证券研究报告|行业专题 医疗美容 行业评级 强于大市（首次评级） 2025年07月15日 投资要点 2 华福证券 华福证券 证券分析师： 张望 执业证书编号：S0210525020002 请务必阅读报告末页的重要声明 华福证券 华福证券 供应链求索&青春诊所布局 ——新氧究竟发生了什么变化？ ➢ 新氧：全球首家医美电商，致力于消除医美信息差。新氧致力于以平台广告-机构筛选-用户社群分享模 式解决医美决策痛点，为全球首创的医美电商。至2021年APP月活用户达850万人，付费机构6634家 。新氧获兰馨亚洲、经纬中国、挚信资本等头部创投机构长期青睐，至2025年2月末创始人及前三大股 东合计持股比达58.9%。 ➢ 压力与逆境：需求走弱与互联网电商分流，基本面或进入触底反转。2022年线下消费疲软与医美机构 停业致公司业绩承压，新氧平台促成医美服务GMV下滑55.4%至14.3亿元。后续美团、大众点评等互 联网平台切入医美赛道加剧行业竞争，获客难度与流量成本面临上升。至2024年公司收入降至14.7亿 元，净利润亏损5.9亿元。25Q1收入同降6.6%至3.0亿元，净利润亏损0.33亿元。期末总现金达10.2亿 ...

极目新闻记者 黄永进 殷悦 今年1月16日，位于武汉市东湖高新区光谷大道3号的激光工程设计总部二期研发楼内传来消息：本土医美器械龙头企业奇致激光（832861）召开董事会会 议，选举赵晖担任公司新任董事长，创始人彭国红正式退出管理层。据悉，赵晖原为新氧CFO，此次调整被视作新氧推进产业上下游纵向整合的重要举措。 光电医疗设备的先行者 站在"颜值经济"的时代风口，美丽健康消费持续增长。随着爱美人群的医美需求从容貌改变转向抗衰，奇致激光所在的光电医美赛道快速崛起。《中国医美 行业2024年度洞悉报告》显示，2023年，光电类项目在中高收入医美需求者中覆盖度达79%。另据高禾投资测算，2025年，光电类医美消费市场规模将达 508.12亿元。2024年1月，国务院办公厅印发我国首部"银发经济"政策文件《关于发展银发经济增进老年人福祉的意见》，将"加强基因技术、再生医学、激 光射频等在抗衰老领域的研发应用"写进意见，为光电抗衰产业发展带来利好。 作为国内光电医疗设备领域的先行者和领先的医疗光电解决方案供应商, 2001年，创立之初的奇致激光便凭借自主研发的光子嫩肤技术打开市场。2015年， 公司登陆新三板时估值已超5 ...

Core Viewpoint - The internet medical beauty platform, Xinyang, is facing significant challenges with its core business underperforming, record-high losses, and frequent attempts at cross-industry transformation failing to reverse its declining performance [1][2]. Financial Performance - In 2024, Xinyang reported a revenue of 1.467 billion yuan, a year-on-year decrease of 2.1%, while the net loss reached 587 million yuan, marking a four-year high in losses [2][3]. - The core business, information and booking services, saw a revenue decline of 19.3% to 929 million yuan in 2024, accounting for 63.4% of total revenue, down from 76.8% in 2023 [3][9]. - In Q1 2025, Xinyang's revenue continued to decline by 6.6% to 297 million yuan, with net losses expanding to 33.1 million yuan [1][8]. Business Challenges - The decline in core business revenue is attributed to two structural issues: decreased platform traffic conversion efficiency and intensified competition from content platforms like Douyin and Xiaohongshu, which have diluted the value of traditional intermediary models [3][9]. - The number of medical service providers subscribing to Xinyang's information services has decreased, contributing to the revenue drop [3]. Diversification Efforts - Xinyang has attempted to diversify its business by investing in medical beauty equipment and establishing its own medical beauty institutions, but these efforts have not significantly improved its financial performance and have instead burdened profitability [7][8]. - The acquisition of Wuhan Qizhi Laser in 2021 and the exclusive agency of ELASTY® Lumilax in 2022 have not yielded substantial revenue growth, with Wuhan Qizhi Laser's revenue only increasing by 0.3% in 2024, while its net profit dropped by 38.81% [7][8]. New Business Initiatives - In November 2024, Xinyang launched a new light medical beauty chain brand, aiming to provide affordable and accessible anti-aging solutions, but this initiative is still in its early stages and has not yet positively impacted overall performance [8]. - Despite the rapid growth of the new light medical beauty chain, with Q1 2025 revenue reaching 98.88 million yuan, a year-on-year increase of 551%, the overall financial situation remains challenging [8].