2026年开年，国内外医美行业迎来税务大地震！ 韩国实施了十年的医美退税政策，于2025年最后一天正式终结；而中国从2026年1月1日起，新《增值税法》明确将营利性美容医疗机构排除在免税政策范 围外。 也就是说，从2026年元旦开始，外国游客到韩国做医美可享退税政策取消了，意味着赴韩医美要多花钱。而中国也从这天开始，对医美机构征收之前免征 的增值税，医美机构的税负提升了，这笔钱最终还是会增加到消费者支付的价格上，国内做医美大概率也要涨价。 中韩医美税收红利时代终结 细究来看，中韩两大医美市场先后按下退免税政策"终止键"，并非临时起意，而是基于产业发展阶段、监管思路变化等，几乎同步做出的政策调整。 内外环境同时收紧，意味着医美全税时代到来了，昔日依赖税收政策优惠的医美赛道，或将迎来新一轮洗牌。 回溯中国医美税收政策脉络，2016年财政部、国家税务总局发布《关于全面推开营业税改征增值税试点的通知》，将"医疗机构提供的医疗服务"纳入增值 税免税范围，但彼时并未明确排除医美机构，导致部分营利性医美机构借"医疗机构"的身份享受免税优惠，长期处于"医疗"与"消费"的模糊地带。 步入2025年，针对这一模糊地带的监管方向逐 ...

Group 1: Industry Overview - The light industry and beauty sector is expected to stabilize and improve due to the dual drivers of domestic demand policies and steady export growth [3] - The "14th Five-Year Plan" marks a year of enhanced domestic demand policies, coupled with consumers' increasing pursuit of high-quality living, creating significant growth opportunities for the industry [3] - The penetration rate of cross-border e-commerce has ample room for improvement, and the recovery of international relations and demand from emerging markets will further drive market expansion [3] Group 2: Beauty Sector - The cosmetics market is projected to grow steadily, with the skincare segment being the largest, reaching a market size of 4,619 billion yuan in 2024, and expected to grow at a CAGR of 8.6% from 2024 to 2029 [19] - The high-end cosmetics market is rapidly expanding, with the market size for high-end skincare products increasing from 749 billion yuan in 2019 to 1,144 billion yuan in 2024, reflecting a CAGR of 8.84% [19] - Key companies in the beauty sector include: - **Mao Geping**: Revenue reached 25.88 billion yuan in H1 2025, with a growth rate of 31.28% [23] - **Lin Qingxuan**: Revenue grew to 10.52 billion yuan in H1 2025, marking a 98.28% increase [27] - **Marubi**: Revenue is expected to reach 29.70 billion yuan in 2024, recovering from previous declines [32] Group 3: Medical Aesthetics - The medical aesthetics sector is facing short-term pressure due to cautious consumer spending, but the long-term growth potential remains strong, with a projected CAGR of 10%-15% from 2024 to 2027 [36] - The market penetration rate for medical aesthetics in China is currently at 4-5%, indicating a growth potential of 2-5 times compared to countries like the US and South Korea [36] - Key companies in the medical aesthetics sector include: - **Jinbo Biological**: Achieved revenue of 12.96 billion yuan in Q1-Q3 2025, with a year-on-year growth of 31.10% [45] Group 4: Daily Chemicals - The daily chemical industry is benefiting from domestic demand policies, with local brands poised to capture market share [49] - Companies such as **Dengkang Oral Care** and **Runben** are highlighted for their strong market positions and growth potential [51][55] - **Shanghai Jahwa** has shown significant growth, with revenue reaching 49.61 billion yuan in Q1-Q3 2025, reflecting a 10.83% increase [59] Group 5: Home Furnishing - The home furnishing sector is under pressure due to weak real estate sales, with a 15% decline in residential investment in 2025 [65] - National subsidies for home appliances and furnishings have provided some support, but the long-term effects are limited [65] - Leading companies such as **Oppein Home** and **Kuka Home** are noted for their strong channel capabilities and multi-category layouts [65]

Group 1 - The article highlights the looming financial crisis predicted for 2026, with the U.S. debt nearing $40 trillion and Japan's debt expected to reach 235% of its GDP by year-end [1][3] - The global economic damage caused by uncontrollable factors since late 2019 has exacerbated debt accumulation issues in various countries, with Japan likely to be the first to face a crisis [3][5] - The Japanese government's current fiscal policies, particularly under Prime Minister Kishida, are criticized as detrimental to the economy, with reliance on deficit financing seen as a dangerous approach [5][15] Group 2 - The article discusses the adverse effects of Kishida's monetary policies, which contradict global central bank tightening, potentially leading to unsustainable debt levels for Japan [5][9] - Relations between Japan and China have deteriorated due to Kishida's provocative statements regarding Taiwan, which could have significant economic repercussions for Japan, given China's importance as a trading partner [9][10] - The economic impact of Kishida's policies is evident, with Japan's GDP contracting by 0.4% in the latest quarter, marking the first negative growth of the year, and further economic decline is anticipated [13][15]

增值税法和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"。 第一财经记者从国家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。 [ 葛玉御认为，医美应该适用6%增值税税率。 ] 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。 比如，根据信用中国等公开信息，2017年1月至2021年11月，杭州古名文化艺术策划有限公司千和医疗 美容诊所为客户提供医疗美容项目服务，利用个人银行账户收取服务款并隐匿服务收入约47.6亿元，未 计入财务账，未对上述收入中的增值税应税项目和免税项目进行分别核算。最终该公司补缴企业所得税 约1.47亿元，并被当地税务罚款约0.88亿元。 目前，增值税税率有三档（6% ...

Core Viewpoint - 瑞丽医美 has entered into a subscription agreement to acquire shares in 莱丽医美有限公司, which will enhance its business operations in Hong Kong and provide potential investment returns [1][2] Group 1: Subscription Agreement Details - 瑞丽医美 will issue a total of 170,000 shares to the first investor 瑞丽美学有限公司 at a subscription price of 2.55 million HKD and 63,300 shares to the second investor 比夫有限公司 at a subscription price of 950,000 HKD [1] - After the completion of the agreement, the shareholding will be distributed as follows: 缪诗美学 will hold 30.0%, the first investor will hold 51.0%, and the second investor will hold 19.0% of the target company [1] - The target company 莱丽医美有限公司 will become an indirect non-wholly owned subsidiary of 瑞丽医美, and its financial performance will be consolidated into the group’s accounts post-completion [1] Group 2: Strategic Rationale - The board believes that the subscription aligns with the group’s business expansion strategy, particularly in enhancing its presence in the Hong Kong market [2] - The subscription is viewed as a unique opportunity to promote the brand and provide beauty services to potential customers, creating synergies with existing operations [2] - The operational and financial performance of the target company is expected to improve once it commences beauty services in Hong Kong, potentially leading to investment returns for the group [2]

格隆汇1月6日丨瑞丽医美(02135.HK)公告，于2026年1月6日，缪诗美学、投资者、股东及目标公司莱丽 医美有限公司订立认购协议，据此，(i)第一投资者同意认购，而缪诗美学及目标公司同意向第一投资者 瑞丽美学(公司间接非全资附属公司)发行合共170,000股股份，认购价为2,550,000港元；及(ii)第二投资 者比夫有限公司同意认购，而缪诗美学及目标公司同意向第二投资者发行合共63,335股股份，认购价为 950,000港元，惟须受认购协议所载条款及条件规限。完成后，缪诗美学、第一投资者及第二投资者将 分别持有目标公司30.0%、51.0%及19.0%之股份。 ...

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。 ...

Core Viewpoint - The article discusses the recent upgrade of the star rating system by Dazhong Dianping, which aims to shift the focus of businesses from accumulating reviews to enhancing product quality and service, thereby addressing the issue of "review inflation" in the restaurant industry [1][6][12]. Group 1: Impact of the New Star Rating System - The new star rating system has led to a phenomenon termed "star rating shock," where businesses that previously engaged in excessive review solicitation face a decline in their ratings [2][3]. - Approximately 270,000 businesses have experienced a decrease in their star ratings, while around 290,000 have seen an increase, indicating a balanced "replacement" process in the industry [3]. - The new system evaluates the authenticity of reviews through multiple dimensions, including content and user behavior, making it difficult for businesses to gain star ratings through artificial means [2][9]. Group 2: Business Reactions and Adjustments - Some businesses that have consistently focused on quality and service have seen their ratings improve under the new system, while others have had to adjust their strategies to reduce solicitation efforts and enhance product quality [2][3]. - The article highlights the mixed feelings among businesses, with some expressing anxiety about potential rule circumvention by competitors, while others are optimistic about the focus on quality over quantity [7][9]. - The upgrade aims to alleviate the operational burden on businesses by discouraging excessive review solicitation and promoting a return to quality management [6][10]. Group 3: Future Directions and Industry Standards - The article emphasizes the need for transparency in the rating system to help businesses understand the changes and avoid unnecessary investments [10][12]. - Dazhong Dianping plans to extend the upgraded rating system beyond the restaurant sector to other industries, promoting a new standard for social evaluation [12]. - The ultimate goal of the upgrade is to foster a healthier business ecosystem, encouraging businesses to prioritize product and service quality over artificial rating manipulation [12].

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].

Core Viewpoint - The implementation of the new VAT law and its regulations will end the tax exemption previously enjoyed by profit-oriented medical beauty institutions in China, effective from January 1, 2026 [1][2]. Group 1: Tax Policy Changes - The new VAT law explicitly excludes profit-oriented medical beauty institutions from the tax exemption that applies to medical services provided by qualified medical institutions [1][2]. - Prior to this change, many medical beauty institutions benefited from tax exemptions due to their classification as medical service providers, which was a point of contention [2][3]. - The adjustment aims to eliminate the unfair competitive advantage that profit-oriented medical beauty institutions had over traditional beauty services, which have always been subject to VAT [3][4]. Group 2: Industry Impact - The medical beauty industry in China has seen rapid growth, with market estimates exceeding 300 billion yuan, driven by increasing demand and a growing number of young consumers [2]. - The removal of the tax exemption may lead to price increases for medical beauty services, although the extent of this impact will vary based on factors such as regional market conditions and individual business strategies [6][7]. - Experts suggest that while some lower-end services may see price hikes due to the new tax burden, high-end services may not be as affected due to their already high profit margins [6][7]. Group 3: Tax Rate Application - The applicable VAT rate for medical beauty institutions is expected to be 6%, aligning with the rate for medical services and traditional beauty services [5][6]. - The complexity of the medical beauty industry's business model, including high marketing costs and low material costs, may necessitate a restructuring of its commercial practices in light of the new tax compliance requirements [6][7].