在国内毛发健康服务行业持续扩容的背景下，行业龙头雍禾医疗却呈现出与市场趋势背离的发展轨迹。 尽管行业整体迈入千亿级蓝海，雍禾医疗却面临营收下滑、人才流失、营销低效与门店扩张停滞等多重 挑战，其头部企业的竞争壁垒正受到严峻考验。 门店作为服务落地的物理载体，其布局直接影响品牌覆盖与运营效率。自2021年上市至今，雍禾医疗的 门店数量增长近乎停滞：从54家植发机构增至63家，城市覆盖从53城缓慢扩展至61城。 一、营收增长乏力，核心业务"量价齐跌" 2025年上半年，雍禾医疗营业收入为8.62亿元，同比下降4.22%，呈现出增长疲软的态势。值得注意的 是，其两大核心业务——植发与医疗养固——均出现不同程度的下滑。 植发业务虽然客户人数从2.9万人增至3.4万人，但人均消费从约2.3万元降至1.98万元，出现"以价换 量"却未能带动营收增长的矛盾局面。而被寄予厚望的医疗养固业务更是陷入"量价双降"的困境：客户 人数从4.97万人减少至4.49万人，人均消费也从4311元降至4184元。 这一趋势反映出雍禾医疗在客群维系与价值挖掘上的双重困境，也暴露出其在业务结构转型与消费分层 运营上的不足。 二、医生流失逾三成，营 ...

Core Viewpoint - Southbound funds have significantly reduced their holdings in Yonghe Medical (02279.HK), indicating a potential shift in investor sentiment towards the company [1][2]. Group 1: Shareholding Changes - On October 21, 2025, southbound funds reduced their holdings by 126,000 shares, representing a decrease of 0.74% [2]. - Over the past five trading days, there has been a cumulative net reduction of 461,000 shares, with reductions occurring on five separate days [1]. - In the last twenty trading days, the total net reduction reached 1,067,000 shares, with reductions on all twenty days [1]. Group 2: Current Holdings - As of now, southbound funds hold 17,006,000 shares of Yonghe Medical, which accounts for 3.22% of the company's total issued ordinary shares [1]. Group 3: Company Overview - Yonghe Medical Group Limited is a holding company specializing in hair-related medical services, offering a comprehensive range of services including hair transplant medical care, medical hair maintenance, routine care, and other supporting services [2]. - The company has established a brand matrix centered around "Yonghe Medical," which includes specialized brands such as "Yonghe Hair Transplant," "Shiyunxun" for medical hair maintenance, "Yonghe Hair Origin" for female aesthetic hair transplant, and "Hafada" for medical wigs [2]. - Yonghe Medical primarily operates in the domestic market of China, providing professional medical hair health management services through its independent Shiyunxun Medical Hair Health Center [2].

证券之星消息，10月15日南向资金减持5.5万股雍禾医疗（02279.HK）。近5个交易日中，获南向资金减 持的有5天，累计净减持13.9万股。近20个交易日中，获南向资金减持的有20天，累计净减持93.7万股。 截至目前，南向资金持有雍禾医疗（02279.HK）1740.9万股，占公司已发行普通股的3.31%。 雍禾医疗集团有限公司是一家控股公司，专门从事提供毛发相关医疗服务。该公司提供一站式毛发医疗 服务，涵盖植发医疗、医疗养固、常规养护及其他配套服务。该公司构建了以"雍禾医疗"为核心，由专 业植发品牌"雍禾植发"、医疗养固品牌"史云逊"、女性美学植发品牌"雍禾发之初"，及医学假发品 牌"哈发达"等组成的全产业链品牌矩阵。该公司建立独立的史云逊医学健发中心，为被毛发问题困扰的 患者进行医学检测、诊断与个性化护理治疗，以提供更专业的医疗毛发健康管理服务。该公司主要在中 国国内市场开展业务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- ...

Group 1 - The core point of the article highlights that southbound funds have reduced their holdings in Yonghe Medical (02279.HK) by 12,000 shares on September 19, 2025, marking a total net reduction of 257,500 shares over the past five trading days and 1,214,000 shares over the past 20 trading days [1][2] - As of now, southbound funds hold 17,722,000 shares of Yonghe Medical, which accounts for 3.37% of the company's total issued ordinary shares [1][2] Group 2 - Yonghe Medical Group Limited is a holding company specializing in providing hair-related medical services, offering a one-stop solution that includes hair transplant medical services, medical hair care, routine maintenance, and other supporting services [2] - The company has established a brand matrix centered around "Yonghe Medical," which includes professional hair transplant brand "Yonghe Hair Transplant," medical hair care brand "Shiyunxun," female aesthetic hair transplant brand "Yonghe Hair Origin," and medical wig brand "Hafada" [2] - Yonghe Medical operates primarily in the domestic market of China, providing specialized medical hair health management services through its independent Shiyunxun Medical Hair Care Center [2]

Core Viewpoint - In the first half of 2025, Yonghe Medical achieved significant operational improvements and profitability, driven by internal reforms and strategic transformations, marking a pivotal turnaround in its financial performance [1][2][4] Financial Performance - Yonghe Medical reported a revenue of 862 million yuan and a net profit of 27.85 million yuan, achieving a turnaround from losses [1] - EBITDA increased from 52 million yuan in the same period of 2024 to 170 million yuan, representing a year-on-year growth of 226.7% [1] Business Segments - The hair transplant medical business generated 662 million yuan, accounting for 76.8% of total revenue, with a gross margin of 66.4%, up by 4.7 percentage points year-on-year [3] - The medical maintenance business contributed 188 million yuan, representing 21.8% of total revenue, with a gross margin of 56.2%, an increase of 4.3 percentage points year-on-year [3] Customer Engagement - The total number of consumers served reached 64,845, with 33,504 receiving hair transplant services, reflecting a year-on-year growth of 14.5% [3] - The repurchase rate for medical maintenance services increased to 29.9% [3] Operational Efficiency - The company improved customer acquisition and cost efficiency, with gross margin increasing by 5.1 percentage points and sales expense ratio decreasing by 17.6 percentage points [4] - The management model was restructured, leading to significant cost control improvements [4] Network Expansion - As of June 30, 2025, Yonghe Medical operated 63 hair transplant medical institutions across 61 cities, focusing on high-tier cities and differentiated functions [5] - The operational model combines core city clinics with grassroots clinics to enhance service delivery [5] Service Model Innovation - Yonghe Medical is developing a "pyramid" model for hair health management, integrating various service levels from hair transplant to daily care [6] - The company is reforming its service model to enhance trust between doctors and patients, moving away from a sales-driven approach [6] Female Market Focus - An independent female treatment department was established to cater to the growing demand for women's hair health, promoting non-shaving procedures [7] Digital Transformation - The company is leveraging digitalization and smart technology to enhance operational efficiency and service quality [8] - The "He Fan" system has been upgraded to improve management and operational processes [8] Future Outlook - Yonghe Medical's strategic transformation aligns with the industry's shift towards comprehensive health management, positioning the company for sustained competitive advantage [9]

Core Insights - Yonghe Medical (02279) reported a mid-term performance for the six months ending June 30, 2025, with revenue of RMB 862 million, a gross profit of RMB 550 million, representing a year-on-year increase of 3.9% [1] - The company achieved a net profit attributable to shareholders of RMB 27.913 million, marking a turnaround from a loss in the previous year, with earnings per share of RMB 0.06 [1] Company Overview - Yonghe Medical is a leading medical group in China specializing in hair medical services, offering a one-stop solution that includes hair transplantation, medical hair care, routine maintenance, and other related services [1] - The company has established a comprehensive brand matrix centered around "Yonghe Medical," which includes specialized brands such as "Yonghe Hair Transplant," "Shiyunxun" for medical hair care, "Yonghe Fazhichu" for women's aesthetic hair transplantation, and "Hafada" for medical wigs [1] Market Presence - As of June 30, 2025, the company operates 63 hair transplant medical institutions across 61 cities in China, making it the largest and most widely covered chain of hair medical services in the country [1] - The company served a total of 64,845 consumers during the six-month period ending June 30, 2025 [1]

Core Insights - The company reported a revenue of RMB 862 million for the six months ending June 30, 2025, with a gross profit of RMB 550 million, representing a year-on-year increase of 3.9% [1] - The company achieved a net profit attributable to shareholders of RMB 27.913 million, marking a turnaround from a loss in the previous year, with earnings per share of RMB 0.06 [1] Company Overview - The company is a leading medical group in China specializing in hair medical services, offering a comprehensive range of services including hair transplantation, medical hair care, routine maintenance, and other related services [1] - The company has established a full industry chain brand matrix centered around "Yonghe Medical," which includes specialized brands such as "Yonghe Hair Transplant," "Shiyunxun" for medical hair care, "Yonghe Fazhichu" for women's aesthetic hair transplantation, and "Hafada" for medical wigs [1] Market Presence - As of June 30, 2025, the company operates 63 hair transplant medical institutions across 61 cities in China, making it the largest and most widely covered chain of hair medical services in the country [1] - The company served a total of 64,845 consumers during the six-month period ending June 30, 2025 [1]

Company Overview - Yonghe Medical Group Limited is a medical group providing one-stop hair medical services, focusing on the hair medical service market since 2005 [3] - The company has established a brand matrix including "Yonghe Medical," "Yonghe Hair Transplant," "Shiyunxun," "Yonghe Fazhichu," and "Hafada" [3] - As of June 30, 2023, the company operates 72 hair transplant medical institutions across 68 cities in China [3] - The company has built a professional medical team of over 1,600 members, including more than 300 registered doctors and over 1,000 nurses [3] Financial Performance - For the fiscal year ending December 31, 2024, Yonghe Medical reported total revenue of 1.804 billion yuan, a year-on-year increase of 1.53% [2] - The company recorded a net profit attributable to shareholders of -226 million yuan, showing a significant year-on-year increase of 58.58% [2] - The gross profit margin stands at 60.08%, while the debt-to-asset ratio is 58.65% [2] Stock Performance - Over the past month, Yonghe Medical's stock has increased by 73.45%, and year-to-date, it has risen by 117.78%, outperforming the Hang Seng Index's increase of 19.1% [2] - As of the latest trading session, the stock price was 2.22 HKD per share, reflecting a 13.27% increase with a trading volume of 3.186 million shares and a turnover of 6.9939 million HKD [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the healthcare equipment and services industry is -2.53 times, with a median of 0.38 times [3] - Yonghe Medical's P/E ratio is -4.21 times, ranking 89th in the industry [3] - Comparatively, other companies in the sector have P/E ratios such as Giant Star Medical Holdings at 0.28 times, Jingjiu Kangliao at 0.38 times, and others ranging up to 5.35 times [3]

Core Viewpoint - Yonghe Medical (02279) reported a total revenue of 1.806 billion yuan for the fiscal year 2024, reflecting a year-on-year growth of 1.5%, while the net profit attributable to shareholders was a loss of 226 million yuan, an improvement from a loss of 546 million yuan in the previous year [3] Financial Performance - The company achieved a net cash flow from operating activities of 229 million yuan, compared to a negative 17.15 million yuan in the same period last year [3] - Basic earnings per share were reported at -0.45 yuan, with a weighted average return on equity of -26.99% [3][25] - As of April 29, the price-to-book ratio (TTM) was approximately 0.67 times, and the price-to-sales ratio (TTM) was about 0.26 times [3] Revenue Composition - In 2024, the revenue composition included 1.3307 billion yuan from hair transplant medical services and 445.8 million yuan from medical hair care services [20] - The company operates a full industry chain brand matrix centered around "Yonghe Medical," including specialized brands for hair transplant and medical hair care [13] Cash Flow and Financing - The net cash flow from financing activities was -291 million yuan, a decrease of 106 million yuan year-on-year, while the net cash flow from investment activities was -53.26 million yuan, compared to 246 million yuan in the previous year [29] Asset and Liability Changes - As of the end of 2024, the company's right-of-use assets decreased by 37.93%, while cash and cash equivalents decreased by 18.27% [37] - The company's lease liabilities decreased by 39.62%, and short-term borrowings decreased by 67.25% [40] - The current ratio was reported at 1.15, and the quick ratio was 1.08 [43]