公司曾于2023年启动IPO辅导，彼时辅导机构为东方证券。 蒂螺医疗由董事长金义霖直接持有33.21%的股份，并通过舟山美目夙瞳股权投资合伙企业(有限合伙)间 接持有0.07%的股份，合计持有33.27%的股份，为公司控股股东。 | 辅导对象 | 上海蒂螺医疗器械股份有限公司 | | --- | --- | | 成立日期 | 2017年7月3日 | | 注册资本 | 法定代表人 金义霖 4,426.6106 万元 | | 注册地址 | 上海市宝山区富联一路 98号 1 幢 6 楼 6 层 601 室 | | 控股股东 | 金义霖直接持有 33.21%的股份,并通过舟山美目夙瞳股权投资合 | | 及持股比 | 伙企业(有限合伙)间接持有0.07%的股份,合计持有 33.27%的股 | | 例 | 份,为公司控股股东 | | 行业分类 | 在其他交易场 所(申请)挂 C35 专业设备制造业 无 | | | 摩或上市的情 | | | 况 | | 各 注 | 不适用 | 瑞财经 严明会 11月11日，上海蒂螺医疗器械股份有限公司（以下简称"蒂螺医疗"）在上海证监局完成 IPO辅导备案登记，辅导机构中信证券。 蒂螺医疗 ...

"长与短"周期变革，"快与慢"时效重构，"热与冷"业态碰撞—— "双11"三重奏，解读消费新变局 □ 南京日报/紫金山新闻记者 黄琳燕 11月12日中午，家住秦淮区的张悦从小区快递站点取回一个快递。"昨天晚上在直播间刚下单的，今天 上午就送到了，今年'双11'物流太快了。"张悦笑言，"双11"的战线越拉越长，收货时间却越来越短，明 显感觉到效率的提高。 2025年，"双11"进入第17个年头，这场覆盖亿万商家和消费者的消费盛宴，正以"长与短"的周期变 革、"快与慢"的时效重构、"冷与热"的业态碰撞，勾勒出高质量消费的新图景。 长与短：周期拉长与链路缩短的效率革命 快与慢：速度升级与体验深化的双重变奏 在南京视客网络科技有限公司的物流仓内，订单确认、订单打印、拣货、集合复货、打包、装车发货， 一整套流程快而有序。"双11"峰值期间，这里日均处理订单约14万单。 "快"始终是"双11"的鲜明底色，但2025年的"快"，更蕴含着效率与体验的平衡之道。 "我们通过自主开发的系统与智能分拣设备提高效率。"公司南京物流仓经理顾海涛告诉记者，物流仓内 的美瞳按颜色和光度划分货位，实现一一对应；后续根据订单地址不同进行发货。 ...

Core Insights - The "Double 11" shopping festival has significantly boosted the e-commerce sector in Nanjing, with innovative models like live streaming e-commerce and instant retail driving consumer engagement and sales growth [1][2][4] Group 1: E-commerce Performance - Nanjing Shike Network Technology Co., Ltd. has seen a remarkable increase in sales, with a 40,000 order volume on the first day of "Double 11" and an expected threefold increase in sales compared to regular periods [2] - The company's Douyin channel sales have surged nearly four times compared to the previous year [2] - Nanjing Bole Culture Media Co., Ltd. achieved over 48 million yuan in sales on the first day of "Double 11," with total merchandise transaction volume exceeding 600 million yuan by October 30 [3] Group 2: Instant Retail Growth - Instant retail has emerged as a new growth point, with platforms like Taobao and Meituan reporting significant increases in transaction volumes during events, such as a 92% increase in Taobao's flash purchase transactions on November 1 [4][5] - The integration of online ordering with rapid delivery services has enhanced consumer shopping frequency, particularly among younger demographics [5] Group 3: Online-Offline Integration - The "Double 11" event has extended from online to offline, with retailers like JD MALL and Suning integrating their online and offline sales strategies, resulting in over 1 billion yuan in sales conversions through live streaming [6][7] - Various promotional activities have been launched across multiple channels, including special discounts and experiential events in physical stores, enhancing consumer engagement [6][7]

Core Viewpoint - The article highlights the ongoing misuse of medical insurance cards in China, where non-medical products are being fraudulently classified as medical devices to allow consumers to purchase them using their insurance funds, despite regulations prohibiting such practices [1][3][5]. Group 1: Misuse of Medical Insurance Cards - Various stores are openly promoting the ability to use medical insurance cards for purchasing everyday items like toothbrushes and skincare products, which are not intended for medical use [3][7]. - Consumers have reported finding guides online that instruct them on how to exploit their insurance cards for non-medical purchases [3][7]. - The Chinese Social Insurance Law explicitly states that medical insurance funds should only be used for medical-related expenses, yet violations continue to occur [5]. Group 2: Specific Examples of Misclassification - In multiple pharmacies, items such as dental cleaning devices and "medical toothbrushes" are sold, which are essentially regular products but labeled differently to qualify for insurance payments [9][10]. - A pharmacy in Chengdu allowed the purchase of contact lenses labeled as medical devices, despite official confirmation that they should not be eligible for insurance payment [12][14]. - Products like sunscreen sleeves and masks are being marketed as "medical isolation pads" to enable insurance payment, despite their actual use being for sun protection [22][23][33]. Group 3: Company Practices and Financial Implications - Companies are taking advantage of the loophole by branding everyday items as medical devices, thus increasing their market share and profits, with one company reporting a contract worth 90 million yuan for such products [29][31]. - The practice of selling "medical skincare products" in pharmacies is prevalent, with companies reporting significant sales figures, indicating that a large portion of their revenue comes from insurance payments [37][45][53]. - In one case, a company revealed that approximately 60% of its sales in a specific region were made using medical insurance cards, amounting to around 6 million yuan being drawn from consumer insurance funds [53].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to insufficient consumer spending [1] Financial Performance - Revenue for 1H25 was 870 million yuan, a year-on-year decrease of 1.42% - Net profit attributable to shareholders was 250 million yuan, down 29.97%, with diluted earnings per share at 0.28 yuan - Non-recurring net profit was 216 million yuan, a decline of 23.60%, slightly below expectations due to overall weak consumer sentiment [1] Product Segment Performance - The growth in product segments was slightly below expectations, with hopes for recovery in 2H25 - Rigid contact lenses generated 360 million yuan in revenue, down 4.58% year-on-year, affected by overall consumer sentiment and increased market share of lower-priced myopia prevention products - Care products revenue was 110 million yuan, down 6.89%, due to promotional activities impacting sales - Revenue from ordinary frames and other optical products and services was 190 million yuan, up 16.18%, driven by increased income from functional frames and non-medical technical services - Medical services revenue was 170 million yuan, down 9.20%, due to decreased income from medical institutions, including the cessation of atropine sales at the headquarters hospital since the second half of 2024 [2] Service Development and New Products - The medical service segment continues to develop, with the company promoting a community-based professional optical service system, establishing over 490 optical service terminals by the end of 2024 - The revenue from controlled optical terminals exceeded half of the company's total business revenue, although growth is currently under pressure due to the overall market conditions for OK lenses - The company launched new generation contact lenses using high oxygen permeability materials, which are expected to contribute to revenue growth - The acquisition of Jiangsu Duozhi aims to enter the colored contact lens market, leveraging its strong sales channels [3] Profitability and Margin Analysis - The gross margin for core business in 1H25 was 34.2%, down 6.9 percentage points year-on-year - The net profit margin attributable to shareholders was 28.7%, down 11.7 percentage points year-on-year - The non-recurring net profit margin was 24.8%, down 7.2 percentage points year-on-year - The significant decline in net profit is attributed to lower gross margins from newly consolidated subsidiaries and a notable increase in selling and administrative expenses [3] Earnings Forecast and Valuation - The company has adjusted its EPS forecasts for 2025 and 2026 down by 12.3% and 8.9% to 0.61 yuan and 0.68 yuan, respectively - The current stock price corresponds to a P/E ratio of 31.6 for 2025 and 28.6 for 2026 - The target price is maintained at 19.2 yuan, corresponding to a P/E of 31.3 for 2025 and 28.4 for 2026, which is in line with the current stock price [4]

Core Insights - The rise of emotional consumption is becoming a new growth driver in the economy, with trends like blind boxes, healing economy, AI companionship, and self-indulgent consumption gaining traction among Generation Z consumers [1] - The Cosplay economy, as part of the broader emotional economy, is emerging as a significant force, driven by a well-defined "dream-making industry chain" that includes costume customization, photography services, event activities, and IP derivatives [3][9] Market Overview - There are approximately 10 million Cosplay enthusiasts globally, with China being one of the largest markets for the subculture, projected to reach a market size of about 597.7 billion yuan in 2024 [3][9] - The user base for the broader subculture exceeds 500 million, with 85% of users being from Generation Z (ages 18-34) [3] Consumer Behavior - Over 70% of Cosplayers report that role-playing helps them relieve real-life stress, indicating a strong emotional connection to the practice [4] - The average annual spending on Cosplay per user is around $480, with total spending in 2023 reaching $4.8 billion [6][9] Industry Dynamics - The production model for Cosplay costumes has shifted from handmade to industrialized production, significantly increasing production speed and cost-effectiveness [9][11] - The market for Cosplay costumes is expected to grow from $4.75 billion in 2024 to $8.65 billion by 2029 [9] Competitive Landscape - The number of Cosplay costume shops has increased significantly, leading to intensified competition and a reduction in profit margins, with industry gross margins dropping from 50% five years ago to around 10% today [12] - The core consumer demographic remains concentrated among students aged 15-25, who have high expectations for product quality and aesthetics while being price-sensitive [12] Trends and Innovations - There is a notable shift in consumer preferences towards game-related IP products, which now account for 80% of sales in some companies, reflecting a growing interest in emotional value [13] - The industry is witnessing a diversification in design influenced by domestic cultural trends, moving beyond traditional Japanese styles to incorporate elements of Chinese culture [11] Professional Services - The rise of specialized roles such as makeup artists, photographers, and prop makers has lowered the entry barrier for new participants in the Cosplay community, making it more mainstream [14] - The demand for high-quality wigs and makeup products is increasing, with consumers seeking more personalized and diverse options [24][31] Challenges - The industry faces challenges such as price wars and a lack of standardized practices, leading to concerns over quality and consumer trust [12][24] - The proliferation of low-cost service providers has created a competitive environment that may compromise service quality and professional standards [23][43]

Core Insights - The beauty contact lens industry in China is rapidly growing, driven by the aesthetics economy and cultural tourism consumption, with the market expected to exceed 28 billion yuan by 2025, reflecting a compound annual growth rate of 15% and an increase in penetration from 10% to 30% [1][8]. Market Expansion and Category Upgrade - The market is expanding rapidly, with Generation Z (ages 18-35) contributing 76% of the consumption, and male users growing at a rate of 25%. The lower-tier markets (third and fourth-tier cities) are experiencing growth rates exceeding 20%, becoming new growth drivers [3]. - The daily disposable contact lens market share is projected to rise from 35% in 2021 to 52% in 2025, favored for its hygiene and convenience. Colored lenses account for over 60% of the market, with natural colors (brown/gray) being mainstream and personalized colors (blue/green) growing at 40% [3]. Consumer Demand Insights - Young women (92% of consumers) are the primary consumer group, including students, cosplayers, and young professionals. The demand for "atmospheric beauty lenses" has surged, with sales increasing by 30% in scenarios like concerts and music festivals [4]. - 40% of consumers choose daily disposables for health reasons, and silicone hydrogel materials (with a 50% increase in oxygen permeability) have become standard for mid-to-high-end products. Beauty lenses are viewed as "confidence tools," significantly enhancing community belonging in events like comic conventions [4]. Brand Competition Landscape - Domestic brands like KelaLa (top seller online) and MOODY are emerging through IP collaborations and social media marketing. For instance, the KelaLa x LOOPY collaboration sold out on the first day, achieving a 200% return on investment [5]. - International brands such as Johnson & Johnson and Bausch + Lomb maintain their market share through premiumization and technological barriers, with silicone hydrogel daily disposable products priced at a 150% premium, holding a 35% market share in first- and second-tier cities [6]. Channel and Marketing Innovation - The online sales channel accounts for 65% of total sales, with Douyin's "beauty lens reviews" videos garnering over 5 billion views. Live-streaming sales contribute 42% of total sales, and private traffic has a repurchase rate of 58%, significantly higher than traditional e-commerce [7]. - Offline experiences are being upgraded, with "smart fitting stores" opening in first- and second-tier cities, utilizing AR technology for virtual try-ons, resulting in a 30% increase in conversion rates [7]. - Content marketing strategies on platforms like Xiaohongshu focus on "review recommendations," while Douyin relies on narrative integration (e.g., "beauty lens transformation challenges"), achieving a 60% increase in interaction rates. Cross-industry collaborations with fashion brands (e.g., LOEWE) and virtual idols (e.g., AYAYI) are emerging trends, enhancing brand youthfulness by 40% [7]. Technology-Driven Future - Brands are continuously exploring new materials and functionalities, such as KelaLa's hyaluronic acid moisturizing lenses and MOODY's silicone hydrogel series, addressing the "dryness" issue reported by 42.1% of users [8]. - The beauty lens market is expected to show significant expansion and upgrade trends by 2025, with consumer demand shifting from mere aesthetics to multidimensional drivers, and brand dynamics continuously reshaping [8].

Core Viewpoint - The increasing prevalence of myopia in China is driving a significant rise in the demand for myopia surgery, particularly among the youth, with a notable peak in surgeries during the summer months following the national college entrance examination [1][13]. Group 1: Market Trends - The myopia surgery market is experiencing robust growth, with a reported 1.5 surgeries per 1,000 people in China, and the average age of patients is around 24.7 years, predominantly under 20 years old [13][15]. - The market for myopia treatment has evolved beyond traditional eyewear, with myopia surgery becoming a prominent option among consumers [7][16]. - The myopia surgery market is characterized by a trend towards "quality consumption," with common procedures including corneal laser surgery and implantable contact lenses, priced between 15,000 to 30,000 yuan [15][16]. Group 2: Industry Dynamics - The demand for myopia surgery has attracted significant investment, leading to a proliferation of eye care institutions, including both chain brands and independent clinics [17][20]. - Aier Eye Hospital, a leading private eye care chain, has expanded its network from 71 to 974 facilities over nine years, highlighting the rapid growth in the sector [19]. - Other emerging players, such as Huaxia Eye Hospital and Puri Eye Hospital, are also expanding through financing and mergers, with Huaxia's assets increasing from 953 million yuan to 3.872 billion yuan from 2021 to 2024 [19]. Group 3: Service Diversification - Eye care institutions are diversifying their services to include comprehensive eye health management, from prevention to treatment and rehabilitation, thus providing consumers with more choices [22]. - Traditional eyewear retailers are also entering the myopia treatment market, leveraging their existing sales channels to offer myopia prevention and vision correction services [20]. Group 4: Challenges and Regulatory Issues - Despite the growth, the industry faces challenges, including the prevalence of misleading marketing practices and the sale of unapproved products, which can mislead consumers about the safety and effectiveness of myopia treatments [25][27][28]. - Regulatory bodies are increasingly focusing on combating false advertising in the myopia treatment sector, particularly concerning claims of "curing" myopia [28].

Group 1 - The core phenomenon of "breaking the wall" in the ACG culture indicates that the subculture of Cosplay has grown into a mainstream cultural trend with significant growth potential, evidenced by approximately 10 million Cosplay enthusiasts globally and a spending of $4.8 billion in 2023, averaging $480 per user annually [1] Group 2 - The Cosplay commercial ecosystem is driven by IP, with upstream content creation from ACG, midstream productization including costumes and accessories, and downstream consumer engagement primarily from the 18-30 age demographic, who are increasingly turning their hobby into a profession [2][3] Group 3 - The global market for Cosplay costumes is projected to grow from $4.75 billion in 2024 to $8.65 billion by 2029, with a production model that favors semi-customization due to the complexity of character designs [4][5] Group 4 - The market for beauty contact lenses and wigs, while smaller than costumes, shows a trend towards refined consumption, with significant user loyalty and a growing market share for domestic brands [6][7][8] Group 5 - Brands have opportunities to penetrate the Cosplay market through IP collaborations and by embedding themselves in cultural scenes, focusing on the expressive motivations of consumers rather than just product needs [10][11]