Core Viewpoint - Yonghe Medical, known as the "first stock in hair transplant," reported a revenue of 862 million yuan for the first half of 2025, a year-on-year decrease of 4.3%, but achieved a net profit of 27.855 million yuan, marking a return to profitability after a loss in the first half of 2022 [1][3]. Industry Overview - The hair transplant industry is still in a growth phase, but the growth rate has slowed down. There is a noticeable trend of younger individuals experiencing hair loss, and the demand for treatment is increasing. However, capital entry into the hair industry is slowing, leading to industry consolidation [3][10]. - The industry is transitioning from extensive development to refined operations, with a focus on cost reduction and efficiency improvement [3][10]. Company Performance - Yonghe Medical's revenue growth was primarily driven by cost-cutting measures rather than revenue increase, as sales expenses decreased by 17.71% to 381 million yuan, accounting for 44.20% of revenue [3][10]. - The company's revenue from hair transplant and maintenance services for the first half of 2025 was 662 million yuan and 188 million yuan, respectively, with year-on-year decreases of 1.63% and 12.56% [7][10]. - The average spending per customer for hair transplant services decreased by 14.03% to 19,761 yuan, while the average spending for maintenance services decreased by 2.95% to 4,184 yuan [7][10]. Business Segmentation - The hair transplant industry is divided into two main segments: hair transplant and maintenance. The hair transplant segment contributes approximately 75% to Yonghe Medical's revenue, but it has low repeat purchase rates. In contrast, the maintenance segment has lower average spending but can generate multiple purchases [7][10]. - The number of customers receiving hair transplant services increased by 14.5%, while the number of customers for maintenance services decreased by 9.6% [10][11]. Strategic Adjustments - Yonghe Medical has implemented a "one-price" reform for hair transplant services, allowing for a wider price range and targeting different consumer segments [10][12]. - The company has reduced the number of its hair transplant institutions from 75 to 63 and is focusing more on high-tier city operations [15][16]. - The maintenance business is being adjusted from lifestyle-level care packages to medical-level combined treatment packages, aiming to capture a larger market share among non-transplant patients [15][16].
做“头顶生意”的雍禾医疗终于扭亏了