Core Viewpoint - The global ESG investment is accelerating towards mainstream adoption, with investors recognizing that companies with strong ESG performance tend to have better innovation capabilities and long-term resilience, leading to more stable and sustainable investment returns [1] Group 1: Medical Aesthetics Business Growth - The medical aesthetics business of the company is experiencing explosive growth, with projected revenue of 744 million yuan in 2024, representing a year-on-year increase of 65.4% [3] - The growth is supported by continuous investment in product innovation compliance and channel deepening [3] Group 2: Product Innovation and Quality - The company has developed a product matrix for medical aesthetics, including self-developed injectable products that have received regulatory approval, focusing on quality stability, clinical efficacy, and safety [4] - The company is expanding its product line with potential new products expected to be approved in the next 1 to 3 years, including collagen and water light needles [4] Group 3: Channel Expansion and Internationalization - The company has established a dual-track model of "direct sales + agency," covering over 370 cities and collaborating with more than 6,200 medical aesthetic institutions [6] - The company is accelerating its international expansion, with successful registrations of some products in Indonesia and Malaysia, and plans to enter markets in Brazil and the Middle East [6] Group 4: Innovation in Pharmaceuticals - The company is recognized for its deep engagement in innovative drugs and biopharmaceuticals, focusing on improving drug accessibility and addressing unmet clinical needs [7] - The company has multiple innovative drugs approved for various therapeutic areas, including oncology and diabetes, with significant market potential [12] Group 5: Financial Outlook and Growth Strategy - The company aims to achieve approximately 2.3 billion yuan in revenue by 2025, with a goal of turning overall operating profit positive [13] - With a cash reserve of nearly 4 billion yuan, the company is well-positioned to support the commercialization of its new products and drive further value enhancement [13]

Core Viewpoint - Aimeike, led by founder Jian Jun, is pursuing international expansion through the acquisition of REGEN Biotech, Inc. to navigate challenges in the domestic medical aesthetics market [1][6]. Company Overview - Aimeike was founded in 2004 by Jian Jun, who transitioned from a successful career in international trade to the medical aesthetics industry after witnessing the effects of hyaluronic acid injections [2][3]. - The company initially faced significant competition from foreign brands in the hyaluronic acid market but successfully launched its first product in 2009, breaking the market monopoly [3]. Financial Performance - Aimeike's stock price surged post-IPO, reaching a peak of 1300 CNY per share in July 2021, with a market capitalization exceeding 1800 billion CNY [5]. - In 2021, the company reported a revenue increase of 104.13% to 1.448 billion CNY and a net profit increase of 117.81% to 958 million CNY [5]. - By 2023, revenue rose to 2.869 billion CNY and net profit reached 1.858 billion CNY, showcasing sustained high growth [5]. Market Challenges - The medical aesthetics industry is experiencing increased competition and regulatory scrutiny, leading to a slowdown in growth for Aimeike, with revenue and net profit growth rates dropping to single digits in 2024 [6]. - Despite achieving record revenues of 3.026 billion CNY and net profits of 1.958 billion CNY in 2024, the growth rates were only 5.45% and 5.33%, respectively [6]. Strategic Initiatives - Aimeike is focusing on international market expansion as a growth strategy, having initiated a Hong Kong IPO in 2021, although it has faced challenges in this endeavor [6]. - The acquisition of REGEN Biotech, Inc. for approximately 1.4 billion CNY, representing a 13-fold premium, is part of Aimeike's strategy to enhance its product line and accelerate global market penetration [6].

Investment Rating - The report assigns a positive investment rating to the company, indicating a favorable outlook for its growth and performance in the market [4]. Core Insights - The company has successfully transitioned from an online medical beauty platform to a physical service entity, marking a significant strategic shift towards vertical integration in the industry [6][4]. - As of June 30, 2025, the company operates 31 clinics, making it the largest light medical beauty chain in China, with its chain business becoming the largest revenue contributor [4]. - The company aims to expand its clinic network to 1,000 locations by the end of 2025, focusing on high-value markets in major cities [7]. Summary by Sections Recent Performance - The company's stock has shown impressive growth, with a 239.21% increase over the past month and a 234.25% increase over the past year, significantly outperforming the S&P 500 [3]. - As of July 3, 2025, the company's market capitalization stands at $325.73 million [3]. Business Transformation - The company has shifted its focus from online services to offline medical beauty services, responding to competition from platforms like Alibaba Health and Meituan [6]. - The first self-operated clinic opened in May 2023, and the company has since established strategic partnerships to enhance its service offerings [6]. Financial Performance - In Q1 2025, the company reported revenues of 297 million yuan, with a notable 551.4% increase in medical beauty treatment service revenue [7]. - The company anticipates Q2 2025 medical beauty treatment service revenues to reach between 120 million and 140 million yuan, reflecting a substantial year-over-year growth [7]. Operational Efficiency - The company has implemented digital tools to enhance operational efficiency, including management systems and customer engagement platforms [7]. - The average monthly revenue per clinic reached 4.7 million yuan, with a profit margin of 17% [7].

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry [2]. Core Insights - The cosmetics and medical beauty sector underperformed the market during the week of June 27 to July 4, 2025, with the Shenwan Beauty Care Index declining by 0.6% and the Shenwan Cosmetics Index down by 1.5% [3][4]. - Domestic brands such as Maogeping and others showed significant growth, with some achieving over 50% growth in June, which is expected to positively impact Q2 performance [3][9]. - The report highlights a strong performance from leading domestic brands during the 618 shopping festival, with a notable increase in sales momentum post-event [9][10]. Summary by Sections Industry Performance - The Shenwan Beauty Care Index decreased by 0.6%, while the Shenwan Cosmetics Index fell by 1.5%, indicating weaker performance compared to the Shenwan A Index [4]. - The personal care products index saw a slight increase of 0.7%, but still lagged behind the Shenwan A Index by 0.4% [4]. Key Company Performance - Expected performance for major companies in Q2 includes: - Upbeauty: Revenue and net profit expected to grow by 16% and 25% respectively [11]. - Marubi: Anticipated revenue and net profit growth of 22% and 28% [11]. - Proya: Projected revenue and net profit growth of 10% and 15% [11]. - Maogeping: Expected revenue and net profit growth of 38% and 35% [11]. - Ruifeng: Anticipated growth of 70% and 75% in revenue and net profit respectively [11]. - Juzhibio: Expected growth of 25% and 20% in revenue and net profit [11]. Market Trends - The report notes a robust recovery in consumer demand, with a 4.1% year-on-year increase in retail sales for cosmetics in the first five months of 2025 [20]. - The domestic market is seeing a shift with local brands gaining market share, as evidenced by the performance of brands like Proya and Maogeping during major shopping events [34]. Investment Recommendations - Recommended stocks include: - Upbeauty, Proya, and Marubi for their comprehensive brand matrices and growth potential [15]. - Maogeping and Juzhibio for their strong positioning in niche markets [15]. - Attention is advised for Shanghai Jahwa, Betaini, and Huaxi Biological for potential growth [15]. E-commerce Insights - Data from Douyin indicates significant growth for domestic brands, with Han Shu achieving a GMV of 7.2 billion yuan, reflecting a 53% year-on-year increase [16]. - The overall GMV for domestic brands in June reached over 50% growth, indicating a strong market presence [9][16].

商贸零售 商贸零售 2025 年 07 月 06 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 60% 72% 84% 2024-07 2024-11 2025-03 商贸零售 沪深300 相关研究报告 《医美化妆品 5 月月报：美丽田园股 东 CPE 退出主要股东，618 强品牌美 妆龙头和新锐功效品牌脱颖而出—行 业点评报告》-2025.7.1 《老铺黄金新店双开，国内外高端渠 道布局再突破—行业周报》-2025.6.29 《618 电商高质增长，强品牌龙头及新 锐功效品牌突围 — 行 业 周 报 》 -2025.6.22 美丽田园股权结构优化，新氧青春诊所发展迅速 ——行业周报 | 黄泽鹏（分析师） | 陈思（联系人） | 姚慕宇（联系人） | | --- | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | yaomuyu@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790124070031 | 证书编号：S0790125040021 | 美丽田 ...

Core Viewpoint - The Chinese government is intensifying efforts to regulate the chaotic state of internet health education, particularly concerning the misuse of medical professionals as influencers for profit [1][5]. Group 1: Regulatory Actions - The National Health Commission (NHC) is collaborating with relevant departments to enhance the regulation of internet health education [1]. - Shanghai has introduced the first "negative list" of prohibited behaviors for internet health education, outlining nine categories of banned practices, including misleading medical advice and exaggerated efficacy claims [2][3]. Group 2: Misuse of Medical Professionals - Some clients seek to engage "internet celebrity doctors" for product endorsements, despite explicit prohibitions against such endorsements, leading to alternative forms of collaboration through disguised educational activities [1][4]. - The health education sector has seen an influx of "internet celebrity doctors" who exploit their authority for profit, often misleading the public through exaggerated treatment claims and fabricated stories [1][4]. Group 3: Impact on Health Education - The health education landscape is increasingly influenced by the demand for endorsements from "internet celebrity doctors," particularly in the health supplement and medical aesthetics sectors [4]. - Experts emphasize the need for reasonable and appropriate health education, as some medical professionals misuse their platforms, harming consumer rights and undermining the integrity of medical practice [5].

最近有一则新闻：根据日本研究机构的推算，日本美容医疗行业的市场规模约为5940亿日元，约合人民币296亿元。据悉，这一数值让日本一举超越韩 国，成为新的"整容大国"。 事实上，日本的医美行业爆发早就有迹可循。 2021年，日本医美市场规模为4860亿日元，比上一年增长120%。2022年后，需求持续增加，主要针对脱毛、肉毒杆菌注射、透明质酸注射、祛斑、去角 质等治疗，2023年达到5000多亿日元，比上一年增长108.8%。 统计显示，2009年至2023年间，蓬勃发展的医美医疗市场规模扩大了2.39倍。 有意思的是，在庞大的市场需求中，男性消费成为托举行业的主要力量。日本某大型美容医疗企业公开表示，来美容医疗的男性客人数量是10年前的16 倍，这一群体的加速增长，让日本最终把韩国从整容王座上挤了下来。 职场失意，颜值来凑？ 日本男性为什么爱上医美？很大程度上，与职场生存压力脱不开干系。 26岁日本小哥Yuri，几年来他先后砸上1600万（约人民币78万），不仅把平平无奇的相貌变成花美男，还让身高从158"暴增"到170。他在社交平台上坦 言："这不仅改变了外表，也改变了内心，可以摆脱自卑。" 摆脱自卑，重获 ...

Group 1 - The core event involves the investment of 3.4 billion yuan by Zhong Shanshan, the richest man in China, into Jinbo Biological, making him the second-largest shareholder [2] - Jinbo Biological announced plans to raise 2 billion yuan by issuing shares to Yang Xia, the actual controller, who will transfer shares worth 1.403 billion yuan to Hangzhou Jiushi, both controlled by Zhong Shanshan [2][6] - The investment comes amid declining performance for Zhong's companies, Nongfu Spring and Wantai Biological, which faced significant revenue and profit drops in 2024 [4][5] Group 2 - The Chinese recombinant collagen market is projected to grow rapidly, reaching 58.57 billion yuan by 2025, with a compound annual growth rate of 44.93% until 2030 [6] - Jinbo Biological is unique in the market, being the only company with a full range of products including freeze-dried fibers and injectable recombinant collagen, and has shown impressive growth from 233 million yuan in revenue in 2021 to 1.443 billion yuan in 2024 [7] - The company's gross profit margin has increased from 82.29% to 92.02%, surpassing that of Guizhou Moutai, earning it the nickname "the Moutai for women" [7][8] Group 3 - Jinbo Biological's sales of medical devices reached 1.254 billion yuan in 2024, a growth of 84.37%, with its flagship product contributing over 1 billion yuan in revenue [7] - The partnership is seen as a strategic move for both parties, with Jinbo seeking to leverage Zhong's extensive retail network of over 3 million outlets to expand its market reach [8][9] - The collaboration is viewed as a potentially win-win situation, although the long-term outcomes remain to be seen [9]

热点板块：展望 7 月 A 股，可能仍是事件驱动的主题性行情，但板块间将出现高低切换。6 月末创 新药和银行等热门板块出现震荡回调，但 TMT、先进制造等板块开始超跌反弹，虽然 7 月预计仍是事 件驱动的主题性行情，但板块高低切换却是大概率事件。1）促进消费扩大内需是 2025 年的重点任务， 虽然大消费方向年报和一季报表现相对平淡，但市场对后续政策对冲仍有期待，这将是 2025 年大消费 方向的重要看点。关注乳制品、IP 消费、休闲旅游、医美等基本面景气度较高的板块。2）机器人国产 化和走进老百姓生活依然是 2025 年比较确定的趋势，机器人产品将从人形机器人向四足机器人、功能 型机器人扩展。以此带来的传感器、控制器、灵巧手等板块的阶段性机会将会反复出现。7 月特斯拉将 公布财报，且市场预期特斯拉人形机器人版本有可能更新，或将成为机器人板块新催化剂。3）半导体 国产化仍是大势所趋，关注其中的半导体设备、晶圆制造、半导体材料、IC 设计等。4）军工板块 2025 年存在订单回升的预期，大部分军工子板块如地面装备、航空装备、军工电子等一季报已经出现触底迹 象。5）创新药经历了近 4 年的调整后逐步迎来收获期，自 ...

美丽田园 20250703 摘要 美丽田园 2025 年上半年整体经营符合预期，权益金和净消费客流均增 长约 20%，亚健康板块表现突出，同比增长 50%，美容保健和医美业 务分别增长 20%和 10%，主要由线下客流带动，公司对完成全年营收 20 亿、利润 3.2 亿的目标充满信心。 公司暂不调整全年业绩预期，亚健康业务预计增长 30%-40%，长期增 长空间乐观。开店策略为"一城一店"，侧重美容保健会员，门店数量 稳定但通过升级扩容增加单店效益，尤其在会员体量大的城市开设大型 医美或亚健康门诊。 美丽田园通过供应链优化、数字化和后台降本增效，预计 2025 年净利 率提升 0.5 个百分点。奈瑞尔净利率目标从 2024 年的 6%-7%进一步 提高，长期目标是向美丽田园靠拢，目前美丽田园净利率超过 10%。 美容保健业务毛利率约 30%，经营利润率 5%-10%，受广告营销成本 影响；医美业务毛利率超 50%，经营利润率近 40%；亚健康业务毛利 率首次超 50%，未来有望向医美看齐。 美丽田园完成股东优化，引入看好公司长期发展的投资人，符合港股通 换手率要求，正努力达到市值覆盖要求，对晋通港股通充满信心 ...