香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 Sihuan Pharmaceutical Holdings Group Ltd. 四環醫藥控股集團有限公司 （於百慕達註冊成立的有限公司） （股份代號：0460） 自願公告 四環醫藥旗下渼顏空間自主研發的 含L－肌 肽 的 複 合 溶 液 水 光 針「凍 妍」 獲得國家藥監局批准上市 四 環 醫 藥 控 股 集 團 有 限 公 司（「本公司」或「四環醫藥」，連 同 其 附 屬 公 司，統 稱 為「本集團」）董 事 會（「董事會」）欣 然 宣 佈，本 集 團 旗 下 渼 顏 空 間 生 物 科 技（吉 林） 有 限 公 司（「渼顏空間」）自 主 研 發 的 注 射 用 透 明 質 酸 鈉 複合溶液（商 品 名：凍 妍， 「該產品」）正 式 獲 得 中 國 國 家 藥 品 監 督 管 理 局（「國家藥監局」）頒 發 第 三 類 醫 療 器 械 註 冊 ...

在内生+外延的双重驱动下，朗姿股份(002612)进一步加快了泛时尚产业布局速度，并推动朗姿医疗美 容业务的全国布局。 9月10日晚间，朗姿股份发布公告，拟斥资近亿元收购重庆米兰柏羽时光整形美容医院有限公司（下 称"重庆米兰柏羽"）控股权，上市公司医美业务盈利能力有望得到进一步优化与改善，且医美业务资产 规模、收入规模和利润规模将持续增加。 标的未来三年净利不低于3101万元 9月10日，朗姿股份下属全资子公司北京朗姿医疗管理有限公司（以下简称"北京朗姿医管"）与芜湖博 恒二号创业投资合伙企业（有限合伙）（下称"博恒二号"）签署了《股权转让协议》，北京朗姿医管拟 以现金方式收购博恒二号持有的重庆米兰柏羽67.50%的控股权。 根据资产评估报告显示，截至2025年3月31日，在采用收益法评估后，重庆米兰柏羽100%股权评估值结 果为1.37亿元。基于以上评估结果，经交易双方协商一致，重庆米兰柏羽67.50%股权的转让价格为 9247.50万元。此次股权转让完成后，北京朗姿医管将持有重庆米兰柏羽67.5%控股权，后者将纳入上市 公司合并报表范围。 据悉，重庆米兰柏羽是一家专业从事医疗美容服务，总营业面积达5600 ...

Core Viewpoint - Aimeike (300896.SZ), a leading player in the medical aesthetics industry, reported a significant decline in revenue and net profit for the first half of 2025, leading to a drop in stock price following the announcement [1][2]. Financial Performance - The company achieved operating revenue of 1.299 billion yuan, a year-on-year decrease of 21.59% [1]. - Net profit attributable to shareholders was 789 million yuan, down 29.57% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was 722 million yuan, a decline of 33.70% [1]. - The net cash flow from operating activities was 655 million yuan, down 43.06% year-on-year [1]. - Basic and diluted earnings per share were both 2.62 yuan, a decrease of 29.57% [1]. - The weighted average return on net assets was 10.10%, down 6.52 percentage points from the same period last year [1]. Product Performance - Revenue from solution-type injection products was 744 million yuan, a decrease of 23.79% year-on-year [1]. - Revenue from gel-type injection products was 493 million yuan, down 23.99% year-on-year [1]. - Gross margins for solution-type and gel-type products were 93.15% and 97.75%, respectively [1]. Research and Development - The company invested 157 million yuan in R&D, an increase of 24.47% year-on-year [1]. - Several products, including botulinum toxin injections and lidocaine cream, are in the registration phase, while others are undergoing clinical trials [1]. Asset and Equity Position - As of the end of the reporting period, total assets were 8.765 billion yuan, an increase of 5.09% from the previous year [2]. - Net assets attributable to shareholders were 7.456 billion yuan, a decrease of 4.37% from the previous year [2]. Dividend Distribution - The board approved a profit distribution plan to pay a cash dividend of 12 yuan (including tax) for every 10 shares, with no bonus shares or capital reserve transfers [4]. Legal Matters - The company is involved in arbitration with *ST Suwu regarding the "Tian Yan Needle" and has taken steps to protect its interests in the ongoing legal dispute [5].

Group 1 - The core viewpoint of the report highlights the growth potential of Ruiri Medical Technology, which is expanding its business from energy-based medical aesthetics to a diversified beauty and health ecosystem through acquisitions and market expansion [1] - The global market for energy-based medical devices reached $5.7 billion in 2022, with a projected CAGR of 13.8% from 2023 to 2030, indicating strong growth prospects [1] - North America accounted for 35.4% of the global market in 2022, while the Asia-Pacific region is expected to have a higher growth rate of 15.6% from 2023 to 2030 [1] Group 2 - The company is focusing on product development, channel expansion, and research and development to achieve steady global growth [1] - The product range includes various energy sources such as lasers, intense pulsed light, radiofrequency, ultrasound, plasma, and shockwave, catering to comprehensive beauty needs [1] - The company has established a sales network covering over 110 countries and regions by combining distribution and direct sales strategies, aiming for significant optimization of product pricing and overall performance [1] Group 3 - Long-acting botulinum toxin is expected to gain rapid market acceptance due to its advantages, including a median duration of 6 months and a maximum of 9 months, addressing consumer concerns about frequent injections [2] - The industry is anticipated to accelerate its development phase due to improved policies, consumer education, product technology iterations, and channel penetration [2] - Revenue projections for the company are $395 million, $468 million, and $530 million for 2025, 2026, and 2027, respectively, with corresponding net profits of $31 million, $45 million, and $57 million [2]

Core Insights - The medical beauty industry is rapidly emerging, driven by advancements in medical technology and evolving consumer perceptions, expanding from traditional cosmetic surgery to non-invasive beauty treatments, laser skincare, and body management [1][16] - The industry is experiencing significant growth potential due to improved consumer decision-making facilitated by big data, alongside a push towards standardization through enhanced regulation [1][16] - The long-term outlook for the industry remains positive, supported by rising disposable incomes and increasing demand for quality living [1][16] Industry Overview - Medical beauty, abbreviated as "医美," utilizes medical methods, including drugs, instruments, and surgeries, to enhance external beauty and improve physiological functions [2] - The industry encompasses various segments, including facial beauty, body beauty, skin beauty, non-invasive beauty, and oral beauty [2] Market Trends - Consumer acceptance of light medical beauty is increasing, with 34% of consumers planning to engage in light medical beauty services in the coming year, reflecting a 36% year-on-year growth [5] - The emerging consumer base includes young people, men, and consumers from lower-tier markets, indicating a shift in demand driven by changing aesthetic values and rational consumption attitudes [5] Industry Structure - The medical beauty industry chain consists of upstream products and equipment, midstream service providers, and downstream customer acquisition platforms, with a stable upstream structure and a competitive midstream landscape [7][8] - Upstream manufacturers face high entry barriers due to regulatory requirements and technical challenges, making it the most profitable segment of the industry [8] - The downstream market is characterized by intense competition and low concentration, with 71% of service providers being private clinics or beauty salons [10] Market Size and Growth - The Chinese medical beauty market has shown steady growth, with a compound annual growth rate (CAGR) of 17.5% from 2017 to 2021, reaching nearly 190 billion yuan, and is projected to grow at a CAGR of 15.2% to nearly 400 billion yuan by 2026 [11] - The penetration rate of medical beauty services in China was 4.5% in 2022, indicating significant room for growth compared to Japan (11.3%), the U.S. (17.2%), and South Korea (22.0%) [11] Regulatory Environment - The industry has faced challenges such as varying qualifications, false advertising, and price transparency issues, prompting the government to enhance regulatory frameworks and industry standards [14] - Increased compliance awareness among institutions and improved consumer protection mechanisms are expected to foster a healthier development phase for the industry [14] Investment Opportunities - Key companies in the medical beauty sector include Aimeike, Huaxi Biological, Longzi Co., and Huadong Pharmaceutical, which are positioned to benefit from the industry's growth and regulatory improvements [16]

Group 1 - The core viewpoint of the article highlights that New Oxygen Technology (SY.US) reported a revenue decline in Q1 2025, but still exceeded market expectations [1] - In Q1 2025, the company's revenue reached 40.97 million USD, a decrease of 6.6% year-on-year, while the GAAP diluted loss per share was 0.04 USD, slightly better than the market average expectation of a loss of 0.05 USD [1] - The decline in revenue was primarily due to a reduction in the number of medical beauty institutions on the subscription platform [1] Group 2 - The total transaction amount for medical beauty treatments facilitated by the platform in Q1 was 30.32 million RMB, down from 36.71 million RMB in the same period of 2024 [1] - The number of verified paid visits exceeded 45,500, showing a nearly ninefold increase compared to approximately 4,600 visits in the same period of 2024 [1] - The number of active users as of March 31, 2025, was over 75,700, compared to about 8,000 in the same period of 2024 [1] Group 3 - As of March 31, 2025, New Oxygen operates 23 medical beauty centers in nine major cities, with 18 centers achieving positive monthly operating cash flow [2] - For Q2 2025, the company expects medical beauty service revenue to be between 120 million RMB (approximately 16.5 million USD) and 140 million RMB (approximately 19.3 million USD), representing a year-on-year growth of 337.3% to 410.1% compared to the same period in 2024 [2]