Core Viewpoint - So-Young International Inc. is postponing the effective date for the planned change in the American depositary shares (ADS) ratio, which was initially set for June 30, 2025 [2][3]. Group 1: ADS Ratio Change - The company intends to change the ADS ratio from thirteen ADSs representing ten Class A ordinary shares to one ADS representing fifteen Class A ordinary shares [2]. - The decision to delay the ADS ratio change is due to the need for additional time to finalize preparations [2]. - An updated timeline for the ADS ratio change will be announced in the future [2]. Group 2: Impact on ADS Holders - The ADS ratio change will function similarly to a proportional reverse ADS split, with no changes to the Class A ordinary shares [3]. - ADS holders will not need to take any action; the exchange of old ADSs for new ADSs will occur automatically [3]. - Fractional new ADSs will not be issued; instead, fractional entitlements will be aggregated and sold, with net cash proceeds distributed to ADS holders [3]. Group 3: Price Expectations - Following the ADS ratio change, the ADS price is expected to increase proportionally, although there is no assurance that the post-change price will match or exceed the proportional price based on the pre-change price [4]. Group 4: Company Overview - So-Young International Inc. is a leading aesthetic treatment platform in China, connecting consumers with online services and offline treatments [5]. - The company offers access to aesthetic treatments through its online platform and branded aesthetic centers, providing curated treatment information and facilitating online reservations [5]. - With strong brand recognition and an efficient supply chain, So-Young is positioned for long-term growth in the medical aesthetic value chain [5].

Market Capitalization Overview - New Oriental has a market capitalization of 14.264 billion [2] - TAL Education (好未来) has a market capitalization of 8.983 billion [2] - Vipshop (唯品会) has a market capitalization of 7.770 billion [2] - Zai Ding Pharmaceutical (再鼎医药) has a market capitalization of 4.357 billion [2] - RELX has a market capitalization of 3.519 billion [2] Stock Performance - New Oriental's stock increased by 0.39 (+2.21%) [2] - TAL Education's stock increased by 1.00 (+5.02%) [2] - Vipshop's stock increased by 1.47 (+3.15%) [2] - Zai Ding Pharmaceutical's stock increased by 0.40 (+0.96%) [2] - RELX's stock increased by 0.37 (+2.98%) [2] Additional Companies - Huya (虎牙) has a market capitalization of 1.059 billion with a stock increase of 0.04 (+1.03%) [2] - iQIYI (爱奇艺) has a market capitalization of 2.479 billion with a stock increase of 0.14 (+1.52%) [2] - Lexin (乐信) has a market capitalization of 1.529 billion with a stock increase of 0.34 (+4.15%) [2] - Yihua Smart (宜人智科) has a market capitalization of 0.548 billion [2] Smaller Market Players - Sohu has a market capitalization of 0.323 billion with a stock decrease of 0.04 (-2.02%) [3] - Xiaoniu Electric (小牛电动) has a market capitalization of 0.257 billion [3] - Baozun (宝尊电商) has a market capitalization of 0.173 billion [3] - Huami Technology (华米科技) has a market capitalization of 0.164 billion [3]

Market Capitalization Overview - New Oriental has a market capitalization of 14.065 billion [2] - TAL Education (好未来) has a market capitalization of 8.413 billion [2] - Miniso (名创优品) has a market capitalization of 5.728 billion [2] - JD.com (京东) has a market capitalization of 66.01 billion [2] - iQIYI (爱奇艺) has a market capitalization of 2.439 billion [3] Stock Performance - New Oriental's stock decreased by 0.15 (-0.77%) [2] - TAL Education's stock decreased by 0.21 (-1.20%) [2] - Miniso's stock increased by 1.24 (+2.61%) [2] - iQIYI's stock decreased by 0.05 (-0.48%) [3] - JD.com's stock increased by 0.39 (+3.92%) [3] Company Comparisons - New Oriental's market cap is significantly higher than that of TAL Education, which is about 60% of New Oriental's value [2] - Miniso's market cap is approximately 67% of TAL Education's market cap [2] - iQIYI's market cap is lower than that of Miniso, indicating a weaker market position [3] Industry Insights - The overall market performance shows a mixed trend with some companies experiencing gains while others face declines [2][3] - The education sector, represented by New Oriental and TAL Education, shows volatility with both companies experiencing stock price fluctuations [2] - E-commerce and entertainment sectors, represented by Miniso and iQIYI, also reflect varying market sentiments [2][3]

Market Capitalization Summary - New Oriental has a market capitalization of 13.696 billion [2] - TAL Education has a market capitalization of 8.011 billion [2] - Vipshop has a market capitalization of 8.175 billion [2] - 51Talk has a market capitalization of 7.533 billion [2] - Xunlei has a market capitalization of 6.438 billion [2] - 76.67 billion market capitalization for another unspecified company [2] - 56.88 billion market capitalization for another unspecified company [2] - 32.89 billion market capitalization for another unspecified company [2] - 16.27 billion market capitalization for another unspecified company [2] - 12.30 billion market capitalization for Lexin [2] - 9.91 billion market capitalization for Youdao [2] - 5.19 billion market capitalization for Dada [2] Stock Performance - New Oriental's stock increased by 0.09 (+0.50%) [2] - TAL Education's stock decreased by 0.01 (-0.28%) [2] - Vipshop's stock increased by 0.27 (+1.46%) [2] - 51Talk's stock decreased by 1.09 (-2.28%) [2] - Xunlei's stock increased by 0.16 (+1.11%) [2] - 76.67 billion market capitalization company increased by 0.13 (+1.24%) [2] - 56.88 billion market capitalization company decreased by 0.14 (-0.77%) [2] - 32.89 billion market capitalization company increased by 0.65 (+2.58%) [2] - 16.27 billion market capitalization company increased by 0.02 (+1.20%) [2] - Lexin's stock increased by 0.22 (+2.68%) [2] - Youdao's stock decreased by 0.11 (-1.21%) [2] - Dada's stock decreased by 0.06 (-1.58%) [2] Additional Company Insights - The market capitalization of various companies ranges significantly, with some exceeding 10 billion [2] - Companies like New Oriental and TAL Education show contrasting stock performance trends, indicating varying investor sentiment [2] - The overall market appears to be volatile, with both increases and decreases in stock prices across different companies [2]

Core Viewpoint - So-Young International Inc. plans to change the ratio of its American depositary shares (ADSs) from 13 ADSs representing 10 Class A ordinary shares to 1 ADS representing 15 Class A ordinary shares, effective June 30, 2025 [1][2]. Company Overview - So-Young International Inc. is the leading aesthetic treatment platform in China, connecting consumers with online services and offline treatments [4]. - The company provides access to aesthetic treatments through its online platform and branded aesthetic centers, offering curated treatment information, facilitating online reservations, and delivering high-quality treatments [4]. - So-Young also develops, produces, and distributes optoelectronic medical equipment and injectable products, positioning itself well for long-term growth in the medical aesthetic value chain [4]. ADS Ratio Change Details - The change in the ADS ratio will result in a proportional reverse ADS split, with no change to the Company's Class A ordinary shares [2]. - The new ADSs will be automatically issued to ADS holders of record on the effective date, with old ADSs being cancelled [2]. - Fractional new ADSs will not be issued; instead, fractional entitlements will be aggregated and sold, with net cash proceeds distributed to ADS holders [2]. Expected Impact on ADS Price - The ADS price is expected to increase proportionally as a result of the change in the ADS ratio, although there is no assurance that the price will be equal to or greater than the proportional price based on the ADS price before the change [3].

每经记者｜赵雯琪 每经编辑｜文多 5月16日，医美医疗服务产业集团新氧发布了2025年第一季度未经审计的财务业绩报告。 财报显示，新氧一季度总营收2.97亿元，同比下降6.6%，净亏损较去年同期的2120万元扩大至3310万元。不过，作为新氧转型方向的轻医美连锁业务收入爆 发，同比增长551.4%至9880万元，创单季营收历史新高。 图片来源：公告截图 线上业务面临挑战 根据新氧发布的2025年一季度财报，其传统线上业务面临不小的挑战。 财报显示，新氧一季度信息、预订服务及其他收入同比下降34.1%至1.43亿元，该业务曾是新氧的核心收入来源，在2024年同期，收入为2.17亿元。对于这 部分收入的同比下滑，新氧在财报中解释，是因为订阅信息服务的医疗服务提供商数量减少。这在一定程度上反映出新氧平台线上流量聚合能力和B端（企 业端）客户黏性面临考验。 "医疗产品销售及维护服务"是新氧线上业务的另一组成部分，这部分收入在一季度同比下降35.7%至5560万元。财报中称，收入下滑的原因为"医疗设备订单 量减少"。 作为"互联网医美第一股"，新氧这两年一直面临着激烈的市场竞争。医美业务一直是各大互联网平台重点布局的领 ...

Market Capitalization Overview - The market capitalization of TAL Education Group is 14.95 billion, while Vipshop Holdings has a market cap of 9.21 billion [2] - Other companies such as Miniso and Qifu Technology have market caps of 7.77 billion and 6.33 billion respectively [2] - The market cap of various companies shows a range from 5.22 million to 149.53 billion, indicating a diverse market landscape [2] Stock Performance - TAL Education Group's stock increased by 1.64 (+1.55%), while Vipshop's stock rose by 0.07 (+1.88%) [2] - Miniso's stock saw a significant increase of 1.24 (+6.99%), indicating strong market performance [2] - Companies like Huya and Yiren Digital experienced slight declines in their stock prices, with decreases of -0.03 (-0.81%) and -0.10 (-0.96%) respectively [2] Comparative Analysis - The comparison of market caps shows that TAL Education Group leads with 14.95 billion, followed by Vipshop and Miniso [2] - The performance of stocks varies significantly, with some companies like Miniso showing robust growth compared to others that faced declines [2] - The data indicates a competitive environment among these companies, with varying degrees of market success and stock performance [2]

Group 1 - The core viewpoint of the article highlights that New Oxygen Technology (SY.US) reported a revenue decline in Q1 2025, but still exceeded market expectations [1] - In Q1 2025, the company's revenue reached 40.97 million USD, a decrease of 6.6% year-on-year, while the GAAP diluted loss per share was 0.04 USD, slightly better than the market average expectation of a loss of 0.05 USD [1] - The decline in revenue was primarily due to a reduction in the number of medical beauty institutions on the subscription platform [1] Group 2 - The total transaction amount for medical beauty treatments facilitated by the platform in Q1 was 30.32 million RMB, down from 36.71 million RMB in the same period of 2024 [1] - The number of verified paid visits exceeded 45,500, showing a nearly ninefold increase compared to approximately 4,600 visits in the same period of 2024 [1] - The number of active users as of March 31, 2025, was over 75,700, compared to about 8,000 in the same period of 2024 [1] Group 3 - As of March 31, 2025, New Oxygen operates 23 medical beauty centers in nine major cities, with 18 centers achieving positive monthly operating cash flow [2] - For Q2 2025, the company expects medical beauty service revenue to be between 120 million RMB (approximately 16.5 million USD) and 140 million RMB (approximately 19.3 million USD), representing a year-on-year growth of 337.3% to 410.1% compared to the same period in 2024 [2]

Financial Data and Key Metrics Changes - Total revenues for the quarter were CNY 297.3 million, down 60.6% year over year, primarily due to a decrease in the number of medical service providers subscribing to information services on the platform [16] - Net loss attributable to So Young was CNY 33.1 million, compared to a net loss of CNY 21.2 million during the same period last year [20] - Non-GAAP net loss attributable to So Young was CNY 31.5 million, compared to non-GAAP net income of CNY 4.1 million during the same period of 2024 [20] - Basic and diluted losses per ADS attributable to ordinary shareholders were CNY 0.32, compared to CNY 0.21 during the same period of 2024 [21] - Cash and cash equivalents totaled CNY 1.1 billion as of March 31, 2025, indicating a robust cash position [21] Business Line Data and Key Metrics Changes - Revenue from aesthetic treatment services reached CNY 98.8 million, a remarkable 551.4% year over year increase, primarily due to the expansion of the aesthetic center business [17] - Total verified paid visits exceeded 45,500, up 18.5% quarter on quarter and 874.3% year over year [8] - Total number of verified paid aesthetic treatments performed surpassed 92,900, up 14% quarter on quarter and 989.4% year over year [8] - Customer satisfaction remains high at 4.98 out of 5, reflecting the commitment to maintaining high service delivery standards [9] Market Data and Key Metrics Changes - The aesthetic center business is gradually becoming the main growth driver, with 23 centers opened in nine major cities, including Beijing and Shanghai [7] - 18 centers have achieved positive monthly operating cash flow, and 16 centers are profitable on a monthly basis as of March [7] Company Strategy and Development Direction - The company is pursuing a vertical integration strategy and expanding its network of aesthetic centers in key cities, focusing on high-quality, cost-effective, and standardized services [6] - The strategy is inspired by the Sam's Club retail model, emphasizing proprietary products, value-for-money pricing, and end-to-end supply chain management [13][22] - The company aims to build a differentiated nationwide light medical aesthetic chain with strong brand recognition [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the aesthetic center business, emphasizing the importance of maintaining a robust cash position and careful management of capital expenditures [21][36] - The company expects aesthetic treatment services revenues for Q2 2025 to be between CNY 120 million and CNY 140 million, representing a 337.3% to 410.1% increase from the same period in 2024 [21][22] - Management views trade tensions as an opportunity to strengthen the domestic supply chain and support import replacement, with minimal direct impact on the aesthetic center business [45][46] Other Important Information - The company has allocated additional marketing resources and implemented sales incentives to boost revenue contribution from proprietary products, aiming to improve overall gross margins for aesthetic centers [11] - The number of institutions served with supply chain solutions for injectables grew to over 1,500, with shipments of elasticity reaching approximately 27,900 units in Q1, up roughly 14% year over year [11] Q&A Session Summary Question: How is So Young Clinic different from traditional medical institutions like Meilai and Istar? - The aesthetic center business operates on a fast casual model, offering focused services in smaller clinics with higher visit frequency, contrasting with traditional models that require larger spaces and generate higher per customer spend but with less frequency [26][27][28] Question: Will CapEx become a burden for the company as the clinic network grows? - The company emphasizes careful management of CapEx and plans to open around 30 new clinics per year, with a focus on profitability and the potential rollout of a franchise model to reduce CapEx pressure [36][37] Question: How does the Miracle Laser create more synergy with the company's core business? - The integration of Wuhan Medical Laser improves R&D capabilities and supports the growth model by supplying high-quality, cost-effective equipment to aesthetic centers, reducing reliance on imported devices [40][41] Question: How will ongoing trade tensions impact the company's business? - The direct impact is limited, with only a small portion of offerings relying on U.S. imports. The company sees this as an opportunity to enhance the domestic supply chain and pivot to alternative products if necessary [45][46] Question: Can management elaborate on future investment plans and cost reduction strategies? - The company remains focused on sustainable growth, optimizing service offerings, and enhancing efficiency at the clinic level while increasing investment in proprietary product lines to support margin expansion [50][52]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were CNY 297.3 million, down 60.6% year over year, primarily due to a decrease in the number of medical service providers subscribing to information services [14] - Net loss attributable to So Young was CNY 33.1 million, compared to a net loss of CNY 21.2 million in the same period last year [17] - Non-GAAP net loss attributable to So Young was CNY 31.5 million, compared to non-GAAP net income of CNY 4.1 million during the same period in 2024 [17] - Basic and diluted losses per ADS were CNY 0.32, compared to CNY 0.21 in the same period of 2024 [18] - Cash and cash equivalents totaled CNY 1.1 billion as of March 31, 2025, indicating a robust cash position [18] Business Line Data and Key Metrics Changes - Revenue from aesthetic treatment services reached CNY 98.8 million, a remarkable 551.4% year over year increase, primarily due to the expansion of the aesthetic center business [15] - Total verified paid visits exceeded 45,500, up 18.5% quarter on quarter and 874.3% year over year [7] - Total number of verified paid aesthetic treatments performed surpassed 92,900, up 14% quarter on quarter and 989.4% year over year [7] - Cost of aesthetic treatment services was CNY 80.3 million, up 547.6% year over year, primarily due to the expansion of the aesthetic center business [16] Market Data and Key Metrics Changes - The aesthetic center business is gradually becoming the main growth driver, with 18 centers achieving positive monthly operating cash flow and 16 centers being profitable on a monthly basis as of March [6] - The company aims to build a differentiated nationwide light medical aesthetic chain with strong brand recognition [10] Company Strategy and Development Direction - The company is pursuing a vertical integration strategy and expanding its network of aesthetic centers in major cities [5] - A franchise model is being planned to accelerate geographic reach and network density while reducing capital expenditure pressure [32] - The company aims to develop proprietary products and control the supply chain, inspired by the Sam's Club retail model [11][19] - The focus is on high-quality proprietary products and services at fair prices, aiming to become a leading player in the medical aesthetics industry [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the aesthetic center business, emphasizing the importance of maintaining a sustainable financial model [32] - The company views trade tensions as an opportunity to strengthen its domestic supply chain and support import replacement [41] - The outlook for Q2 2025 expects aesthetic treatment services revenues to be between CNY 120 million and CNY 140 million, representing a 337.3% to 410.1% increase from the same period in 2024 [18][19] Other Important Information - The company has allocated additional marketing resources and implemented sales incentives to boost revenue contribution from proprietary products [9] - The number of institutions served with supply chain solutions for injectables grew to over 1,500 as of Q1 [9] Q&A Session Summary Question: How is So Young Clinic different from traditional medical institutions like Meilai and Istar? - The aesthetic center business uses a fast casual model, offering focused services with higher frequency and lower per customer spend compared to traditional models [23][24] Question: Will CapEx become a burden for the company as the clinic network grows? - The company emphasizes careful management of CapEx and plans to open around 30 new clinics per year while exploring a franchise model to reduce CapEx pressure [32][33] Question: How does the Miracle Laser create more synergy with the company's core business? - The integration of Wuhan Medical Laser improves R&D capabilities and supports the growth model by supplying high-quality, cost-effective equipment to aesthetic centers [35][36] Question: How will ongoing trade tensions impact the company's business? - The direct impact is limited, but the company sees it as an opportunity to strengthen its domestic supply chain and pivot to alternative products if necessary [41][43] Question: Can management elaborate on the company's future investment plan and cost reduction plan? - The company remains focused on sustainable growth, optimizing offerings, and increasing investment in proprietary product lines to support margin expansion [45][46]