四环医药(00460)尾盘涨近9%，截至发稿，涨8.7%，报1.75港元，成交额1.37亿港元。 消息面上，四环医药公布，集团旗下渼颜空间生物科技(吉林)有限公司(渼颜空间)自主研发的注射用透 明质酸钠复合溶液(商品名：冻妍)正式获得中国国家药品监督管理局颁发第三类医疗器械注册证。该产 品兼具水光针功效与动能素属性，是近年来国内首款获批的含L-肌肽的直接用于面部暂时改善皮肤干燥 和肤色暗沉的复合溶液水光针。 公告称，本次冻妍水光针的获批是继年内童颜针和少女针上市后渼颜空间的又一里程碑，使得渼颜空间 进一步构建了以合规再生材料(童颜针、少女针)与肤质管理(水光针)为双引擎的战略产品矩阵。目前， 渼颜空间已获批的产品达三十余款，在轻医美领域形成了较完整的产品布局，实现了从肤质改善到轮廓 修饰的一体化布局，进一步强化了渼颜空间在综合抗衰老解决方案的领先地位。 ...

9月23日，互联网医美平台新氧（Nasdaq：SY，股价3.72美元，市值3.69亿美元）正式推出全新一代"奇迹童颜3.0"，将童颜针价格直接拉至2999元，创下 行业历史新低。而此前，中国内地"童颜针"的市场均价普遍在万元以上。 此次价格大幅下调的背后，是新氧试图以低价策略打破医美行业长期存在的高价"恶性循环"，通过自营连锁诊所与供应链定制，推动行业从"卖方市场"转 向"大众消费"。 在新氧创始人兼CEO（首席执行官）金星看来，低价策略也是医美困境的破局关键。他直言："如果想把中国市场里的黑医美彻底打掉，那只有让整个合 规医美的价格变得能让消费者触手可及。" 不过，《每日经济新闻》记者（以下简称"每经记者"）注意到，在这一策略推出之际，新氧正面临业绩压力。今年二季度，公司整体营收同比下降7%， 净亏损3600万元，由盈转亏。新氧CFO（首席财务官）赵晖在业绩说明会上表示，业绩下滑的主要原因是订阅平台信息服务的医疗服务提供商数量减少。 新氧创始人兼CEO金星 图片来源：每经记者 李宇彤 摄 新氧尚在投入阶段的线下连锁业务，能否承担起转型后的业绩重任？低价策略又是否能支撑其颠覆行业格局的雄心？ 每经记者｜李宇彤 ...

不过，《每日经济新闻》记者（以下简称"每经记者"）注意到，在这一策略推出之际，新氧正面临业绩压力。今年二季度，公司整体营收同比下降7%，净 亏损3600万元，由盈转亏。新氧CFO（首席财务官）赵晖在业绩说明会上表示，业绩下滑的主要原因是订阅平台信息服务的医疗服务提供商数量减少。 医美市场"价格战"开打。 9月23日，互联网医美平台新氧（Nasdaq：SY，股价3.72美元，市值3.69亿美元）正式推出全新一代"奇迹童颜3.0"，将童颜针价格直接拉至2999元，创下行 业历史新低。而此前，中国内地"童颜针"的市场均价普遍在万元以上。 此次价格大幅下调的背后，是新氧试图以低价策略打破医美行业长期存在的高价"恶性循环"，通过自营连锁诊所与供应链定制，推动行业从"卖方市场"转 向"大众消费"。 在新氧创始人兼CEO（首席执行官）金星看来，低价策略也是医美困境的破局关键。他直言："如果想把中国市场里的黑医美彻底打掉，那只有让整个合规 医美的价格变得能让消费者触手可及。" 新氧创始人兼CEO金星图片来源：每经记者 李宇彤 摄 新氧尚在投入阶段的线下连锁业务，能否承担起转型后的业绩重任？低价策略又是否能支撑其颠覆行业格局的 ...

Core Insights - OPELESIS, a domestic skincare brand, completed its Pre-A round financing at the beginning of this year, with investment from Shunwei Capital, co-founded by Lei Jun and Xu Dalai [1][10] - The brand focuses on light medical beauty skincare, emphasizing technological innovation, and has a research center in Switzerland [1] Financing and Investment - The recent financing will primarily support biomedical research and innovation [3] - Shunwei Capital has invested in over 600 startups since its inception in 2011, with 38 of those companies successfully going public [9] Product Development and Technology - OPELESIS has developed NEUBLOX, a botulinum-like peptide that inhibits dynamic wrinkles with an immediate anti-wrinkle efficiency exceeding 300% compared to ordinary neuropeptides [3][4] - The company has registered 20 products, including skincare and oral health products, with a price range from 12.9 to 549 yuan [6] Market Performance - The projected GMV for OPELESIS on Douyin in 2024 is between 75 million and 100 million yuan, with current GMV ranging from 25 million to 50 million yuan [9] - The brand heavily relies on influencer live-streaming for sales, with over 80% of sales coming from this channel [9] Strategic Partnerships - Following the success of NEUBLOX, OPELESIS has formed a strategic partnership with i+Med to develop injectable biomaterials as a Class III medical device [9] Industry Trends - The light medical beauty market in China has seen a 55% increase in user scale compared to three years ago, with consumers increasingly interested in complex skincare principles [9]

编者按 根据相关数据，近几年我国"轻医美"用户规模不断增长，预计2025年将达到3105万人。用户规模的持续 增长，带动整个"轻医美"市场快速扩张，预计2026年市场规模将突破3000亿元。 "轻医美"通常指非手术类医疗美容，如部分注射、光电、生物技术等，其具有操作手段灵活、创伤小、 恢复期短、风险低等特点，但仍属于医疗行为。一些商家为降低消费者心理门槛，让消费者产生"做轻 医美"和"做美容护理"区别不大的错觉，激发消费动力，在宣传推广中强调"轻""快餐化""生活化"， 将"轻医美"医疗属性和潜在风险淡化。不仅如此，医美行为监管明确、门槛高，鼓吹"轻"化可能为无证 擅自开展医美等违法现象大开绿灯。 如何才能有效规范"轻医美"市场？记者对此展开调查。 "3天线下特训+50节线上拓展课""快速上手各类皮肤注射项目，零基础掌握核心技术""结业即可独立接 诊，月入五六万元不在话下"…… 《法治日报》记者近日调查发现，在搜索引擎或社交平台上搜索"医美学习"等关键词，就会跳出五花八 门的医疗美容类培训机构，网上有时候还会主动推送这类内容。其中不少此类机构承诺，只需短短几 天，毫无医学学习经历的"小白"也能掌握"轻医美"技 ...

漫画/高岳 编者按 通过某平台的一则医美培训广告，记者以求学者的身份联系到一家医美培训机构。该机构工作人员刘敏 （化名）介绍：2980元购买原价5980元的产品，购买产品后免费学技术，一年之内都可以免费复训进 修。 据了解，产品指的是"除皱抗衰紧致水光、胶原蛋白水光、三文鱼修复水光"等共计30支产品；技术指的 是包括"轻医美技术、线雕技术、手术全科技术、营销拓客、自体血清中胚层疗法"在内的五大"核心技 根据相关数据，近几年我国"轻医美"用户规模不断增长，预计2025年将达到3105万人。用户 规模的持续增长，带动整个"轻医美"市场快速扩张，预计2026年市场规模将突破3000亿元。 "轻医美"通常指非手术类医疗美容，如部分注射、光电、生物技术等，其具有操作手段灵 活、创伤小、恢复期短、风险低等特点，但仍属于医疗行为。一些商家为降低消费者心理门 槛，让消费者产生"做轻医美"和"做美容护理"区别不大的错觉，激发消费动力，在宣传推广 中强调"轻""快餐化""生活化"，将"轻医美"医疗属性和潜在风险淡化。不仅如此，医美行为 监管明确、门槛高，鼓吹"轻"化可能为无证擅自开展医美等违法现象大开绿灯。 如何才能有效规范"轻 ...

Summary of Medical Aesthetics Industry Conference Call Industry Overview - The medical aesthetics industry is experiencing a slowdown in overall revenue growth, with August showing a 4% increase, influenced by a rise in non-surgical procedures and price transparency leading to a significant drop in average transaction value [1][3] - The average transaction value in July decreased by 5% year-on-year to approximately 3,300 RMB, marking the lowest in recent years. Although it slightly rebounded to around 3,600 RMB in August, it remains below last year's levels [1][4] Key Insights - Major industry players such as Langzi, Yixin, and Liga are facing disappointing revenue growth, with Yixin's retail sales remaining flat in July and August, and some months even showing declines [1][6] - The decline in average transaction value is attributed to increased price transparency, a higher proportion of non-surgical light medical aesthetics projects, and price wars initiated by platforms like Xinyang, which offer low-priced services [1][7] - Medical aesthetics institutions are actively expanding their light medical aesthetics sub-brands, focusing on skin light therapy, injections, and minimally invasive procedures. These smaller stores (500-1,000 square meters) are expanding slowly (3-5 new stores per year) but are expected to be a key growth area due to lower investment and easier scalability [1][9] Operational Differences - Traditional large medical aesthetics institutions and light medical aesthetics stores differ significantly in terms of investment, size, location, revenue, and return cycles. Light medical aesthetics stores require lower initial investments (5-6 million RMB) and have shorter return periods (6 months to break even, 8-10 months to profitability) but operate at lower profit margins [1][10][11] Market Trends - The high-end imported hyaluronic acid products like Juvederm and Restylane are seeing declining sales, with institutions opting for OEM products to reduce procurement costs. Newer domestic products like Gege Needle and Bobo Needle are performing well, compensating for the price drops of traditional brands [1][4][16][17] - The overall market for regenerative collagen products is growing, with Shuyancui emerging as a new growth point, driving market development despite some traditional products experiencing declines [1][19][20] Future Outlook - The industry anticipates continued declines in average transaction value and sluggish revenue growth. However, positive customer traffic growth is expected, prompting institutions to implement more promotional activities and focus on high-margin product lines [1][8] - The medical aesthetics sector typically sees a peak in September and October, with a projected 15% year-on-year growth target for September 2025. Operators plan to boost revenue through repeat purchases and promotional activities [1][15] Product Performance - The sales performance of core products in July and August indicates a decline in high-end imported hyaluronic acid sales, while new injection products are gaining traction. For instance, the sales of the HiTi series from Aimeike dropped significantly, while new products like Gege Needle and Bobo Needle are seeing increased usage [1][18][21] - The overall growth rate for injection collagen products is around 17%, with specific products like Wei Yimei showing a remarkable 45% increase compared to the previous year [1][21] Pricing and Cost Dynamics - Upstream manufacturers have reduced ex-factory prices by approximately 20%-30%, impacting the competitive landscape and prompting institutions to adapt by switching brands to maintain competitiveness [1][26]

Core Viewpoint - The article explores the psychological and financial implications of cosmetic procedures, highlighting the shift from rational decision-making to compulsive behavior in the pursuit of beauty, and the resulting anxiety and dissatisfaction that can arise from such choices [1][19][32]. Group 1: Personal Experience with Cosmetic Procedures - The subject, Xiaoman, has been engaged in cosmetic procedures for six years, starting with a focus on her nose due to childhood trauma [3][4]. - Initially, Xiaoman was rational in her choices, carefully selecting materials and practitioners, and adhering to a budget [7][8]. - The rise of "light medical beauty" has made non-invasive procedures more popular, surpassing traditional surgical options in market value since 2022 [10]. Group 2: Psychological Impact and Behavioral Changes - Xiaoman's experience reflects a broader trend where cosmetic procedures become a coping mechanism for personal crises, leading to excessive spending and a loss of control [13][19]. - After a breakup and increased work stress, Xiaoman's rational approach deteriorated, resulting in impulsive decisions regarding cosmetic treatments, leading to significant financial expenditure [17][18]. - The article discusses the concept of "spiritual essence," suggesting that while individuals may enhance their appearance, they risk losing their unique qualities [21][23]. Group 3: Industry Dynamics and Consumer Behavior - The cosmetic industry has shifted from exploiting information asymmetry to creating a cycle of anxiety and dependency on procedures [27][34]. - Consumers are becoming more informed and discerning, often researching specific treatments and practitioners before making decisions, which has led to a decrease in prices for certain procedures [26]. - The industry's focus on enhancing beauty standards perpetuates a cycle of demand, where individuals feel compelled to continuously invest in their appearance to meet societal expectations [35][36].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - In Q2 2025, the company's beauty treatment revenue exceeded guidance, with over 70% of new customers acquired through private channels and referrals [5]. - The company reported total revenue of 378.7 million yuan, a year-on-year decrease of 7.0%, and a net loss of 36 million yuan compared to a net profit of 18.9 million yuan in the same period last year [5]. - The beauty treatment service revenue reached 144.4 million yuan, surpassing the previous guidance of 120-140 million yuan, with a year-on-year growth of 426.1% driven by the expansion of beauty centers [5]. - The company anticipates Q3 2025 beauty treatment service revenue to be between 150-170 million yuan, representing a year-on-year growth of 230.5% to 274.6% [5]. - The company plans to expand its beauty center network to 50 locations by the end of the year, with over 70% of new customers coming from private channels and referrals, resulting in a low customer acquisition cost [5]. Financial Summary - The company forecasts revenues of 1.567 billion yuan, 2.751 billion yuan, and 4.366 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7%, 76%, and 59% [7]. - The projected net profit for 2025 is a loss of 148 million yuan, followed by profits of 36 million yuan and 134 million yuan in 2026 and 2027, reflecting year-on-year growth rates of 75% and 124% [7]. - The report indicates a significant improvement in gross margin for the beauty treatment business, reaching 24.25% in Q2 2025, an increase of 5.5 percentage points quarter-on-quarter [5].

Summary of the Conference Call Industry Overview - The light medical beauty industry is transitioning from reliance on high-priced projects and well-known doctors to standardized, cost-effective services. New Oxygen focuses on dermatology and small store layouts to meet consumer demands for transparency in product ingredients and pricing [2][4][18]. - The competition in the upstream product market for medical beauty is intensifying, with a significant increase in the issuance of three types of certificates in China. It is expected that by 2026, more companies will launch alternative products, breaking the monopoly of a few high-priced products and leading to market scaling [2][6][7]. Company Strategy and Operations - Traditional medical beauty institutions face high marketing costs and limited profit margins. New Oxygen aims to improve profit margins by controlling marketing costs, optimizing the supply chain, and developing proprietary products. The company is also exploring a model of self-operated small clinics [2][8][9]. - The chain rate in the light medical beauty industry is expected to increase, but it requires the provision of standardized treatments and high cost-performance services. New Oxygen implements a hard discount model to maintain profit margins while offering cost-effective services [2][10]. - The operational efficiency of chain clinics is influenced by scale, density, and efficiency. New Oxygen adopts a strategy that balances breadth and depth, focusing on high-density layouts in key cities to highlight chain advantages and improve overall efficiency [2][11]. Market Dynamics - The Chinese medical beauty market has developed rapidly over the past few years, but the industry chain structure still leans towards a seller's market with low chain rates. New Oxygen recognizes the challenges and pain points in the development of medical beauty chains and plans to leverage its advantages to achieve growth [3][8]. - The rise of regenerative products like water light needles and botulinum toxin has increased the proportion of dermatology projects, which are characterized by high frequency, low risk, and suitability for small chain stores [4][5]. Financial Performance and Projections - Traditional medical beauty institutions have low profit margins, with some large institutions only achieving around 3% to 5%. Marketing costs account for 30% to 50%, along with 20% to 30% for product costs. New Oxygen aims to control marketing costs within 10% and reduce product costs through its supply chain [8][9][22]. - Currently, the net profit margin for New Oxygen's stores is approximately 10% to 15%. In the next two to three years, as the proportion of proprietary products increases, the company expects the net profit margin to rise to 15% or even 20% [22]. Customer Retention and Cost Management - New Oxygen's model leans towards benefiting consumers and achieving equity in medical beauty services. The company employs various strategies to enhance customer retention and meet the needs of price-sensitive consumers, including membership operations, promotional activities, and community engagement [18][19]. - The company maintains a cost advantage in customer acquisition primarily through user referrals and private domain operations, which account for nearly 70% of its customer acquisition strategy [21]. Future Outlook - The light medical beauty industry is naturally suited for chain penetration due to its high standardization. New Oxygen plans to expand its presence in key cities with high-density layouts to leverage chain advantages [10][11]. - The company is also testing different site selection strategies for new clinics, focusing on core business districts and popular shopping centers to optimize overall operational effectiveness [14][16]. Conclusion - New Oxygen is strategically positioned to capitalize on the evolving landscape of the light medical beauty industry by focusing on cost-effective services, optimizing supply chains, and enhancing customer engagement. The company's proactive approach to market dynamics and operational efficiency is expected to drive future growth and profitability [2][10][21].