信风自接近京东健康人士处获悉，位于北京国贸商圈万通中心一层的京东自营医美门店（下称"国贸店"）将在10月中旬正式对外营业。 这是继此前京东医美旗下首家自营门店在北京市亦庄开业后的第二家自营门店（亦庄店）。 据信风了解，国贸店是京东医美旗下首家独立门店，面积等规模都超过亦庄店。 尽管国贸店尚未开张，但京东医美已为此做了充分的准备。 京东医美在京东APP和京东医美微信小程序对自营门店上线了"300元无门槛开业礼券"的活动。 在300元无门槛礼券的活动下，京东医美不少产品的价格都十分"扛打"。例如嗨体2.5的的礼券价仅为99元，市面价格则基本在500元以上。 如此举措吸引了不少用户的参与。9月11日上线后的短短3天，用户共领券近1800张，预售成交额突破100万元，预计仍将快速增长。 另据接近京东健康人士处透露，京东医美（国贸店）正式营业第一周的服务名额已接近约满。 后续京东医美是否会有更多门店的开张，正受到期待。 京东医美门店展业迎来新进展。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状 ...

Investment Rating - Industry rating is "Outperform" [1] Core Insights - The report focuses on the transformation of the medical beauty industry, particularly the evolution of the company "Xinyang" as a pioneering medical beauty e-commerce platform aimed at bridging information gaps in the sector [2][5] - The company faced challenges due to weakened demand and increased competition from internet platforms, leading to a significant decline in GMV (Gross Merchandise Volume) by 55.4% to 1.43 billion yuan in 2022 [2][16] - However, the company is exploring new avenues through supply chain integration and the establishment of "Xinyang Youth Clinics," which have shown promising growth in revenue [2][35] Summary by Sections Xinyang - The First Medical Beauty E-commerce Platform - Xinyang was founded in 2013 to address information asymmetry in the medical beauty market, achieving a monthly active user base of 8.5 million by 2021 [2][5] - The platform has attracted significant investment from top venture capital firms, with the founders and major shareholders holding a combined 58.9% stake as of February 2025 [2][7] Pressure and Adversity: Weak Demand and E-commerce Diversion - The company experienced a decline in performance due to offline consumption fatigue and increased competition from platforms like Meituan and Dazhongdianping, leading to a projected revenue drop to 1.47 billion yuan in 2024 [2][19] - The first quarter of 2025 saw a revenue decrease of 6.6% to 300 million yuan, with a net loss of 33 million yuan [2][22] Reversal and Breakthrough: Supply Chain and Service Exploration - Xinyang is expanding into the upstream medical device sector and has launched the "Xinyang Youth Clinics" brand, with 32 locations established across nine cities by July 2025 [2][35][38] - The revenue from treatment services reached 98.83 million yuan in Q1 2025, marking a year-on-year increase of 551.4% [2][35] Financial Performance - The company reported total cash of 1.02 billion yuan as of Q1 2025, with goodwill impairment risks cleared [2][26] - The revenue and profit trends indicate a challenging environment, with a projected revenue of 1.47 billion yuan in 2024 and a net loss of 590 million yuan [2][19][22] Supply Chain Developments - Xinyang has made strategic acquisitions and partnerships to enhance its supply chain, including a 790 million yuan acquisition of a laser company and exclusive distribution agreements for high-end hyaluronic acid products [2][32][33] Clinic Expansion and Service Offerings - The "Xinyang Youth Clinics" focus on light medical beauty services, with a strong emphasis on standardized service delivery and efficient management [2][41][44] - The clinics have demonstrated strong profitability metrics, with a monthly average revenue of nearly 5 million yuan and a profit margin of 17% [2][44]