以下文章来源于Tech星球 ，作者张宁洢 Tech星球 . Tech星球，聚焦互联网前沿科技和新商业。 来源 | Tech星球 8月15日，新氧第二季度财报披露当天，其股价暴跌22.73%。 这是一份不及预期的财报——2025年Q2，新氧总营收3.79亿元，同比下滑7.0%；净亏损3600万元，而2024年同期则为净利润1890万元； 2025年Q2总成本为1.846 亿元，较上年同期的1.551亿元增长19.0%。 亏损扩大的背后，是新氧的业务变化。 2024年11月，新氧宣布正式推出自营的轻医美连锁——SOYOUNG CLINIC 新氧青春诊所。据36氪报道，截止2025年8月，新氧青春诊所门 店数量已达33家，预计年底将达到50家规模。 在线上平台业务被美团、抖音等众多互联网巨头围剿的情况下，"互联网医美第一股"新氧面临着严重的生存危机。由于线上业务收入下滑， 从2021年开始，新氧业绩持续波动，在2024年亏损明显扩大。甚至在2022年，新氧的美国存托股票连续30个交易日收盘价低于每股1美元， 遭遇退市危机。 因此，新氧不得不寻找新的出路，原本的医美界"大众点评"凭借天然优势开启了自营的线下连锁医美机 ...

行 业 研 究 华福证券 "小确幸"消费趋势解读—新消费专题 投资要点： 什么是新消费？——小确幸消费趋势 行 业 定 期 报 告 量价角度的思考：1）量：细分群体扩散，消费行为学习→新消费 不依赖经济增长β，有独立消费趋势，不依赖总量需求增长，而是小 部分群体的消费行为扩散。2）价：新消费不一定具备性价比但有情绪 价值，毛利率相对高，受主力消费人口消费习惯的代际变化影响，从 省吃俭用配置重资产变为高频"小确幸"型消费。 文旅：长白山暑期 7 月客流数据实现高增，持续关注下半年"海 南封关"主题。 2025 年 7 月，长白山主景区共接待游客 81.02 万人次，同比增长 37.8%，为历年 7 月份单月接待游客数量之最，也突破历年来单月接待 游客数量之最，创单月历史新高，长白山避暑游+盗墓笔记周年庆概念 有望带动三季度业绩高兑现。同时建议关注海南封关相关信息对于海 南离岛免税板块的催化。近期官宣 2025 年 12 月 18 日海南自贸港将正 式启动封关运作，封关后预计总计 85 个国家的人员可免签入境海南， 海南离岛免税整体用户基数大幅增长，有望加强业绩兑现能力。 潮玩：近期政策聚焦消费刺激和行业规范，短 ...

新氧 20250822 摘要 轻医美行业正经历从依赖高价项目和知名医生向标准化、高性价比服务 的转变，新氧专注于皮肤科领域，布局小型门店，以适应消费者对产品 成分和价格透明度的需求。 医美上游产品市场竞争加剧，国内三类证发放数量激增，预计到 2026 年，更多公司将推出替代产品，打破少数高价产品的垄断，市场将走向 规模化。 传统医美机构营销成本高企，利润率受限。新氧通过控制营销成本、优 化供应链和自有产品，旨在提高利润空间，并探索医生自营小型诊所模 式。 轻医美行业连锁化率有望提升，但需提供标准化治疗和高性价比服务。 新氧通过降低成本，实现硬折扣模式，以保持利润空间并提供高性价比 服务。 连锁诊所经营效率受规模、密度和效率三个维度影响。新氧采取兼顾广 度与深度的策略，在重点城市进行高密度布局，以凸显连锁优势，提升 整体平效。 Q&A 国内医美市场在过去几年发展迅速，但产业链结构上仍偏向卖方市场，连锁化 率较低。新氧如何看待医美连锁业务发展的难点和痛点？公司将如何发挥优势 解决这些问题并实现增长？ 中国医美行业从商业化开始至今已有约 30 年的历史。早期的医美主要集中在 整形手术，核心诉求是改变外貌，这类项目具 ...

乐普医疗 20250823 摘要 乐普医疗预计 2025 年全年利润为 10-11 亿元，与多家研究机构预测一 致，公司对实现此目标充满信心。2026 年预计整体增长 10%，主要由 创新药品和新产品驱动，传统业务保持稳定。 公司未来战略重点是维持基础业务稳定，并在医美、创新药品及新型器 械三大板块实现突破。医美板块被视为最具潜力的增长点，已获得多个 产品注册证，并计划推出更多产品。 医美板块已布局童颜针、水光针等产品，计划推出 PDRN 注射针和热玛 吉设备及耗材，预计未来三年内营收可达 20-30 亿元，利润 7-10 亿元， 通过多渠道覆盖市场。 创新药品方面，重组肉毒素已进入一期临床，同时布局其他皮肤科制剂 线。明维主要围绕减肥、降脂、降糖和降血压等代谢疾病进行产品线布 局，GLP-1 药物 109 表现出色。 公司正在推进脑机接口与神经调控技术的发展，包括 CCM、中风后瘫痪、 癫痫、尿失禁等多种适应症，通过无创与有创两条路径推进主动神经调 控技术的发展。 Q&A 乐普医疗 2025 年上半年业绩表现如何？ 2025 年上半年，乐普医疗的收入和利润基本持平，二季度利润同比大幅修复。 公司在经历了前几 ...

Summary of the Conference Call for Xinyang Company Overview - **Company**: Xinyang - **Industry**: Medical Aesthetics Key Points and Arguments Financial Performance - In Q2, Xinyang recorded 67,000 service transactions and 155,000 treatment projects, with over 100,000 active users, indicating strong user engagement [2][3] - Despite an increase in net profit loss, revenue from the chain business grew by 46% quarter-over-quarter, reflecting improved operational efficiency [2][5] - The net profit loss in Q2 was primarily due to overspending in upstream and platform operations, with a total operational loss of approximately 3 million yuan more than Q1 [5] Business Strategy - Xinyang's strategy focuses on expanding its chain business in major cities while optimizing operational costs and improving efficiency [4][13] - The company plans to streamline its POP business and reduce SKUs to enhance consumer decision-making in selecting medical aesthetic institutions [20] - Xinyang aims to maintain a balance between short-term capital investment and long-term strategy by controlling costs and ensuring the chain business achieves profitability [5][23] Market Position and User Demographics - The core target demographic for Xinyang is middle-class middle-aged women, primarily seeking light medical aesthetic anti-aging services [2][8] - The company is exploring new service categories, such as nutritional drip projects, leveraging its existing user base to minimize marketing costs [8] Competitive Advantage - Xinyang employs a high-low product strategy, offering both proprietary and mainstream market products to build consumer trust and gradually shift users to its own products [9][10] - The company has successfully positioned its products, such as Fortinasti, as cost-effective alternatives to mainstream offerings [10] Growth Potential - Despite Q3 typically being a slow season for the medical aesthetics industry, Xinyang's chain business continues to show high growth, primarily driven by existing stores [11] - The company is focused on increasing the proportion of core hero products in its service offerings, which currently stands at over 30% [5] Supply Chain and Product Development - Xinyang has signed contracts with new upstream suppliers to significantly reduce product procurement costs, enhancing gross margins [7] - The company anticipates that self-developed products, such as the three-category water light and future products, will further reduce costs and increase profit margins [7] Expansion Strategy - Xinyang's expansion strategy in first-tier cities involves increasing store density in key shopping areas to lower customer acquisition and operational costs [4][13] - The company plans to adopt a saturation attack strategy in second-tier cities, expanding its presence to enhance operational advantages and brand effect [16] Operational Efficiency - The operational model of Xinyang differs from traditional medical aesthetic institutions, relying on a strong central management system to streamline operations across multiple locations [19] - The company expects mature stores in first-tier cities to achieve monthly revenue of 7,000 yuan per square meter, with potential for higher performance in select locations [24][27] Future Outlook - Xinyang's cash reserves are currently sufficient to support future expansion without immediate plans for refinancing [23] - The company is optimistic about further improving revenue per square meter through flexible pricing strategies and new product launches [27] Additional Important Insights - The medical aesthetics industry allows for premium pricing as customer willingness to pay for quality treatments remains high [3][6] - Xinyang's focus on user retention and satisfaction metrics, such as repurchase rates and active user counts, is critical for long-term success [3][5]

Core Viewpoint - The beauty business, particularly in the medical aesthetics sector, is facing significant challenges, as evidenced by the declining performance of major players like Aimeike, which reported substantial drops in revenue and profit in the first half of 2025 [1][6]. Financial Performance - Aimeike's revenue for the first half of 2025 was 1.299 billion yuan, a year-on-year decrease of 21.59% [1] - The net profit attributable to shareholders was 789 million yuan, down 29.57% year-on-year [1] - The net profit after deducting non-recurring items was 722 million yuan, a decline of 33.7% [1] - Operating cash flow net amount was 655 million yuan, a significant drop of 43.06% [1] - In Q2 alone, revenue fell by 25.11% and net profit dropped by 41.75% year-on-year [1] Inventory and Receivables - Aimeike's accounts receivable reached a historical high of 213 million yuan by the end of June, an increase of 26.79% from the end of the previous year [1][5] - Inventory also hit a record high of 82 million yuan by the end of June [3] - The simultaneous rise in accounts receivable and inventory indicates challenges in product sales and suggests that the company's performance has not yet bottomed out [5] Industry Context - The entire medical aesthetics industry is experiencing a downturn, with competitors like Huaxi Biological also reporting significant declines, including a 58.13% drop in net profit in Q1 [6] Strategic Acquisitions - Aimeike announced the acquisition of 85% of South Korean REGEN for $190 million, aiming to expand its product offerings with "童颜针" (youthful needle) products [7][8] - REGEN is recognized for its AestheFill and PowerFill products, which are expected to complement Aimeike's existing product matrix [8] Legal Challenges - Following the acquisition, REGEN faced legal issues with a previous distributor, 达透医疗, which is seeking 1.6 billion yuan in damages due to alleged breaches of contract [11][13] - If the arbitration favors 达透医疗, Aimeike's cash reserves could drop below 1.5 billion yuan [13] Research and Development - Despite the declining performance, Aimeike increased its R&D investment to 1.566 billion yuan, a year-on-year increase of 24.47%, marking a record high for the period [14] - Ongoing projects include traditional medical aesthetic products as well as new weight loss and hair regeneration products [15] Market Expansion Efforts - In response to the industry's downturn, Aimeike is actively seeking to expand into new markets [16]

Core Viewpoint - Aimeike (300896.SZ), one of the "three swordsmen" in the medical beauty industry, is facing its most severe performance downturn since its listing, with a significant decline in revenue and net profit in the first half of 2025 [4][5]. Financial Performance - In the first half of 2025, Aimeike reported revenue of 1.299 billion CNY, a year-on-year decrease of 21.59%, and a net profit of 789 million CNY, down 29.57% year-on-year, marking the first negative growth since its A-share debut in September 2020 [4][5]. - The company's revenue growth has slowed significantly, with growth rates dropping from over 100% in previous years to single digits in 2024, and further declines in 2025 [8]. Product Performance - Aimeike's two main product lines experienced substantial declines in revenue in the first half of 2025: the solution injection products generated 744 million CNY, down 23.79%, while gel injection products brought in 493 million CNY, down 23.99% [8][9]. - The competitive landscape has intensified, particularly for the "Haitai" and "Ruhua Tianzi" products, as new entrants have disrupted previously profitable markets [10]. Market Dynamics - The medical beauty industry is undergoing a transformation, shifting from rapid expansion to a focus on quality and effectiveness, with increased competition and a slowdown in overall market growth [4][12]. - The market size of China's medical beauty industry grew from 993 billion CNY in 2017 to 1.892 trillion CNY in 2021, but the high-growth phase is fading as the market matures [13]. Strategic Moves - Aimeike has made a strategic acquisition of REGEN Biotech to enhance its portfolio in regenerative injection products, but is currently embroiled in a dispute over distribution rights for key products [5][11]. - The company is also expanding into new product areas, including botulinum toxin and weight management injections, to adapt to changing market demands [14][15].

Core Viewpoint - Aimeike, a leading player in the medical aesthetics industry, is facing significant challenges with its performance, reporting a decline in revenue and net profit for the first half of 2025 [1][2]. Financial Performance - Aimeike reported a revenue of 1.299 billion yuan, a year-on-year decrease of 21.59% [2]. - The net profit attributable to shareholders was 789 million yuan, down 29.57% year-on-year [2]. - Basic earnings per share decreased to 2.62 yuan, reflecting a 29.57% decline [2]. - The net cash flow from operating activities was 655 million yuan, down 43.06% year-on-year [2]. - The company announced a cash dividend plan, proposing to distribute 12 yuan per 10 shares, totaling approximately 362 million yuan, which accounts for 45.9% of net profit [2]. Product Performance - Aimeike's core products, including the "Hi Body" solution and "Ru White Angel" gel, have shown weak performance, with revenue from solution injection products declining by 23.79% to 744 million yuan and gel injection products down 23.99% to 493 million yuan [3][4]. Industry Context - The company attributes its poor product performance to intensified competition and industry transformation, with an increase in medical beauty product registrations leading to a more competitive landscape [4]. - The market is experiencing a clear division between high-end and mass-market segments, with new materials for injection products gaining attention [4]. - UBS has downgraded Aimeike's profit forecasts for 2025-2027 by 10% to 16% due to expectations of underperformance in 2024 and ongoing macroeconomic uncertainties [4]. Strategic Moves - Aimeike has made strategic moves, including acquiring 85% of South Korean REGEN for 190 million USD to gain production rights for "Youthful Needle" [5]. - The acquisition aims to alleviate production capacity constraints and enhance the product matrix with REGEN's offerings [5]. - The company is also expanding its product diversity by developing weight loss products, with clinical trials underway for semaglutide and deoxycholic acid injection products [5].

Core Viewpoint - The medical aesthetics industry is undergoing a critical transformation from scale expansion to quality deepening, with the company Aimeike facing significant performance challenges since its IPO, reporting a 21.6% year-on-year decline in revenue and a 29.6% drop in net profit attributable to shareholders in the first half of 2025 [1] Financial Performance - Revenue for the first half of 2025 was 1.29918 billion yuan, a decrease of 21.59% year-on-year [5] - Net profit attributable to shareholders was 789.46 million yuan, down 29.57% year-on-year [5] - Gross margin remained high at 93.43%, with solution products at 93.15% and gel products at 97.75% [5] - Operating cash flow net amount was 654.88 million yuan, a decline of 43.06% year-on-year [5] Product Line Performance - Major product lines experienced significant shrinkage: revenue from solution injection products was 744 million yuan, down 23.79% year-on-year; revenue from gel injection products was 493.27 million yuan, down 23.99% year-on-year [3][5] - Despite revenue declines, the company maintained high gross margins, indicating strong pricing power and cost control [3] Industry Environment - The overall growth rate of the medical aesthetics market in China is slowing, with a need for new growth drivers [3] - Increased competition due to a rise in approved medical aesthetic injection products by the National Medical Products Administration [3] Research and Development - R&D investment increased by 24.47% to 156.55 million yuan, accounting for 12.05% of revenue [4][5] - The company completed 22 patent applications and has several important products in registration or clinical trial stages [4] - The company has submitted a registration application for botulinum toxin, which could provide new growth opportunities upon approval [4] Strategic Moves - The company acquired 85% of South Korea's REGEN for 190 million USD, gaining production rights for the "童颜针" (youthful face needle) [4] - New product "医用含聚乙烯醇凝胶微球的交联透明质酸钠凝胶" (brand name: 嗗科拉) launched in May, expanding the product line [4] Digital Transformation - The company is accelerating its digital transformation with initiatives like "全轩课堂," which has served 29,000 certified doctors and built a resource library of 2,219 academic content items [6] - The "爱美客伙伴" customer management platform has registered 18,000 institutional users, converting offline processes to online self-service [6] Financial Health - Total assets at the end of the period were 8.76521 billion yuan, an increase of 5.09% from the beginning of the period [8] - Cash and cash equivalents amounted to 1.17472 billion yuan, providing sufficient funding for future development [8] Shareholder Returns - The company plans to distribute a cash dividend of 12 yuan for every 10 shares, with a payout ratio of 45.82%, reflecting a commitment to shareholder returns [9]

Investment Rating - The report indicates a positive outlook for the Poly-L-Lactic Acid (PLA) industry, with a projected compound annual growth rate (CAGR) of 20.4% from 2024 to 2030, suggesting strong investment potential in this sector [46][48]. Core Insights - The PLA market in China is still in its early stages, with a market size of approximately 1 billion yuan in 2021, expected to grow to 11 billion yuan by 2024 and reach 41 billion yuan by 2030 [48]. - The industry is characterized by a competitive landscape with 9 approved products and several others in development, indicating a diverse market with both domestic and imported brands [39]. - The rise of non-surgical aesthetic procedures has positioned PLA products like the "童颜针" (Youthful Needle) favorably, as they cater to a growing consumer base seeking natural anti-aging solutions [40][45]. Summary by Sections 1. Industry Overview - The PLA industry is primarily driven by the increasing demand for non-surgical aesthetic treatments, with a significant shift in consumer preferences towards natural and long-lasting results [40][45]. - The report highlights the importance of consumer education, as many potential users still confuse PLA products with traditional fillers, which may hinder market penetration [57][61]. 2. Market Dynamics - The PLA market is expected to benefit from a growing user base, particularly among the Z generation, who are becoming the main consumers of aesthetic procedures [84]. - The report notes that the market is currently dominated by domestic brands, with a focus on competitive pricing and innovative formulations [39]. 3. Competitive Landscape - The competitive landscape includes both domestic and imported brands, with a notable presence of 9 approved PLA products, each with distinct technical features and pricing strategies [33][39]. - The report outlines the pricing range for various products, indicating a clear segmentation in the market from high-end to more affordable options [34]. 4. Consumer Insights - Consumer motivations for seeking PLA treatments include personal satisfaction and social value, with safety and effectiveness being primary concerns [62][64]. - The report emphasizes the need for improved consumer understanding of PLA products, as many potential users are not fully aware of the benefits and mechanisms of action [57][61]. 5. Future Opportunities - The report identifies several growth opportunities, including the increasing penetration of aesthetic procedures among younger consumers and the potential for product innovation through technology [86][87]. - Regulatory changes are expected to enhance product quality and safety, further driving consumer trust and market growth [51][87].