The case for & against
Bull & Bear analysis
Bullish
Bull says
- ↑Aesthetic center revenue surged 305% YoY to RMB1.84 bn in Q3 2025
- ↑Plans to open 35+ new centers in 2026, targeting 50 total stores
- ↑Cash reserves of RMB942.8 mn support aggressive expansion
- ↑Low customer acquisition cost at a few hundred yuan per user
- ↑Rollout of high-margin Miracle PLLA 3.0 product boosts ARPU
- ↑25 centers profitable in Q3 with average rev of RMB182 mn each
Bear says
- ↓Q3 2025 net loss of RMB64.3 mn vs RMB20.3 mn profit in prior year
- ↓FY23 revenue growth forecast cut to ~20%, down from historical levels
- ↓Regulatory scrutiny in medical aesthetics poses operational risks
- ↓Heavy competition in tier-one cities may compress pricing and margins
- ↓Volatile consumer spending on non-essential services threatens revenue
- ↓Declining price-to-revenue and tangible book ratios reflect valuation drop
Earnings Call · Q1 2025 · Mgmt. Guidance
Updated 05-22-2026bullish
Transcript signals
Bull points
- In the first quarter, we will continue to firmly promote the full-fledged chain vertical integration strategy, accelerate the deployment of chain business in key cities, our Qingyi Mei chain brand, Xinyang Youth Clinic, The stores are located in the core shopping malls of the country's first and second-tier cities.
- Currently, we are continuously improving the density of stores in existing cities, so that consumers can easily and conveniently find our medical clinic.
- Currently, the chain business has gradually become the core growth engine of the group.
Bear points
- In the first quarter of 2025, we achieved a total income of RMB 2.97 billion, which is a net loss of RMB 3313.8 million, which is a net loss of RMB
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