70k people underwent hair transplants, with an average spending of 19k yuan; Yonghe Medical turned profitable last year.

Ask AI · How does Yonghe Medical achieve profitability through digital strategy?

21st Century Business Herald Reporter Zhu Yiyi

On the evening of March 31, “the first stock in hair transplantation” Yonghe Medical (02279.HK) released its 2025 annual report. The company achieved total revenue of 1.81B yuan for the year, a year-on-year increase of 0.2%, and net profit attributable to shareholders rose from a loss of 226.6 million yuan in 2024 to 73.56 million yuan, turning losses into profits.

Additionally, the company’s other core indicator, gross profit margin, increased by 5.9 percentage points from 60.1% in 2024 to 66.0%.

As China’s largest chain hair medical group, Yonghe Medical focuses on hair transplantation, with revenue from hair transplant services reaching 1.38B yuan in 2025, accounting for 76.1% of the company’s total revenue.

Building on its core hair transplant business, Yonghe Medical is also expanding into medical maintenance services, seeking a second growth curve. In 2025, revenue from medical maintenance services reached 409 million yuan, accounting for 22.6% of the company’s total revenue.

70k people underwent hair transplants last year, pushing “hair transplant + maintenance” dual tracks

As China’s largest chain hair medical group, by the end of 2025, Yonghe Medical operated 63 hair transplant clinics across 61 cities nationwide, including 7 Shiyunxun Hair Clinics in Shenzhen, Shanghai, and Guangzhou.

Currently, Yonghe Medical has established an integrated “hair transplant + maintenance” business matrix centered on hair transplant services and supported by medical maintenance.

Among them, hair transplant is the company’s core business and the main revenue base, with revenue of 70k yuan in 2025, accounting for 76.1% of total revenue.

The financial report also disclosed an important data point: the number of consumers undergoing hair transplant surgery increased by 19.7%, from 59.7k in 2024 to 71.4k in 2025. Meanwhile, the average spending per customer decreased from 22.3k yuan in 2024 to 19.3k yuan in 2025, highlighting cost-performance advantages.

Notably, in 2025, Yonghe Medical is particularly optimistic about female hair transplants, elevating this segment to a core strategic level. The company’s female aesthetic hair transplant brand Yonghe Fuzhichu completed upgrades of departments in 30 cities nationwide, with dedicated female treatment areas in each hospital, and specialized female medical teams providing all medical services, promoting an increase in the proportion of female patients.

Building on its core hair transplant business, Yonghe Medical is also expanding into medical maintenance services.

In 2025, revenue from medical maintenance services reached 409 million yuan, accounting for 22.6% of total revenue. The company served 79.5k consumers throughout the year, with an average spend of 5,147 yuan per person, and a repurchase rate of 27.6%.

Medical maintenance mainly caters to post-operative care needs of hair transplant clients, covering post-transplant maintenance, scalp anti-aging, follicle conditioning, and other diverse needs, becoming another key driver of the company’s performance growth.

AI empowerment accelerates digital transformation

In the financial report, Yonghe Medical emphasized its promotion of a “digital and intelligent” development strategy, leveraging AI technology to improve operational efficiency and drive growth in the hair medical field.

In terms of digital empowerment, the company’s self-developed chain medical management system “He Fan” continues to upgrade. Relying on image AI recognition technology for scalp detection, it promotes a shift from “experience-based judgment” to “data-driven” diagnosis and treatment decisions. With AI medical large language models, it enables intelligent processing of outpatient medical records, improving diagnostic efficiency and accuracy. Meanwhile, the company uses big data analysis to dynamically optimize marketing strategies, reducing hospital admission costs by 12.2% in 2025, with a significant 22.6% increase in return on investment.

（Image source: Yonghe Medical 2025 Annual Report）

In refined operations, Yonghe Medical continues to optimize its nationwide store network, focusing core resources on high-potential clinics. By the end of 2025, among the 63 hair transplant clinics operated by the company, 55 had been established for over three years, indicating mature departments. The proportion of mature clinics steadily increased, with improved single-store operational efficiency and profitability, becoming one of the key factors driving gross profit margin improvements.