北京商报讯（记者 王寅浩 实习记者 宋雨盈）8月18日，华韩股份发布公告称，2025年上半年实现营业 收入5.36亿元，同比下降0.42%；归属于挂牌公司股东的净利润为0.32亿元，同比下降9.07%；归属于挂 牌公司股东的扣除非经常性损益后的净利润0.33亿元，同比下降10.56%。 ...

Core Viewpoint - Ruili Medical Beauty (02135) anticipates a decline in revenue and an increase in losses for the six months ending June 30, 2025, compared to the same period in 2024 [1] Financial Performance - Expected revenue for the six months ending June 30, 2025, is approximately RMB 85 million, down from RMB 117 million for the same period in 2024 [1] - Anticipated loss attributable to the parent company for the six months ending June 30, 2025, is approximately RMB 8 million, compared to a loss of RMB 2 million for the same period in 2024 [1] Reasons for Loss - The board attributes the loss primarily to intense market competition, resulting in a total revenue decline of approximately RMB 32 million compared to the same period in 2024 [1] - The medical beauty services and medical beauty management consulting services segment experienced an operational loss of approximately RMB 2 million during the reporting period [1] - Share-based payment expenses during the reporting period amounted to approximately RMB 1 million [1] - Increased investment in research and development for medical device products, particularly in the indirect non-wholly owned subsidiary Suzhou Ruichuan Biomedical Technology Co., Ltd., with management and R&D expenses of approximately RMB 1 million [1]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were CNY 297.3 million, down 60.6% year over year, primarily due to a decrease in the number of medical service providers subscribing to information services [14] - Net loss attributable to So Young was CNY 33.1 million, compared to a net loss of CNY 21.2 million in the same period last year [17] - Non-GAAP net loss attributable to So Young was CNY 31.5 million, compared to non-GAAP net income of CNY 4.1 million during the same period in 2024 [17] - Basic and diluted losses per ADS were CNY 0.32, compared to CNY 0.21 in the same period of 2024 [18] - Cash and cash equivalents totaled CNY 1.1 billion as of March 31, 2025, indicating a robust cash position [18] Business Line Data and Key Metrics Changes - Revenue from aesthetic treatment services reached CNY 98.8 million, a remarkable 551.4% year over year increase, primarily due to the expansion of the aesthetic center business [15] - Total verified paid visits exceeded 45,500, up 18.5% quarter on quarter and 874.3% year over year [7] - Total number of verified paid aesthetic treatments performed surpassed 92,900, up 14% quarter on quarter and 989.4% year over year [7] - Cost of aesthetic treatment services was CNY 80.3 million, up 547.6% year over year, primarily due to the expansion of the aesthetic center business [16] Market Data and Key Metrics Changes - The aesthetic center business is gradually becoming the main growth driver, with 18 centers achieving positive monthly operating cash flow and 16 centers being profitable on a monthly basis as of March [6] - The company aims to build a differentiated nationwide light medical aesthetic chain with strong brand recognition [10] Company Strategy and Development Direction - The company is pursuing a vertical integration strategy and expanding its network of aesthetic centers in major cities [5] - A franchise model is being planned to accelerate geographic reach and network density while reducing capital expenditure pressure [32] - The company aims to develop proprietary products and control the supply chain, inspired by the Sam's Club retail model [11][19] - The focus is on high-quality proprietary products and services at fair prices, aiming to become a leading player in the medical aesthetics industry [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the aesthetic center business, emphasizing the importance of maintaining a sustainable financial model [32] - The company views trade tensions as an opportunity to strengthen its domestic supply chain and support import replacement [41] - The outlook for Q2 2025 expects aesthetic treatment services revenues to be between CNY 120 million and CNY 140 million, representing a 337.3% to 410.1% increase from the same period in 2024 [18][19] Other Important Information - The company has allocated additional marketing resources and implemented sales incentives to boost revenue contribution from proprietary products [9] - The number of institutions served with supply chain solutions for injectables grew to over 1,500 as of Q1 [9] Q&A Session Summary Question: How is So Young Clinic different from traditional medical institutions like Meilai and Istar? - The aesthetic center business uses a fast casual model, offering focused services with higher frequency and lower per customer spend compared to traditional models [23][24] Question: Will CapEx become a burden for the company as the clinic network grows? - The company emphasizes careful management of CapEx and plans to open around 30 new clinics per year while exploring a franchise model to reduce CapEx pressure [32][33] Question: How does the Miracle Laser create more synergy with the company's core business? - The integration of Wuhan Medical Laser improves R&D capabilities and supports the growth model by supplying high-quality, cost-effective equipment to aesthetic centers [35][36] Question: How will ongoing trade tensions impact the company's business? - The direct impact is limited, but the company sees it as an opportunity to strengthen its domestic supply chain and pivot to alternative products if necessary [41][43] Question: Can management elaborate on the company's future investment plan and cost reduction plan? - The company remains focused on sustainable growth, optimizing offerings, and increasing investment in proprietary product lines to support margin expansion [45][46]

Core Viewpoint - The strategic partnership between SHUFTI and Tianjin Huazhong Medical Aesthetic Hospital marks a significant step in the implementation of SHUFTI's dual-driven model of "product strength × system empowerment" in the North China market, focusing on "cell-level rejuvenation repair" to provide safer and more effective skin rejuvenation solutions for consumers [1] Group 1: Collaboration and Product Development - SHUFTI and Tianjin Huazhong will jointly launch the "Light Needle Combined Treatment Repair Program," which utilizes SHUFTI's star product, the Hidden Age Needle, in conjunction with water light and phototherapy treatments, achieving a significant reduction in post-operative pigmentation issues and doubling the treatment effectiveness for problematic skin [2] - The program incorporates a comprehensive 28-day post-operative maintenance product line developed based on the "Five-Dimensional Balance" concept, managing all aspects from cleansing to skincare and protection to enhance daily skincare efficacy [2] Group 2: System Empowerment and Growth - SHUFTI's "Skin Department Positive Growth System" injects comprehensive growth momentum into Tianjin Huazhong by enhancing customer loyalty through item operation systems and effect management systems, leading to increased customer satisfaction and long-term repurchase rates [5] - The "Professional Replication System" addresses the issue of insufficient professional capabilities within the institution by providing online and offline training courses, resulting in a rapid short-term improvement in operational efficiency [5] Group 3: Industry Transformation and Future Plans - The partnership represents a broader industry value transformation, with SHUFTI's General Manager emphasizing that their system empowerment is not merely a "toolkit" but a comprehensive reconstruction of the entire chain from product design to customer operation, helping skin care institutions transition from a "traffic battlefield" to a "value blue ocean" [6] - SHUFTI plans to deepen its regional strategic layout and expand its national market presence through a "City Benchmark Program," believing that combining product expertise with operational empowerment will drive sustainable growth in China's medical aesthetics industry [6]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $39.4 million, a decline of 17.3% from Q1 2024, with adjusted EBITDA at $3.8 million and a margin of 9.5%, down from $7.3 million and 15.4% in the prior year [7][21][24] - Same store revenue declined approximately 24% year-over-year, consistent with expectations and Q4 trends [9][21] - Average revenue per case was $12,799, slightly higher than the first quarter of 2024 [21] Business Line Data and Key Metrics Changes - The decline in revenue was primarily driven by lower case volume, with cases down 17.9% to 3,070 [21] - Cost of service decreased by $2.1 million compared to the prior year, but as a percentage of revenue increased to 40.5% from 37.9% [22][23] - Customer acquisition cost for the quarter was $3,130 per case, up from $2,990 in the prior year quarter [24] Market Data and Key Metrics Changes - The percentage of patients using financing to pay for procedures was 44%, down from 50% in Q4 2024 [22] - The company operates in a challenging macroeconomic environment, impacting consumer spending and case volumes [19][50] Company Strategy and Development Direction - The company is focused on stabilizing performance and laying the foundation for long-term growth, with a plan to improve marketing efficiency and operational rigor [6][19] - New services, such as a skin tightening procedure pilot, are being introduced to tap into more consumer demand [16] - The company is reallocating marketing spend to proven strategies, including search engine and social media marketing, while testing new areas like online video [15][44] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the business's ability to return to growth and improve profitability, despite current challenges [20][19] - The guidance for fiscal 2025 revenue is projected between $160 million and $170 million, with adjusted EBITDA between $16 million and $18 million [18][26] - The company is closely monitoring consumer behavior and economic conditions, particularly inflationary pressures and changes in sentiment [19][50] Other Important Information - The company is focused on reducing leverage to historical levels, with a leverage ratio of 3.76 times as of March 31, 2025 [25] - Cash flow from operations for the quarter was $900,000, down from $3.4 million in Q1 2024 [26] Q&A Session Summary Question: Can you speak to some of the specific cost savings that you saw in the quarter? - Management noted that significant cost savings were achieved through workforce changes, targeting $3 million in savings for the year [29] Question: What is the potential margin you think you can achieve on $160 million to $170 million of revenues? - Management expects to approach long-term EBITDA margins of around 30% as revenue trends improve [31] Question: Have you seen any improvement in the rate of conversion to cases? - Management indicated that the time to book cases remains elongated due to macroeconomic pressures, but lead volume growth is encouraging [38] Question: What does the low end versus the high end of your guidance assume for the current macro environment? - The low end assumes further moderation in consumer spending, while the high end incorporates benefits from initiatives like financing options [49] Question: When will the new financing options roll out? - The rollout of expanded financing options is expected by the end of Q2 2025 [54]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $39.4 million, a decline of 17.3% from Q1 2024, with adjusted EBITDA at $3.8 million and a margin of 9.5%, down from $7.3 million and 15.4% in the prior year [7][21][25] - Same store revenue decreased approximately 24% year-over-year, consistent with expectations [9][21] - Average revenue per case was $12,799, slightly higher than the previous year [21] Business Line Data and Key Metrics Changes - The decline in revenue was primarily driven by lower case volumes, with cases down 17.9% to 3,070 [21] - Cost of service decreased by $2.1 million compared to the prior year, but as a percentage of revenue increased to 40.5% from 37.9% due to fixed costs [22][23] - Customer acquisition cost rose to $3,130 per case from $2,990 in the prior year, driven by decreased case volumes [25] Market Data and Key Metrics Changes - The percentage of patients using financing for procedures was 44%, down from 50% in the previous quarter [22] - The company operates in a challenging macroeconomic environment, impacting consumer spending and case volumes [6][19] Company Strategy and Development Direction - The company is focused on stabilizing performance and laying the foundation for long-term growth, with a strategic emphasis on cost discipline, marketing efficiency, and operational rigor [6][7] - New marketing strategies have been implemented, reallocating spend to effective channels such as search engine marketing and social media [15][46] - A pilot for a new skin tightening procedure is being launched, expected to broaden consumer reach and create a new revenue stream [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the softening consumer environment and internal challenges but remains confident in the steps taken to reposition the business for sustained success [6][19] - The company expects fiscal 2025 revenue in the range of $160 million to $170 million and adjusted EBITDA between $16 million and $18 million, reflecting current economic conditions [18][27] - Management is closely monitoring consumer behavior and inflationary pressures, which could impact discretionary spending [19] Other Important Information - The company is committed to reducing leverage to historical levels and is in compliance with all covenants under its credit agreement [26] - Cash flow from operations for the quarter was $900,000, down from $3.4 million in the prior year [27] Q&A Session Summary Question: Can you speak to some of the specific cost savings that you saw in the quarter? - Management noted significant cost savings from workforce changes, targeting $3 million in savings for the year [30] Question: What is the potential margin you think you can achieve on $160 million to $170 million of revenues? - Management expects to approach long-term EBITDA margins of around 30% as revenue trends improve [32] Question: Have you seen any improvement in the rate of conversion to cases? - Management indicated that the time to book cases remains elongated due to macroeconomic pressures, but lead volumes are growing [40] Question: What does the low end versus the high end of your guidance assume for the current macro? - The low end assumes further moderation in consumer spending, while the high end incorporates benefits from new initiatives [52] Question: When will the new financing options roll out? - The rollout is expected by the end of Q2, aimed at providing consumers with more flexible payment options [56]