辞职消息公布前，博雅生物公布了2025年业绩预亏的公告。预计2025年归母净利润仅为1.05亿元—1.37 亿元，同比下滑65.62%-73.55%，扣非净利润预计亏损750万元—1500万元，而2024年同期盈利3.02亿 元。 值得注意的是，这不是该公司第一次出现高管辞职现象。在2021年华润医药斥资48亿元控股博雅生物， 并成功入局血液制品行业后，该公司的管理层波动、业绩震荡以及战略整合问题不断。 博雅生物的频繁人事更迭，让华润也着急了！ 2月27日，博雅生物（300294.SZ）发布公告称，公司董事会于2月26日收到董事、总裁任辉递交的书面 《辞任报告》，因工作变动原因，任辉申请辞去第八届董事会董事、战略与ESG委员会委员、总裁及法 定代表人四项职务，辞任后不再担任公司任何职务。 任期最短总裁出现 2024年12月起，任辉担任博雅生物非独立董事，2025年5月由副总裁升任总裁、法定代表人，任辉原定 任期至2027年3月20日。为什么仅履职约10个月就要辞职？ 2024年11月，博雅生物以18.2亿元收购绿十字香港控股有限公司，旨在获取其血液制品牌照和4家在营 浆站资源。然而，其全资子公司安徽格林克医药 ...

博雅生物的频繁人事更迭，让华润也着急了！ 2月27日，博雅生物（300294.SZ）发布公告称，公司董事会于2月26日收到董事、总裁任辉递交的书面 《辞任报告》，因工作变动原因，任辉申请辞去第八届董事会董事、战略与ESG委员会委员、总裁及法 定代表人四项职务，辞任后不再担任公司任何职务。 任期最短总裁出现 2024年12月起，任辉担任博雅生物非独立董事，2025年5月由副总裁升任总裁、法定代表人，任辉原定 任期至2027年3月20日。为什么仅履职约10个月就要辞职？ 辞职消息公布前，博雅生物公布了2025年业绩预亏的公告。预计2025年归母净利润仅为1.05亿元—1.37 亿元，同比下滑65.62%-73.55%，扣非净利润预计亏损750万元—1500万元，而2024年同期盈利3.02亿 元。 第三次：华润系任辉上马（2025年）。任辉来自华润系，其上任被视为华润对博雅生物深度整合的信 号。然而仅仅9个月后，任辉便成为博雅生物历史上任期最短的总裁，也暴露出博雅生物原团队与华润 系的磨合难题。 业绩面临多重压力 从业绩表现来看，博雅生物呈现增收不增利的情况。根据业绩预告，公司预计，2025年营业收入为 19.0 ...

每经记者｜章光日 每经编辑｜吴永久 博雅生物持续聚焦血液制品核心主业，作为国内领先的血液制品生产企业之一，产品涵盖白蛋白、人免疫球蛋白和凝血 因子三大类10个品种（不含进口重组Ⅷ因子）31个规格。截至2025年6月30日，公司共拥有21家单采血浆站，其中在营 浆站20个。 博雅生物于2012年上市，上市之后，公司始终保持了不错的净利润表现。不过，2025年博雅生物的业绩表现不佳，迎来 上市后首个扣非净利润预亏。 近期，博雅生物总裁任辉辞职，而其任职时间不足10个月。博雅生物2012年上市，上市后净利润表现一直不错。不过， 2025年度公司扣非净利润预计出现亏损。博雅生物的扣非净利亏损主要由于并购公司资产减值所致。《每日经济新闻》 记者（以下简称每经记者）发现，上述并购项目在任辉担任博雅生物副总裁后不久完成。 2月27日早间，博雅生物发布了关于公司董事暨总裁辞任的公告。该公告显示，因工作变动原因，公司董事、总裁任辉 申请辞去公司第八届董事会董事、战略与ESG委员会委员及总裁、法定代表人的职务，辞任后将不再担任公司任何职 务。任辉离任后，博雅生物总裁职务将暂时处于空缺状态，而公司董事会将按照有关规定，尽快推进董事 ...

Core Insights - The inclusion of "medical beauty services" in the CPI marks a significant shift for the industry, transitioning from a niche service to a recognized component of the national economic monitoring system [3][19] - The implementation of the new VAT regulations explicitly excludes profit-driven medical beauty institutions from tax exemptions, reinforcing their classification as commercial services and eliminating tax arbitrage opportunities [3][19] - These dual policy adjustments signify a transition from "wild growth" to "regulated development," fundamentally restructuring the competitive landscape and development logic of the medical beauty industry [3][19] Market Dynamics - The medical beauty market is experiencing "differentiated growth," with leading chain institutions achieving growth through refined operations, while smaller institutions face significant operational pressures [5][21] - In the first half of 2025, over 63% of medical beauty institutions reported revenue declines, with only 14% achieving growth; Q2 was particularly challenging, with 58% of institutions experiencing declines [5][21] - The average customer spending in the medical beauty industry dropped to 6,500 yuan, a 10% decrease year-on-year, while the frequency of consumer visits increased, indicating a trend towards more conservative spending among middle and high-income consumers [5][21] Consumer Trends - The trend of "popularization and down-market penetration" is becoming increasingly evident, with lower-tier cities emerging as new growth engines for the industry [6][22] - By 2025, the proportion of medical beauty institutions in third-tier cities and below increased from 30% in 2022 to 42%, with overall consumption growth reaching 22%, double that of first-tier cities [6][22] - Non-surgical light medical beauty projects have become the mainstream, accounting for over 53% of the market, with a market size of 227.9 to 258 billion yuan, driving industry growth [6][22] Regulatory Environment - The simultaneous implementation of the CPI inclusion and new VAT regulations represents a policy "one-two punch" for the regulated development of the medical beauty industry, establishing its commercial consumption attributes [8][24] - This regulatory shift has eliminated the "gray area" label that has long plagued the industry, with the CPI now monitoring price fluctuations and consumption scale as part of national economic management [9][25] - The combination of these policies is transforming the identity of the medical beauty industry from "marginal service" to "mainstream consumption," laying the groundwork for its regulated development [10][26] Competitive Landscape - The regulatory changes are leading to a "good money driving out bad money" scenario, where compliant institutions benefit from favorable conditions while non-compliant ones face significant operational challenges [11][27] - Over 18,000 non-compliant institutions were shut down in 2025, and more than 320 violators had their licenses revoked, indicating the effectiveness of ongoing regulatory measures [11][27] - The market is shifting from a seller's market to a buyer's market, with price wars becoming a primary strategy for smaller institutions competing for customers [6][22] Industry Evolution - The medical beauty industry is transitioning from an upstream-dominated model to one focused on terminal capabilities, with an emphasis on differentiation and scale as core competitive advantages [12][28] - Upstream companies are shifting their focus from licensing to product innovation, as competition intensifies and profit margins normalize [13][29] - The entry of public hospitals into the medical beauty sector is becoming a new variable, with a significant increase in the number of public hospitals establishing medical beauty departments [14][30] Consumer Behavior - Consumers are becoming more rational, shifting from a focus on appearance changes to daily anti-aging maintenance, with increased demands for product safety and institutional compliance [15][31] - This rationalization is driving industry upgrades, as institutions move towards standardized solutions that combine products, medical expertise, and post-operative management [15][31] - The transparency of industry information is improving, allowing consumers to compare the overall value of different institutions, which is pushing prices towards greater fairness [15][31]

头部医美机构春节消费情况交流 20260223 摘要 2026 年初线下医美终端机构营收呈现波动，1 月同比增长 11%，2 月 受春节影响同比下降 4%，前两月整体增长约 6%，客流量上升 10%， 但客单价持续下降。 轻医美占比提升导致单价下降，机构需引进高利润产品或设备以保持利 润空间。监管趋严促进合规，支持新产品审批，增值税增加压力但可通 过合理抵扣缓解。 非手术项目占比持续提升至 66%-70%，光电皮肤类项目占比稳定在 40%-45%，注射类项目不断增加。光电皮肤设备市场在紧致抗衰方面 需求较高，但客单价可能持续下降。 注射类产品线将显著增长，玻尿酸、新型肉毒素、重组胶原蛋白等不断 推出新产品。机构积极布局 OEM 代工贴牌定制，以降低成本并提高利 润率。 玻尿酸市场中，进口高端品牌仍受欢迎，但 OEM 定制贴牌玻尿酸逐渐 成为主推项目，增速显著。传统品牌增速放缓，差异化新品牌表现出色。 重组胶原蛋白市场增速显著，预计 2026 年保持强劲增长。锦波公司占 据重要地位，但新进入者将形成冲击，新产品上市将扩大市场份额。 肉毒素产品线稳定增长，新款肉毒素获批上市有望继续推动销量增长。 童颜针市场竞争稳 ...

2025年的中国医美市场，在喧嚣中迎来了一个微妙的分水岭。 《每日经济新闻》记者查阅上述消费榜单发现，曾经的"抗衰明星"——超声炮"失速"，玻尿酸则在价格 战的泥潭中稳守"顶流"地位。 对此，有业内分析指出，在合规壁垒趋严与技术迭代提速的背景下，医美市场加速重塑，行业"马太效 应"正在以一种近乎残酷的方式上演，而与此同时，减重与脱发治疗赛道，正成为资本竞逐的一个"新大 陆"。 再生填充材料继续"狂飙" 近日，医美平台美呗发布的"2025年医美平台消费榜单"显示，再生填充材料成为"年度MVP"，2025年销 售额同比增长93.40%，成为连续3年狂飙的"热门选手"。 在整个再生填充材料赛道狂飙的同时，各个品牌2025年销售额的增速却出现分化："臻爱塑菲"以463% 的增长速度排名第一；艾维岚同比增长78.71%，展现出稳扎稳打的特点；"伊妍仕"的市场受到挤压，同 比下降56%。 公开资料显示，"臻爱塑菲"为爱美客旗下产品。 《每日经济新闻》记者了解到，2025年，"臻爱塑菲"销售额增速虽然强劲，但其对爱美客的业绩贡献还 有待验证。财报数据显示，2025年前三季度，爱美客营收和归母净利润均出现超过20%的同比下降 ...

与此同时，曾经的"抗衰明星"超声炮热度锐减过半，玻尿酸则在价格战的泥潭中稳守"顶流"地位。当合 规壁垒与技术迭代加速重塑市场，医美行业的"马太效应"正在以一种近乎残酷的方式上演，而减重与脱 发治疗正成为资本竞逐的下一个新大陆。 再生填充材料狂飙后的断层：463%增长与56%下降的"冰与火" 近日，医美平台美呗发布的《2025医美消费榜》显示，再生填充材料成为"年度MVP"，2025年销售额 同比增长93.40%，成为连续三年狂飙的"热门选手"。 在整个赛道狂奔的同时，各个品牌2025年销售额的增速却出现分化：臻爱塑菲以463%的强势增长排名 第一；艾维岚同比增长78.71%，稳扎稳打；伊妍仕的市场受到挤压，同比下降56%。 每经记者｜陈星 每经编辑｜黄博文 2025年的中国医美市场，在喧嚣中迎来了一个微妙的分水岭。 美呗平台最新数据显示，连续三年狂飙的再生填充材料赛道，在2025年销售额整体增长93.40%的光鲜 之下，还出现了内部断层：爱美客旗下的"臻爱塑菲"以463%的增速强势领跑，而昔日"少女针"王者华 东医药的"伊妍仕"却同比下降56%。 成都高新米兰柏羽医学美容医院皮肤科技术院长、副主任医师陈双瑜表 ...

Core Insights - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight key sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a surge in revenue. In China, platforms like Hongbulin and Panghu are experiencing similar growth, indicating a shift in consumer spending towards second-hand goods [6][7][8][9]. - **Pet Economy**: With a decline in birth rates, young consumers are increasingly spending on pets, leading to significant growth in pet food and healthcare products. Companies like Inaba in Japan and Guobao in China are capitalizing on this trend [12][13][15][16]. - **Adult Care Products**: The adult diaper market in Japan has surpassed $10 billion, showcasing the potential of the aging population as a lucrative market segment [17][18][19]. - **Health Food and Beverages**: Changing demographics and rising health awareness have led to the growth of sugar-free beverages and functional foods in both Japan and China, with brands like Suntory and Dongpeng gaining traction [21][22]. - **Beauty and Aesthetic Products**: The demand for beauty products, including collagen supplements and at-home beauty devices, remains strong, indicating that consumers prioritize personal care even in economic downturns [23][24][26]. - **Outdoor Recreation**: Companies in the outdoor equipment sector, such as Snow Peak in Japan and various Chinese brands, are benefiting from increased interest in outdoor activities as a form of stress relief [29][31][32]. - **Convenience Economy**: The rise of frozen foods and smart home appliances reflects a shift towards convenience, with brands like Anjijia and Kewell seeing steady growth as consumers seek time-saving solutions [39][40][42]. - **Lazy Economy**: The trend of reduced cooking time among younger generations has led to a preference for ready-to-eat meals and smart appliances that automate household tasks, indicating a shift in consumer priorities [39][40][42]. Group 2: Market Dynamics - The article emphasizes that even in a low-desire economy, there are significant opportunities for those willing to invest in counter-cyclical sectors. Companies that can identify and act on these opportunities are likely to emerge as winners [44].

胶原蛋白填充剂因其改善面部美观的能力和非侵入性特性，正成为继玻尿酸之后又一种受追捧的医美 填充剂品类。从胶原蛋白成分来源，可分为动物源性胶原蛋白和重组胶原蛋白。从一些已上市的胶原 蛋白填充剂企业来看，销售毛利率可超过八成，但面对如此多的胶原蛋白填充剂涌入市场，行业高毛 利的趋势能否维持？ 2026.02. 13 本文字数：1655，阅读时长大约3分钟 作者 | 第一财经 林志吟 "以前是没得选，现在是不知道怎么选。"有人用这句话来形容当前的胶原蛋白填充剂市场竞争现 状。 今年以来，奇璞生物、巨子生物这两家公司相继有胶原蛋白填充剂产品拿到医疗器械三类注册证。 按照中国监管要求，玻尿酸、胶原蛋白、再生材料及其他新型注射材料需要获得国家药监局三类医疗 器械注册证。从去年以来，共有9款胶原蛋白填充剂产品顺利拿到了三类注册证，这一数量超过了过 去获批的总数。换言之，胶原蛋白三类注册证变得不那么稀缺。 "在高端医美机构与三甲医院，消费者满意度集中于'自然效果'与'维持时间'两大维度。而在下沉市 场，价格敏感型用户占比提升。核心消费群体已初步形成'年龄+问题部位+预算=适合品牌'的认知框 架。医生端作为关键决策节点，其处方 ...

Group 1 - The core idea is that Chongqing's government aims to leverage the local noodle brand as a key driver for industrial development, with significant partnerships established to create a billion-dollar brand and trillion-dollar industry platform [1] - The case of Li Chuan illustrates the importance of having a sustainable industry; despite initial popularity, the lack of a solid industrial base led to a decline, prompting a shift to promoting "Li Chuan Tea" as a key product [1] - The success of the small lobster brand in Luyuan, despite weaker regional advantages, highlights how branding can elevate a local product to national recognition, becoming a significant industry hub [1] Group 2 - The article discusses the importance of integrating brand consumption with cultural, agricultural, and food sectors to create a comprehensive growth strategy from top-level design to bottom-level operations [5] - The brand's industrial logic emphasizes the need to connect production, urban development, and enterprise to create a cohesive support system [8] - The growth logic of enterprises varies significantly; some achieve rapid growth while others stagnate, indicating the necessity of understanding the underlying development routes and growth logic [9] Group 3 - The "Four ONE" product strategy is introduced, emphasizing the need for businesses to identify market gaps and establish themselves as leaders in niche markets [32] - The article outlines a structured approach to brand design and marketing operations, focusing on clarity in product offerings, brand messaging, and sales strategies [26][30] - The "Six Forces" operational framework is proposed to enhance marketing effectiveness, emphasizing planning, product development, brand image, service quality, promotional strategies, and management capabilities [45][49] Group 4 - The article emphasizes the importance of customer lifecycle management, categorizing it into four stages: attracting, converting, retaining, and referring customers [38] - Effective management across various operational stages is crucial for achieving sustained growth and profitability, requiring a comprehensive approach to internal and external relationships [42] - The article concludes with a roadmap for businesses to transition through different growth stages, from individual products to a comprehensive ecosystem, highlighting the need for strategic planning and execution [56]