数智转型提速，激活传统产业动能。数字技术与实体经济的深度融合，是新型工业化的鲜明特征，更是 推动产业转型升级的关键抓手。传统产业通过数智化改造焕发新生机，新兴产业借数智赋能加速崛起， 正形成"老树发新芽、小苗成大树"的生动格局。山东海化依托盐化工智控大模型，实现故障识别准确率 超95%、巡检效率提升50%，推动化工生产从"人工值守"向"人机协同"跨越，展现了数智转型的实践成 效。数智转型的关键在于激发企业内生动力。不少传统企业存在认知不足、成本偏高、技术薄弱等转型 难题，需多方合力破解。在政府层面，可通过政策激励、搭建对接平台、引入第三方赋能等方式，降低 企业转型门槛；在企业层面，要主动转变观念，加速向高端化、绿色化、智能化方向迈进，为产业升级 拓展新的增长空间。随着制造业数字化转型行动深入推进，智能工厂、工业互联网等载体持续扩容，数 智化正从"标杆引领"走向"规模推广"，为新型工业化插上数字化翅膀。 站在"十五五"开局起点，我们要坚持技术创新强根基，产业集聚筑优势，数智转型增动能，推动新型工 业化走深走实，为高质量发展蓄势赋能，书写中国式现代化建设新篇章。（章平周） 技术创新破局，筑牢产业升级根基。科技创新 ...

Investment Rating - The report initiates coverage with an OUTPERFORM rating for the company, with a target price of $10.10, compared to the current price of $5.87 [3][4]. Core Insights - The company is positioned in the burgeoning light medical aesthetics industry in China, benefiting from increasing consumer demand for beauty and anti-aging solutions, a diverse range of upstream products, and improving industry standards and transparency [4][5]. - Despite a significant stock price increase of 487% since mid-June, the company is expected to continue its upward trajectory due to rapid expansion and substantial growth potential [4][6]. Company Overview - The company, So-Young (SY US), is a leading medical aesthetics service group in China and the first online medical aesthetics service platform listed on NASDAQ, established in 2013 [10]. - As of January 2024, the platform has onboarded 57,464 certified institutions and 43,771 physicians, with over 630 million beauty diaries and 210 million downloads [10][11]. Market Overview - The light medical aesthetics market in China is projected to grow at a CAGR of 16.3%, reaching RMB 339 billion by 2030, driven by increased consumer awareness and a diverse product supply [5][32]. - The market remains highly fragmented, with a significant opportunity for chain institutions to increase their penetration due to the standardized nature of light medical aesthetics projects [5][41]. Competitive Advantages - The company aims to address industry pain points such as information asymmetry and high customer acquisition costs through its supply chain advantages and digital marketing capabilities [6][47]. - The rapid expansion of the company's clinics, from 1 in May 2023 to 32 by mid-2025, showcases its strong execution capabilities and ambition to reach 1,000 clinics in the next 7-8 years [6][58]. Financial Analysis and Forecast - Revenue is projected to grow from RMB 1.47 billion in 2024 to RMB 2.68 billion in 2026, with a significant increase in net profit expected in 2026 [3][4]. - The company’s traditional POP business is expected to stabilize, contributing positive cash flow, while the medical aesthetics segment is anticipated to become a new growth driver [7][12]. Valuation and Recommendations - The report employs a segmented valuation approach, assigning different P/E ratios to various business segments, resulting in a target price of $10.10 [7][4]. - The company is expected to maintain a competitive edge through its cost-effective operations and strong digital capabilities, with a projected net profit margin improvement to 20% in the future [7][78].