Jin Xing: The New Growth Engine in the Aesthetic Medicine Market Comes from Young, Low-to-Middle-Income Consumers

Why Did the Dinosaurs, Once Dominant on Earth, Go Extinct? Was It Due to the Catastrophic Asteroid Impact? Or Did Deteriorating Internal Living Conditions Trigger Severe Famine Across the Globe, Starving the Dinosaur Family to Death? Or Perhaps Both Factors Played a Role, with the Accidental External Planetary Collision Merely Accelerating the Dinosaurs’ Inevitable Demise?

“This was the opening challenge posed by CEO Jin Xing to the audience at the 2015 So-Young Asia-Pacific Awards Ceremony. In Jin Xing’s view, medical practitioners in the aesthetic medicine industry who remain set in their ways and refuse to adapt are like dinosaurs facing imminent peril. Confronted with the relentless encroachment of the internet, those who fail to embrace change and adjust to market dynamics will ultimately suffer the tragic fate of extinction.”

What changes is the medical aesthetics industry currently undergoing? A comparison between the market five years ago and today reveals significant shifts. First, the consumer demographic has changed. In the past, the primary clientele for cosmetic procedures consisted of affluent individuals with middle-to-high incomes, such as wealthy women aged 30–40. These consumers were price-insensitive, seeking only the best and most expensive options, had limited knowledge of medical aesthetics, and primarily obtained information through Baidu searches and advertisements. In contrast, today’s beauty-seeking consumers are characterized by their younger age, low-to-middle income levels, price sensitivity, proficiency in navigating the internet environment, and strong capabilities in information gathering and learning. In short, they are not easily misled.

So, can current medical aesthetic institutions adapt to the already-changed market environment? Can they still rely on strategies based on past information asymmetry, focusing solely on high-income individuals and fiercely competing for a limited user base, thereby continuing to struggle in a red ocean? In fact, the promising blue-ocean market largely overlooked by most medical institutions is the rapidly growing consumer segment of younger, low-to-middle-income individuals. Although the average transaction value per customer in this segment is not high, its vast user base will serve as a powerful emerging force capable of disrupting the existing market landscape.

How to Seize the New Blue Ocean Market? As the saying goes, “Ducks are the first to know when the river warms in spring.” Jin Xing has summarized the following key points: 1. Acknowledge young consumers and develop aesthetic treatments tailored to this demographic; 2. Maintain a sophisticated brand image that aligns with the contemporary aesthetics of young consumers, creating stylish and tonal offerings to attract and resonate with them; 3. Rejuvenate the management team, as younger managers possess a more accurate understanding and insight into their peers; 4. Differentiate medical services to establish unique and distinctive offerings; 5. Prioritize social media operations; 6. Build physician brands—So-Young recognizes that an increasing number of physicians will become brands themselves, serving as flagbearers for the entire industry; 7. Ensure high quality of pharmaceuticals and medical devices; 8. Transform operational models and reduce operating costs; 9. Most importantly, prioritize user experience above all else.

Now, an increasing number of small yet exquisite medical institutions are thriving on the SoYoung platform. Jin Xing believes this aligns with the industry’s development patterns. Unlike in the past, when profitability could only be achieved by relying on large-scale medical institutions, the survival threshold for the entire industry has been steadily lowering with the evolution of the platform model. Much like how rising societal productivity has granted people greater freedom, in the future, even a small team of just a few individuals can achieve substantial income.

Currently, So-Young has officially launched its “Open Platform Initiative.” Acting as an intermediary connector, So-Young is building a vast platform to create an industry chain that jointly involves hospitals, pharmaceutical companies, and manufacturers. Within this ecosystem, So-Young will participate in hospital management, transforming and revitalizing hospitals by enabling them to become platforms that support physicians’ multi-site practice. Pharmaceutical and medical device manufacturers can also leverage the So-Young platform to bypass other intermediaries, directly reaching partner hospitals and physicians. This approach eliminates several major operational cost components—whether marketing, distribution channels, or rental expenses—significantly reducing costs and ultimately enhancing the vitality of the entire industry.

During the conference, SoYoung also presented award certificates and the SoYoung Trophy to the most popular, highly rated, most trustworthy, and user-recommended doctors, aesthetic clinics, devices, pharmaceuticals, and other brand manufacturers on its platform. Finally, SoYoung officially announced2015 Medical Aesthetics Industry White Paper。