“既当裁判又踢球”！ 新氧揽财、机构逃亡，金星执意“砸锅吃饭”？｜BUG

Core Viewpoint - The entry of the company into offline light medical beauty clinics has led to a public rift between upstream and downstream players in the medical beauty industry, revealing long-standing grievances over interests [2][3]. Financial Performance - The total revenue of SOYOUNG CLINIC reached 144 million yuan, marking a year-on-year increase of 426.1%, and has become the largest revenue source for the group [2][12]. - The company's total revenue for the second quarter was 378.7 million yuan, down 7% year-on-year, with a net loss of 36 million yuan compared to a net profit of 18.9 million yuan in the same period last year [12]. Business Strategy - The company has launched its self-operated light medical beauty chain, SOYOUNG CLINIC, with plans to expand from 33 stores to 50 by the end of 2025 [2][3]. - The management believes that self-revolution is a strength, despite facing resistance from some partner institutions [2][6]. Industry Dynamics - The transition from an online platform to a direct competitor has caused trust issues with former partners, leading to a trend of "de-SOYOUNG-ization" among medical beauty institutions [5][6]. - The company has faced accusations of "eating from both sides" by competing with its own partners, which has resulted in some partners withdrawing from collaboration [5][11]. Market Competition - The opening of new clinics has sparked conflicts with existing partners, including a major client that threatened to withdraw advertising spending if the new clinic opened nearby [4][5]. - The company has initiated a price war, offering services at significantly lower prices than competitors, which has drawn criticism from upstream suppliers [11]. Operational Insights - The company claims that its self-operated clinics and platform services are complementary rather than competitive, focusing on different market segments [6][12]. - Despite claims of separation, there are indications that the platform may still direct traffic to its own clinics, raising questions about the integrity of its operations [8][9].