Investment Rating - The report gives a "Market Perform" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [26][32]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 3.61% from December 26, 2025, to January 8, 2026, exceeding the CSI 300 index by approximately 1.56 percentage points [12]. - Most sub-sectors within the industry recorded positive returns during the same period, with the hospital and medical R&D outsourcing sectors leading with increases of 10.62% and 7.39%, respectively [13]. - Approximately 82% of stocks in the industry achieved positive returns, with notable performers including Xiangyu Medical, which saw a weekly increase of 57.50% [14][17]. - The overall industry valuation has risen, with the SW pharmaceutical and biotechnology index's PE (TTM) at approximately 52.75 times, which is 3.78 times higher than the CSI 300 index [18][26]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 3.61% from December 26, 2025, to January 8, 2026 [12]. - Most sub-sectors recorded positive returns, particularly hospitals and medical R&D outsourcing, which increased by 10.62% and 7.39%, respectively [13]. - About 82% of stocks in the industry had positive returns, with significant gains from several companies [14]. 2. Industry News - The report highlights the acceleration of volume-based procurement in 2026, with various local and national initiatives underway to streamline drug procurement processes [24]. - A new batch of encouraged generic drugs has been announced, focusing on optimizing the drug supply system and enhancing the availability of essential medications [23]. 3. Company Announcements - Jiangsu Yahui Pharmaceutical announced the completion of the first patient enrollment in a Phase I clinical trial for its drug APL-2401, targeting advanced solid tumors [25]. 4. Industry Outlook - The report suggests a focus on investment opportunities in the brain-computer interface sector, particularly following announcements from Neuralink regarding large-scale production plans [26]. - Recommended stocks for attention include leading companies in medical devices, pharmaceutical retail, aesthetic medicine, and innovative drugs, among others [28][29].

（原标题：今年起整容要交税了！超5成医美相关企业成立近三年，集中三线城市） 企查查数据显示，从经营时间来看，超五成医美相关企业在近三年成立，其中，成立年限在1-3年的相 关企业最多，占比38.27%。其次，成立年限在1年内的相关企业占比20.84%。 据一财报道，《中华人民共和国增值税法》和《中华人民共和国增值税法实施条例》自2026年1月1日起 施行。其中，增值税法在税收优惠一章中，明确了"医疗机构提供的医疗服务"免征增值税。值得注意的 是，营利性美容医疗机构不在增值税法实施条例定义的"医疗机构"范畴内。此外，相关人士介绍，今年 之前增值税相关规定中，并没有将营利性美容医疗机构排除在上述免税政策范围外。而从今年开始，只 要是营利性美容医疗机构，将不再享受上述免征增值税优惠政策。 企查查数据显示，截至1月8日，国内现存医美相关企业18.69万家。随着颜值主义的盛行及"悦己消 费"的风靡，近十年医美迎来快速发展时期，行业规模不断扩大，从相关企业年末存量分布来看，2022 年末医美相关企业存量首次突破十万家，达10.21万家。2025年末全国医美相关企业存量达18.61万家。 从经营时间来看，超5成医美相关企业在 ...

Product Launch and Development - In November and December 2025, the company launched a total of 18 new products, with 9 in medical devices and 9 in cosmetics [1] - The company has a clinical-stage medical device, "Recombinant Type III Humanized Collagen Dressing," and is preparing for clinical trials for other collagen-based products [2] Financial Performance and Sales Strategy - The company is currently finalizing its financial results for 2025, with sales data impacted by adjustments in offline sales channels [2] - The transition from traditional distribution to value-driven sales models is expected to improve long-term health in offline business [2] Margin and Cost Management - The company is experiencing pressure on profit margins due to high online sales costs and adjustments in offline sales channels [4] - The fluctuation in gross margin is attributed to increased competition and changes in product mix, with plans for optimization in production, pricing, and supply chain management [2] Channel Optimization and Inventory Management - The company is optimizing its offline channels, focusing on better inventory management and strategic partnerships with service-oriented distributors [4] - Current adjustments in offline channels are expected to have manageable impacts on performance, laying the groundwork for future growth [4] Future Plans and Incentives - The company expresses a strong intention to implement an equity incentive plan as the management team evolves [4]

Core Insights - Hangzhou has achieved significant results in the comprehensive governance of prepaid consumption, launching a social co-governance action for integrity in business and a market-oriented reform plan for promotion across the province [1] Group 1: Government Initiatives - Hangzhou is the first city in China to define administrative departments involved in prepaid consumption management by industry supervision, comprehensive regulation, and law enforcement [1] - The city has strengthened inter-departmental collaboration and improved the risk warning and disposal mechanism, incorporating prepaid consumption into industry credit governance [1] - By the end of November 2025, the city received and handled 19,000 complaints related to closed prepaid consumption businesses, a year-on-year decrease of 19.23%, with the largest declines in education and training (59.37%) and sports fitness (29.36%) [1] Group 2: Market Developments - Hangzhou has actively developed a new model of platform economy, supporting the launch of market-oriented products such as Ant Group's "Anxin Pay" and Meituan's "Anxin Study" [1] - By the end of November 2025, the city had secured 562 million yuan in funds for consumer safety through these platforms [1] - The Gongshu District has implemented market-oriented reforms in prepaid consumption, covering 6,256 merchants across 21 sub-sectors, ensuring the safety of 110 million yuan in funds [2] Group 3: New Policies and Incentives - Three new policy measures were announced, allowing prepaid payments through compliant third-party platforms to be exempt from card issuance registration and to exceed the 5,000 yuan limit [2] - Businesses participating in the new prepaid consumption safety management model can receive up to 200,000 yuan in support for high-quality development from the city [2] - The first batch of 99 one-star stores in the beauty and hairdressing industry was announced, along with 13 stores in the "credit + sports consumption" application scenarios [2] Group 4: Collaborative Efforts - Ant Group announced the upgrade of "Anxin Pay 2.0," while Meituan launched the "Anxin Study Credit List" [3] - Representatives from government, consumers, and industry associations initiated a provincial promotion map for market-oriented reforms, marking the transition of the "Hangzhou experience" from pilot exploration to provincial deepening [3]

2026年开年，国内外医美行业迎来税务大地震！ 韩国实施了十年的医美退税政策，于2025年最后一天正式终结；而中国从2026年1月1日起，新《增值税法》明确将营利性美容医疗机构排除在免税政策范 围外。 也就是说，从2026年元旦开始，外国游客到韩国做医美可享退税政策取消了，意味着赴韩医美要多花钱。而中国也从这天开始，对医美机构征收之前免征 的增值税，医美机构的税负提升了，这笔钱最终还是会增加到消费者支付的价格上，国内做医美大概率也要涨价。 中韩医美税收红利时代终结 细究来看，中韩两大医美市场先后按下退免税政策"终止键"，并非临时起意，而是基于产业发展阶段、监管思路变化等，几乎同步做出的政策调整。 内外环境同时收紧，意味着医美全税时代到来了，昔日依赖税收政策优惠的医美赛道，或将迎来新一轮洗牌。 回溯中国医美税收政策脉络，2016年财政部、国家税务总局发布《关于全面推开营业税改征增值税试点的通知》，将"医疗机构提供的医疗服务"纳入增值 税免税范围，但彼时并未明确排除医美机构，导致部分营利性医美机构借"医疗机构"的身份享受免税优惠，长期处于"医疗"与"消费"的模糊地带。 步入2025年，针对这一模糊地带的监管方向逐 ...

Group 1: Industry Overview - The light industry and beauty sector is expected to stabilize and improve due to the dual drivers of domestic demand policies and steady export growth [3] - The "14th Five-Year Plan" marks a year of enhanced domestic demand policies, coupled with consumers' increasing pursuit of high-quality living, creating significant growth opportunities for the industry [3] - The penetration rate of cross-border e-commerce has ample room for improvement, and the recovery of international relations and demand from emerging markets will further drive market expansion [3] Group 2: Beauty Sector - The cosmetics market is projected to grow steadily, with the skincare segment being the largest, reaching a market size of 4,619 billion yuan in 2024, and expected to grow at a CAGR of 8.6% from 2024 to 2029 [19] - The high-end cosmetics market is rapidly expanding, with the market size for high-end skincare products increasing from 749 billion yuan in 2019 to 1,144 billion yuan in 2024, reflecting a CAGR of 8.84% [19] - Key companies in the beauty sector include: - **Mao Geping**: Revenue reached 25.88 billion yuan in H1 2025, with a growth rate of 31.28% [23] - **Lin Qingxuan**: Revenue grew to 10.52 billion yuan in H1 2025, marking a 98.28% increase [27] - **Marubi**: Revenue is expected to reach 29.70 billion yuan in 2024, recovering from previous declines [32] Group 3: Medical Aesthetics - The medical aesthetics sector is facing short-term pressure due to cautious consumer spending, but the long-term growth potential remains strong, with a projected CAGR of 10%-15% from 2024 to 2027 [36] - The market penetration rate for medical aesthetics in China is currently at 4-5%, indicating a growth potential of 2-5 times compared to countries like the US and South Korea [36] - Key companies in the medical aesthetics sector include: - **Jinbo Biological**: Achieved revenue of 12.96 billion yuan in Q1-Q3 2025, with a year-on-year growth of 31.10% [45] Group 4: Daily Chemicals - The daily chemical industry is benefiting from domestic demand policies, with local brands poised to capture market share [49] - Companies such as **Dengkang Oral Care** and **Runben** are highlighted for their strong market positions and growth potential [51][55] - **Shanghai Jahwa** has shown significant growth, with revenue reaching 49.61 billion yuan in Q1-Q3 2025, reflecting a 10.83% increase [59] Group 5: Home Furnishing - The home furnishing sector is under pressure due to weak real estate sales, with a 15% decline in residential investment in 2025 [65] - National subsidies for home appliances and furnishings have provided some support, but the long-term effects are limited [65] - Leading companies such as **Oppein Home** and **Kuka Home** are noted for their strong channel capabilities and multi-category layouts [65]

Group 1 - The article highlights the looming financial crisis predicted for 2026, with the U.S. debt nearing $40 trillion and Japan's debt expected to reach 235% of its GDP by year-end [1][3] - The global economic damage caused by uncontrollable factors since late 2019 has exacerbated debt accumulation issues in various countries, with Japan likely to be the first to face a crisis [3][5] - The Japanese government's current fiscal policies, particularly under Prime Minister Kishida, are criticized as detrimental to the economy, with reliance on deficit financing seen as a dangerous approach [5][15] Group 2 - The article discusses the adverse effects of Kishida's monetary policies, which contradict global central bank tightening, potentially leading to unsustainable debt levels for Japan [5][9] - Relations between Japan and China have deteriorated due to Kishida's provocative statements regarding Taiwan, which could have significant economic repercussions for Japan, given China's importance as a trading partner [9][10] - The economic impact of Kishida's policies is evident, with Japan's GDP contracting by 0.4% in the latest quarter, marking the first negative growth of the year, and further economic decline is anticipated [13][15]

增值税法和增值税法实施条例自2026年1月1日起施行。其中，增值税法在税收优惠一章中，明确了"医 疗机构提供的医疗服务"免征增值税。增值税法实施条例将前述"医疗机构"定义为"依据有关规定设立的 具有医疗机构执业资格的机构，包括军队、武警部队各级各类医疗机构，不包括营利性美容医疗机 构"。 第一财经记者从国家税务总局北京市税务局12366纳税缴费服务热线处了解到，今年之前增值税相关规 定中，并没有将营利性美容医疗机构排除在上述免税政策范围外。而从今年开始，只要是营利性美容医 疗机构，将不再享受上述免征增值税优惠政策。 [ 葛玉御认为，医美应该适用6%增值税税率。 ] 随着增值税法及其实施条例在今年起实施，医美行业此前部分业务享受免税优惠将成为历史。 比如，根据信用中国等公开信息，2017年1月至2021年11月，杭州古名文化艺术策划有限公司千和医疗 美容诊所为客户提供医疗美容项目服务，利用个人银行账户收取服务款并隐匿服务收入约47.6亿元，未 计入财务账，未对上述收入中的增值税应税项目和免税项目进行分别核算。最终该公司补缴企业所得税 约1.47亿元，并被当地税务罚款约0.88亿元。 目前，增值税税率有三档（6% ...

Core Viewpoint - 瑞丽医美 has entered into a subscription agreement to acquire shares in 莱丽医美有限公司, which will enhance its business operations in Hong Kong and provide potential investment returns [1][2] Group 1: Subscription Agreement Details - 瑞丽医美 will issue a total of 170,000 shares to the first investor 瑞丽美学有限公司 at a subscription price of 2.55 million HKD and 63,300 shares to the second investor 比夫有限公司 at a subscription price of 950,000 HKD [1] - After the completion of the agreement, the shareholding will be distributed as follows: 缪诗美学 will hold 30.0%, the first investor will hold 51.0%, and the second investor will hold 19.0% of the target company [1] - The target company 莱丽医美有限公司 will become an indirect non-wholly owned subsidiary of 瑞丽医美, and its financial performance will be consolidated into the group’s accounts post-completion [1] Group 2: Strategic Rationale - The board believes that the subscription aligns with the group’s business expansion strategy, particularly in enhancing its presence in the Hong Kong market [2] - The subscription is viewed as a unique opportunity to promote the brand and provide beauty services to potential customers, creating synergies with existing operations [2] - The operational and financial performance of the target company is expected to improve once it commences beauty services in Hong Kong, potentially leading to investment returns for the group [2]

格隆汇1月6日丨瑞丽医美(02135.HK)公告，于2026年1月6日，缪诗美学、投资者、股东及目标公司莱丽 医美有限公司订立认购协议，据此，(i)第一投资者同意认购，而缪诗美学及目标公司同意向第一投资者 瑞丽美学(公司间接非全资附属公司)发行合共170,000股股份，认购价为2,550,000港元；及(ii)第二投资 者比夫有限公司同意认购，而缪诗美学及目标公司同意向第二投资者发行合共63,335股股份，认购价为 950,000港元，惟须受认购协议所载条款及条件规限。完成后，缪诗美学、第一投资者及第二投资者将 分别持有目标公司30.0%、51.0%及19.0%之股份。 ...