证券研究报告 行业动态报告 25W20：中美发布日内瓦经贸会谈联合声明， 布鲁可5月以来密集推新 分析师：叶乐 yele@csc.com.cn 18521081258 SAC编号：S1440519030001 SFC编号：BOT812 分析师：黄杨璐 huangyanglu@csc.com.cn 17717092294 SAC编号：S1440521100001 核心要点 1）中美发布日内瓦经贸会谈联合声明：5月12日中美发布日内瓦联合声明，在90天的缓冲期内，美国对中 国商品加征的关税从145%降至30%，中国对美国商品加征的关税从125%降至10%。中美关税首轮谈判超预 期，我们认为仍应动态看待后续关税演绎，看好具备国际化供应链布局和制造优势的出口链企业。 2）布鲁可5月以来密集推新：根据布鲁可积木人CLUB，公司5月以来已发售名侦探柯南奇迹版（预售）、 英雄无限经典版、变形金刚传奇版第3弹、变形金刚群星版第7弹、变形金刚星辰版第3弹、奥特曼传奇版 第5弹（预售）等新品，基于积木人开发多样化玩法、提升产品的设计和可动性表现，研发创新能力突出。 分析师：张舒怡 zhangshuyi@csc.com.cn 18 ...

一些医美机构为节省治疗成本，使用了假冒仪器与翻新治疗探头，一些治疗仪器成本仅数千元，治疗头仅两三百元。在使用这些山寨和翻新仪器治疗后，会 导致患者的皮肤受损。 "热玛吉"是一种近年来兴起的皮肤射频抗衰疗法。从网上平台上随手可搜到一些医美机构提供的"热玛吉"服务项目动辄上万元。然而，这种看似安全的疗法 在实际治疗过程中的风险引发关注。 央视近日曝光称，有消费者反映在治疗中不仅未达到预期效果，反而导致皮肤受损。据介绍，"热玛吉"治疗设备的核心部件为仪器和一次性治疗探头。在国 内市场上，正版"热玛吉"设备单台售价近百万元，正品一次性治疗探头价格高达数千元。然而，一些医美机构为节省治疗成本，使用了假冒仪器与翻新治疗 探头，一些治疗仪器成本仅数千元，治疗头仅两三百元。在使用这些山寨和翻新仪器治疗后，会导致患者的皮肤受损。 "医美领域的特殊性在于提供服务的同时，更需要保障消费者生命健康安全。因此，对该行业产品生产、流通到商家和医生资质、广告宣传，再到最终提供 服务的全链条都需要更加严格的监管和监督。"上述专家表示。 第一财经记者查询公开庭审信息发现，"热玛吉"探头翻新的案件数年前就已经发生多起。 根据2023年松江法院公 ...

医美行业快速发展，越来越多消费者选择通过按摩美容保持健康，利用医美技术提升形象。然而，违规 医疗美容也层出不穷，严重威胁着消费者的身心健康。医美项目按摩机构能说做就做？说定的手术材料 能随便更换？免费理疗时受伤，责任谁担？ 近日，北京市房山区人民法院梳理了医美行业中常见的医疗服务纠纷，旨在提示经营者依法依规提供医 疗美容服务，也提醒广大消费者增强安全意识，防范医美风险，共同促进医疗美容行业健康发展。 按摩机构做医美构成欺诈可主张三倍赔偿 韩女士在某美容机构接受美容按摩服务。在一次服务过程中，美容师向韩女士推荐了牙齿贴片美容服 务，韩女士听后较为心动并同意。 事后，韩女士发现，该美容机构未持有相关医疗资质，但却给自己实施了牙齿贴片美容的服务项目，构 成消费欺诈，故起诉到法院要求退还医疗费19800元并给付三倍赔偿59400元。 美容机构辩称，机构和牙科诊所合作，为有牙齿美容需求的消费者提供服务。韩女士的牙齿贴片美容项 目是牙科诊所在机构示范营业时做的，仅是示范案例，韩女士知情并明确表示同意。机构主观上无欺诈 意图，也未实施欺诈行为。因此，仅同意退还诊疗费用，不同意三倍赔偿。 法院经审理认为，该美容机构经营范围仅 ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $39.4 million, a decline of 17.3% from Q1 2024, with adjusted EBITDA at $3.8 million and a margin of 9.5%, down from $7.3 million and 15.4% in the prior year [6][23][24] - Same store revenue decreased approximately 24% year-over-year, consistent with previous trends [7][20] - Average revenue per case was $12,799, slightly higher than the first quarter of 2024 [20][23] Business Line Data and Key Metrics Changes - Cases declined by 17.9% to 3,070, primarily due to lower consumer spending and reduced marketing efforts [20][21] - The percentage of patients using financing for procedures was 44%, down from 50% in the previous quarter [21] Market Data and Key Metrics Changes - The company operates in a challenging macroeconomic environment, impacting consumer spending and case volumes [5][18] - Despite the decline, there was an improvement in lead generation and case performance from February to April 2025 [7][20] Company Strategy and Development Direction - The company is focused on stabilizing performance and laying the foundation for long-term growth through cost discipline, marketing efficiency, and operational rigor [5][6] - Strategic priorities include reallocating marketing spend to effective channels, optimizing sales processes, and introducing new services to meet consumer demand [14][15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's transformation efforts and the potential for future growth, despite current economic pressures [5][19] - The guidance for fiscal 2025 anticipates revenue between $160 million and $170 million, with adjusted EBITDA between $16 million and $18 million, reflecting a cautious outlook due to uncertain consumer behavior [17][25] Other Important Information - The company is monitoring inflationary pressures and consumer sentiment, which could impact discretionary spending on procedures [18] - Cost of service decreased by $2.1 million compared to the prior year, but as a percentage of revenue increased to 40.5% due to fixed costs [21][22] Q&A Session Summary Question: Specific cost savings and sustainability - Management noted significant cost savings from workforce changes, targeting $3 million in savings for the year [28] Question: Potential EBITDA margins and case growth - Management expects EBITDA margins to approach historical levels of around 30% as same store revenue improves [30] Question: Momentum in cases and seasonal patterns - Management confirmed improvements in cases were both seasonal and due to strategic initiatives, with a target for same store sales growth by year-end [31] Question: Underlying assumptions in guidance - Guidance incorporates a range of scenarios, with the low end accounting for further moderation in consumer spending [47][48] Question: Financing options and their impact - Financing options are expected to roll out by the end of Q2, which management believes will help increase case volumes [52][54]

苏宁环球股份有限公司 投资者关系活动记录表 编号：2025-002 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 动类别 | □媒体采访 ☑业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称 及人员姓名 | 参加"苏宁环球 2024 年度业绩说明会"的投资者 | | 时间 | 2025 年 4 月 29 日 | | 地点 | 深圳证券交易所"互动易"平台"云访谈"栏目 | | | http://irm.cninfo.com.cn | | 上市公司接待 | 董事长张桂平先生；独立董事祝遵宏先生；董事、副 总裁、董事会秘书蒋立波先生；财务负责人刘得波先 | | 人员姓名 | 生 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了 回复: | | | 1、高管您好。请问贵公司本期财务报告中，盈利 | | | 表现如何？谢谢。 | | | 回复：您好，2024 年，公司坚持"低负债、高收 | | 投资者关系活 | 益"的经营策略，以稳健发展的房地产开发业务为基 | ...

面对每天上千份上市公司公告该看哪些？重大事项公告动辄几十页几百页重点是啥？公告里 一堆专业术语不知道算利好还是利空？请看智通财经公司新闻部《速读公告》栏目，我们派 驻全国的记者们将于公告当晚为您带来准确、快速、专业的解读。 上述公告还披露，为成为ST美谷重整后的控股股东，乙方（九州产投公司）作为本次重整的产业投资 人，将按照产业投资人的投资价格受让甲方（ST美谷）本次转增的股票，受让标的股份价格为1.87元/ 股。而且在根据本次重整的《招募公告》所确定的重整投资人中，乙方拟受让的股份数额最多，且标的 股份不低于甲方重整后总股本的20%。乙方最终受让股份数量以中登公司登记至乙方指定证券账户的股 份数量为准。乙方在本次投资中受让标的股份的每股价格，不低于本协议签署日前一百二十个交易日的 公司股票交易均价的50%。 作为曾经的医美行业区域龙头之一，旗下拥有杭州连天美、维多利亚等5A级医美医院，覆盖长三角及 粤港澳大湾区，会员超33万人，2020年活跃用户达8万人，在华东地区有较高的品牌认知度的ST美谷缘 何走到即将重整的地步？ 公开资料显示，ST美谷前身为湖北金环，其主营为化纤产业，2015年转型房地产，2020年 ...

21世纪传媒 · 公众号矩阵成员。 以下文章来源于21新健康 ，作者唐唯珂 作 者丨唐唯珂 编 辑丨季媛媛、江佩佩 21新健康 . 近日，网红主播李佳琦在直播中说不建议普通女生做医美。4月1 3日， 相关 话题词登顶热搜， 引发热议。 李佳琦称， 不建议普通女生做医美，因为做这个要花很多钱，还面临风险 ： "我说实话，有钱有闲去做医美，没钱没闲别做了。你一次想要一个水光针让你皮肤好到什么 程度，不可能。可能很多医美机构都会恨我，但是我就告诉你们不可能。 然后一些大动的东西，咱们不是做明星的，别做，有风险。什么垫鼻子、削骨、拉皮，别，你 只会后悔。" 李佳琦还表示："有些博主说现在去哪里好方便，周五下了班直接飞过去，落地签，去做一个 什么水光针好便宜，美眉们， 当你突然看到一个广告、一个项目飞起来的时候，都是有人推 的，有资本在后面推让你们去做各种东西，请理性消费，快乐购物 。" 起底跨境医美机构 返点高达2 0%—5 0% 近日，中国整形美容协会也发布重要警示，提醒消费者提高风险防范意识，切勿盲目被低价迷 惑，忽视医疗美容最关键的安全性与可靠性。 近年来，跨境医美机构乱象层出不穷，部分医美机构通过借助抖音、小 ...

Financial Data and Key Metrics Changes - For Q4 2024, revenue totaled $39.2 million, a decline of 17.7% from Q4 2023, with case volume down 16.7% year-over-year [13][33] - Adjusted EBITDA was $1.9 million or 4.7% of revenue, compared to $10.1 million or 21.2% of revenue in the same quarter last year [16][38] - For the full year, revenues were $180.4 million, a decline of 7.9% from fiscal 2023, with adjusted EBITDA of $20.7 million and an adjusted EBITDA margin of 11.5% [18][39] Business Line Data and Key Metrics Changes - Same-store revenue declined 22.6% year-over-year in Q4 2024, reflecting challenges in the aesthetics market [13][33] - The average spend per procedure remained between $12,000 and $13,000, indicating a longer conversion time from leads to cases, increasing from approximately 45 days to closer to 60 days in the second half of 2024 [14][15] Market Data and Key Metrics Changes - The percentage of patients using financing for procedures was 50%, down from 53% in previous quarters, indicating a shift in consumer behavior [34] - The company operates in a $11 billion total addressable market in the U.S., highlighting significant growth potential despite current challenges [11] Company Strategy and Development Direction - The company aims to enhance its culture and align on a singular vision while improving its go-to-market strategy to drive consistent revenue growth [20][29] - Five key priorities include marketing to drive consumer interest, improving sales processes, introducing new services, enhancing customer experience, and leveraging technology [20][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging consumer backdrop affecting sales across the aesthetics space and emphasized the need for internal corrections [14][12] - The company expects Q1 2025 same-store sales performance to mirror Q4 2024 trends, with an anticipated sequential improvement as marketing spend increases [30][42] Other Important Information - The company has paused new center openings to focus on improving same-center performance and has amended its credit agreement to enhance investment flexibility [29][31] - Cash flow from operations for the year was $11.4 million, down from $24 million in fiscal 2023, with gross debt outstanding at $75.8 million [41] Q&A Session Summary Question: Can you provide more color on sequential growth expectations? - Management expects to see a similar seasonal trend with sequential improvement in same-store performance year-over-year, particularly in Q2 [51] Question: What are the liquidity improvement actions being taken? - The company drew down on its revolving credit facility to maintain marketing efforts while facing challenges in Q4 results [56] Question: How should we think about marketing spend versus customer acquisition cost (CAC)? - The elevated CAC was driven by lower case volumes and reduced lead volumes due to decreased marketing spend, but improvements in marketing strategy are expected to lower CAC in the future [62] Question: Can you elaborate on the cost savings program? - The company has executed a $3 million annual savings plan primarily through reductions in corporate headcount not aligned with the current strategy, with benefits expected to start in Q1 [67] Question: What specifics can you share about new marketing efforts? - The company is combining traditional paid search with new initiatives like online video and social marketing, focusing on a returns-based approach to optimize spending [72]

中国主流财经全媒体。互联网新闻信息服务许可证编号：51120190017 。 来源｜每日经济新闻 记者｜黄鑫磊 靠着"童颜针"等医美业务，江苏吴中（SH600200，股价6.21元，市值44.22亿元）2024年的业绩翻了身。然而，一纸起诉书将公司卷入出口退 税诈骗大案的事件曝光。 3月7日，江苏吴中公告称，近日，全资子公司 江苏吴中进出口有限公司 （以下简称"吴中进出口"）收到湖南省衡东县人民检察院（以下简称"衡 东检察院"）起诉书。 衡东检察院认为，吴中进出口及时任法定代表人、董事长杨锋在2011年7月至2018年12月期间， 协助林锡钦等人实施骗取出口退税，衡东检察院 以骗取出口退税罪（从犯）追究吴中进出口及杨锋刑事责任。 这则出口退税诈骗案涉案企业、人员众多，相关人等作案手法专业，形成了一个庞大的违法网络。 相关主犯已被判决，从犯杨锋已于2021年10月 在苏州被公安机关抓获到案。 3月8日， 江苏吴中有关负责人在微信中对《每日经济新闻》记者表示，目前没有可以对外披露的（信息）。 以下文章来源于每日经济新闻 ，作者每经记者 每日经济新闻 . 子公司涉嫌协助骗取出口退税 据公告披露，相关案件的核心人物林 ...