Core Viewpoint - The company is facing a dual challenge of declining revenue and increasing losses, primarily due to the significant downturn in its traditional core business of "information and appointment services" [2][6][11]. Revenue and Profitability - In Q1 2025, the company's total revenue was 297 million RMB, a year-on-year decline of 6.6%, with net losses expanding to 33.1 million RMB, a 56.13% increase from the same period in 2024 [3]. - The company's revenue experienced significant fluctuations in recent years: 1) 2021 revenue reached 1.692 billion RMB, up 30.7% due to the recovery of the medical beauty industry and acquisitions; 2) 2022 saw a sharp decline of 25.7% to 1.258 billion RMB; 3) 2023 revenue rebounded to 1.498 billion RMB (+19.1%); 4) 2024 revenue slightly decreased to 1.467 billion RMB (-2.1%) [4][5]. - The net profit turned positive in 2023 at 21.28 million RMB but turned into a significant loss of 589 million RMB in 2024, primarily due to goodwill impairment related to a previous acquisition [5] [11]. Core Business Decline - The main reason for the negative revenue growth is the drastic decline in the traditional core business of "information and appointment services," which fell by 19.3% from 1.151 billion RMB in 2023 to 929 million RMB in 2024, now accounting for only 63.4% of total revenue [6][11]. - This core business, which previously constituted 100% of revenue in 2020, has been severely impacted by competition from emerging platforms like Douyin and Xiaohongshu, which have diverted advertising budgets from medical beauty institutions [6][11]. New Business Development - In response to the pressure on traditional business, the company launched the "Brand Aesthetic Center" in 2023, generating revenue of 13 million RMB, which grew to 169 million RMB in 2024 [7][11]. - Despite rapid revenue growth in the light medical beauty chain business, its profitability remains weak, with gross margins of only 22.26% in 2024 and further declining to 18.78% in Q1 2025 [8][11]. Cost and Operational Challenges - The operational costs of the light medical beauty chain business have surged, with costs rising from 9.6 million RMB in 2023 to 132 million RMB in 2024, representing 77.7% of revenue [8][10]. - The company faces challenges in managing the operational efficiency of its new business model, which differs significantly from its traditional medical beauty operations [11].

上游医美材料商与下游医美机构就童颜针的"破价"正在大打"口水仗"。 起因正是新氧自营诊所复配的童颜针"艾维岚"产品（又称"奇迹童颜"）售价仅为5999元， 为市场公价的1/3 ，这引发了艾维岚品牌方长春圣博玛生物材料有限 公司（下称"圣博玛"）的不满。 圣博玛发文指出，不对新氧诊所销售的艾维岚提供正品保证责任；新氧则强调旗下产品均为正品，指责圣博玛的说法是"无端抹黑"。 童颜针价格战一触即发。 6月19日，新氧CEO金星发文透露将要上市的部分国产童颜针定价更为合理。 以下文章来源于信风TradeWind ，作者郑敏芳 信风TradeWind . 关注资本市场的趋势与发展 新氧确实"不打无准备之仗"。 信风注意到，新氧早在2023年就与上游医美材料商东方妍美（成都）生物技术股份有限公司（下称"东方妍美"）达成战略合作，后者将尚未上市的童颜针 XH301等多款产品的国内商业化权利独家授权给新氧。 随着此番东方妍美踏上港股IPO之路，其XH301的上市进展情况得以披露。 作为东方妍美的核心产品，XH301预计今年下半年完成国内上市审评，欧盟上市注册进程则处于提交阶段。 由于尚未商业化，东方妍美2024年收入仅为0. ...

Core Viewpoint - The price war in the "童颜针" (youthful needle) market is intensifying, sparked by New Oxygen's significantly lower pricing for its product, which has led to disputes with upstream suppliers like 圣博玛 (Shengboma) [1][27][32]. Group 1: Market Dynamics - New Oxygen's self-operated clinic is selling the "艾维岚" (Aivilan) product at 5,999 yuan, which is one-third of the market price of 18,000 yuan [1][18]. - The competitive landscape is changing rapidly, with at least seven "童颜针" products approved for sale in China, leading to concerns about the sustainability of high prices [24][26]. - The market for "童颜针" is projected to grow from $1.488 billion in 2024 to $2.082 billion by 2033 [17]. Group 2: Company Strategies - 东方妍美 (Dongfang Yanmei) has formed a strategic partnership with New Oxygen to exclusively authorize the commercialization of its products, including the upcoming XH301 [3][11]. - XH301, a key product for 东方妍美, is expected to complete its domestic listing review in the second half of this year, which could help reverse its current financial losses [9][4]. - 东方妍美 plans to explore overseas markets for its products, which may provide additional growth opportunities [36][37]. Group 3: Product Comparisons - XH301 and 艾维岚 share similar core materials, but differences in manufacturing processes may affect their efficacy [8]. - XH301 has shown a significantly higher effectiveness rate of 95.5% in wrinkle correction compared to 59.83% for imported hyaluronic acid in trials [7]. - The competitive pricing of XH301 may challenge the established products in the market, as New Oxygen's CEO indicated that upcoming products will be priced more reasonably [32].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The 618 shopping festival saw a total e-commerce sales of 855.6 billion yuan, representing a year-on-year growth of 15.2% [23][24] - The beauty sector performed well during the 618 festival, with total GMV across four major platforms reaching 65.9 billion yuan, growing over 10% year-on-year [23][24] - International high-end beauty brands showed signs of recovery, with brands like Lancôme and Estée Lauder maintaining strong positions on platforms like Tmall and Douyin [32] Summary by Sections Retail Market Overview - The retail industry index closed at 2062.20 points, down 2.75% for the week, underperforming the Shanghai Composite Index by 2.24 percentage points [5][14] - The retail sector has seen a year-to-date decline of 7.89%, lagging behind the overall market performance [14][17] 618 Shopping Festival Insights - The 618 shopping festival was extended to the longest duration in history, from May 13 to June 20, 2025 [23] - Tmall's GMV during the festival grew by 10%, marking the largest increase in three years, with 453 brands achieving over 100 million yuan in sales [24][29] - Douyin's e-commerce saw over 60,000 brands doubling their sales, with more than 2,000 products exceeding 10 million yuan in sales [24][29] Investment Recommendations - Focus on high-quality companies in high-growth sectors driven by emotional consumption themes, particularly in gold and jewelry, offline retail, cosmetics, and medical aesthetics [6][35] - Recommended companies include Lao Pu Gold, Chao Hong Ji, Mao Ge Ping, and Pei Lai Ya, among others [38] Company Performance Highlights - Lao Pu Gold reported a revenue of 8.506 billion yuan for FY2024, up 167.5%, with a net profit increase of 253.9% [37] - Mao Ge Ping achieved a revenue of 3.885 billion yuan for FY2024, growing by 34.6%, with a net profit increase of 33% [37] - Pei Lai Ya's revenue for 2024 was 10.778 billion yuan, up 21%, with a net profit increase of 30% [37]

——美护主线 行业变化： （1）5 月综合天猫+抖音，国货绽家、斐萃、PA、毛戈平、完美日记、科兰黎、六神、newpage、珂蔓 朵、拉芳等表现亮眼；日韩龙头复苏显著。5 月综合天猫+抖音，国货品牌中斐萃在低基数下延续高增 长，5 月GMV 体量超6000w，绽家、PA、newpage 、科兰黎、珂蔓朵、拉芳、创福康增速均超100%； 毛戈平、RV、六神、完美日记5 月双渠道GMV 增速超50%。海外品牌中SKII、后、雅漾增长亮眼。品 牌排名：5 月抖音TOP10 国货占比30%，韩束蝉联第一，珀莱雅、自然堂分别位列TOP4/10；天猫 TOP10 国货占比20%，珀莱雅蝉联第一，薇诺娜位列TOP10。 （2）若羽臣回购价格大幅上调至88.4 元/股。若羽臣公告调整2025 年度第一期回购的价格上限，由 30.22 元/股大幅上调至88.4 元/股；此外回购方案其他内容不变，预计回购金额约1-2 亿元（含），截至 6.9 当前已累计回购942 万，预计剩余回购金额约0.9-1.9 亿元。调整原因主系股价持续超出原回购上 限，公司基于对公司未来持续稳定发展的信心和对公司价值的认可，同时以保障回购顺利实施。 （ ...

Core Viewpoint - The article highlights the rising popularity of the American version of ultrasound knife technology in the anti-aging sector, emphasizing its effectiveness and precision in achieving facial lifting and tightening results [1][3]. Group 1: Technology and Effectiveness - The American ultrasound knife is recognized for its strong lifting effect, improving skin elasticity and reducing wrinkles, leading to clearer facial contours [3]. - This technology has received FDA certification, ensuring its safety and effectiveness [3]. - It utilizes high-intensity focused ultrasound to target the SMAS layer, tightening loose muscle tissue and providing long-lasting lifting effects [3]. Group 2: Precision and Customization - The ultrasound knife's precision is enhanced by real-time imaging technology, allowing doctors to observe skin structure and adjust treatment depth and energy according to individual skin conditions [3]. - The Ulthera® specialized probe can be customized for different depths (1.5mm, 3.0mm, 4.5mm) to treat various skin layers, achieving natural and effective lifting and tightening results [3]. Group 3: VelyB Hospital's Role - VelyB Hospital is recognized for its strong reputation in the medical aesthetics field and has introduced advanced technologies like the American ultrasound knife as part of its anti-aging strategy [6]. - The hospital boasts a skilled medical team trained in the operation of the ultrasound knife, capable of creating personalized treatment plans based on individual facial characteristics and needs [6]. - Various treatment options are available at VelyB Hospital, including different shot counts (100, 300, 600), catering to diverse client needs from mild skin laxity to significant facial sagging [6].

Core Viewpoint - Fulejia, once a leader in the beauty mask industry, is facing significant challenges including declining performance and intensified competition [1] Financial Performance - In 2024, Fulejia reported revenue of 2.017 billion yuan, a year-on-year increase of 4.32%, while net profit fell to 661 million yuan, a decrease of 11.77% [1] - For Q1 2025, both revenue and net profit declined, with revenue at 301 million yuan, down 26.39%, and net profit at 91.384 million yuan, down 39.77% [1] - In 2023, net profit was 749 million yuan, a decrease of 11.56%, with sales expenses reaching 532 million yuan, accounting for 27.51% of revenue [1] Marketing and Cost Structure - Fulejia has been heavily investing in marketing, with sales expenses projected to reach 748 million yuan in 2024, a 40.53% increase, representing 37.08% of revenue [1] - Research and development expenses remain low, at 34.82 million yuan in 2024, only 1.73% of revenue [1] - The company is experiencing high costs associated with influencer marketing, which has been identified as a burden [1] Competitive Landscape - Fulejia's former partner, Hasanlian, is entering the competitive space with similar products and has announced plans to sell up to 18 million shares of Fulejia stock [1] - Hasanlian's R&D investment is three times that of Fulejia, indicating a more robust approach to product development [1] - The beauty industry is becoming increasingly competitive, making it difficult for Fulejia to differentiate itself and regain its former market position [1]

投资建议：产品端单品突破仍存机遇，新品中重点关注肉毒/再生/PDRN等品类进展，运营上看好头部 企业持续领先 据德勤预测，2023年我国医美终端规模逾2300亿元，预计24~27CAGR+10%~+15%;其中注射类规模占比 约1/4，预计未来5年规模CAGR+20%~+30%。短期，受宏观经济增长降速与基数影响，部分医美企业业 绩阶段性承压、表现分化。展望未来，该行测算每千人医美诊疗次数韩国/日本/中国分别为91次 (2019)/71次(2023E)/34次(2023E)，未来认知度提升与客群老龄化有望带来较大空间;同时注射类产品受 益于丰富的品类供给和消费者认可，有望在轻医美潮流中获得较行业整体更快的增速。 发展趋势：产品竞争格局或将U型演变，头部企业有望依靠运营能力保持优势 ①产品维度，短期单品获批周期长带来新证稀缺性，中长期集中度料"U"型演变：医美产品作为医疗器 械/药品，审批时间长，品类早期受制于牌照稀缺、集中度高;中期竞争对手增加使格局分散，但最终企 业经营能力分化，料将推动集中度再次提升。 ①产品端：非透明质酸材料批文数量有限，产品端单品突破存机遇。据动脉网统计，我国已获批医美注 射针剂批文超 ...

Core Viewpoint - The medical beauty industry in China has significant market potential, driven by increasing awareness and an aging customer base, with injection products expected to grow faster than the overall industry due to supply-side support [1] Industry Summary - The medical beauty market in China is characterized by a large market space and growth opportunities due to evolving consumer awareness and demographic trends [1] - The evolution of product categories is creating development opportunities, with the scarcity of new licenses contributing to product advantages [1] - The competitive landscape is expected to evolve into a U-shaped pattern as the number of approvals increases, shifting competition from products to a comprehensive capability in marketing, market presence, and management [1] Company Summary - The Chinese market exhibits "limited innovation" characteristics, where leading companies are likely to maintain their competitive edge through operational capabilities [1] - Two investment themes are recommended: focusing on product category iterations and breakthroughs, as well as the comprehensive capability development of medical beauty enterprises, with a particular emphasis on the sustained leadership of top companies [1]

｜2025年6月20日 星期五｜ NO.1中国银河证券：白电板块的投资主要看公司业绩稳定性 中国银河证券指出，白电板块的投资主要看公司业绩稳定性，分红率稳步提升与无风险利率下行带来的 估值提升趋势；黑电板块的投资机会主要在于全球竞争力提升背景下的业绩弹性；清洁电器的投资机会 在于行业自2023年三季度以来深度整合之后龙头胜出后的机会；此外，AI与具身机器人技术的渗透， 部分公司将引入有吸引力的新智能产品。 中信证券研报表示，我国医美行业市场空间大，认知度提升和客群老龄化有望驱动成长，其中注射类受 益于供给侧推动、增速或将快于行业整体。产品维度看，品类演进迭代创造发展机遇，新证稀缺性构筑 产品红利、中长期批文增加后格局或将U型演变，竞争要素由产品逐步升级至营销、市场、管理等多维 度综合能力；企业维度看，中国市场具备"有限创新"特征，头部企业或将依靠运营能力积淀保持领先。 基于此，我们提出两条投资主线：①产品维度关注品类迭代、单品突破机遇；②经营维度关注医美企业 综合能力构建，更加看好龙头企业持续领先能力。 免责声明：本内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 NO.2 ...