Summary of Conference Call on Medical Aesthetics Industry Industry Overview - The medical aesthetics industry experienced fluctuations in data and trends from the second half of last year to January this year, with overall GMV and revenue slowing down after the second quarter, particularly showing negative growth in the third quarter, but recovering in the fourth quarter [1][2] - The growth in customer traffic is primarily driven by returning customers, with an increase in the proportion of new customers, especially among the younger demographic [2][4] Key Insights - **Revenue Trends**: The industry saw a 5% revenue growth in 2025 compared to 2020, with a 9% increase in customer traffic, although the average transaction value decreased by 4% [3][21] - **Quarterly Performance**: Q4 showed significant revenue growth of 10%, compensating for the low growth in Q2 and Q3, with January's revenue growth exceeding 10% [3][21] - **Customer Composition**: The proportion of returning customers increased from 52% to 58%, with new customer growth driven by new product launches and promotional activities [5][25] - **Product Growth**: New products, particularly botulinum toxin and collagen products, especially recombinant collagen, show growth potential [2][21] Tax Policy Impact - The adjustment of the VAT policy, with medical aesthetics services now subject to a 6% VAT, has impacted industry costs, although institutions are adopting strategies to mitigate this burden [10][28] - The termination of the medical aesthetics tax refund policy in South Korea is expected to benefit the domestic market, as it may encourage consumers to choose local services over traveling abroad [11][29] Product Line Analysis - **Botulinum Toxin Sales**: Sales of botulinum toxin products grew by 25% in 2023 compared to 2022, with a projected growth of 10% in 2025 [6][27] - **Collagen Products**: Sales of collagen products showed varied performance, with some brands experiencing significant growth, such as a 55% increase in sales for certain products in 2025 [12][29] - **Market Acceptance**: New botulinum products are well-received in the market, with institutions willing to adopt them due to their cost-effectiveness and ease of use [8][27] Competitive Landscape - The competition among leading medical aesthetics institutions is intensifying, with varying revenue trends observed among them [4][21] - The market is seeing a trend towards consolidation, with expectations of increased concentration in the industry as smaller institutions may struggle to compete [18][33] Future Outlook - The industry is expected to continue evolving with a focus on light medical aesthetics and increased institutional concentration, prompting companies to adjust their business strategies accordingly [2][21] - The introduction of new products and promotional strategies is anticipated to drive growth, with a target of achieving a 15% growth rate in 2026 [17][31] Additional Considerations - The acceptance and market potential of PDRN salmon needle products are being closely monitored, with expectations for rapid growth following regulatory approvals [14][30] - The overall market dynamics indicate a shift towards more standardized services and data-driven customer management, which may further influence the competitive landscape [33]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights Meituan's acquisition of Dingdong Maicai for approximately $717 million, aiming to enhance its instant retail supply chain efficiency. Dingdong Maicai has achieved profitability for 12 consecutive quarters and operates over 1,000 front warehouses in China, with a monthly purchasing user base exceeding 7 million [4][24][27] - The report emphasizes the importance of supply chain efficiency and product quality in the competitive landscape of the instant retail industry, suggesting that the focus will shift towards these aspects post-acquisition [27] Summary by Sections Industry Dynamics - Meituan's acquisition of Dingdong Maicai is expected to create synergies in supply chain, regional layout, and warehouse scale, enhancing operational efficiency in the East China region [24][27] - Dingdong Maicai's established direct sourcing and self-operated production capabilities are anticipated to be preserved and amplified within Meituan's platform [27] Investment Themes - Investment Theme 1: Focus on high-end and fashionable gold jewelry brands, recommending companies like Laopuhuangjin and Chaohongji, which are expected to benefit from the emotional consumption trend [6][29] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Pola [6][29] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading chain medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][29] Market Performance - The retail and social service indices reported a slight decline of 0.34% and a slight increase of 0.02% respectively during the week of February 2 to February 6, 2026 [14][15] - The brand cosmetics sector showed the highest weekly increase of 4.99%, while the watch and jewelry sector led with a year-to-date increase of 16.56% [16][19] Company Highlights - Laopuhuangjin reported a significant revenue increase of 250.9% in FY2025H1, driven by brand expansion and customer base growth [31][32] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in 2025, supported by differentiated product strength and multi-channel marketing [31][32] - Meilitiantian Medical Health anticipates a net profit increase of at least 34% in 2025, driven by both internal growth and acquisitions [39][40]

商贸零售 行 业 研 究 2026 年 02 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-02 2025-06 2025-10 商贸零售 沪深300 相关研究报告 《功效护肤品牌 HBN 母公司护家科 技递表港交所—行业周报》-2026.2.1 《老铺黄金 SKP 活动开启，关注春节 销售超预期催化 — 行 业 周 报 》 -2026.1.25 《2025 年社零同比+3.7%，海南封关 首 月 表 现 亮 眼 — 行 业 点 评 报 告 》 -2026.1.19 行业关键词：霸王茶姬、琳朝珠宝、阿嬷手作、壹网壹创、千问等 【霸王茶姬】霸王茶姬开设首家泰国旗舰店。 【琳朝珠宝】琳朝珠宝全国第二家门店落子南京德基广场。 【阿嬷手作】阿嬷手作跨界试水餐饮，推出高端广西风味螺蛳粉。 【壹网壹创】壹网壹创拟并购 AI 营销公司。 【千问】千问 APP 上线 AI 请奶茶活动引爆流量。 板块行情回顾 本周（2 月 2 日-2 月 6 日），商贸零售和社会服务指数分别报收 2426.99 点/9285.47 点，分别下跌 0.34%/上涨 ...

Core Viewpoint - New Oxygen is regaining pricing power in the medical beauty industry, which may lead to improved profitability despite previous challenges [4][5][8]. Group 1: Industry Dynamics - The medical beauty industry has seen a significant price war, with New Oxygen introducing competitively priced products like the "Miracle Youth 1.0" at 4,999 yuan, compared to the market price of 18,800 yuan for similar products [12][13]. - The industry is characterized by a fragmented pricing structure, where the same product can have vastly different prices across various platforms and institutions, indicating a loss of control by upstream manufacturers [15][16]. - New Oxygen's strategy includes a focus on "transparent medical beauty," aiming to make treatments affordable for a broader audience, including those with lower incomes [18][24]. Group 2: Cost Structure and Profitability - The cost structure of medical beauty products reveals that marketing costs can account for 30% to over 50% of expenses, while supply chain costs range from 20% to 30% [24][27]. - New Oxygen has managed to reduce its marketing costs to below 10% by leveraging community engagement and avoiding traditional sales models [28]. - Despite efforts to optimize costs, the overall profit margins in the industry remain low, with many downstream institutions operating at a loss [38][44]. Group 3: Company Performance and Strategy - New Oxygen has expanded its offline business with the launch of "New Oxygen Youth Clinics," aiming to increase its market presence and improve procurement power through large-scale purchases [41][49]. - The company has faced declining net profits, with figures showing a loss of 5.87 million yuan in 2025, highlighting the challenges in transitioning from an online to an offline model [44][48]. - The introduction of the "Miracle Youth" series has positively impacted New Oxygen's stock price, which rose significantly after the launch of the second version [50]. Group 4: Market Outlook - The market for micro-sphere regeneration products, including those offered by New Oxygen, is projected to reach 10.77 billion yuan by 2028, indicating substantial growth potential in this segment [51]. - The increasing approval of medical device registrations is expected to further dilute the pricing power of manufacturers, impacting overall industry profitability [33][37].

Core Viewpoint - The ChiNext Medical Index (970082) closed at 3882.75 points, down 0.63%, with a trading volume of 14.157 billion yuan and a turnover rate of 2.13% on February 6 [1] Group 1: Index Performance - Among the index constituents, 22 stocks rose while 28 stocks fell, with Tigermed leading the gainers at 3.06% and Aier Eye Hospital leading the decliners at 3.82% [1] - The top ten constituents of the ChiNext Medical Index include Aier Eye Hospital (9.18% weight, latest price 11.07, -3.82% change) and Tigermed (8.52% weight, latest price 65.65, +3.06% change) [1] Group 2: Market Capitalization - The total market capitalization of Aier Eye Hospital is approximately 103.232 billion yuan, while Tigermed's market capitalization is around 56.526 billion yuan [1] - Other notable companies include Mindray Medical (229.746 billion yuan) and Kanglong Chemical (55.486 billion yuan) [1] Group 3: Capital Flow - The net outflow of main funds from the ChiNext Medical Index constituents totaled 604 million yuan, while retail investors saw a net inflow of 412 million yuan [1] - The detailed capital flow shows that Tigermed had a net inflow of 14.716 million yuan from main funds, while retail investors experienced a net outflow of 1.41 million yuan [2]

聚焦AI+医药健康创新赋能，政策从算力保障与场景融合两方面双向发力筑牢技术应用根基。算力支撑 方面，将推动中关村生命科学园三期等重点区域部署生物医药专业化智算设施，为创新主体提供高效算 力保障；AI融合方面，支持医疗卫生机构与垂类大模型企业联合挂牌AI实体医院，构建 "AI+医疗"产业 协同生态，加速技术落地应用。 01 建平台、创机制、设基金 市区联动激活原始创新 《若干措施》由北京市科委、中关村管委会，北京市人才局，北京市发改委，北京市教委，北京市经信 局，北京市卫健委，北京市医保局，北京市药监局8部门联合昌平区政府共同印发，以"培育高质量产业 生态"为核心，全方位优化创新环境。 近日，《关于支持昌平区医药健康产业高质量发展的若干措施（2026-2028年）》（以下简称《若干措 施》）正式印发，为昌平区医药健康产业注入全方位、多层次的政策红利，推动产业实现创新提效、发 展提质、开放提级的跨越式发展。 强化产业发展支撑，以载体升级与服务优化双轮驱动产业生态提质。在产业载体与服务升级上，一方面 持续打造中关村（昌平）智能眼科医工产业园等示范园区，加快未来美城、脑科学与脑机接口产业集聚 区、合成生物制造产业集聚 ...

证券日报网讯2月5日，爱美客（300896）在互动平台回答投资者提问时表示，自公司上市以来，公司董 事长简军女士未减持过公司股份。公司分红政策严格遵循监管要求及公司章程的规定，并基于企业经营 发展实际与全体股东长远利益、兼顾公司可持续发展与股东合理投资回报而制定，相关决策程序合法合 规。 ...

Core Viewpoint - The company, Aimeike (300896.SZ), primarily sells its products to private medical beauty institutions, with a small proportion of sales occurring in public hospitals. The company plans to consider national policies and market demand to continue providing compliant products and services to public hospitals, addressing the growing demand for a better quality of life among the public [1] Group 1 - The company's products are mainly sold to private medical beauty institutions [1] - The sales amount in public hospitals is relatively small [1] - The company will adapt to national policies and market demand [1] Group 2 - The company aims to continuously provide compliant products and services to public hospitals [1] - The focus is on meeting the increasing demand for a better quality of life among the public [1]

风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自身的投资目的、投资期限、投资经验、资产状况等判断基金是否和 投资人的风险承受能力相适应，理性判断市场，谨慎做出投资决策。本材料中相关信息来源于基金管理 人认为可靠的公开资料，相关观点、评估和预测仅反映当前的判断，后续可能有所变化。本材料所含任 何市场观点的内容皆基于相应的假设条件，而任何假设条件都可能随时发生变化。基金管理人不承诺、 不保证任何具有预测性质的市场观点必然得以实现。材料中提及的个股不构成投资推荐或建议。ETF基 金的二级市 ...

Group 1 - A-shares opened lower and experienced significant adjustments, while the pharmaceutical sector showed resilience by performing well in the market [1] - The National Medical Products Administration announced on February 4 that during the 14th Five-Year Plan period, there will be strong support for the innovation and development of the biomanufacturing industry, transitioning the pharmaceutical industry from "follow-up innovation" to "systematic innovation" [1][3] - Analysts are optimistic about the Chinese medicine sector, expecting valuation recovery and performance improvement driven by policy support, cost improvements, and adjustments to the essential drug catalog [3] Group 2 - The raw material drug sector is viewed positively, with expectations of price recovery after several years of price declines, supported by rising prices of bulk commodities and upstream chemicals [3] - The medical ETF, the largest in the market, had a scale of 27.5 billion yuan as of February 3, 2026, indicating strong investor interest [3] - The pharmaceutical sector showed mixed performance, with innovative drug concepts mostly declining, while traditional Chinese medicine leaders like Darentang and Pizaihuang saw significant gains [5]