证 券 研 究 报 告 仙乐健康（300791）2025 年中报点评 强推（维持） 经营稳中向好，关注 BFPC 优化 事项： ❖ 公司发布 2025 年中报。2025 年 H1 实现营业总收入 20.4 亿元，同增 2.6%， 归母净利润 1.61 亿元，同增 4.3%，扣非归母净利润为 1.59 亿元，同增 3.3%； 单 Q2 实现营收 10.9 亿元，同增 4.7%，归母净利润 0.92 亿元，同增 1.1%，扣 非归母净利润为 0.94 亿元，同增 5.5%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,211 | 4,587 | 5,093 | 5,563 | | 同比增速(%) | 17.6% | 8.9% | 11.0% | 9.2% | | 归母净利润(百万) | 325 | 352 | 451 | 524 | | 同比增速(%) | 15.7% | 8.3% | 28.3% | 15.9% | | 每 ...

Q&A 丸美生物 20250825 摘要 2025 年上半年，完美生物营收 6 亿元，同比增长 5.21%，扣非净利润 1.77 亿元，同比增长 6.64%。线上渠道营收占比达 88.87%，同比增 长 37.85%，线下渠道同比下滑 7.07%。 完美品牌营收 12.5 亿元，同比增长 34.36%，占总营收 70.72%，其 中抖音等内容电商增长超 70%。PL 恋火品牌营收 5.16 亿元，同比增长 23.87%，占总营收 29.22%。眼部护理和小金针系列产品表现突出。 公司研发费用 4,069 万元，同比增长 13.53%，新增 3 项产学研合作项 目，建成珠海横琴实验室。累计申请专利 619 项，获得授权专利 365 项，其中发明专利占比 70%。 完美生物坚持品牌长期主义，深耕眼部护理和抗衰领域。小红笔眼霜在 多个平台榜单中稳居前列，重组胶原蛋白赛道全链路布局成效显著，线 上线下同步扩品推新。 2025 年上半年，完美公司销售同比增长 150%，营销费用占比下降 14%，投产比持续优化。通过代言人营销和主题活动，品牌曝光量显著 提升，人群资产大幅增长。 请介绍完美生物 2025 年上半年的财务表 ...

当下抗衰市场正经历"质的变革"，消费者愈发理性，对治疗"精准、舒适、有效"的要求持续提升；行业 竞争也转向"价值战"，技术壁垒、合规实力与运营效率成为突围关键。 在此背景下，8月18日，"高能新生 探见未来"YOUMAGIC舒立缇全新一代高能单极射频区域会于"创新 之城"深圳成功举办，以创新之力探索抗衰领域的新可能。活动汇聚医学权威、行业领袖及资深平台运 营操盘手展开深度分享，给行业带来前瞻性战略思维、硬核创新技术、可靠的临床效果、有效的运营增 长方法，用多位一体的解决方案，全面打通产业协同增长的路径。 以"清华底色"构筑长效价值，以产业协同带动生态共赢 本次大会在深圳清华大学研究院举办，这一选址与YOUMAGIC舒立缇深厚的"清华基因"形成深度呼 应。作为研发和创新根植于清华工物系的技术驱动型抗衰品牌，YOUMAGIC舒立缇从诞生之初便承载 着清华严谨的科研精神与前沿的技术视野，在推动射频技术从"书架"走向"货架"的过程中，融合了清华 物理、医学、美学多学科交叉成果。在深耕行业的过程中，YOUMAGIC舒立缇始终以源自清华的"高能 技术力"与"新生改变力"为前进内核，既秉持长期主义价值观，又坚守"自强不息， ...

Core Viewpoint - New Oxygen (SY.O) has become a focal point in the medical beauty industry, experiencing a 440% surge in stock price over 30 days, despite a 7% year-on-year decline in revenue for Q2 2025 [1][2]. Revenue Performance - In Q2 2025, New Oxygen reported revenue of 379 million yuan, down 7% year-on-year, with a net loss of 36 million yuan [2][14]. - The platform business generated 135 million yuan, a decline of over 33% year-on-year, primarily due to a decrease in the number of medical service providers subscribing to its platform [10][11]. - Conversely, the offline medical beauty chain business achieved significant growth, with revenue of 144 million yuan, representing over 400% year-on-year growth, marking the first time this segment surpassed the platform business [4][12][13]. Business Transformation - New Oxygen is transitioning towards offline medical beauty institutions, showing initial positive results [3]. - The CEO, Jin Xing, anticipates the opening of several new stores in the second half of the year, with plans for 2-3 pilot franchise stores [6][21]. Market Strategy - The company is focusing on the anti-aging market, developing products centered around "Miracle Youth" injections [7]. - New Oxygen has launched nine approved youth injections, benefiting from a price reduction trend in upstream materials, which enhances its revenue potential [8][26]. Store Operations - As of June 2025, New Oxygen operates 29 self-managed stores across nine cities, with 25 stores generating positive monthly cash flow [17]. - The majority of revenue in Q2 came from 14 stores in the growth phase, contributing 90 million yuan, accounting for over 60% of total revenue [18]. Future Growth Potential - The company plans to increase its store count to 50 by the end of the year, with a focus on major cities like Beijing [21]. - New Oxygen is exploring a cautious franchise model to maintain service standards across both franchise and self-managed stores [23]. Competitive Landscape - New Oxygen's customer acquisition cost is low, with over 70% of new customers coming from private traffic and referrals [26]. - The company faces competition from major internet players entering the offline medical beauty space, which could impact its market position [26][29].

Core Insights - The event "YOUMAGIC Shuliti New Generation High-Energy Monopolar RF Regional Conference - Wuhan Station" successfully facilitated deep discussions on technological innovation and commercial breakthroughs in the anti-aging sector [1] - The conference gathered top experts across technology research, clinical practice, business operations, and digital marketing to dissect pathways for industry breakthroughs and share methodologies for creating popular products [1] Group 1: Technological Innovation - YOUMAGIC Shuliti is positioned as an innovative product and a comprehensive anti-aging solution emphasizing professionalism and effectiveness [3] - The device utilizes "capacitive monopolar RF" technology, which stimulates the skin through heat to achieve multiple effects such as skin tightening and wrinkle improvement [5] - The 100ms pulse technology allows for quicker energy release and selective heating, enhancing treatment effectiveness without the need for anesthesia [5] Group 2: Clinical Efficacy - Clinical data indicates that YOUMAGIC Shuliti achieved a 100% effective rate in global beauty effect evaluation (GAIS) at three months and a 96.2% wrinkle improvement rate at six months, outperforming similar imported devices [7] - The device features a visual energy density system that allows for flexible adjustments based on skin tolerance, thereby improving treatment efficiency [7] Group 3: Market Strategy and Commercialization - The conference highlighted the importance of strategic big-ticket items in the anti-aging sector, with YOUMAGIC Shuliti being identified as a strategic big product capable of generating significant revenue [11] - A detailed operational plan was shared, indicating that institutions could achieve approximately 4 million in revenue by completing 200 treatments in 45 days [12] - YOUMAGIC Shuliti has already enabled some institutions to achieve sales results of 98 treatments in 25 days, with a maximum of 9 treatments in a single day [12] Group 4: Marketing and Consumer Insights - The marketing strategies discussed emphasized the need for personalized and compliant approaches to meet the evolving demands of consumers in the medical aesthetics sector [14] - Future collaborations with platforms aim to establish comprehensive marketing and conversion pathways to enhance user engagement and business opportunities [14] Group 5: Industry Trends and Future Directions - The event underscored a shift towards "systemic collaboration" in the industry, driven by consumer upgrades and technological innovations [16] - YOUMAGIC Shuliti is poised to lead the industry towards high-quality development by leveraging the insights gained from the event [16]

Core Insights - The medical beauty industry is undergoing transformation driven by technological advancements and evolving aesthetic perceptions, with non-surgical procedures becoming increasingly popular, particularly in anti-aging treatments [1] - Injection-based aesthetic procedures are gaining traction due to their effectiveness, short recovery times, and high repeat purchase rates, positioning the injection market as a new growth area within the medical beauty sector [1] Group 1: Injection Aesthetic Concepts and Classification - Injection aesthetic procedures are primarily categorized into hyaluronic acid, botulinum toxin, collagen, regenerative injectables, lipolytic injections, and thread lifting, with hyaluronic acid and botulinum toxin dominating the market [2] - In 2023, botulinum toxin treatments led globally with 8.878 million procedures, followed by hyaluronic acid with 5.565 million procedures, indicating a strong preference for these two categories [2] Group 2: Market Heat Analysis - The injection aesthetic market is experiencing rapid growth, driven by advancements in materials and techniques, with synthetic regenerative materials becoming a focal point for investment [6] - By 2024, approximately 60% of investments in injection materials are expected to be directed towards regenerative biological materials, highlighting a shift towards innovative solutions in the market [6] Group 3: Hyaluronic Acid Market Development - Hyaluronic acid maintains a strong market position, with a growth rate of 29.1% from 2022 to 2023, indicating its resilience and adaptability in the face of emerging competition [12] - The market faces challenges such as product homogenization and safety concerns, but opportunities exist for differentiation through innovation and new applications [14][15] Group 4: Botulinum Toxin Market Trends - The botulinum toxin market is evolving towards a dual existence of natural and recombinant products, with recombinant botulinum toxin expected to gain market share due to its safety and customization potential [17] - The market is characterized by intense competition, necessitating a focus on product differentiation and strategic positioning to navigate challenges [19] Group 5: Regenerative Materials Market Insights - The regenerative materials market is currently focused on polylactic acid (PLA) and polycaprolactone (PCL), with significant growth potential in the coming years [23] - New entrants are encouraged to explore innovative technologies and applications, particularly in areas like hydroxyapatite, which is gaining traction for its structural support in aesthetic procedures [27] Group 6: Collagen Market Trends - The collagen market is expanding with various types being explored for aesthetic applications, particularly types I and III, which are popular for their skin-supporting properties [31] - The market is expected to see increased competition as more types of collagen are developed and their applications are diversified [33] Group 7: User Preferences and Trends - Users are increasingly focused on skin quality and overall facial harmony, with a shift towards personalized aesthetic solutions [39][42] - Safety and effectiveness remain the top concerns for users, with a growing emphasis on the qualifications of medical professionals and the quality of procedures over cost [45][60] Group 8: Market Expansion and Internationalization - Chinese medical beauty companies are increasingly looking to international markets, with a focus on regulatory compliance and brand recognition to overcome challenges in foreign markets [70] - The injection aesthetic products are leading the charge in this internationalization effort, with significant investments in regions like Southeast Asia and the Middle East [70]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company recently launched its new product, HiveCOL, which is a recombinant type III human collagen gel, aiming to redefine anti-aging standards and lead natural aesthetics [5][8]. - HiveCOL is designed to fill tissue volume loss quickly and promote the adhesion, migration, and proliferation of fibroblasts, ensuring sustained ECM regeneration for at least six months [8]. - The product targets high-consumption medical beauty consumers, with a peak sales potential exceeding 10 billion yuan, based on market analysis [8]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,443 million yuan in 2024 to 3,952 million yuan by 2027, with a compound annual growth rate (CAGR) of 22.5% [7][10]. - Net profit attributable to the parent company is expected to increase from 732 million yuan in 2024 to 1,934 million yuan in 2027, reflecting a CAGR of 25.6% [7][10]. - The company's gross margin is forecasted to remain high, around 90%, indicating strong profitability [7][10].

Core Insights - NYO3's Ageless anti-aging series has officially entered the Hema APP, with its popular product, the beauty pill, leading the launch [1] - The product quickly topped the "Tmall International Oral Beauty List" in its first month and is the only designated nutritional product for the China-Norway air route [1] Group 1: Quality Consensus - Hema is known for its stringent quality standards for brands, requiring product safety, reliable supply chains, and strong market reputation [3] - NYO3 has been in the Chinese market for seven years, focusing on quality to build its presence, using Antarctic krill oil and adhering to Norwegian production standards [3] - NYO3 has achieved a leading market position in global krill oil sales for two consecutive years and has passed ORIVO inspections for five years, achieving 100% defect-free status [3] Group 2: Precise Fit - The Ageless beauty pill targets Hema's core young consumer base, particularly women aged 25 and above, who seek high-quality products [4][6] - The product contains 14 premium ingredients and boasts a nutrient absorption rate of 98%, utilizing a unique phospholipid cell-level delivery technology [4] - The product's formulation is based on Nobel Prize-winning "biological rhythm" theory, offering a time-specific intake approach to meet the anti-aging needs of young women [4] Group 3: Mutual Empowerment - The entry of NYO3's Ageless into Hema represents a strategic choice for both the brand and the channel, aiming for "second growth" [7] - NYO3 aims to leverage Hema's high-end user base and data insights to solidify its position as the leading Nordic anti-aging brand in China [7] - Hema's introduction of high-end brands like NYO3 Ageless enhances its premium oral beauty product category and aligns with its positioning for new middle-class consumers [7]

Core Insights - The Fourth International Symposium on Bioactive Peptides was held in Japan, where Dr. Zhao Chunyu presented research on collagen peptides derived from tilapia skin and their anti-aging mechanisms [1][4] - The demand for anti-aging products is increasing due to aging populations and heightened health awareness, with a projected market size of 7.5 billion yuan for collagen peptides by 2025, growing at an annual rate of 20% [2] - Collagen constitutes 70%-80% of the dry weight of human skin, and its levels decline by 1% annually after the age of 25, making collagen peptides a valuable supplement for skin health [3] Research Findings - Dr. Zhao's research highlighted that collagen peptides derived from tilapia skin can effectively control UV-induced collagen degradation, enhance skin barrier function, and promote cell proliferation and migration [4] - Experts from Kyoto University and Purdue University confirmed the significant effects of collagen peptides on improving skin roughness and preventing aging through various biochemical pathways [4] - A patent for "tilapia skin peptides and their preparation methods for anti-aging products" has been granted, providing a technological foundation for further research in the anti-aging field [4] Industry Trends - The e-commerce platform data indicates that over 5,000 new anti-aging products will be launched in 2024, leading to a more than sevenfold increase in the anti-aging category [2] - The symposium served as a platform for sharing the latest research and innovations in bioactive peptides, attracting renowned experts from various institutions [5]

Core Viewpoint - The article discusses the pursuit of anti-aging and longevity, focusing on Brian Johnson, a Silicon Valley entrepreneur who is actively exploring ways to extend human life through advanced technologies and personal health regimens [2][4][5]. Group 1: Brian Johnson's Approach to Anti-Aging - Brian Johnson aims to be the first person to attempt to avoid death, leveraging technology and personal health strategies [5][9]. - He has invested in a company called Blueprint, which monitors over 70 organs to create a personalized life algorithm [10]. - Johnson's daily regimen includes consuming 111 supplements and undergoing various cutting-edge treatments, including blood plasma therapy [23][25]. Group 2: The Silicon Valley Culture of Longevity - The pursuit of anti-aging is a common theme among wealthy Silicon Valley figures, with notable individuals investing heavily in biotechnology and health initiatives [6][8]. - Major tech entrepreneurs like Jeff Bezos and Mark Zuckerberg have also established companies focused on longevity, indicating a trend within the industry [8][9]. Group 3: Public Perception and Ethical Considerations - Johnson's methods, particularly blood plasma therapy, raise ethical questions, but he defends them by comparing the risks to those of unhealthy eating habits [25][26]. - His approach has attracted a following, suggesting a growing interest in anti-aging solutions among the public [28]. Group 4: Practical Advice for Longevity - Johnson emphasizes the importance of good nutrition, sleep, and exercise as fundamental components of a healthy lifestyle [30][31]. - He provides practical tips, such as maintaining a low resting heart rate before sleep, to help others improve their health without significant financial investment [29][30].