Core Viewpoint - The company held an online performance briefing on August 26, 2025, to discuss its financial results and operational updates with investors [1] Group 1: Financial Performance - For the first half of 2025, the company achieved operating revenue of 863,112,643.06 yuan and a net profit attributable to shareholders of 229,656,927.58 yuan [1] - The second quarter of 2025 saw a significant revenue increase of 86.68% compared to the first quarter, indicating a recovery trend in performance [1] - The revenue composition for the first half of 2025 was 72.39% from cosmetics (62,481.77 million yuan) and 27.61% from medical devices (23,829.45 million yuan) [1] Group 2: Product and Market Updates - As of June 30, 2025, the company has obtained three Class II medical device registration certificates, including products like medical sodium hyaluronate repair patches and solutions [1] - The company reported a positive growth trend in offline sales for the first half of 2025, attributed to sales channel optimization and product price adjustments [1] - Sales on the JD platform showed significant year-on-year growth in the first half of 2025, with enhanced cooperation and product variety [1] Group 3: Corporate Structure and Future Plans - The company currently has two wholly-owned subsidiaries: Harbin Futejia Trading Co., Ltd. and Shanghai Fuirjia Technology Development Co., Ltd. [1] - The company has sufficient self-funding reserves and currently has no financing plans [1] - There are no share reductions by major shareholders or company executives at this time, with 77,529,400 shares (14.91% of total shares) being unrestricted [1]

Core Viewpoint - The company is optimistic about the growth potential of the Chinese medical beauty market, which currently has a penetration rate of less than 5%, compared to over 20% in mature markets like South Korea [1][2] Group 1: Business Transition - The company has shifted its business model from being a transaction intermediary to directly opening offline medical beauty stores, which may lead to competition with its existing clients [1][2] - The opening of offline stores has resulted in a significant conflict between new and old business lines, leading to a decline in the number of service providers subscribing to the platform [2] Group 2: Financial Performance - In the first half of 2025, the company's revenue was 676 million yuan, a decrease of 6.9% from 726 million yuan in the same period last year, with a net loss of 67.95 million yuan compared to a net loss of 600,000 yuan in the previous year [2] - The company's offline business has now surpassed its online business, becoming the largest source of revenue, with revenue from beauty treatment services reaching 144.4 million yuan, a year-on-year increase of 426.1% [3] Group 3: Future Plans - The company plans to open 50 offline stores nationwide this year, with a goal of achieving a thousand-store scale within 8 to 10 years [3] - Despite the challenges, the company believes that the growth of its chain business will offset the decline in traditional business in the long term [3]

Investment Rating - The industry rating is "Strongly Outperforming the Market" [96] Core Insights - The report highlights the "Small Happiness" consumption trend, indicating that new consumption does not rely on overall economic growth but rather on the expansion of consumption behaviors among niche groups [3][12] - The tourism sector, particularly in Changbai Mountain, has seen significant growth, with July 2025 visitor numbers reaching 810,200, a 37.8% year-on-year increase, marking a historical high for the month [4][51] - The duty-free sector is expected to benefit from the upcoming Hainan Free Trade Port's closure, which will allow visa-free entry for individuals from 85 countries, significantly increasing the user base for duty-free shopping [4][45] - The report emphasizes the potential of the "trendy play" sector, supported by recent policies aimed at stimulating consumption and industry regulation, which may favor compliant leading enterprises [5][53] - In the education sector, advancements in AI+ education are noted, with several companies launching AI-driven educational products, indicating a potential revenue surge for key players [6][63] - The medical beauty industry is undergoing optimization through refined operations, with leading institutions expected to capture more market share as new products are launched [6][73] Summary by Sections New Consumption - New consumption is characterized by emotional value rather than cost-effectiveness, with a shift from heavy asset allocation to frequent "small happiness" purchases [3][12] - The youth demographic (ages 15-24) is projected to drive consumption trends as they enter the labor market, while the adult demographic's influence is expected to diminish [15] Duty-Free and Tourism - The duty-free industry is poised for growth with the Hainan Free Trade Port's upcoming closure, enhancing the attractiveness of the region for international tourists [42][45] - Changbai Mountain's tourism data indicates a strong recovery and growth potential, particularly in the summer season [4][51] Trendy Play - The trendy play sector is expected to benefit from consumption policies and industry self-regulation, with long-term prospects for cultural products expanding overseas [5][53] Education - The AI+ education sector is gaining traction, with several companies launching innovative products that are expected to see significant revenue growth [6][63] Medical Beauty - The medical beauty industry is experiencing a shift towards refined operations, with new product launches expected to enhance market dynamics [6][73]

Summary of the Conference Call Industry Overview - The light medical beauty industry is transitioning from reliance on high-priced projects and well-known doctors to standardized, cost-effective services. New Oxygen focuses on dermatology and small store layouts to meet consumer demands for transparency in product ingredients and pricing [2][4][18]. - The competition in the upstream product market for medical beauty is intensifying, with a significant increase in the issuance of three types of certificates in China. It is expected that by 2026, more companies will launch alternative products, breaking the monopoly of a few high-priced products and leading to market scaling [2][6][7]. Company Strategy and Operations - Traditional medical beauty institutions face high marketing costs and limited profit margins. New Oxygen aims to improve profit margins by controlling marketing costs, optimizing the supply chain, and developing proprietary products. The company is also exploring a model of self-operated small clinics [2][8][9]. - The chain rate in the light medical beauty industry is expected to increase, but it requires the provision of standardized treatments and high cost-performance services. New Oxygen implements a hard discount model to maintain profit margins while offering cost-effective services [2][10]. - The operational efficiency of chain clinics is influenced by scale, density, and efficiency. New Oxygen adopts a strategy that balances breadth and depth, focusing on high-density layouts in key cities to highlight chain advantages and improve overall efficiency [2][11]. Market Dynamics - The Chinese medical beauty market has developed rapidly over the past few years, but the industry chain structure still leans towards a seller's market with low chain rates. New Oxygen recognizes the challenges and pain points in the development of medical beauty chains and plans to leverage its advantages to achieve growth [3][8]. - The rise of regenerative products like water light needles and botulinum toxin has increased the proportion of dermatology projects, which are characterized by high frequency, low risk, and suitability for small chain stores [4][5]. Financial Performance and Projections - Traditional medical beauty institutions have low profit margins, with some large institutions only achieving around 3% to 5%. Marketing costs account for 30% to 50%, along with 20% to 30% for product costs. New Oxygen aims to control marketing costs within 10% and reduce product costs through its supply chain [8][9][22]. - Currently, the net profit margin for New Oxygen's stores is approximately 10% to 15%. In the next two to three years, as the proportion of proprietary products increases, the company expects the net profit margin to rise to 15% or even 20% [22]. Customer Retention and Cost Management - New Oxygen's model leans towards benefiting consumers and achieving equity in medical beauty services. The company employs various strategies to enhance customer retention and meet the needs of price-sensitive consumers, including membership operations, promotional activities, and community engagement [18][19]. - The company maintains a cost advantage in customer acquisition primarily through user referrals and private domain operations, which account for nearly 70% of its customer acquisition strategy [21]. Future Outlook - The light medical beauty industry is naturally suited for chain penetration due to its high standardization. New Oxygen plans to expand its presence in key cities with high-density layouts to leverage chain advantages [10][11]. - The company is also testing different site selection strategies for new clinics, focusing on core business districts and popular shopping centers to optimize overall operational effectiveness [14][16]. Conclusion - New Oxygen is strategically positioned to capitalize on the evolving landscape of the light medical beauty industry by focusing on cost-effective services, optimizing supply chains, and enhancing customer engagement. The company's proactive approach to market dynamics and operational efficiency is expected to drive future growth and profitability [2][10][21].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a recovery, with high growth in premium and fashionable segments, particularly in gold jewelry and beauty care [23][27] - The report emphasizes the importance of emotional consumption themes driving growth in high-quality companies within the sector [30] Summary by Sections Retail Market Review - The retail industry index rose by 4.21% during the week of August 18-22, 2025, outperforming the Shanghai Composite Index by 2.20 percentage points [12][20] - The internet e-commerce sector showed the highest growth, with a weekly increase of 7.71% [13][17] - Year-to-date, the jewelry sector has led with a 33.74% increase [13][17] Retail Insights: Mid-Year Reports - Gold jewelry companies like Laopuhuang and Chaohongji reported significant revenue growth, with Laopuhuang achieving a revenue of 12.354 billion yuan (+251.0%) and a net profit of 2.268 billion yuan (+285.8%) [23][35] - Beauty care brands such as Shanghai Jahwa and Runben also showed positive performance, with Shanghai Jahwa reporting a net profit of 266 million yuan (+11.7%) [27][38] Focus on High-Quality Companies - Investment focus includes: - Gold jewelry brands with differentiated product offerings, recommending Laopuhuang and Chaohongji [30][32] - Offline retail companies adapting to trends, recommending Yonghui Supermarket and Aiyingshi [30][32] - High-quality domestic beauty brands, recommending Maogeping and Pola [30][32] - Medical beauty product manufacturers, recommending Aimeike and Kedi-B [30][32] Company-Specific Highlights - Laopuhuang: Achieved a revenue of 12.354 billion yuan (+250.9%) and a net profit of 2.268 billion yuan (+285.8%) in H1 2025, with strong brand expansion and channel upgrades [35][36] - Runben: Reported a revenue of 895 million yuan (+20.3%) and a net profit of 188 million yuan (+4.2%) in H1 2025, focusing on expanding its product matrix [38][40] - Aiyingshi: Achieved a revenue of 1.835 billion yuan (+8.3%) and a net profit of 46.74 million yuan (+10.2%) in H1 2025, with steady store expansion [42]

Core Viewpoint - Meituan Medical Beauty is focusing on upstream supply chain solutions rather than establishing its own medical beauty clinics, emphasizing its platform identity and ecosystem role [1] Group 1: Company Strategy - Meituan Medical Beauty will not open its own medical beauty clinics, which is a long-term strategic direction [1] - The company is enhancing its supply chain by providing traceable solutions to address issues in the medical beauty industry, such as counterfeit products and lack of logistics traceability [1] - Meituan Medical Beauty aims to increase the penetration rate of medical beauty users among its members, with only 2.2% of its platinum-level users currently engaged in medical beauty services [3][4] Group 2: Industry Insights - The Chinese medical beauty industry is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 13.2% over the next five years, although this is a slowdown compared to the previous decade [3] - The number of illegal practitioners in the medical beauty industry is nine times that of compliant practitioners, and the number of black clinics is six times that of regular clinics [2] - Water light needles are the most popular injection project, with a monthly verification growth rate exceeding 106.89% [3] Group 3: Marketing and Brand Promotion - Meituan Medical Beauty is increasing its brand awareness through promotional activities, including partnerships with variety shows and dramas, which marks a shift from its previous lack of brand promotion [4] - The company is providing free medical beauty project benefits to its high-tier members to boost engagement [4]

Core Viewpoint - The A-share market is experiencing a significant upward trend, with the Shanghai Composite Index surpassing 3,800 points, marking a 10-year high, driven by multiple favorable factors and a reassessment of asset values in China [1][3]. Group 1: Economic Resilience and Policy Support - In the first half of 2025, China's economy demonstrated unexpected resilience with a GDP growth rate of 5.3%, supported by proactive macro policies and liquidity measures from the central bank [3][6]. - External uncertainties have led to a shift in global capital allocation, with funds moving from the U.S. to undervalued markets like China, as indicated by a net inflow of over 80 billion yuan in foreign capital [4][5]. Group 2: Investment Strategies and Market Dynamics - Foreign investors are increasingly viewing Chinese assets as long-term investments rather than short-term trades, with a notable shift in attitude towards "investable" assets [3][10]. - The "barbell strategy" is gaining traction among foreign investors, focusing on growth leaders and high-dividend blue-chip stocks to balance growth and income opportunities [7][9]. Group 3: Sector Preferences and Growth Opportunities - Foreign capital is particularly attracted to sectors such as technology and consumer goods, with significant inflows into Hong Kong's market, reflecting a preference for structural opportunities in these areas [7][8]. - The rise of new consumption patterns, particularly among Generation Z, is creating growth opportunities in sectors like emotional consumption, which includes trendy products and cultural exports [8]. Group 4: Valuation and Market Positioning - Current valuation levels indicate that A-shares are relatively attractive compared to H-shares, with a low premium and strong support from state-owned capital [9]. - The high dividend yield of A-shares presents a potential advantage over government bond yields, making them appealing to foreign investors seeking income [9].

（文章来源：证券日报） 证券日报网讯 8月22日晚间，朗姿股份发布公告称，截至本公告披露日，公司及控股子公司的担保额度 总金额为182，800万元，对外担保总余额为109，216万元（此处总金额与总余额的统计为剔除多方担保 时重复计算的金额），占公司2024年度经审计净资产的39.18%。公司及控股子公司无逾期对外担保、 无涉及诉讼的对外担保及因担保被判决败诉而应承担损失的情形。 ...

Core Viewpoint - The domestic medical beauty industry is undergoing significant changes, with major players experiencing a decline in performance due to market shifts and increased competition from new regenerative materials like collagen and "童颜针" (youthful needle) [4][7][14]. Group 1: Industry Performance - The three major companies in the medical beauty sector, including 华熙生物, 爱美客, and 昊海生科, reported substantial declines in revenue and net profit, with 爱美客's revenue dropping by 21.59% to 12.99 billion yuan and net profit decreasing by 29.57% to 7.89 billion yuan in the first half of 2024 [7][8]. - 爱美客's core products, including "嗨体" and "濡白天使," saw revenue declines of 23.79% and 23.99%, respectively, despite maintaining high gross margins of over 90% [6][7]. Group 2: Market Trends - The introduction of "童颜针," particularly the imported product 艾塑菲, has gained rapid popularity, with sales reaching 20,000 units and contributing over 800 million yuan in revenue within two months of its launch [5][17]. - The shift towards regenerative materials is evident, as "童颜针" offers longer-lasting effects and a different mechanism compared to traditional hyaluronic acid fillers, which are facing price declines due to increased competition [16][17]. Group 3: Strategic Moves - 爱美客's acquisition of REGEN, a Korean medical beauty company, for 1.386 billion yuan marks the largest cross-border acquisition in the domestic medical beauty industry, aiming to enhance its product portfolio and market presence [5][9]. - The ongoing dispute between 江苏吴中 and 爱美客 over the distribution rights of 艾塑菲 highlights the competitive landscape and the challenges of dependency on agency models in the medical beauty sector [19][20]. Group 4: R&D and Innovation - 爱美客 has increased its R&D investment to 1.57 billion yuan, representing 12.05% of its revenue, indicating a focus on enhancing its competitive edge through innovation [8]. - The company holds 182 valid patents, including 53 invention patents, showcasing its commitment to developing proprietary technologies [8].

Core Viewpoint - The rise of the so-called "climax needle" reflects a complex interplay of societal pressures, consumer anxiety, and the commercialization of women's sexual health, ultimately revealing a troubling trend in the medical aesthetics industry [7][22][38] Group 1: Market Dynamics - The "climax needle" has become a trending medical aesthetic project, marketed as a quick solution for women's sexual satisfaction, with prices ranging from thousands to tens of thousands [8][10] - Social media platforms are flooded with exaggerated claims and testimonials, creating a perception that spending money can resolve sexual dissatisfaction [10][13] - Despite the lack of scientific backing, related medical aesthetic stocks surged in value as the topic gained popularity, indicating a strong market interest [22][24] Group 2: Consumer Behavior - Consumers are drawn to low-cost, low-risk solutions that promise high returns, leading to the popularity of the "climax needle" as a perceived quick fix for intimacy issues [5][7] - The marketing strategy exploits women's anxieties about their sexual health, suggesting that they are incomplete or unhappy without the product [28][30] - The narrative surrounding the "climax needle" simplifies complex emotional and psychological needs into a consumable product, perpetuating a cycle of anxiety and consumption [31][32] Group 3: Ethical and Regulatory Concerns - The procedure, scientifically known as "autologous platelet-rich plasma injection," is not officially approved for vaginal use, raising significant safety concerns [20][25] - The commercialization of such products often involves misleading advertising and the unauthorized use of individuals' images, highlighting regulatory gaps in the industry [18][20] - The medical aesthetics industry is criticized for prioritizing profit over patient safety, with potential severe health risks downplayed in marketing [24][25] Group 4: Societal Implications - The phenomenon of the "climax needle" underscores a broader societal issue where women's sexual needs are often neglected, leading to feelings of shame and inadequacy [26][28] - There is a call for more open discussions about women's sexual health and better education to empower women to understand their bodies and needs [38] - The trend reflects a need for a cultural shift to dismantle the stigma surrounding women's sexuality, moving away from commodification towards genuine understanding and support [38]