Core Viewpoint - The first Global Aesthetic Technology Conference 2025 was held in Beijing, showcasing innovations in the medical aesthetics industry and promoting technology transfer and cross-industry collaboration [2]. Group 1: Awards Overview - The conference featured the announcement of the 2025 Global Aesthetic Technology Innovation Awards, which included three categories: Technology Innovation Award, Innovation Service Award, and Innovation Transformation Award [2]. Group 2: Technology Innovation Award Winners - Huaxi Biological was recognized for its integration of basic research and industrial transformation, particularly through its brand Runzhi, which focuses on high-quality materials for injection and tissue repair [5]. - Langxi Ziyuan Medical Devices developed a comprehensive technology system for regenerative medicine, enhancing exosome therapy for chronic wound repair with a 3D biomimetic culture system [6]. - Weimai Qingtong Medical Technology launched a new monopolar RF anti-aging system, YOUMAGIC, which has received both NMPA and FDA approvals, breaking international monopolies in high-end RF equipment [8]. - Suzhou Baifu Laser Technology specializes in high-end medical laser equipment, achieving significant technological breakthroughs in various laser types, enhancing treatment precision and safety [10]. - Suzhou Fumailai Medical Technology focuses on innovative design and application of high-end medical optical devices, achieving breakthroughs in energy stability and treatment accuracy [12]. - Guangzhou Yicheng Biological Technology emphasizes the development of innovative materials for injection fillers and sutures, providing reliable domestic raw material sources [13]. Group 3: Innovation Service Award Winners - Beijing Tonghe Litai Bio-Tech specializes in preclinical research for medical devices, having completed over 900 NMPA registration reports, ensuring scientific data and compliance for innovative products [16]. - Beijing Baoli Yongchang Medical Technology (Lihe Kang) has developed a mature methodology for compliance transformation services in the medical aesthetics field, facilitating the rapid market entry of innovative products [17]. - Hainan Susong Biological Technology introduced Swiss SmartBone® on Demand bone regeneration materials, demonstrating effective cross-border medical technology integration [19]. Group 4: Innovation Transformation Award Winners - Yao Guijin led the establishment of an ecosystem for medical aesthetic technology transformation, connecting medical, research, enterprise, and regulatory sectors [21]. - Professor An Yang's team developed solutions for nasal reconstruction, enhancing tissue regeneration and application in aesthetic surgery [22]. - Professor Niu Xufeng innovated a composite material system for skin fillers, addressing common industry challenges and improving product stability [23]. - Professor Zhang Guifeng achieved breakthroughs in medical collagen research, establishing a closed-loop system for industry standards and quality control [24]. Conclusion - The awards highlighted the breadth and depth of innovation in the medical aesthetics sector, showcasing the emerging strength of Chinese companies and experts in the global industry landscape [25].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's cornerstone business remains stable, while the medical aesthetics segment is expected to grow significantly [5][8] - In 2024, the company reported a revenue of 400 million yuan, a decrease of 13.45%, and a net profit of 102 million yuan, down 25.16% [5][6] - The first quarter of 2025 showed a revenue increase of 9.40% year-on-year, with net profit growth of 52.71% [6][7] Financial Performance Summary - 2024 revenue: 400 million yuan, down 13.45% year-on-year - 2024 net profit: 102 million yuan, down 25.16% year-on-year - 2025 Q1 revenue: 96 million yuan, up 9.40% year-on-year - 2025 Q1 net profit: 33 million yuan, up 52.71% year-on-year [5][6][7] Business Segment Insights - The cornerstone business, including mental health, pelvic floor, and rehabilitation, is currently stable, but the medical aesthetics sector is anticipated to see rapid growth [8][10] - The company has a strong market share in pelvic floor rehabilitation and is expanding into new areas such as medical aesthetics and urology [8][10] Future Projections - Revenue projections for 2025-2027 are 473 million yuan, 561 million yuan, and 668 million yuan, with year-on-year growth rates of 18.2%, 18.6%, and 19.1% respectively [11] - Net profit projections for the same period are 134 million yuan, 160 million yuan, and 192 million yuan, with growth rates of 31.8%, 19.2%, and 20.0% respectively [11] Valuation Metrics - Expected EPS for 2025-2027 are 1.40 yuan, 1.67 yuan, and 2.01 yuan, with corresponding P/E ratios of 31x, 26x, and 22x [11]

Core Viewpoint - The company is focusing on enhancing its core business segments, particularly in the fields of mental rehabilitation, pelvic floor rehabilitation, neurological rehabilitation, and medical aesthetics, aiming for growth and market share expansion in 2025 [2][3][4][5]. Business Segment Overview - **Mental Rehabilitation**: The company plans to leverage the MagNeuro ONE series products to increase market share and solidify its leading position in non-invasive neuroregulation [2]. - **Pelvic Floor Rehabilitation**: The company anticipates a stabilization in this segment through product iteration and transformation, with the high-frequency electrosurgical device becoming a new growth point [2]. - **Neurological Rehabilitation**: The company sees potential for growth due to low market share and plans to expand product categories and marketing efforts to enhance business scale [2]. - **Medical Aesthetics**: The company aims to enter the mainstream skin management market in 2025, focusing on a product matrix that includes skin, body, and intimate health solutions [2][4]. Policy Impact - The recent issuance of guidelines by the National Medical Insurance Administration for pricing in the neurotechnology sector is expected to support the company's investments in brain-computer interface technologies [3]. Women's Health Initiatives - The company is committed to expanding its product offerings in women's health, particularly in pelvic floor recovery, and aims to meet diverse health management needs throughout women's life cycles [4]. AI Integration - The company is actively integrating AI technologies into its product designs to enhance automation and intelligence, with applications in various therapeutic devices [7]. Rehabilitation Robotics - The company has developed a comprehensive range of rehabilitation robots that cater to various rehabilitation needs, focusing on intelligent and standardized solutions to improve recovery efficiency [8]. Silver Economy Strategy - The company is strategically positioned to benefit from the growing demand for rehabilitation services due to an aging population, with a diverse product matrix aimed at addressing the needs of elderly patients [9]. Financial Performance - The company reported a main revenue of 292 million yuan in Q3 2024, a year-on-year decrease of 12.06%, with a net profit of 78.17 million yuan, down 23.13% [14]. Market Ratings - Recent ratings from three institutions indicate a positive outlook, with two buy ratings and one hold rating, and a target price of 33.00 yuan [15]. Investment and M&A Plans - The company is exploring opportunities for external growth through mergers and acquisitions, particularly in related industry sectors, while maintaining a focus on internal growth [13].