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].

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 ...