Core Insights - Emerging markets are becoming a significant growth driver for the medical beauty industry, leading to a more balanced industry structure [1] - The "Leading Plan" initiated by Meituan in 2025 aims to support quality medical beauty institutions in emerging markets and provide consumers with reliable services [1] Group 1: Market Trends - By 2025, the proportion of medical beauty consumers registered in second-tier and lower cities is expected to rise, indicating increasing penetration and popularity in emerging markets [1] - In the first half of 2025, the daily traffic for medical beauty in Nanjing grew nearly 30% year-on-year, with the average transaction price exceeding 800 yuan, reflecting over 50% growth [2] Group 2: Consumer Insights - Female consumers dominate the local medical beauty market, accounting for 87%, with over 54% of consumers aged 30 and above, indicating that mature women are the primary demographic [1] - In terms of purchasing behavior, 25% of consumers are motivated by repeat purchases of similar medical beauty projects, while 25% are driven by age-related anxiety [2] Group 3: Operational Insights - The success of medical beauty institutions relies not only on technical expertise but also on effective operations, with Meituan leveraging its data and industry insights to assist emerging institutions in digital transformation [1] - The insights gathered from local consumer data can help medical beauty institutions refine their operational strategies, allowing for more targeted marketing efforts [2] Group 4: Future Plans - Meituan's "Leading Plan" will expand to more emerging cities, aiming to connect quality medical beauty institutions with local users, providing experiences comparable to first-tier cities [2]

Core Insights - Emerging markets are becoming a significant growth driver for the medical beauty industry, leading to a more balanced industry structure [1] - The "Leading Plan" initiated by Meituan in 2025 aims to support high-quality medical beauty institutions in emerging markets, enhancing consumer access to reliable services [1] Group 1: Market Trends - By 2025, the proportion of medical beauty consumers registered in second-tier and lower cities is expected to rise, indicating increasing penetration and popularity in emerging markets [1] - In Nanjing, the average daily traffic for medical beauty services increased by nearly 30% in the first half of 2025, with the average transaction value exceeding 800 yuan, reflecting substantial market potential [8] Group 2: Institutional Development - The establishment of Jia Shu Zhi Yan Medical Beauty in early 2024 faced initial challenges, including the need for a competent operational team, despite having strong technical expertise [3][4] - After six months, the hiring of an experienced operations head led to the development of a mature operational system, facilitating rapid growth for Jia Shu Zhi Yan [6] Group 3: Consumer Insights - Female consumers dominate the local medical beauty market, accounting for 87%, with over 54% of consumers aged 30 and above, indicating a trend towards mature female clientele [7] - Popular services among consumers include photon rejuvenation, water light needles, and ice point hair removal, highlighting consumer preferences in the market [7] Group 4: Future Plans - Meituan's "Leading Plan" will expand to more emerging cities, aiming to connect high-quality medical beauty institutions with local users, providing a consumer experience comparable to first-tier cities [10]

Core Viewpoint - Aimeike announced its profit distribution plan for the first half of 2025, proposing a cash dividend of 12.00 RMB per 10 shares to all shareholders [2] Summary by Relevant Sections - **Profit Distribution Plan** - The profit distribution plan is based on a total share capital of 301,426,187 shares, excluding 1,165,874 repurchased shares [2] - The cash dividend will be distributed on a per-share basis, amounting to 12.00 RMB (including tax) for every 10 shares held [2] - **Key Dates** - The record date for shareholders to be eligible for the dividend is September 25, 2025 [2] - The ex-dividend date is set for September 26, 2025 [2]

Dividend Plan Key Points - Dividend Standard: Cash dividend of 12 yuan per 10 shares (including tax) [1] - Total Dividend Amount: 361.71 million yuan, accounting for 45.82% of the net profit attributable to shareholders for the first half of 2025 [1] - Distribution Base: Based on total share capital of 302,592,061 shares minus repurchased shares of 1,165,874, resulting in a base of 301,426,187 shares [1] - No Stock Bonus: Only cash dividends will be distributed, with no capital reserve fund conversion into share capital [1] Key Dates - Share Registration Date: September 25, 2025 [1] - Ex-Dividend Date: September 26, 2025 [1] - Dividend Payment Date: September 26, 2025 [1] Ex-Dividend Arrangement - Dividend Calculation: 11.953764 yuan per 10 shares (including tax) [1] - Ex-Dividend Price: Closing price before the ex-dividend date minus 1.1953764 yuan [1] Additional Points - Repurchased shares of 1,165,874 will not participate in the dividend [1] - Adjustment of the restricted stock incentive plan's vesting price [1] - Minimum reduction price for certain specific shareholders adjusted to 34.16 yuan per share [1]

Group 1 - The company Aimeike announced a profit distribution plan, distributing 12 RMB in cash (including tax) for every 10 shares to all shareholders, based on approximately 301 million shares after excluding about 1.17 million repurchased shares [1] - The record date for the distribution is set for September 25, 2025, and the ex-dividend date is September 26, 2025 [1]

Core Viewpoint - Shanghai Haohai Biological Technology Co., Ltd. (688366.SH) is facing potential regulatory penalties due to insider trading allegations against its controlling shareholder Jiang Wei, although the company asserts that this matter will not significantly impact its operations or financials [1][3]. Group 1: Company Structure and Shareholding - Jiang Wei and his spouse You Jie are the actual controllers of Haohai Biological, holding a combined 45.82% of the company's shares as of March 2025, with Jiang Wei owning 28.53% and You Jie 17.29% [3]. - The regulatory penalty is directed solely at Jiang Wei, and the company clarifies that the issue is unrelated to its business operations [3]. Group 2: Business Overview and Financial Performance - Haohai Biological is a prominent producer of hyaluronic acid in China, operating in four main sectors: aesthetic medicine, ophthalmology, orthopedics, and hemostasis [3]. - In 2024, the revenue breakdown by product category shows that aesthetic medicine accounts for 44.30%, ophthalmic products 31.79%, and orthopedic products 16.92% [3]. - The ophthalmology segment is expected to see a revenue decline of 7.6% to 858 million yuan due to the impact of bulk procurement of artificial lenses [3]. - For the first half of 2025, the company reported a revenue of 1.304 billion yuan, a year-on-year decrease of 7.12%, and a net profit of 211 million yuan, down 10.29% year-on-year [3].

Core Viewpoint - The announcement regarding the administrative penalty against Jiang Wei, a controlling shareholder of Shanghai Haohai Biological Technology Co., Ltd., is significant as it stems from an insider trading investigation by the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: Company Overview - Shanghai Haohai Biological Technology Co., Ltd. is a well-known hyaluronic acid producer in China, operating in four major fields: medical aesthetics, ophthalmology, orthopedics, and hemostasis [4]. - The company is recognized as one of the "three giants" in the Chinese hyaluronic acid market, alongside Huaxi Biological and Aimeike [4]. Group 2: Shareholding Structure - Jiang Wei and his spouse, You Jie, are the actual controllers of Haohai Biological, holding a combined 45.82% of the company's shares as of March 2025, with Jiang Wei owning 28.53% and You Jie 17.29% [4]. Group 3: Financial Performance - In the first half of 2025, the company reported a revenue of 1.304 billion yuan, a year-on-year decrease of 7.12%, and a net profit of 211 million yuan, down 10.29% year-on-year [5]. - For 2024, the revenue from the medical aesthetics segment is projected to account for 44.30% of total revenue, while ophthalmology products will contribute 31.79%, and orthopedics will make up 16.92% [4]. - The ophthalmology business is expected to see a revenue decline of 7.6% to 858 million yuan due to the impact of bulk procurement of artificial lenses [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company celebrates the fourth anniversary of its brand, Wei Yi Mei®, with over 2.7 million clinical applications and coverage of more than 4,000 medical institutions [6] - The launch of the new product combination, Wei Yi Mei® ColPlus, aims to enhance customer engagement and expand the sales channel through collaboration with Meituan [6] - The ColPlus product is designed for anti-aging targeting users aged 30 and above, offering a more precise solution for skin issues compared to previous products [6] - The online platform is becoming a significant channel for medical beauty consumption, with Meituan's data-driven marketing expected to improve user conversion rates [6] - The company is positioned to lead the collagen market by adapting to channel changes and expanding its online presence [6] - The financial forecast estimates the company's net profit to be 1.042 billion, 1.474 billion, and 1.867 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 34, 24, and 19 [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,443 million yuan in 2024 to 3,943 million yuan in 2027, with a compound annual growth rate of 22.7% [5] - The net profit is expected to increase significantly, with a growth rate of 144.3% in 2024 and 42.3% in 2025 [5] - The gross margin is forecasted to remain high, around 89.8% in 2025, indicating strong profitability [5]

据介绍，基于京东健康医疗健康供应链和专业服务资源的优势，京东医美以"严选药械、持证医师、拒 绝套路、透明好价"十六字为核心服务承诺，直击传统医美行业中"假货泛滥、无证行医、过度营销、价 格虚高"等痛点，致力于优化用户体验、升级行业生态。京东医美还在医美行业内首创"上班族友好型门 店"，每天营业时间延长至晚上10点，从而更好地为职场人群提供更高效、便捷的专业轻医美服务。 （编辑 张昕） 本报讯 （记者袁传玺）近日，北京国贸商圈万通中心一层悄然出现了一块插满鲜花的装修围挡。鲜花 散尽，"京东首家自营医美店即将开业"的字样赫然出现。据知情人士透露，作为京东医美首个独立门 店，京东医美（国贸店）将于10月中旬正式对外营业。 尽管目前仍处于装修阶段，京东医美（国贸店）的预售活动却已提前引爆市场。记者从京东健康方面了 解到，自9月11日开始京东医美（国贸店）"300元无门槛开业礼券"活动上线以来，短短3天用户共领券 近1800张，预售成交额突破100万元，并仍在快速增长。 事实上，这并不是京东医美首次出现在公众视野中。今年7月份，京东健康体检中心（亦庄店）医疗美 容科正式对外营业。两个月以来，凭借高品质专业服务、透明定价 ...

Core Insights - The Ministry of Commerce and other departments have issued a notification outlining 19 measures to expand service consumption, indicating a shift from strategic positioning to practical implementation [1] - The measures include exploring the establishment of spring and autumn breaks for primary and secondary schools, increasing service consumption time for tourism, and supporting cross-industry IP cooperation and the introduction of foreign sports events [1] - Analysts believe that the combination of clear subsidy directions and financial support will stimulate the IP economy, event economy, and AI+ consumption, while also providing subsidies to residents from the demand side and reducing costs and improving efficiency from the supply side [1] Industry Analysis - The CSI Hong Kong Stock Connect Consumption Theme Index includes a range of new consumption leaders, with service-oriented consumption accounting for over 50%, covering sectors such as cultural tourism, dining, sports goods, medical beauty, and freshly brewed tea [1] - The current rolling price-to-earnings ratio of the index is 22 times, positioned at the 24.5% percentile since its launch in 2020, indicating emerging investment value [1] - The E Fund Hong Kong Stock Connect Consumption ETF (513070) has the lowest management fee rate of 0.15% per year among stock ETFs and supports T+0 trading, providing investors with opportunities to capitalize on service consumption investments [1]