新氧殊死一搏？信息与预定业务持续低迷 医美诊疗服务“破价”获客被厂商拉黑断供、利润亏损扩大

Core Insights - The core business of the internet medical beauty platform, SoYoung, is struggling, with record high losses and continuous attempts at cross-industry transformation failing to reverse the downward trend in performance [1][10][11] Business Performance - In 2024, SoYoung's revenue from its core information and booking services decreased by 19.3% year-on-year to 9.29 billion yuan, accounting for 63.4% of total revenue, down from 76.8% in 2023 [4][12] - The company reported a total revenue of 14.67 billion yuan in 2024, a decline of 2.1% year-on-year, with a net loss of 5.87 billion yuan, the highest in four years [11][12] - For the first three quarters of 2025, revenue from information and booking services continued to decline, with year-on-year decreases of 34.1%, 35.6%, and 34.5% respectively [4][12] Business Diversification - SoYoung has attempted to diversify its business by expanding into medical beauty equipment, exclusive agency for hyaluronic acid, and opening medical beauty institutions, but these efforts have not improved profitability [5][13] - The newly launched light medical beauty chain, "SoYoung Youth Clinic," aims to provide affordable and accessible anti-aging solutions, marking a significant shift in the company's revenue structure [6][15] Revenue Growth in New Segments - The light medical beauty service segment has shown significant growth, with revenue increasing by 305% year-on-year to 1.84 billion yuan in Q3 2025, accounting for approximately 47.5% of total revenue [1][15] - The self-operated medical beauty services have become the largest source of income for SoYoung, surpassing traditional online information and booking services for the first time in Q2 2025 [7][15] Pricing Strategy and Risks - SoYoung's low-price strategy has rapidly opened up the market but poses significant risks to sustainable profitability, leading to strained relationships with upstream suppliers and potential supply disruptions [2][8][17] - The company's aggressive pricing has resulted in a drastic reduction in customer spending per transaction while fixed costs remain high, putting pressure on overall profit margins [17] - The shift to a heavy asset model by opening medical beauty institutions requires substantial upfront investment, which may exacerbate financial pressures amid declining core business revenues [17]