Core Viewpoint - *ST Suwu has received an administrative penalty notice from the China Securities Regulatory Commission (CSRC), indicating that the company may face major illegal delisting due to inflated revenue, costs, and profits in its annual reports from 2020 to 2023 [2][5][7]. Summary by Relevant Sections Administrative Penalty Notice - The notice states that *ST Suwu's subsidiaries engaged in non-commercial trade activities with related companies, leading to inflated financial figures [5][7]. - The company is at risk of being delisted under the Shanghai Stock Exchange's rules due to these violations [2][10]. Financial Impact - The inflated revenue figures from 2020 to 2023 were reported as follows: - 2020: 495 million yuan (26.46%) - 2021: 469 million yuan (26.39%) - 2022: 431 million yuan (21.26%) - 2023: 377 million yuan (16.82%) [7]. - The inflated costs were: - 2020: 481 million yuan (37.08%) - 2021: 448 million yuan (35.47%) - 2022: 411 million yuan (28.40%) - 2023: 355 million yuan (20.95%) [7]. - The inflated profit figures were: - 2020: 14.58 million yuan (2.89%) - 2021: 20.27 million yuan (51.65%) - 2022: 19.92 million yuan (26.42%) - 2023: 21.22 million yuan (29.81%) [7]. Company Response and Future Actions - *ST Suwu has issued its first risk warning regarding the potential for major illegal delisting [8]. - If the company receives a formal penalty decision confirming the violations, it will apply for a trading suspension and disclose relevant information [10]. - The Shanghai Stock Exchange will issue a notice regarding the potential termination of *ST Suwu's stock listing within five trading days of the suspension [10]. Recent Financial Performance - For the year 2024, *ST Suwu reported: - Revenue of 1.599 billion yuan, a decrease of 28.64% year-on-year - Net profit attributable to shareholders of 70.48 million yuan, compared to a loss of 71.95 million yuan in 2023 [10][11].

Core Viewpoint - *ST Suwu has received an administrative penalty notice from the China Securities Regulatory Commission (CSRC), indicating that the company has inflated its operating income, operating costs, and profits from 2020 to 2023, which may lead to a forced delisting due to significant violations [2][10]. Summary by Sections Administrative Penalty Notice - On July 13, *ST Suwu announced it received an administrative penalty notice from the CSRC, which identified false records in its annual reports from 2020 to 2023 [2][10]. - The notice states that *ST Suwu's subsidiaries engaged in non-commercial trade activities with related companies, resulting in inflated financial figures [7]. Financial Impact - The inflated operating income for the years 2020 to 2023 was reported as follows: 4.95 billion, 4.69 billion, 4.31 billion, and 3.77 billion, representing 26.46%, 26.39%, 21.26%, and 16.82% of the reported operating income for those years, respectively [9]. - The inflated operating costs for the same years were 4.81 billion, 4.48 billion, 4.11 billion, and 3.55 billion, accounting for 37.08%, 35.47%, 28.40%, and 20.95% of the reported operating costs [9]. - The inflated total profits were 14.58 million, 20.27 million, 19.92 million, and 21.22 million, which constituted 2.89%, 51.65%, 26.42%, and 29.81% of the reported total profits for those years [10]. Regulatory Actions - The CSRC plans to impose a fine of 10 million yuan on *ST Suwu and a total of 20.5 million yuan in fines on its executives [10]. - The company has issued its first risk warning announcement regarding the potential for forced delisting due to significant violations [11][12]. Future Implications - If *ST Suwu receives a formal administrative penalty decision indicating significant violations, it will apply for a trading suspension and disclose relevant information promptly [14]. - The Shanghai Stock Exchange will issue a notice regarding the potential termination of *ST Suwu's listing within five trading days of the suspension [14]. Recent Financial Performance - In 2024, *ST Suwu reported an operating income of 1.599 billion, a year-on-year decrease of 28.64%, with a net profit attributable to shareholders of 70.48 million, compared to a net loss of 71.95 million in 2023 [15].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the rapid growth of instant retail, with daily order volumes for Taobao Flash Sale and Meituan Flash Sale reaching new highs, indicating a competitive landscape among major platforms [5][25] - The report emphasizes the shift in the instant retail industry from speed competition to comprehensive strength competition, driven by significant investments from major e-commerce platforms [26] - The report suggests focusing on high-quality companies in high-growth sectors driven by emotional consumption themes [8][29] Summary by Sections Retail Market Review - The retail industry index rose by 2.20% during the week of July 7 to July 11, outperforming the Shanghai Composite Index by 1.11 percentage points [7][14] - The internet e-commerce sector showed the largest increase among retail sub-sectors, with a weekly rise of 4.37% [17][20] Retail Insights: Instant Retail Competition - Taobao Flash Sale and Meituan Flash Sale reported daily order volumes exceeding 80 million and 150 million, respectively, contributing significantly to market growth [5][25] - Major platforms are implementing substantial subsidy programs to support merchant transformations, indicating a trend towards a three-way competitive landscape [26] Focus on High-Growth Quality Companies - Investment themes include: - **Gold and Jewelry**: Focus on brands with differentiated product offerings, recommending companies like Laopuhuangjin and Chaohongji [8][29] - **Offline Retail**: Emphasizing companies that adapt to trends, with recommendations for Yonghui Supermarket and Aiyingshi [8][29] - **Cosmetics**: Highlighting domestic brands with strong differentiation, recommending brands like Maogeping and Pola [8][29] - **Medical Aesthetics**: Focusing on companies with differentiated product lines, recommending Aimeike and Kedi-B [8][29] Company-Specific Insights - **Zhou Dafu**: FY2025 revenue of 89.66 billion HKD (-17.5%), net profit of 5.916 billion HKD (-9.0%), focusing on product structure optimization [31][36] - **Laopuhuangjin**: FY2024 revenue of 8.506 billion CNY (+167.5%), net profit of 1.473 billion CNY (+253.9%), benefiting from brand expansion [31][36] - **Chaohongji**: 2025Q1 revenue of 2.252 billion CNY (+25.4%), net profit of 189 million CNY (+44.4%), driven by differentiated product offerings [31][39] - **Mao Ge Ping**: FY2024 revenue of 3.885 billion CNY (+34.6%), net profit of 881 million CNY (+33.0%), focusing on high-end cosmetics [31][39] - **Polaya**: FY2024 revenue of 10.778 billion CNY (+21.0%), net profit of 1.552 billion CNY (+30.0%), maintaining a strong position in the domestic market [31][39]

在双美热潮兴起，各类科学标准亟需建立之际，修丽可以领先理念及严谨的科研精神为求美者 与从业者标定航向。 尽 管 " 双 美 布 局 " 在 中 国 尚 属 新 兴 趋 势 。 但 早 2 0 1 2 年 ， 修 丽 可 便 率 先 于 中 国 提 出 了 「 整 全 护 肤」理念，并持续深耕，以科研为依托、临床为支撑，构建起成熟的「整全护肤」体系，成为 引领"围术期"皮肤护理风潮的先行者。 中国医美市场正以前所未有的速度扩张，艾瑞咨询数据显示，2 0 2 1年规模已达2 1 7 9亿元，预 计2 0 3 0年将突破万亿大关。 市场热潮之下，"医美围术期护肤"这片专业蓝海正迅速升温，吸引超过2 0家美妆企业相继入 局。从国际巨头到新锐品牌，纷纷以"医美围术期护肤"为切口，试图抢占新一轮增长高地。 但真正能定义一个赛道的，往往是最早布局、持续深耕的品牌。早在2 0 1 2年，修丽可便在中 国首提「整全护肤」理念，以科学体系和完整产品矩阵，率先落子医美围术期护肤领域。1 3年 后，当这一赛道不断走向热门，修丽可早已深耕多年，不仅在IMCAS等顶尖学术平台展现丰 硕成果，更为行业树立了榜样。 日前，有"医美界旗舰级学 ...

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty industry, indicating a "Buy" recommendation for several companies within the sector [2][14]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with the Shenwan Beauty Care Index rising by 1.5% from July 4 to July 11, 2025, which is below the market average [3][5]. - The introduction of new products in the regenerative medicine sector, particularly in the "童颜针" (youthful needle) category, is expected to enhance consumer interest and expand the market [2][8]. - The report highlights strong anticipated earnings growth for several key companies in the cosmetics sector for the second quarter of 2025, with notable increases in revenue and net profit for brands like 上美股份 (Shangmei), 丸美股份 (Marubi), and 珀莱雅 (Proya) [9][10][11]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has underperformed the market, with specific indices showing varied performance, such as the Shenwan Cosmetics Index increasing by 2.6% [3][5]. - The report notes that the demand for cosmetics is recovering, with a 4.1% year-on-year increase in retail sales for the first five months of 2025 [19][20]. Company Performance - 上美股份 (Shangmei) is expected to see a revenue increase of 16% and a net profit increase of 25% in the first half of 2025 [10]. - 丸美股份 (Marubi) anticipates a 22% revenue growth and a 28% increase in net profit for the second quarter of 2025 [10]. - 珀莱雅 (Proya) is projected to achieve a 10% revenue growth and a 15% increase in net profit for the second quarter of 2025 [10]. - 毛戈平 (Mao Geping) expects a significant revenue increase of 38% and a net profit increase of 35% in the first half of 2025 [10]. - 若羽臣 (Ruoyuchen) forecasts a remarkable 70% revenue growth and a 75% increase in net profit for the second quarter of 2025 [10]. Market Trends - The report emphasizes the ongoing trend of domestic brands gaining market share, with national brands occupying five of the top ten positions in the skincare market [32]. - The regenerative medicine sector is expanding, with new products enhancing consumer engagement and market growth potential [2][8]. Investment Recommendations - The report recommends focusing on companies with strong brand matrices and high growth potential, such as 上美股份 (Shangmei), 珀莱雅 (Proya), and 丸美股份 (Marubi) [14]. - It suggests monitoring companies that leverage e-commerce and social media platforms effectively, such as 若羽臣 (Ruoyuchen) and 毛戈平 (Mao Geping) [14].

注射类医美项目是通过针剂注射方式实现微创美容效果的治疗手段，主要分为透明质酸类、肉毒素 类、胶原蛋白类、再生针剂类、溶脂针类和埋植线类。其中，医美注射类市场一直被透明质酸和肉 毒素二分天下，根据 ISAPS 数据， 2023 年全球注射类项目治疗次数排名中，肉毒素以 887.8 万例 居世界第一，玻尿酸以 556.5 万例居世界第二。此外，再生针剂、胶原蛋白针也是近年来的"明星 项目"，受到市场的狂热追捧。埋植线、溶脂针因技术不成熟、安全风险高等原因市场发展较为缓 慢，合规产品极少。 注射类医美丨研究报告 核心摘要： 技术手段与审美认知共同引领医美行业变革。随着医美行业进入发展期，非手术项目选择逐渐丰富，"抗衰 老"成为消费者的核心诉求。注射类轻医美项目为精细化美容塑型提供技术支持，消费者在"变美"基础上更 加追求"自然"。随着新材料的不断出现、及传统材料的不断创新，注射类医美项目丰富度持续提升，满足多 元审美需求，加之其效果明显、恢复期短、可及性强，复购率不断上涨，案例数及市场规模呈现出超越行业 平均的增速。艾瑞认为，注射类医美市场将成为医美领域新蓝海。 注射类医美概念及分类 通过针剂注射实现微创美容，透明 ...

以下文章来源于盐财经 ，作者乔悦 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 谁重塑了年轻人？ 作者 | 乔悦 钟宸 编辑 | 江江 来源 | 盐财经 （ID： nfc-yancaijing ） 高考结束的第二天，18岁的楚瑜走进了一家私立整形医院。她穿着灰白色手术服，躺在 手术台上，麻药的针头扎进眼皮时，她痛得浑身发抖，每只眼睛各打3针，一共6针。 "当时痛得我在床上都崩溃了。"她回忆道。她割的是开扇形双眼皮，这是她念叨了好几 年的事。 楚 瑜 天 生 内 双 ， 远 看 几 乎 像 单 眼 皮 。 从 初 中 开 始 ， 她 就 对 自 己 的 眼 睛 不 满 意 。 每 次 拍 照，朋友都会让她把眼睛睁大点，"但其实我的眼睛已经睁到最大了"。家里人偶尔也会 说 她 " 眼 睛 小 " ， 不 像 妈 妈 那 样 有 双 大 眼 睛 。 这 些 话 像 针 一 样 藏 在 心 底 ， 她 反 复 翻 看 照 片，发现自己的眼睛笑起来只有一条缝，"不像别人那样有精神"。 高三最后一个月，楚瑜的学习节奏有些松懈，为了"哄自己念书"，她用"暑假整形"作为 激励自己的方式。 那时候，家里人每天都 ...

Industry Overview - The medical beauty injection materials industry in China has a limited number of publicly listed companies, primarily including Huaxi Biological, Haohai Biological, Aimeike, and Juzhi Biological, with most companies involved in the supply of upstream raw materials [1][7]. Company Summaries - Huaxi Biological is a global leader in hyaluronic acid, with a projected revenue of 53.71 billion yuan in 2024, and has expanded into collagen products through acquisitions [2][9]. - Haohai Biological has secured exclusive rights for domestic and international botulinum toxin products and is focusing on a dual product line of hyaluronic acid and botulinum toxin [6][15]. - Aimeike is expected to generate approximately 29.60 billion yuan in sales for its medical beauty injection materials in 2024, emphasizing high-end products [9][15]. - Juzhi Biological is projected to achieve sales of around 55.20 billion yuan in 2024, focusing on collagen products and leading the industry in standard-setting [9][15]. Sales and Production Data - Huaxi Biological has sold over 10 million units of its products, while Haohai Biological and Aimeike have sales around 7 million units each [13]. - Juzhi Biological's collagen products have a sales volume of approximately 55.20 billion yuan, indicating a strong market presence [11][13]. Business Strategies - Huaxi Biological is focusing on core technologies in glyco-biology and cell biology, aiming to enhance its position in the extracellular matrix and anti-aging sectors [15]. - Haohai Biological is pursuing international collaborations and technology imports to strengthen its product offerings and market competitiveness [15]. - Aimeike is developing a high-end product matrix centered on regenerative materials, with significant investments in training and technology [15]. - Juzhi Biological is leading the development of industry standards and expanding its product offerings in the collagen segment [15]. Regional Distribution - The majority of medical beauty injection material companies are concentrated in Shandong Province, with key players in raw material production and equipment manufacturing [7].

A 股收盘站上 3500 点整数关，市场风险偏好继续回升。周四 A 股继续震荡攀升，收盘站上 3500 点整数关，上证指数已经正式突破 2024 年 11 月 8 日的高点。并且本周的上涨是在美国宣布对 14 个国 家调整关税率后做出的反映，显示市场对关税事件的影响已经形成脱敏，对关税所带来的影响也已经有 充分预期。近期市场对于贸易冲突的担忧情绪进一步缓解，7 月政策窗口期愈来愈近，预计市场将在震 荡中继续维持缓慢盘升的格局。 风险提示：全球地缘格局出现超预期局面，关税预期的反复摇摆，关税冲击的后续影响，美联储降 息延后，海外经济衰退超预期，国内经济复苏不及预期，政策执行不及预期等。 后市展望：将有可能突破 2024 年 10 月以来的震荡区间。当前 A 股持续上行的两大支撑因素是 1） 低利率环境依然维持，且美联储表态降息有提前的可能性；2）进入 6 月下旬以来市场风险偏好回升， 诸如非银金融、传媒、军工等高风险特征板块开始上涨正是风险偏好回升的表现。6 月下旬以来，市场 开始展望增量政策，若增量政策及时有效推出落地，则 A 股将有可能迎来突破 2024 年 10 月以来横盘 震荡格局的时间窗口。 热点板块 ...

Summary of the Medical Aesthetics Industry Conference Call Industry Overview - The Chinese medical aesthetics market has a penetration rate of only about 4%, significantly lower than South Korea's 20%, indicating substantial growth potential [2][4] - The market is still in its early stages, with a lack of standardization and a mix of formal and informal institutions [2][4] Key Insights and Arguments - The rise of "light medical aesthetics" is seen as a future direction due to its lower entry barriers and ease of replication, with service frequency increasing from 30% to 70% post-pandemic, and an expected market size of 140 billion RMB [1][4] - New Oxygen's pre-discount model may disrupt traditional institutions, which face high customer acquisition costs and intense price competition [1][4] - New Oxygen has optimized its single-store model, increasing traditional store profit margins from less than 5% to 15% by reducing customer acquisition costs and adopting a light medical aesthetics small store model [1][6][9] Company Strategies - New Oxygen is implementing a simulated chain model that minimizes reliance on doctor IP, establishing a centralized platform for marketing, product development, and supply chain management [9] - The company plans to increase its store count to over 50 by the end of the year and is opening up franchising opportunities to rapidly replicate its light asset model [9] - New Oxygen has invested over 1 billion RMB in upstream supply chain integration, with plans to launch more proprietary products [10] Market Dynamics - The medical aesthetics industry is shifting towards a volume-based model, focusing on bulk sales and affordability through standardized operations and quality service to enhance customer retention [3][11] - The average customer acquisition cost in the industry is around 2000 RMB, with traditional institutions facing high operational costs due to a lack of standardization and high marketing expenses [5][6] Competitive Landscape - Four Ring Pharmaceutical is expected to contribute new revenue streams with products like the "Youthful Needle" and "Girl Needle," targeting a sales goal of 1 billion RMB for its botulinum toxin product [3][13] - Kedi has launched a finasteride spray, anticipating peak sales of at least 1 billion RMB, enhancing its competitive position in the hair loss market [14] - Huadong Pharmaceutical has introduced high-end hyaluronic acid products, with expectations of significant sales growth [15] Future Outlook - The light medical aesthetics market in China is projected to accommodate over a thousand stores, with potential revenues of 40 billion RMB and profits of 6 billion RMB if the market penetrates effectively [12] - The overall sentiment in the medical aesthetics sector is improving, with increased attention and potential for further developments in the third quarter of 2025 [19]