Core Viewpoint - Yonghe Medical (02279), known as the "first domestic hair transplant stock," is experiencing a stark divergence between its financial performance and stock price, with a significant drop in share price despite a return to profitability in the first half of 2025 [1][3]. Financial Performance - In the first half of 2025, Yonghe Medical reported a revenue of 862 million RMB, a year-on-year decrease of 4.22%, while achieving a profit of 27.86 million RMB, compared to a loss of 139 million RMB in the same period last year [3][4]. - The gross profit was 550 million RMB, reflecting a 3.9% increase year-on-year, with a gross profit margin of 63.9%, up by 5.1 percentage points from the previous year [3][4]. Business Segmentation - The core hair transplant business generated 662 million RMB in revenue, accounting for 76.8% of total revenue, while the medical hair care segment brought in 188 million RMB, representing 21.8% of total revenue [4][5]. - The number of consumers receiving hair transplant services increased from 29,272 to 33,504, but the average spending per consumer decreased from 22,987 RMB to 19,761 RMB, leading to a decline in overall revenue [5][6]. Cost Management - Despite a slight revenue decline, Yonghe Medical achieved profitability primarily through stringent cost control, with selling and marketing expenses reduced from 463 million RMB to 381 million RMB, and general and administrative expenses decreased from 141 million RMB to 112 million RMB [8][10]. - Employee costs also fell from 120 million RMB to 110 million RMB, attributed to the closure of underperforming stores and optimization of the medical team structure [11]. Market Challenges - The company has faced ongoing challenges, including a series of administrative penalties and consumer complaints, with 13 penalties totaling nearly 400,000 RMB since January 2024, primarily related to medical safety issues [13][14]. - Consumer complaints have also been frequent, involving product quality and contract disputes, indicating potential reputational risks for the company [14][15].
3年亏超8亿元！雍禾医疗股价腰斩，扭亏靠“缩衣节食”？