Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, prompting a recent board reshuffle to address these issues [1][2][6]. Company Overview - Aimeike's actual controller, Jian Jun, was re-elected as chairman, while the management team remains stable, with Li Dongmei being promoted to a key role amid the company's current challenges [1][2]. - The company has seen a drastic decline in stock price and market capitalization, dropping from a peak of over 150 billion yuan to around 45 billion yuan [2][6]. Financial Performance - In the first half of 2025, Aimeike reported a revenue of 5.66 billion yuan and a net profit of 3.04 billion yuan, marking declines of 21.27% and 34.61% year-on-year, respectively [2][6]. - The company experienced its first negative growth in 2025, with revenue and net profit both declining over 20% [6][7]. Product Development and Market Position - Aimeike's growth has been closely tied to its innovative product development, with key products like "HiTi" and "Luhua Tianzi" driving significant revenue [3][5]. - The company has expanded its product matrix, with "HiTi" achieving a revenue share increase from 15.34% in 2017 to 43.5% in 2019 [4]. Competitive Landscape - The medical beauty industry is undergoing rapid changes, with increased competition leading to a dilution of Aimeike's product advantages, particularly for "HiTi" and "Luhua Tianzi" [7][8]. - New entrants in the market have intensified competition, with the number of approved "童颜针" products increasing to seven, further squeezing Aimeike's growth potential [8][9]. Strategic Initiatives - Aimeike is diversifying its product offerings, including the launch of new products like "Kela" and expanding into biopharmaceuticals and chemical drugs [9][10]. - The company has also pursued acquisitions, such as the purchase of a majority stake in REGEN, to enhance its product portfolio and market competitiveness [10][11]. Legal and Regulatory Challenges - Aimeike is embroiled in a significant dispute over the agency rights for its product "AestheFill," which could impact its market performance and brand partnerships [11][12]. - The ongoing arbitration with Jiangsu Wuzhong over the exclusive distribution rights of "AestheFill" highlights the complexities of brand ownership and distribution in the medical beauty sector [12][15].

Group 1: Investment Strategies Overview - CITIC Securities released a comprehensive report on investment strategies for 2026, covering global capital markets, macroeconomic policies, A-shares, overseas markets, bond markets, asset allocation, and industry investment strategies [1] - The report includes insights from 19 research teams and spans approximately 30,000 words [1] Group 2: Pharmaceutical and Biotech Investment Strategies - The Chinese pharmaceutical industry is entering a critical phase characterized by "innovation realization + global layout," supported by population and domestic demand, as well as manufacturing capabilities [3][4] - The industry needs to focus on internal supply chain security and compliance while exploring diversified international expansion [3] - Key investment opportunities for 2026 include innovation commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions [3][5][6] Group 3: Medical Device Investment Strategies - The medical device sector is expected to see performance improvements in 2026 due to policy easing, new product launches, and international expansion [14] - The long-term investment opportunities in this sector stem from innovation, internationalization, and mergers and acquisitions [14] - The industry is witnessing a shift towards high-value consumables and innovative technologies such as brain-computer interfaces and AI in healthcare [14][15] Group 4: Consumer Healthcare and Bioproducts - The traditional Chinese medicine sector is expected to recover from short-term pressures, with improved demand anticipated by year-end [9] - The blood products industry is focusing on supply growth and consolidation, with significant demand for immunoglobulin and factor products [10] - The vaccine sector is under pressure but is expected to improve with new product sales and international expansion [10] Group 5: Banking Sector Investment Strategies - The banking sector is expected to continue its weak recovery in 2025, with a focus on high dividend strategies [25][26] - The sector's fundamentals are stabilizing, with credit growth projected at 7%-8% and non-interest income expected to improve [26] - High dividend yield strategies are favored, particularly for state-owned banks and those with solid fundamentals [27] Group 6: Wealth Management and Financial Products - The wealth management sector is entering a phase of product transformation and structural optimization, with an expected growth rate of 10% in 2026 [28][33] - The focus is on multi-asset and multi-strategy products, with a significant increase in mixed product offerings anticipated [29][30] - The integration of AI and digital technologies is expected to enhance risk management and operational efficiency in wealth management [30] Group 7: Non-Banking Financial Institutions - The securities industry is poised for a new growth cycle, driven by policies that enhance capital market inclusivity and adaptability [35][36] - The industry is experiencing a shift from self-operated models to collaborative, light-asset business strategies [36][37] - The internationalization of Chinese securities firms is gaining momentum, providing new opportunities for growth [38][39] Group 8: Insurance Sector Trends - The insurance industry is expected to undergo significant changes during the "14th Five-Year Plan" period, focusing on balancing interests among insurers, channels, and customers [43][44] - Key trends include the transformation of savings products, innovation in health insurance, and the development of new distribution channels [43][44] - The sector is anticipated to benefit from improved performance and valuation recovery, presenting investment opportunities [43][44] Group 9: Food and Beverage Sector - The food and beverage sector is recovering from a prolonged downturn, with a focus on premium products like liquor and health-oriented snacks [48][49] - The liquor industry is expected to stabilize as consumer confidence improves, with a focus on high-quality brands [49][50] - The snack and beverage segments are seeing growth driven by health trends and innovative product offerings [52][53]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expectation of relative performance exceeding the benchmark index by over 10% in the next 12-18 months [1]. Core Insights - The medical aesthetics industry is experiencing a continuous expansion of its consumer base, currently undergoing a reshuffling phase where a few chain brands are expected to capture a larger market share [4]. - The company has a clear development plan for its light medical aesthetics chain, with specific strategies being formulated to establish itself as an industry leader in the foreseeable future [1]. - The stock price of the company is currently undervalued at $3.16, corresponding to a price-to-earnings ratio of only 12 times for its 50 mature stores, with expectations of significant revenue growth [2]. Summary by Sections Industry Trends - The consumer base for medical aesthetics continues to grow, and the industry is in a reshuffling phase, with larger chain brands likely to dominate the market [4]. Company Expansion Plans - The company plans to open over 35 new stores in the upcoming year, primarily focusing on direct-operated stores in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen [4]. - There are already several stores in the opening process, indicating that the company is on track to meet its expansion goals without significant pressure [4]. Store Performance - The average store size is 400 square meters, with mature stores showing excellent profit margins and net profit rates, suggesting strong long-term performance [4]. Competitive Landscape - The current competition is intense, with many standalone institutions lacking advantages in branding, medical teams, supply chains, and location, making it difficult for them to compete with established chains [4]. Product Pipeline - The company is set to launch multiple products next year, including water light injections, youth needles, silk collagen, and extracellular matrix gels, which are expected to enhance its market position [4].

Group 1: Battery Industry - Better Ray has been actively involved in the solid-state battery sector for over a decade, focusing on core materials for both semi-solid and all-solid batteries [4] - The company has developed a complete material system for solid-state batteries, including high-nickel cathodes, silicon anodes, lithium metal anodes, and solid electrolytes [4] - Better Ray's solid electrolyte research encompasses three directions: oxides, polymers, and sulfides, with successful small-scale applications in semi-solid batteries [4] Group 2: Biotechnology Industry - Jinbo Bio, recognized as the "first stock in medical beauty" on the Beijing Stock Exchange, holds a leading position in the field of recombinant humanized collagen, being the only company with a Class III medical device registration certificate for this product [5] - The company has maintained its technological advantage for over four years since obtaining its first registration certificate in 2021 and plans to increase R&D investment in original innovation [5] - Jinbo Bio is conducting clinical pre-experimental research on the application potential of recombinant humanized collagen in tumor treatment, specifically for breast cancer and endometrial cancer [7] Group 3: Computing Power Industry - Parallel Technology has not established a business cooperation with DeepSeek regarding computing power services, despite the growing interest in AI large models and related technologies [8][10] - The company positions itself as a provider of computing power and operational services, serving clients in AI, high-end manufacturing, and various research-driven technology enterprises [8] - Parallel Technology is actively promoting computing power services based on domestic computing chips and has integrated various types of domestic chip resources into its platform [10]

Investment Rating - The report maintains an "Overweight" rating for the company [1][9] Core Insights - The company has shown strong growth in its beauty treatment services, with Q3 revenue reaching 184 million yuan, a year-on-year increase of 304.6%, exceeding management's guidance [4][5] - The company is expected to continue expanding its offline medical beauty stores, with a target of reaching 50 stores by the end of the year [5][6] - The report forecasts revenue growth for the company from 15.6 billion yuan in 2025 to 37.4 billion yuan in 2027, with corresponding net profits turning positive by 2026 [8][9] Financial Performance Summary - For Q3 2025, total revenue was 387 million yuan, up 4.0% year-on-year [4][5] - The beauty treatment service revenue was 184 million yuan, significantly driven by the expansion of beauty centers [5] - The company reported a GAAP net loss of 64 million yuan for Q3 2025, compared to a net profit of 20 million yuan in the same period last year [6][8] - The gross margin for Q3 2025 was 47.3%, a decrease of 14.5 percentage points year-on-year, primarily due to the lower margin of the beauty treatment business [5][6] Future Projections - Revenue is projected to grow at a rate of 6% in 2025, 68% in 2026, and 43% in 2027 [7][8] - The company is expected to achieve a net profit of 61 million yuan in 2026 and 155 million yuan in 2027 [8][9] - The report anticipates improvements in profit margins as the company optimizes its product mix and benefits from seasonal demand recovery in Q4 2025 [5][6]

Industry Trends - The medical beauty industry continues to expand, with a consolidation phase where a few chain brands will capture a larger market share[4] - The distribution of industry profits may change as upstream manufacturers undergo similar consolidation, enhancing the pricing power of large downstream institutions[4] Company Performance and Strategy - The current stock price of New Oxygen (SY US) is $3.16, which is considered undervalued, corresponding to a P/E ratio of only 12 times for its 50 mature stores[2] - Management is confident in opening at least 35 new stores in FY2026, primarily focusing on direct-operated stores in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen[4] - In Q3, 20 stores achieved monthly profitability, with mature stores averaging monthly revenue exceeding RMB 3 million[2] Financial Projections - The target price for New Oxygen is set at $10.00 per ADR, based on a Sum-of-the-Parts (SoTP) valuation method, which includes various business segments with different P/E ratios[2] - The retail business is projected to have a steady operating profit margin of 20%, while the medical beauty chain is expected to achieve a 15% steady operating profit margin[2] Competitive Landscape - The competition is intensifying, with most standalone institutions lacking advantages in branding, medical teams, supply chains, and location, making it difficult to compete with chains[4] - New Oxygen is not overly concerned about traditional institutions due to the significant differences in cost structures and operational dimensions[4]

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3947 | 0.18 | 2.79 | -1.33 | | 深证综指 | 2473 | -0.5 | 3.19 | -1.38 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.47 | 1.62 | 18.44 | | 中盘指数 | -0.23 | 1.21 | 25.86 | | 小盘指数 | -0.65 | 3.59 | 22.81 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 渔业 | 12.77 | 36.28 | 40.33 | | 贵金属 | 6.19 | -8.7 | 33.26 | | 航海装备Ⅱ | 4.22 | 3.11 | 11.04 | | 地面兵装Ⅱ | 3.33 | 3.69 | 44.5 | | 能源 ...

Core Viewpoint - The article highlights the misuse of hydroxyapatite (CaHA) in the medical beauty industry, particularly focusing on a case where a patient was charged for a treatment that was not properly administered, raising concerns about regulatory compliance and the potential for "off-label" use of medical materials [4][5][7]. Group 1: Case Study - A patient in Hangzhou spent 50,830 yuan on a treatment using a product called "Filinpril," which was later found to lack the necessary qualifications for facial aesthetic injections [4][5]. - The clinic failed to provide detailed information about the injection sites and the number of injections, leading to complaints from multiple patients about being charged for services not rendered [5][6]. Group 2: Regulatory Concerns - The article discusses the ongoing investigation by the health supervision authority into the clinic's practices, questioning whether the use of "Filinpril" constitutes "off-label" use [7]. - There is a growing concern about the widespread use of hydroxyapatite materials in aesthetic applications that may not align with their registered medical purposes, which primarily focus on orthopedic and dental applications [9][10]. Group 3: Market Potential and Product Approval - Despite the controversies, the market potential for hydroxyapatite in the medical beauty sector is viewed positively, with expectations for increased regulatory approvals for compliant products by 2025 [13][14]. - Recent approvals include Aphranel® and Radiesse, which are now recognized for use in facial soft tissue filling, marking significant milestones in the regulatory landscape [12][14]. Group 4: Industry Regulation and Compliance - The article emphasizes the need for stricter regulations and compliance measures in the medical beauty industry to address the misuse of products and ensure patient safety [16][18]. - Various local governments have initiated actions to combat illegal medical beauty practices, highlighting the importance of regulatory frameworks in maintaining industry standards [17][18].

Core Viewpoint - Aimeike, once hailed as the "beauty medical leader," is facing severe challenges since its IPO, with continuous declines in both revenue and net profit over four consecutive quarters, reflecting deeper operational crises amid intensified market competition [1][2][4]. Financial Performance - In Q3 2025, Aimeike's revenue decreased by 21.27% year-on-year to 1.865 billion yuan, while net profit attributable to shareholders fell by 34.61% to 1.093 billion yuan [2][4]. - The company has experienced a downward trend in revenue and net profit since Q4 2024, with respective declines of 7%, 17.9%, 25.11%, and 21.27% for revenue, and 15.47%, 15.87%, 41.75%, and 34.61% for net profit in the last four quarters [4][6]. Inventory and Efficiency - Aimeike's inventory scale has been increasing, with a 41.66% year-on-year growth in inventory size to 96 million yuan in the first three quarters of 2025, while inventory turnover efficiency has significantly declined, with turnover days extending to 185 days, an increase of 56 days compared to the previous year [6][7]. Product Performance - The decline in Aimeike's performance is primarily attributed to the poor sales of its two core products: solution and gel injection products, which saw revenue drops of 23.79% and 23.99% respectively in the first half of 2025 [6][7]. Strategic Acquisitions - To seek growth, Aimeike has engaged in high-premium acquisitions, including a notable acquisition of REGEN Biotech for approximately 1.9 billion USD, which resulted in a significant increase in goodwill to about 1.651 billion yuan [7][10]. - The acquisition has led to legal complications, including a 1.6 billion yuan arbitration case related to the exclusive distribution rights of AestheFill, a key product from REGEN [10][11]. Market Dynamics - The injection beauty market in China is characterized by high competition and increasing numbers of approved products, which has diminished Aimeike's first-mover advantage in the hyaluronic acid injection sector [7][8]. - The company has been actively expanding its product line through mergers and acquisitions to maintain its competitive edge in the injection beauty field [8][9].

本次整合规范涵盖了101个主项、85个加收项和16个扩展项，覆盖皮肤治疗、毛发移植等全领域医 美服务。针对热门的光/激光、射频、超声类皮肤治疗项目，政策明确统一计价单位和价格构成，允许 具备条件的医疗机构自主设立加减收项并备案，既实现服务标准化，又为机构提供灵活定价空间。 "设置加收项和扩展项，充分考虑了同一项目在不同场景、不同服务方式下的资源消耗差异。"省医 疗保障局医药价格和招标采购处相关负责人介绍，此次改革使医疗机构可按公平合理、质价均等原则自 主定价；通过废止老旧重叠项目，能有效解决项目混乱、定价不透明问题；强化全程监管，要求医疗机 构严格落实明码标价和费用清单制度，从制度层面防范低价诱导、隐形加价等乱象。 11月17日，记者从省医疗保障局获悉：日前，陕西印发关于整合规范美容整形类医疗服务价格项目 的通知，对原有美容整形类医疗服务价格项目进行整合规范，明确202项可收费项目，同时废止39项老 旧重叠项目，所有规范项目均实行市场调节价，不纳入基本医保支付范围。该政策将于12月31日起施 行。 省医保局相关负责人表示，该政策实施后将进一步规范医美行业秩序，推动医疗机构提升服务质 量，让消费者获得更优质的美 ...