Group 1 - The core point of the article is that the company Aimeike reported its shareholder count as of January 20, 2026, which stands at 61,728 households [2]

Group 1 - The core viewpoint of the news highlights the positive performance of the medical device sector, with significant stock price increases for various companies and a favorable market outlook driven by new pricing policies and international trade initiatives [1][2][3] Group 2 - As of January 21, the Shanghai Composite Index rose by 0.22%, while the medical device index increased by 0.69%, with notable stock performances from Tianzhihang-U (+13%), Sanyou Medical (+7%), and others [1] - The medical device ETF (562600) saw a 0.77% increase, with a trading volume of 254.268 billion yuan and a turnover rate of 4.15%. Over the past six months, the fund has gained 4.80%, and 11.30% over the past year [1] Group 3 - On January 20, the National Healthcare Security Administration issued guidelines for pricing medical services related to surgical robots and remote surgeries, establishing a structured pricing system to enhance innovation returns and improve accessibility to precision medicine [2] - A special seminar was held on January 17 to discuss how to leverage the medical device procurement and pricing platform to support the international expansion of Chinese medical devices, with plans for a cross-border channel based on procurement platforms in Guangxi and Tianjin [2] Group 4 - Multiple authoritative institutions have expressed optimism about the medical device sector, with expectations for a turning point in operations by 2026 due to optimized procurement rules and significant growth potential in domestic and international markets for surgical robots and AI medical technologies [3] - The medical device ETF (562600) tracks the CSI All Index for medical devices, with the top ten weighted stocks accounting for 45.04% of the total, including major players like Mindray Medical and United Imaging [3]

Summary of Conference Call Notes Industry Overview - The medical devices industry in China is expected to face ongoing pricing pressures in 2026, particularly for in vitro diagnostics (IVD) players, although some recovery in medical equipment sales is anticipated. Niche consumable segments may benefit from value-based pricing (VBP) and globalization trends [1][2][3]. Company-Specific Insights Imeik Technology Development Co Ltd (300896.SZ) - **Rating Downgrade**: Imeik has been downgraded from Equal-weight (EW) to Underweight (UW) with a price target (PT) maintained at Rmb130. The downgrade is attributed to intensifying competition, soft domestic demand, and weakening bargaining power, leading to persistent pricing and margin pressures on its core products, Hearty and CureWhite [3][4][32]. - **Sales Forecast**: A projected 20% year-over-year (YoY) sales decline for 2025 is expected, with 4Q results likely flat quarter-over-quarter (QoQ) due to higher selling, general, and administrative expenses (SG&A). A recovery to high single-digit growth is anticipated in 2026, supported by stable legacy products and contributions from new products like Hutox [3][33][34]. - **Valuation Concerns**: The stock is trading at approximately 29 times the estimated earnings per share (EPS) for 2026, which is considered full given the low-teens growth outlook and limited visibility due to macroeconomic and competitive challenges [3][34][37]. Mindray Bio-Medical Electronics Co Ltd (300760.SZ) - **Revenue Decline**: Expected to post a 9% YoY revenue decline for 2025, with a modest recovery anticipated in 2026. The net profit is also projected to decline by double digits in 2025 [8][10]. United Imaging Healthcare Co (688271.SS) - **Sales Growth**: Anticipated to achieve over 20% sales growth in 2025, with net profit growth expected to exceed 40-50% due to a low profit base in 2024 [8][10]. APT Medical Inc (688617.SS) - **Growth Projections**: Expected to see approximately 24% overall sales growth and 28% net profit growth in 2025, with strong performance in 4Q [11][19]. Zylox-Tonbridge Medical Technology Co (2190.HK) - **Market Position**: Likely to benefit from VBP tailwinds in neuro and peripheral intervention devices, with potential upside surprises in sales growth [12][19]. Peijia Medical Ltd (9996.HK) - **Revenue Expectations**: Projected TAVR revenue for 2025 is estimated to be below Rmb300 million due to a voluntary product shipment delay [13][19]. Angelalign Technology Inc (6699.HK) - **Performance Outlook**: Expected to outperform targets due to resilient growth in China and lower costs [8][19]. Key Trends and Risks - **Market Dynamics**: The medical device tender value rebounded by 30.1% YoY in 2025, approaching 2022 levels, indicating a recovery in various categories despite challenges in IVD analyzers [25][26]. - **Competitive Landscape**: Increasing competition in the dermal filler market is noted, with Imeik facing challenges from new product launches and changing market dynamics [32][37]. - **Regulatory Environment**: Updates on VBP implementation and pricing strategies are critical for future performance, particularly for companies like Imeik and Peijia [15][34]. Conclusion The medical devices industry in China is navigating a complex landscape characterized by pricing pressures, competitive challenges, and varying growth prospects across companies. Imeik Technology's downgrade reflects broader concerns about market dynamics and profitability, while other companies like United Imaging and APT Medical show potential for growth amidst these challenges.

Market Overview - The medical beauty sector experienced a decline of 1.35% on January 20, with *ST Meigu leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Key stocks in the medical beauty sector showed the following performance: - Huaxi Biological (688363) closed at 45.82, down 0.82% with a trading volume of 35,000 shares and a turnover of 161 million yuan [1] - Aimeike (300896) closed at 144.82, down 1.59% with a trading volume of 30,000 shares and a turnover of 436 million yuan [1] - Jinbo Biological (920982) closed at 234.11, down 1.96% with a trading volume of 6,327 shares and a turnover of 149 million yuan [1] - *ST Meigu (000615) closed at 3.24, down 2.70% with a trading volume of 106,900 shares and a turnover of 34.95 million yuan [1] Capital Flow - The medical beauty sector saw a net outflow of 100 million yuan from main funds, while retail investors contributed a net inflow of 74.88 million yuan [1] - Detailed capital flow for key stocks includes: - *ST Meigu: Main funds net outflow of 11.12 million yuan, retail net inflow of 6.93 million yuan [2] - Jinbo Biological: Main funds net outflow of 25.90 million yuan, retail net outflow of 1.30 million yuan [2] - Huaxi Biological: Main funds net outflow of 31.89 million yuan, retail net inflow of 22.38 million yuan [2] - Aimeike: Main funds net outflow of 57.26 million yuan, retail net inflow of 45.57 million yuan [2]

作为医美行业的领军企业，爱美客通过一系列创新实践，既实现了自身的高质量发展，更引领了行业的 转型方向。未来，随着国际化布局的深化与新技术、新产品的持续落地，公司将继续以创新为核心驱动 力，持续辐射产业生态，为健康中国建设与全球医美行业的进步贡献更多力量。 以上实践取得了技术、行业与社会多方面的成果。公司核心产品市场占有率稳居前列，"濡白天使"作为 国家重点研发计划成果，累计产值已突破30亿元；2024年10月，医用含聚乙烯醇凝胶微球的交联透明质 酸钠凝胶（商品名：嗗科拉）获批，进一步丰富了高端产品线。产学研协同显著提升了公司竞争力与行 业整体水平。同时，公司于2025年获中国整形美容协会授予"2025中国医疗美容行业领袖企业奖"，体现 了对其行业引领地位与创新实力的肯定。在近3000亿元规模的中国医美市场中，爱美客带动行业从价格 竞争转向价值竞争，促进了规范化与高质量发展。在社会价值上，公司积极履行责任，2024年捐赠500 万元发起"幸福明天·新美妈妈"公益项目；2025年捐赠100万元驰援香港大埔火灾受灾同胞，践行"科技 向善"，让创新成果惠及民生。 爱美客（300896）是国内最早聚焦生物医用软组织修复 ...

证券日报网讯 1月19日，爱美客在互动平台回答投资者提问时表示，截至目前公司已形成了基于透明质 酸钠的系列皮肤填充剂、基于聚乳酸的皮肤填充剂、基于聚对二氧环己酮面部埋植线，以及基于神经除 皱肉毒毒素生物制剂的丰富的产品线。公司凭借全方位且具有差异化的产品矩阵来满足用户多元化的需 求。 （文章来源：证券日报） ...

证券日报网讯 1月19日，爱美客在互动平台回答投资者提问时表示，关于公司经营业绩情况，请关注公 司后续披露的定期报告。 （文章来源：证券日报） ...

Group 1 - The medical beauty sector increased by 0.06% on January 19, with Jinbo Biological leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - Jinbo Biological's closing price was 238.79, with a rise of 1.61%, while other companies like Aimeike and Huaxi Biological showed mixed performance [1] Group 2 - The medical beauty sector experienced a net outflow of 808.89 million yuan from main funds, while retail investors saw a net inflow of 5.19 million yuan [1] - Aimeike had a main fund net inflow of 16.01 million yuan, but also faced significant outflows from retail and speculative funds [2] - Jinbo Biological saw a main fund net inflow of 10.08 million yuan, with a notable retail net inflow of 4.28 million yuan [2]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The luxury goods retail revenue in China is showing signs of recovery, with high-end brands like LVMH, Hermès, and Prada experiencing positive growth since Q2 2025 [15][16] - The global network literature market is witnessing rapid growth, particularly in Latin America, with WebNovel reaching nearly 400 million cumulative users by October 2025 [34][35] - The micro-drama and comic-drama market in China is projected to exceed 100 billion yuan in 2025, significantly surpassing the film box office revenue [37][38] - The probiotic market is expanding, with a focus on next-generation probiotics (NGPs) like AKK bacteria, which show significant potential in health applications [55][63] Summary by Sections 1. Duty-Free Shopping - Post-New Year duty-free shopping in Hainan shows strong growth, with sales reaching 3.89 billion yuan and a 49.6% year-on-year increase in shopping amount [31][33] - The high net worth individuals are expected to drive luxury consumption, with a notable increase in spending on preservation-type luxury goods [15][16] 2. Network Literature - The Chinese network literature market reached 49.55 billion yuan in 2024, with a 29.37% year-on-year growth, while the overseas market grew by 10.68% [34] - WebNovel has cultivated nearly 530,000 authors and over 820,000 original works, with a significant increase in user engagement [34][35] 3. Micro-Drama - The micro-drama and comic-drama market in China is expected to reach 100 billion yuan in 2025, with a 98% year-on-year growth [37][38] - The user base for micro-dramas is approaching 700 million, with a strong preference among female viewers [40][42] 4. Probiotics - The global probiotic market is projected to grow at a CAGR of 8.7%, reaching 93.49 billion USD by 2028, with China's market expected to reach 134.89 billion yuan by 2024 [55][63] - Next-generation probiotics like AKK bacteria are gaining traction, with significant potential in health management and consumer interest [55][63]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the competitive advantage of Qian Dama through its "community small store + daily clearance mechanism + warehouse and cold chain" model, which enhances supply stability and operational efficiency [3][24][35] - The report emphasizes the importance of emotional consumption themes and identifies high-quality companies in high-growth sectors, recommending specific companies across various segments [6][37] Summary by Sections Industry Overview - The retail and social service indices reported a decline of 1.47% and an increase of 1.53% respectively during the week of January 12-16, 2026 [5][13] - The internet e-commerce sector showed the highest growth, with a year-to-date increase of 11.18% [16][19] Company Highlights - Qian Dama has submitted its IPO application to the Hong Kong Stock Exchange, focusing on fresh food retail in the South China market, with a GMV of 9.8 billion yuan in 2024, significantly outperforming its competitors [24][25] - The company operates 2,983 stores, with 2,898 being franchise stores, contributing over 90% of its revenue [25][31] - The report recommends several companies based on their performance and market positioning, including: - Chaohongji, expected to achieve a net profit of 436-533 million yuan in 2025, driven by brand upgrades and channel expansion [39][43] - Meilitiantian Medical Health, projected to see a revenue increase of 28.2% in FY2025H1 [39] - Zhou Dafu, focusing on product structure optimization and store upgrades [39] Investment Themes - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending Chaohongji and Laopu Gold [6][37] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket and Aiyingshi [6][37] - Investment Theme 3: Highlight domestic beauty brands that meet emotional value and safety innovation, recommending Maogeping and Pola [6][37] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][37]