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]

2025.07. 11 本文字数：3331，阅读时长大约5.5分钟 作为义乌第六代市场的标杆，将在今年10月开业的全球数贸中心市场板块正处于面向全国招商的阶 段，商铺"一席难求"。 根据商城集团的数据，截至7月6日报名截止日，义乌全球数贸中心（市场板块）婴幼童成长用品、 护肤及医美用品行业共计900多个商铺，吸引的报名人数超过1.9万户，相当于20多人竞争1个商铺， 其中包括奥飞实业、高乐股份等10余家上市公司，以及600余家规模以上企业。 "一席难求"背后 义乌市场商铺"一席难求"的背后，是这座"世界小商品之都"自带的流量，也是中国外贸尤其是中小微 外贸企业的韧性所在。 "义乌市场对全球的客商来说，就是购物天堂、最大的超市，人流是源源不断的。"义乌中国小商品城 商会化妆品行业副会长、沃卡丽（浙江）生物科技有限公司负责人吴光亮告诉第一财经，从广东来到 义乌的他们，已在义乌市场扎根25年之久。他们之所以第一时间报名"抢"新一代市场的商铺，也是和 大家一样仍然看好义乌，"要做外贸，义乌市场是首选"。 不只是"押注"新一代市场，他们在当前客流集聚地义乌国际商城的投入也在不断加大，"我们在三区 和海外市场投放了很多广 ...

Group 1: Company Overview - Renqiao Asset recently conducted research on a listed company, Langzi Co., which showed varied performance among its medical beauty brands in Q1 2025, with Jingfu Medical Beauty's net profit increasing by 633.07% while other brands like Milan Baiyu and Wuhan Wuzhou experienced declines [1] - Langzi Co. aims to focus on technological innovation, customer needs, marketing channel optimization, and data governance in its medical beauty business, adhering to the philosophy of "safe medical beauty, reputation medical beauty, and quality medical beauty" without engaging in price competition [1] - The company has reduced its holdings in Ru Yuchen and accounted for the difference between the book value and the proceeds from the sale as investment income [1] Group 2: Financial Performance - In Q1, the revenue distribution among medical beauty departments was 45.14% for minimally invasive, 39.95% for dermatology, and 14.57% for surgery [1] - The sales expense ratio for medical beauty was 35.53%, with major marketing channels including local life platforms and short video platforms [1] - Online sales in the women's clothing segment increased by 14.31%, raising its revenue share to 42.62% of the women's clothing business [1]

Group 1: Obesity and Health Impact - The obesity rate among adults in China exceeds 50%, with over 400 million affected, making it the highest globally. If not controlled, the rate could reach 70.5% by 2030 for adults and 31.8% for children [1] - The financial burden of obesity-related health issues could reach 420 billion yuan annually by 2030, accounting for over a quarter of the national healthcare expenditure [1] Group 2: Market Opportunities in Weight Management - The demand for weight loss has led to a diverse industry, including meal replacement foods, weight loss teas, and functional health products. The fitness service sector is also thriving, with numerous gyms and weight loss centers emerging [2] - The market for weight loss and body shaping in China is projected to grow to 62 billion yuan by 2024, representing 28% of the overall medical beauty market [2] Group 3: Consumer Behavior and Economic Phenomena - Different consumer behaviors in weight loss illustrate economic principles, with some individuals spending significantly on fitness services and products without achieving desired results, highlighting a lucrative market for businesses targeting these consumers [3] - Psychological costs associated with weight loss efforts can lead to increased emotional distress, which may require medical attention, indicating a potential market for psychological support services related to weight management [4] Group 4: Broader Economic Context - The rise of artificial intelligence has led to job losses across various sectors, including technology and finance, which may influence consumer spending habits and contribute to lifestyle changes, including dietary choices [5] - The transformation of shopping centers into food-centric spaces reflects changing consumer preferences, with dining options dominating commercial areas, potentially exacerbating obesity trends [5]

义乌市场商铺"一席难求"的背后，是这座"世界小商品之都"自带的流量，也是中国外贸尤其是中小微外 贸企业的韧性所在。 作为义乌第六代市场的标杆，将在今年10月开业的全球数贸中心市场板块正处于面向全国招商的阶段， 商铺"一席难求"。 根据商城集团的数据，截至7月6日报名截止日，义乌全球数贸中心（市场板块）婴幼童成长用品、护肤 及医美用品行业共计900多个商铺，吸引的报名人数超过1.9万户，相当于20多人竞争1个商铺，其中包 括奥飞实业、高乐股份等10余家上市公司，以及600余家规模以上企业。 "一席难求"背后 义乌市场商铺"一席难求"的背后，是这座"世界小商品之都"自带的流量，也是中国外贸尤其是中小微外 贸企业的韧性所在。 "义乌市场对全球的客商来说，就是购物天堂、最大的超市，人流是源源不断的。"义乌中国小商品城商 会化妆品行业副会长、沃卡丽（浙江）生物科技有限公司负责人吴光亮告诉第一财经，从广东来到义乌 的他们，已在义乌市场扎根25年之久。他们之所以第一时间报名"抢"新一代市场的商铺，也是和大家一 样仍然看好义乌，"要做外贸，义乌市场是首选"。 不只是"押注"新一代市场，他们在当前客流集聚地义乌国际商城的投入也 ...

Core Viewpoint - Zepp Health's stock price has more than doubled in the past two weeks, with a forecast of 30% revenue growth in Q2, marking the first year-on-year increase in three years [1][6] Group 1: Company Transformation - Zepp Health is transitioning from being a contract manufacturer for Xiaomi to developing its own brand, Amazfit, which is expected to drive growth [3][5] - The company has seen a significant decline in revenue due to its previous reliance on Xiaomi, but is now experiencing a recovery as it focuses on its own brand [5][6] Group 2: Market Dynamics - The cases of Zepp and New Oxygen reflect a shift in investor perception, recognizing that not all Chinese companies should be viewed with the same skepticism [4] - Despite recent stock price increases, Zepp's price-to-sales ratio remains low at 0.46, indicating potential for further upside compared to global competitors [4][5] Group 3: Financial Performance - In Q1, Zepp reported a slight revenue decline of 3.6% to $38.5 million, but anticipates a 30% revenue growth in Q2 [6] - The company is still operating at a loss, with a net loss of $19.7 million in Q1, although it is optimistic about future growth and margin improvements [6][7] Group 4: Product Development - The anticipated revenue growth is attributed to the successful launch of two new products, Amazfit Active 2 and Bip 6, which have received positive market feedback [6] - The company is addressing supply chain bottlenecks and aims to resolve these issues by the end of June [6]

证券代码：002612 证券简称：朗姿股份 朗姿股份有限公司 投资者关系活动记录表 3、请介绍一下公司体外产业基金医美机构收购计划 回复：公司将在满足收购条件的前提下加速推进体外医美 机构纳入合并范围。体外机构收入体内的标准主要是规范性和 成长性。近年内，医美行业的成长性被诸多企业看好，收购市 场竞争较为激烈。为提前锁定有成长潜力的医美机构，公司通 过医美产业基金前期先筛选和孵化，主要基于以下考虑：一方 面，医美行业处于成长初期，市场上可供选择的成熟机构有限， 与公司相符合的商业模式尚未建立，经营能力尚不稳定，利润 较少或不确定，若用上市公司直接收购会导致公司营业利润的 大幅波动；另一方面，医美产业基金收购的大部分医美机构尚 处于早期的不规范阶段，不具备直接收入上市公司的条件，需 要进行一段时间的合规梳理和规范运营后才能进行体内收购。 同时，公司致力于医疗美容机构管理多年，已积累了一整套较 为科学和完善的客户引流、医疗诊治、业务流程和售后服务体 系，具备了可复制的医美机构管控模式。近年来，采用"体外 培育+ 成熟后收购"模式也已得到相关行业的上市公司的普遍 接受。截至目前，公司设立的七支医美并购基金共持有 7 ...

Core Insights - The annual "500 Wealth Creation List" by New Fortune has been released, with Zhang Yiming of ByteDance topping the list for the first time at 481.5 billion yuan, while Zhong Shanshan's wealth has decreased to 360 billion yuan, dropping him to second place after four consecutive years as the richest [1][22]. Company Overview - Zhong Shanshan's business empire has faced significant challenges, with Nongfu Spring's bottled water revenue declining by 21.3%, marking its worst performance since going public, and Wantai Biological's net profit plummeting by 91.5% due to increased competition in the HPV vaccine market [2][22]. - Despite these setbacks, Zhong has actively invested in new ventures, including a 3.4 billion yuan stake in Jinbo Biological, a rising player in the medical beauty sector [2][23]. Industry Dynamics - The medical beauty industry is characterized by the emergence of "female billionaires," with notable figures like Yang Xia, founder of Jinbo Biological, who has a net worth of 11.5 billion yuan [4][6]. - Jinbo Biological, established later than its competitors, has seen its stock price surge by 802% since its listing on the Beijing Stock Exchange in 2023, reaching a market value of over 50 billion yuan [7][11]. - The company has achieved a gross margin of 92.02%, surpassing that of Moutai, despite its revenue being significantly lower than that of its competitors [11][15]. Financial Performance - Jinbo Biological's revenue has grown from 233 million yuan in 2021 to 1.443 billion yuan in 2024, with net profit increasing from 57 million yuan to 732 million yuan during the same period [11][12]. - The company has successfully commercialized its recombinant collagen products, receiving multiple medical device registrations, which has contributed to its competitive edge [11][12]. Market Challenges - The medical beauty sector is currently experiencing intense competition, particularly in the recombinant collagen market, which has seen a decline in the popularity of hyaluronic acid products [12][15]. - Jinbo Biological's marketing expenses have surged by 56.73% in 2025, indicating a strategic shift towards expanding its consumer market presence [15][17]. - The company faces challenges in building brand recognition among consumers, as a significant portion of its revenue is still reliant on medical institutions [15][17]. Strategic Moves - Zhong Shanshan's investment in Jinbo Biological is seen as a strategic move to enhance his business portfolio, particularly in the high-margin collagen market, which is projected to reach a market size of 219.3 billion yuan by 2030 [21][23]. - The partnership with Yang Xia and Jinbo Biological is expected to leverage Zhong's existing distribution networks to strengthen brand presence in the consumer market [21][23].

江南焕仪生物科技（江苏常州）有限公司 ，是一家以 超分子弹性蛋白 为核心的高端合成生物科技护肤与医美材料创新企业。公司 融合合成生物学、超分子化学、纳米科技与蛋白材料学，自主构建微生物发酵平台，成功生产出 全球首款高纯度 （ ≥95%）超分子 弹性蛋白 ，有效克服了小分子功能性不足与大分子吸收受限的行业难题 。 公司拥有 四项国家发明专利 ，技术覆盖蛋白纯化、超分子结构设计、功能功能化及绿色发酵体系。所采用的微生物发酵生产方式， 相较于传统化学工艺更清洁、安全，能耗低，无化学废水，易于规模化、符合制药二类无菌标准。江南焕仪通过自主研发的超分子弹 性蛋白，正引领护肤与医美材料从单一功能向 "多功能、高活性、绿色制造"迭代升级，并将在保湿、抗老、修复与注射填充等领域 驱动行业变革。 公司核心产品 ——全球首款"超分子弹性蛋白"黑科技，专为肌肤补弹而生！从此，弹性蛋白不再只是概念，而是真正"给皮肤吃的营 养"！ 产品 融合并超越玻尿酸、胶原蛋白、贻贝蛋白、天然弹性蛋白多重功效，打造前所未有的超分子修护力，深层赋弹、紧致塑 颜！ 1 江南焕仪超分子弹性蛋白塑颜水凝胶 #生物制造新品推荐 | 江南焕仪 专注合成生物科技 ...

Core Viewpoint - The recent technological breakthrough by the smart medical beauty brand Weixinmei, featuring an Abbe number of 64.06 crystal probe and 0.2nm precision processing, sets a new industry standard for AI medical beauty equipment [1][2]. Group 1: Technological Advancements - The Abbe number of 64.06 indicates minimal light energy scattering or refraction deviation, ensuring high focus and stability during energy transmission, which is crucial for high-frequency oscillation, RF thermal energy, and ion penetration projects [2]. - The crystal probe is processed with a surface error of no more than 0.2nm, achieving a level comparable to some optical chip processes, significantly improving energy injection into the dermis layer while reducing thermal diffusion and avoiding skin damage [3]. Group 2: Performance Improvements - The new technology offers a 37% increase in energy penetration depth within the same time frame, significantly enhancing the efficiency of energy delivery [5]. - The precise temperature control of the skin surface minimizes traditional issues such as excessive heat sensation, pain, and redness during treatment [5]. - The crystal structure is durable, with a lifespan of over 800 hours for a single probe, indicating a robust material design [5]. Group 3: Industry Impact - Weixinmei aims to redefine "smart medical beauty" through systematic technological reconstruction, focusing on critical details that contribute to a leading global standard in intelligent skincare [5]. - The company is not only developing equipment but also building the foundational infrastructure for intelligent skincare over the next decade, encompassing crystal probes, energy systems, algorithm optimization, data empowerment, membership systems, and point-sharing [5][6].