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• Cosmetic Surgery: Surgical procedures primarily focused on enhancing physical appearance and correcting aesthetic concerns.
• Cosmetic Dermatology & Aesthetics: Non-surgical treatments for skin improvement, anti-aging, and body contouring, including laser therapies and injectables.
• Hair Restoration: Medical and surgical treatments for hair loss, including hair transplantation and other regenerative therapies.
• Aesthetic Dentistry: Dental services dedicated to improving the appearance of teeth and gums, such as teeth whitening and veneers.

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I could not definitively identify a public company named "SBC Medical" trading under the stock symbol "SBC" on major global stock exchanges. Therefore, I cannot list its major corporate customers or provide their stock symbols as requested.

However, a prominent private entity known as "SBC Medical Group" (湘南美容クリニック - Shonan Beauty Clinic) operates extensively in Japan within the medical aesthetics and healthcare sector. Assuming your inquiry pertains to this organization, its business model is primarily direct-to-consumer, serving individual patients rather than other companies. Its major customers can be categorized as follows:

Customer Categories for SBC Medical Group (Shonan Beauty Clinic)

• Individuals Seeking Cosmetic Surgery: This category includes patients seeking a wide range of aesthetic surgical procedures such as breast augmentation, liposuction, rhinoplasty, blepharoplasty (eyelid surgery), and other body contouring or facial reconstructive surgeries.
• Individuals Seeking Dermatology & Aesthetic Skin Treatments: Customers in this group are primarily interested in non-surgical skin enhancements and treatments. This includes services like laser treatments for pigmentation or hair removal, injectables (e.g., Botox, dermal fillers), chemical peels, anti-aging therapies, and treatments for various skin conditions.
• Individuals Seeking Aesthetic Dental Care: This category encompasses patients looking for cosmetic improvements to their teeth and smile. Services often include teeth whitening, dental implants, veneers, and orthodontic treatments focused on aesthetic outcomes.

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Dr. Yoshiyuki Aikawa was appointed Chairman & CEO of SBC Medical Group Holdings Incorporated on September 17, 2024, and has served in the same positions for SBC Medical Group, Inc. since January 20, 2023. He obtained his medical license in 1997 and has been an active member of the Post Graduate Assembly of the Department of Anesthesia at Harvard Medical School since 2008. Dr. Aikawa founded SBC Medical Group in 2000. He also served as President and Director of the Japanese Society of Aesthetic Plastic Surgery (JSAPS) from 2014 to 2015.

Mr. Yuya Yoshida has served as Chief Operating Officer and a member of the Board of Directors of SBC Medical Group Holdings, Inc. since September 29, 2023, and as Chief Financial Officer since April 1, 2025. From 2003, he held various roles at Mitsubishi UFJ Financial Group, where he was involved in market operations, securitization, M&A, and ALM/treasury functions. After earning an MBA from the UCLA Anderson School of Management in 2014, he worked at Rakuten Group Co., Ltd. from January 2016 to June 2023, where he was responsible for Corporate Development and was appointed Global Head and Director of Corporate Development in 2018. Mr. Yoshida played a crucial role as Director and CFO (since 2017) in the NASDAQ listing of MEDIROM Healthcare Technologies Inc. He currently supports Japanese companies in US listings as CEO of Linden Capital Partners LLC since 2023.

Mr. Ryoji Murata serves as the Principal Accounting Officer of SBC Medical Group Holdings Incorporated. He was previously listed as Chief Financial Officer on September 17, 2024, before the appointment of the current CFO.

Mr. Kazuki Ichimori has served as Chief Corporate Development Officer of SBC Medical Group Holdings, Inc. since March 1, 2024. He possesses extensive finance and corporate development experience gained at prominent technology companies, including Rakuten and SmartNews. At Rakuten, he led numerous global M&A and investment transactions. He also spearheaded one of the largest private fundraising rounds in Japan, leading the Series E and F rounds at SmartNews. Mr. Ichimori holds an MBA from UC Berkeley Haas.

Mr. Taiki Sakaguchi has served as Chief Planning Officer of SBC Medical Group Holdings, Inc. since April 1, 2025, and as Chief Human Resources Officer since May 1, 2024. Prior to joining SBC Medical, he worked at Sumitomo Mitsui Banking Corporation for 20 years, from 2004 to 2024, where his responsibilities included human resources (with over a decade of experience in both Japan and the United States), corporate governance, and digital transformation initiatives.

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The key risks to SBC Medical (SBC) are:

1. Governance Risks and Related-Party Structures: SBC Medical Group Holdings faces significant governance risks, including issues related to its related-party structures and the concentration of voting power in its founder-CEO. These factors are perceived to create a misalignment with public shareholders and have contributed to bearish projections for the company, despite strong underlying fundamentals. The company's 2024 10-K filing also mentions that as a "controlled company" under Nasdaq rules, it qualifies for exemptions from certain corporate governance requirements, which could limit protections for stockholders.
2. Intense Competition and Pressure on Revenue Growth: The company's franchise model operates in a fiercely competitive landscape, particularly in the aesthetic services market in Japan. This intense competition has limited pricing power and margin growth, leading to a decline in revenue growth in recent quarters. While the company has a highly profitable franchise model and strong operating margins, this competitive pressure is expected to continue impacting revenue in the near term.
3. Geographic Concentration and Limited International Experience: SBC Medical's business is heavily concentrated in Japan, with approximately 99% of its revenue currently derived from the Japanese market. While the company has plans for international expansion into regions like Southeast Asia and the United States, it has limited experience in providing management services to franchisee clinics outside of Japan. This concentration and lack of extensive international experience present diversifiable risks for the company's growth strategy.

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SBC Medical Group Holdings Inc. (NASDAQ: SBC) primarily operates by providing management services and products to cosmetic treatment centers, encompassing a wide range of medical fields such as aesthetic medicine, dermatology, dentistry, hair restoration (AGA), fertility treatment, ophthalmology, orthopedics, and regenerative medicine. The company also recently launched "SBC Wellness," a corporate wellness solution initially focused on the Japanese market.

The addressable markets for SBC Medical's main products and services are substantial:

• Global Aesthetic Medicine Market: The global aesthetic medicine market size was estimated at USD 89.64 billion in 2024 and is projected to reach USD 239.98 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 11.73% from 2025 to 2033. Another estimate for the global medical aesthetic treatment market size is USD 83.58 billion in 2024, with a projection to reach USD 147.96 billion by 2031 at a CAGR of 8.50% from 2024 to 2031. The global cosmetic surgery and procedures market was valued at an estimated USD 83.07 billion in 2024 and is expected to grow to USD 195.87 billion by 2033, with a CAGR of 10.09% from 2025 to 2033.

• U.S. Aesthetic Medicine Market: The U.S. aesthetic medicine market size was valued at USD 38.19 billion in 2023 and is anticipated to reach approximately USD 136.69 billion by 2033, demonstrating a CAGR of 13.6% from 2024 to 2033. Another report indicates the U.S. aesthetic medicine market was valued at US$ 25.17 billion in 2024 and is projected to reach US$ 71.49 billion by 2033, with a CAGR of 12.65% during the forecast period 2025–2033.

• Japan Aesthetic Medicine Market: This market generated a revenue of USD 3,370.6 million in 2024 and is expected to reach USD 11,938.6 million by 2033, with a CAGR of 15.1% from 2025 to 2033. The Japan aesthetics market size was valued at USD 2.6 billion in 2023 and is expected to reach USD 9.0 billion by 2033, exhibiting a CAGR of 13.0% from 2023 to 2033. For non-invasive aesthetic treatments in Japan, the market is anticipated to grow from US$ 3.45 billion in 2024 to US$ 9.66 billion in 2033, expanding at a CAGR of 12.11% from 2025 to 2033.

• Japan Corporate Wellness Market (for SBC Wellness): The Japan corporate wellness market generated a revenue of USD 3,439.6 million in 2024 and is expected to reach USD 4,121.5 million by 2030, growing at a CAGR of 3.1% from 2025 to 2030. Another forecast projects the Japan corporate wellness market size to reach USD 7.8 billion by 2033, from USD 4.8 billion in 2024, exhibiting a growth rate (CAGR) of 5.3% during 2025-2033.

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1. Expansion of Franchise Clinic Network: SBC Medical's revenue growth is significantly driven by the expansion of its franchise clinic network. The company added 43 new clinics in fiscal year 2024, increasing its total to 251 clinics, and further expanded to 259 locations by July 2025. SBC plans to open approximately 20 new organic clinics in fiscal year 2025, with potential for additional growth through mergers and acquisitions.
2. Growth in Customer Visits and High Repeat Rate: The company maintains a high repeat customer rate of 72% and has seen continuous growth in annual patient visits, reaching 6.31 million by July 2025. This consistent increase in patient volume and strong customer retention are key factors for driving management services revenue.
3. Diversification into New Medical Business Segments and Multi-Brand Strategy: SBC Medical is strategically expanding beyond its core aesthetic medicine business into other medical fields such as orthopedics, dermatology, ophthalmology, gynecology, and internal medicine. The company is also implementing a multi-brand strategy, including the launch of new clinic formats like Neo Skin Clinic for expert-level customers and plans for new entry-level clinics.
4. International Expansion and Medical Tourism Initiatives: SBC is actively pursuing global expansion, particularly in the United States and Asia (e.g., Singapore through the acquisition of Aesthetic Healthcare Holdings Pte. Ltd. or AHH). A key focus for international growth is medical tourism, with efforts to attract Chinese customers through enhanced multilingual support and targeted social media outreach.
5. Strategic Price Revisions and Clinic Differentiation: To adapt to market dynamics and competition, SBC Medical has implemented strategic price revisions aimed at driving customer growth, especially in aesthetic dermatology. The company also emphasizes providing differentiated treatments tailored to customer needs to maintain its competitive edge and high market share.

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Share Repurchases

• SBC Medical approved a share repurchase program for up to $5 million on May 15, 2025.
• The company completed this $5 million share repurchase program on July 22, 2025, repurchasing an aggregate of 1,034,308 shares.
• The share repurchase program was funded by surplus cash and future free cash flow, and its approval led to the deferral of further purchases under a Bitcoin purchase plan.

Share Issuance

• In February 2025, SBC Medical issued 860,435 shares of common stock as incentive shares to Mehana Capital LLC, without proceeds.
• On September 17, 2024, 1,503,473 shares of common stock were transferred from CEO Yoshiyuki Aikawa to ZUU Funders Co., Ltd. as incentive shares for $0.
• The SBC Medical Group Holdings Incorporated Equity Incentive Plan, approved in August 2024, reserved 15,000,000 shares of common stock for equity awards.

Outbound Investments

• SBC Medical acquired Aesthetic Healthcare Holdings ("AHH") in November 2024, which operates 4 aesthetic and beauty brands across 21 clinics in Singapore, establishing Singapore as a key hub for SBC's Asian operations.
• The company is actively exploring mergers and acquisitions in North America and Asia, focusing on achieving market leadership in orthopedics, fertility, and hair loss treatments.
• SBC Medical is reviewing the acquisition of Risenet Co., Ltd., a company providing management support services to Rize Clinic and Gorilla Clinic, with all shares currently held by SBC's CEO.

Capital Expenditures

• SBC Medical aims to open 1,000 clinics within the next decade, with the number of franchise locations reaching 259 by June 30, 2025, an increase of 36 locations from the previous year.
• The company's business model is characterized by requiring "little capex to operate," with personnel expenses forming the majority of costs.
• As of the end of the second quarter of 2025, SBC Medical held $153 million in cash and cash equivalents, which is stated as sufficient to fund future growth initiatives.