So-Young(US:SY) Zhong Guo Jing Ji Wang·2025-08-19 00:59Core Viewpoint - New Oxygen Technology (NASDAQ: SY) reported a significant decline in revenue and a net loss for the second quarter of 2024, indicating challenges in its business model and ongoing transformation efforts [1]. Financial Performance - Total revenue for the second quarter was 379 million yuan, representing a year-on-year decrease of 7.0% [1]. - The company recorded a net loss of 36 million yuan, compared to a net profit of 18.9 million yuan in the same period of 2024 [1]. - Under non-GAAP measures, the net loss was 30.5 million yuan, while the previous year showed a net profit of 22.2 million yuan, indicating a significant shift to losses year-on-year [1]. Reasons for Decline - The decline in revenue was primarily attributed to a reduction in the number of medical institutions using the subscription platform for information services, as stated by the CFO Zhao Hui during the earnings call [1]. - The transition from profit to loss was influenced not only by the drop in revenue but also by ongoing investments in expanding offline business and optimizing operational systems during the company's transformation process [1].