Employment Situation - The national urban survey unemployment rate averaged 5.2% in the first half of the year, a decrease of 0.1 percentage points from the first quarter, indicating overall stability in the employment situation [1] - In June, the urban survey unemployment rate was 5.0%, remaining stable both year-on-year and month-on-month, reflecting a steady employment landscape [1] - The unemployment rate for local registered labor was 5.1%, up 0.1 percentage points from the same period last year, while the rate for migrant labor was 4.8%, unchanged from last year but down 0.2 percentage points from the previous month [1] Policy Measures - The State Council issued a notification with 19 policy measures aimed at stabilizing employment, enterprises, markets, and expectations to promote high-quality economic development [1][3] - The notification includes social insurance subsidies for small and medium-sized enterprises that sign contracts with key groups, covering 25% of individual contributions for one year [3] - A proposal was made to provide insurance subsidies for youth aged 21-26, potentially benefiting 67 million people annually and a total of 340 million over five years [3] Job Market Trends - Traditional industries such as real estate, internet, and finance have seen a reduction in job openings, while new employment drivers are emerging in modern services and new industries [2] - The human-shaped robot industry experienced a 409% increase in job openings, with significant growth also noted in new materials, pet services, and smart hardware sectors [2] - Experts noted that despite fluctuations due to U.S. tariff policies, China's economy has shown resilience and continued stable growth [2] Youth Employment and Consumption - High-quality employment is expected to stimulate consumer spending, particularly among youth, who are significant contributors to consumption demand [4] - Social insurance subsidies can enhance disposable income for youth and improve their employment expectations, thereby boosting consumer confidence and reducing conservative savings [5]

证券研究报告|行业专题 医疗美容 行业评级 强于大市（首次评级） 2025年07月15日 投资要点 2 华福证券 华福证券 证券分析师： 张望 执业证书编号：S0210525020002 请务必阅读报告末页的重要声明 华福证券 华福证券 供应链求索&青春诊所布局 ——新氧究竟发生了什么变化？ ➢ 新氧：全球首家医美电商，致力于消除医美信息差。新氧致力于以平台广告-机构筛选-用户社群分享模 式解决医美决策痛点，为全球首创的医美电商。至2021年APP月活用户达850万人，付费机构6634家 。新氧获兰馨亚洲、经纬中国、挚信资本等头部创投机构长期青睐，至2025年2月末创始人及前三大股 东合计持股比达58.9%。 ➢ 压力与逆境：需求走弱与互联网电商分流，基本面或进入触底反转。2022年线下消费疲软与医美机构 停业致公司业绩承压，新氧平台促成医美服务GMV下滑55.4%至14.3亿元。后续美团、大众点评等互 联网平台切入医美赛道加剧行业竞争，获客难度与流量成本面临上升。至2024年公司收入降至14.7亿 元，净利润亏损5.9亿元。25Q1收入同降6.6%至3.0亿元，净利润亏损0.33亿元。期末总现金达10.2亿 ...

本文约 3 0 0 0 字，推荐阅读时长 8 分钟，欢迎关注新财富公众号。 据爱美客招股书披露， 2019 年嗨体的平均 出厂价 为 350.6 元，毛利率为 92.99% ，由此推 算其原料成本约 24.72 元。据美团 / 新氧等平台消费者数据，当年该产品终端销售价格普遍 处于 1800 元以上的区间。超低成本的针剂，到了消费者手上需要支付几千块钱一针。在这 中间的巨额提价过程中，钱都进了谁的口袋？ 在一级市场上，2024年国内医美领域共计30起融资，总融资额超过11亿元，与2023年相比，投融资活 跃度不降反增，医美行业仿佛没有寒冬。 在二级市场上，据不完全统计，目前已经有超十家公司ipo上市，公司涉及医美产业的上、中、下 游。 具体来看，医美市场获得融资的主要为上游企业，不同公司在财务上的表现也大相径庭：爱美客、锦 波生物的利润仍在节节高涨，以o2o模式起家的新氧在24年亏损5.9亿，华韩整形等医美终端机构净利 率常常低于10%。 纵观医美行业的产业链，可划分为三大核心环节：上游为原材料与器械供应商（涵盖玻尿酸、肉毒素 等生物活性材料及激光/射频设备的研发生产），中游为医疗美容机构，包括民营医疗美容机 ...

美丽田园 20250714 摘要 美丽田园 2025 年上半年收入同比增长 33%至 1.75 亿元，净利润率提 升 0.6 个百分点至 11.7%，主要得益于内生增长和外延并购的双轮驱动 战略，以及高毛利率增值业务收入占比的提高，尤其亚健康医疗服务板 块增长显著。 奈瑞儿并表后，2025 年上半年贡献收入 2.76 亿元，预计单店全年收入 将提升至 800 万元，净利润率从收购前的 6%提升至 9%。增持奈瑞儿 股权至 90%直接提升了美丽田园的归母净利润水平。 2025 年上半年，美丽田园美容与保健业务内生客流同比增长超 10%， 亚健康医疗服务板块同比增长超 100%，权益金同比增长 30%，经营现 金流量增长 90%，整体客流增长超 50%。 美丽田园计划通过深化双美加双保健商业模式，持续推动内生加外延并 购策略，与上游供应商及商业地产合作降低成本，利用 AI 工具提高效率， 以达成甚至超越全年收入 30 亿元、经调整净利润 3.4 亿元的目标。 奈瑞儿 2025 年上半年店均收入预计超过 800 万元，店效提升效率超过 10%。公司将投入资源升级智能美养业务至 2.0 版本，并计划于 2026 年将 ...

这一热潮得以被点燃，很大程度上得益于社交媒体的传播。比如，美国网红米歇尔·伍德赴墨接受面部 拉皮手术，她在TikTok上分享的视频获得超过6600万次播放量，成功"带火"其主刀医生玛丽贝尔·贝尔 蒙特斯。后者在接受采访时表示："电话和邮件从不间断，部分患者甚至希望第二天就动手术。"许多患 者选择在TikTok上公开分享整形经历，包括手术过程、费用明细、恢复情况等细节内容，这种分享增加 了相关内容的流量与热度。 尽管市场热度持续攀升，相关风险与乱象亦引发关注。近三年，墨西哥卫生监管机构已关闭全国范围内 97家非法整形诊所，其中墨西哥城占48家。此外，术后并发症处理与法律申诉问题也是重要风险点。尽 管墨西哥相关部门可受理投诉，但因语言障碍和程序复杂，大多数患者如果遇到问题只能选择忍气吞 声。相关医生提醒称，患者应选择有认证执照的专业医师，并清晰区分"整形外科医生"与"美容医生"两 者资历差异。前者通常需14年专业训练，而后者仅受短期培训。（徐永晟） 【环球时报综合报道】据西班牙《国家报》13日报道，近年来，墨西哥医美旅游产业呈现快速增长态 势，吸引了大批来自北美及欧洲的海外患者。国际美容整形外科学会（ISAPS） ...

Core Viewpoint - The medical beauty business is increasingly attracting attention from major internet companies, with JD Health opening its first offline self-operated medical beauty clinic in Beijing [2][4]. Company Developments - JD Health's first self-operated medical beauty clinic, named "JD Medical Beauty (Yizhuang Store)," has opened in Beijing and is integrated into the JD APP's medical beauty channel [2][8]. - A second clinic, "Guomao Store," is set to open on September 30 [3][15]. - The Yizhuang Store has been in trial operation for over two months, primarily serving JD internal employees before its public launch [10][12]. Competitive Landscape - JD Health and Meituan are competing in the medical beauty sector, with Meituan focusing on being a platform without self-operated clinics, while JD Health adopts a dual approach of self-operation and third-party clinic integration [4][20]. - The entry of internet giants like JD and Meituan is intensifying competition for customer acquisition among downstream medical beauty institutions [6][24]. Service Offerings - The Yizhuang Store offers four main light medical beauty services: skin whitening, water light beauty, wrinkle reduction, and light-based anti-aging [16]. - However, the range of specific medical beauty products available is limited, with popular items like "童颜针" (youthful needle) not yet offered [17]. Pricing Strategy - The pricing for services at JD Medical Beauty (Yizhuang Store) is primarily below 1,000 yuan, but some prices, such as for the black gold DPL facial treatment, are higher than competitors [17]. - Current prices are at internal employee rates, with potential future increases anticipated [17]. Market Dynamics - The competition has led to aggressive pricing strategies among medical beauty institutions, with some institutions resorting to significant discounts to attract customers [21]. - JD's entry into the market is seen as a challenge for smaller clinics lacking traffic sources, raising concerns about their survival in a competitive environment [24]. Industry Trends - New Oxygen, another internet platform, has also entered the offline medical beauty clinic space, having opened 30 self-operated clinics across nine cities since May 2023 [23]. - The overall trend indicates a shift towards online platforms integrating offline services, creating a more competitive landscape for traditional medical beauty institutions [20][24].

医美生意正在被更多互联网大厂觊觎。 7月14日，信风注意到京东旗下的首个线下医美自营诊所低调在北京亦庄开业。 这是京东旗下首个自营医美诊所，目前命名为"京东医美（亦庄店）"。 目前京东医美（亦庄店）并未单独开辟新区域，而是位于京东健康综合门诊部（亦庄店）1层。 目前该诊所的线上入口被内嵌在京东APP中，需要搜索"医美"关键词才能链接到京东医美频道，并以此点击进入京东医美自营旗舰店。 与此同时，京东自营医美已在微信渠道开设了小程序。 信风联系京东医美（亦庄店）后获悉，该门店已试营业2个多月，但一直以来是对京东内部员工营业，并未对外。 这意味着，随着此次京东医美自营旗舰店在京东APP正式上线后，京东医美的线下业务已正式对外营业。 不过目前京东自营医美诊所尚未开启大规模的宣传导流。 信风注意到，京东医美自营旗舰店的关注人数有限，当前粉丝数仅为63人。 不过亦庄店只是京东自营线下医美门店的第一步。 京东医美计划9月30日在北京国贸万通中心开设下一家门店。 目前京东医美线下店提供涵盖美白嫩肤、水光美塑、除皱瘦脸和光电抗衰四大轻医美服务。 虽然目前京东医美大类齐全，但所提供的具体医美服务产品仍较为有限。 例如当前市场上较 ...

Core Viewpoint - The article discusses the rapid growth and popularity of "童颜针" (youthful face injection) in the Chinese medical aesthetics market, highlighting its mechanism, market dynamics, and the competitive landscape among companies involved in this sector [6][8][22]. Market Growth - The market size of youthful face injections in China grew from approximately 100 million yuan in 2021 to over 3 billion yuan by 2024, representing a 30-fold increase in three years [6]. - Major companies like 长春圣博玛 and 爱美客 reported significant revenues from their youthful face injection products, with 长春圣博玛's "艾维岚" expected to generate over 4 billion yuan in revenue [6][24]. Product Dynamics - The core ingredient of most youthful face injections is 聚左旋乳酸 (PLLA), which stimulates collagen production in the skin [4][15]. - Different brands of youthful face injections vary in composition and pricing, with products like "濡白天使" priced around 10,000 yuan, while others like "艾塑菲" exceed 20,000 yuan [12][24]. Competitive Landscape - The entry of numerous pharmaceutical companies into the youthful face injection market has intensified competition, with over 20 companies currently registering products [30]. - The high profit margins associated with these products, with 爱美客 reporting a gross margin of 93.76% for gel-based injections, have attracted more players to the market [24][25]. Regulatory Environment - The approval of several youthful face injection products by the National Medical Products Administration (NMPA) has legitimized the market, with five products approved by 2024 [22][27]. Consumer Behavior - The article notes a growing trend among urban women to seek youthful face injections, driven by aggressive marketing and social media promotions [10][11]. - Despite the high costs, the demand for youthful face injections remains strong, with companies like 江苏吴中 achieving significant sales shortly after product launches [24][26]. Future Outlook - The global market for youthful face injections is projected to reach $1.545 billion by 2025, with a compound annual growth rate of approximately 3.8% from 2025 to 2033 [26]. - The competitive landscape is expected to evolve further, with potential price wars as more products enter the market [30].

Core Viewpoint - *ST Suwu has been found guilty of multiple violations, including falsifying financial statements and failing to disclose the actual controlling shareholder, leading to a proposed fine of 10 million yuan and potential delisting from the stock exchange [1][6]. Summary by Sections Violations Identified - The company failed to disclose the actual controlling shareholder, with false records in annual reports from 2018 to 2023, incorrectly naming Qian Qunying as the actual controller instead of Qian Qunshan [2]. - *ST Suwu inflated revenue, costs, and profits through non-commercial trade activities with related companies, resulting in inflated revenues of 495 million yuan, 468 million yuan, 431 million yuan, and 377 million yuan for the years 2020 to 2023, which accounted for 26.46%, 26.39%, 21.26%, and 16.82% of reported revenues respectively [3]. - The company also failed to disclose significant non-operating fund occupations by related parties, with balances of 127 million yuan, 1.393 billion yuan, 1.543 billion yuan, and 1.693 billion yuan from 2020 to 2023, representing 6.88%, 74.2%, 84.6%, and 96.09% of net assets respectively [5]. Proposed Penalties - The China Securities Regulatory Commission (CSRC) proposed a fine of 10 million yuan for *ST Suwu and a 10-year market ban for Qian Qunshan, the actual controller and chairman [6][7]. - Additional fines were proposed for other board members, including 15 million yuan for Qian Qunshan, 2 million yuan for Qian Qunying, and 1.5 million yuan for Chen Yi [7]. Company Status - As of July 11, *ST Suwu's stock price was 2.42 yuan per share, with a total market capitalization of 1.723 billion yuan [10]. - The company has stated it will cooperate with the CSRC and exercise its rights to defend against the proposed penalties [9].

A-share Market - The Hong Kong stock market's equity financing scale has approached HKD 300 billion since 2025, reaching HKD 287.98 billion, a year-on-year increase of 350.56% [2] - As of the end of Q2, the northbound capital's market value reached CNY 2.29 trillion, growing over 2% from the end of Q1, with a holding quantity of 123.51 billion shares, an increase of over 3% [3] - As of July 8, 27 A-share companies have disclosed acquisition plans for IPO candidates this year, a significant increase from 6 in the same period last year, attributed to policy benefits and market dynamics [3] - On July 7, the Shanghai Stock Exchange and China Securities Index Company announced the launch of several specialized indices on July 21, aimed at promoting innovation and specialization in the market [3] - As of July 6, 688 listed companies have received bank support for stock repurchase and increase loans, with a total loan amount exceeding CNY 135.86 billion, indicating a strong usage of new financial tools [3] Financial Policy - In the first five months of this year, the national general public budget expenditure progress reached a five-year high, with over CNY 2.1 trillion in new local government special bonds issued [4] - As of June 30, China's foreign exchange reserves stood at USD 33,174 billion, an increase of USD 32.2 billion from the end of May, marking 19 consecutive months above USD 3.2 trillion [4] - The private equity confidence index and willingness to increase positions have slightly improved in July, with over 90% of private equity firms holding positions above 50% as of the end of June [4][5] Economic Indicators - In the first half of the year, the national consumer price index (CPI) decreased by 0.1% year-on-year, while the producer price index (PPI) fell by 2.8% [7] - As of July 9, China's express delivery volume has exceeded 1 billion packages this year, 35 days earlier than in 2024, reflecting strong economic resilience [6] - In the first five months, China's exports to Africa, ASEAN, Latin America, and the EU grew by 20.2%, 13.5%, 10.6%, and 7.7% respectively, significantly outpacing overall export growth [7] Innovation and Development - In the first half of the year, China approved 43 innovative drugs and 45 innovative medical devices, representing year-on-year growth of 59% and 87% respectively, indicating a positive trend in the pharmaceutical industry [8]