21世纪经济报道记者韩利明 日前，医美平台新氧（Nasdaq：SY）发布的2025年第二季度财报显示，公司业绩延续第一季度的下滑 态势，实现总收入3.79亿元，同比下滑7%；净亏损达3600万元，较去年同期1890万元的盈利转为亏 损。对于营收下滑，财报称与新氧平台上订阅信息服务的医疗服务提供商数量减少密切相关。 在整体业绩承压的背景下，新氧近年来大力布局的线下轻医美连锁业务打开了新的增长空间。财报数据 显示，新氧医美诊疗服务收入在二季度同比飙升426.1%，达到1.44亿元。这一数字不仅远超其他业务板 块，也首次成为新氧最大的收入来源。 "上个季度，轻医美连锁业务收入正式成为集团第一大收入来源。"新氧集团创始人金星在接受21世纪经 济报道记者等采访时表示，随着轻医美连锁业务成长到一定规模，不可避免地与作为老业务客户的医美 机构形成了竞争关系。 "这种此消彼长的局面让当下成为公司新旧动能切换的阵痛期，财务上也正处于最难受的阶段。"金星 说，尽管面临转型阵痛，新氧对新老业务的协同发展仍充满信心。 "新氧连锁业务目前仅提供几十个标准化抗衰老项目，而医美行业拥有数百种不同的项目，对于求美者 的个性化需求，我们可以推 ...

Core Insights - JD Health has entered the medical beauty sector with the opening of its first self-operated clinic in Beijing Yizhuang, named "JD Medical Beauty (Yizhuang Store)" [1] - This marks the first physical store launch after the establishment of JD Health's medical beauty subsidiary in March 2023, with a second store set to open on September 30 in Beijing's Guomao area [1] - The Yizhuang store is integrated within JD Health's comprehensive outpatient department and offers popular light medical beauty services such as skin whitening, water light beauty, wrinkle removal, and anti-aging treatments [1] - The JD Medical Beauty services are accessible through the JD App, allowing users to search for "medical beauty" and navigate to the dedicated channel for services [1] - JD Medical Beauty has also launched a WeChat mini-program for additional accessibility [1] Trademark Registration - Beijing JD 360 Degrees E-commerce Co., Ltd. has applied for multiple "JD Medical Beauty" trademarks, covering international classifications such as advertising sales, medical gardening, and scientific instruments, with many trademarks currently awaiting substantive examination [4]

Core Insights - JD Health has officially launched its first self-operated medical beauty clinic named "JD Medical Beauty (Yizhuang Store)" on July 14, marking its entry into the offline medical beauty market [1] - The clinic offers four main services: skin whitening, water light beauty, wrinkle removal, and light-based anti-aging treatments [1] - JD Health has been gradually entering the medical beauty sector since 2021, collaborating with over 2,000 certified institutions and establishing direct supply partnerships with major manufacturers [2][3] Company Developments - The Yizhuang store has been in trial operation for over two months, initially serving JD employees before opening to the public [1] - JD Health plans to open a second flagship store in Beijing's Guomao Wantong Center by September or October [1] - In March 2023, JD Health established a subsidiary focused on medical beauty services and applied for the "JD Medical Beauty" trademark [2] Market Context - The Chinese medical beauty market is experiencing rapid growth, with a market size of 217.9 billion yuan in 2021, projected to exceed 1 trillion yuan by 2030 [3] - Competitors like Meituan and Alibaba have also entered the medical beauty sector, with Alibaba launching its medical beauty channel in 2017 and Meituan's GMV in the medical beauty category expected to surpass 38 billion yuan in 2024 [3]

Core Viewpoint - The medical beauty business is increasingly attracting attention from major internet companies, with JD Health opening its first offline self-operated medical beauty clinic in Beijing [2][4]. Company Developments - JD Health's first self-operated medical beauty clinic, named "JD Medical Beauty (Yizhuang Store)," has opened in Beijing and is integrated into the JD APP's medical beauty channel [2][8]. - A second clinic, "Guomao Store," is set to open on September 30 [3][15]. - The Yizhuang Store has been in trial operation for over two months, primarily serving JD internal employees before its public launch [10][12]. Competitive Landscape - JD Health and Meituan are competing in the medical beauty sector, with Meituan focusing on being a platform without self-operated clinics, while JD Health adopts a dual approach of self-operation and third-party clinic integration [4][20]. - The entry of internet giants like JD and Meituan is intensifying competition for customer acquisition among downstream medical beauty institutions [6][24]. Service Offerings - The Yizhuang Store offers four main light medical beauty services: skin whitening, water light beauty, wrinkle reduction, and light-based anti-aging [16]. - However, the range of specific medical beauty products available is limited, with popular items like "童颜针" (youthful needle) not yet offered [17]. Pricing Strategy - The pricing for services at JD Medical Beauty (Yizhuang Store) is primarily below 1,000 yuan, but some prices, such as for the black gold DPL facial treatment, are higher than competitors [17]. - Current prices are at internal employee rates, with potential future increases anticipated [17]. Market Dynamics - The competition has led to aggressive pricing strategies among medical beauty institutions, with some institutions resorting to significant discounts to attract customers [21]. - JD's entry into the market is seen as a challenge for smaller clinics lacking traffic sources, raising concerns about their survival in a competitive environment [24]. Industry Trends - New Oxygen, another internet platform, has also entered the offline medical beauty clinic space, having opened 30 self-operated clinics across nine cities since May 2023 [23]. - The overall trend indicates a shift towards online platforms integrating offline services, creating a more competitive landscape for traditional medical beauty institutions [20][24].

Core Insights - The medical beauty business is increasingly attracting interest from major internet companies, with JD.com opening its first self-operated medical beauty clinic in Beijing [1][4]. Group 1: JD.com Medical Beauty Clinic - JD.com has launched its first self-operated medical beauty clinic named "JD Medical Beauty (Yizhuang Store)" located on the first floor of JD Health's comprehensive outpatient department [2]. - The clinic has been in trial operation for over two months, initially serving only JD internal employees, and is now officially open to the public [2]. - The clinic's online access is integrated into the JD APP, requiring users to search for "medical beauty" to find the channel, and a mini-program has also been established on WeChat [2]. Group 2: Services and Expansion Plans - The Yizhuang store offers four main light medical beauty services: skin whitening and rejuvenation, water light beauty, wrinkle reduction, and photonic anti-aging [2]. - JD Medical Beauty plans to open another store in Beijing's Guomao Wantong Center by September 30 [2]. - Although the clinic's service categories are comprehensive, specific popular products like "baby face needles" and collagen injections are currently not available, but will be introduced in the future [3]. Group 3: Competitive Landscape - The medical beauty sector is a significant business area for Meituan, indicating a competitive landscape as JD.com and Meituan are set to compete in this field [3]. - Other internet platforms, such as Xinyang, have also entered the market, with Xinyang opening its first self-operated clinic in May 2023 and expanding to 23 clinics across nine cities in two years [5]. - The entry of industry leaders into the medical beauty space poses challenges for downstream institutions that lack traffic sources [5].