2026年开年，国内外医美行业迎来税务大地震！ 韩国实施了十年的医美退税政策，于2025年最后一天正式终结；而中国从2026年1月1日起，新《增值税法》明确将营利性美容医疗机构排除在免税政策范 围外。 也就是说，从2026年元旦开始，外国游客到韩国做医美可享退税政策取消了，意味着赴韩医美要多花钱。而中国也从这天开始，对医美机构征收之前免征 的增值税，医美机构的税负提升了，这笔钱最终还是会增加到消费者支付的价格上，国内做医美大概率也要涨价。 中韩医美税收红利时代终结 细究来看，中韩两大医美市场先后按下退免税政策"终止键"，并非临时起意，而是基于产业发展阶段、监管思路变化等，几乎同步做出的政策调整。 内外环境同时收紧，意味着医美全税时代到来了，昔日依赖税收政策优惠的医美赛道，或将迎来新一轮洗牌。 回溯中国医美税收政策脉络，2016年财政部、国家税务总局发布《关于全面推开营业税改征增值税试点的通知》，将"医疗机构提供的医疗服务"纳入增值 税免税范围，但彼时并未明确排除医美机构，导致部分营利性医美机构借"医疗机构"的身份享受免税优惠，长期处于"医疗"与"消费"的模糊地带。 步入2025年，针对这一模糊地带的监管方向逐 ...

Core Viewpoint - The ongoing price war surrounding "童颜针" (youthful needle) is not only challenging the pricing system of the medical beauty industry but also represents a critical transformation path for the company, 新氧 (So-Young) [2][14]. Group 1: Price War and Market Dynamics - 新氧 has significantly reduced the price of "童颜针" from over 10,000 RMB to 2,999 RMB, aiming to gain control over pricing autonomy [2][10]. - The company faces accusations from suppliers like 普丽妍, which has labeled many of 新氧's clinics as "non-official partners," questioning the legitimacy of their product sources and medical qualifications [3][4]. - The price reduction strategy is seen as a challenge to the traditional profit distribution model in the medical beauty industry, where high prices were previously justified by perceived quality [6][7]. Group 2: Transformation Challenges - 新氧 is transitioning from a platform-based model to a direct participant in the medical beauty industry by establishing its own clinics, which has led to conflicts with previously partnered medical institutions [14][15]. - The company's revenue from information and reservation services has declined significantly, with a 34.5% year-on-year drop in the third quarter [14]. - Despite the aggressive expansion into self-operated clinics, 新氧 has reported continuous losses, with a net loss of 64.8 million RMB in the third quarter of 2025 [15][16]. Group 3: Financial Performance and Cost Structure - 新氧's aesthetic treatment services revenue surged by 304.6% year-on-year to 1.84 billion RMB in the third quarter, becoming the largest revenue source [17]. - The gross profit margin for 新氧's medical aesthetic services was reported at only 24.25% in the second quarter of 2025, indicating a significant deviation from industry standards [8][9]. - The company is focusing on cost optimization through strategies like scale procurement and supply chain integration to improve profitability [17]. Group 4: Regulatory and Compliance Issues - 新氧 has faced multiple complaints regarding service quality and compliance, with 876 complaints recorded on consumer platforms, including issues related to false advertising and operational violations [17][19]. - The company has been penalized for non-compliance with national standards, highlighting the regulatory risks associated with its rapid expansion [17][18]. - 新氧 emphasizes that its low pricing strategy does not compromise regulatory compliance and is committed to addressing consumer feedback seriously [19].

Core Viewpoint - The cosmetic medical industry in China, once seen as highly profitable, is now facing significant challenges due to increased competition and changing consumer attitudes, leading to a collective sense of anxiety among companies in the sector [4][30]. Group 1: Industry Overview - The cosmetic medical sector has experienced structural adjustments over the past four years, with many leading companies, including "Mei Ke" (爱美客), facing declining performance and stock prices [4][30]. - "Mei Ke" has seen its dynamic price-to-earnings ratio drop from over 300 times in 2021 to around 30 times, with its market capitalization falling by approximately 120 billion yuan from its peak [4][5]. Group 2: Competitive Landscape - "Mei Ke" is attempting to diversify its business by entering the "hair medical" field and launching new products, but the focus remains on the competitive battle for the exclusive agency rights of the "AestheFill" product [5][11]. - The ongoing dispute between "Mei Ke" and Jiangsu Wuzhong over the exclusive rights to "AestheFill" highlights the intense competition and desperation within the industry as companies seek new growth opportunities [10][12]. Group 3: Financial Performance - "Mei Ke" reported a revenue decline of 17.9% year-on-year in Q1, with a net profit decrease of 15.87%, marking the first decline in nearly five years [30][31]. - The company's half-year report showed a revenue drop of 21.59% and a net profit decline of 29.57%, indicating a significant slowdown in growth compared to previous years [30][31]. Group 4: Market Dynamics - The medical beauty market is experiencing a downturn, with 63% of institutions reporting revenue declines and only 14% achieving growth in the first half of 2025 [32][33]. - The primary consumer base, middle-class women in major cities, is showing reduced spending power, leading to a more cautious approach to cosmetic procedures [33][35]. Group 5: Future Outlook - The ongoing legal battle over "AestheFill" reflects the broader challenges facing the cosmetic medical industry as companies navigate a difficult transition period marked by fierce competition and declining profitability [40][41].

Core Viewpoint - The cosmetic medical industry in China, once seen as highly profitable, is now facing significant challenges due to increased competition and changing consumer attitudes, leading to a collective sense of anxiety among companies in the sector [4][6]. Group 1: Industry Overview - The cosmetic medical sector has experienced structural adjustments over the past four years, with many leading companies, including "medical beauty Maotai" Aimeike, facing declining performance and stock prices [4][6]. - Aimeike's dynamic price-to-earnings ratio has plummeted from over 300 times in 2021 to around 30 times, with its market capitalization dropping by approximately 120 billion yuan from its peak [4][6]. Group 2: Competitive Landscape - Aimeike is attempting to diversify its business by entering the "hair medical" field and launching new products, but the real market focus is on the competition for the exclusive agency rights of the "AestheFill" product [6][11]. - The ongoing dispute between Aimeike and Jiangsu Wuzhong over the exclusive rights to AestheFill highlights the intense competition and desperation within the industry as companies seek new growth opportunities [8][11]. Group 3: Financial Performance - Aimeike's revenue for the first quarter of the year was 663 million yuan, a year-on-year decrease of 17.9%, marking the first decline in nearly five years [26][29]. - The company's half-year report showed a revenue of 1.299 billion yuan, down 21.59% year-on-year, and a net profit of 789 million yuan, down 29.57% [27][29]. Group 4: Market Dynamics - The medical beauty market is experiencing a downturn, with 63% of institutions reporting revenue declines in the first half of 2025, and only 14% achieving growth [29][34]. - The competition has intensified, with price wars becoming common as companies struggle to maintain market share, leading to a significant slowdown in revenue growth for established players like Aimeike [32][34].

Core Viewpoint - The cosmetic medical industry in China, once seen as highly profitable, is now facing significant challenges due to increased competition and changing consumer attitudes, leading to a collective sense of anxiety among companies in the sector [2][30]. Group 1: Industry Overview - The cosmetic medical sector has experienced structural adjustments over the past four years, with many leading companies, including "medical beauty Maotai" Aimeike, facing declining performance and stock prices [2][4]. - Aimeike's dynamic price-to-earnings ratio has plummeted from over 300 times at its peak in 2021 to around 30 times, with its market capitalization dropping by approximately 120 billion yuan from its peak [4][30]. Group 2: Competitive Landscape - Aimeike is attempting to diversify its business by entering the "hair medical" field and launching new products, but the real market tension stems from a dispute over the exclusive agency rights for the "AestheFill" product, which is highly lucrative [6][11]. - The ongoing arbitration between Aimeike and Jiangsu Wuzhong reflects the broader struggles within the cosmetic medical industry as companies grapple with stagnant growth and seek new revenue streams [8][10]. Group 3: Financial Performance - Aimeike's revenue for the first quarter of the year was 663 million yuan, a year-on-year decrease of 17.9%, and its net profit also saw a decline of 15.87% [30][32]. - The company's half-year report indicated a revenue drop of 21.59% and a net profit decrease of 29.57%, marking the first decline in nearly five years [30][32]. Group 4: Product and Market Dynamics - The AestheFill product, which can sell for 20,000 yuan per unit, is projected to generate sales of 326 million yuan in 2024 for Jiangsu Wuzhong, highlighting its market potential [12][14]. - The competitive environment has intensified, with 63% of cosmetic medical institutions reporting revenue declines, and only 14% achieving growth in the first half of 2025 [33][37].

Core Viewpoint - The entry of the company into offline aesthetic medical clinics has led to a public rift between upstream and downstream players in the medical beauty industry, revealing long-standing grievances over interests [1] Group 1: Financial Performance - The total revenue of SOYOUNG CLINIC reached 144 million yuan, marking a year-on-year increase of 426.1%, and has become the largest revenue source for the group [2] - The company's total revenue for the second quarter was 378.7 million yuan, down 7% year-on-year, with a net loss of 36 million yuan compared to a net profit of 18.9 million yuan in the same period last year [19][20] Group 2: Market Dynamics - The company has faced accusations from numerous medical beauty institutions of being "unfaithful" and "biting the hand that feeds," particularly from its advertising clients [2] - The company’s transition from an online platform to a direct competitor in the offline space has led to a loss of trust and a phenomenon termed "de-SOYOUNGification" among partner institutions [7][8] Group 3: Strategic Decisions - The company’s management believes that self-reform is a strength rather than a weakness, despite facing resistance from some partner institutions [9] - The CEO indicated that the shift to offline operations was a long-planned strategy, initiated years ago, rather than a sudden decision [19] Group 4: Competitive Landscape - The company’s entry into the offline market has sparked direct competition with its former partners, leading to significant tensions, including a notable incident where a major client threatened to withdraw advertising spending if the new clinic opened nearby [5][6] - The company has been accused of engaging in a "price war," with significant price reductions for certain services, which has drawn criticism from upstream suppliers [17] Group 5: Business Model and Operations - The company claims that its self-operated clinics and platform services are complementary rather than competitive, with a focus on different market segments [10] - The company has implemented a separation strategy to maintain the platform's neutrality while still directing traffic to its own clinics, although this has raised questions about the integrity of its operations [14][15]

Core Viewpoint - The performance of listed medical beauty companies in China shows significant divergence in the first half of 2025, with major players in the hyaluronic acid market facing growth bottlenecks while companies in the collagen reconstruction sector are experiencing substantial growth [1][2]. Group 1: Performance of Major Companies - Huaxi Biological reported revenue of 2.261 billion yuan, a year-on-year decline of 19.57%, and a net profit of 221 million yuan, down 35.38% [2]. - Haohai Biological achieved revenue of 1.304 billion yuan, a decrease of 7.12%, with a net profit of 211 million yuan, down 10.29% [2]. - Aimeike's revenue was 1.299 billion yuan, down 21.59%, with a net profit of 789 million yuan, a decline of 29.57% [2]. - In contrast, Jinbo Biological, the first stock of collagen reconstruction on the Beijing Stock Exchange, reported revenue of 859 million yuan, an increase of 42.43%, and a net profit of 392 million yuan, up 26.65% [1][2]. Group 2: Market Dynamics - The medical beauty industry is undergoing a transformation driven by increasing aesthetic demands and technological upgrades, necessitating higher core technology and product innovation capabilities from companies [3]. - The competition in the hyaluronic acid sector has intensified, with a significant increase in supply and aggressive pricing strategies from downstream medical beauty institutions [4]. - The market for collagen reconstruction products is rapidly growing, with projections indicating a compound annual growth rate of 44.93%, reaching 585.7 billion yuan by 2025 [9][10]. Group 3: Strategic Adjustments - Companies like Huaxi Biological are shifting from a traffic-driven sales model to a brand communication strategy based on scientific validation, aiming to enhance brand efficacy and customer acquisition [5][6]. - Haohai Biological is focusing on high-end hyaluronic acid products, with the "Haimeiyuebai" product showing promising market performance despite overall revenue declines in its hyaluronic acid segment [7]. - Aimeike acknowledges the shift towards a user-oriented market, emphasizing the importance of product innovation and systematized competition [8]. Group 4: Regulatory and International Expansion - The medical beauty industry is witnessing an increase in compliant products, with several companies obtaining third-class medical device registration certificates, enhancing market options [11][12]. - Companies are actively pursuing international markets, with Huaxi Biological reporting 331 million yuan in international raw material business revenue, accounting for 52.93% of its raw material income [12][13]. - Aimeike's acquisition of a majority stake in a South Korean company marks its strategic entry into the global regenerative injection market [13].

Core Insights - Ruili Medical Beauty reported a revenue of 85 million RMB for the first half of 2025, a decline of 27.3% compared to the previous year, with a net loss of 8 million RMB, indicating a worsening financial situation [1] - The report highlights the brutal logic of industry reshuffling, as leading companies build competitive advantages through technological iteration and product innovation, while Ruili struggles with "revenue collapse and increasing losses" [1] - The core business of medical beauty services is experiencing persistent growth challenges, particularly in surgical projects, reflecting a consumer shift towards lighter, non-surgical services [1] Business Challenges - There is a significant disconnect between business segments, with new growth points like consulting failing to effectively fill the revenue gap [2] - The lack of synergy between upstream equipment development and terminal services hampers the conversion of R&D investments into differentiated client experiences, leading to a disconnection between technical investment and market returns [2] - The company's strategy of increasing investment in technology R&D faces severe short-term operational balance challenges, as high capital consumption pressures cash flow and profit margins [2] Strategic Focus - The strategic focus of the company remains unclear between being a "service provider" and a "technology solution provider," leading to dispersed resource allocation [2] - The reliance on traditional medical beauty service models complicates the ability to support the sustained investment intensity required for heavy asset R&D [2] - Without a clear phased implementation path, the company's transformation may remain trapped in the pain of the investment period for an extended time [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of the year, reflecting the overall slowdown in the industry and intensified competition [2][3]. Group 1: Financial Performance - The company achieved operating revenue of 1.3 billion yuan, a year-on-year decrease of 21.59% [2]. - The net profit for the first half was 791 million yuan, down 29.44% year-on-year [2]. - The company plans to distribute a cash dividend of 12 yuan per 10 shares (including tax), totaling 362 million yuan [4][5]. Group 2: Industry Trends - The Chinese medical aesthetics industry is experiencing a transition from scale expansion to value reconstruction, with market growth continuing but at a slower pace [3]. - Increased competition is noted due to a rise in approved medical beauty product registrations, leading to a more fragmented consumer demand [3]. - The high-end and mass markets are showing signs of differentiation, with new injectable products becoming industry focal points [3]. Group 3: Research and Development - The company increased its R&D expenses to 157 million yuan, a year-on-year growth of 24.47%, accounting for 12.05% of revenue [4]. - New products, including a medical-grade gel, were launched, and several products are in various stages of clinical trials and regulatory approval [4]. - The company holds 12 approved Class III medical device products and 7 approved Class II medical device products, with a total of 182 effective authorized patents [4]. Group 4: Strategic Acquisitions - The company made a strategic investment by acquiring 85% of South Korean REGEN for 190 million USD, enhancing its global market presence [6]. - REGEN is recognized for its polylactic acid-based skin filler products, which complement the company's existing product offerings [6]. - The acquisition is expected to provide diverse solutions for consumers and drive future revenue growth [6].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of the year, reflecting the overall slowdown in the industry and intensified competition [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 1.3 billion yuan, a year-on-year decrease of 21.59% [1]. - The net profit for the first half was 791 million yuan, down 29.44% year-on-year [1]. - The company plans to distribute a cash dividend of 12 yuan per 10 shares (including tax), totaling 362 million yuan [3]. Group 2: Industry Trends - The Chinese medical aesthetics industry is experiencing a strategic transformation from scale expansion to value reconstruction, with market growth continuing but at a slower pace [2]. - Increased competition is noted due to a rise in approved medical beauty product registrations, leading to a more fragmented consumer demand [2]. - The high-end market and mass market are showing signs of differentiation, with new injectable products becoming industry focal points [2]. Group 3: Research and Development - The company increased its R&D expenses to 157 million yuan, a year-on-year growth of 24.47%, accounting for 12.05% of revenue [3]. - New products, including a medical-grade gel, were launched, and several products are in various stages of clinical trials and regulatory approval [3]. - The company holds 12 approved Class III medical devices and 7 approved Class II medical devices, with a total of 182 effective authorized patents [3]. Group 4: Strategic Acquisitions - The company made a strategic investment by acquiring 85% of South Korean REGEN for 190 million USD, enhancing its global market presence [4]. - REGEN is recognized for its polylactic acid-based skin filler products, which have received approvals in multiple countries [4]. - The acquisition is expected to complement the company's existing product matrix and provide diverse solutions for consumers [4][5].