新氧 20250822 摘要 轻医美行业正经历从依赖高价项目和知名医生向标准化、高性价比服务 的转变，新氧专注于皮肤科领域，布局小型门店，以适应消费者对产品 成分和价格透明度的需求。 医美上游产品市场竞争加剧，国内三类证发放数量激增，预计到 2026 年，更多公司将推出替代产品，打破少数高价产品的垄断，市场将走向 规模化。 传统医美机构营销成本高企，利润率受限。新氧通过控制营销成本、优 化供应链和自有产品，旨在提高利润空间，并探索医生自营小型诊所模 式。 轻医美行业连锁化率有望提升，但需提供标准化治疗和高性价比服务。 新氧通过降低成本，实现硬折扣模式，以保持利润空间并提供高性价比 服务。 连锁诊所经营效率受规模、密度和效率三个维度影响。新氧采取兼顾广 度与深度的策略，在重点城市进行高密度布局，以凸显连锁优势，提升 整体平效。 Q&A 国内医美市场在过去几年发展迅速，但产业链结构上仍偏向卖方市场，连锁化 率较低。新氧如何看待医美连锁业务发展的难点和痛点？公司将如何发挥优势 解决这些问题并实现增长？ 中国医美行业从商业化开始至今已有约 30 年的历史。早期的医美主要集中在 整形手术，核心诉求是改变外貌，这类项目具 ...

Financial Data and Key Metrics Changes - Total revenue for Q2 was RMB 379 million, a decrease of 7% year over year, primarily due to a decline in medical service providers subscribing to information services [15] - Aesthetic treatment service revenues reached RMB 144 million, an increase of 426% year over year, exceeding guidance [15] - Net loss attributable to the company was RMB 36 million, compared to a net income of RMB 18.9 million in the same period last year [19] - Non-GAAP net loss was RMB 30.5 million, compared to a non-GAAP net income of RMB 22.2 million in the same period of 2024 [19] - Basic and diluted losses per ADS were RMB 0.35, compared to earnings of RMB 0.18 in the same period last year [19] Business Line Data and Key Metrics Changes - Revenue from aesthetics center business reached RMB 144 million, marking it as the largest revenue segment for the first time [4] - Aesthetic treatment services revenue increased by 46% quarter over quarter and 426% year over year [5] - Total number of verified treatment visits surpassed 67,400 in Q2, up 24% quarter over quarter and 381% year over year [7] - The overall repeat purchase rate for the aesthetic center business exceeded 60% [7] Market Data and Key Metrics Changes - The light medical aesthetic market in China is expected to reach around RMB 26 billion by 2030, with a penetration rate forecasted to reach 30% [30] - The company aims to achieve a market share of roughly 25% in the light medical aesthetic sector [30] Company Strategy and Development Direction - The company plans to open around 10 aesthetic centers in the third quarter, targeting a total of 50 centers by year-end [11] - The focus is on expanding in both first-tier and core second-tier cities, enhancing accessibility to medical aesthetic services [11] - The company is committed to optimizing user experience and operational efficiency to strengthen its competitive edge [13] Management Comments on Operating Environment and Future Outlook - Management remains optimistic about the growth potential of China's medical aesthetic market, citing a current penetration rate below 5% [30] - The company expects aesthetic treatment service revenues to be between RMB 150 million and RMB 170 million in the upcoming quarter, representing a significant increase from the same period in 2024 [20] - The company emphasizes the importance of sustainable low-cost customer acquisition and a diversified upstream supply chain [31] Other Important Information - The company has maintained a robust cash position with cash and cash equivalents totaling RMB 98.6 million as of June 30, 2025 [20] - The gross profit margin for aesthetic treatment services expanded by around five percentage points sequentially [8] Q&A Session Summary Question: Expansion plan for C and I payment and franchise model - The company aims to grow the number of centers to 50 by the end of this year, with plans for more than 10 openings in the second half [24] - Long-term, the target is to achieve 1,000 centers within eight to ten years, with franchising being a future focus [25][26] Question: Growth potential of the Chinese medical aesthetics market - Management is optimistic about the market, with substantial growth potential indicated by a low current penetration rate [30] - The company plans to focus on three core capabilities to maintain its competitive edge [31] Question: Outlook for customer acquisition cost and marketing expenses - The average customer acquisition cost remains low, with over 70% of new customers coming from referrals [34] - The company plans to enhance brand visibility through localized marketing initiatives [34] Question: Recruitment of doctors and reliance on center managers - There is a solid base for recruiting doctors, with many moving from public hospitals to the medical aesthetic sector [40] - The company operates on a model that reduces reliance on center managers, improving operational efficiency [42] Question: Differentiation in product strategy - The product strategy focuses on anti-aging treatments, ensuring consistency and overall cost-effectiveness across the portfolio [46] - The company aims to optimize its product portfolio based on market demand and competitive trends [48] Question: Updates on the POP business - The POP business remains a key pillar of profitability, with plans to promote synergies between POP and aesthetic center businesses [50]

Group 1 - The article highlights the rising consumer interest in "light medical beauty" projects, such as injection and laser treatments, during the summer vacation period, particularly among students [1] - The provincial consumer association advises consumers to verify the qualifications of medical institutions and practitioners before undergoing beauty treatments, emphasizing the importance of checking licenses and registration [1] - There is a warning against the prevalence of "medical beauty loans" and "campus loans," urging consumers to assess their financial capabilities to avoid debt traps [1] Group 2 - In the context of study tours, the provincial consumer association recommends choosing reputable study tour institutions and carefully reviewing contracts in accordance with the newly implemented "Study Tour Service Requirements" [2] - Consumers are encouraged to compare prices of similar study tour products to avoid overpaying and to scrutinize vague promotional claims from institutions [2] - The article stresses the importance of thorough research on training institutions, including evaluating faculty qualifications and course materials, while being cautious of misleading advertising [2]

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, highlighting innovative business models driving growth in the light medical beauty sector, particularly recommending attention to the company "Xinyang" [2][9]. Core Insights - The cosmetics and medical beauty sector has underperformed the market recently, with the Shenwan Beauty Care Index declining by 0.1% from July 11 to July 18, 2025, while the Shenwan Cosmetics Index fell by 0.9%, underperforming the Shenwan A Index by 2.3 percentage points [3][4]. - Innovative business models are driving growth in light medical beauty, contrasting with traditional medical beauty institutions facing stagnation due to high costs and weak consumer demand. Xinyang's high cost-performance ratio, chain operations, and app-based customer conversion model are seen as new growth drivers for the sector [9][10]. - The report emphasizes the importance of supply-side innovations in stimulating consumer demand and driving industry recovery, despite short-term macroeconomic challenges [9]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weak performance compared to the market, with specific indices reflecting declines during the reporting period [3][4]. - The top-performing stocks in the sector included Zhongshun Jierou (+10.8%) and Juzibio (+6.1%), while the worst performers were Shangmei Shares (-11.1%) and Baiya Shares (-4.3%) [5]. Key Company Insights - Linqingxuan, a high-end domestic skincare brand, has seen revenue growth from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with net profit turning from a loss of 6 million yuan to a profit of 187 million yuan [10][15]. - The company has established a strong product matrix and supply chain advantages, with production capacity reaching 40 million units annually [16][17]. - The report also highlights the growth of the "Plant Doctor" brand, which has achieved a net profit CAGR of 24% from 2022 to 2024, supported by a robust channel network and operational efficiencies [10][12]. Market Trends - The report notes a shift in the cosmetics market from quantity to quality, with a significant increase in e-commerce sales, which accounted for 47% of total cosmetics sales in 2024, up from 22% in 2016 [11]. - The domestic market is witnessing a rise in local brands, with a notable increase in market share for domestic products, reflecting changing consumer preferences and the impact of the "national tide" [11][28]. Financial Performance - The report indicates that the overall retail sales of cosmetics in China reached 229.1 billion yuan in the first half of 2025, with a year-on-year growth of 2.9%, although June saw a decline of 2.3% due to promotional timing [21][24]. - The performance of major companies like Meili Tianyuan is highlighted, with projected revenue of at least 1.45 billion yuan for the first half of 2025, representing a growth of at least 27% [24].

Core Insights - A transformation regarding "appearance" is emerging among the youth, particularly after the college entrance examination [1] - The trend of cosmetic procedures is replacing traditional summer activities like driving school and travel, with significant increases in orders for procedures such as double eyelid surgery and teeth whitening [2][5] - The rise in cosmetic procedures among high school graduates is driven by social media and appearance anxiety, with over half of high school students reporting concerns about their looks [3][10] Group 1: Trends in Cosmetic Procedures - There has been a 108% increase in orders for vision correction surgeries in the week following the college entrance exam, alongside a 30% rise in teeth whitening and skin management procedures [8][10] - Medical institutions are experiencing a surge in student patients, with outpatient visits increasing by 10% to 30% and surgical volumes rising significantly during the summer months [7][8] - The trend is expected to peak between late July and August, as students prepare for university [8] Group 2: Psychological Factors - The phenomenon of "spotlight effect" contributes to heightened appearance anxiety among youth, leading to a distorted self-perception and increased worry about looks [10][11] - A survey indicates that 57.03% of high school students experience some level of appearance anxiety, with a higher prevalence among girls (61.85%) compared to boys (47.78%) [11][13] - The pressure from social media and peer comparisons exacerbates this anxiety, creating a cycle of self-doubt and concern about physical appearance [14] Group 3: Market Dynamics - The cosmetic surgery market is becoming increasingly accessible to younger demographics, with marketing strategies targeting students and offering summer discounts [20][21] - Data shows that individuals aged 18 to 24 engage most frequently with cosmetic content, with nearly half of those under 25 expressing interest in cosmetic procedures [21][22] - The trend is also evident in lower-tier cities, where 38.4% of individuals have tried cosmetic procedures, indicating a shift towards a broader consumer base [24][26] Group 4: Shift Towards Light Cosmetic Procedures - The market is seeing a preference for "light cosmetic" procedures that are less invasive and have quicker recovery times, appealing to younger consumers [28][29] - A report indicates that 61.9% of consumers plan to spend less than 10,000 yuan on cosmetic procedures in 2025, reflecting a trend towards budget-friendly options [30] - The focus is shifting from major surgeries to less invasive treatments, which are marketed as effective yet affordable solutions for beauty enhancement [29][32]

Summary of Conference Call Notes Industry Overview - The discussion revolves around the cosmetics industry, specifically focusing on the trend and competitive landscape of collagen protein in cosmetics [1][7][8]. Key Points and Arguments 1. **Sales Performance During 618 Promotion** - The 618 promotion started earlier this year on May 13, compared to May 24 last year, leading to a need for year-over-year comparisons [1]. - Sales data from the first phase of the promotion (up to May 25) indicates a significant impact on brand performance [1]. 2. **Impact of Public Relations Incident on Kofumei** - Kofumei, a leading brand in the fat-free protein segment, experienced a 50% drop in sales on the Sunday following a public relations incident, despite a quick denial from the company [2]. - The initial sales growth target for Kofumei during 618 was 60-80%, but it is now estimated to be only 30% due to this incident [2]. 3. **Marketing and Sales Strategy** - Kofumei's marketing strategy involved leveraging major influencers, with one influencer accounting for 70% of pre-sale sales [3]. - The brand's advertising budget increased by 30% compared to last year, aiming for a top 3 ranking in sales [3]. 4. **Conversion Rate Decline** - Kofumei's conversion rate has dropped below 3, with some estimates as low as 2.5, affecting the effectiveness of their advertising spend [4]. - Negative reviews from influencers are impacting consumer perception and sales [4]. 5. **Overall Market Impact** - The overall sales contribution from the 618 promotion is expected to be around 15-20% of annual sales, indicating that while the short-term impact is significant, the long-term effects may be minimal [5]. 6. **Performance of Other Brands** - Other brands like Keli Jin and Perfect are experiencing strong growth, with Keli Jin expected to achieve over 100% growth and Perfect targeting over 80% growth [6][7]. - Perfect's small gold needle product is also performing well, with a growth rate of 50-60% [6]. 7. **Trends in Collagen Protein Segment** - There is a growing interest among brands to enter the collagen protein market, driven by perceived growth potential [7][8]. - The competitive landscape includes brands like Kofumei, Keli Jin, and Perfect, all of which are focusing on collagen products [8]. 8. **Challenges for New Brands** - New brands may find it difficult to enter the collagen protein market due to high technical barriers and established competitors like Kofumei [9][10]. 9. **Market Growth Projections** - The overall market for collagen products is expected to grow at a rate of over 50%, with increasing participation from major cosmetic brands [10][12]. 10. **E-commerce Strategy Changes** - The strategy for e-commerce platforms like Douyin has shifted, focusing less on low-price strategies and more on brand exposure during the promotion [13][14]. - Sales growth across platforms during the 618 promotion is optimistic, with Douyin reporting a 40-50% increase [15]. Additional Important Insights - The discussion highlights the importance of brand reputation and consumer perception in the cosmetics industry, particularly in the context of social media and influencer marketing [4][10]. - The potential for regulatory changes in response to the recent public relations incident may shape future industry standards [10].

Core Viewpoint - The medical beauty industry in China is experiencing significant investment activity, with a total of over 1.1 billion yuan raised in 30 financing rounds in 2024, indicating a robust market despite economic challenges [1][2]. Group 1: Industry Overview - The medical beauty industry can be divided into three core segments: upstream (raw materials and equipment suppliers), midstream (medical beauty institutions), and downstream (medical beauty platforms and end consumers) [2][3]. - Upstream companies like Aimeike and Jinbo Bio have high profit margins, with Aimeike's gross margin reaching 95% and net profit up to 50%, while midstream institutions often struggle with profitability [3][4]. Group 2: Upstream Dynamics - The upstream segment benefits from high entry barriers due to stringent regulatory requirements and long R&D cycles, with products like hyaluronic acid requiring 3-8 years for development and approval [9][11]. - The medical beauty market is characterized by a "gold rush" phenomenon, where suppliers of essential materials and equipment (the "shovel sellers") are the primary beneficiaries of the industry's growth [5][6]. Group 3: Midstream Challenges - Midstream medical beauty institutions face significant challenges, including high customer acquisition costs, which have risen to 3,000-5,000 yuan per customer, and a competitive environment that has led to low profitability [18][16]. - The lack of standardization and regulatory compliance among medical beauty institutions contributes to a fragmented market, with only 12% of institutions being legally compliant as of 2019 [14][16]. Group 4: Downstream Competition - The competition between platforms like Meituan and Xinyang has intensified, with Meituan leveraging its large user base to dominate the market, significantly impacting the profitability of downstream medical beauty institutions [20][21]. - Meituan's entry into the medical beauty sector has disrupted traditional profit-sharing models, forcing institutions to lower prices and accept lower margins [22][21].

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty industry, indicating a "Buy" recommendation for several companies within the sector [2][14]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with the Shenwan Beauty Care Index rising by 1.5% from July 4 to July 11, 2025, which is below the market average [3][5]. - The introduction of new products in the regenerative medicine sector, particularly in the "童颜针" (youthful needle) category, is expected to enhance consumer interest and expand the market [2][8]. - The report highlights strong anticipated earnings growth for several key companies in the cosmetics sector for the second quarter of 2025, with notable increases in revenue and net profit for brands like 上美股份 (Shangmei), 丸美股份 (Marubi), and 珀莱雅 (Proya) [9][10][11]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has underperformed the market, with specific indices showing varied performance, such as the Shenwan Cosmetics Index increasing by 2.6% [3][5]. - The report notes that the demand for cosmetics is recovering, with a 4.1% year-on-year increase in retail sales for the first five months of 2025 [19][20]. Company Performance - 上美股份 (Shangmei) is expected to see a revenue increase of 16% and a net profit increase of 25% in the first half of 2025 [10]. - 丸美股份 (Marubi) anticipates a 22% revenue growth and a 28% increase in net profit for the second quarter of 2025 [10]. - 珀莱雅 (Proya) is projected to achieve a 10% revenue growth and a 15% increase in net profit for the second quarter of 2025 [10]. - 毛戈平 (Mao Geping) expects a significant revenue increase of 38% and a net profit increase of 35% in the first half of 2025 [10]. - 若羽臣 (Ruoyuchen) forecasts a remarkable 70% revenue growth and a 75% increase in net profit for the second quarter of 2025 [10]. Market Trends - The report emphasizes the ongoing trend of domestic brands gaining market share, with national brands occupying five of the top ten positions in the skincare market [32]. - The regenerative medicine sector is expanding, with new products enhancing consumer engagement and market growth potential [2][8]. Investment Recommendations - The report recommends focusing on companies with strong brand matrices and high growth potential, such as 上美股份 (Shangmei), 珀莱雅 (Proya), and 丸美股份 (Marubi) [14]. - It suggests monitoring companies that leverage e-commerce and social media platforms effectively, such as 若羽臣 (Ruoyuchen) and 毛戈平 (Mao Geping) [14].

Core Viewpoint - The article discusses the rising trend of cosmetic surgery among young people in China, particularly focusing on the motivations and societal influences driving this phenomenon, as well as the implications for the medical aesthetics industry [3][10]. Industry Overview - The Chinese medical aesthetics market is projected to reach a scale of 350 to 400 billion yuan by 2025, with Generation Z (born after 1995) contributing 62% of the consumer share, averaging an annual expenditure of 28,000 yuan, significantly higher than the "post-80s" generation [8][9]. - The demand for medical aesthetics is rapidly increasing, leading to the emergence of companies like Huaxi Biological, Aimeike, and Haohai Biological, which are referred to as the "three swordsmen of medical aesthetics" due to their high profit margins and market presence [9]. Consumer Behavior - Young consumers are increasingly seeking cosmetic procedures as a means of self-improvement, often motivated by social media influences and personal insecurities regarding their appearance [16][36]. - The trend has shifted from traditional surgical procedures to "light medical aesthetics," where non-invasive treatments are preferred, reflecting a desire for natural-looking results [24][25]. Psychological Aspects - Many young individuals view cosmetic surgery as a way to alleviate personal insecurities and enhance their self-image, often influenced by societal standards of beauty propagated through social media [36][39]. - The article highlights that the perception of beauty has become homogenized, leading to a collective anxiety about meeting these standards, which can result in a cycle of dissatisfaction and further cosmetic interventions [38][39]. Risks and Considerations - Despite the popularity of non-invasive procedures, there are significant risks involved, particularly for younger individuals who may not fully understand the medical implications of cosmetic treatments [25][26]. - The article emphasizes the importance of thorough research and awareness regarding the qualifications of practitioners and the safety of procedures, as many young consumers may underestimate the risks associated with cosmetic enhancements [26].

Core Viewpoint - The article discusses the rising trend of cosmetic surgery among younger generations in China, highlighting the psychological release it provides rather than a complete transformation of self [3][43]. Industry Overview - The Chinese medical beauty market is projected to reach a scale of 350 to 400 billion yuan by 2025, with Generation Z (born after 1995) contributing 62% of the consumption share, averaging an annual expenditure of 28,000 yuan, significantly higher than the "post-80s" generation [9][10]. - The demand for medical beauty services is rapidly increasing, leading to the growth of companies like Huaxi Biological, Aimeike, and Haohai Biological, which are referred to as the "three swordsmen of medical beauty" due to their high profit margins comparable to that of Moutai [10]. Consumer Behavior - Young consumers are increasingly seeking cosmetic procedures as a means of personal expression and self-improvement, often driven by social media influences and peer comparisons [17][39]. - The trend has shifted from invasive surgeries to "light medical beauty," where non-surgical procedures are preferred, reflecting a desire for natural and comfortable appearances [26][30]. Psychological Aspects - The article emphasizes that many young individuals view cosmetic surgery as a solution to their insecurities, often influenced by societal standards of beauty propagated through social media [39][41]. - The experiences of individuals like Chuyu and Yezi illustrate that cosmetic surgery can lead to a psychological release, allowing them to accept themselves better and reduce self-criticism [43]. Market Trends - There is a notable trend of younger individuals, particularly high school and university graduates, seeking cosmetic enhancements as part of their transition into adulthood, often viewing it as a necessary step for confidence in job hunting and social interactions [24][25]. - The article also highlights the increasing prevalence of non-surgical procedures, which are perceived as less risky and more accessible, contributing to the growing popularity of the medical beauty industry among the youth [26][29].