Core Viewpoint - The hair transplant market, once considered a "golden track" in the medical beauty industry, is facing challenges due to price wars, trust crises, and varying service quality, leading to a collective reflection within the industry [1][2]. Industry Overview - The number of hair transplant institutions in China has reached approximately 3,000, including large chain brands, public hospitals, and single stores [1]. - The demand for hair transplant services remains, but the entry of many players has intensified price competition, with some services now offered at prices lower than pre-pandemic levels [2]. Pricing Strategy - The industry has seen a shift from a "one-price" model to a more transparent pricing structure based on the number of hair follicles, allowing consumers to understand the costs associated with their specific needs [2][5]. - The company has moved away from low-price promotions that lead to upselling of high-priced services, emphasizing a return to medical fundamentals and transparent pricing [2][5]. Business Performance - The company's overall business performance remained stable year-on-year, with first and second-tier cities contributing 50%-60% of total revenue, and hair transplant services accounting for 65%-70% of total income [5]. - The company operates 40 hair transplant clinics globally, with a focus on maintaining a manageable number of locations rather than aggressive expansion [5]. Service Diversification - The company is exploring non-surgical aesthetic services in addition to hair transplant procedures, such as hairline transplants for women and beard transplants for men, as part of a broader strategy to enhance service offerings [6].