【文/王力 编辑/周远方】 走在城市的街头，细心的消费者会发现一个变化：那些曾经遍布社区、由个人老板娘经营的小型美容院 正在减少，这一现象背后，是中国美容行业正在经历的深刻变革。11月19日，美丽田园医疗健康产业有 限公司(2373.HK)在香港举行战略升级发布会。这场会议不仅是企业战略的展示，更像是对行业格局转 变的一次系统性解读。数据显示，在这个规模近5000亿元的市场中，全国近百万家美容机构里90%仍是 单店经营，但这一比例正在快速变化。 行业人士分析，私人美容院减少的原因是多重的：高昂的房租成本、日益激烈的获客竞争、消费者对品 牌信任度的提升、以及数字化运营能力的缺失。五年前，一个技术好的美容师开店或许就能生存；如 今，没有品牌背书、缺乏线上获客能力、无法提供标准化服务的小店正面临生存困境。与此同时，资本 的介入加速了行业整合。美丽田园在10月15日宣布以12.5亿元收购思妍丽100%股权，随后又以4000万 元收购奈瑞儿19家加盟店，加上此前对奈瑞儿的整体收购，行业前三强品牌已全部归于其旗下。作为 2023年上市后行业新规随即出台而成为"最后一批"上市企业的美丽田园，其整合逻辑和战略选择，或许 能为 ...

Core Viewpoint - The prepaid consumption model is increasingly popular in industries such as fitness, beauty, education, and training, but it carries risks such as business closures, service quality decline, and refund difficulties [1][3] Group 1: High Complaint Areas in Prepaid Consumption - Business closure and absconding are the most common disputes, where consumers are unable to recover prepaid funds after businesses suddenly shut down [1] - Service quality often declines after consumers purchase prepaid cards, with businesses reducing service standards or adding restrictions that contradict initial promises [1] - Difficulty in obtaining refunds arises when businesses refuse requests based on terms like "no refunds for prepaid cards" [1] - Disputes can occur when original businesses transfer ownership, and new operators do not recognize the remaining balance on prepaid cards [1] Group 2: Practical Tips for Avoiding Pitfalls - Consumers should investigate the business's qualifications and reputation by checking the "National Enterprise Credit Information Publicity System" and searching for complaint records on platforms like Black Cat Complaints [2] - It is advisable to be cautious with large prepaid amounts, adhering to legal regulations that suggest keeping prepaid amounts reasonable [2] - Consumers should insist on signing formal contracts when purchasing prepaid cards, clearly outlining terms and conditions [2] - Keeping all transaction evidence, including contracts, payment receipts, and promotional materials, is crucial for dispute resolution [2] Group 3: Diverse Channels for Consumer Rights Protection - Consumers can utilize various channels to protect their rights in case of disputes, including the 12315 hotline and the Black Cat Complaints platform, which offers a quick complaint processing system [3] - Specific industry-related complaint channels should be chosen for more effective resolution, such as local education authorities for education-related disputes or business departments for fitness and beauty complaints [3] - Awareness of consumer safety and effective use of complaint platforms are essential for safeguarding legal rights while enjoying the benefits of prepaid services [3]

Summary of AptarGroup Conference Call Company Overview - **Company**: AptarGroup - **Industry**: Pharmaceutical and Consumer Goods - **Core Business**: The pharmaceutical segment accounts for nearly 70% of EBITDA, focusing on proprietary drug delivery devices, primarily for chronic disease treatments such as asthma and COPD [2][5][12] Key Points and Arguments Financial Performance - **Growth Rates**: The pharmaceutical business has experienced top-line growth of 7%-11% over the last few years, with an average adjusted EBITDA growth of 26% [5][12] - **Profitability**: EBITDA margins for the pharma segment range from 32% to 36% [5] - **Capital Deployment**: Capital is preferentially allocated to the pharma business due to its high returns and growth potential [5][6] Dividend and Shareholder Returns - **Dividends**: AptarGroup has a strong track record of returning capital to shareholders, with $8 billion in dividends and $6 billion in share repurchases over the last seven years [6] - **Recent Dividend Increase**: A 7% increase in dividends was announced, maintaining a payout ratio of 30%-40% [6] Sustainability and Corporate Responsibility - **Sustainability Recognition**: AptarGroup has received multiple accolades for sustainability, including being in the top 1% of Echovate and recognized by Forbes and Time Magazine [7][8] Drug Delivery Innovations - **Proprietary Systems**: The company has developed proprietary drug delivery systems, with a focus on nasal delivery, which is increasingly recognized for its effectiveness in treating various conditions [9][10][14] - **Pipeline Development**: The pipeline includes treatments for neurodegenerative diseases and cardiovascular conditions, with a focus on combination medicines that ensure a perpetual revenue stream [12][13] Market Position and Growth Opportunities - **Market Share**: AptarGroup holds significant market shares in respiratory, dermal, and eye care segments, with ongoing growth opportunities in injectables and oral delivery systems [11][12] - **Injectables Growth**: The injectables segment is expected to grow, driven by GLP-1 products, which are projected to become a larger portion of the injectables business [18][19] Strategic Acquisitions - **M&A Activity**: The company has made strategic acquisitions to enhance its technology portfolio and expand its capabilities in drug delivery [24][25] - **Focus on Adjacent Markets**: AptarGroup is exploring opportunities in dermal and ophthalmic drug delivery, as well as enhancing its capabilities in nasal delivery [24][25] Stock Performance and Share Repurchases - **Stock Price Reaction**: The stock price has been affected by recent challenges, particularly related to Narcan, but management believes the reaction is overdone [17][25] - **Share Buybacks**: The company has increased its share repurchase activity, with $190 million spent year-to-date, and plans to exhaust remaining authorizations [25] Additional Important Insights - **Operational Efficiency**: The beauty segment has seen improvements in operational efficiency, which is expected to enhance profitability as volumes increase [16] - **Regulatory Expertise**: AptarGroup's deep regulatory expertise positions it as a partner of choice for early-stage drug development [3][12] This summary encapsulates the key insights from the AptarGroup conference call, highlighting the company's strong financial performance, innovative drug delivery systems, and strategic growth initiatives.

本报记者 梁傲男 11月18日，美丽田园医疗健康产业有限公司（以下简称"美丽田园"或"集团"）宣布，以4000万元收购珠海和东莞的19家奈 瑞儿加盟门店。收购完成后，奈瑞儿正式将珠海和东莞两个城市纳入直营区域，带动公司直营门店新增19家，其中包括2家医 疗美容门店及17家生活美容门店。 提升大湾区覆盖密度 随着奈瑞儿品牌的加入，2024年，集团商业模式全面升级为"双美+双保健"的立体商业模式。这一变革极大拓宽了流量入 口，为增值业务铺设了坚实的增长基石。在双美+双保健的商业模式下，2025年上半年，集团20%的美容和保健会员购买了医 疗美容或亚健康医疗服务。 本次收购事项将带动奈瑞儿新增2家医疗美容门店及17家生活美容门店。这是集团"双美+双保健"商业模式下又一次成功实 践。通过统一的运营标准和会员体系，实现美容与亚健康医疗服务的整合扩容及高效协同，持续优化资源配置，提升整体运营 效率，为业绩增长注入新动力。 三大抓手持续赋能 2024年，美丽田园迎来并购史上一大里程碑，成功完成对美容行业第二大品牌奈瑞儿的全面收购。2025年上半年，奈瑞儿 经调整净利率从收购前的6.5%跃升至10.4%，以亮眼业绩印证了集团 ...

智通财经APP获悉，美丽田园医疗健康(02373)盘中涨近5%，截至发稿，涨3.47%，报28港元，成交额 570.75万港元。 消息面上，11月18日，美丽田园医疗健康宣布，以4000万元人民币收购珠海和东莞的19家奈瑞儿加盟门 店。收购完成后，奈瑞儿正式将珠海和东莞两个城市纳入直营区域，带动公司直营门店新增19家，其中 包括2家医疗美容门店及17家生活美容门店。公司指，此次奈瑞儿新增直营城市后，集团在大湾区核心 城市的辐射密度进一步加深，预计为集团带来近7500万元新增收入、750万元新增税后净利润。 ...

天眼查App显示，近日，宜宾竹根雪食品有限公司成立，法定代表人为喻子涵，注册资本3万人民币， 经营范围为许可项目：食品销售；生活美容服务。（依法须经批准的项目，经相关部门批准后方可开展 经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：互联网销售（除销售需要许 可的商品）；日用百货销售；日用品批发；日用品销售；日用家电零售；家用电器销售；化妆品零售； 化妆品批发；日用杂品销售；美发饰品销售；美甲服务；建筑材料销售；建筑装饰材料销售；五金产品 零售；五金产品批发。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）（涉及国家规 定实施准入特别管理措施的除外）。 ...

Core Viewpoint - The article emphasizes the importance of consumer awareness and proactive measures to avoid pitfalls in various industries, highlighting practical methods for risk identification and complaint channels to enhance consumer protection. Group 1: Identifying Industry Risks - Different industries have unique risk points due to variations in service models, regulatory intensity, and market maturity, with online education being a notable example where course quality and refund mechanisms are often problematic [2][3] - Other sectors like tourism, beauty, and home renovation also face issues such as "bait pricing," hidden fees, and substandard service quality, making it essential for consumers to understand industry characteristics to mitigate risks [3] Group 2: Utilizing Third-Party Platforms - Third-party platforms are becoming crucial for consumers to obtain authentic feedback, with platforms like Black Cat Complaints providing a space for real user complaints that reflect a company's service and product quality [4] - Black Cat Complaints allows easy access through multiple channels, enabling consumers to quickly submit complaints and participate in consumer rights protection [4] Group 3: Industry-Specific Complaint Channels - Different industries require specialized complaint channels for effective resolution, with Black Cat Complaints contributing to regulatory oversight by reporting product quality issues to authorities [5] Group 4: Preventive and Rights Protection Strategies - Consumers should maintain a dual approach of prevention and rights protection, which includes keeping receipts, verifying company qualifications, and scrutinizing contract terms [6][7] - Specific complaint channels are available for various sectors, such as transportation, telecommunications, e-commerce, financial services, and automotive, ensuring consumers have access to appropriate resources for addressing issues [8] Group 5: Conclusion - Developing an awareness of potential pitfalls before consumption is a fundamental skill for modern consumers, and utilizing available resources can significantly reduce the likelihood of negative experiences [9]

Core Viewpoint - Fund managers are increasingly optimistic about consumer stocks as cash flow metrics gain importance in the year-end market, leading to a cautious strategy shift towards consumption [1][2]. Group 1: Market Dynamics - In the context of recent adjustments in the technology sector, funds that have underweighted consumer stocks are attracting attention, with consumer sectors outperforming previously strong sectors during weak market conditions [2][3]. - On November 10, consumer stocks rebounded significantly, contributing to a surge in the Hang Seng Index, with notable gains in stocks that had been heavily reduced in fund holdings [3][4]. Group 2: Fund Positioning - Low allocation has become a primary consideration for funds switching positions, with leading consumer stocks like China Duty Free and others showing resilience against market corrections [4][5]. - Despite the recent strength in consumer stocks, no consumer-themed funds have appeared in the performance rankings of the top 50 funds, indicating a disconnect between performance and fund allocation [4][5]. Group 3: Investment Strategies - Some fund managers believe the recent performance of consumer stocks is driven by tactical shifts and year-end risk aversion strategies seeking cash flow protection [5][6]. - The current market sentiment suggests that consumer stocks may not become a primary focus for fund managers, but a return to balanced allocations is seen as sufficient [6][7]. Group 4: Long-term Outlook - The long-term potential of China's domestic consumption market remains strong, with current low valuation levels providing a safety margin for investments [8]. - Fund managers emphasize the importance of cash flow and business models in selecting consumer stocks, with a focus on companies that can sustain growth and provide shareholder value through dividends or buybacks [7][8].

Summary of Conference Call on New Consumption Sector Industry Overview - The new consumption sector can be divided into two categories: - Category dividend type (e.g., IP toys, pets, high-end gold jewelry) - Channel efficiency transformation type (e.g., coffee, tea, hot pot ingredients, chain medical beauty) [1][2] Key Insights and Arguments - Investors are concerned about the sustainability of repurchase frequency and user expansion effects for category dividend companies, while questioning the long-term stable growth ability of channel efficiency transformation companies [1][2] - Pop Mart faces challenges such as slowing growth in the North American market and fluctuations in second-hand prices, leading to adjustments in online and offline sales ratios [1][4] - Optimism for the new consumption sector in 2026, with market expectations currently low; actual growth of 20%-50% could provide strong support [1][7] - Lao Pu Gold has raised prices three times, totaling approximately 50%, and expects prices to be a significant support in 2026, with low probability of significant user loss [1][12] - Chain brands like Luckin Coffee, Gu Ming Tea, and others benefit from supply chain, franchise systems, and digital membership operations, showing strong same-store growth sustainability [1][14] Additional Important Points - Investors' concerns stem from a lack of understanding of the demand cycles for new consumption companies, which complicates their growth expectations [2][3] - Digital membership operation capabilities are crucial for chain brands, leading to higher customer repurchase rates and lower customer acquisition costs [3][15] - Pop Mart's stock price decline is influenced by various factors, but if growth is achieved in 2026, the price-to-earnings ratio could drop below 20 times [3][19] - The North American market has shown a structural fundamental flaw with no significant acceleration since August 2025, and second-hand price fluctuations are viewed as a sign of weakening demand [5][19] - The company is adjusting its product and channel structure in North America, which may impact short-term sales data [6][21] - The experience-driven nature of the IP toy industry enhances consumer stickiness and supports long-term growth, despite recent weak data in North America [8][18] - Future growth for Pop Mart is expected from monetizing old IP through new categories and expanding overseas through a direct sales model [10][11] - The performance of some IPs in overseas markets may be linked to marketing strategies and operational adjustments rather than inherent product weaknesses [19][20]

Group 1 - The "Golden Reputation" event in Shenzhen aims to honor businesses and individuals committed to integrity and strong performance, with over 15,000 registrations already received [1] - The event, initiated in 2023, has seen significant participation in its first two editions, with nearly 20,000 entities registering [1] - Awards will be given in various categories, including "Top Ten Golden Reputation Figures," "Top Ten New Stars," and "Hundred Golden Reputation Enterprises," with a new category for young leaders under 35 years old [1] Group 2 - Eligible participants include state-owned, collective, private, and foreign-invested enterprises registered in Shenzhen, as well as individual businesses operating for over three years [2] - The registration deadline is October 24, and interested parties can sign up through the "Shenzhen Evening News" or "Shenzhen Integrity Business Promotion Association" official accounts [2]