今年国庆、中秋长假期间，医美消费迎来一波高峰。中国商报记者走访多家医美机构发现，不少消费者利用假期践行"变美"计划，医美市场呈现供需两旺 态势。此外，男性消费者比例上升，选择进行植发、肉毒素注射（去皱、瘦脸）以及皮肤管理的男性明显增多。 当前，在医美市场上，一股追求理性与专业化的潜流在消费者中涌动。（资料图，图片由CNSPHOTO提供） "美丽投资"成焦点 男性消费者加速入场 10月2日上午11点，北京合生汇商圈的新氧线下门店内的候诊区已经坐了不少等待咨询和消费的顾客，其中不乏一些从外地来的"求美者"。 "平时工作太忙，恢复期也不方便，国庆长假正好有足够的时间来完成早就想做的项目，还不影响工作。"在候诊区的李薇（化名）告诉记者，她提前两个 月就预约了眼综合和注射微整形，预算在5万元左右。"这对我来说不是冲动消费，而是一项长期投资。" 像李薇这样的消费者并非个例。北京某连锁医美机构负责人张丽敏告诉记者，今年国庆前一周，平台下单量环比增长显著，搜索热度最高的项目包括热玛 吉、光子嫩肤、玻尿酸填充等轻医美项目。预约到店人数较多的城市包括北京、上海、广州、成都和杭州。 记者发现，今年国庆、中秋假期，医美消费呈现出一些 ...

中国商报（记者 马嘉）今年国庆、中秋长假期间，医美消费迎来一波高峰。中国商报记者走访多家医美机构发现，不少消费者利用假期践行"变美"计划， 医美市场呈现供需两旺态势。此外，男性消费者比例上升，选择进行植发、肉毒素注射（去皱、瘦脸）以及皮肤管理的男性明显增多。 "美丽投资"成焦点 男性消费者加速入场 10月2日上午11点，北京合生汇商圈的新氧线下门店内的候诊区已经坐了不少等待咨询和消费的顾客，其中不乏一些从外地来的"求美者"。 "平时工作太忙，恢复期也不方便，国庆长假正好有足够的时间来完成早就想做的项目，还不影响工作。"在候诊区的李薇（化名）告诉记者，她提前两个 月就预约了眼综合和注射微整形，预算在5万元左右。"这对我来说不是冲动消费，而是一项长期投资。" 值得关注的是，男性消费者的比例也在上升。有医美咨询师告诉记者："现在来做项目的男性，心态更加开放，目的性也很强，主要是为了解决脱发、皱纹 等具体问题。"此前就有数据显示，男性医美消费者增速连续多年高于女性。 节前新品集中上线 机构促销活跃市场 国庆、中秋假期前，医美市场已显露活跃态势。多款医美低价新品和促销活动赶在节前上线，覆盖射频、注射、皮肤管理等品类。比 ...

转需Tintin(3/3) 🔜KBW (@Tintinx2021):4. 医美由于太多人问我了，不得不专门跟大家说一下，在此只跟大家说一下大家感兴趣的注意事项和基础的项目价格水平，不做任何医院推荐，主要是防止被骗。1️⃣ 水光针• 丽珠兰黑盒 2cc：18–20 万韩币• 丽珠兰白盒 1cc：12–14 万韩币• 丽珠兰红盒 2cc：26–28 万韩币• Juvelook 蓝瓶 2cc：14–16 ...

新兴市场，正成为医美行业的重要增长极，带动行业结构进一步均衡化发展。 罗兰贝格联合美团医美发布的《2025医美行业白皮书》显示，2025 年，二线及以下城市注册的医美消 费者比例不断上升，进一步印证新兴市场的医美普及度与渗透率在持续提升。 在这样的背景下，美团于2025年启动"领航计划"，为新兴市场优质医美机构提供助力，为消费者提供优 质、放心的医美服务。 9月17日，美团医美"领航计划"南京、南通峰会分别召开，当地知名机构嘉术致颜医美、明基医院医美 部、苏亚医美、富颜汇医美、柠润医美等都参与其中，共话本地医美发展。 南京峰会上，美团还带来了本地医美用户数据洞察。在用户层面，女性仍是当地医美主力人群，占比达 87%；年龄结构上，30岁以上人群，占比超过54%，显示出轻熟女成为当地医美消费的主导。在购买项 目上，光子嫩肤、水光针、冰点脱毛等备受用户关注。 此外，2025年上半年，南京医美日均流量同比增长近30%，客单价则达到了800元以上，同比增长超过 50%，显示出当地医美市场的巨大潜力。 在医美机构更为关注的消费场景上，用户近一年的医美购买场景中，同类医美项目的复购和年龄焦虑抗 衰各占25%左右，另外还有熟 ...

新兴市场，正成为医美行业的重要增长极，带动行业结构进一步均衡化发展。 罗兰贝格联合美团医美发布的《2025医美行业白皮书》显示，2025 年，二线及以下城市注册的医美消费者比例不断上升，进一步印证新兴市场的医美普 及度与渗透率在持续提升。 在这样的背景下，美团于2025年启动"领航计划"，旨在为新兴市场优质医美机构提供助力，从而为消费者提供优质、放心的医美服务。 ▲美团平台人员在介绍平台情况。刘乐摄 9月17日，美团医美"领航计划"南京、南通峰会分别召开，当地知名机构嘉术致颜医美、明基医院医美部、苏亚医美、富颜汇医美、柠润医美等都参与其 中，共话本地医美发展。 作为优质机构代表，嘉术致颜医美成立于2024年初，由拥有20余年从业经验、原三甲医院医生潘梅焰创办。虽然技术过硬，但机构刚成立时，潘梅焰仍然 充满着焦虑，"我们这样的新机构，单靠技术和老客推荐，能在南京站稳脚跟吗？" 创立医美机构，仅有好技术是不够的，运营同样重要。机构初创时，潘梅焰迟迟未能找到合适的运营团队，甚至由家属暂时顶替了一段时间。 美团平台的工作人员意识到，这家处处透露着青涩的机构有巨大的发展潜力。 为了帮助嘉术致颜发展，平台人员一次又一次上 ...

本文来自微信公众号：新周刊 （ID：new-weekly），作者：张远山，编辑：陆一鸣，题图来自：视觉中国 周五下班，成群的年轻人飞往韩国，在两天内完成热玛吉、溶脂、填充等多个轻医美项目；周日晚上，带着红肿的脸返程。 在社交平台上，有人的行程更加极致，一天往返。在经验帖中，时间被划分得更加精确：北京时间7：50登机，韩国时间9：50下飞机直奔安检；11：30到 达医美机构面诊，14：00做完全部项目，19：45从韩国起飞。这位网友一天之内往返，她分享秘诀：选一个离机场近的医美机构。 每一小时的行程、每一个项目的顺序，都被精准规划——以短途旅行的预算，同时收获容貌的提升与工作的"刹车片"。 机票千元，签证通过率高达90%，项目价格仅为国内几分之一，中文顾问，一张床式服务，术后即时护理……如果不飞一趟韩国，你或许难以想象，韩国 医美已经为国内追逐美丽的人们打造出一条如何高效的通道。 对"小韩医美特种兵"而言，吸引他们的大概不只是几倍的价差，更是一种极速变美的新生活方式：无需请假，没有恢复期，甚至不影响周一例会。 这么近，那么美，周末去变美？ 7月初的一个周六，凌晨五点半，在微亮的天光里，孟圆从上海的家出发。8点1 ...

Core Viewpoint - The high-end skincare industry is facing significant challenges as consumers increasingly compare the value of expensive skincare products with medical beauty treatments, leading to a shift in spending preferences [3][4]. Group 1: Price Competition - A price war is intensifying in the medical beauty sector, with many institutions lowering prices to attract customers, resulting in a significant drop in treatment costs [8][10]. - Platforms like Meituan and JD are actively promoting medical beauty services, contributing to a downward trend in pricing and making services more accessible [10][12]. Group 2: Changing Consumer Demographics - The consumer base for medical beauty is becoming younger, with the post-95 and post-00 generations emerging as the main spending force, while the average spending per visit has decreased by 10% in 2024 [12][14]. - The shift towards more affordable medical beauty options is increasingly appealing to younger consumers, who are prioritizing cost-effective skincare solutions [12][18]. Group 3: Market Competition and Mergers - Competition among medical beauty companies is intensifying, with a focus on mergers and acquisition of agency rights, indicating a period of expansion in the market [13][14]. - The medical beauty market is projected to grow rapidly, reaching nearly 370 billion by 2025, with a compound annual growth rate of 17.4% since 2020 [14][18]. Group 4: Impact on High-End Skincare Brands - High-end skincare brands are losing market share, with over 20 billion in revenue lost over the past 4-5 years, as consumers question the value of premium products [14][16]. - The spending patterns of high-end beauty consumers are shifting, with entry-level and some mid-tier consumers moving towards medical beauty options, impacting the traditional luxury skincare market [16][18]. Group 5: Consumer Preferences and Decision-Making - Consumers are increasingly favoring medical beauty treatments that offer immediate results and scientific backing over traditional high-end skincare products that rely on emotional branding [23][24]. - The demand for effective and affordable medical beauty solutions is reshaping consumer decision-making, leading to a preference for treatments that provide better cost-effectiveness [23][24]. Group 6: Strategies of High-End Brands - High-end skincare brands are exploring new strategies, including enhancing product technology and integrating medical beauty channels to capture a share of the growing market [24][30]. - Some brands are adopting a differentiated approach, focusing on unique value propositions and exclusive services to retain high-net-worth customers [32][36].

Core Viewpoint - The article explores the psychological and financial implications of cosmetic procedures, highlighting the shift from rational decision-making to compulsive behavior in the pursuit of beauty, and the resulting anxiety and dissatisfaction that can arise from such choices [1][19][32]. Group 1: Personal Experience with Cosmetic Procedures - The subject, Xiaoman, has been engaged in cosmetic procedures for six years, starting with a focus on her nose due to childhood trauma [3][4]. - Initially, Xiaoman was rational in her choices, carefully selecting materials and practitioners, and adhering to a budget [7][8]. - The rise of "light medical beauty" has made non-invasive procedures more popular, surpassing traditional surgical options in market value since 2022 [10]. Group 2: Psychological Impact and Behavioral Changes - Xiaoman's experience reflects a broader trend where cosmetic procedures become a coping mechanism for personal crises, leading to excessive spending and a loss of control [13][19]. - After a breakup and increased work stress, Xiaoman's rational approach deteriorated, resulting in impulsive decisions regarding cosmetic treatments, leading to significant financial expenditure [17][18]. - The article discusses the concept of "spiritual essence," suggesting that while individuals may enhance their appearance, they risk losing their unique qualities [21][23]. Group 3: Industry Dynamics and Consumer Behavior - The cosmetic industry has shifted from exploiting information asymmetry to creating a cycle of anxiety and dependency on procedures [27][34]. - Consumers are becoming more informed and discerning, often researching specific treatments and practitioners before making decisions, which has led to a decrease in prices for certain procedures [26]. - The industry's focus on enhancing beauty standards perpetuates a cycle of demand, where individuals feel compelled to continuously invest in their appearance to meet societal expectations [35][36].

Summary of the Conference Call Industry Overview - The light medical beauty industry is transitioning from reliance on high-priced projects and well-known doctors to standardized, cost-effective services. New Oxygen focuses on dermatology and small store layouts to meet consumer demands for transparency in product ingredients and pricing [2][4][18]. - The competition in the upstream product market for medical beauty is intensifying, with a significant increase in the issuance of three types of certificates in China. It is expected that by 2026, more companies will launch alternative products, breaking the monopoly of a few high-priced products and leading to market scaling [2][6][7]. Company Strategy and Operations - Traditional medical beauty institutions face high marketing costs and limited profit margins. New Oxygen aims to improve profit margins by controlling marketing costs, optimizing the supply chain, and developing proprietary products. The company is also exploring a model of self-operated small clinics [2][8][9]. - The chain rate in the light medical beauty industry is expected to increase, but it requires the provision of standardized treatments and high cost-performance services. New Oxygen implements a hard discount model to maintain profit margins while offering cost-effective services [2][10]. - The operational efficiency of chain clinics is influenced by scale, density, and efficiency. New Oxygen adopts a strategy that balances breadth and depth, focusing on high-density layouts in key cities to highlight chain advantages and improve overall efficiency [2][11]. Market Dynamics - The Chinese medical beauty market has developed rapidly over the past few years, but the industry chain structure still leans towards a seller's market with low chain rates. New Oxygen recognizes the challenges and pain points in the development of medical beauty chains and plans to leverage its advantages to achieve growth [3][8]. - The rise of regenerative products like water light needles and botulinum toxin has increased the proportion of dermatology projects, which are characterized by high frequency, low risk, and suitability for small chain stores [4][5]. Financial Performance and Projections - Traditional medical beauty institutions have low profit margins, with some large institutions only achieving around 3% to 5%. Marketing costs account for 30% to 50%, along with 20% to 30% for product costs. New Oxygen aims to control marketing costs within 10% and reduce product costs through its supply chain [8][9][22]. - Currently, the net profit margin for New Oxygen's stores is approximately 10% to 15%. In the next two to three years, as the proportion of proprietary products increases, the company expects the net profit margin to rise to 15% or even 20% [22]. Customer Retention and Cost Management - New Oxygen's model leans towards benefiting consumers and achieving equity in medical beauty services. The company employs various strategies to enhance customer retention and meet the needs of price-sensitive consumers, including membership operations, promotional activities, and community engagement [18][19]. - The company maintains a cost advantage in customer acquisition primarily through user referrals and private domain operations, which account for nearly 70% of its customer acquisition strategy [21]. Future Outlook - The light medical beauty industry is naturally suited for chain penetration due to its high standardization. New Oxygen plans to expand its presence in key cities with high-density layouts to leverage chain advantages [10][11]. - The company is also testing different site selection strategies for new clinics, focusing on core business districts and popular shopping centers to optimize overall operational effectiveness [14][16]. Conclusion - New Oxygen is strategically positioned to capitalize on the evolving landscape of the light medical beauty industry by focusing on cost-effective services, optimizing supply chains, and enhancing customer engagement. The company's proactive approach to market dynamics and operational efficiency is expected to drive future growth and profitability [2][10][21].

Summary of the Conference Call for Lepu Medical Company Overview - **Company**: Lepu Medical - **Industry**: Medical Devices and Pharmaceuticals Key Points and Arguments Financial Performance and Projections - Lepu Medical expects a profit of **1 to 1.1 billion CNY** for the year 2025, aligning with multiple research institutions' forecasts, and the company is confident in achieving this target [2][4] - For 2026, the company anticipates an overall growth of **approximately 10%**, driven mainly by innovative drugs and new products, while traditional businesses remain stable [6] Strategic Focus Areas - The company's future strategy emphasizes maintaining stability in core businesses while achieving breakthroughs in three key areas: **medical aesthetics, innovative pharmaceuticals, and new medical devices** [2][7] - The medical aesthetics segment is viewed as the most promising growth area, with several product registrations obtained and plans for more product launches [2][8] Medical Aesthetics Segment - The medical aesthetics division has launched products such as **童颜针 (Youthful Needle)** and **水光针 (Hydration Needle)**, with plans to introduce **PDRN injection needles** and **Thermage equipment** within the next year [8] - Expected revenue from the medical aesthetics segment over the next three years is projected to reach **2 to 3 billion CNY**, with profits estimated at **700 to 1 billion CNY** [8] Innovative Pharmaceuticals - The company has made progress in innovative pharmaceuticals, with **recombinant botulinum toxin** entering phase I clinical trials and a focus on other dermatological formulations [9] - The **GLP-1 drug 109** has shown excellent performance, with ongoing clinical trials indicating it may be one of the most effective weight loss products [11] Neurotechnology Development - Lepu Medical is advancing brain-computer interface and neuroregulation technologies, targeting conditions such as **stroke, epilepsy, and urinary incontinence** [13] - The company aims to combine data signal collection with AI analysis to enhance neuroregulation technology development [13] Cash Flow and Shareholder Returns - The company maintains a healthy cash flow from core operations, distributing **600 to 800 million CNY** in dividends annually and continuing share buybacks [5][14] - The neuroregulation division is expected to achieve breakeven within one to two years, alleviating internal investment pressure [5] Market Strategies - In the medical aesthetics market, Lepu Medical adopts a scientific and popular approach, targeting educated consumers born after 1985 with cost-effective products [5][17][18] - The company plans to optimize channels and reduce marketing costs to ensure stable growth [16] Impact of Policy Changes - The company views the **"anti-involution" policy** from the National Medical Insurance Administration positively, as it supports the development of innovative drugs and devices without extreme price competition [24] - Current procurement policies are seen as more moderate, allowing for better market penetration and increased usage of innovative devices [25] Challenges and Future Outlook - The company acknowledges challenges in the innovative medical device sector, particularly with the influx of pseudo-innovative products, and emphasizes the need for clear standards from the medical insurance bureau [26] - Lepu Medical is focused on expanding its international presence and exploring overseas clinical trials for innovative products [51][52] Conclusion - Lepu Medical has identified three main growth areas and aims to maintain stability in existing businesses while leveraging new opportunities to create value for investors [54]