格隆汇8月18日丨爱美客(300896.SZ)公布2025年半年度报告，上半年公司实现营业收入12.99亿元，同比 下降21.59%；归属于上市公司股东的净利润7.89亿元，同比下降29.57%；归属于上市公司股东的扣除非 经常性损益的净利润7.22亿元，同比下降33.70%；基本每股收益2.62元；拟向全体股东每10股派发现金 红利12元(含税)。 ...

北京商报讯（记者 王寅浩 实习记者 宋雨盈）8月18日，爱美客发布公告称，2025年上半年实现营业收 入12.99亿元，同比下降21.59%；归属于上市公司股东的净利润为7.89亿元，同比下降29.57%；归属于 上市公司股东的扣除非经常性损益的净利润7.22亿元，同比下降33.7%。 ...

Core Viewpoint - The medical aesthetics industry is undergoing a critical transformation from scale expansion to quality deepening, with the company Aimeike facing significant performance challenges since its IPO, reporting a 21.6% year-on-year decline in revenue and a 29.6% drop in net profit attributable to shareholders in the first half of 2025 [1] Financial Performance - Revenue for the first half of 2025 was 1.29918 billion yuan, a decrease of 21.59% year-on-year [5] - Net profit attributable to shareholders was 789.46 million yuan, down 29.57% year-on-year [5] - Gross margin remained high at 93.43%, with solution products at 93.15% and gel products at 97.75% [5] - Operating cash flow net amount was 654.88 million yuan, a decline of 43.06% year-on-year [5] Product Line Performance - Major product lines experienced significant shrinkage: revenue from solution injection products was 744 million yuan, down 23.79% year-on-year; revenue from gel injection products was 493.27 million yuan, down 23.99% year-on-year [3][5] - Despite revenue declines, the company maintained high gross margins, indicating strong pricing power and cost control [3] Industry Environment - The overall growth rate of the medical aesthetics market in China is slowing, with a need for new growth drivers [3] - Increased competition due to a rise in approved medical aesthetic injection products by the National Medical Products Administration [3] Research and Development - R&D investment increased by 24.47% to 156.55 million yuan, accounting for 12.05% of revenue [4][5] - The company completed 22 patent applications and has several important products in registration or clinical trial stages [4] - The company has submitted a registration application for botulinum toxin, which could provide new growth opportunities upon approval [4] Strategic Moves - The company acquired 85% of South Korea's REGEN for 190 million USD, gaining production rights for the "童颜针" (youthful face needle) [4] - New product "医用含聚乙烯醇凝胶微球的交联透明质酸钠凝胶" (brand name: 嗗科拉) launched in May, expanding the product line [4] Digital Transformation - The company is accelerating its digital transformation with initiatives like "全轩课堂," which has served 29,000 certified doctors and built a resource library of 2,219 academic content items [6] - The "爱美客伙伴" customer management platform has registered 18,000 institutional users, converting offline processes to online self-service [6] Financial Health - Total assets at the end of the period were 8.76521 billion yuan, an increase of 5.09% from the beginning of the period [8] - Cash and cash equivalents amounted to 1.17472 billion yuan, providing sufficient funding for future development [8] Shareholder Returns - The company plans to distribute a cash dividend of 12 yuan for every 10 shares, with a payout ratio of 45.82%, reflecting a commitment to shareholder returns [9]

爱美客8月18日晚间披露半年报，公司上半年实现营业收入12.99亿元，同比下降21.59%；归属于上市公 司股东的净利润7.89亿元，同比下降29.57%；基本每股收益2.62元。同日，爱美客公布2025年半年度利 润分配预案：向全体股东每10股派发现金股利12元（含税）。 ...

人民财讯8月18日电，爱美客（300896）8月18日晚间披露2025年半年报，公司上半年实现营业收入 12.99亿元，同比下降21.59%；归母净利润7.89亿元，同比下降29.57%；基本每股收益2.62元。公司拟每 10股派发现金红利12元(含税)。 ...

格隆汇8月18日｜爱美客(300896.SZ)公告称，爱美客发布2025年半年度报告，实现营业收入12.99亿元， 同比下降21.59%；归属于上市公司股东的净利润7.89亿元，同比下降29.57%。公司拟每10股派发现金红 利12元（含税）。 ...

爱美客发布2025年半年度报告。报告期内，公司营业收入12.99亿元，同比降21.59%；归母净利润7.89 亿元，同比降29.57%。经营活动现金流净额6.55亿元，同比降43.06%。总资产87.65亿元，较上年度末 增5.09%；归属于上市公司股东的净资产74.56亿元，较上年度末降4.37%。公司拟以301,426,187为基 数，向全体股东每10股派发现金红利12元（含税），不送红股、不以公积金转增股本。报告期末普通股 股东总数58,235户，控股股东和实际控制人未变更。 ...

Core Viewpoint - The medical beauty platform, New Oxygen (Nasdaq: SY), reported a decline in performance for the second quarter of 2025, with total revenue of 379 million yuan, a year-on-year decrease of 7%, and a net loss of 36 million yuan, compared to a profit of 18.9 million yuan in the same period last year. The revenue drop is attributed to a decrease in the number of medical service providers subscribing to the platform [2][4]. Group 1: Financial Performance - New Oxygen's revenue from medical beauty treatment services surged by 426.1% year-on-year to 144 million yuan, becoming the largest source of income for the company [2]. - The information and booking services segment continued to face pressure, with revenue of 135.2 million yuan, a decline of 35.6% compared to 209.7 million yuan in the same quarter of 2024 [4]. - The overall medical beauty market in China reached 280.4 billion yuan in 2023, with expectations to grow to 381.6 billion yuan by 2025, attracting significant interest from major internet companies [6][7]. Group 2: Business Transformation - New Oxygen is transitioning from a traditional B2B information intermediary model to a B2C vertical integrator in the medical beauty industry, facing intense competition [3]. - The company has established 29 operational chain stores in major cities, with 25 centers achieving positive monthly cash flow [5]. - The CEO anticipates that the medical beauty industry will see a significant increase in the number of chain stores, aiming for a thousand-store scale within 8 to 10 years [6]. Group 3: Industry Challenges and Opportunities - The medical beauty industry is experiencing dual challenges of intensified competition and rising consumer expectations, with platforms like Alibaba Health and Meituan diversifying their offerings [4][8]. - The CEO emphasizes that the core issue in the industry is a surplus of demand but a shortage of quality supply, presenting a key opportunity for New Oxygen's expansion [6]. - The industry is expected to undergo a transformation towards a "mass medical beauty" era as product prices normalize and quality supply increases, which will enhance the overall trust in the industry [6][9]. Group 4: Competitive Landscape - Major players like JD Health and Alibaba are actively entering the medical beauty space, with JD Health launching its first self-operated offline clinic and Alibaba creating a service matrix leveraging its ecosystem [7]. - The competition is shifting towards a model where online platforms dominate while offline services require a diverse approach, focusing on quality and customer experience [8]. - The industry is entering a phase of strong regulation, with new standards and policies being implemented to promote development and compliance [9].

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]

Investment Rating - The report maintains a "Buy" rating for the high-end domestic cosmetics brand Mao Geping, projecting a net profit of 1.184 billion, 1.542 billion, and 1.953 billion yuan for 2025-2027, with year-on-year growth rates of +34%, +30%, and +27% respectively [15]. Core Insights - The cosmetics and medical beauty sector underperformed the market, with the Shenwan Beauty Care Index growing by only 0.1% from August 8 to August 15, 2025, lagging behind the Shenwan A Index by 3.0 percentage points [6][7]. - Domestic brands are actively preparing for the upcoming consumption peak, with significant announcements from brands like Proya and Up Beauty, indicating a strategic focus on high-end markets [12]. - Mao Geping's performance in H1 2025 shows a strong revenue forecast of 2.57 billion to 2.6 billion yuan, reflecting a year-on-year growth of 30.4% to 31.9%, and a net profit of 665 million to 675 million yuan, indicating robust profitability in the high-end domestic makeup segment [13][14]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector's performance was weaker than the overall market, with specific indices showing minimal growth [6][7]. - The top-performing stocks in the sector included Baiya Co. (+11.0%) and Nuobang Co. (+6.0%), while the worst performers were Beijia Co. (-13.1%) and Mao Geping (-9.4%) [8]. Recent Developments - The report highlights the upcoming earnings season for key domestic brands, with expectations for significant financial disclosures from companies like Runben Co. and Marubi Biological [12]. - New Oxygen Group reported a Q2 revenue of 379 million yuan, with its light medical beauty chain business showing a remarkable year-on-year growth of 426% [24][25]. E-commerce and Market Trends - The report provides insights into the e-commerce performance of domestic brands, with notable growth in GMV for brands like Proya and Up Beauty, indicating a strong online presence [18]. - The retail sales of cosmetics in July 2025 showed a year-on-year growth of 4.5%, suggesting a recovery in consumer spending [19][22]. Market Share and Competitive Landscape - The domestic cosmetics market is becoming increasingly competitive, with local brands gaining market share against international competitors, as evidenced by the performance of brands like Proya and Natural Hall [31][36]. - The report notes that the market for skincare products is projected to reach 271.2 billion yuan in 2024, despite a slight decline in growth [31].