Core Viewpoint - *ST Meigu's annual performance forecast indicates significant expected losses for 2025, with net profit attributable to shareholders projected to be between a loss of 3.90 billion to 5.50 billion yuan, and adjusted net profit expected to be between a loss of 5.50 billion to 7.80 billion yuan [1] Group 1: Financial Performance - The company anticipates total operating revenue for 2025 to be approximately 8.5 to 10.5 billion yuan, with net profit losses projected between 5.5 billion to 3.9 billion yuan [1] - The company expects to achieve a positive net asset value by the end of the reporting period, significantly improving its financial position [1] Group 2: Restructuring and Debt Management - The company has successfully completed its restructuring plan as per the civil ruling from the Intermediate People's Court of Xiangyang, which has led to the termination of the restructuring process [1] - The restructuring involved introducing investors and adjusting equity, which effectively alleviated the company's debt crisis and improved its asset-liability structure [1] Group 3: Business Challenges - The medical beauty business is facing increasing competition and difficulties in customer acquisition, resulting in a year-on-year decrease in revenue and profits [1] - The company has made provisions for asset impairment related to its medical beauty business and the biobased fiber business, which has not shown effective operational improvement [1]

Core Insights - The medical beauty sector experienced a rise of 2.96% on January 29, with Ai Meike leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Medical Beauty Sector Performance - Ai Meike (300896) closed at 144.38, with a gain of 4.53%, trading volume of 56,700 shares, and a transaction value of 803 million [1] - Huaxi Biological (688363) closed at 46.31, up 1.47%, with a trading volume of 45,900 shares and a transaction value of 211 million [1] - Jinbo Biological (920982) closed at 226.88, up 1.35%, with a trading volume of 8,287 shares and a transaction value of 1.86 billion [1] - ST Meigu (000615) closed at 3.13, down 1.26%, with a trading volume of 103,100 shares and a transaction value of 32.32 million [1] Capital Flow Analysis - The medical beauty sector saw a net inflow of 105 million from main funds, while retail investors experienced a net outflow of 33.44 million [1] - Ai Meike had a main fund net inflow of 103 million, representing 12.77%, with retail outflows of 38.71 million [2] - Huaxi Biological had a main fund net inflow of 10.25 million, representing 4.86%, with retail outflows of 1.15 million [2] - Jinbo Biological had a main fund net inflow of 9.45 million, representing 5.09%, with retail inflows of 1.25 million [2] - ST Meigu had a main fund net outflow of 7.90 million, representing -24.43%, with retail inflows of 4.02 million [2]

Core Viewpoint - The company forecasts a significant increase in adjusted net profit for 2025, driven by a dual strategy of organic growth and external acquisitions, leading to improved profitability and operational efficiency [1][2]. Group 1: Financial Performance Forecast - The company expects 2025 revenue to be no less than 3 billion yuan, representing a year-on-year growth of at least 16% [1]. - Adjusted net profit is projected to be no less than 380 million yuan, with a year-on-year increase of at least 40%, while net profit is expected to be no less than 340 million yuan, reflecting a growth of at least 34% [1]. - The performance forecast aligns with expectations due to the company's effective dual strategy and operational improvements [1]. Group 2: Growth Drivers - The company anticipates robust organic growth and contributions from acquisitions, with revenue growth expected to be driven by double-digit growth in beauty and health services, and high growth in sub-health medical services [1][2]. - The integration of the acquired company, Nai Rui Er, is expected to enhance operational efficiency and contribute to revenue growth in 2025 [1][2]. - The company reported strong performance during the year-end "Double Festival" period, with revenue from its main business segments showing positive year-on-year growth [1]. Group 3: Profitability Enhancement - The company forecasts an adjusted net profit margin of 12.7% for 2025, an increase of 2 percentage points year-on-year, driven by a higher proportion of high-margin medical services and operational efficiency improvements [2]. - The integration of Nai Rui Er is expected to further enhance profitability through effective resource integration and operational empowerment [2]. Group 4: Strategic Outlook - The company completed the acquisition of Si Yan Li on January 7, 2026, which will contribute to revenue growth and operational efficiency, leveraging the integration experience from Nai Rui Er [2]. - The company is optimistic about its growth potential under the "super brand, super chain, super digitalization" strategy, which is expected to enhance market bargaining power [2]. Group 5: Earnings Forecast and Valuation - The company maintains its profit forecast for 2025 and has increased the 2026 net profit estimate by 20% to 430 million yuan, with projections for 2027 at 540 million yuan [2]. - The current stock price corresponds to a price-to-earnings ratio of 13x for 2026 and 10x for 2027, with a target price of 42 HKD, indicating a potential upside of 57% [2].

Core Viewpoint - Shanghai Zhuoruixiang Medical Beauty Clinic Co., Ltd. has been established with a registered capital of 2 million RMB, fully owned by Shenzhen Zhuozheng Medical Consulting Co., Ltd. [1] Company Information - The legal representative of the company is Shi Xiaojian [1] - The registered capital is 2 million RMB [1] - The company is classified as a limited liability company with natural person investment or control [1] - The business address is located in the China (Shanghai) Pilot Free Trade Zone, Jinhu Road [1] Shareholding Structure - Shenzhen Zhuozheng Medical Consulting Co., Ltd. holds 100% of the shares [1] Business Scope - The business scope includes medical beauty services, medical services, clinic services, sales of Class II medical devices, and health consulting services (excluding diagnosis and treatment services) [1] - The company can also engage in retail of cosmetics, personal hygiene products, and glasses (excluding contact lenses), as well as provide technical services, development, consulting, and transfer [1] - The company is authorized to conduct business activities independently based on its business license, except for projects that require approval from relevant authorities [1]

Market Overview - The medical beauty sector experienced a decline of 1.57% on January 28, with Jinbo Biological leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Key stocks in the medical beauty sector showed the following performance: - *ST Meigu closed at 3.17, down 0.63% with a trading volume of 66,700 shares and a turnover of 21.20 million yuan [1] - Aimeike closed at 138.12, down 1.56% with a trading volume of 29,800 shares and a turnover of 413 million yuan [1] - Huaxi Biological closed at 45.64, down 1.70% with a trading volume of 28,800 shares and a turnover of 13.20 million yuan [1] - Jinbo Biological closed at 223.85, down 1.97% with a trading volume of 7,323 shares and a turnover of 165 million yuan [1] Capital Flow - The medical beauty sector saw a net outflow of 49.81 million yuan from main funds, while retail investors had a net inflow of 55.20 million yuan [1] - Detailed capital flow for key stocks includes: - *ST Meigu: Main funds net outflow of 1.98 million yuan, retail net inflow of 1.61 million yuan [2] - Huaxi Biological: Main funds net outflow of 9.06 million yuan, retail net inflow of 3.16 million yuan [2] - Jinbo Biological: Main funds net outflow of 25.03 million yuan, retail net inflow of 0.38 million yuan [2] - Aimeike: Main funds net outflow of 38.77 million yuan, retail net inflow of 50.43 million yuan [2]

刘涛，1974 年生，东北财经大学会计系，本科，中国注册资产评估师、注册税务师。现任中国安泰控 股有限公司董事、副董事长，深圳市汇财城市更新有限公司董事；国测（苏州）智慧城市科技产业园有 限公司董事、辽宁国测黄金股份有限公司董事、辽宁仙子湖农业高新技术产业有限公司董事等。曾任信 达证券投资银行部高级经理、苏州国测基金管理有限公司副总裁，国测地理信息科技产业园集团有限公 司副总裁、董事局副主席。 2025年，刘涛带领集团深化布局医美产业，通过产业基金和基地建设持续孵化医美相关业务。 瑞财经 1月28日，由瑞财经推出的"2025年度医疗美容业十大杰出人物"榜单揭晓，奥园美谷董事长刘涛 入选。 "2025年度医疗美容业十大杰出人物"榜单围绕专业能力、业绩表现、行业影响力等维度综合评选得出。 | 1 15 3 | | --- | | S | | 2 | | 白菜 - - - | | 1 1 1 1 24 1 | | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 简军 | 爱美客董事长 | | 2 | 赵燕 | 华熙生物董事长 | | 3 | 严建亚 | 巨子生物董事长 | | 4 ...

| | | | of Real | | --- | --- | --- | --- | | 1 HE | 1 | OR | 三次数据 1 三万元 | | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 简军 | 爱美客董事长 | | 2 | 赵燕 | 华熙生物青事长 | | 3 | 严建亚 | 巨子生物董事长 | | 4 | 关晓晖 | 复星医药联席董事长 | | 5 | 刘涛 | 奥园美谷董事长 | | 6 | 申东日 | 朗姿股份董事长 | | 7 | 杨霞 | 锦波生物董事长 | | 8 | 前熔 | 美年健康青事长 | | 9 | 傅海曙 | 瑞丽医美毒事长 | | 10 | 60 郭振宇 | 贝泰妮董事长 | | | 接单尚明:排名不分先后,围绕专业能力、业绩表现 行业提 | | | | 响力等维度综合评选得出。 | | 瑞财经 1月28日，由瑞财经推出的"2025年度医疗美容业十大杰出人物"榜单揭晓，复星医药联席董事长 关晓晖入选。 "2025年度医疗美容业十大杰出人物"榜单围绕专业能力、业绩表现、行业影响力等维度综合评选得出。 关晓晖，于2000年6月获得中国江 ...

Group 1 - The "Top Ten Outstanding Figures in the Medical Aesthetics Industry for 2025" list was announced by Rui Finance, highlighting Zhao Yan, the Chairman of Huaxi Biological, as a notable figure [1] - The selection criteria for the list included professional ability, performance, and industry influence [1] - Zhao Yan has been instrumental in the strategic transformation, R&D investment, and technological innovation of the group, solidifying its leading position in hyaluronic acid globally and expanding into cutting-edge fields like synthetic biology and regenerative medicine [2] Group 2 - Zhao Yan was born in July 1966 and holds a bachelor's degree in biology and an MBA from Fordham University [2] - She served as the General Manager of Huaxi Xinyu Investment Co., Ltd. from 2000 to 2002 and was a board member of Huaxi Furuida Biopharmaceutical Co., Ltd. from 2003 until March 2019 [2] - Currently, she holds the positions of Chairman and General Manager of the company [2]

| | | "2025年度医疗美容业十大杰出人物"榜单围绕专业能力、业绩表现、行业影响力等维度综合评选得出。 俞熔，1971年12月出生，毕业于上海交通大学电子工程系，上海财经大学金融学硕士、中国中医科学院 博士、中欧国际工商管理学院EMBA。俞熔是美年健康创始人及实际控制人，现任公司董事长、上海天 亿实业控股集团有限公司董事长、中国上市公司协会副会长、中国上市公司协会医疗健康行业委员会主 任委员、国家卫生计生委健康促进与教育专家指导委员会委员、中华中医药学会健康服务工作委员会顾 问、南京医科大学校董、中国老年保健协会数智健康保障分会副主任委员、中国非公立医疗机构协会常 务理事、中国非公立医疗机构协会健康体检分会会长。 | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 简军 | 爱美客董事长 | | 2 | 赵燕 | 华熙生物青事长 | | 3 | 严建亚 | 巨子生物毒事长 | | 4 | 关晓晖 | 复星医药联席董事长 | | 5 | 刘涛 | 奥园美谷董事长 | | 6 | 申东日 | 朗姿股份董事长 | | 7 | 杨霞 | 锦波生物青事长 | | 8 | 前熔 | ...

Core Viewpoint - The "Top Ten Outstanding Figures in the Medical Aesthetics Industry for 2025" list was announced by Rui Finance, highlighting the achievements of industry leaders, including Jian Jun, Chairman of Aimeike [1]. Group 1: Industry Recognition - Jian Jun, Chairman of Aimeike, was selected for the "Top Ten Outstanding Figures in the Medical Aesthetics Industry for 2025" list, which evaluates individuals based on professional ability, performance, and industry influence [1]. - The selection process for the list involved a comprehensive assessment of various dimensions, including professional capability and industry impact [1]. Group 2: Company Leadership - Jian Jun, born in November 1963, holds a Master's degree in Business Administration from Tsinghua University and has extensive experience in various companies, including roles in international trade and biotechnology [2]. - Under Jian Jun's leadership since 2016, Aimeike has significantly improved operational efficiency and profitability, accelerated global market expansion, and enriched its technology reserves [2]. - The company has launched new products such as "Kola" and is expanding into new sectors, including hair health and cosmetic raw materials [2].