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 - Langzi Co., Ltd. has shown a positive stock performance with a recent price increase, reflecting investor interest in its diverse business segments [1] Company Overview - Langzi Co., Ltd. specializes in high-end women's clothing, medical beauty, and baby products, operating multiple proprietary clothing brands [1] - The company has established a chain of institutions in the medical beauty sector through mergers and acquisitions [1] Financial Performance - As of August 18, 2025, the latest stock price of Langzi Co., Ltd. is 17.64 yuan, up 1.26% from the previous trading day [1] - The opening price on the same day was 17.41 yuan, with a high of 17.69 yuan and a low of 17.28 yuan, resulting in a trading volume of 135 million yuan [1] Market Activity - On August 18, 2025, there was a net outflow of 12.75 million yuan in main funds, with a cumulative net outflow of 85.71 million yuan over the past five days [1]

Core Viewpoint - Tianyuan Medical (00557.HK) anticipates a total revenue of approximately HKD 8.4 million in the first half of 2025, representing a year-on-year decrease of about 44% [1] Group 1 - The expected decline in total revenue is primarily attributed to the suspension of operations and renovations at Shanghai Yuyue Weilai Medical Beauty Hospital Co., Ltd., in which the group holds partial interests [1] - The medical business revenue is projected to decrease by no less than approximately HKD 6.2 million, down to about HKD 0.5 million, compared to approximately HKD 6.7 million in the previous period [1]

Group 1 - The company, Tianyuan Medical (00557), expects total revenue of approximately HKD 8.4 million in the first half of 2025, representing a year-on-year decrease of about 44% [1] - The anticipated revenue decline is primarily due to the suspension of operations and renovations at Shanghai Yuyue Weilai Medical Beauty Hospital, which is partially owned by the group, leading to a projected revenue decrease of no less than HKD 6.2 million to approximately HKD 0.5 million (previous period: approximately HKD 6.7 million) [1] - The company expects a net loss of approximately HKD 8.4 million for the interim period, compared to a net loss of approximately HKD 9 million in the previous period, with the estimated net loss mainly attributed to the decrease in total revenue [1]

Core Viewpoint - Tianyuan Medical (00557) anticipates a significant decline in total revenue for the first half of 2025, projecting approximately HKD 8.4 million, a year-on-year decrease of about 44% [1] Revenue Forecast - The expected decrease in total revenue is primarily attributed to the suspension of operations and renovations at Shanghai Yuyue Weilai Medical Beauty Hospital, which is partially owned by the group, leading to a projected revenue drop of at least HKD 6.2 million to around HKD 0.5 million (previous period: approximately HKD 6.7 million) [1] Net Loss Projection - The group expects to incur a net loss of approximately HKD 8.4 million during the interim period (previous period: approximately HKD 9 million) [1] - The estimated net loss is mainly due to the anticipated reduction in total revenue compared to the previous period, offset by a corresponding decrease in operating costs [1]

Core Viewpoint - Tianyuan Medical (00557.HK) expects total revenue for the six months ending June 30, 2025, to be approximately HKD 8.4 million, a decrease of about 44% compared to approximately HKD 14.9 million in the previous period [1] Revenue Summary - The anticipated decrease in total revenue is primarily attributed to the suspension of operations and renovations at Shanghai Yuyue Weilai Medical Beauty Hospital, which is partially owned by the group, leading to a projected revenue drop of no less than approximately HKD 6.2 million to about HKD 500,000 (previous period: approximately HKD 6.7 million) [1] Net Loss Summary - The group expects to record a net loss of approximately HKD 8.4 million for the interim period (previous period: approximately HKD 9 million) [1] - The estimated net loss is mainly due to the anticipated decrease in total revenue, offset by a corresponding reduction in operating costs [1]

Market Performance - The medical beauty sector increased by 1.03% on August 18, with Jinbo Biological leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Jinbo Biological (832982) closed at 308.46, with a rise of 3.60% and a trading volume of 16,000 shares [1] - Aimeike (300896) closed at 183.87, up 1.09% with a trading volume of 43,400 shares [1] - Huaxi Biological (688363) closed at 53.84, increasing by 1.01% with a trading volume of 49,300 shares [1] - *ST Meigu (000615) closed at 3.21, up 0.31% with a trading volume of 107,200 shares [1] Capital Flow Analysis - The medical beauty sector experienced a net outflow of 7.81 million yuan from main funds, while retail funds saw a net outflow of 22.98 million yuan [1] - Speculative funds had a net inflow of 30.79 million yuan [1] Detailed Capital Flow for Individual Stocks - Aimeike (300896) had a main fund net inflow of 15.99 million yuan, with a retail net outflow of 34.19 million yuan [2] - *ST Meigu (000615) saw a main fund net inflow of 0.25 million yuan, with a retail net outflow of 1.13 million yuan [2] - Huaxi Biological (688363) experienced a main fund net outflow of 24.06 million yuan, while retail funds had a net inflow of 1.23 million yuan [2]

Group 1 - The competition theme is "Technology Leads Aesthetic Surgery, Innovation Drives The Future" [4] - The event is organized by Beijing Baidachu Plastic Surgery Medical Technology Group Co., Ltd. and Zhongguancun Medical Device Park Co., Ltd. [4] - The competition has several guiding units, including prestigious hospitals and medical institutions across China [4] Group 2 - The competition is divided into different regional sections, each with its own chairperson from leading medical institutions [5][7][9][11][13] - The competition encourages participation from medical institutions, universities, research organizations, and innovative enterprises in the aesthetic medicine field [15][16] - The competition has specific requirements for projects, including innovation, application potential, and clear intellectual property rights [16] Group 3 - Awards include a first prize of 50,000 yuan, second prize of 20,000 yuan, third prize of 10,000 yuan, and several excellence awards with varying service package rewards [16] - The service package rewards include support for concept validation and animal testing, with amounts ranging from 50,000 yuan to 10,000 yuan depending on the award level [16]

Group 1 - The stock price of Aimeike is reported at 181.89 yuan, down 0.37% from the previous trading day, with a trading range of 179.05 yuan to 182.56 yuan and a transaction amount of 772 million yuan [1] - Aimeike is a leading company in the field of biological medical soft tissue repair materials in China, focusing on the research, production, and sales of medical beauty-related products, including injectable sodium hyaluronate series and polycaprolactone facial implant lines [1] - The company recently announced on its investor interaction platform that its semaglutide injection is indicated for weight management, and the project is currently progressing normally [1] Group 2 - Aimeike is acquiring the South Korean company REGEN to introduce advanced overseas technology and accelerate product iteration and upgrades [1] - Aimeike's subsidiary, REGEN, is involved in an arbitration case amounting to 1.6 billion yuan, which has not yet been heard in court [1] - Data shows that Aimeike experienced a net outflow of 120 million yuan in main funds on the day, with a cumulative net outflow of 245 million yuan over the past five days [1]

Financial Data and Key Metrics Changes - Total revenue for Q2 was RMB 379 million, a decrease of 7% year over year, primarily due to a decline in medical service providers subscribing to information services [15] - Aesthetic treatment service revenues reached RMB 144 million, an increase of 426% year over year, exceeding guidance [15] - Net loss attributable to the company was RMB 36 million, compared to a net income of RMB 18.9 million in the same period last year [19] - Non-GAAP net loss was RMB 30.5 million, compared to a non-GAAP net income of RMB 22.2 million in the same period of 2024 [19] - Basic and diluted losses per ADS were RMB 0.35, compared to earnings of RMB 0.18 in the same period last year [19] Business Line Data and Key Metrics Changes - Revenue from aesthetics center business reached RMB 144 million, marking it as the largest revenue segment for the first time [4] - Aesthetic treatment services revenue increased by 46% quarter over quarter and 426% year over year [5] - Total number of verified treatment visits surpassed 67,400 in Q2, up 24% quarter over quarter and 381% year over year [7] - The overall repeat purchase rate for the aesthetic center business exceeded 60% [7] Market Data and Key Metrics Changes - The light medical aesthetic market in China is expected to reach around RMB 26 billion by 2030, with a penetration rate forecasted to reach 30% [30] - The company aims to achieve a market share of roughly 25% in the light medical aesthetic sector [30] Company Strategy and Development Direction - The company plans to open around 10 aesthetic centers in the third quarter, targeting a total of 50 centers by year-end [11] - The focus is on expanding in both first-tier and core second-tier cities, enhancing accessibility to medical aesthetic services [11] - The company is committed to optimizing user experience and operational efficiency to strengthen its competitive edge [13] Management Comments on Operating Environment and Future Outlook - Management remains optimistic about the growth potential of China's medical aesthetic market, citing a current penetration rate below 5% [30] - The company expects aesthetic treatment service revenues to be between RMB 150 million and RMB 170 million in the upcoming quarter, representing a significant increase from the same period in 2024 [20] - The company emphasizes the importance of sustainable low-cost customer acquisition and a diversified upstream supply chain [31] Other Important Information - The company has maintained a robust cash position with cash and cash equivalents totaling RMB 98.6 million as of June 30, 2025 [20] - The gross profit margin for aesthetic treatment services expanded by around five percentage points sequentially [8] Q&A Session Summary Question: Expansion plan for C and I payment and franchise model - The company aims to grow the number of centers to 50 by the end of this year, with plans for more than 10 openings in the second half [24] - Long-term, the target is to achieve 1,000 centers within eight to ten years, with franchising being a future focus [25][26] Question: Growth potential of the Chinese medical aesthetics market - Management is optimistic about the market, with substantial growth potential indicated by a low current penetration rate [30] - The company plans to focus on three core capabilities to maintain its competitive edge [31] Question: Outlook for customer acquisition cost and marketing expenses - The average customer acquisition cost remains low, with over 70% of new customers coming from referrals [34] - The company plans to enhance brand visibility through localized marketing initiatives [34] Question: Recruitment of doctors and reliance on center managers - There is a solid base for recruiting doctors, with many moving from public hospitals to the medical aesthetic sector [40] - The company operates on a model that reduces reliance on center managers, improving operational efficiency [42] Question: Differentiation in product strategy - The product strategy focuses on anti-aging treatments, ensuring consistency and overall cost-effectiveness across the portfolio [46] - The company aims to optimize its product portfolio based on market demand and competitive trends [48] Question: Updates on the POP business - The POP business remains a key pillar of profitability, with plans to promote synergies between POP and aesthetic center businesses [50]