日前，作为北交所重组胶原蛋白第一股的锦波生物（832982.BJ）和美团医药健康在太原官宣了合作。 这是继去年9月两家矛盾公开化后，首度向外界释放了"和解信号"。 从争议到携手的转变背后，是医美市场的供应链正在发生新变化。 事实上，锦波生物不是唯一一家与美团合作的上游医美材料商，华熙生物（688363.SH）、科医人等更 多上游的医美材料商正在加大与美团的合作。 这是医美供应链与渠道的又一次升级。 过去，上游医美材料商主要通过对接下游医美机构完成销售，与消费者的接触程度有限。 但现在上游医美材料商正借助美团走向台前。润百颜、嗨体等众多上游医美材料品牌旗舰店纷纷跻身美 团APP的"找品牌"项目下。 虽然美团模式解决了真实性背书，但当前医美行业竞争激烈，下游医美机构不得不在美团平台以低价引 流的形式获客，导致部分上游医美材料商亦在承受破价的压力。 平台、消费者、上游医美材料商、下游医美机构四方的现状能够维持多久，值得持续关注。 "握手言和"的得与失 锦波生物与美团的矛盾爆发于去年9月。 更多的变化则发生在后端。 美团正在成为不少下游中小型医美机构的供货方。即由美团成为这些机构向上游医美材料商集采的"代 理人"，进 ...

Core Insights - The medical beauty sector is becoming a strategic focus for major companies, driven by the need for medical professionalism, commercial sustainability, and social responsibility [1][3] - JD.com has entered the medical beauty market with its first self-operated clinic opening in Beijing, indicating a competitive landscape with other giants like Alibaba, Meituan, Douyin, and Tencent already involved [2][4] - The competition is centered around high-value users and high-profit scenarios, making differentiation crucial for success [3] JD.com's Strategy - JD.com has adopted a direct approach by opening self-operated clinics and has partnered with New Oxygen, a leading internet medical beauty platform, to enhance its service offerings [5][6] - The company has established direct supply chain collaborations with top manufacturers, creating a short-chain model that reduces costs by eliminating intermediaries [7] Comparison with Competitors - Meituan, while entering the market earlier, has focused on a consulting and intermediary role rather than direct operation, leveraging its local service platform for traffic [8][9] - Alibaba's strategy mirrors Meituan's, acting as an intermediary while integrating medical beauty with its consumer finance services [9][10] - ByteDance has taken a more aggressive approach by acquiring medical institutions and launching its own medical beauty services, albeit entering the market later than others [10][12] Market Dynamics - The medical beauty industry is characterized by high profit margins, with midstream institutions enjoying gross margins of 40%-55% and downstream margins reaching 60%-80% [14] - The market is projected to grow significantly, with estimates suggesting it could reach 399.8 billion yuan by 2026 and 638.2 billion yuan by 2030, reflecting a compound annual growth rate of 12.4% [14] Challenges and Considerations - Major companies face structural challenges and competition for market share, with user engagement and budget constraints becoming critical issues [13][15] - The medical beauty sector is described as a "walled city," indicating intense competition and the need for companies to establish trust and credibility in a market where mistakes can have severe consequences [18][21] - Building a trust barrier through technology and compliance is essential for companies to succeed in the medical beauty space [21][22]

Core Insights - JD Health has launched its first offline self-operated medical beauty clinic named "JD Medical Beauty (Yizhuang Store)" in Beijing, which is now integrated into the JD App's medical beauty channel and has a WeChat mini-program [2] - The second self-operated medical beauty clinic, "Guomao Store," is in preparation and is expected to open on September 30 [2] - The JD Medical Beauty flagship store on the JD App has attracted 280 followers, offering services ranging from anti-oxidation to facial treatments, with prices ranging from 99 yuan to 2439 yuan [3] Company Strategy - Unlike its expansion strategies in other sectors, JD has not introduced subsidy policies for its medical beauty services, focusing instead on cost-effective pricing to attract price-sensitive consumers [5] - Future expansion plans are in place, but specific city opening schedules have not yet been determined [5] - JD has laid the groundwork for its medical beauty business since September 2021, collaborating with New Oxygen to launch a medical beauty channel and establishing a medical beauty subsidiary in March 2025 [5] Market Context - The medical beauty market in China is rapidly growing, with a market size exceeding 500 billion yuan and a compound annual growth rate of over 20% expected by 2024 [7] - JD faces significant competition from other internet giants, such as Meituan and Alibaba, which have established their own medical beauty strategies [7] - As consumer demands for medical beauty services evolve, there is an increasing emphasis on service quality, safety, and compliance, posing challenges for JD as a latecomer in the industry [7][8]

Core Insights - JD Health has launched its first offline self-operated medical beauty clinic, "JD Medical Beauty (Yizhuang Store)," in Beijing, integrating it into the JD Medical Beauty channel [1] - The clinic aims to provide safe, effective, and transparent light medical beauty services, with extended operating hours to accommodate working professionals [1][3] Company Developments - The JD Health Checkup Center (Yizhuang Store) has been operational since July 2023 and offers various specialty outpatient services, including internal medicine, surgery, dentistry, and traditional Chinese medicine [3] - The JD Medical Beauty (Yizhuang Store) offers services such as skin whitening, water light beauty, anti-aging treatments, and wrinkle reduction, with promotional discounts available [4] Industry Context - The medical beauty market in China is projected to reach nearly 300 billion yuan by 2024, indicating significant growth potential [4] - Competitors in the medical beauty sector include Meituan, which reported a 38.5% year-on-year increase in new medical beauty institutions, and other platforms like Taobao and Douyin that are also entering the market [4]