(Yicai Global) May 10 -- Chinese developer Suning Universal said it will continue to increase investment in medical cosmetology while ensuring it maintains support for its real estate business.

With the release of consumer demand, the medical cosmetology sector will grow rapidly, Suning Universal said at a performance briefing yesterday, according to a report by The Paper today. The company aims to become a leader in regenerative medicine, it added.

Despite the past three years of the pandemic and the significant setback in overall global consumption, Suning Universal’s medical cosmetology business has grown steadily, according to the Nanjing-based firm.

Suning Universal’s real estate revenue tumbled 27 percent to CNY1.9 billion (USD272 million) in the 12 months ended Dec. 31 from the year before, while income from medical cosmetology rose 9.5 percent to CNY193 million (USD27.9 million). That from its hotel business fell 17.2 percent to CNY101 million.

Management did not disclose when the move toward medical cosmetology will be completed but noted that Suning Universal will set up a large, high-end research center for anti-aging and regenerative medicine in Nanjing this year.

The firm also will pen deals with exclusive clients from its real estate and hotel businesses to build high-quality local institutions to expand in the medical cosmetology sector, it added.

Suning Universal’s total revenue dropped 9 percent to CNY434 million in the first quarter from a year earlier, while net profit fell 4.4 percent to CNY127 million, its latest earnings report showed. Assets fell 1.8 percent to CNY15.1 billion (USD2.2 billion), and total liabilities amounted to CNY5.2 billion, down 7.1 percent.

Shares of Suning Universal [SHE: 000718] dipped 0.3 percent to finish at CNY3.03 (48 US cents) in Shenzhen today.

Editor: Martin Kadiev