2024年，医美消费市场呈现出鲜明的"量增价减"特征。根据《中国医美行业2025年度洞悉报告》，全年 医美消费人数达3100万，同比增长10.7%，客单价同比下降10%。在医美服务质量参差不齐、消费信任 尚未完全建立的市场中，医美消费决策更加理性，消费者对"优质且高性价比"的医美服务需求正持续升 温。 2023年5月，新氧成立第一家轻医美连锁门店，标准化、品质与性价比兼具的服务模式推动新氧连锁业 务爆发式增长。二季度，新氧青春诊所到店核销顾客6.74万人次，同比增长381%，核销服务点15.45 万，同比增长458%，超过30%的新客来自老客推荐，成为门店最大的获客来源，年度复购率达到60%。 过去12个月，新氧青春诊所活跃用户超过10.04万。 "二季度，新氧迎来了转型战略里程碑，以交付为导向的'优质、好价、标准化'服务模式正在得到市场 印证，我们的用户信任度与忠诚度持续提升。"新氧集团董事长兼CEO金星表示。 截至二季度，新氧已在全国9座城市运营了31家门店（其中2家为试运营），依托产业纵向布局与数字化 投入所带来的标准化交付能力、成本管控优势及运营效率提升，旗下青春诊所各门店的收入规模与毛利 率均实现持 ...

Summary of the Conference Call on New Oxygen and the Medical Aesthetic Industry Industry Overview - The medical aesthetic industry experienced rapid growth from 2019 to 2022 but has faced challenges due to upstream price wars and weak downstream consumer demand in recent years. However, in 2025, there are signs of weak recovery with structural opportunities and innovative models emerging [2][4]. Company Insights - New Oxygen, a pioneer in the medical aesthetic e-commerce sector, once held an 86% market share in the medical aesthetic app market. The company was founded in 2013 and went public on NASDAQ in 2019 [2][4]. - The company has faced increased competition from internet platforms, leading to rising customer acquisition costs, which have negatively impacted revenue and profit [2][4]. Strategic Initiatives - New Oxygen is seeking to reverse its fortunes by expanding its supply chain and entering the downstream medical aesthetic institution operation sector. This includes acquiring companies like Qizhi Laser and becoming the exclusive agent for high-end products like Ellastin [1][5]. - As of mid-2025, New Oxygen has opened 32 stores under the New Oxygen Youth Clinic brand, generating total revenue of 170 million yuan [1][5]. Business Model and Performance - The New Oxygen Youth Clinic has a profitable model, with L Mall stores generating monthly revenues of 4 to 5 million yuan. The sales expense ratio is lower than traditional medical aesthetic clinics, resulting in a net profit margin superior to traditional retail [1][7]. - The clinic's customer retention is strong, with a 60% repurchase rate, a 50% referral rate, and 15% of traffic coming from organic sources [1][8]. Future Plans - New Oxygen plans to expand the number of clinics to 50 by the end of 2025, with 18 new stores expected to open in the second half of the year [1][8]. Quality Assurance and Transparency - New Oxygen ensures service quality and price transparency by tracing the qualifications of medical staff and maintaining a transparent pricing system. Prices for similar products in their clinics are at least 30% to 40% lower than market rates [1][10]. Standardization in the Industry - The medical aesthetic industry can achieve standardization, particularly in the light medical aesthetic sector, through a structured approach. New Oxygen employs a tiered management system for doctors and simplifies its product offerings to enhance standardization [11][12]. Challenges for Smaller Clinics - Smaller light medical aesthetic clinics face challenges such as traditional retail models, high customer acquisition costs, and difficulties in negotiating with suppliers. New Oxygen addresses these challenges by focusing on a light asset model and leveraging its established brand to drive traffic [14]. Conclusion - New Oxygen is positioned to capitalize on the recovery of the medical aesthetic industry through strategic expansions, a focus on quality and transparency, and a robust business model that leverages its brand equity and operational efficiencies [1][2][5][8][10].

在医美行业"营销驱动"的传统模式下，新氧选择逆向破局——聚焦"标准化医疗交付"，将90%资源投入 医疗服务质量建设。通过建立严格的医生脱产培训体系(新医生需通过系统性考核上岗)、四级医生服务 体系(按经验分级操作项目)，实现光电、注射等核心项目的标准化落地。数据显示，新氧青春诊所单店 平均配备3-4名医生，每位医生月均完成330例治疗，远超行业平均水平，推动用户满意度持续保持4.98 分(满分5分)，复购率超60%。 图：新氧青春诊所 新氧旗下轻医美连锁品牌新氧青春诊所披露关键运营数据：截至6月7日，品牌累计服务人次突破20万。 值得注意的是，第二个10万人次仅耗时155天，较首个10万周期(2023年5月11日—2025年1月3日，共602 天)提速74%。这一数据既印证轻医美消费渐入爆发期，也证明了新氧以"去营销化+标准化医疗交付+科 技赋能"重构行业信任链的转型成效。 "当行业让消费者必须成为专家才能消费时，说明行业本身出了问题。"新氧创始人金星直言，新氧通 过"去营销化"策略压缩成本——将获客成本压至10%以下，而这一占比在传统机构中为30%-50%。通过 实现效果可视化和服务可预期，一季度财报显示， ...

Core Viewpoint - New Oxygen (SY) reported a strong financial performance for Q1 2025, with revenue reaching 297 million yuan, driven by a significant growth in its light medical beauty chain business, which achieved 98.88 million yuan in revenue, marking a 551% year-on-year increase, indicating a successful strategic transformation [1][4]. Group 1: Financial Performance - In Q1 2025, New Oxygen's revenue was 297 million yuan, with the light medical beauty chain business contributing 98.88 million yuan, a 551% increase year-on-year, achieving a record high for a single quarter [1]. - The chain business has shown continuous growth for six consecutive quarters, with over 92,900 projects redeemed in the quarter, a 989% increase year-on-year, and over 45,500 paid users, an 874% increase [4]. Group 2: Business Strategy and Growth - The company is focusing on its transformation strategy, emphasizing the development of the light medical beauty chain business and investing in vertical integration and business diversification to strengthen its competitive position in the evolving medical beauty sector [1][8]. - New Oxygen has established its first light medical beauty chain store in May 2023, rapidly expanding its presence and becoming a leading player in the industry [1]. Group 3: Customer Satisfaction and Service Model - New Oxygen's service model emphasizes transparency, high quality, and cost-effectiveness, leading to a user satisfaction score of 4.98 out of 5 in Q1 [5]. - The company has expanded its professional doctor team with a 10% acceptance rate, ensuring consistent quality in medical delivery through systematic training and digital management [6]. Group 4: Product and Platform Development - The company has developed a robust upstream product ecosystem, with over 1,500 service institutions and a 14% year-on-year increase in the shipment of its hyaluronic acid brand, exceeding 27,900 units in Q1 2025 [8]. - New Oxygen is transitioning its platform to a "premium mall" model to enhance user experience and conversion rates, with a total transaction value (GMV) of 303 million yuan in Q1 2025 [8].

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 ...