轻医美连锁业务暴涨426%难掩挑战，新氧二季度营收下滑7%

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].