Market Overview - US stock index futures showed mixed performance with Dow futures up by 0.59% and S&P 500 futures up by 0.12%, while Nasdaq futures declined by 0.05% [1] - European indices had varied results, with Germany's DAX up by 0.09%, UK's FTSE 100 down by 0.11%, France's CAC40 up by 0.58%, and the Euro Stoxx 50 up by 0.27% [2][3] - WTI crude oil prices fell by 0.53% to $63.62 per barrel, and Brent crude oil prices decreased by 0.39% to $66.58 per barrel [3][4] Geopolitical Events - A significant meeting is scheduled between US President Trump and Russian President Putin in Alaska, focusing on the Russia-Ukraine conflict and peace prospects, marking their first in-person meeting in four years [5] Federal Reserve Insights - Federal Reserve Chairman Powell is set to speak at the Jackson Hole conference on August 22, with market expectations leaning towards a potential 25 basis point rate cut due to inflation impacts and a slowing job market [6] - Bank of America strategist Hartnett warns that if the Fed signals a dovish stance at Jackson Hole, US stocks may face a "buy the rumor, sell the news" scenario [7] Hedge Fund Activity - Hedge funds have significantly increased their holdings in technology stocks during Q2, with notable purchases in Microsoft and Netflix, amidst a backdrop of market volatility due to trade policies [8] Economic Concerns - Bank of America raises alarms about the potential for the Fed to lower rates in a rising inflation environment, a scenario not seen in nearly two decades [9] Company Performance - Tuniu (TOUR.US) reported a 15.3% year-over-year revenue increase in Q2, with a new $10 million stock buyback plan announced [10] - New Oxygen (SY.US) experienced a 7.0% decline in Q2 revenue, attributed to a decrease in the number of medical service providers subscribing to its platform [11] - Applied Materials (AMAT.US) provided disappointing Q4 guidance, raising concerns about demand suppression due to US-China trade tensions [12] - Viomi Technology (VIOT.US) anticipates over 70% year-over-year revenue growth for the first half of 2025, driven by strong sales of home water purification devices [12]

Core Viewpoint - So-Young Technology reported a decline in total revenue and a net loss for the second quarter of 2024, highlighting challenges in the aesthetic medical services market while noting significant growth in its light medical beauty chain business [1][4]. Financial Performance - Total revenue for the second quarter was RMB 3.787 billion, down 7% from RMB 4.074 billion in the same period of 2024 [1]. - The net loss was RMB 360 million, compared to a net profit of RMB 189 million in the previous year [1]. - Adjusted net loss under Non-GAAP was RMB 305 million, compared to a net profit of RMB 222 million in 2024 [1]. Revenue Breakdown - Revenue from aesthetic treatment services reached RMB 1.444 billion, a significant increase of 426.1% year-over-year, driven by the expansion of brand medical beauty centers [3]. - Revenue from the sale of medical products and maintenance services was RMB 760 million, a decrease of 28.1% compared to RMB 1.058 billion in 2024, attributed to a reduction in order volume [4]. Operating Expenses - Total operating expenses for the second quarter were RMB 2.413 billion, a slight decrease of 1.8% from RMB 2.456 billion in the same quarter of 2024 [6]. - Research and development expenses were RMB 312 million, down 26.6% from RMB 425 million in the previous year [6]. Cash Position and Future Outlook - As of June 30, 2025, the company held cash and cash equivalents totaling RMB 9.986 billion, down from RMB 12.532 billion at the end of 2024 [8]. - For the third quarter of 2025, the company expects revenue from its light medical beauty chain business to reach between RMB 1.50 billion and RMB 1.70 billion, representing a year-over-year growth of 230.5% to 274.6% [8].

Financial Data and Key Metrics Changes - Total revenue for Q2 was RMB 379 million, a decrease of 7% year over year, primarily due to a decline in medical service providers subscribing to information services [15] - Aesthetic treatment service revenues reached RMB 144 million, an increase of 426% year over year, exceeding guidance [15] - Net loss attributable to the company was RMB 36 million, compared to a net income of RMB 18.9 million in the same period last year [19] - Non-GAAP net loss was RMB 30.5 million, compared to a non-GAAP net income of RMB 22.2 million in the same period of 2024 [19] - Basic and diluted losses per ADS were RMB 0.35, compared to earnings of RMB 0.18 in the same period last year [19] Business Line Data and Key Metrics Changes - Revenue from aesthetics center business reached RMB 144 million, marking it as the largest revenue segment for the first time [4] - Aesthetic treatment services revenue increased by 46% quarter over quarter and 426% year over year [5] - Total number of verified treatment visits surpassed 67,400 in Q2, up 24% quarter over quarter and 381% year over year [7] - The overall repeat purchase rate for the aesthetic center business exceeded 60% [7] Market Data and Key Metrics Changes - The light medical aesthetic market in China is expected to reach around RMB 26 billion by 2030, with a penetration rate forecasted to reach 30% [30] - The company aims to achieve a market share of roughly 25% in the light medical aesthetic sector [30] Company Strategy and Development Direction - The company plans to open around 10 aesthetic centers in the third quarter, targeting a total of 50 centers by year-end [11] - The focus is on expanding in both first-tier and core second-tier cities, enhancing accessibility to medical aesthetic services [11] - The company is committed to optimizing user experience and operational efficiency to strengthen its competitive edge [13] Management Comments on Operating Environment and Future Outlook - Management remains optimistic about the growth potential of China's medical aesthetic market, citing a current penetration rate below 5% [30] - The company expects aesthetic treatment service revenues to be between RMB 150 million and RMB 170 million in the upcoming quarter, representing a significant increase from the same period in 2024 [20] - The company emphasizes the importance of sustainable low-cost customer acquisition and a diversified upstream supply chain [31] Other Important Information - The company has maintained a robust cash position with cash and cash equivalents totaling RMB 98.6 million as of June 30, 2025 [20] - The gross profit margin for aesthetic treatment services expanded by around five percentage points sequentially [8] Q&A Session Summary Question: Expansion plan for C and I payment and franchise model - The company aims to grow the number of centers to 50 by the end of this year, with plans for more than 10 openings in the second half [24] - Long-term, the target is to achieve 1,000 centers within eight to ten years, with franchising being a future focus [25][26] Question: Growth potential of the Chinese medical aesthetics market - Management is optimistic about the market, with substantial growth potential indicated by a low current penetration rate [30] - The company plans to focus on three core capabilities to maintain its competitive edge [31] Question: Outlook for customer acquisition cost and marketing expenses - The average customer acquisition cost remains low, with over 70% of new customers coming from referrals [34] - The company plans to enhance brand visibility through localized marketing initiatives [34] Question: Recruitment of doctors and reliance on center managers - There is a solid base for recruiting doctors, with many moving from public hospitals to the medical aesthetic sector [40] - The company operates on a model that reduces reliance on center managers, improving operational efficiency [42] Question: Differentiation in product strategy - The product strategy focuses on anti-aging treatments, ensuring consistency and overall cost-effectiveness across the portfolio [46] - The company aims to optimize its product portfolio based on market demand and competitive trends [48] Question: Updates on the POP business - The POP business remains a key pillar of profitability, with plans to promote synergies between POP and aesthetic center businesses [50]

Market Overview - US stock index futures showed mixed performance, with Dow futures up by 0.59% and S&P 500 futures up by 0.12%, while Nasdaq futures declined by 0.05% [1] - European indices had varied results, with Germany's DAX up by 0.09%, UK's FTSE 100 down by 0.11%, France's CAC40 up by 0.58%, and the Euro Stoxx 50 up by 0.27% [2][3] - WTI crude oil prices fell by 0.53% to $63.62 per barrel, while Brent crude oil prices decreased by 0.39% to $66.58 per barrel [3][4] Geopolitical Events - A significant meeting is scheduled between US President Trump and Russian President Putin in Alaska, focusing on the Russia-Ukraine conflict and peace prospects, marking their first in-person meeting in four years [5] Federal Reserve Insights - Federal Reserve Chairman Powell is set to speak at the Jackson Hole conference on August 22, with market expectations leaning towards a potential 25 basis point rate cut due to inflation and a slowing job market [6] - Bank of America warns that if the Fed signals a dovish stance at Jackson Hole, US stocks may face a "buy the rumor, sell the news" scenario, indicating potential market corrections [7] Hedge Fund Activity - Hedge funds have significantly increased their holdings in technology stocks during Q2, with notable purchases in Microsoft and Netflix, amidst a backdrop of market volatility due to trade policies [8] Economic Concerns - Bank of America raised concerns about the potential for the dollar to face challenges if the Fed lowers rates while inflation is rising, a scenario not seen in nearly 20 years [9] Company Performance - Tuniu (TOUR.US) reported a 15.3% year-over-year increase in Q2 revenue, with a new $10 million stock buyback plan announced [10] - New Oxygen (SY.US) experienced a 7.0% decline in Q2 revenue, attributed to a decrease in the number of medical service providers subscribing to its platform [11] - Applied Materials (AMAT.US) provided disappointing Q4 guidance, raising concerns about demand suppression due to US-China trade tensions [11] - Cloud Mi Technology (VIOT.US) expects over 1.4 billion RMB in revenue for the first half of 2025, a growth of over 70% year-over-year, driven by increased sales of home water purification devices [12]

Financial Performance - New Oxygen (SY.US) reported Q2 revenue of 378.7 million RMB, a year-on-year decrease of 7.0%, exceeding market expectations [1] - The company posted a net loss of 36 million RMB, compared to a net profit of 18.9 million RMB in the same period last year [1] - The loss per ADS was 0.35 RMB, down from a profit of 0.18 RMB per ADS in the previous year [1] Revenue Breakdown - Revenue from beauty treatment services was 144.4 million RMB, a significant year-on-year increase of 426.1% [1] - Revenue from information and booking services was 135.2 million RMB, a year-on-year decrease of 35.6% [1] - Sales from medical products and maintenance services were 76 million RMB, down 28.1% year-on-year [1] - Other service income decreased by 64.0% to 23.2 million RMB [1] User Engagement - The total transaction volume facilitated by New Oxygen's platform for medical beauty was 303.9 million RMB, compared to 427.8 million RMB in the same period of 2024 [1] - The number of active users exceeded 100,400, a significant increase from approximately 16,000 in the previous year [2] - The company operates 29 fully operational brand aesthetic centers across nine major cities, with 25 centers achieving positive monthly operating cash flow [2] Future Guidance - For Q3 2025, New Oxygen expects revenue from beauty treatment services to be between 150 million and 170 million RMB, representing a year-on-year growth of 230.5% to 274.6% [3]

1 Phase (The length of time since establishment) Number of Centers Revenue (RMB) Average Revenue per Center (RMB) Ramp-up (0-3 months) 9 23,554,000 2,617,000 Growth (4-12 months) 14 89,644,000 6,403,000 Maturity (over 12 months) 6 31,192,000 5,199,000 This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are mad ...

Core Viewpoint - So-Young International Inc. reported its second quarter financial results for 2025, highlighting a significant transformation in its revenue structure, with aesthetic treatment services becoming the largest revenue contributor for the first time, despite an overall revenue decline compared to the previous year [1][5][6]. Financial Highlights - Total revenues for Q2 2025 were RMB 378.7 million (US$ 52.9 million), a decrease of 7.0% from RMB 407.4 million in Q2 2024 [6][7]. - Aesthetic treatment services revenues increased to RMB 144.4 million (US$ 20.2 million), up 426.1% from RMB 27.4 million in the same period of 2024 [7][8]. - Net loss attributable to So-Young was RMB 36.0 million (US$ 5.0 million), compared to a net income of RMB 18.9 million in Q2 2024 [15][16]. - Non-GAAP net loss was RMB 30.5 million (US$ 4.3 million), contrasting with a non-GAAP net income of RMB 22.2 million in the same period of 2024 [16][22]. Operational Highlights - The number of verified treatment visits to branded aesthetic centers exceeded 67,400, compared to approximately 14,000 in Q2 2024 [7]. - The number of active users visiting branded aesthetic centers in the last 12 months surpassed 100,400, compared to around 16,000 in the same period of 2024 [7]. - As of June 30, 2025, So-Young operated 29 branded aesthetic centers across nine major cities in China, with 25 centers achieving positive monthly operating cash flow [7][8]. Cost and Expenses - Cost of revenues was RMB 184.6 million (US$ 25.8 million), an increase of 19.0% from RMB 155.1 million in Q2 2024, primarily due to the expansion of branded aesthetic centers [11]. - Total operating expenses were RMB 241.3 million (US$ 33.7 million), a slight decrease of 1.8% from RMB 245.6 million in Q2 2024 [12]. Business Outlook - For Q3 2025, So-Young expects aesthetic treatment services revenues to be between RMB 150.0 million (US$ 20.9 million) and RMB 170.0 million (US$ 23.7 million), representing a projected increase of 230.5% to 274.6% from the same period in 2024 [21].

本文源自：智通财经网 智通财经获悉，周三，新氧(SY.US)股价走高，截至发稿，该股涨超7.7%，报5.181美元。该公司将于08 月15日盘前发布最新财报。 ...

周三，新氧(SY.US)股价走高，截至发稿，该股涨超7.7%，报5.181美元。该公司将于08月15日盘前发布 最新财报。 ...

智通财经APP获悉，周三，新氧(SY.US)股价走高，截至发稿，该股涨超7.7%，报5.181美元。该公司将 于08月15日盘前发布最新财报。 ...