那么，不免税了，医美价格是否会涨价？上海国家会计学院副教授葛玉御表示，理论上，企业会把增值 税税负转嫁给消费者。但实际上，医美价格受多重因素影响，不仅仅是税收。此外，医美行业的特点是 医疗耗材成本占比低，渠道推广成本费用高，而渠道费很难拿到增值税发票来抵扣。在税务合规的背景 下，医美行业严重畸形的商业模式可能要重构。 医美行业部分业务享受免税优惠将成为历史。第一财经记者从税务总局北京市税务局12366纳税缴费服 务热线处了解到，今年开始，只要是营利性美容医疗机构，将不再享受免征增值税优惠政策。中南财经 政法大学田彬彬告诉第一财经，增值税免税是一种"福利"。国家希望通过免税降低老百姓看病救命的成 本。而美容医疗更多属于消费升级和悦己消费，不具备"基本医疗保障"的属性，应当取消免税优惠。 ...

人才落座点单，就有服务员问 " 能写个 评价 吗？ "—— 这样的场景你是否熟悉？ 在激烈的行业竞争下，消费者越来越依赖线上评分做决策， 而高分直接关联平台曝光与客流 ，商家 为争夺流量不得不 通过 " 要 " 的方式积累评价 ，由此陷入 " 评价内卷 "—— 评价量 成了日常 KPI ，打磨产品反成次要。 在上述 餐饮行业不断变化 的背景下 ，线上评价体系 需要不断 随之迭代 ，才能在新格局中发挥 " 正确 "的作用 。 2025 年 8 月，大众点评率先启动 " 星级评分体系升级 " 试点，并于 10 月在全 国范围落地，旨在引导商家将资源更多地投入到日常经营。升级后的导向明确为： " 反对商家干扰 顾客写评、不提倡过度进行人工店内邀评 " ， 推动行业从 " 评价竞赛 " 迈向 " 品质竞争 " 。 " 星级评分体系升级 " 后至今， 不少商家反馈，行 业 正 感受到一波线上 " 星级评分 " 的局部震 荡 ， "几家欢乐几家愁"。如何解释上述现象？ 背后到底发生了什么？ 餐饮行业星级评分"震荡"，背后缘由为何 据 大众点评星级评价相关 负责人介绍， 行业为何会感受到 " 星级震荡 "，一 方面 是因为 ...

Core Viewpoint - The pet economy, while appearing lucrative with a market size of 300 billion and gross margins reaching 50%, is proving to be a challenging business for large companies, as evidenced by the failures of several high-profile entrants [6][7]. Group 1: Profitability and Business Challenges - Pet food is the hottest category in the pet economy, with domestic brands achieving gross margins of 40%-50%, but the actual profitability for companies is often much lower, with leading firms like Zhongchong Co. reporting a gross margin of only 28.16% and a net margin of 9.33% in 2024 [9][10]. - The high gross margins in the pet economy are often offset by significant marketing and operational costs, such as rising sales expenses for companies like Guibao Pet, which increased from less than 100 million in 2017 to over 1 billion in 2024, reflecting a 46.31% year-on-year increase [10][11]. - The emotional value associated with pet products does not translate into sustainable profits for companies, as the costs of marketing through KOLs and maintaining physical stores can erode margins significantly [17][18]. Group 2: Market Dynamics and Competition - The pet economy is characterized by a reliance on personal relationships and trust between pet owners and service providers, making it difficult for large companies to replicate the success of smaller, independent operators [27][30]. - Many businesses in the pet economy, such as grooming and veterinary services, thrive on the expertise and personal touch of individual operators, which large companies struggle to scale effectively [19][26]. - The challenges faced by large companies in the pet economy mirror those in other high-margin industries like beauty and medical services, where the core value often lies in the individual professionals rather than the corporate structure [20][22].

随着增值税法及其实施条例在今年起实施，医美行业此前部分业务享受免税优惠将成为历史。 《中华人民共和国增值税法》和《中华人民共和国增值税法实施条例》自2026年1月1日起施行。其中， 增值税法在税收优惠一章中，明确了"医疗机构提供的医疗服务"免征增值税。增值税法实施条例将前 述"医疗机构"定义为"依据有关规定设立的具有医疗机构执业资格的机构，包括军队、武警部队各级各 类医疗机构，不包括营利性美容医疗机构。"。 第一财经记者从税务总局北京市税务局12366纳税缴费服务热线处了解到，今年之前增值税相关规定 中，并没有将营利性美容医疗机构排除在上述免税政策范围外。而从今年开始，只要是营利性美容医疗 机构，将不再享受上述免征增值税优惠政策。 上海国家会计学院副教授葛玉御告诉第一财经，在此前增值税制度下，国家对医疗机构提供的符合规定 的医疗服务给予免征增值税优惠政策，但并没有排除医美机构和医美服务。因此不少医美机构符合条件 医疗服务实际享受了免税优惠政策，而这在实务中存在争议。而今年起实施的增值税实施条例解决这一 争议，明确营利性医美机构不再享受上述免征增值税优惠政策，需要依法纳税。 所谓美容医疗机构，是指以开展医疗美容 ...

2026.01. 06 本文字数：2237，阅读时长大约4分钟 作者 | 第一财经 陈益刊 随着增值税法及其实施条例在今年起实施，医美行业此前部分业务享受免税优惠将成为历史。 《中华人民共和国增值税法》和《中华人民共和国增值税法实施条例》自2026年1月1日起施行。其 中，增值税法在税收优惠一章中，明确了"医疗机构提供的医疗服务"免征增值税。增值税法实施条例 将前述"医疗机构"定义为"依据有关规定设立的具有医疗机构执业资格的机构，包括军队、武警部队 各级各类医疗机构，不包括营利性美容医疗机构。"。 第一财经记者从税务总局北京市税务局12366纳税缴费服务热线处了解到，今年之前增值税相关规定 中，并没有将营利性美容医疗机构排除在上述免税政策范围外。而从今年开始，只要是营利性美容医 疗机构，将不再享受上述免征增值税优惠政策。 上海国家会计学院副教授葛玉御告诉第一财经，在此前增值税制度下，国家对医疗机构提供的符合规 定的医疗服务给予免征增值税优惠政策，但并没有排除医美机构和医美服务。因此不少医美机构符合 条件医疗服务实际享受了免税优惠政策，而这在实务中存在争议。而今年起实施的增值税实施条例解 决这一争议，明确营利性 ...

医美价格受多重因素影响 随着增值税法及其实施条例在今年起实施，医美行业此前部分业务享受免税优惠将成为历史。 《中华人民共和国增值税法》和《中华人民共和国增值税法实施条例》自2026年1月1日起施行。其中， 增值税法在税收优惠一章中，明确了"医疗机构提供的医疗服务"免征增值税。增值税法实施条例将前 述"医疗机构"定义为"依据有关规定设立的具有医疗机构执业资格的机构，包括军队、武警部队各级各 类医疗机构，不包括营利性美容医疗机构。"。 第一财经记者从税务总局北京市税务局12366纳税缴费服务热线处了解到，今年之前增值税相关规定 中，并没有将营利性美容医疗机构排除在上述免税政策范围外。而从今年开始，只要是营利性美容医疗 机构，将不再享受上述免征增值税优惠政策。 上海国家会计学院副教授葛玉御告诉第一财经，在此前增值税制度下，国家对医疗机构提供的符合规定 的医疗服务给予免征增值税优惠政策，但并没有排除医美机构和医美服务。因此不少医美机构符合条件 医疗服务实际享受了免税优惠政策，而这在实务中存在争议。而今年起实施的增值税实施条例解决这一 争议，明确营利性医美机构不再享受上述免征增值税优惠政策，需要依法纳税。 所谓美容医疗 ...

证券日报网讯 1月5日，爱美客在互动平台回答投资者提问时表示，截至2025年12月31日，公司股东人 数为60075户。 （文章来源：证券日报） ...

Group 1 - The core viewpoint is that Huaxi Bio sees the South Korean market as a crucial area for international expansion, particularly in the rapidly growing medical aesthetics industry [2] - The China-Korea Business Forum highlighted discussions on manufacturing innovation, supply chain cooperation, and new consumer markets, with over 400 attendees from both countries [2] - Biomanufacturing is identified as a strategic high ground in the global technological revolution, with the "14th Five-Year Plan" emphasizing the need for forward-looking layouts in biomanufacturing and other future industries [2] Group 2 - Huaxi Bio, established in 2000 and listed on the STAR Market in 2019, specializes in the research and production of bioactive materials, holding a 44% share in the global hyaluronic acid raw material market and 70% in the domestic market [3] - The company entered the South Korean market in 2002 and has expanded into pharmaceuticals, medical aesthetics, cosmetics, and functional foods, with a new subsidiary established in Seoul in 2023 [3] - In the pharmaceutical sector, Huaxi Bio collaborates with top Korean companies in eye drops and joint injection products, while in medical aesthetics, its products cover over 90% of local production companies [3]

Core Viewpoint - Revance Therapeutics (01696) has announced that its injectable botulinum toxin type A (DaxibotulinumtoxinA-lanm, marketed as DAXXIFY in English) has passed quality standard inspections by the Chinese National Institute for Food and Drug Control, marking a significant step towards commercialization in China [1] Group 1: Product Development - DaxibotulinumtoxinA is designed for the temporary improvement of moderate to severe glabellar lines caused by the activity of the corrugator and/or procerus muscles in adults [1] - As of the announcement date, there are no other DaxibotulinumtoxinA products available for sale in China, indicating a first-mover advantage for the company [1] Group 2: Market Strategy - The successful inspection signifies that DaxibotulinumtoxinA meets the stringent quality, safety, and efficacy requirements set by Chinese regulatory authorities [1] - The company has secured its first commercial orders for DaxibotulinumtoxinA in the Chinese market, entering the commercialization phase [1] Group 3: Business Impact - The company views DaxibotulinumtoxinA as a strategic cornerstone for its injectable filler business, enhancing product diversity and providing consumers with more quality options [1] - DaxibotulinumtoxinA is expected to serve as a second growth engine, contributing to sustained consumable revenue and reinforcing the company's leading position in the global beauty and health industry [1]

Core Viewpoint - Furuya Medical Technology (01696.HK) has announced that its reauthorized injectable botulinum toxin type A (DaxibotulinumtoxinA-lanm, trademarked as 达希斐® in China and DAXXIFY® in English) has passed quality standard inspections by the China National Institute for Food and Drug Control, marking a significant step towards commercialization in China [1] Group 1 - The product is intended for the temporary improvement of moderate to severe glabellar lines caused by the activity of the corrugator and/or procerus muscles in adults [1] - As of the announcement date, there are no other DaxibotulinumtoxinA products available for sale in China, indicating a first-mover advantage for the company [1] - The successful inspection signifies that DaxibotulinumtoxinA has met the stringent quality, safety, and efficacy requirements set by Chinese regulatory authorities [1] Group 2 - The company has secured its first commercial orders for DaxibotulinumtoxinA in the Chinese market, officially entering the commercialization phase [1] - DaxibotulinumtoxinA is viewed as a strategic cornerstone for the company's injectable filler business, enhancing product diversity and providing more quality options for consumers [1] - The product is expected to serve as a second growth engine, contributing to sustained consumable revenue and reinforcing the company's leading position in the global beauty and health industry [1]