages in the procurement of its products via a legitimate medical device procurement platform [1] - The products mentioned include Haitu and Aifulai [1]

Group 1 - The medical beauty sector experienced a slight increase of 0.05% on September 25, with *ST Meigu leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - The trading volume and turnover for *ST Meigu were 216,900 hands and 70.9732 million yuan, respectively, with a price increase of 3.14% [1] Group 2 - The medical beauty sector saw a net outflow of 26.412 million yuan from institutional funds, while retail investors contributed a net inflow of 10.4691 million yuan [1] - The individual stock performance showed *ST Meigu with a net inflow of 10.6411 million yuan, while Huaxi Biological and Aimeike experienced net outflows of 3.1146 million yuan and 26.2049 million yuan, respectively [2]

Group 1 - A total of 54 A-shares are undergoing equity registration today, according to Wind data [1] - Among these, 54 companies plan to distribute dividends, with Aimeike, Jiangshun Technology, and Jiaodian Technology offering the highest dividends of 12.00 yuan, 8.00 yuan, and 6.00 yuan per 10 shares respectively [1]

Core Viewpoint - New Oxygen has launched a new product, Miracle Youth 3.0, priced at 2999 yuan, which is considered the lowest price in the domestic "youth needle" market, significantly lower than the market average of 12800 yuan per injection [2][3] Group 1: Product Launch and Pricing Strategy - New Oxygen's new product, Miracle Youth 3.0, is a customized version of the "youth needle" developed in collaboration with Jiangsu Xihong Biological Pharmaceutical Co., Ltd [2] - The average market price for "youth needles" in China is around 12800 yuan, while prices in neighboring countries can be as low as one-third of that [3] - New Oxygen's pricing strategy aims to lower its own profit margins to make the product more accessible, without compromising on quality or service [3] Group 2: Market Dynamics and Competition - The "youth needle" market in China is experiencing significant competition, highlighted by the ongoing dispute between Jiangsu Wuzhong and Aimeike over distribution rights [5][6] - As of 2023, the market size for micro-injection products in China reached 212 billion yuan, with projections to grow to 653 billion yuan by 2028, reflecting a compound annual growth rate of 25.3% [4] - The regenerative anti-aging segment is the fastest-growing sub-market, with a compound annual growth rate of 38.2% [4] Group 3: Regulatory and Legal Issues - Jiangsu Wuzhong has faced challenges regarding the exclusive distribution agreement for the "youth needle" product, with Aimeike's acquisition of Regen leading to a legal dispute [5][6] - The Shenzhen International Arbitration Court has issued temporary measures regarding the sales of the product in question, indicating ongoing legal complexities in the market [6][7] - Industry experts suggest that the commercial disputes reflect the significant potential and allure of the "youth needle" market, with expectations for further price reductions as more products gain approval [7]

Core Viewpoint - The arbitration counterclaim filed by REGEN, a subsidiary of Aimeike, against Datuo Company has been accepted by the Shenzhen International Arbitration Court, indicating a significant legal dispute regarding exclusive distribution rights and contract obligations [1] Summary by Relevant Sections - **Arbitration Details** - REGEN's counterclaim seeks to confirm the termination of Datuo Company's exclusive agency rights for the AestheFill product in mainland China, excluding Hong Kong, Macau, and Taiwan [1] - The counterclaim also aims to annul the EXCLUSIVE DISTRIBUTORSHIP AGREEMENT and its amendments dated January 15, 2021, and December 22, 2021 [1] - REGEN requests compensation for reasonable expenses incurred in handling the case, including legal fees, preservation fees, and travel expenses, along with the arbitration costs to be borne by Datuo Company [1] - **Background of the Dispute** - Datuo Company has initiated arbitration regarding a distribution contract dispute with REGEN, which REGEN claims is due to serious breaches of contract by Datuo [1] - REGEN asserts that the termination of the contract and the exclusive agency rights are justified and not attributable to any fault on its part [1]

Core Viewpoint - REGEN, a subsidiary of Aimeike Technology Development Co., Ltd., is involved in an arbitration dispute with Datuo Medical Devices (Shanghai) Co., Ltd. regarding a distribution contract, with the arbitration accepted by the Shenzhen International Arbitration Court on September 23, 2025, and the impact on Aimeike's profits remains uncertain [1]. Group 1 - REGEN received a notice of arbitration on August 13, 2025, regarding the distribution contract dispute initiated by Datuo, which was accepted by the court [1]. - On September 10, 2025, an emergency arbitrator made a decision on Datuo's request for interim measures [1]. - REGEN's counterclaim requests the termination of Datuo's exclusive agency rights for AestheFill products in mainland China, the cancellation of related agreements, and compensation for reasonable expenses incurred due to the arbitration [1]. Group 2 - Prior to this announcement, Aimeike and its subsidiaries had undisclosed small lawsuits and arbitration matters involving approximately 11.1581 million yuan, accounting for 0.14% of the company's most recent audited net assets [2]. - As of the announcement date, there are no undisclosed single case amounts exceeding 10% of the company's most recent audited net assets or absolute amounts over 10 million yuan [2]. - REGEN has engaged a professional legal team to handle the arbitration and will protect the legal rights of the company and its shareholders [2].

Investment Rating - The report maintains a "Positive" outlook on the beauty and personal care industry, highlighting the resilience of domestic brands and the impact of new consumption trends [2]. Core Insights - The beauty and personal care sector experienced a robust recovery in H1 2025, with a retail sales growth of 2.9%, reversing the previous decline due to favorable consumption policies and improved income expectations [5][6]. - Domestic brands are gaining market share, with top local brands now competing closely with international counterparts, indicating a significant shift in consumer preferences [10][11]. - The report categorizes companies into three groups based on performance: those with strong brand matrices benefiting from multi-brand strategies, those capitalizing on consumer trends like domestic brands and collagen products, and those showing signs of strategic improvement [20][23]. Summary by Sections Industry Overview - The beauty market is projected to grow steadily, with a forecasted retail sales decline of 1.1% in 2024, followed by a recovery in H2 2025 [5][6]. - The domestic market share is expected to increase, with local brands achieving significant breakthroughs in both skincare and makeup segments [10][11]. Company Performance - **Cosmetics Sector**: - Major companies like Up Beauty and Proya reported revenue growth of 17.3% and 7.2% respectively in H1 2025, with net profits increasing by 30.6% and 13.8% [20][21]. - Other notable performers include Marubi and Water Sheep, with revenue growth of 30.8% and 9.0% respectively [21][22]. - **Personal Care Sector**: - Companies like Ruibin and Zhenjia showed remarkable growth, with Ruibin's revenue increasing by 67.6% and Zhenjia's by 157.11% in H1 2025 [5][20]. - **Medical Aesthetics Sector**: - Companies like Aimeike and Langzi reported mixed results, with Aimeike's revenue declining by 21.6% while Langzi's net profit surged by 64.1% [20][24]. Investment Recommendations - The report recommends investing in companies with strong brand matrices and low PE multiples, such as Up Beauty and Proya, as well as those benefiting from the Douyin traffic boost like Marubi and Water Sheep [20][24]. - It also suggests focusing on high-value segments and innovative products from brands like Ruibin and Furuida, and highlights opportunities in the maternal and infant sector with companies like Shengbeila and Haiziwang [20][24].