Summary of the Conference Call for Xinyang Company Overview - Xinyang has an estimated valuation of approximately 800 million RMB after acquiring Jizhi Laser and is acting as an agent for 11 Korean hyaluronic acid products. The company operates 32 Xinyang Youth Clinics and plans to expand to 50 clinics by the end of 2025, focusing on franchise openings in second and third-tier cities [2][3][10]. Industry Insights - The non-surgical segment of China's light medical beauty market has reached 70%-80% market share, with intense competition in the hyaluronic acid market. Xinyang effectively controls customer acquisition costs, averaging 600 RMB, significantly lower than traditional medical beauty institutions [2][4][7]. - The light medical beauty market is expected to see over 2,000 institutions in China, based on the penetration rate observed in South Korea [5]. Financial Performance - Xinyang's total revenue for 2023 and 2024 is projected to be around 1.5 billion RMB, with chain revenue of 170 million RMB in 2024 and nearly 100 million RMB in Q1 2025. The company anticipates achieving profitability in Q4 2025 [4][10][25]. Business Model and Expansion Strategy - Xinyang's business model consists of three main segments: an internet platform (Xinyang APP), upstream products (including the acquisition of Jizhi Laser), and downstream light medical beauty chain brand Xinyang Youth Clinics [3][4]. - The company plans to open 50 new clinics by the end of 2025, with a focus on second and third-tier cities, and aims to maintain a rapid expansion pace [20][31]. Operational Efficiency - Xinyang has streamlined its SKU offerings, focusing on standardized projects like phototherapy and anti-aging injections, which enhances operational efficiency [2][13]. - The average customer acquisition cost is only 600 RMB, compared to 30%-50% of total costs for traditional medical beauty institutions [7][15]. Product Development and Supply Chain - Xinyang is set to launch new water light and picosecond devices in the second half of 2025, with plans for new generation products in 2026-2027 [8][16]. - The company has invested significantly in supply chain management, securing exclusive rights to upstream manufacturers, which allows for better pricing and cost control [16][27]. Competitive Advantages - Xinyang's advantages over competitors include a strong internet platform, proprietary products, and a robust team of professional doctors, which enhance cost-effectiveness and market competitiveness [11][19]. - The company believes that the entry of giants like JD Health into the medical beauty sector will not pose significant competitive pressure due to their lack of brand recognition and medical resources [23]. Customer Retention and Marketing - Xinyang employs private domain operations and pricing advantages to enhance user satisfaction and acquisition effectiveness, with a significant portion of customer acquisition coming from private channels [14][15]. - The company has a structured approach to doctor training and team building, ensuring high-quality service delivery [35]. Challenges and Future Outlook - Xinyang faces challenges in standardizing offerings due to the high skill requirements for personalized aesthetic services. The company is addressing this by focusing on easily standardized projects [13]. - The company is optimistic about achieving profitability in Q4 2025, despite current losses due to heavy investments in chain business development [25][36]. Conclusion - Xinyang is strategically positioned in the rapidly growing light medical beauty market in China, with a clear expansion plan, operational efficiencies, and a focus on product development. The company is well-equipped to navigate competitive pressures and capitalize on market opportunities.

经济观察报 记者 瞿依贤 成立12年的新氧（SY.US），来到了业务转型的分叉口。 这家在外界印象中一直做医美平台业务的公司，现在重点发力医美连锁业务，同时向产业链上游延伸。2024年，新氧全年营业收入为14.7亿元，同比下降 2.1%，其中，核心业务信息及预约服务收入同比锐减19.3%至9.3亿元。与此同时，连锁业务实现营收1.7亿元，同比增长超12倍。 2025年4月，新氧集团董事长兼CEO金星在接受经济观察报采访时表示，新氧早在几年前就开始筹划转型。其起家的核心业务是互联网医美平台业务，而互 联网的流量越来越向超级平台聚拢，跟美团、阿里这些平台比，新氧没有竞争优势，线上业务必然趋于疲软——转型，既是选择，也是唯一出路。 金星和管理层算过一笔账，哪怕是阿里、美团这样的互联网巨头，在医美这个赛道的年营收也不超过50亿元。以此估算，流量池子更小的新氧平台业务如果 能做到20亿元已经是天花板。而从财报来看，新氧的信息及预约服务收入已经连续3年下滑。 冲突最激烈的一次是新氧青春诊所在北京某商场的开业。这家门店的隔壁是中国一家大型民营医美集团旗下的门店，这家医美集团是新氧的大客户之一，每 年在新氧平台的广告投放金额 ...