九款童颜针大乱斗的「渔翁」现身了

Core Viewpoint - New Oxygen (SY.O) has become a focal point in the medical beauty industry, experiencing a 440% surge in stock price over 30 days, despite a 7% year-on-year decline in revenue for Q2 2025 [1][2]. Revenue Performance - In Q2 2025, New Oxygen reported revenue of 379 million yuan, down 7% year-on-year, with a net loss of 36 million yuan [2][14]. - The platform business generated 135 million yuan, a decline of over 33% year-on-year, primarily due to a decrease in the number of medical service providers subscribing to its platform [10][11]. - Conversely, the offline medical beauty chain business achieved significant growth, with revenue of 144 million yuan, representing over 400% year-on-year growth, marking the first time this segment surpassed the platform business [4][12][13]. Business Transformation - New Oxygen is transitioning towards offline medical beauty institutions, showing initial positive results [3]. - The CEO, Jin Xing, anticipates the opening of several new stores in the second half of the year, with plans for 2-3 pilot franchise stores [6][21]. Market Strategy - The company is focusing on the anti-aging market, developing products centered around "Miracle Youth" injections [7]. - New Oxygen has launched nine approved youth injections, benefiting from a price reduction trend in upstream materials, which enhances its revenue potential [8][26]. Store Operations - As of June 2025, New Oxygen operates 29 self-managed stores across nine cities, with 25 stores generating positive monthly cash flow [17]. - The majority of revenue in Q2 came from 14 stores in the growth phase, contributing 90 million yuan, accounting for over 60% of total revenue [18]. Future Growth Potential - The company plans to increase its store count to 50 by the end of the year, with a focus on major cities like Beijing [21]. - New Oxygen is exploring a cautious franchise model to maintain service standards across both franchise and self-managed stores [23]. Competitive Landscape - New Oxygen's customer acquisition cost is low, with over 70% of new customers coming from private traffic and referrals [26]. - The company faces competition from major internet players entering the offline medical beauty space, which could impact its market position [26][29].