Aesthetic Medical International Holdings, trading as Pengai, operates a network of aesthetic medical treatment centers in China, focused on the Guangdong-Hong Kong-Macau Greater Bay Area and the Yangtze River Delta. Pengai's core business is performing aesthetic procedures — both surgical (rhinoplasty, eyelid surgery, breast augmentation, liposuction) and non-surgical (laser treatments, Botox, fillers, thread lifts) — with non-surgical treatments accounting for roughly 75% of revenue and about 96% of procedure volume. Pengai operates 9 treatment centers across 7 cities, though the business is heavily concentrated in Shenzhen, where its two flagship hospitals — Shenzhen Pengcheng Hospital and Shenzhen Pengai Hospital — together generate over 60% of revenue. Customers pay per procedure upfront, with no long-term contracts, and are funneled through "image consultants" who recommend personalized treatment plans. About 60% of active customers are repeat visitors. Customer acquisition relies on a commission-based sales team, digital marketing on platforms like Xiaohongshu and Douyin, and KOL partnerships. Pengai's cost base includes physicians and nurses, leased treatment center premises, and medical consumables and equipment — with expensive energy-based devices financed through sale-and-leaseback arrangements. Pengai's growth strategy focuses on deepening its presence in its two core regions rather than broad national expansion, building out a flagship hospital model supported by smaller satellite centers, and driving repeat visits through branded treatment packages.