Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6][17]. Core Views - The company is experiencing a temporary pressure on performance in H1 2025, with a revenue of 1.299 billion yuan, down 21.59% year-on-year, and a net profit of 789 million yuan, down 29.57% year-on-year. The second quarter of 2025 also shows a decline in revenue and net profit [1][2]. - Despite the current challenges, the company has a rich pipeline of products and strong R&D capabilities, with several products in various stages of development, including the injection of botulinum toxin type A and minoxidil lotion [4]. - The acquisition of Korean company REGEN is a key strategic move for the company's international expansion, enhancing its position in the aesthetic injection market and facilitating the entry of its products into international markets [5]. Financial Performance - In H1 2025, the gross margin was 93.44%, a decrease of 1.48 percentage points year-on-year, while the net profit margin was 60.77%, down 6.88 percentage points year-on-year. The R&D expense ratio increased to 12.05%, up 4.46 percentage points year-on-year [2]. - The revenue from solution-type injection products was 744 million yuan, down 23.79% year-on-year, while gel-type injection products generated 493 million yuan, also down 23.99% year-on-year [3]. - The company expects revenues for 2025-2027 to be 2.724 billion yuan, 3.190 billion yuan, and 3.715 billion yuan respectively, with net profits of 1.630 billion yuan, 1.942 billion yuan, and 2.343 billion yuan respectively [5]. Market Position - The company is facing a slowdown in industry growth and intensified competition, which is impacting the growth of its core products [3]. - The company maintains a leading position in the aesthetic medical market, supported by its strong product pipeline and recent acquisitions [5].

Core Insights - The Korean medical beauty industry is experiencing significant growth, with a projected increase in foreign patients visiting for treatments, particularly from China and Japan [4][5][6] - The cancellation of the tax refund policy for foreign patients raises concerns about the attractiveness of Korea as a medical tourism destination [1][6] - The competitive pricing and advanced technology in Korean medical beauty services continue to draw consumers, especially from China [2][3][4] Group 1: Market Growth and Trends - In 2024, the number of foreign patients seeking medical treatment in Korea is expected to reach nearly 1.2 million, a 93.2% increase from previous years [4] - The skin care sector is the most sought-after, with 705,000 patients, accounting for 56.6% of total foreign medical visits [4] - The Korean medical beauty market was valued at $572.14 million in 2023 and is projected to grow to $1.14 billion by 2029, with a compound annual growth rate of 12.29% [6] Group 2: Consumer Behavior and Preferences - Many young consumers are opting for "medical beauty weekends," traveling to Korea for quick procedures due to the perceived cost-effectiveness and advanced technology [2][3] - The average cost of procedures in Korea is significantly lower than in China, with some treatments costing only one-third of the price in Japan [5][6] - The presence of multilingual staff and tailored services for foreign patients enhances the overall experience, making it easier for non-Korean speakers to navigate the process [2][3] Group 3: Challenges and Concerns - The recent decision to eliminate the 10% tax refund for foreign patients may lead to a decline in visitor numbers, as this was a key factor in attracting international clients [6][7] - There are safety concerns and potential pitfalls in the medical beauty industry, including price transparency issues and the risk of inadequate pre- and post-operative care [7][8] - The disparity in quality among medical institutions, with many high-quality services concentrated in specific areas like Gangnam, poses challenges for consumers seeking reliable treatments [7][8]

Core Viewpoint - The stock price of Haocen Medical has experienced a decline, closing at 3.60 yuan, down 3.74% from the previous trading day, indicating volatility in the market [1] Group 1: Stock Performance - As of August 19, 2025, at 15:00, Haocen Medical's stock price was reported at 3.60 yuan, a decrease of 3.74% from the previous trading day [1] - The opening price for the day was 3.68 yuan, with a high of 3.74 yuan and a low of 3.56 yuan [1] - The trading volume reached 805,400 hands, with a total transaction amount of 291 million yuan [1] - A rapid rebound occurred at 9:45 AM, with a price increase of over 2% within 5 minutes, reaching 3.65 yuan and a transaction amount of 85.46 million yuan during that period [1] - The net outflow of main funds for the day was 13.51 million yuan, while the cumulative net inflow over the past five trading days was 54.27 million yuan [1] Group 2: Company Overview - Haocen Medical's main business includes medical services and medical beauty, with its registered location in Jilin Province [1] - The company is also involved in smart grid and other business directions [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 220.77 RMB [6][4]. Core Views - The company experienced a revenue decline of 21.59% year-on-year in H1 2025, with revenue at 1.299 billion RMB and a net profit decrease of 29.57% to 789 million RMB [1][6]. - The company is transitioning from a "local market leader" to a "global industry chain participant," with a rich product pipeline and comprehensive advantages in marketing, branding, and commercialization [1][4]. - Despite the current growth pressure due to intensified competition and a segmented consumer demand, the long-term outlook remains positive as the medical beauty penetration rate is expected to increase [1][4]. Revenue and Profitability - In H1 2025, the revenue from injectable products was 744 million RMB, down 23.79% year-on-year, with a gross margin of 93.2% [2]. - The company’s gross margin decreased to 93.44% in H1 2025, down 1.48 percentage points year-on-year, while the sales expense ratio increased to 11.10% [3][4]. - The forecast for revenue in 2025-2027 has been adjusted downwards to 2.719 billion RMB, 3.257 billion RMB, and 3.750 billion RMB, respectively, reflecting a decrease of approximately 25.4% for 2025 [4][13]. Product Pipeline and Market Position - The company has launched a new product, "嗗科拉," a chin filler, in May 2025, and has several products in clinical stages, including deoxycholic acid injection and recombinant human hyaluronidase injection [2][1]. - The integration of Regen, a company acquired in April 2025, is expected to enhance the product matrix and provide more diverse solutions for consumers [2][1]. Financial Forecasts - The adjusted net profit forecasts for 2025-2027 are 1.721 billion RMB, 2.023 billion RMB, and 2.328 billion RMB, respectively, indicating a significant reduction of around 28.2% for 2025 [4][13]. - The report anticipates a gradual recovery in industry demand, which could benefit the company if market conditions improve [1][4].

Core Viewpoint - The crisis faced by Bojue Travel Photography is attributed not only to macroeconomic factors but also to inherent issues within the business model, particularly its inability to scale effectively in a non-standardized service industry [5][8][10]. Group 1: Business Overview - Bojue Travel Photography was founded in 2011 by Xu Chunsheng, who previously operated two photography studios and identified the travel photography market as a blue ocean opportunity [7]. - At its peak, the company expanded globally and sponsored various reality shows, significantly increasing its brand visibility [8]. - However, since 2020, the company has experienced prolonged losses, leading to its eventual collapse, indicating that a blue ocean market does not guarantee success [8][10]. Group 2: Business Model Challenges - The travel photography business is asset-heavy, requiring significant investment in locations, equipment, and personnel, which increases operational costs [10]. - The nature of wedding photography is low-frequency and non-recurring, making it a one-time service with high customer acquisition costs, further complicating profitability [10][12]. - The lack of standardization in services leads to difficulties in scaling, as each customer has unique preferences that cannot be easily standardized [11][12]. Group 3: Comparison with Other Models - Other service industries, such as medical aesthetics, have found ways to standardize processes, allowing for scalability, unlike the travel photography sector [14][22]. - Companies like Flytographer have adopted a platform model, matching photographers with clients without incurring high operational costs, demonstrating a more sustainable business approach [22][23].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][19] Core Views - The company's mid-year performance has been under pressure, with a revenue of 1.299 billion yuan, down 21.59% year-on-year, and a net profit attributable to shareholders of 789 million yuan, down 29.57% year-on-year. The second quarter alone saw a revenue of 636 million yuan, down 25.11% year-on-year, and a net profit of 346 million yuan, down 41.75% year-on-year [1][7] - The company has a rich product matrix in the medical beauty sector, which lays a foundation for long-term growth potential. The acquisition of an 85% stake in the South Korean company REGEN enhances its regenerative product offerings and opens up international market sales [2][9] - Despite a decrease in gross margin to 93.44%, the company continues to invest in research and development, with a research expense ratio of 12.05%, up 4.46 percentage points year-on-year [2][9] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 1.299 billion yuan, a decrease of 21.59% year-on-year, and a net profit of 789 million yuan, down 29.57% year-on-year. The second quarter's revenue was 636 million yuan, down 25.11% year-on-year, with a net profit of 346 million yuan, down 41.75% year-on-year [1][7] - The company distributed a cash dividend of 12 yuan per 10 shares, totaling 362 million yuan, which accounts for 45.82% of the net profit for the first half of the year [1][7] Product Development - The company’s revenue from solution-type injection products was 744 million yuan, down 23.79% year-on-year, while gel-type injection products generated 493 million yuan, down 23.99% year-on-year. The acquisition of REGEN is expected to strengthen its position in the regenerative medical beauty field [2][9] - The company is in the registration phase for its botulinum toxin products, which are expected to be launched soon, further enriching its product matrix [2][9] Financial Ratios and Projections - The gross margin for the first half of 2025 was 93.44%, a decrease of 1.48 percentage points year-on-year. The selling expense ratio and management expense ratio were 11.1% and 5.34%, respectively, both showing increases due to rigid costs and declining revenue [2][9] - The company has adjusted its net profit forecasts for 2025-2027 to 1.855 billion yuan, 2.073 billion yuan, and 2.325 billion yuan, respectively, with corresponding price-to-earnings ratios of 29.9, 26.8, and 23.9 [3][15]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of the year, reflecting the overall slowdown in the industry and intensified competition [2][3]. Group 1: Financial Performance - The company achieved operating revenue of 1.3 billion yuan, a year-on-year decrease of 21.59% [2]. - The net profit for the first half was 791 million yuan, down 29.44% year-on-year [2]. - The company plans to distribute a cash dividend of 12 yuan per 10 shares (including tax), totaling 362 million yuan [4][5]. Group 2: Industry Trends - The Chinese medical aesthetics industry is experiencing a transition from scale expansion to value reconstruction, with market growth continuing but at a slower pace [3]. - Increased competition is noted due to a rise in approved medical beauty product registrations, leading to a more fragmented consumer demand [3]. - The high-end and mass markets are showing signs of differentiation, with new injectable products becoming industry focal points [3]. Group 3: Research and Development - The company increased its R&D expenses to 157 million yuan, a year-on-year growth of 24.47%, accounting for 12.05% of revenue [4]. - New products, including a medical-grade gel, were launched, and several products are in various stages of clinical trials and regulatory approval [4]. - The company holds 12 approved Class III medical device products and 7 approved Class II medical device products, with a total of 182 effective authorized patents [4]. Group 4: Strategic Acquisitions - The company made a strategic investment by acquiring 85% of South Korean REGEN for 190 million USD, enhancing its global market presence [6]. - REGEN is recognized for its polylactic acid-based skin filler products, which complement the company's existing product offerings [6]. - The acquisition is expected to provide diverse solutions for consumers and drive future revenue growth [6].

Group 1 - The company, Tianyuan Medical (00557), expects total revenue of approximately HKD 8.4 million in the first half of 2025, representing a year-on-year decrease of about 44% [1] - The anticipated revenue decline is primarily due to the suspension of operations and renovations at Shanghai Yuyue Weilai Medical Beauty Hospital, which is partially owned by the group, leading to a projected revenue decrease of no less than HKD 6.2 million to approximately HKD 0.5 million (previous period: approximately HKD 6.7 million) [1] - The company expects a net loss of approximately HKD 8.4 million for the interim period, compared to a net loss of approximately HKD 9 million in the previous period, with the estimated net loss mainly attributed to the decrease in total revenue [1]

Market Performance - The medical beauty sector increased by 1.03% on August 18, with Jinbo Biological leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Jinbo Biological (832982) closed at 308.46, with a rise of 3.60% and a trading volume of 16,000 shares [1] - Aimeike (300896) closed at 183.87, up 1.09% with a trading volume of 43,400 shares [1] - Huaxi Biological (688363) closed at 53.84, increasing by 1.01% with a trading volume of 49,300 shares [1] - *ST Meigu (000615) closed at 3.21, up 0.31% with a trading volume of 107,200 shares [1] Capital Flow Analysis - The medical beauty sector experienced a net outflow of 7.81 million yuan from main funds, while retail funds saw a net outflow of 22.98 million yuan [1] - Speculative funds had a net inflow of 30.79 million yuan [1] Detailed Capital Flow for Individual Stocks - Aimeike (300896) had a main fund net inflow of 15.99 million yuan, with a retail net outflow of 34.19 million yuan [2] - *ST Meigu (000615) saw a main fund net inflow of 0.25 million yuan, with a retail net outflow of 1.13 million yuan [2] - Huaxi Biological (688363) experienced a main fund net outflow of 24.06 million yuan, while retail funds had a net inflow of 1.23 million yuan [2]

Group 1 - The competition theme is "Technology Leads Aesthetic Surgery, Innovation Drives The Future" [4] - The event is organized by Beijing Baidachu Plastic Surgery Medical Technology Group Co., Ltd. and Zhongguancun Medical Device Park Co., Ltd. [4] - The competition has several guiding units, including prestigious hospitals and medical institutions across China [4] Group 2 - The competition is divided into different regional sections, each with its own chairperson from leading medical institutions [5][7][9][11][13] - The competition encourages participation from medical institutions, universities, research organizations, and innovative enterprises in the aesthetic medicine field [15][16] - The competition has specific requirements for projects, including innovation, application potential, and clear intellectual property rights [16] Group 3 - Awards include a first prize of 50,000 yuan, second prize of 20,000 yuan, third prize of 10,000 yuan, and several excellence awards with varying service package rewards [16] - The service package rewards include support for concept validation and animal testing, with amounts ranging from 50,000 yuan to 10,000 yuan depending on the award level [16]