"立项指南通过'合并同类项'，将服务产出相似、价格水平相近的旧项目统一规范为新项目。"蒋炳 镇指出，这解决了各地价格项目不统一、价格水平不可比等问题。更深层次的意义在于，立项逻辑从按 操作细节立项转向按服务产出立项，新项目更多从患者获益角度衡量医疗技术价值，体现"价值决定价 格"的基本原理。 中新网北京9月26日电(记者 赵方园)9月25日，国家医保局举办医疗服务价格项目立项指南第四 场"美好生活专场"解读直播，覆盖妇科、产科、麻醉、康复、体被系统以及美容整形等六类立项指南。 中新健康记者注意到，新项目的设立从过去依据技术细节立项，转向以服务产出和价值为导向。 价值医疗为导向，从按技术细节立项转向按服务产出立项 国家医保局价格招采司医药价格处处长蒋炳镇透露，截至目前，国家医保局已印发33批立项指南， 整合设立主项目1640个、加收项599个、扩展项156个。 蒋炳镇表示，在编制和落实立项指南过程中，重点关注四大关系：旧项目与新项目、规范与进步、 增福祉与稳运行、保基础与促发展。 对于抓规范和推进步的关系，蒋炳镇介绍，在统一规范价格项目基础上，国家医保局持续关注临床 技术进步，通过适当放大价格项目的颗粒度、设置 ...

中新网北京9月26日电(记者赵方园)9月25日，国家医保局举办医疗服务价格项目立项指南第四场"美好 生活专场"解读直播，覆盖妇科、产科、麻醉、康复、体被系统以及美容整形等六类立项指南。 中新健康记者注意到，新项目的设立从过去依据技术细节立项，转向以服务产出和价值为导向。 价值医疗为导向，从按技术细节立项转向按服务产出立项 国家医保局价格招采司医药价格处处长蒋炳镇透露，截至目前，国家医保局已印发33批立项指南，整合 设立主项目1640个、加收项599个、扩展项156个。 国家医保局医药价格和招标采购指导中心唐菲表示，在编制妇科、产科、麻醉三类立项指南过程中，相 关部门坚持以服务产出为导向，体现技术劳务这一原则，突出人力价值、强化政策支持。 首先是坚持产出导向，适度整合，确保全国一盘棋。主要包括对部位的定义进行统一；对服务内容进行 统一；统一立项原则，尊重临床实际，体现技术难度。 如，将各地计价单位五花八门的"胎心监测"项目统一为"胎/次"，从顶层设计上引导地方成本测算时更 精准地体现产科医务人员的劳动价值。 其次是对技术创新的支持。通过"合并同类项"，将271项现行项目整合为124个主项目，更大颗粒度的设 计对 ...

本报讯 （记者张敏）9月25日，国家医保局举办医疗服务价格项目立项指南第四场"美好生活专场"解读直播，覆盖妇科、 产科、麻醉、康复、体被系统以及美容整形等六类立项指南。 国家医保局价格招采司医药价格处处长蒋炳镇介绍，国家医保局已印发33批立项指南，整合设立主项目1640个、加收项 599个、扩展项156个。 谈及增福祉和稳运行的关系，蒋炳镇表示，增进人民健康福祉和稳定医疗机构运行，两者相辅相成，是医疗服务价格立项 和定价的核心关切。立项指南将部分改善患者体验的诊疗服务单独立项或者设立加收项，既是为了引导医疗机构优化医疗服务 质量，也是为了支持医疗机构实现增量发展。 针对保基础和促发展的关系，蒋炳镇提到，国内医美需求尚未得到有效满足，市场前景比较广阔，有必要规范美容整形价 格项目。美容整形立项指南统一设立了101个主项目，覆盖"光子嫩肤""超声炮""热玛吉"等轻医美项目，以及填充、植发、隆 鼻、双眼皮等常见医美项目，后续各地还可以结合实际新增价格项目。 国家医保局统一规范美容整形价格项目的主要考虑是，适应大家对美好生活的向往，对更高颜值的追求，通过规范价格项 目，推动国内美容整形优质服务的供给，引导公立医疗机构 ...

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].

Financial Performance - The company reported a significant improvement in operating cash flow, with a year-on-year increase of 300.52% [2] - Revenue from the cardiovascular interventional business reached 1.239 billion, a growth of 7.57% year-on-year [2] - The overall revenue and profit for the first half of the year remained stable compared to the previous year [2] Business Segments Medical Devices - The in vitro diagnostics and surgical anesthesia segments experienced slight declines in revenue due to increased competition and procurement rhythms [2] - The skin care business aims for sales of 500-600 million in 2026, with a net profit margin of 45-50% [3] Innovative Drugs - The innovative drug segment is the largest in terms of R&D investment, focusing on metabolic diseases [4] - The company is optimistic about the potential of its innovative drugs, particularly in weight management and metabolic disorders [4] Strategic Adjustments - The company has undergone organizational restructuring to stabilize its performance after a period of significant fluctuations [2] - Future growth is expected to be driven by strategic emerging business segments, including dermatology and innovative drugs [2] Market Strategy - The company plans to maintain a sales expense ratio below 20% for its medical aesthetics products, focusing on scientific and cost-effective marketing strategies [8] - The pricing strategy for the "童颜针" (youthful needle) series aims to capture a broader market by offering competitive pricing [15] Regulatory and Competitive Landscape - The company anticipates a reduction in prices for drug-coated balloons due to procurement policies, which may increase market penetration [9] - The competitive landscape for GLP-1 drugs is intensifying, but the company remains confident in its product competitiveness [20] Future Outlook - Analysts project a net profit of around 1 billion for the current year, with a stable outlook for the formulation business [2] - The company aims for a revenue growth of 10-15% next year, driven by structural heart disease and pharmaceutical products [2]

Core Viewpoint - The establishment of a unified pricing guideline for cosmetic surgery in China aims to create a more transparent and orderly market environment, enhancing safety and consumer confidence in the beauty industry [1][3][10]. Group 1: Market Overview - The cosmetic surgery market in China is projected to reach nearly 300 billion yuan by 2024, indicating significant market vitality and potential [1]. - The new pricing guideline is expected to standardize pricing projects, making medical bills clearer for consumers and reducing confusion in the pricing of cosmetic procedures [3][5]. Group 2: Pricing Standardization - The National Healthcare Security Administration has released a guideline that unifies pricing projects for cosmetic surgery, allowing medical institutions to set reasonable prices independently [3][5]. - The guideline aims to simplify the naming of procedures, making it easier for consumers to understand the technical principles behind treatments [5][6]. Group 3: Inclusion of New Technologies - The pricing guideline is designed to accommodate new technologies and materials in the cosmetic surgery field, allowing for the inclusion of various new injection materials under the same pricing project [6][7]. - Medical institutions are permitted to establish additional charges for new services, enhancing their ability to meet personalized consumer demands [7]. Group 4: Emphasis on Quality and Safety - The guideline reflects the value of technical skills and labor in cosmetic procedures, promoting overall improvement in the quality of medical services [10]. - It is emphasized that cosmetic surgery is a medical practice with inherent risks, and consumers are encouraged to choose reputable medical institutions and experienced practitioners [10].

Core Insights - The Chinese medical aesthetics market is transitioning from "pragmatism" to "improvement-oriented consumption," reflecting an upgrade in consumer perception of beauty and marking a new phase of rational development in the industry [1] Trends - **Generational Shift in Consumer Motivation**: Early consumers focused on functional needs like scar removal, while current consumers prefer quality enhancement through non-surgical procedures, with over 60% of demand in cities like Chengdu centered on maintenance and anti-aging projects [3] - **Natural Aesthetic Standards**: There is a shift away from exaggerated "internet celebrity" looks towards natural aesthetics, with a preference for subtle enhancements that are less noticeable [4] - **Professionalization of Decision-Making**: The decision-making process has lengthened by 20%, with consumers now conducting thorough research on institutions and materials before making choices [5] Driving Factors - **Rise of Consumer Sovereignty**: Increased transparency in medical aesthetics has empowered consumers to demand customized solutions rather than standardized packages, aligning with the characteristics of the "fifth consumption era" [7] - **Regulatory Policies and Industry Standardization**: Stronger national regulations are accelerating industry cleanup, with standardized management of procedures like "photonic rejuvenation" and "ultrasound" expected to reduce consumer risk [8] - **Technological Advancements and Product Innovation**: New technologies such as polylactic acid (youthful injections) are projected to grow at a compound annual growth rate of 31.2% from 2025 to 2027, supporting the shift towards improvement-oriented consumption [9] Industry Impact - **Transformation of Institutional Operating Models**: Leading institutions are moving away from low-price strategies to build a "technology + service" moat, focusing on high-end clientele and professional service capabilities [11] - **Precision in Product Development**: Companies are increasingly targeting niche markets with specialized injection products, with the market for collagen-based projects expected to grow from 3.7 billion yuan in 2021 to 13.7 billion yuan by 2027 [12] - **Comprehensive Service Process Management**: There is a growing demand for post-operative tracking and complication management, with some institutions introducing "medical beauty insurance" to ensure safety and effectiveness [13] Future Outlook - **Market Segmentation and Demand Layering**: The trend of budget polarization is intensifying, with high-end markets focusing on expensive anti-aging and regenerative medicine projects, while the mass market centers on affordable light medical aesthetics [14] - **Experience Upgrade Driven by Technology**: The integration of AI and 5G technologies is expected to lead to smarter and more immersive medical aesthetic services, enhancing consumer experience [15] - **Ethical and Aesthetic Rebalancing**: The industry must be cautious of "over-medicalization" risks, emphasizing the importance of educating consumers on the medical essence of aesthetics to foster a healthier perception of beauty [16]

Core Viewpoint - New Oxygen aims to become a disruptor in the medical beauty industry by launching its own light medical beauty brand, "New Oxygen Youth Clinic," to create a "high quality, low price" model in response to the changing consumer demographics and market dynamics [1][2][3] Company Strategy - New Oxygen has transitioned from being a medical beauty e-commerce platform to establishing its own light medical beauty clinics, targeting a broader consumer base beyond high-net-worth individuals [2][3] - The company plans to integrate and optimize its supply chain to lower costs and enhance service quality, addressing consumer pain points related to high prices and inconsistent treatment quality [3][8] Market Dynamics - The light medical beauty market in China reached a scale of 1,461 billion yuan in 2023, accounting for 80.8% of total medical beauty consumption, with a year-on-year growth of 5.8% [7] - The market is expected to grow to 4,157 billion yuan by 2030, nearly double that of surgical medical beauty [7] Financial Performance - New Oxygen's light medical beauty chain business reported a revenue increase of 551.4% year-on-year to 98.88 million yuan in Q1 2025, contributing 33.3% to total revenue [3] - The company anticipates its medical treatment service revenue to reach 120-140 million yuan in Q2 2024, representing a year-on-year growth of 337%-410% [3] Competitive Landscape - New Oxygen's pricing strategy has led to friction with upstream manufacturers over pricing authority, highlighting a shift in market dynamics where pricing should be determined by supply and demand rather than manufacturer control [5][6] - The company has made strategic acquisitions to strengthen its position in the upstream medical beauty market, including a significant investment in a medical device company [7][8] Industry Challenges - The medical beauty industry faces challenges such as declining profits and increasing scrutiny from regulators, necessitating a transformation in business models and practices [3][11] - New Oxygen aims to address safety and quality concerns in the industry by ensuring rigorous training for its medical staff and maintaining high operational standards [10][12] Future Outlook - The industry is expected to evolve towards a model where professional doctors operate clinics, ensuring safety and quality, alongside large chain institutions like New Oxygen Youth Clinic [11][13] - The company envisions a future where transparent pricing and service quality will become the norm, making light medical beauty accessible to a wider audience [12][13]

Core Viewpoint - New Oxygen aims to become a disruptor in the medical beauty industry by launching its own light medical beauty brand, New Oxygen Youth Clinic, to create a "high quality, low price" model in response to the market shift towards a broader consumer base [1][5][14] Group 1: Company Strategy - New Oxygen officially launched its light medical beauty brand, New Oxygen Youth Clinic, in November 2024, promoting it as an affordable option for consumers [4][5] - The company is transitioning from being a medical beauty e-commerce platform to establishing physical clinics, aiming to integrate and optimize the entire service chain to enhance quality and reduce costs [5][9] - New Oxygen's light medical beauty projects include various services priced from hundreds to thousands of yuan, targeting a wider audience beyond high-net-worth individuals [4][8] Group 2: Market Context - The light medical beauty market in China reached a scale of 1,461 billion yuan in 2023, accounting for 80.8% of the total medical beauty consumption, with a year-on-year growth of 5.8% [8] - The traditional high-price model in the medical beauty industry is becoming unsustainable, leading to a demand for more affordable options as the consumer base shifts to the general public [5][8][14] Group 3: Competitive Dynamics - New Oxygen's pricing strategy has led to conflicts with upstream manufacturers over pricing authority, particularly highlighted by the controversy surrounding the pricing of the "Miracle Youth" project [7][9] - The company has made strategic acquisitions to strengthen its position in the upstream market, including a significant investment in medical device companies [9][10] Group 4: Industry Trends - The medical beauty industry is experiencing a shift towards more standardized and regulated practices, with a growing emphasis on safety and quality as consumer awareness increases [10][12] - The future of the industry is expected to see a rise in both professional doctor-operated clinics and large chain medical beauty institutions like New Oxygen Youth Clinic, promoting a more organized market [12][15]

Core Insights - The medical beauty sector is becoming a strategic focus for major companies, driven by the need for medical professionalism, commercial sustainability, and social responsibility [1][3] - JD.com has entered the medical beauty market with its first self-operated clinic opening in Beijing, indicating a competitive landscape with other giants like Alibaba, Meituan, Douyin, and Tencent already involved [2][4] - The competition is centered around high-value users and high-profit scenarios, making differentiation crucial for success [3] JD.com's Strategy - JD.com has adopted a direct approach by opening self-operated clinics and has partnered with New Oxygen, a leading internet medical beauty platform, to enhance its service offerings [5][6] - The company has established direct supply chain collaborations with top manufacturers, creating a short-chain model that reduces costs by eliminating intermediaries [7] Comparison with Competitors - Meituan, while entering the market earlier, has focused on a consulting and intermediary role rather than direct operation, leveraging its local service platform for traffic [8][9] - Alibaba's strategy mirrors Meituan's, acting as an intermediary while integrating medical beauty with its consumer finance services [9][10] - ByteDance has taken a more aggressive approach by acquiring medical institutions and launching its own medical beauty services, albeit entering the market later than others [10][12] Market Dynamics - The medical beauty industry is characterized by high profit margins, with midstream institutions enjoying gross margins of 40%-55% and downstream margins reaching 60%-80% [14] - The market is projected to grow significantly, with estimates suggesting it could reach 399.8 billion yuan by 2026 and 638.2 billion yuan by 2030, reflecting a compound annual growth rate of 12.4% [14] Challenges and Considerations - Major companies face structural challenges and competition for market share, with user engagement and budget constraints becoming critical issues [13][15] - The medical beauty sector is described as a "walled city," indicating intense competition and the need for companies to establish trust and credibility in a market where mistakes can have severe consequences [18][21] - Building a trust barrier through technology and compliance is essential for companies to succeed in the medical beauty space [21][22]