清晨的口岸，拖着行李箱的港人市民与步履匆匆的深圳商户在通关人流中擦肩而过，奔赴彼此的城市 ——这已成为"双节"期间深港两地的独特风景。一边是港人家庭北上，涌入华强北体验机器人舞动与街 头美食的热闹；另一边，华强北的创业者也带着样品箱南下香港，在展会与咖啡馆里寻觅商机。 这场以假日为契机的"双向奔赴"，早已超越了购物与旅游的范畴，正演变为两地商业生态与创新因子的 深度交融，如同一片蓬勃生长的"湾区红树林"，在人来人往中孕育着无限可能。 华强北"双节"焕新场景，"科技+潮玩+医美"吸引港人消费 不仅港人北上，许多华强北的企业家和商户也利用节假日"反向出发"，南下香港开拓商机。由于香 港"双节"不停市，金融、展贸、文创等行业在假期仍保持活跃，各类展会、创新沙龙密集举行，为深圳 企业提供了观察国际市场与拓展渠道的良机。 张先生是华强北的一家电子产品制造商，此次节日期间，他带着新品样机到香港与国际买家交流、洽谈 分销。这样，他们在"度假"之余，与香港经销商初步达成代理意向。张先生表示，香港作为国际化的商 业枢纽，在'度假'中也能发现机会。"这种"度假式商务拓展"正成为深圳创业者的新常态。 在香港，不少来自华强北的企业家 ...

（原标题：韩国试行中国团游免签，中国游客"说走就走"能否提振韩国经济） 南方财经 21世纪经济报道记者胡慧茵 恰逢中国国庆"黄金周"将至，韩国政府宣布面向中国团体游客试行免签入境政策。 据央视新闻报道，自9月29日起，韩国政府面向中国团体游客试行免签入境政策，直到明年6月30日。免 签政策试行期间，中国三人以上团体游客可免签入境韩国并停留15天。韩国济州地区与此前相同，个人 和团体游客均可免签入境并停留30天。据了解，在此次新规实施前，韩国对中国游客的免签仅适用于特 定条件，比如济州道旅游、过境免签、青少年修学旅行团等。 据航旅纵横提供的数据，国庆"黄金周"期间，中国游客热门出境目的地聚焦"5小时飞行圈"及国际枢 纽，日韩泰等东亚、东南亚地区仍是主流选择，韩国首尔位居热门出境地前五。不少广州市内旅行社向 21世纪经济报道记者表示，免签入境政策实施前后，明显感受到中国游客对赴韩国旅游的兴趣度提高 了。但也有不少旅游从业者坦言，从现阶段报团量来看，中国赴韩游仍有种"不温不火"的感觉。 同程研究院首席研究员程超功向21世纪经济报道记者表示，韩国对华跟团游免签在一定程度上为中国游 客赴韩游带来了便利，而且该政策的正式 ...

Core Viewpoint - Huachuang Securities reports that Meili Tianyuan Medical Health (02373) is a leading company in the domestic beauty and medical beauty service sector, with a strong brand reputation and operational capabilities. The company is expected to see performance growth due to deepening digital transformation, improved industry chain layout, and store expansion [1] Financial Overview - For the first half of 2025, the company reported revenue of 1.46 billion (up 28% year-on-year) and a net profit attributable to shareholders of 160 million (up 35%). Adjusted net profit reached 190 million (up 38%) [2] - The gross margin was 49.3% (up 2 percentage points), and the net margin was 11.7% (up 0.6 percentage points). The expense ratios for sales, management, and R&D were 17.2%, 16.2%, and 1.4%, respectively [2] Business Segmentation - Revenue breakdown: 55% from beauty services (51% from direct stores and 5% from franchises), 34% from medical beauty, and 11% from sub-health services. - Beauty services generated 810 million (up 30%) with a gross margin of 42.1% (up 2 percentage points) [3] - Medical beauty services generated 500 million (up 13%) with a gross margin of 56.9% (up 2 percentage points) [3] - Sub-health services generated 150 million (up 108%) with a gross margin of 63.1% (up 9 percentage points) [3] Operational Data - The company continues to expand its brand influence, with stable growth in store and membership numbers. - Beauty: 238 direct stores (down 1 from the end of 2024) and 276 franchise stores (unchanged), with membership increasing by 46% to 112,000 [4] - Medical beauty: 27 stores (down 1) [4] - Sub-health: 11 stores (unchanged) [4] Digital Transformation and Supply Chain - The company is accelerating its digital transformation by building online capabilities for customers, business, and organization, enhancing operational efficiency and customer service experience. Additionally, it is investing in upstream supply chains to ensure stable supply and cost advantages for core products [5] Team and Service Innovation - The core management and technical team remains stable, providing strong support for the company's development. The company continues to innovate in services by launching new beauty, medical beauty, and sub-health adjustment projects to meet diverse consumer needs, with a focus on expanding store presence in first- and second-tier cities [6]

Core Viewpoint - Meili Tianyuan Medical Health (02373) is a leading company in the domestic beauty and medical beauty service sector, with strong brand reputation and operational capabilities. The company is expected to see performance growth driven by deepening digital transformation, improved industry chain layout, and store expansion [1] Financial Overview - For the first half of 2025, the company reported revenue of 1.46 billion (up 28% year-on-year) and a net profit attributable to shareholders of 160 million (up 35%). Adjusted net profit reached 190 million (up 38%) [2] - The gross margin was 49.3% (up 2 percentage points), and the net margin was 11.7% (up 0.6 percentage points). The expense ratios for sales, management, and R&D were 17.2%, 16.2%, and 1.4%, respectively [2] Business Segmentation - Revenue breakdown: 55% from beauty services (51% from direct stores and 5% from franchises), 34% from medical beauty, and 11% from sub-health services. - Beauty services generated 810 million (up 30%) with a gross margin of 42.1% (up 2 percentage points) [3] - Medical beauty services generated 500 million (up 13%) with a gross margin of 56.9% (up 2 percentage points) [3] - Sub-health services generated 150 million (up 108%) with a gross margin of 63.1% (up 9 percentage points) [3] Operational Data - The company continues to expand its brand influence, with stable growth in store and membership numbers. - Beauty: 238 direct stores (down 1 from the end of 2024) and 276 franchise stores (unchanged), with membership increasing by 46% to 112,000 [4] - Medical beauty: 27 stores (down 1) [4] - Sub-health: 11 stores (unchanged) [4] Strategic Initiatives - The company is accelerating its digital transformation, enhancing online capabilities for customers, business, and organization to improve operational efficiency and customer service experience [5] - The company is also investing in upstream supply chains to ensure stable supply and cost advantages for core products and consumables, laying a solid foundation for long-term business development [5] Team and Innovation - The core management and technical teams remain stable, providing strong support for the company's development. The company continues to innovate in services, launching new beauty, medical beauty, and sub-health adjustment projects to meet diverse consumer needs [6] - Store expansion is focused on increasing presence in first- and second-tier cities to broaden market coverage [6]

Group 1 - The core point of the article is that Langzi Co., Ltd. is acquiring a 67.50% stake in Chongqing Milan Baiyu Time Aesthetic Medical Hospital for a cash consideration of 92.475 million yuan, which is part of the company's strategy to enhance its presence in the aesthetic medical industry [1][2] - The acquisition is aimed at accelerating the company's dual-driven strategy of both organic growth and external expansion in the fashion industry, thereby increasing the scale and competitiveness of its aesthetic medical business [2] - Following the completion of the transaction, Chongqing Time will become a subsidiary of the company, which is expected to improve the profitability of its aesthetic medical business and increase the asset, revenue, and profit scale of this segment [2] Group 2 - Chongqing Time is a specialized aesthetic medical service provider with a total operating area of 5,600 square meters, located in a prime area of Chongqing, which is popular among young people [1] - The hospital is equipped with advanced facilities, including two thousand-level laminar flow operating rooms, two ten-thousand-level laminar flow operating rooms, and various treatment rooms for skin and dental care [1] - The company aims to provide high-quality, comprehensive, and refined aesthetic medical services in accordance with international standards [1]

Core Viewpoint - The stock price of Jinfa Labi has shown significant volatility despite a substantial increase in revenue, leading to confusion among industry experts regarding the company's financial health and future prospects [1][2][3]. Financial Performance - In the first half of 2025, Jinfa Labi achieved a revenue of 158 million yuan, representing a year-on-year growth of 101.99% [1]. - The revenue from maternal and infant products was 123 million yuan, accounting for 77.64% of total revenue, with a year-on-year increase of 62.34% [1]. - The medical beauty segment generated 33 million yuan, contributing to 21.03% of total revenue, with a year-on-year growth of 100% [1][2]. Cost and Profitability - The company's operating costs surged to 100 million yuan, a year-on-year increase of 183.11%, primarily due to the expansion of e-commerce channels and the consolidation of the medical beauty business [2]. - Sales expenses rose by 72.52% to 37.78 million yuan, while management expenses increased by 11.45% to 20.19 million yuan [2]. - Jinfa Labi reported a net loss attributable to shareholders of 17.92 million yuan, worsening from a loss of 2.75 million yuan in the same period of 2024 [2][5]. Market Dynamics - The stock price fluctuations are influenced by market sentiment and speculative trading, particularly in light of government policies promoting childbirth and the growth of the maternal and infant sectors [3]. - The integration of the medical beauty business is seen as a strategic move to create a dual growth engine alongside maternal and infant products, which has garnered market interest [3][5]. Company History and Challenges - Jinfa Labi, listed in June 2015, has faced a prolonged period of declining profits, with significant losses reported in recent years, raising concerns about its potential delisting [4]. - The company has seen a reduction in its store count from 1,133 in 2019 to 587 in 2024, indicating operational challenges [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a 4.3% year-on-year decline in revenue for H1 2025, with total revenue reaching 2.788 billion yuan. However, the net profit attributable to the parent company increased significantly by 64.1% to 274 million yuan, largely due to non-recurring gains [4][5] - The report anticipates continued growth in the medical beauty sector through both organic and external expansion strategies [6] Financial Performance Summary - For H1 2025, the company reported revenue of 2.788 billion yuan, a decrease of 4.3% year-on-year, while the net profit attributable to the parent company was 274 million yuan, up 64.1%. The adjusted net profit, excluding non-recurring items, was 136 million yuan, down 2.7% [4][5] - In Q2 2025, revenue was 1.389 billion yuan, a slight decline of 0.5%, with net profit increasing by 134.0% to 179 million yuan [4] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 404 million yuan, 320 million yuan, and 364 million yuan respectively, with corresponding EPS of 0.91, 0.72, and 0.82 yuan [4] Business Segment Performance - Medical Beauty: Revenue was 1.333 billion yuan, down 6.1%, with a gross margin of 54.5%. Surgical and non-surgical projects generated revenues of 173 million yuan and 1.160 billion yuan, respectively [5] - Women's Apparel: Revenue reached 988 million yuan, a decrease of 2.4%, with a gross margin of 65.2%. The online sales proportion increased to 46.3%, up 8.3 percentage points [5] - Baby and Children's Products: Revenue was 435 million yuan, down 3.4%, with a gross margin of 62.4% [5] Strategic Initiatives - The company has expanded its medical beauty footprint to 42 institutions and is pursuing a dual beauty business model with the establishment of five "Jingfu Meise" beauty institutions in Chengdu [6] - The women's apparel segment is focusing on online channels, achieving a 30% year-on-year increase in total payment amounts across all channels in H1 2025 [6] - The baby and children's segment is optimizing operational efficiency and increasing the proportion of self-made products, with new retail channels being developed in high-end shopping centers [6]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company reported its H1 2025 results, which met market expectations, with revenue of 2.788 billion yuan, a decrease of 4.3% year-on-year, and a net profit attributable to shareholders of 274 million yuan, an increase of 64.1% year-on-year [7] - The company's medical beauty segment is expected to drive growth, with a focus on integrating external medical beauty institutions and a new light medical beauty model [7] - The fashion women's clothing brand is undergoing a comprehensive upgrade, with rapid development in e-commerce channels, contributing to maintaining a leading position in the apparel industry [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 5.963 billion yuan, with a year-on-year growth rate of 4.8% [6] - The net profit attributable to shareholders for 2025 is projected to be 369 million yuan, reflecting a year-on-year increase of 43.4% [6] - The company maintains a gross margin of approximately 59% and a return on equity (ROE) of 12.4% for 2025 [6] Business Segments - The medical beauty segment generated revenue of 1.333 billion yuan in H1 2025, accounting for 47.8% of total revenue, with a gross margin of 54.54% [7] - The fashion women's clothing business reported revenue of 988 million yuan in H1 2025, with a gross margin of 65.15%, and online sales accounted for 46.3% of total revenue [7] - The green baby and child business generated revenue of 435 million yuan, with a gross margin of 62.4% [7]

Group 1 - The company has a total of 38 hospitals in its medical sector, with 32 of them being rehabilitation hospitals focused on severe rehabilitation [2] - The subsidiary Ningbo Mingzhou Hospital is a tertiary Class B comprehensive hospital with over 40 departments, including dental, ophthalmology, and medical aesthetics [2]

Core Viewpoint - The joint release of the "Medical Advertising Recognition Guidelines" by the National Market Supervision Administration, the National Health Commission, and the National Administration of Traditional Chinese Medicine aims to provide clearer and more actionable guidance to combat illegal medical advertising [1][2]. Group 1: Regulatory Framework - The guidelines clarify what constitutes medical advertising and emphasize that only legally established medical institutions are permitted to publish medical advertisements [3]. - The guidelines also provide more operational rules to distinguish between "medical advertising," "medical information disclosure," and "health science popularization" [3]. Group 2: Regulatory Efforts and Impact - The National Market Supervision Administration has intensified its regulatory efforts against various forms of illegal medical advertising, including "miracle doctor" ads, and has developed enforcement guidelines to enhance collaboration with relevant departments [2][4]. - In Shanghai, the monitoring of illegal medical advertisements has shown a significant decline in violation rates, dropping from 3.89% in 2020 to 1.57% in 2024, representing a reduction of approximately 60% [5]. Group 3: Future Directions - The National Market Supervision Administration plans to use the release of the guidelines to guide local regulatory departments and industry authorities in promoting compliance among medical institutions regarding advertising practices [4]. - The focus will be on strengthening platform compliance guidance, optimizing advertising regulatory methods, and enhancing inter-departmental coordination [4].