如果不方便到验真机器处扫码也不必担心，美团医学美容页面还提供"验真"产品功能，供用户了解医美 产品验真渠道，用手机扫码即可放心变美。 今年5月，美团进一步推出"放心美·无忧保障"，通过提供以医生为核心的"方案+保障"新型服务范式， 为用户提供决策简单、价格透明和效果保证的抗衰塑形体验。同时，平台联合机构，从源头严审医生资 质，承诺全程由从业8年及以上、具备主治医师及以上资质的医生操作。 为响应各方关切和用户暑期变美需求，美团近日特别上线了一份面向用户的"医美放心使用指南"，手把 手教用户利用各个产品功能，在专业平台选择正规、靠谱的产品和服务，避坑黑医美。该指南详细展示 了包括正品验真、无忧保障、北极星机构榜、司南医师榜以及避雷百科等功能的使用路径，从医美机 构、医生、器械耗材品牌等多个维度保障医美安全，简单易懂，方便实操。 老钱体感 V给 经互联 U的优亚! V盐 管家胶 ¥7999 √2999 J2 4999 @ 承诺全程由从业8年及以上 主治医师及以上资质的医生操作 司南医师榜+北极星榜单: 双轨评审 推出"专家+大众"严选榜单 选出医美领域值得信赖的医师和机构 2024 美国司南医师语 避雷百科:提供全 ...

证券研究报告 可选消费 人货场重构消费生态，聚焦新消费机遇 华泰研究 2025 年 7 月 03 日│中国内地 中期策略 人、货、场多维度变革，正驱动消费行业生态重构 我们认为消费行业正经历从规模扩张向质量升级的深刻变革。在政策红利推 动、技术迭代与消费者偏好及习惯变化等多重因素作用下，行业当下呈现总 体高质量增长、内部多级分化等发展态势：1）人：以 Z 世代、银发族及女 性群体为代表的新消费主力群体正推动消费需求向个性化、品质化方向迭 代；2）货：国货品牌及体验型消费景气度延续，感官体验成为链接消费者 与产品的核心触点；3）场：内容电商正重塑渠道格局，营销加速向去中心 化转型，精准化、场景化渠道快速崛起。我们认为大市值消费龙头有望凭借 品牌、IP 及渠道优势实现强者恒强，而聚焦细分需求的"小池子里的大鱼"， 则有望凭借差异化产品和精准营销在细分领域建立壁垒，实现错位成长。 内需"压舱石"地位巩固，促消费政策密集出台有望提振下半年消费 2025 年政府工作报告中提振内需重要性再度前置，需求端工作重心从短期 刺激需求转向系统性提升消费意愿，以稳固居民收入预期为核心基础，通过 加大就业创业支持力度等举措，从根本上 ...

Core Viewpoint - The strategic partnership between China Resources Pharmaceutical and Haohai Biological Technology marks a significant move into the medical aesthetics sector, leveraging each company's strengths to enhance market presence and product offerings [1][2][4]. Group 1: Partnership Details - The collaboration aims to establish a comprehensive "R&D-Production-Channel" cooperation system, integrating China Resources' extensive OTC network across 28 provincial regions with Haohai's industrial base advantages [1][2]. - Haohai Biological, recognized as one of the "three giants" in medical aesthetics, reported a gross margin of 77.47% for its medical aesthetic products last year, highlighting the profitability of this sector [1][4]. - The partnership is expected to facilitate Haohai's expansion into second- and third-tier markets, utilizing China Resources' established distribution channels [2][4]. Group 2: Market Context - The Chinese medical aesthetics market is projected to grow from 189.2 billion yuan in 2021 to 410.8 billion yuan by 2025, with a compound annual growth rate (CAGR) exceeding 17% [6][8]. - Non-surgical aesthetic procedures are anticipated to grow at a rate of over 15% annually, indicating a robust demand for these services [1][6]. - The entry of traditional pharmaceutical giants into the medical aesthetics space is accelerating, with companies like Sinopharm and Shanghai Pharmaceuticals expanding their presence through various strategies [6][8]. Group 3: Financial Implications - Haohai's revenue from medical aesthetics and wound care products is expected to reach 1.195 billion yuan in 2024, accounting for 44.38% of its total revenue, with hyaluronic acid products contributing 742 million yuan [3][4]. - The collaboration is anticipated to optimize cost structures, allowing Haohai to reduce its R&D expenses by 25.40% in the first quarter of 2025, as it will no longer need to invest heavily in building its own sales team [4][6]. Group 4: Industry Trends - The medical aesthetics industry is witnessing a shift towards brand consolidation and standardization, driven by stricter regulations and evolving consumer preferences [7][8]. - The consumer demographic is diversifying, with an increasing proportion of male and older consumers, leading to a broader range of aesthetic service offerings [7][8]. - The partnership between China Resources and Haohai is seen as a new model for upstream and downstream collaboration in the medical aesthetics industry, potentially driving the sector towards a more clustered and standardized future [7][8].

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3455 | -0.09 | 3.21 | -0.03 | | 深证综指 | 2065 | -0.67 | 4.72 | 0.64 | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 0.02 | 2.41 | 3.19 | | 中盘指数 | -0.66 | 4.62 | 3.23 | | 小盘指数 | -0.88 | 4.13 | 8.62 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | --- | --- | --- | --- | | 渔业 | 12.06 | 13.98 | 12.73 | | 普钢Ⅱ | 4.05 | 3.96 | 8.23 | | 光伏设备Ⅱ | 3.73 | 9.82 | -7.86 | | 特钢Ⅱ | 2.68 | 4.02 | 8.4 ...

专家建议：听取行业资深人士意见和观点，提升分析深度与可靠性。 免责声明 中国轻医美行业现状报告 Report on the status of China'snon-surgical medical aesthetic industry 本报告的全部内容版权归上海嘉世营销咨询有限公司（简称：嘉世咨询）。 未经授权，任何单位或个人不得以任何形式复制、传插或用于商业用途 调研方法 桌面研究：搜集整理政府公开数据、行业协会、权威期刊、券商研报及企业 公开披露的行业数据。 本报告结论基于当前可获得信息，不构成投资或决策的唯一依据。研究团队 对因使用本报告引发的直接或问接损失不承担责任。 | 摘要 | | | --- | --- | | 第一章：中国轻医美行业发展总览 | 9 | | 1.1轻医美行业定义与范畴界定 | | | 1.1.1定义：介于手术医美与生活关容之间， | | | 1.1.2核心项目分类：注射类、光电类及其他 | | | 1.13与传统手术医美的区别与联系 | ..10 | | 1.2中国轻医美行业发展历程， | .11 | | 1.2.1萌芽与探索期（2015年以前） | 11 | | 1.2.2 ...

Core Viewpoint - The article discusses innovative skincare solutions for postpartum mothers, highlighting non-invasive and safe water light treatments that cater to their specific skin concerns while allowing them to manage their time effectively [1][11]. Group 1: MESONUEVO - MESONUEVO offers a shallow water light treatment using EPM micro-needle transdermal technology, creating 0.05mm micro-channels in the stratum corneum without the need for anesthesia, enhancing nutrient absorption by over 10 times [1][3]. - The treatment is designed for comfort, with no pain during the procedure and a natural closure of channels within 6 hours, allowing mothers to apply makeup and continue daily activities [3]. - It is certified by the EU CE and ISO13485, featuring a "Youth Energy Essence" with over 40 natural active ingredients to address postpartum pigmentation and dullness [3]. Group 2: SEYO - SEYO utilizes TDA ultrasonic transdermal technology to deliver nutrients at a speed of 450 meters per second, reaching deep skin layers without needles, making it suitable for mothers seeking efficiency and safety [4][6]. - The treatment requires only 9 minutes and 35 seconds, allowing mothers to rejuvenate their skin during short breaks, such as while preparing formula for their babies [6]. - It is certified by the German Dermatology Association, ensuring that the essence is free from hormones and fragrances, making it safe for sensitive skin and breastfeeding mothers [6]. Group 3: DEP - DEP Superconductive Water Light employs a transdermal ion system to enhance skin permeability without invasiveness, recognized by the FDA as an "injection alternative" [7][9]. - The treatment is non-invasive, avoiding the discomfort associated with injections, and is clinically validated to deliver repair components effectively [9]. - It offers flexible solutions that can be combined with laser and radiofrequency treatments to address multiple postpartum skin issues [10]. Group 4: Jmoon - Jmoon is a pioneer in negative pressure transdermal water light technology, providing professional-grade results with home-use safety and convenience [11][13]. - The treatment opens skin channels using negative pressure and combines it with pulsed electric currents and nano-sized essence for deep penetration, achieving results comparable to professional treatments [13]. - It offers personalized care with three types of essences targeting common postpartum issues, all while being cost-effective and easy to use during baby’s nap time [13]. Conclusion - These four innovative water light technologies have reshaped the perception of medical beauty treatments, providing safe and effective solutions for postpartum skincare, allowing mothers to regain their confidence and skin health [1][11].

Industry Overview - The medical beauty injection products mainly include hyaluronic acid, collagen, regenerative materials, and botulinum toxin, with hyaluronic acid and collagen being classified as medical devices, while botulinum toxin is categorized as a toxic medical drug [1][2][5] Industry Chain Analysis - The upstream of the medical beauty injection materials includes raw materials and equipment manufacturing, while the midstream focuses on product research and manufacturing, and the downstream consists of sales channels such as public hospitals and private chains [2][5] Industry Development History - The Chinese medical beauty injection materials market has evolved from reliance on imports to self-innovation, with significant milestones including the approval of the first domestic hyaluronic acid filler in 2009 and the emergence of domestic leaders like Huaxi Biological, Aimeike, and Haohai Biological by 2015 [6][8] Industry Policy Background - Regulatory measures have been strengthened since 2019, with guidelines issued for the clinical trial of hyaluronic acid products and stricter management of medical beauty injection materials to enhance product quality and safety [9][11][12] Current Industry Status - The market size of China's medical beauty injection materials is projected to reach approximately 34.6 billion yuan in 2024, reflecting a year-on-year growth of 28.6% and a CAGR of 31.3% from 2021 to 2024 [14][16] Market Structure - Hyaluronic acid and botulinum toxin dominate the market, with hyaluronic acid accounting for about 36% and botulinum toxin for about 29% of the total market share [17][19] Competitive Landscape - Major competitors in the hyaluronic acid market include Huaxi Biological, Aimeike, and Haohai Biological, while the botulinum toxin market is primarily represented by Lanzhou Biological, which is currently the only domestic company with approved products [23][25] Future Industry Outlook - The medical beauty injection materials market is expected to reach 93.7 billion yuan by 2030, driven by technological advancements, compliance, and the rise of male consumers [28][30] Industry Development Trends - Key trends include the long-lasting and precise application of materials, the rise of intelligent and customized solutions, and increased regulatory scrutiny leading to higher approval thresholds for injection materials [32]

Market Overview - A-shares have resumed an upward trend after a period of consolidation, with the Shanghai Composite Index breaking through March highs and reaching new recent closing highs [1] - The market sentiment regarding trade conflicts has eased, and the geopolitical situation in the Middle East is viewed as a short-term emotional impact [1] - The low interest rate environment and rising risk appetite are supporting the A-share market's return to a slow upward trajectory [1] Sector Analysis - The innovation drug and banking sectors, which were previously popular, have resumed their upward trends after short-term adjustments [2] - The TMT and advanced manufacturing sectors are experiencing rebounds, indicating a high-low switch among sectors as the market remains event-driven [2] - Consumer expansion and domestic demand are key tasks for 2025, with expectations for policy support in sectors like dairy products, IP consumption, leisure tourism, and medical aesthetics [2] - The trend of robot localization and integration into daily life is expected to continue, with opportunities arising in sensors, controllers, and dexterous hands [2] - The semiconductor industry is moving towards localization, with a focus on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military industry is anticipated to see a rebound in orders by 2025, with signs of recovery in various sub-sectors [2] - The innovation drug sector is expected to reach a turning point in fundamentals by 2025, following a period of adjustment [2] Trading Activity - A-shares experienced some intraday fluctuations but maintained an upward trend, with trading volume remaining stable and no signs of panic selling [3] - Leading sectors included pharmaceuticals, banking, non-ferrous metals, public utilities, and building materials, while sectors like computers, retail, communications, and power equipment saw declines [3]

新氧 20250701 摘要 截至上一季度末，我们共开设了 23 家店铺，目前已增至 31 家。2025 年计划 将门店数量增加到 50 家，主要集中在北京、上海、深圳和杭州等一线城市， 以进一步加密布局。 请详细介绍一下标准门店模型，包括收入、成本结构以及盈利情况。 成熟期门店月均收入在 450 万至 500 万人民币之间，而成长期门店月均收入 约为 300 万人民币。成本结构分为变动成本和固定成本，其中变动成本包括营 销费用，占比约 15%，耗材流通成本占比 49%至 50%。固定成本包括人员费 用（12%）、房租水电（10%至 15%）以及设备折旧费用（10%）。 成熟期与成长期门店分别有多少？各阶段门店的发展情况如何？ 新氧通过信息服务费和佣金切入医美市场，向上游收购武汉奇致激光 （7.9 亿人民币），拓展光电设备业务，并代理韩国东邦玻尿酸产品， 上季度出货 2.8 万只，同比增长 14%。 新氧青春诊所是下游核心业务，已开设 31 家门店，主打青春原创（如 超声线雕 999 元）、玩具大师团（客单价 3-4 万元）和经典系列产品， 计划 2025 年扩张至 50 家，集中在一线城市。 成熟期门店月均 ...

Investment Rating - The report rates the cosmetics and medical beauty industry as "Positive" [2][3] Core Viewpoints - The cosmetics retail sales growth for January to May 2025 is 4.1%, an increase of 2 percentage points compared to the same period last year, indicating a steady recovery in demand [3] - The performance of leading brands remains strong, with double-digit growth, supported by the theme of self-care in new consumption trends, leading to a positive outlook for the first half of 2025 [3] - The 618 shopping festival saw strong performances from domestic brands, with notable rankings on platforms like Tmall and Douyin [3] Summary by Sections Cosmetics Industry Outlook - The report anticipates significant revenue and net profit growth for major companies in Q2 and H1 2025, with specific forecasts: - Up Beauty Co. is expected to see a revenue increase of 16% and a net profit increase of 25% [3] - Marubi is projected to grow revenue by 22% and net profit by 28% in Q2 2025 [3] - Proya is expected to achieve a revenue growth of 10% and net profit growth of 15% in Q2 2025 [3] Key Companies Performance - Notable companies and their expected performance include: - Mao Geping is projected to have a revenue increase of 38% and net profit increase of 35% in H1 2025 [3] - Ruibin is expected to see a revenue increase of 15% and net profit increase of 15% in Q2 2025 [3] - Huaxi Biological is expected to maintain stable performance with a 0% revenue growth and a 10% net profit increase in Q2 2025 [3] Investment Recommendations - The report recommends focusing on companies with strong brand matrices and comprehensive product layouts, such as Up Beauty Co., Marubi, and Proya, which are expected to benefit from the live e-commerce traffic [3] - It also highlights the importance of niche market players like Ruibin and Mao Geping, who are positioned to capitalize on the rise of personal care and domestic beauty trends [3] - For the medical beauty sector, the report suggests focusing on companies with high R&D barriers and strong profitability, recommending companies like Aimeike and Langzi [3] E-commerce and Other Segments - The report suggests monitoring e-commerce companies like Ruibin, which is expected to see significant growth in revenue and net profit [3] - In the maternal and infant sector, Kid King is projected to exceed market expectations with a revenue increase of 10% and a net profit increase of 70% in Q2 2025 [3]