Core Insights - New Oxygen reported a total revenue of 379 million yuan for Q2 2025, with chain business revenue reaching 144 million yuan, marking a significant expansion in its offline medical beauty chain [1] - The company experienced a net loss of 36.039 million yuan in Q2, with a Non-GAAP net loss of 30.544 million yuan, attributed to the rapid expansion and ongoing investments in its chain business [1] - CEO Jin Xing announced that the offline chain business became the largest revenue source for the company in Q2 2024, indicating a critical transition from an online medical beauty platform to a vertically integrated "online + offline" model [1] Financial Performance - The chain business has shown a positive cash flow in most stores, and the company has maintained a steady opening pace without aggressive spending strategies [2] - The overall profitability of the platform and upstream business supports the investments in the chain business, with expectations for a shorter turnaround period to profitability as competition drives down upstream product prices [2] Business Strategy - New Oxygen is addressing service quality control challenges in its chain expansion by implementing a differentiated solution that standardizes the "diagnosis + treatment" process [2] - The company aims to reduce customer acquisition costs and improve service quality-to-price ratio, addressing the industry's trust crisis and pushing for a higher penetration rate in the medical beauty market [2] - New Oxygen's pricing strategy is not aimed at starting a price war but rather at bringing medical beauty prices back to reasonable levels, as current prices in China are significantly higher than in countries like South Korea [2]
连锁业务成第一大收入来源 新氧CEO金星：预计整体扭亏周期不会过长
Huan Qiu Wang Zi Xun·2025-08-21 10:19