新氧要做医美界的“山姆”

Core Viewpoint - The company is undergoing a significant business transformation, shifting focus from an online medical beauty platform to a chain of physical clinics, while also extending upstream in the industry chain [2][3]. Financial Performance - In 2024, the company's total revenue is projected to be 1.47 billion yuan, a year-on-year decrease of 2.1%, with core business revenue from information and appointment services dropping 19.3% to 930 million yuan [2]. - The chain business, however, has shown remarkable growth, achieving revenue of 170 million yuan, a year-on-year increase of over 1200% [2]. Business Strategy - The CEO indicated that the transformation was necessary due to the increasing competition from larger platforms like Meituan and Alibaba, which have a competitive edge in online traffic [2]. - The company aims to establish itself as the largest offline brand in the domestic medical beauty industry, with plans to expand from 25 to 50 clinics by the end of the year and ultimately to 1000 clinics in the long term [3]. Market Positioning - The new clinics, named "Xinyang Youth Clinics," focus on "light medical beauty" services, offering high-quality, low-cost treatments without the need for surgical procedures [8][10]. - The clinics operate on a model that avoids traditional practices like membership cards and prepayments, aiming to maximize profit margins through self-operated services [10]. Competitive Landscape - The company faces challenges from existing medical beauty institutions, which view its entry into the physical clinic space as a threat to their business [5][6]. - Despite some backlash, many institutions have chosen to continue their partnerships with the company, indicating a recognition of the potential for market expansion [6]. Future Outlook - The company has invested significantly in upstream operations, including acquiring stakes in medical device companies and establishing its own production facilities for beauty products [8][9]. - The CEO believes that the medical beauty market in China is still growing, with the potential for the company to capture a larger market share despite current financial pressures [12][14].