Core Viewpoint - The medical beauty business is increasingly attracting interest from major internet companies, with JD Health opening its first offline medical beauty clinic in Beijing, marking a significant move into this competitive sector [1][4][14]. Group 1: JD Health's Medical Beauty Strategy - JD Health has established a subsidiary for medical beauty and opened its first self-operated clinic, "JD Medical Beauty (Yizhuang Store)," which is integrated into the JD APP [1][2][4]. - The second clinic, "JD Medical Beauty (Guomao Store)," is set to open on September 30, indicating a rapid expansion plan [1][15]. - The clinic currently offers limited services, focusing on light medical beauty treatments, with plans to introduce more popular products like "童颜针" in the future [15][18]. Group 2: Competitive Landscape - The competition between JD and Meituan in the medical beauty sector mirrors their rivalry in the food delivery market, with both companies vying for market share [23][24]. - Meituan has positioned itself as a platform for offline medical beauty institutions, while JD Health adopts a dual approach of self-operated clinics and third-party partnerships [26][27]. - The entry of major internet companies like JD and Xinyang into the medical beauty market is intensifying competition, particularly for smaller clinics lacking traffic sources [35][36]. Group 3: Pricing and Market Dynamics - JD Medical Beauty's pricing strategy shows that while it offers a range of services, its prices are not significantly lower than competitors, which may affect its market positioning [21][22]. - The aggressive pricing strategies employed by platforms like Meituan have led to significant price reductions in the market, creating challenges for traditional medical beauty institutions [29][30]. - The operational model of medical beauty clinics differs from traditional e-commerce, emphasizing the importance of medical professionals' skills and service quality [42][43].

Core Viewpoint - The medical beauty business is increasingly attracting attention from major internet companies, with JD Health opening its first offline self-operated medical beauty clinic in Beijing [2][4]. Company Developments - JD Health's first self-operated medical beauty clinic, named "JD Medical Beauty (Yizhuang Store)," has opened in Beijing and is integrated into the JD APP's medical beauty channel [2][8]. - A second clinic, "Guomao Store," is set to open on September 30 [3][15]. - The Yizhuang Store has been in trial operation for over two months, primarily serving JD internal employees before its public launch [10][12]. Competitive Landscape - JD Health and Meituan are competing in the medical beauty sector, with Meituan focusing on being a platform without self-operated clinics, while JD Health adopts a dual approach of self-operation and third-party clinic integration [4][20]. - The entry of internet giants like JD and Meituan is intensifying competition for customer acquisition among downstream medical beauty institutions [6][24]. Service Offerings - The Yizhuang Store offers four main light medical beauty services: skin whitening, water light beauty, wrinkle reduction, and light-based anti-aging [16]. - However, the range of specific medical beauty products available is limited, with popular items like "童颜针" (youthful needle) not yet offered [17]. Pricing Strategy - The pricing for services at JD Medical Beauty (Yizhuang Store) is primarily below 1,000 yuan, but some prices, such as for the black gold DPL facial treatment, are higher than competitors [17]. - Current prices are at internal employee rates, with potential future increases anticipated [17]. Market Dynamics - The competition has led to aggressive pricing strategies among medical beauty institutions, with some institutions resorting to significant discounts to attract customers [21]. - JD's entry into the market is seen as a challenge for smaller clinics lacking traffic sources, raising concerns about their survival in a competitive environment [24]. Industry Trends - New Oxygen, another internet platform, has also entered the offline medical beauty clinic space, having opened 30 self-operated clinics across nine cities since May 2023 [23]. - The overall trend indicates a shift towards online platforms integrating offline services, creating a more competitive landscape for traditional medical beauty institutions [20][24].