Core Insights - The medical beauty industry is projected to show diverse trends by 2025, with light medical beauty becoming mainstream, accounting for 52% of the market, driven by its low trauma, quick recovery, and low risk [1][6][9] - The compound annual growth rate (CAGR) for both light medical beauty and injection categories is expected to reach 20%-30% over the next five years, with popular treatments including water light needles and photon rejuvenation [1][10] - The male medical beauty market is rapidly growing, with 73% of men planning to increase their investment, focusing on anti-aging and minor adjustments [1][21][24] Light Medical Beauty - Light medical beauty is characterized by minimal trauma and short recovery times, making it appealing to first-time consumers [8][13] - The interest demographic is predominantly female (89%), with over 60% of interested individuals aged 18-29 [1][14] - Key concerns for consumers include product compliance, safety, and efficacy, with 72.4% prioritizing compliance [16][17] Male Medical Beauty - The male medical beauty market is emerging as a significant growth area, with a focus on natural and youthful appearances [21][24] - Core pain points for male consumers include nasolabial folds and tear troughs, with anti-aging and minor adjustments being the primary demands [28][29] - Social media plays a crucial role in reshaping male beauty perceptions, with a notable increase in male interest in medical beauty [25][31] Cross-Border Medical Beauty - There is a growing trend for cross-border medical beauty, particularly to South Korea and Hong Kong, driven by high cost-effectiveness and professional services [1][34][35] - The proportion of consumers planning to seek cross-border medical beauty services is expected to rise, with 62% favoring South Korea as a destination [35][36] Youthful Trends - The youth demographic, particularly students after high school, is becoming a significant consumer group for medical beauty, favoring procedures like double eyelid surgery and photon rejuvenation [1][6] - The market for medical beauty products is projected to reach 25.38 billion yuan by 2026, with a CAGR of 30% [1][37] Cross-Industry Integration - Beauty companies are increasingly entering the medical beauty sector, with medical-grade dressings becoming popular entry products [1][6] - Companies like Huaxi Biological and Shanghai Jahwa are launching products focused on collagen and hyaluronic acid, indicating a trend towards combining beauty and medical treatments [1][6]

京东自营医美在渠道端出现了更多进展。 信风独家获悉，京东自营医美诊所已在美团APP客户端渠道上线。 这也意味着，即便是强如京东这样的流量大厂，在自营医美的获客上也不得不借助美团在本地生活的强大统御力来铺货拓客。 据了解，京东自营医美诊所在美团APP上的名称为"京东自营美容皮肤科（亦庄店）"，该门店是京东医美旗下的首家自营医美诊所。 这或许也预示着京东与美团之间掀起激烈的外卖大战的同时，双方仍然在更多领域具有渠道合作的可能。 当然这不是京东与美团的首度合作，目前京东便利店、京东养车等门店目前都在美团APP上营业。 信风注意到，京东自营医美诊所的不少产品都获得了美团的补贴。例如美团对磨皮水光肌套餐、M22超光子产品等产品均各补贴了50元。 在美团的补贴下，京东自营医美诊所部分产品套餐在美团APP上的价格甚至低于其在京东APP上的自营价格。 例如同样是京东自营医美诊所的磨皮水光肌套餐，美团、京东的价格分别为948元、998元。 距结束 02 天 08 小时 16 分 【磨皮水光肌套餐】M22超光子 + 海月兰 ... 消费 1 ¥948 |8.7折 ¥1098 美团补贴 |共省¥150 > ○ 随时退 ( △i 精 ...

编者按： 前言 创业维艰，周期无常。唯坚韧、乐观、向内求者，方能穿越牛熊，抵达心之所向。 01 命运暗线：性格、天赋与时代 格隆：金总，您是中国互联网医美第一股的创始人。少数创业者能把公司送到美国资本市场，您已是公认的"成功者"。我习惯把成功者分为两类：天赋异 禀，或勤能补拙。您自认属于哪一类？ 如果把中国消费医疗的演进史浓缩成一条坐标轴，医美行业无疑正处在从"野蛮生长"向"品质分层"拐点最陡峭的那一段：上游技术快速迭代，流量平台群 雄环视，监管规则日益清晰，消费者则一边高呼"颜值自由"，一边对安全与价格愈发敏感。在看似拥挤的赛道里，谁能率先完成"标准化交付＋品牌心智 ＋产业链纵深"的三级跳，谁就有资格定义下一个十年的游戏规则？ 带着这样的疑问，格隆汇《大咖面对面》之"格隆走进上市公司"专题走进中国互联网医美第一股——新氧（NASDAQ: SY）。此前在2025年过半之际，新 氧CEO金星发内部表示，新氧青春诊所在营门店数量达31家，首次登顶中国轻医美连锁品牌门店数量榜首。与此同时，连锁业务收入在6月首次成为新氧 集团最大收入来源。 业务结构拐点与重资产扩张同步出现，究竟是战术性窗口，还是商业模式的范式迁移？ ...

Core Viewpoint - The Chinese cosmetic medical industry is transitioning from "wild growth" to "quality stratification," with rapid technological advancements, clearer regulatory frameworks, and increasing consumer sensitivity to safety and pricing. The ability to achieve "standardized delivery + brand mindset + deep industry chain" will define the next decade's game rules [1]. Group 1: Business Structure and Expansion - New Oxygen has reached a significant milestone with 31 stores, becoming the largest chain in China's light medical beauty sector, with chain business revenue becoming the largest source of income for the group [1][2]. - The company is exploring whether the current high gross margin and low net profit phenomenon in the medical beauty industry can be fundamentally changed through strategic expansion and business model transformation [2]. Group 2: Market Positioning and Target Audience - The target demographic for New Oxygen is primarily the middle class, with an annual income around 100,000 yuan and a medical beauty budget of approximately 15,000 yuan, focusing on women aged 30 to 40 [22]. - The company aims to make medical beauty accessible to a broader audience, similar to the model of Sam's Club, by providing high-quality services at competitive prices [21][25]. Group 3: Operational Strategy and Differentiation - New Oxygen employs a strict recruitment process for doctors, categorizing them by skill level to ensure high-quality service delivery for standardized medical beauty procedures [24]. - The company emphasizes digital management over traditional human management to efficiently scale its operations, aiming for over 1,000 stores in the long term [26][28]. Group 4: Industry Challenges and Competitive Landscape - The medical beauty industry in China is highly fragmented, with over 20,000 institutions, where the majority are small, single-location clinics. New Oxygen's 31 stores represent a significant achievement in a market dominated by small players [26][27]. - The company faces challenges from traditional medical beauty institutions that have historically focused on high-end clientele, making it difficult to standardize services across the industry [27]. Group 5: Vertical Integration and Supply Chain Management - New Oxygen is pursuing vertical integration within the medical beauty industry, aiming to control both upstream and downstream operations to enhance cost efficiency and service quality [35][36]. - The company believes that true innovation often comes from cross-industry collaboration, which can lead to better product integration and customer experience [36]. Group 6: Future Aspirations and Personal Reflections - The CEO expresses a desire to build a widely recognized brand with a strong public reputation, indicating that the journey is ongoing and that there is still much to achieve [39]. - The company aims to balance idealism with practical business considerations, focusing on creating value for consumers while ensuring profitability [19].

21世纪经济报道记者韩利明上海报道 截至7月28日午间休盘，华熙生物（688363.SH）收报52.43元/股，下跌2.6%，总市值252.54亿元。拉长 时间线观察，该公司股价自2021年7月达到314.99元/股的历史峰值后，便进入震荡下跌通道。今年以来 更是在50元/股附近徘徊，总市值约为250亿元。 消息面上，日前，自称曾担任华熙资本市场部总经理、华熙生物首席执行官特别助理兼全球投资者负责 人的李振（David），在社交平台发布《玻尿酸女王那些事儿》，称其于2018年发现华熙存在严重的财 务造假和欺诈发行债券的行为。该消息迅速在医美圈掀起波澜，再次将华熙生物推向风口浪尖。 针对此事，华熙生物在官方微博发布声明指出，上述信息发布于境外网站，内容纯属捏造，恶意歪曲事 实。同时澄清，信息发布者李某曾任华熙昕宇投资市场部总监，在华熙工作18个月。2018年，李某通过 个人注册的第三方公司，骗取本应支付给券商的900万元。事情暴露后，华熙昕宇向公安机关报案。而 李某为减轻罪责，曾向公司写下《道歉信》。 华熙生物方面强调，相关信息是毫无道德底线的编造，涉嫌诽谤犯罪，已向公安机关报案。对此，李振 也在社交平台作出回 ...

Group 1: Summer Economic Trends - The end of the college entrance examination marks the beginning of a diverse and expansive summer consumption market, driven by students and their families [1] - The summer economy is characterized by various consumption patterns, including self-improvement, beauty investments, and skill acquisition [1] Group 2: Graduation Celebrations - The tradition of graduation banquets has evolved into a significant consumption phenomenon, supported by a growing number of high school graduates [2][4] - The banquet market shows a clear segmentation, with high-end customized options in first-tier cities and more affordable traditional options in lower-tier cities [2][4] - The rise of graduation banquets reflects the societal recognition of educational success and the desire for social status among families [2][5] Group 3: Travel Trends - The graduation travel market has seen a surge, with related searches increasing threefold and bookings up 137% year-on-year [6] - Young travelers are favoring longer and themed trips, with a preference for cultural cities and group travel [6][8] - The introduction of visa-free policies has further stimulated outbound travel, with a significant increase in hotel bookings for popular destinations [8] Group 4: Indoor Skiing - The popularity of indoor skiing has risen, particularly in southern regions, as it offers a unique experience regardless of the season [9][11] - Businesses are responding with tailored packages for students, creating a comprehensive service chain that enhances family participation [11] Group 5: Arts Education - The summer period has become a peak time for arts training, driven by a growing emphasis on quality education [12][15] - Families are increasingly viewing arts education as a necessary investment, leading to a diverse range of offerings in the market [12][15] Group 6: Medical Aesthetics - The medical aesthetics market is projected to grow significantly, with a notable increase in student consumers during the summer months [16][18] - Parental support plays a crucial role in driving this consumption trend, reflecting a shift in attitudes towards cosmetic procedures [18] Group 7: Driving Licenses - The demand for driving licenses peaks during the summer, with a significant portion of annual registrations occurring in July and August [19][21] - Driving schools are adapting by offering discounts and flexible training options to attract students [21] Group 8: Vision Correction Surgery - The summer is a popular time for vision correction surgeries, driven by the need for clear vision for certain academic programs [22][24] - The market is characterized by a strong demand for quality procedures, with various options available at different price points [24] Group 9: Live Events - The summer concert and festival market is experiencing substantial growth, with ticket sales and related consumption on the rise [25][30] - The events not only drive direct ticket sales but also boost local economies through increased travel and hospitality spending [27][30] Group 10: Overall Economic Impact - The rise of the summer economy is attributed to fixed holiday periods and the increasing influence of younger consumers [31] - As Generation Z becomes the main consumer force, the summer economy is expected to evolve towards more personalized and quality-driven experiences [31]

Core Viewpoint - The company, Jinfa Labi, once a leading player in the maternal and infant consumer market, is facing significant challenges as industry growth slows and competition intensifies, leading to a decline in its core business and market confidence [1][2]. Group 1: Business Performance - Jinfa Labi's core maternal and infant product business is experiencing an irreversible contraction due to intensified competition and changing consumer preferences, resulting in a diminishing advantage of offline channels [1]. - The decline in newborn numbers is shrinking the overall market, forcing the company into a battle for existing market share, while attempts to innovate through product extension and internet marketing have not yielded significant results [1]. Group 2: Strategic Shift - In search of a second growth curve, the company has turned to the medical beauty sector, proposing a "maternal and infant + medical beauty" synergy, but faces numerous challenges [2]. - Acquisitions of medical beauty institutions have not significantly contributed to revenue due to accounting standards, and integration issues have led to losses in some subsidiaries, which in turn have negatively impacted the parent company's financial health [2]. Group 3: Financial and Governance Issues - The company's financial performance is nearing the boundary of delisting risk, revealing deeper governance concerns, such as the timing of consolidating acquired companies and the pressure to meet revenue targets [2]. - The need for transparency in governance is highlighted, as some investors view the company's responses to subsidiary performance issues as passive and potentially damaging to its operational integrity [2]. Group 4: Future Outlook - To navigate its challenges, Jinfa Labi must focus on refining its core business, reducing inefficient product lines, and concentrating on high-potential categories to rebuild competitive barriers [3]. - The company should aim to genuinely integrate resources between maternal and infant sectors and medical beauty to avoid operational silos, while also fostering market trust through transparent communication and verifiable improvements in its core business [3].

Core Insights - The medical aesthetics industry is experiencing significant growth, with technology and academic exchange being key drivers of progress [1] - The IMCAS (International Master Course on Aging Science) conference will be held in Shanghai from July 11 to 13, 2025, gathering top experts and scholars to discuss the latest technologies and trends in the industry [1] Group 1: Conference Highlights - Dr. Xue Zhiqiang from JunTai Medical shared insights on the innovative application of 3D digital technology in the repair of nasal deformities secondary to cleft lip and palate during a specialized seminar [2] - This marks Dr. Xue's second presentation on this topic at the IMCAS conference, following his initial presentation in Paris in 2024, which highlighted China's advanced clinical applications of 3D printing technology [2][3] - Dr. Xue's presentation focused on precise surgical solutions based on 3D design and printing technology, showcasing the latest clinical cases [2][3] Group 2: Technological Innovations - The global incidence of cleft lip and palate is 1.08‰, with China being a high-incidence region [2] - Dr. Xue introduced 3D design and 3D printing PEEK material technology to provide personalized treatment plans, achieving significant results in complex cases of cleft lip and palate deformities [3][4] - The digital design process integrates CT data to analyze all facial layers, ensuring minimal error from design to surgical implantation [4] Group 3: Clinical Applications and Benefits - The PEEK material used in 3D printing offers superior physical stability and density comparable to native bone, allowing for personalized three-dimensional designs [4] - Dr. Xue emphasized the importance of addressing the unique anatomical features of Asian populations in nasal shaping procedures, which often require careful consideration of the overall spatial relationship of the face [6] - The "micro-invasive" approach is central to Dr. Xue's philosophy, aiming to protect nasal function and achieve natural results with minimal recovery time [6] Group 4: Company Overview - JunTai Medical, founded by Dr. Xue, is a professional medical institution that integrates cosmetic surgery, dermatology, and aesthetic services, focusing on digital diagnosis and treatment [9] - The organization is recognized as a model for the "three regulations" in the medical aesthetics industry, emphasizing the importance of legitimate institutions, products, and practitioners [9]

Group 1 - The US and EU have reached a trade agreement, imposing a 15% tariff on EU goods entering the US, avoiding a potential trade war [2][10] - The EU will increase its investment in the US by $600 billion and purchase $750 billion worth of US energy products [2][10] - The agreement was announced following a meeting between US President Trump and EU Commission President von der Leyen [2][10] Group 2 - A high-level US business delegation is set to visit China, led by the Chairman of the US-China Business Council and the CEO of FedEx [3] - The delegation's full member list and itinerary have not been disclosed, but executives from Boeing and the US-China Business Council President are confirmed to join [3] Group 3 - The Guangdong province reported 2,940 new cases of Chikungunya fever, with a total of 4,824 cases this year, all mild [4] - Experts have provided insights into the differences between Chikungunya and other mosquito-borne diseases like dengue fever [4] Group 4 - Nine major foreign public funds have revealed their portfolio adjustments, indicating a shift in market expectations [5] - Investments in optical modules and PCB are highlighted, along with increased allocations to core assets like Kweichow Moutai [5] Group 5 - The GDP data for the first half of 2025 shows overall performance in line with expectations, with the central region showing strong results [6][7] - Hainan province reported a GDP of 370.185 billion yuan, with a year-on-year growth of 4.2% [6][7] Group 6 - Tesla's third-generation humanoid robot is expected to enter the Chinese consumer market, with mass production anticipated next year [8] - The second-generation Optimus robot has made significant advancements, including a weight reduction of 10 kg and a 30% increase in walking speed [8] Group 7 - The National Development and Reform Commission is seeking public opinion on the first revision of the Price Law in 27 years, aimed at addressing "involution" competition [9] - The bond market has seen significant adjustments, with over 400 bond funds reporting losses this year [9] Group 8 - The People's Bank of China has shifted its monetary policy to net liquidity injection, with significant reverse repos conducted to stabilize the market [12][13] - The central bank's actions are aimed at ensuring overall market stability amid increasing liquidity pressures [12][13] Group 9 - Shaolin Temple's abbot is under investigation for alleged criminal activities, including misappropriation of funds and violations of Buddhist precepts [14] - The temple management has announced that updates will be provided to the public as the investigation progresses [14] Group 10 - Huaxi Biological has faced allegations of financial fraud, leading to a significant drop in its market value by 120 billion yuan [15] - The company has denied the allegations and reported multiple previous complaints regarding its financial practices [15]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The retail industry is experiencing a recovery, with significant growth in specific segments such as beauty and jewelry, driven by consumer sentiment and innovative business models [8][30] - The launch of the AI model by Yiwu Small Commodity City is expected to enhance operational efficiency and empower merchants, indicating a shift towards technology-driven business practices [25][26] Summary by Sections Retail Market Review - The retail industry index rose by 3.28% during the week of July 21-25, outperforming the Shanghai Composite Index by 1.61 percentage points [7][14] - The brand cosmetics sector saw the highest weekly increase of 5.94%, while the jewelry sector led the year-to-date performance with a 28.93% increase [17][20] Industry Dynamics - Yiwu Small Commodity City partnered with Alibaba to initiate the AI model testing, which is expected to transform traditional trade practices and enhance global trade linkages [25][26] - Over 30,000 merchants in Yiwu are utilizing AI tools, with deep users experiencing over 30% growth in orders, showcasing the impact of AI on operational efficiency and brand enhancement [26] Investment Recommendations - Focus on high-quality companies in sectors benefiting from emotional consumption themes, including: - Gold and jewelry brands with differentiated product offerings, such as Laopuhuang and Chaohongji [8][30] - Retail enterprises adapting to trends, like Yonghui Supermarket and Aiyingshi [8][30] - Domestic beauty brands with strong growth potential, including Maogeping and Pola [8][30] - Medical beauty product manufacturers with unique pipelines, such as Aimeike and Kedi-B [8][30] Company-Specific Insights - Laopuhuang reported a revenue increase of 167.5% and a net profit increase of 253.9% in FY2024, indicating strong brand expansion [32] - Chaohongji achieved a revenue growth of 25.4% in Q1 2025, driven by its focus on fashionable jewelry targeting younger consumers [40] - Maogeping's revenue grew by 34.6% in FY2024, reflecting its position as a leading domestic high-end beauty brand [32] - Pola's revenue increased by 21.0% in FY2024, supported by a robust product lineup [32]